# EDGAR Filing Document

**Accession Number:** 0000320351
**File Stem:** 0000320351-26-000237
**Filing Date:** 2026-4
**Character Count:** 2075179
**Document Hash:** d1bcfd887d0cb0814e63f2f38700598d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000320351-26-000237.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0000320351-26-000237

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 288

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**EFFECTIVENESS DATE**: 20260422

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03114
- **FILM NUMBER:** 26881981

**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           |
| C000265477 | Fidelity Advisor Consumer Discretionary Fund: Class C | FFNSX           |
| C000265478 | Fidelity Advisor Consumer Discretionary Fund: Class M | FFNNX           |
| C000265479 | Fidelity Advisor Consumer Discretionary Fund: Class I | FFNQX           |
| C000265480 | Fidelity Advisor Consumer Discretionary Fund: Class Z | FFNUX           |
| C000265481 | Fidelity Advisor Consumer Discretionary Fund: Class A | FFNRX           |

### 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           |
| C000265482 | Fidelity Advisor Energy Fund: Class I | FFNWX           |
| C000265483 | Fidelity Advisor Energy Fund: Class Z | FFOHX           |
| C000265484 | Fidelity Advisor Energy Fund: Class C | FFOEX           |
| C000265485 | Fidelity Advisor Energy Fund: Class A | FFOBX           |
| C000265486 | Fidelity Advisor Energy Fund: Class M | FFNVX           |

### 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           |
| C000265487 | Fidelity Advisor Technology Fund: Class M | FFOJX           |
| C000265488 | Fidelity Advisor Technology Fund: Class C | FFOQX           |
| C000265489 | Fidelity Advisor Technology Fund: Class Z | FFOTX           |
| C000265490 | Fidelity Advisor Technology Fund: Class I | FFOMX           |
| C000265491 | Fidelity Advisor Technology Fund: Class A | FFONX           |

### 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           |
| C000264530 | Fidelity Advisor Utilities Fund: Class M | FFUMX           |
| C000264531 | Fidelity Advisor Utilities Fund: Class I | FFUIX           |
| C000264532 | Fidelity Advisor Utilities Fund: Class A | FFUAX           |
| C000264533 | Fidelity Advisor Utilities Fund: Class Z | FFUZX           |
| C000264534 | Fidelity Advisor Utilities Fund: Class C | FFUCX           |

### 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, Massachusetts 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; February 28, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Wireless Portfolio<br> **Wireless Portfolio : FWRLX** <br>|

---

This annual shareholder report contains information about Wireless Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Wireless Portfolio  | $75  | 0.71% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Fidelity Wireless Index for the fiscal year, especially within communications equipment. Picks and an underweight in alternative carriers also hampered the fund's result. Also detracting from our result were stock picks in wireless telecommunication services.

• The largest individual relative detractor was our underweight stake in AST SpaceMobile (+192%). This was a position we established this period. The company was one of the fund's largest holdings at period end. A second notable relative detractor was our underweight position in Viasat (+424%). Another notable relative detractor was our lighter-than-index stake in Vistance Networks (+177%). This was an investment we established this period.

• In contrast, the primary contributor to performance versus the industry index was security selection in technology hardware, storage & peripherals. Security selection in interactive media & services also boosted the fund's relative performance. Also contributing to our result was an underweight in systems software.

• The fund's stake in Samsung Electronics gained 85% and was the top individual relative contributor. The stock was not held at period end. A stake in Sandisk gained 142% and was the second-largest relative contributor. This was a stake we established this period. A stake in Quebecor gained 73% and notably helped. Quebecor was not held at period end. All these contributors were non-index positions.

• Notable changes in positioning include higher allocations to the communications equipment and alternative carriers industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Wireless Portfolio<br>| $10000 | $12409<br>| $14544<br>| $14575<br>| $17929<br>| $24400<br>| $25474<br>| $21707<br>| $26011<br>| $30772<br>| $34580<br>|
| Fidelity Wireless Index℠<br>| $10000 | $11577<br>| $13016<br>| $13316<br>| $15361<br>| $19402<br>| $21441<br>| $18894<br>| $20010<br>| $23810<br>| $28728<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126068_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Wireless Portfolio | 12.38% | 7.22% | 13.21% |
| Fidelity Wireless Index℠ | 20.65%<br>| 8.17%<br>| 11.13% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $306527175<br>|
| Number of Holdings | 52<br>|
| Total Advisory Fee | $2013947<br>|
| Portfolio Turnover | 58%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Diversified Telecommunication Services | 26.7 |
| Technology Hardware, Storage & Peripherals | 15.8 |
| Semiconductors & Semiconductor Equipment | 15.5 |
| Communications Equipment | 15.4 |
| Wireless Telecommunication Services | 14.7 |
| Specialized REITs | 6.9 |
| Software | 2.2 |
| Media | 1.1 |
| Interactive Media & Services | 0.9 |

---

Common Stocks 99.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img653_20260228_AA.jpg) <br>|

---

Common Stocks - 99.2&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) - 0.8 <br>

---

| | |
|:---|:---|
| United States | 78.2 |
| Canada | 5.4 |
| Finland | 3.8 |
| United Kingdom | 2.7 |
| Sweden | 2.3 |
| Singapore | 1.8 |
| Mexico | 1.7 |
| Taiwan | 1.5 |
| Brazil | 1.0 |
| Others | 1.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img653_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 78.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.4&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;Finland - 3.8&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;United Kingdom - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 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;Singapore - 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;  |
| &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;Taiwan - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 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;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Apple Inc | 15.1<br>|
| T-Mobile US Inc | 7.4<br>|
| AT&T Inc | 7.4<br>|
| Motorola Solutions Inc | 6.2<br>|
| QUALCOMM Inc | 5.8<br>|
| Verizon Communications Inc | 5.7<br>|
| Marvell Technology Inc | 4.8<br>|
| Nokia Oyj ADR | 3.8<br>|
| American Tower Corp | 3.7<br>|
| AST SpaceMobile Inc Class A | 2.7<br>|
|  | 62.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img653_20260228_2.jpg)<br>| ![](img126068_3.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> 1.9912759.101 963-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Utilities Portfolio<br> **Utilities Portfolio : FSUTX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Utilities Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Utilities Portfolio  | $71  | 0.63% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Utilities 25/50 Index for the fiscal year, led by heavy electrical equipment. Stock selection in multi-utilities and coal & consumable fuels also boosted the fund's relative performance.

• The top individual relative contributor was our stake in GE Vernova (+150%). A stake in Cameco gained roughly 136% and was a second notable relative contributor. This was a stake we established this period. Another notable relative contributor was our stake in Quanta Services (+71%). This was a stake we established this period. All these contributors were non-index positions.

• In contrast, the primary detractor from performance versus the sector index was stock picking in electric utilities. Stock picks and an overweight in independent power producers & energy traders also hampered the fund's result. Also hurting our result were stock picks in environmental & facilities services.

• The biggest individual relative detractor was the fund's positioning in NRG Energy (+19%). This period we increased our stake in NRG Energy to an overweight at period end. The company was among our largest holdings at period end. The second-largest relative detractor was an overweight in Constellation Energy (+30%). This period we increased our stake in Constellation Energy. The stock was one of the fund's largest holdings. Another notable relative detractor was an underweight in AES (+58%). This period we decreased our investment in AES.

• Notable changes in positioning include decreased exposure to multi-utilities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Utilities Portfolio<br>| $10000 | $11821<br>| $12411<br>| $14915<br>| $16309<br>| $16301<br>| $19429<br>| $19713<br>| $20897<br>| $27975<br>| $34777<br>|
| MSCI U.S. IMI Utilities 25-50 Index<br>| $10000 | $11726<br>| $11545<br>| $13989<br>| $15491<br>| $15072<br>| $17972<br>| $17795<br>| $17431<br>| $22957<br>| $28377<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126069_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Utilities Portfolio | 24.32% | 16.36% | 13.27% |
| MSCI U.S. IMI Utilities 25-50 Index | 23.61%<br>| 13.49%<br>| 10.99% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4088784869<br>|
| Number of Holdings | 34<br>|
| Total Advisory Fee | $16858023<br>|
| Portfolio Turnover | 76%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Electric Utilities | 68.4 |
| Multi-Utilities | 16.1 |
| Independent Power and Renewable Electricity Producers | 7.0 |
| Electrical Equipment | 3.0 |
| Construction & Engineering | 1.8 |
| Media | 1.0 |
| Gas Utilities | 0.8 |
| Machinery | 0.4 |
| Oil, Gas & Consumable Fuels | 0.1 |

---

Common Stocks 98.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img65_20260228_AA.jpg) <br>|

---

Common Stocks - 98.6&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) - 1.4 <br>

United States 99.2 <br> Germany 0.7 <br> Canada 0.1

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img65_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.2&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;Canada - 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)**  |  |
| NextEra Energy Inc | 13.6<br>|
| Constellation Energy Corp | 8.3<br>|
| NRG Energy Inc | 7.3<br>|
| Duke Energy Corp | 6.6<br>|
| Sempra | 5.9<br>|
| Vistra Corp | 5.5<br>|
| Entergy Corp | 4.9<br>|
| Exelon Corp | 4.7<br>|
| Xcel Energy Inc | 4.5<br>|
| American Electric Power Co Inc | 3.8<br>|
|  | 65.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since March 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Utilities Fund merged into Utilities Portfolio on October 17, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img65_20260228_2.jpg)<br>| ![](img126069_3.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> 1.9912700.101 65-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Transportation Portfolio<br> **Transportation Portfolio : FSRFX** <br>|

---

This annual shareholder report contains information about Transportation Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Transportation Portfolio  | $75  | 0.68% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI US IMI Transportation 25/50 Linked Index for the fiscal year, led by an underweight in passenger ground transportation. An underweight in cargo ground transportation also boosted relative performance. Also contributing to our result was stock selection in air freight & logistics.

• The top individual relative contributor was an underweight in Uber Technologies (-1%). The stock was the fund's biggest holding. A second notable relative contributor was our non-index stake in Copa Holdings (+61%). This period we decreased our position in Copa Holdings. An overweight in XPO (+86%) also helped. This was a position we established this period. The company was one of the fund's largest holdings at period end.

• In contrast, the primary detractor from performance versus the industry index was stock picking in hotels, resorts & cruise lines. Stock picking and an underweight in marine transportation also hampered the fund's result. Also detracting from our result was an underweight in air freight & logistics.

• The biggest individual relative detractor was an overweight in Alaska Air (-28%). The second-largest relative detractor was an underweight in JB Hunt Transport Services (+46%), which was not held at period end. Another notable relative detractor was our stake in Sun Country Airlines Holdings (+25%). This period we decreased our investment in Sun Country Airlines Holdings.

• Notable changes in positioning include increased exposure to the cargo ground transportation industry and a lower allocation to rail transportation.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Transportation Portfolio<br>| $10000 | $12940<br>| $14555<br>| $15553<br>| $13921<br>| $18741<br>| $22554<br>| $22450<br>| $26295<br>| $27492<br>| $32738<br>|
| MSCI U.S. IMI Transportation 25-50 Index<br>| $10000 | $13141<br>| $14947<br>| $15653<br>| $14409<br>| $20806<br>| $23471<br>| $21414<br>| $25513<br>| $25320<br>| $29611<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126070_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Transportation Portfolio | 19.08% | 11.80% | 12.59% |
| MSCI U.S. IMI Transportation 25-50 Index | 16.95%<br>| 7.31%<br>| 11.47% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $516683416<br>|
| Number of Holdings | 40<br>|
| Total Advisory Fee | $3145513<br>|
| Portfolio Turnover | 40%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Ground Transportation | 50.1 |
| Air Freight & Logistics | 19.5 |
| Passenger Airlines | 19.4 |
| Marine Transportation | 1.5 |
| Software | 1.2 |
| Broadline Retail | 1.1 |
| Aerospace & Defense | 0.8 |
| Machinery | 0.5 |
| Hotels, Restaurants & Leisure | 0.4 |
| Financial Services | 0.4 |

---

Common Stocks 94.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 5.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img512_20260228_AA.jpg) <br>|

---

Common Stocks - 94.9&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) - 5.1 <br>

United States 97.2 <br> Canada 1.9 <br> Panama 0.9

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img512_20260228_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 - 1.9&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;Panama - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Uber Technologies Inc | 12.2<br>|
| Union Pacific Corp | 10.4<br>|
| United Parcel Service Inc Class B | 8.5<br>|
| Delta Air Lines Inc | 7.1<br>|
| Old Dominion Freight Line Inc | 6.0<br>|
| FedEx Corp | 5.7<br>|
| CSX Corp | 4.9<br>|
| United Airlines Holdings Inc | 4.6<br>|
| XPO Inc | 4.5<br>|
| CH Robinson Worldwide Inc | 3.7<br>|
|  | 67.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img512_20260228_2.jpg)<br>| ![](img126070_3.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> 1.9912753.101 512-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Telecommunications Portfolio<br> **Telecommunications Portfolio : FSTCX** <br>|

---

This annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Telecommunications Portfolio  | $80  | 0.74% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection and market selection detracted from the fund's performance versus the MSCI IMI TelcomSvc 25/50 (IG) Index for the fiscal year, led by alternative carriers. Stock picking in cable & satellite also hampered the fund's relative result. Also hurting our result were picks and an underweight in integrated telecommunication services.

• The biggest individual relative detractor was our underweight stake in AST SpaceMobile (+191%). Despite the underweight, the company was among our largest holdings. A second notable relative detractor was our lighter-than-index stake in Globalstar (+185%). The stock was one of our largest holdings. Another notable relative detractor was our non-index stake in Charter Communications (-45%). The stock was not held at period end.

• In contrast, the primary contributor to performance versus the industry index was stock picking in wireless telecommunication services. Stock picking in construction & engineering also boosted the fund's relative performance.

• The top individual relative contributor was an underweight in Spok Holdings (-22%). This was an investment we established this period. A second notable relative contributor was an underweight in Cogent Communications Holdings (-73%). The company was among the fund's 20-biggest holdings this period. A non-index stake in EchoStar gained 46% and notably helped. This was a stake we established this period.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Telecommunications Portfolio<br>| $10000 | $11906<br>| $11458<br>| $11845<br>| $13326<br>| $15878<br>| $14927<br>| $13777<br>| $13594<br>| $18258<br>| $21152<br>|
| MSCI U.S. IM Telecommunication Services 25-50 Index<br>| $10000 | $11377<br>| $10475<br>| $10454<br>| $11359<br>| $12702<br>| $11945<br>| $11007<br>| $10924<br>| $15571<br>| $19240<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126071_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Telecommunications Portfolio | 15.85% | 5.90% | 7.78% |
| MSCI U.S. IM Telecommunication Services 25-50 Index | 23.56%<br>| 8.66%<br>| 6.76% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $231685701<br>|
| Number of Holdings | 26<br>|
| Total Advisory Fee | $1601151<br>|
| Portfolio Turnover | 65%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Diversified Telecommunication Services | 84.6 |
| Wireless Telecommunication Services | 10.3 |
| Media | 1.1 |

---

Common Stocks 96.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img96_20260228_AA.jpg) <br>|

---

Common Stocks - 96.0&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) - 4.0 <br>

United States 93.2 <br> Puerto Rico 4.1 <br> Belgium 2.7

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img96_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Verizon Communications Inc | 24.2<br>|
| AT&T Inc | 23.2<br>|
| T-Mobile US Inc | 4.9<br>|
| Globalstar Inc | 4.8<br>|
| AST SpaceMobile Inc Class A | 4.8<br>|
| Lumen Technologies Inc | 4.4<br>|
| Iridium Communications Inc | 4.1<br>|
| Telephone and Data Systems Inc | 3.9<br>|
| Liberty Latin America Ltd Class C | 3.1<br>|
| Uniti Group Inc | 2.7<br>|
|  | 80.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img96_20260228_2.jpg)<br>| ![](img126071_3.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> 1.9912716.101 96-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Telecommunications Portfolio<br> **Fidelity Advisor® Telecommunications Fund Class Z : FIJGX** <br>|

---

This annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $69  | 0.64% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection and market selection detracted from the fund's performance versus the MSCI IMI TelcomSvc 25/50 (IG) Index for the fiscal year, led by alternative carriers. Stock picking in cable & satellite also hampered the fund's relative result. Also hurting our result were picks and an underweight in integrated telecommunication services.

• The biggest individual relative detractor was our underweight stake in AST SpaceMobile (+191%). Despite the underweight, the company was among our largest holdings. A second notable relative detractor was our lighter-than-index stake in Globalstar (+185%). The stock was one of our largest holdings. Another notable relative detractor was our non-index stake in Charter Communications (-45%). The stock was not held at period end.

• In contrast, the primary contributor to performance versus the industry index was stock picking in wireless telecommunication services. Stock picking in construction & engineering also boosted the fund's relative performance.

• The top individual relative contributor was an underweight in Spok Holdings (-22%). This was an investment we established this period. A second notable relative contributor was an underweight in Cogent Communications Holdings (-73%). The company was among the fund's 20-biggest holdings this period. A non-index stake in EchoStar gained 46% and notably helped. This was a stake we established this period.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $9320<br>| $10502<br>| $12529<br>| $11794<br>| $10903<br>| $10776<br>| $14491<br>| $16804<br>|
| MSCI U.S. IM Telecommunication Services 25-50 Index<br>| $10000 | $9031<br>| $9813<br>| $10973<br>| $10319<br>| $9509<br>| $9438<br>| $13452<br>| $16622<br>|
| S&P 500® Index<br>| $10000 | $9609<br>| $10397<br>| $13650<br>| $15887<br>| $14665<br>| $19131<br>| $22652<br>| $26501<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126072_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 15.97% | 6.05% | 7.25% |
| MSCI U.S. IM Telecommunication Services 25-50 Index | 23.56%<br>| 8.66%<br>| 7.09% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 14.05% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $231685701<br>|
| Number of Holdings | 26<br>|
| Total Advisory Fee | $1601151<br>|
| Portfolio Turnover | 65%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Diversified Telecommunication Services | 84.6 |
| Wireless Telecommunication Services | 10.3 |
| Media | 1.1 |

---

Common Stocks 96.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img96_20260228_AA.jpg) <br>|

---

Common Stocks - 96.0&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) - 4.0 <br>

United States 93.2 <br> Puerto Rico 4.1 <br> Belgium 2.7

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img96_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Verizon Communications Inc | 24.2<br>|
| AT&T Inc | 23.2<br>|
| T-Mobile US Inc | 4.9<br>|
| Globalstar Inc | 4.8<br>|
| AST SpaceMobile Inc Class A | 4.8<br>|
| Lumen Technologies Inc | 4.4<br>|
| Iridium Communications Inc | 4.1<br>|
| Telephone and Data Systems Inc | 3.9<br>|
| Liberty Latin America Ltd Class C | 3.1<br>|
| Uniti Group Inc | 2.7<br>|
|  | 80.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img96_20260228_2.jpg)<br>| ![](img126072_3.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> 1.9912715.101 3237-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Telecommunications Portfolio<br> **Fidelity Advisor® Telecommunications Fund Class M : FTUTX** <br>|

---

This annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $139  | 1.29% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection and market selection detracted from the fund's performance versus the MSCI IMI TelcomSvc 25/50 (IG) Index for the fiscal year, led by alternative carriers. Stock picking in cable & satellite also hampered the fund's relative result. Also hurting our result were picks and an underweight in integrated telecommunication services.

• The biggest individual relative detractor was our underweight stake in AST SpaceMobile (+191%). Despite the underweight, the company was among our largest holdings. A second notable relative detractor was our lighter-than-index stake in Globalstar (+185%). The stock was one of our largest holdings. Another notable relative detractor was our non-index stake in Charter Communications (-45%). The stock was not held at period end.

• In contrast, the primary contributor to performance versus the industry index was stock picking in wireless telecommunication services. Stock picking in construction & engineering also boosted the fund's relative performance.

• The top individual relative contributor was an underweight in Spok Holdings (-22%). This was an investment we established this period. A second notable relative contributor was an underweight in Cogent Communications Holdings (-73%). The company was among the fund's 20-biggest holdings this period. A non-index stake in EchoStar gained 46% and notably helped. This was a stake we established this period.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $11412<br>| $10910<br>| $11203<br>| $12526<br>| $14830<br>| $13859<br>| $12721<br>| $12487<br>| $16680<br>| $19217<br>|
| MSCI U.S. IM Telecommunication Services 25-50 Index<br>| $10000 | $11377<br>| $10475<br>| $10454<br>| $11359<br>| $12702<br>| $11945<br>| $11007<br>| $10924<br>| $15571<br>| $19240<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126073_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 11.18% | 4.57%<br>| 6.75% |
| Class M (without 3.50% sales charge) | 15.21% | 5.32% | 7.13% |
| MSCI U.S. IM Telecommunication Services 25-50 Index | 23.56%<br>| 8.66%<br>| 6.76% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $231685701<br>|
| Number of Holdings | 26<br>|
| Total Advisory Fee | $1601151<br>|
| Portfolio Turnover | 65%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Diversified Telecommunication Services | 84.6 |
| Wireless Telecommunication Services | 10.3 |
| Media | 1.1 |

---

Common Stocks 96.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img96_20260228_AA.jpg) <br>|

---

Common Stocks - 96.0&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) - 4.0 <br>

United States 93.2 <br> Puerto Rico 4.1 <br> Belgium 2.7

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img96_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Verizon Communications Inc | 24.2<br>|
| AT&T Inc | 23.2<br>|
| T-Mobile US Inc | 4.9<br>|
| Globalstar Inc | 4.8<br>|
| AST SpaceMobile Inc Class A | 4.8<br>|
| Lumen Technologies Inc | 4.4<br>|
| Iridium Communications Inc | 4.1<br>|
| Telephone and Data Systems Inc | 3.9<br>|
| Liberty Latin America Ltd Class C | 3.1<br>|
| Uniti Group Inc | 2.7<br>|
|  | 80.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img96_20260228_2.jpg)<br>| ![](img126073_3.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> 1.9912713.101 1797-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Telecommunications Portfolio<br> **Fidelity Advisor® Telecommunications Fund Class I : FTUIX** <br>|

---

This annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $80  | 0.74% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection and market selection detracted from the fund's performance versus the MSCI IMI TelcomSvc 25/50 (IG) Index for the fiscal year, led by alternative carriers. Stock picking in cable & satellite also hampered the fund's relative result. Also hurting our result were picks and an underweight in integrated telecommunication services.

• The biggest individual relative detractor was our underweight stake in AST SpaceMobile (+191%). Despite the underweight, the company was among our largest holdings. A second notable relative detractor was our lighter-than-index stake in Globalstar (+185%). The stock was one of our largest holdings. Another notable relative detractor was our non-index stake in Charter Communications (-45%). The stock was not held at period end.

• In contrast, the primary contributor to performance versus the industry index was stock picking in wireless telecommunication services. Stock picking in construction & engineering also boosted the fund's relative performance.

• The top individual relative contributor was an underweight in Spok Holdings (-22%). This was an investment we established this period. A second notable relative contributor was an underweight in Cogent Communications Holdings (-73%). The company was among the fund's 20-biggest holdings this period. A non-index stake in EchoStar gained 46% and notably helped. This was a stake we established this period.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $11903<br>| $11456<br>| $11840<br>| $13317<br>| $15864<br>| $14918<br>| $13774<br>| $13602<br>| $18265<br>| $21159<br>|
| MSCI U.S. IM Telecommunication Services 25-50 Index<br>| $10000 | $11377<br>| $10475<br>| $10454<br>| $11359<br>| $12702<br>| $11945<br>| $11007<br>| $10924<br>| $15571<br>| $19240<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126074_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 15.84% | 5.93% | 7.78% |
| MSCI U.S. IM Telecommunication Services 25-50 Index | 23.56%<br>| 8.66%<br>| 6.76% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $231685701<br>|
| Number of Holdings | 26<br>|
| Total Advisory Fee | $1601151<br>|
| Portfolio Turnover | 65%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Diversified Telecommunication Services | 84.6 |
| Wireless Telecommunication Services | 10.3 |
| Media | 1.1 |

---

Common Stocks 96.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img96_20260228_AA.jpg) <br>|

---

Common Stocks - 96.0&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) - 4.0 <br>

United States 93.2 <br> Puerto Rico 4.1 <br> Belgium 2.7

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img96_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Verizon Communications Inc | 24.2<br>|
| AT&T Inc | 23.2<br>|
| T-Mobile US Inc | 4.9<br>|
| Globalstar Inc | 4.8<br>|
| AST SpaceMobile Inc Class A | 4.8<br>|
| Lumen Technologies Inc | 4.4<br>|
| Iridium Communications Inc | 4.1<br>|
| Telephone and Data Systems Inc | 3.9<br>|
| Liberty Latin America Ltd Class C | 3.1<br>|
| Uniti Group Inc | 2.7<br>|
|  | 80.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img96_20260228_2.jpg)<br>| ![](img126074_3.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> 1.9912714.101 1798-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Telecommunications Portfolio<br> **Fidelity Advisor® Telecommunications Fund Class C : FTUCX** <br>|

---

This annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $192  | 1.79% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection and market selection detracted from the fund's performance versus the MSCI IMI TelcomSvc 25/50 (IG) Index for the fiscal year, led by alternative carriers. Stock picking in cable & satellite also hampered the fund's relative result. Also hurting our result were picks and an underweight in integrated telecommunication services.

• The biggest individual relative detractor was our underweight stake in AST SpaceMobile (+191%). Despite the underweight, the company was among our largest holdings. A second notable relative detractor was our lighter-than-index stake in Globalstar (+185%). The stock was one of our largest holdings. Another notable relative detractor was our non-index stake in Charter Communications (-45%). The stock was not held at period end.

• In contrast, the primary contributor to performance versus the industry index was stock picking in wireless telecommunication services. Stock picking in construction & engineering also boosted the fund's relative performance.

• The top individual relative contributor was an underweight in Spok Holdings (-22%). This was an investment we established this period. A second notable relative contributor was an underweight in Cogent Communications Holdings (-73%). The company was among the fund's 20-biggest holdings this period. A non-index stake in EchoStar gained 46% and notably helped. This was a stake we established this period.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $11777<br>| $11218<br>| $11476<br>| $12777<br>| $15061<br>| $14011<br>| $12797<br>| $12498<br>| $16736<br>| $19332<br>|
| MSCI U.S. IM Telecommunication Services 25-50 Index<br>| $10000 | $11377<br>| $10475<br>| $10454<br>| $11359<br>| $12702<br>| $11945<br>| $11007<br>| $10924<br>| $15571<br>| $19240<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126075_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 13.65% | 4.80%<br>| 6.81% |
| Class C | 14.65% | 4.80% | 6.81% |
| MSCI U.S. IM Telecommunication Services 25-50 Index | 23.56%<br>| 8.66%<br>| 6.76% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $231685701<br>|
| Number of Holdings | 26<br>|
| Total Advisory Fee | $1601151<br>|
| Portfolio Turnover | 65%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Diversified Telecommunication Services | 84.6 |
| Wireless Telecommunication Services | 10.3 |
| Media | 1.1 |

---

Common Stocks 96.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img96_20260228_AA.jpg) <br>|

---

Common Stocks - 96.0&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) - 4.0 <br>

United States 93.2 <br> Puerto Rico 4.1 <br> Belgium 2.7

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img96_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Verizon Communications Inc | 24.2<br>|
| AT&T Inc | 23.2<br>|
| T-Mobile US Inc | 4.9<br>|
| Globalstar Inc | 4.8<br>|
| AST SpaceMobile Inc Class A | 4.8<br>|
| Lumen Technologies Inc | 4.4<br>|
| Iridium Communications Inc | 4.1<br>|
| Telephone and Data Systems Inc | 3.9<br>|
| Liberty Latin America Ltd Class C | 3.1<br>|
| Uniti Group Inc | 2.7<br>|
|  | 80.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img96_20260228_2.jpg)<br>| ![](img126075_3.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> 1.9912712.101 1796-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Telecommunications Portfolio<br> **Fidelity Advisor® Telecommunications Fund Class A : FTUAX** <br>|

---

This annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $112  | 1.04% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection and market selection detracted from the fund's performance versus the MSCI IMI TelcomSvc 25/50 (IG) Index for the fiscal year, led by alternative carriers. Stock picking in cable & satellite also hampered the fund's relative result. Also hurting our result were picks and an underweight in integrated telecommunication services.

• The biggest individual relative detractor was our underweight stake in AST SpaceMobile (+191%). Despite the underweight, the company was among our largest holdings. A second notable relative detractor was our lighter-than-index stake in Globalstar (+185%). The stock was one of our largest holdings. Another notable relative detractor was our non-index stake in Charter Communications (-45%). The stock was not held at period end.

• In contrast, the primary contributor to performance versus the industry index was stock picking in wireless telecommunication services. Stock picking in construction & engineering also boosted the fund's relative performance.

• The top individual relative contributor was an underweight in Spok Holdings (-22%). This was an investment we established this period. A second notable relative contributor was an underweight in Cogent Communications Holdings (-73%). The company was among the fund's 20-biggest holdings this period. A non-index stake in EchoStar gained 46% and notably helped. This was a stake we established this period.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $11182<br>| $10729<br>| $11053<br>| $12393<br>| $14716<br>| $13792<br>| $12692<br>| $12488<br>| $16723<br>| $19317<br>|
| MSCI U.S. IM Telecommunication Services 25-50 Index<br>| $10000 | $11377<br>| $10475<br>| $10454<br>| $11359<br>| $12702<br>| $11945<br>| $11007<br>| $10924<br>| $15571<br>| $19240<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126076_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 8.87% | 4.35%<br>| 6.81% |
| Class A (without 5.75% sales charge) | 15.51% | 5.59% | 7.44% |
| MSCI U.S. IM Telecommunication Services 25-50 Index | 23.56%<br>| 8.66%<br>| 6.76% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $231685701<br>|
| Number of Holdings | 26<br>|
| Total Advisory Fee | $1601151<br>|
| Portfolio Turnover | 65%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Diversified Telecommunication Services | 84.6 |
| Wireless Telecommunication Services | 10.3 |
| Media | 1.1 |

---

Common Stocks 96.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img96_20260228_AA.jpg) <br>|

---

Common Stocks - 96.0&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) - 4.0 <br>

United States 93.2 <br> Puerto Rico 4.1 <br> Belgium 2.7

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img96_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Verizon Communications Inc | 24.2<br>|
| AT&T Inc | 23.2<br>|
| T-Mobile US Inc | 4.9<br>|
| Globalstar Inc | 4.8<br>|
| AST SpaceMobile Inc Class A | 4.8<br>|
| Lumen Technologies Inc | 4.4<br>|
| Iridium Communications Inc | 4.1<br>|
| Telephone and Data Systems Inc | 3.9<br>|
| Liberty Latin America Ltd Class C | 3.1<br>|
| Uniti Group Inc | 2.7<br>|
|  | 80.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img96_20260228_2.jpg)<br>| ![](img126076_3.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> 1.9912711.101 1794-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Technology Portfolio<br> **Technology Portfolio : FSPTX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Technology Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Technology Portfolio  | $69  | 0.60% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI US IMI Information Technology 25/50 Index for the fiscal year. However, security selection in technology hardware, storage & peripherals stood out for its contribution. A large overweight in semiconductors also boosted relative performance. Also contributing to our result were stock picks and an underweight in application software.

• The top individual relative contributor was an overweight in Western Digital (+470%). The company was among our biggest holdings at period end. A second notable relative contributor was an overweight in Micron Technology (+340%). The company was one of the fund's biggest holdings. Another notable relative contributor was an overweight in Sandisk (+1259%). This period we decreased our investment in Sandisk.

• In contrast, the biggest detractor from performance versus the sector index was stock selection in semiconductors. An underweight in semiconductor materials & equipment also hampered the fund's result. Also hurting our result were picks in communications equipment.

• The biggest individual relative detractor was an underweight in Broadcom (+62%). This security was not held at period end. A second notable relative detractor was an overweight in HubSpot (-63%). This period we increased our investment in HubSpot. An overweight in Marvell Technology (-10%) also detracted. The company was one of our biggest holdings.

• Notable changes in positioning include decreased exposure to the systems software industry and a higher allocation to semiconductors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Technology Portfolio<br>| $10000 | $13852<br>| $19907<br>| $19303<br>| $25011<br>| $42486<br>| $43297<br>| $36616<br>| $56810<br>| $65850<br>| $84051<br>|
| MSCI U.S. IMI Information Technology 25-50 Index<br>| $10000 | $13364<br>| $18028<br>| $19365<br>| $23925<br>| $36665<br>| $41881<br>| $36864<br>| $54652<br>| $63531<br>| $77596<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126077_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Technology Portfolio | 27.64% | 14.62% | 23.72% |
| MSCI U.S. IMI Information Technology 25-50 Index | 22.14%<br>| 16.18%<br>| 22.74% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $27313203802<br>|
| Number of Holdings | 124<br>|
| Total Advisory Fee | $122307365<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 49.5 |
| Technology Hardware, Storage & Peripherals | 16.9 |
| Software | 16.5 |
| IT Services | 6.5 |
| Communications Equipment | 4.0 |
| Electronic Equipment, Instruments & Components | 1.5 |
| Broadline Retail | 1.5 |
| Entertainment | 1.1 |
| Ground Transportation | 0.7 |
| Others | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 95.7 |
| Preferred Stocks | 3.3 |
| Bonds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img64_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 3.3&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;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 90.2 |
| Netherlands | 6.7 |
| Canada | 1.8 |
| Taiwan | 0.9 |
| United Kingdom | 0.2 |
| China | 0.1 |
| India | 0.1 |
| Estonia | 0.0 |
| Israel | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img64_20260228_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 - 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 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;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;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;India - 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 - 0.0&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;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)**  |  |
| NVIDIA Corp | 24.6<br>|
| Apple Inc | 12.7<br>|
| Microsoft Corp | 6.7<br>|
| NXP Semiconductors NV | 5.2<br>|
| Marvell Technology Inc | 4.7<br>|
| ON Semiconductor Corp | 4.5<br>|
| Micron Technology Inc | 4.2<br>|
| Cisco Systems Inc | 3.9<br>|
| Western Digital Corp | 2.9<br>|
| GlobalFoundries Inc | 2.7<br>|
|  | 72.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since March 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Technology Fund merged into Technology Portfolio on November 14, 2025. Effective July 22, 2025, the fund's investment objective became a fundamental policy.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img64_20260228_2.jpg)<br>| ![](img126077_3.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> 1.9912699.101 64-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Tech Hardware Portfolio<br> **Tech Hardware Portfolio : FDCPX** <br>|

---

This annual shareholder report contains information about Tech Hardware Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Tech Hardware Portfolio  | $87  | 0.67% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the FactSet Technology Hardware Link Index for the fiscal year, especially within technology hardware, storage & peripherals. An overweight in semiconductors also boosted the fund's relative performance. Also helping our relative result was security selection among technology distributors.

• The top individual relative contributor was an overweight in Western Digital (+470%), one of our biggest holdings. A non-index stake in SK Hynix (+454%) also helped. Another notable relative contributor was our non-index stake in Taiwan Semiconductor Manufacturing (+104%), which was among the fund's largest holdings.

• In contrast, the biggest detractor from performance versus the industry index was an underweight in technology hardware, storage & peripherals. An overweight in systems software also hampered the fund's result, as did picks in semiconductors.

• The biggest individual relative detractor was an underweight in Samsung Electronics (+312%). The company was the fund's largest holding at period end. Avoiding Seagate Technology Holdings, an index component that gained 308%, hurt as well. Another notable relative detractor was our non-index stake in Microsoft (-2%).

• Notable changes in positioning include increased exposure to the electronic equipment & instruments industry and a lower allocation to systems software firms.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Tech Hardware Portfolio<br>| $10000 | $14157<br>| $17670<br>| $17766<br>| $20928<br>| $34028<br>| $35636<br>| $30782<br>| $40394<br>| $48705<br>| $78580<br>|
| FactSet Technology Hardware Linked Index<br>| $10000 | $13897<br>| $16916<br>| $15866<br>| $17915<br>| $28845<br>| $30175<br>| $26385<br>| $33703<br>| $41307<br>| $63317<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126078_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Tech Hardware Portfolio | 61.34% | 18.22% | 22.89% |
| FactSet Technology Hardware Linked Index | 53.29%<br>| 17.03%<br>| 20.27% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1876047755<br>|
| Number of Holdings | 40<br>|
| Total Advisory Fee | $8151465<br>|
| Portfolio Turnover | 53%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Technology Hardware, Storage & Peripherals | 35.4 |
| Communications Equipment | 30.3 |
| Household Durables | 8.8 |
| Semiconductors & Semiconductor Equipment | 8.7 |
| Electronic Equipment, Instruments & Components | 6.9 |
| Entertainment | 3.7 |
| Interactive Media & Services | 1.7 |
| Software | 1.5 |
| Broadline Retail | 0.7 |
| Health Care Equipment & Supplies | 0.5 |

---

Common Stocks 98.0 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7_20260228_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; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| United States | 66.8 |
| Japan | 13.4 |
| Korea (South) | 10.8 |
| Taiwan | 4.7 |
| Finland | 2.3 |
| China | 2.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 66.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 13.4&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;Korea (South) - 10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 4.7&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;Finland - 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;China - 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;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Cisco Systems Inc | 10.9<br>|
| Western Digital Corp | 9.2<br>|
| Samsung Electronics Co Ltd | 8.8<br>|
| Arista Networks Inc | 8.5<br>|
| Apple Inc | 7.7<br>|
| Motorola Solutions Inc | 4.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 4.3<br>|
| Nintendo Co Ltd | 3.7<br>|
| Sony Group Corp | 3.7<br>|
| Dell Technologies Inc Class C | 3.4<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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img7_20260228_2.jpg)<br>| ![](img126078_3.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> 1.9912687.101 7-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Software and IT Services Portfolio<br> **Software and IT Services Portfolio : FSCSX** <br>|

---

This annual shareholder report contains information about Software and IT Services Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Software and IT Services Portfolio  | $55  | 0.61% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Software & Services 25/50 Index for the fiscal year, especially within application software. An underweight in systems software also hampered the fund's result. Also hurting our result was stock selection in IT consulting & other services.

• The biggest individual relative detractor was an overweight in Atlassian (-74%). The company was among the fund's largest holdings this period. A second notable relative detractor was an underweight in Palantir Technologies (+62%). This was a stake we established this period. The stock was among the fund's biggest holdings at period end. An overweight in HubSpot (-63%) also hurt.

• In contrast, the primary contributor to performance versus the industry index was an overweight in internet services & infrastructure. An underweight in IT consulting & other services also boosted relative performance. Also contributing to our result were picks in broadline retail.

• The top individual relative contributor was an overweight in Twilio (0%). The company was one of our biggest holdings at period end. A second notable relative contributor was an overweight in MongoDB (+21%). This period we decreased our stake in MongoDB. Another notable relative contributor was our non-index stake in Alphabet (+81%). This period we decreased our stake in Alphabet.

• Notable changes in positioning include decreased exposure to the transaction & payment processing services and IT consulting & other services industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Software and IT Services Portfolio<br>| $10000 | $13183<br>| $18029<br>| $19993<br>| $24257<br>| $35367<br>| $36422<br>| $31443<br>| $46998<br>| $47878<br>| $39090<br>|
| MSCI U.S. IMI Software & Services 25-50 Index<br>| $10000 | $12717<br>| $17283<br>| $19501<br>| $23341<br>| $33086<br>| $33297<br>| $28691<br>| $41992<br>| $46172<br>| $39392<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126079_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Software and IT Services Portfolio | -18.35% | 2.02% | 14.61% |
| MSCI U.S. IMI Software & Services 25-50 Index | -14.69%<br>| 3.55%<br>| 14.69% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6675401466<br>|
| Number of Holdings | 57<br>|
| Total Advisory Fee | $58002385<br>|
| Portfolio Turnover | 62%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Software | 80.1 |
| IT Services | 14.6 |
| Broadline Retail | 2.6 |
| Interactive Media & Services | 1.7 |
| Financial Services | 0.6 |

---

Common Stocks 99.3 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img28_20260228_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 - 0.3&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 98.7 <br> Canada 1.3 <br> Germany 0.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img28_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.7&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; |
| &nbsp;&nbsp;Germany - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 24.8<br>|
| Salesforce Inc | 5.0<br>|
| Oracle Corp | 4.0<br>|
| Palantir Technologies Inc Class A | 4.0<br>|
| Intuit Inc | 3.7<br>|
| Datadog Inc Class A | 3.4<br>|
| Synopsys Inc | 3.1<br>|
| Autodesk Inc | 3.1<br>|
| Snowflake Inc | 3.1<br>|
| Palo Alto Networks Inc | 3.0<br>|
|  | 57.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img28_20260228_2.jpg)<br>| ![](img126079_3.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> 1.9912695.101 28-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Semiconductors Portfolio<br> **Semiconductors Portfolio : FSELX** <br>|

---

This annual shareholder report contains information about Semiconductors Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Semiconductors Portfolio  | $81  | 0.60% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, underweighting the semiconductor materials & equipment segment was the primary detractor from the fund's performance versus the MSCI US IMI Semiconductors & Semiconductor Equipment 25/50 Index for the fiscal year. An overweight in semiconductors also hampered the fund's result. Lastly, the fund's position in cash detracted.

• The largest individual relative detractor was an overweight in Marvell Technology (-10%). The stock was among our largest holdings. The second-largest relative detractor was an overweight in NXP Semiconductors (+7%). The stock was among the fund's biggest holdings. Not owning Applied Materials, an index component that gained roughly 138%, was another notable relative detractor.

• In contrast, the primary contributor to performance versus the industry index was out-of-benchmark exposure to technology hardware, storage & peripherals. A non-benchmark allocation to electronic components and investment choices in semiconductors also boosted the fund's relative performance.

• The fund's non-index stake in Western Digital gained 457% and was the top individual relative contributor. This period we decreased our position in Western Digital. The company was among the fund's biggest holdings at period end. A second notable relative contributor was negligible exposure to QUALCOMM (-7%), which was not held at period end. Another notable relative contributor was an overweight in Micron Technology (+338%). This period we decreased our position in Micron Technology. The company was one of the fund's biggest holdings.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Semiconductors Portfolio<br>| $10000 | $15179<br>| $20370<br>| $20408<br>| $25717<br>| $43840<br>| $54611<br>| $53023<br>| $89786<br>| $99859<br>| $168853<br>|
| MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25-50 Index<br>| $10000 | $14909<br>| $20401<br>| $20274<br>| $24989<br>| $43396<br>| $52785<br>| $48029<br>| $87798<br>| $95659<br>| $162476<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126080_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Semiconductors Portfolio | 69.09% | 30.96% | 32.66% |
| MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25-50 Index | 69.85%<br>| 30.22%<br>| 32.15% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $32691330966<br>|
| Number of Holdings | 63<br>|
| Total Advisory Fee | $145076802<br>|
| Portfolio Turnover | 87%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 88.3 |
| Technology Hardware, Storage & Peripherals | 3.2 |
| Electronic Equipment, Instruments & Components | 2.6 |
| Electrical Equipment | 0.1 |
| Software | 0.0 |
| Financial Services | 0.0 |
| Metals & Mining | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.3 |
| Preferred Stocks | 0.9 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img8_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.3&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;  |
| Preferred Securities - 0.0&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) - 5.8 |

---

---

| | |
|:---|:---|
| United States | 84.9 |
| Netherlands | 9.3 |
| Israel | 2.7 |
| Japan | 2.6 |
| Taiwan | 0.5 |
| Canada | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img8_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 84.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 2.7&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;Japan - 2.6&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;Taiwan - 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;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 | 24.1<br>|
| Broadcom Inc | 10.6<br>|
| Marvell Technology Inc | 8.6<br>|
| NXP Semiconductors NV | 6.3<br>|
| Micron Technology Inc | 5.0<br>|
| ON Semiconductor Corp | 4.9<br>|
| Monolithic Power Systems Inc | 4.9<br>|
| Lam Research Corp | 4.9<br>|
| GlobalFoundries Inc | 4.0<br>|
| Western Digital Corp | 3.1<br>|
|  | 76.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img8_20260228_2.jpg)<br>| ![](img126080_3.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> 1.9912688.101 8-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Retailing Portfolio<br> **Retailing Portfolio : FSRPX** <br>|

---

This annual shareholder report contains information about Retailing Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Retailing Portfolio  | $64  | 0.63% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Multi-Sector Retailing 25/50 Linked Index for the fiscal year, especially within broadline retail. Security selection and an overweight in footwear also hampered the fund's result. Also detracting from our result was stock selection in automotive retail.

• The biggest individual relative detractor this period was avoiding Dollar General, an index component that gained about 115%. An underweight in Carvana (+43%) also hurt. This period we decreased our stake in Carvana. Another notable relative detractor was our stake in Lululemon Athletica (-48%), where we decreased our stake this period.

• In contrast, the biggest contributor to performance versus the industry index was stock picking in food retail. Picks and an overweight in apparel retail also boosted relative performance. Also bolstering our relative result was an underweight in distributors.

• The top individual relative contributor was an overweight in Ulta Beauty (+87%). This period we decreased our investment in the stock. An overweight in Dollar Tree (+74%), one of our biggest holdings, was another plus. An overweight in American Eagle Outfitters (+97%) also helped. This was a position we established this period.

• Notable changes in positioning include increased exposure to the apparel retail industry and a lower allocation to automotive retail stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Retailing Portfolio<br>| $10000 | $11720<br>| $15079<br>| $16109<br>| $17241<br>| $27568<br>| $27230<br>| $23455<br>| $31250<br>| $35241<br>| $37017<br>|
| MSCI U.S. IMI Multi-Sector Retailing 25-50 Linked Index<br>| $10000 | $11771<br>| $15393<br>| $16601<br>| $17381<br>| $28079<br>| $29252<br>| $25833<br>| $33909<br>| $38711<br>| $41719<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126081_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Retailing Portfolio | 5.04% | 6.07% | 13.98% |
| MSCI U.S. IMI Multi-Sector Retailing 25-50 Linked Index | 7.77%<br>| 8.24%<br>| 15.35% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2442508181<br>|
| Number of Holdings | 42<br>|
| Total Advisory Fee | $16419579<br>|
| Portfolio Turnover | 46%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialty Retail | 36.6 |
| Consumer Staples Distribution & Retail | 27.3 |
| Broadline Retail | 26.2 |
| Textiles, Apparel & Luxury Goods | 9.1 |
| Household Durables | 0.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img146_20260228_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 | 95.6 |
| Brazil | 2.5 |
| Canada | 0.8 |
| Germany | 0.6 |
| Finland | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img146_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 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; |
| &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 - 0.6&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;Finland - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Amazon.com Inc | 21.8<br>|
| Walmart Inc | 10.9<br>|
| Lowe's Cos Inc | 7.2<br>|
| Costco Wholesale Corp | 6.7<br>|
| TJX Cos Inc/The | 5.0<br>|
| Home Depot Inc/The | 3.7<br>|
| Dollar Tree Inc | 3.4<br>|
| Ross Stores Inc | 3.0<br>|
| O'Reilly Automotive Inc | 3.0<br>|
| NIKE Inc Class B | 2.7<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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img146_20260228_2.jpg)<br>| ![](img126081_3.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> 1.9912725.101 46-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Pharmaceuticals Portfolio<br> **Pharmaceuticals Portfolio : FPHAX** <br>|

---

This annual shareholder report contains information about Pharmaceuticals Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Pharmaceuticals Portfolio  | $76  | 0.67% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI North America IMI + ADR Custom Pharmaceuticals 25/50 Linked Index for the fiscal year, especially within biotechnology. Stock picks in pharmaceuticals also boosted relative performance.

• The fund's non-index stake in Avidity Biosciences gained 130% and was the top individual relative contributor. The stock was not held at period end. The second-largest relative contributor was an overweight in Elanco Animal Health (+137%). The stock was one of our biggest holdings. A non-index stake in UCB gained 59% and notably helped. The stock was among our biggest holdings.

• In contrast, the biggest detractor from performance versus the industry index was security selection in health care equipment. Stock selection in diversified financial services also hampered the fund's result.

• The largest individual relative detractor was an underweight in Johnson & Johnson (+55%). This was an investment we established this period. The company was one of the fund's biggest holdings at period end. A non-index stake in Legend Biotech returned -46% and was a second notable relative detractor. This period we increased our stake in Legend Biotech. The stock was one of the fund's biggest holdings. Not owning Novartis, an index component that gained 60%, was another notable relative detractor.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pharmaceuticals Portfolio<br>| $10000 | $10057<br>| $10621<br>| $12124<br>| $13587<br>| $16368<br>| $17210<br>| $17485<br>| $23491<br>| $24742<br>| $31600<br>|
| MSCI North America IMI + ADR Custom Pharmaceuticals 25/50 Linked Index<br>| $10000 | $10453<br>| $11275<br>| $12700<br>| $12515<br>| $14939<br>| $16066<br>| $15809<br>| $19659<br>| $20877<br>| $25178<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126082_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Pharmaceuticals Portfolio | 27.72% | 14.06% | 12.19% |
| MSCI North America IMI + ADR Custom Pharmaceuticals 25/50 Linked Index | 20.60%<br>| 11.00%<br>| 9.67% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1516495874<br>|
| Number of Holdings | 60<br>|
| Total Advisory Fee | $7889417<br>|
| Portfolio Turnover | 77%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Pharmaceuticals | 79.1 |
| Biotechnology | 19.4 |
| Financial Services | 0.1 |
| Software | 0.1 |
| Consumer Staples Distribution & Retail | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.4 |
| Preferred Stocks | 0.3 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img152_20260228_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; |
| Preferred Stocks - 0.3&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) - 1.3 |

---

---

| | |
|:---|:---|
| United States | 84.2 |
| Belgium | 7.0 |
| United Kingdom | 4.8 |
| Germany | 1.9 |
| Canada | 0.8 |
| Netherlands | 0.7 |
| Denmark | 0.4 |
| Switzerland | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img152_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 84.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 7.0&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 - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 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;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;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 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;Switzerland - 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)**  |  |
| Eli Lilly & Co | 24.8<br>|
| GSK PLC ADR | 10.1<br>|
| Johnson & Johnson | 7.0<br>|
| UCB SA | 5.0<br>|
| Astrazeneca PLC (United States) | 4.8<br>|
| Roche Holding AG non-voting shares | 4.8<br>|
| Gilead Sciences Inc | 4.7<br>|
| Merck & Co Inc | 4.6<br>|
| Elanco Animal Health Inc | 4.4<br>|
| Legend Biotech Corp ADR | 3.3<br>|
|  | 73.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img152_20260228_2.jpg)<br>| ![](img126082_3.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> 1.9912726.101 580-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Medical Technology and Devices Portfolio<br> **Medical Technology and Devices Portfolio : FSMEX** <br>|

---

This annual shareholder report contains information about Medical Technology and Devices Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Medical Technology and Devices Portfolio  | $60  | 0.62% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Custom Health Care Technology and Equipment 25/50 Linked Index for the fiscal year, especially an overweight in health care technology. Security selection in health care equipment also hampered the fund's result. Also detracting from our result was an underweight in health care supplies.

• The biggest individual relative detractor was an overweight in Boston Scientific (-26%). The stock was the fund's biggest holding this period. A second notable relative detractor was an underweight in IDEXX Laboratories (+50%). Our stake in Inspire Medical Systems (-49%) also detracted. IDEXX and Inspire were not held at period end.

• In contrast, the primary contributor to performance versus the industry index was stock picking in biotechnology. Stock picking in health care services and health care supplies also boosted the fund's relative performance.

• The fund's non-index stake in Exact Sciences gained about 114% and was the top individual relative contributor. The stock was not held at period end. The second-largest relative contributor was our non-index stake in Conformal Medical (+278%). Another notable relative contributor was an overweight in Penumbra (+21%). This period we decreased our stake in Penumbra. The company was one of our biggest holdings this period.

• Notable changes in positioning include decreased exposure to the health care supplies industry and a higher allocation to life sciences tools & services.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Medical Technology and Devices Portfolio<br>| $10000 | $13013<br>| $15356<br>| $19019<br>| $20438<br>| $29472<br>| $30342<br>| $26812<br>| $28673<br>| $30740<br>| $28809<br>|
| MSCI U.S. IMI Custom Health Care Technology and Equipment 25/50 Linked Index<br>| $10000 | $12520<br>| $15515<br>| $18955<br>| $20163<br>| $28758<br>| $29951<br>| $25922<br>| $28532<br>| $29093<br>| $27668<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126083_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Medical Technology and Devices Portfolio | -6.28% | -0.45% | 11.16% |
| MSCI U.S. IMI Custom Health Care Technology and Equipment 25/50 Linked Index | -4.90%<br>| -0.77%<br>| 10.71% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3647551072<br>|
| Number of Holdings | 66<br>|
| Total Advisory Fee | $26155604<br>|
| Portfolio Turnover | 54%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Health Care Equipment & Supplies | 49.2 |
| Life Sciences Tools & Services | 35.5 |
| Health Care Technology | 5.6 |
| Biotechnology | 4.3 |
| Health Care Providers & Services | 2.4 |
| Chemicals | 0.2 |
| Pharmaceuticals | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 94.9 |
| Preferred Stocks | 2.4 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img354_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.4&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 98.4 <br> France 1.6 <br> China 0.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img354_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;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)**  |  |
| Danaher Corp | 13.6<br>|
| Boston Scientific Corp | 12.0<br>|
| Thermo Fisher Scientific Inc | 9.6<br>|
| Intuitive Surgical Inc | 8.6<br>|
| Edwards Lifesciences Corp | 5.5<br>|
| Abbott Laboratories | 4.8<br>|
| Stryker Corp | 4.8<br>|
| Veeva Systems Inc Class A | 2.6<br>|
| Masimo Corp | 2.6<br>|
| Insulet Corp | 2.4<br>|
|  | 66.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img354_20260228_2.jpg)<br>| ![](img126083_3.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> 1.9912729.101 354-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Materials Portfolio<br> **Materials Portfolio : FSDPX** <br>|

---

This annual shareholder report contains information about Materials Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Materials Portfolio  | $78  | 0.69% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI US IMI Materials 25/50 Index for the fiscal year, especially within gold. Stock picks in diversified metals & mining also hampered the fund's result. Also detracting from our result were picks and an overweight in fertilizers & agricultural chemicals.

• The biggest individual relative detractor was an underweight in Newmont (+209%). This period we increased our position in Newmont. The company was one of our largest holdings. The second-largest relative detractor was an underweight in Freeport-McMoRan (+87%). This period we increased our position in Freeport-McMoRan. The stock was among our biggest holdings at period end. An overweight in Mosaic (+17%) also hurt. This was a position we established this period. The stock was among our largest holdings.

• In contrast, the biggest contributor to performance versus the sector index was an overweight in diversified metals & mining. Stock selection and an overweight in copper also boosted relative performance, as did picks and an underweight in commodity chemicals. Also helping our relative result was an underweight in paper & plastic packaging products & materials.

• The fund's stake in First Quantum Minerals gained 145% and was the top individual relative contributor. This period we decreased our investment in First Quantum Minerals. The stock was among our biggest holdings this period. A stake in Wheaton Precious Metals gained 137% and was a second notable relative contributor. This period we decreased our investment in Wheaton Precious Metals. Another notable relative contributor was our stake in Agnico Eagle Mines (+164%). This period we decreased our investment in Agnico Eagle Mines. All of these contributors were non-index positions.

• Notable changes in positioning include higher allocations to the commodity chemicals and copper industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Materials Portfolio<br>| $10000 | $13052<br>| $15004<br>| $13152<br>| $11367<br>| $16787<br>| $19973<br>| $20106<br>| $20743<br>| $20792<br>| $26208<br>|
| MSCI U.S. IMI Materials 25-50 Index<br>| $10000 | $13426<br>| $15400<br>| $14412<br>| $13644<br>| $19555<br>| $22847<br>| $22996<br>| $24957<br>| $25847<br>| $32639<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126084_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Materials Portfolio | 26.05% | 9.32% | 10.11% |
| MSCI U.S. IMI Materials 25-50 Index | 26.28%<br>| 10.79%<br>| 12.56% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $846272588<br>|
| Number of Holdings | 54<br>|
| Total Advisory Fee | $4866415<br>|
| Portfolio Turnover | 56%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Chemicals | 52.2 |
| Metals & Mining | 30.8 |
| Construction Materials | 9.1 |
| Containers & Packaging | 6.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img509_20260228_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 | 91.6 |
| Canada | 5.6 |
| Zambia | 1.4 |
| Brazil | 1.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img509_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.6&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;Zambia - 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;Brazil - 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)**  |  |
| Linde PLC | 15.5<br>|
| Ecolab Inc | 7.7<br>|
| Newmont Corp | 6.8<br>|
| Freeport-McMoRan Inc | 5.3<br>|
| Corteva Inc | 3.8<br>|
| Solstice Advanced Materials Inc | 3.6<br>|
| Air Products and Chemicals Inc | 3.6<br>|
| Nucor Corp | 3.3<br>|
| CRH PLC | 3.2<br>|
| LyondellBasell Industries NV Class A1 | 3.0<br>|
|  | 55.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img509_20260228_2.jpg)<br>| ![](img126084_3.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> 1.9912751.101 509-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Materials Portfolio<br> **Fidelity Advisor® Materials Fund Class Z : FIJFX** <br>|

---

This annual shareholder report contains information about Materials Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $66  | 0.58% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI US IMI Materials 25/50 Index for the fiscal year, especially within gold. Stock picks in diversified metals & mining also hampered the fund's result. Also detracting from our result were picks and an overweight in fertilizers & agricultural chemicals.

• The biggest individual relative detractor was an underweight in Newmont (+209%). This period we increased our position in Newmont. The company was one of our largest holdings. The second-largest relative detractor was an underweight in Freeport-McMoRan (+87%). This period we increased our position in Freeport-McMoRan. The stock was among our biggest holdings at period end. An overweight in Mosaic (+17%) also hurt. This was a position we established this period. The stock was among our largest holdings.

• In contrast, the biggest contributor to performance versus the sector index was an overweight in diversified metals & mining. Stock selection and an overweight in copper also boosted relative performance, as did picks and an underweight in commodity chemicals. Also helping our relative result was an underweight in paper & plastic packaging products & materials.

• The fund's stake in First Quantum Minerals gained 145% and was the top individual relative contributor. This period we decreased our investment in First Quantum Minerals. The stock was among our biggest holdings this period. A stake in Wheaton Precious Metals gained 137% and was a second notable relative contributor. This period we decreased our investment in Wheaton Precious Metals. Another notable relative contributor was our stake in Agnico Eagle Mines (+164%). This period we decreased our investment in Agnico Eagle Mines. All of these contributors were non-index positions.

• Notable changes in positioning include higher allocations to the commodity chemicals and copper industries.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $9265<br>| $8021<br>| $11865<br>| $14135<br>| $14249<br>| $14722<br>| $14773<br>| $18641<br>|
| MSCI U.S. IMI Materials 25-50 Index<br>| $10000 | $9364<br>| $8865<br>| $12706<br>| $14845<br>| $14942<br>| $16216<br>| $16795<br>| $21207<br>|
| S&P 500® Index<br>| $10000 | $9609<br>| $10397<br>| $13650<br>| $15887<br>| $14665<br>| $19131<br>| $22652<br>| $26501<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126085_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 26.18% | 9.46% | 8.76% |
| MSCI U.S. IMI Materials 25-50 Index | 26.28%<br>| 10.79%<br>| 10.67% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 14.05% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $846272588<br>|
| Number of Holdings | 54<br>|
| Total Advisory Fee | $4866415<br>|
| Portfolio Turnover | 56%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Chemicals | 52.2 |
| Metals & Mining | 30.8 |
| Construction Materials | 9.1 |
| Containers & Packaging | 6.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img509_20260228_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 | 91.6 |
| Canada | 5.6 |
| Zambia | 1.4 |
| Brazil | 1.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img509_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.6&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;Zambia - 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;Brazil - 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)**  |  |
| Linde PLC | 15.5<br>|
| Ecolab Inc | 7.7<br>|
| Newmont Corp | 6.8<br>|
| Freeport-McMoRan Inc | 5.3<br>|
| Corteva Inc | 3.8<br>|
| Solstice Advanced Materials Inc | 3.6<br>|
| Air Products and Chemicals Inc | 3.6<br>|
| Nucor Corp | 3.3<br>|
| CRH PLC | 3.2<br>|
| LyondellBasell Industries NV Class A1 | 3.0<br>|
|  | 55.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img509_20260228_2.jpg)<br>| ![](img126085_3.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> 1.9912750.101 3236-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Materials Portfolio<br> **Fidelity Advisor® Materials Fund Class M : FMFTX** <br>|

---

This annual shareholder report contains information about Materials Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $139  | 1.24% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI US IMI Materials 25/50 Index for the fiscal year, especially within gold. Stock picks in diversified metals & mining also hampered the fund's result. Also detracting from our result were picks and an overweight in fertilizers & agricultural chemicals.

• The biggest individual relative detractor was an underweight in Newmont (+209%). This period we increased our position in Newmont. The company was one of our largest holdings. The second-largest relative detractor was an underweight in Freeport-McMoRan (+87%). This period we increased our position in Freeport-McMoRan. The stock was among our biggest holdings at period end. An overweight in Mosaic (+17%) also hurt. This was a position we established this period. The stock was among our largest holdings.

• In contrast, the biggest contributor to performance versus the sector index was an overweight in diversified metals & mining. Stock selection and an overweight in copper also boosted relative performance, as did picks and an underweight in commodity chemicals. Also helping our relative result was an underweight in paper & plastic packaging products & materials.

• The fund's stake in First Quantum Minerals gained 145% and was the top individual relative contributor. This period we decreased our investment in First Quantum Minerals. The stock was among our biggest holdings this period. A stake in Wheaton Precious Metals gained 137% and was a second notable relative contributor. This period we decreased our investment in Wheaton Precious Metals. Another notable relative contributor was our stake in Agnico Eagle Mines (+164%). This period we decreased our investment in Agnico Eagle Mines. All of these contributors were non-index positions.

• Notable changes in positioning include higher allocations to the commodity chemicals and copper industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $12524<br>| $14315<br>| $12477<br>| $10724<br>| $15749<br>| $18635<br>| $18662<br>| $19153<br>| $19095<br>| $23937<br>|
| MSCI U.S. IMI Materials 25-50 Index<br>| $10000 | $13426<br>| $15400<br>| $14412<br>| $13644<br>| $19555<br>| $22847<br>| $22996<br>| $24957<br>| $25847<br>| $32639<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126086_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 20.97% | 7.96%<br>| 9.12% |
| Class M (without 3.50% sales charge) | 25.36% | 8.73% | 9.51% |
| MSCI U.S. IMI Materials 25-50 Index | 26.28%<br>| 10.79%<br>| 12.56% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $846272588<br>|
| Number of Holdings | 54<br>|
| Total Advisory Fee | $4866415<br>|
| Portfolio Turnover | 56%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Chemicals | 52.2 |
| Metals & Mining | 30.8 |
| Construction Materials | 9.1 |
| Containers & Packaging | 6.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img509_20260228_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 | 91.6 |
| Canada | 5.6 |
| Zambia | 1.4 |
| Brazil | 1.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img509_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.6&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;Zambia - 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;Brazil - 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)**  |  |
| Linde PLC | 15.5<br>|
| Ecolab Inc | 7.7<br>|
| Newmont Corp | 6.8<br>|
| Freeport-McMoRan Inc | 5.3<br>|
| Corteva Inc | 3.8<br>|
| Solstice Advanced Materials Inc | 3.6<br>|
| Air Products and Chemicals Inc | 3.6<br>|
| Nucor Corp | 3.3<br>|
| CRH PLC | 3.2<br>|
| LyondellBasell Industries NV Class A1 | 3.0<br>|
|  | 55.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img509_20260228_2.jpg)<br>| ![](img126086_3.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> 1.9912748.101 1792-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Materials Portfolio<br> **Fidelity Advisor® Materials Fund Class I : FMFEX** <br>|

---

This annual shareholder report contains information about Materials Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $82  | 0.72% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI US IMI Materials 25/50 Index for the fiscal year, especially within gold. Stock picks in diversified metals & mining also hampered the fund's result. Also detracting from our result were picks and an overweight in fertilizers & agricultural chemicals.

• The biggest individual relative detractor was an underweight in Newmont (+209%). This period we increased our position in Newmont. The company was one of our largest holdings. The second-largest relative detractor was an underweight in Freeport-McMoRan (+87%). This period we increased our position in Freeport-McMoRan. The stock was among our biggest holdings at period end. An overweight in Mosaic (+17%) also hurt. This was a position we established this period. The stock was among our largest holdings.

• In contrast, the biggest contributor to performance versus the sector index was an overweight in diversified metals & mining. Stock selection and an overweight in copper also boosted relative performance, as did picks and an underweight in commodity chemicals. Also helping our relative result was an underweight in paper & plastic packaging products & materials.

• The fund's stake in First Quantum Minerals gained 145% and was the top individual relative contributor. This period we decreased our investment in First Quantum Minerals. The stock was among our biggest holdings this period. A stake in Wheaton Precious Metals gained 137% and was a second notable relative contributor. This period we decreased our investment in Wheaton Precious Metals. Another notable relative contributor was our stake in Agnico Eagle Mines (+164%). This period we decreased our investment in Agnico Eagle Mines. All of these contributors were non-index positions.

• Notable changes in positioning include higher allocations to the commodity chemicals and copper industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $13055<br>| $15010<br>| $13157<br>| $11374<br>| $16799<br>| $19987<br>| $20120<br>| $20756<br>| $20799<br>| $26210<br>|
| MSCI U.S. IMI Materials 25-50 Index<br>| $10000 | $13426<br>| $15400<br>| $14412<br>| $13644<br>| $19555<br>| $22847<br>| $22996<br>| $24957<br>| $25847<br>| $32639<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126087_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 26.01% | 9.30% | 10.11% |
| MSCI U.S. IMI Materials 25-50 Index | 26.28%<br>| 10.79%<br>| 12.56% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $846272588<br>|
| Number of Holdings | 54<br>|
| Total Advisory Fee | $4866415<br>|
| Portfolio Turnover | 56%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Chemicals | 52.2 |
| Metals & Mining | 30.8 |
| Construction Materials | 9.1 |
| Containers & Packaging | 6.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img509_20260228_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 | 91.6 |
| Canada | 5.6 |
| Zambia | 1.4 |
| Brazil | 1.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img509_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.6&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;Zambia - 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;Brazil - 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)**  |  |
| Linde PLC | 15.5<br>|
| Ecolab Inc | 7.7<br>|
| Newmont Corp | 6.8<br>|
| Freeport-McMoRan Inc | 5.3<br>|
| Corteva Inc | 3.8<br>|
| Solstice Advanced Materials Inc | 3.6<br>|
| Air Products and Chemicals Inc | 3.6<br>|
| Nucor Corp | 3.3<br>|
| CRH PLC | 3.2<br>|
| LyondellBasell Industries NV Class A1 | 3.0<br>|
|  | 55.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img509_20260228_2.jpg)<br>| ![](img126087_3.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> 1.9912749.101 1793-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Materials Portfolio<br> **Fidelity Advisor® Materials Fund Class C : FMFCX** <br>|

---

This annual shareholder report contains information about Materials Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $195  | 1.74% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI US IMI Materials 25/50 Index for the fiscal year, especially within gold. Stock picks in diversified metals & mining also hampered the fund's result. Also detracting from our result were picks and an overweight in fertilizers & agricultural chemicals.

• The biggest individual relative detractor was an underweight in Newmont (+209%). This period we increased our position in Newmont. The company was one of our largest holdings. The second-largest relative detractor was an underweight in Freeport-McMoRan (+87%). This period we increased our position in Freeport-McMoRan. The stock was among our biggest holdings at period end. An overweight in Mosaic (+17%) also hurt. This was a position we established this period. The stock was among our largest holdings.

• In contrast, the biggest contributor to performance versus the sector index was an overweight in diversified metals & mining. Stock selection and an overweight in copper also boosted relative performance, as did picks and an underweight in commodity chemicals. Also helping our relative result was an underweight in paper & plastic packaging products & materials.

• The fund's stake in First Quantum Minerals gained 145% and was the top individual relative contributor. This period we decreased our investment in First Quantum Minerals. The stock was among our biggest holdings this period. A stake in Wheaton Precious Metals gained 137% and was a second notable relative contributor. This period we decreased our investment in Wheaton Precious Metals. Another notable relative contributor was our stake in Agnico Eagle Mines (+164%). This period we decreased our investment in Agnico Eagle Mines. All of these contributors were non-index positions.

• Notable changes in positioning include higher allocations to the commodity chemicals and copper industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $12921<br>| $14701<br>| $12755<br>| $10911<br>| $15950<br>| $18781<br>| $18714<br>| $19109<br>| $19098<br>| $24001<br>|
| MSCI U.S. IMI Materials 25-50 Index<br>| $10000 | $13426<br>| $15400<br>| $14412<br>| $13644<br>| $19555<br>| $22847<br>| $22996<br>| $24957<br>| $25847<br>| $32639<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126088_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 23.74% | 8.19%<br>| 9.15% |
| Class C | 24.74% | 8.19% | 9.15% |
| MSCI U.S. IMI Materials 25-50 Index | 26.28%<br>| 10.79%<br>| 12.56% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $846272588<br>|
| Number of Holdings | 54<br>|
| Total Advisory Fee | $4866415<br>|
| Portfolio Turnover | 56%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Chemicals | 52.2 |
| Metals & Mining | 30.8 |
| Construction Materials | 9.1 |
| Containers & Packaging | 6.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img509_20260228_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 | 91.6 |
| Canada | 5.6 |
| Zambia | 1.4 |
| Brazil | 1.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img509_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.6&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;Zambia - 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;Brazil - 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)**  |  |
| Linde PLC | 15.5<br>|
| Ecolab Inc | 7.7<br>|
| Newmont Corp | 6.8<br>|
| Freeport-McMoRan Inc | 5.3<br>|
| Corteva Inc | 3.8<br>|
| Solstice Advanced Materials Inc | 3.6<br>|
| Air Products and Chemicals Inc | 3.6<br>|
| Nucor Corp | 3.3<br>|
| CRH PLC | 3.2<br>|
| LyondellBasell Industries NV Class A1 | 3.0<br>|
|  | 55.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img509_20260228_2.jpg)<br>| ![](img126088_3.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> 1.9912747.101 1791-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Materials Portfolio<br> **Fidelity Advisor® Materials Fund Class A : FMFAX** <br>|

---

This annual shareholder report contains information about Materials Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $111  | 0.99% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI US IMI Materials 25/50 Index for the fiscal year, especially within gold. Stock picks in diversified metals & mining also hampered the fund's result. Also detracting from our result were picks and an overweight in fertilizers & agricultural chemicals.

• The biggest individual relative detractor was an underweight in Newmont (+209%). This period we increased our position in Newmont. The company was one of our largest holdings. The second-largest relative detractor was an underweight in Freeport-McMoRan (+87%). This period we increased our position in Freeport-McMoRan. The stock was among our biggest holdings at period end. An overweight in Mosaic (+17%) also hurt. This was a position we established this period. The stock was among our largest holdings.

• In contrast, the biggest contributor to performance versus the sector index was an overweight in diversified metals & mining. Stock selection and an overweight in copper also boosted relative performance, as did picks and an underweight in commodity chemicals. Also helping our relative result was an underweight in paper & plastic packaging products & materials.

• The fund's stake in First Quantum Minerals gained 145% and was the top individual relative contributor. This period we decreased our investment in First Quantum Minerals. The stock was among our biggest holdings this period. A stake in Wheaton Precious Metals gained 137% and was a second notable relative contributor. This period we decreased our investment in Wheaton Precious Metals. Another notable relative contributor was our stake in Agnico Eagle Mines (+164%). This period we decreased our investment in Agnico Eagle Mines. All of these contributors were non-index positions.

• Notable changes in positioning include higher allocations to the commodity chemicals and copper industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $12269<br>| $14066<br>| $12295<br>| $10597<br>| $15606<br>| $18514<br>| $18587<br>| $19123<br>| $19112<br>| $24019<br>|
| MSCI U.S. IMI Materials 25-50 Index<br>| $10000 | $13426<br>| $15400<br>| $14412<br>| $13644<br>| $19555<br>| $22847<br>| $22996<br>| $24957<br>| $25847<br>| $32639<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126089_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 18.45% | 7.72%<br>| 9.16% |
| Class A (without 5.75% sales charge) | 25.67% | 9.01% | 9.81% |
| MSCI U.S. IMI Materials 25-50 Index | 26.28%<br>| 10.79%<br>| 12.56% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $846272588<br>|
| Number of Holdings | 54<br>|
| Total Advisory Fee | $4866415<br>|
| Portfolio Turnover | 56%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Chemicals | 52.2 |
| Metals & Mining | 30.8 |
| Construction Materials | 9.1 |
| Containers & Packaging | 6.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img509_20260228_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 | 91.6 |
| Canada | 5.6 |
| Zambia | 1.4 |
| Brazil | 1.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img509_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.6&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;Zambia - 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;Brazil - 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)**  |  |
| Linde PLC | 15.5<br>|
| Ecolab Inc | 7.7<br>|
| Newmont Corp | 6.8<br>|
| Freeport-McMoRan Inc | 5.3<br>|
| Corteva Inc | 3.8<br>|
| Solstice Advanced Materials Inc | 3.6<br>|
| Air Products and Chemicals Inc | 3.6<br>|
| Nucor Corp | 3.3<br>|
| CRH PLC | 3.2<br>|
| LyondellBasell Industries NV Class A1 | 3.0<br>|
|  | 55.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img509_20260228_2.jpg)<br>| ![](img126089_3.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> 1.9912746.101 1789-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Leisure Portfolio<br> **Leisure Portfolio : FDLSX** <br>|

---

This annual shareholder report contains information about Leisure Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Leisure Portfolio  | $65  | 0.68% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Consumer Services 25/50 Index for the fiscal year, especially within restaurants. Stock picking and an overweight in casinos & gaming also hampered the fund's result. Also detracting from our result were picks in hotels, resorts & cruise lines.

• The largest individual relative detractor was an underweight in Marriott International (+24%). This period we decreased our position in Marriott International. The second-largest relative detractor was an underweight in DoorDash (-11%). This period we increased our position in DoorDash. The company was among our biggest holdings. Another notable relative detractor was an overweight in DraftKings (-46%).

• In contrast, the primary contributor to performance versus the industry index was stock picking in food distributors. Security selection and an underweight in leisure facilities also boosted relative performance. Also helping our relative result were stock picks in leisure products.

• The top individual relative contributor was our stake in Las Vegas Sands (+60%). This period we decreased our investment in Las Vegas Sands. A second notable relative contributor was an overweight in Hilton Worldwide Holdings (+18%). The stock was the fund's biggest holding at period end. A non-index stake in Viking Holdings gained 87% and notably helped. This was a stake we established this period.

• Notable changes in positioning include decreased exposure to the casinos & gaming industry and a higher allocation to hotels, resorts & cruise lines.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Leisure Portfolio<br>| $10000 | $11126<br>| $13880<br>| $14502<br>| $14757<br>| $20852<br>| $22423<br>| $22375<br>| $27625<br>| $33678<br>| $30660<br>|
| MSCI U.S. IMI Consumer Services 25-50 Index<br>| $10000 | $11561<br>| $14507<br>| $15642<br>| $15896<br>| $20731<br>| $20458<br>| $20419<br>| $25030<br>| $29710<br>| $28652<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126090_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Leisure Portfolio | -8.96% | 8.02% | 11.86% |
| MSCI U.S. IMI Consumer Services 25-50 Index | -3.56%<br>| 6.69%<br>| 11.10% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $533206997<br>|
| Number of Holdings | 38<br>|
| Total Advisory Fee | $4191743<br>|
| Portfolio Turnover | 65%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Hotels, Restaurants & Leisure | 91.9 |
| Diversified Consumer Services | 3.3 |
| Consumer Staples Distribution & Retail | 1.3 |
| Food Products | 0.7 |
| IT Services | 0.6 |
| Broadline Retail | 0.4 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img62_20260228_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 99.1 <br> Canada 0.9

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img62_20260228_GD.jpg) <br>|

---

United States - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> 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; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Hilton Worldwide Holdings Inc | 9.9<br>|
| Booking Holdings Inc | 9.3<br>|
| Starbucks Corp | 9.2<br>|
| McDonald's Corp | 9.1<br>|
| Carnival Corp | 5.9<br>|
| Expedia Group Inc Class A | 5.2<br>|
| Airbnb Inc Class A | 4.9<br>|
| Yum! Brands Inc | 4.9<br>|
| Chipotle Mexican Grill Inc | 4.7<br>|
| DoorDash Inc Class A | 4.5<br>|
|  | 67.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img62_20260228_2.jpg)<br>| ![](img126090_3.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> 1.9912697.101 62-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Insurance Portfolio<br> **Insurance Portfolio : FSPCX** <br>|

---

This annual shareholder report contains information about Insurance Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Insurance Portfolio  | $67  | 0.68% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI US IMI Insurance 25/50 Index for the fiscal year, led by property & casualty insurance firms. An overweight in reinsurance also boosted the fund's relative performance. Also bolstering our relative result were picks among insurance brokers.

• The fund's non-index stake in Hiscox gained 43% and was the top individual relative contributor. This was an investment we established this period. A second notable relative contributor was an overweight in Hartford Insurance (+21%). The stock was among our biggest holdings. An overweight in Reinsurance Group of America (+9%) also helped. The company was one of the fund's biggest holdings.

• In contrast, the biggest detractors from performance versus the industry index were picks and an underweight in life & health insurance. Also hurting our result was stock selection in the diversified financial services and reinsurance categories.

• The largest individual relative detractor was an overweight in Arthur J Gallagher (-32%). The stock was one of the fund's biggest holdings. A non-index stake in Corebridge Financial returned -22% and was a second notable relative detractor. This period we decreased our position in Corebridge Financial. Another notable relative detractor this period was avoiding AFLAC, an index component that gained roughly 5%.

• Notable changes in positioning include lower allocations to the diversified financial services and insurance brokers industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Insurance Portfolio<br>| $10000 | $13160<br>| $14425<br>| $14383<br>| $15239<br>| $17606<br>| $21951<br>| $23872<br>| $29423<br>| $36474<br>| $35028<br>|
| MSCI U.S. IMI Insurance 25-50 Index<br>| $10000 | $13284<br>| $14398<br>| $14912<br>| $15430<br>| $17553<br>| $21830<br>| $24069<br>| $28747<br>| $36020<br>| $34416<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126091_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Insurance Portfolio | -3.96% | 14.75% | 13.36% |
| MSCI U.S. IMI Insurance 25-50 Index | -4.45%<br>| 14.42%<br>| 13.16% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $670396488<br>|
| Number of Holdings | 25<br>|
| Total Advisory Fee | $5797034<br>|
| Portfolio Turnover | 48%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Insurance | 96.3 |
| Financial Services | 3.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img145_20260228_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 97.7 <br> United Kingdom 2.3

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img145_20260228_GD.jpg) <br>|

---

United States - 97.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> United Kingdom - 2.3&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)**  |  |
| Chubb Ltd | 13.8<br>|
| Progressive Corp/The | 9.4<br>|
| Arthur J Gallagher & Co | 7.4<br>|
| Hartford Insurance Group Inc/The | 6.6<br>|
| Reinsurance Group of America Inc | 6.3<br>|
| Travelers Companies Inc/The | 5.2<br>|
| Arch Capital Group Ltd | 4.8<br>|
| American Financial Group Inc/OH | 4.8<br>|
| Aon PLC | 4.7<br>|
| Willis Towers Watson PLC | 4.5<br>|
|  | 67.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img145_20260228_2.jpg)<br>| ![](img126091_3.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> 1.9912724.101 45-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Health Care Services Portfolio<br> **Health Care Services Portfolio : FSHCX** <br>|

---

This annual shareholder report contains information about Health Care Services Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Health Care Services Portfolio  | $66  | 0.67% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Health Care Providers & Services 25/50 Index for the fiscal year, especially within health care services. Stock picking in managed health care also hampered the fund's result. Also hurting our result were stock picks and an underweight in health care facilities.

• The largest individual relative detractor was an underweight in Cardinal Health (+79%). This was an investment we established this period. The stock was one of our biggest holdings. The second-largest relative detractor was an underweight in Centene (-23%). This period we decreased our stake in Centene. Another notable relative detractor was our stake in agilon health (-86%). The stock was not held at period end.

• In contrast, the primary contributor to performance versus the industry index was an underweight in managed health care. Security selection in health care distributors also boosted the fund's relative performance. Also bolstering our relative result was an overweight in health care services.

• The top individual relative contributor was an overweight in BrightSpring Health Services (+113%). We decreased our stake in BrightSpring Health this period. A second notable relative contributor was an overweight in Tenet Healthcare (+89%). The company was one of the fund's largest holdings. Another notable relative contributor this quarter was an underweight, on average, in Hims & Hers Health (-68%). The fund did not hold the stock at quarter end.

• Notable changes in positioning include increased exposure to the health care distributors industry and a lower allocation to managed health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Health Care Services Portfolio<br>| $10000 | $11971<br>| $14010<br>| $15356<br>| $16337<br>| $21145<br>| $24708<br>| $24550<br>| $26591<br>| $24668<br>| $23411<br>|
| MSCI U.S. IMI Health Care Providers & Services 25-50 Index<br>| $10000 | $11888<br>| $14281<br>| $15123<br>| $15595<br>| $20342<br>| $25559<br>| $25464<br>| $27721<br>| $27900<br>| $28857<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126092_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Health Care Services Portfolio | -5.10% | 2.06% | 8.88% |
| MSCI U.S. IMI Health Care Providers & Services 25-50 Index | 3.43%<br>| 7.24%<br>| 11.18% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $811402696<br>|
| Number of Holdings | 42<br>|
| Total Advisory Fee | $6173136<br>|
| Portfolio Turnover | 71%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Health Care Providers & Services | 98.7 |
| Health Care Technology | 1.3 |
| Health Care Equipment & Supplies | 0.1 |

---

Common Stocks 99.6 <br> Preferred Stocks 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img505_20260228_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 - 0.5&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 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img505_20260228_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 | 14.7<br>|
| McKesson Corp | 12.3<br>|
| CVS Health Corp | 10.5<br>|
| Cencora Inc | 7.0<br>|
| Elevance Health Inc | 5.1<br>|
| Cigna Group/The | 4.7<br>|
| HCA Healthcare Inc | 4.5<br>|
| Tenet Healthcare Corp | 3.7<br>|
| Cardinal Health Inc | 3.6<br>|
| Chemed Corp | 3.3<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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img505_20260228_2.jpg)<br>| ![](img126092_3.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> 1.9912744.101 505-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Health Care Portfolio<br> **Health Care Portfolio : FSPHX** <br>|

---

This annual shareholder report contains information about Health Care Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Health Care Portfolio  | $65  | 0.62% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Health Care 25/50 Index for the fiscal year, led by biotechnology. Stock picks in pharmaceuticals and health care technology also boosted the fund's relative performance.

• The top individual relative contributor was our stake in Exact Sciences (+112%). The stock was not held at period end. The second-largest relative contributor was an overweight in Cogent Biosciences (+418%). An overweight in Alnylam Pharmaceuticals (+36%) also helped. The stock was one of our 15-biggest holdings this period.

• In contrast, the biggest detractor from performance versus the sector index was an underweight in pharmaceuticals. An overweight in health care technology also hampered the fund's result. Also hurting our result were stock picks and an overweight in health care equipment.

• The biggest individual relative detractor was an underweight in Johnson & Johnson (+55%). This was a position we established this period. The stock was among our five-biggest holdings at period end. A second notable relative detractor was an overweight in Boston Scientific (-25%). The stock was the fund's five-biggest holding this period. A non-index stake in Legend Biotech returned -46% and notably hurt.

• Notable changes in positioning include increased exposure to the pharmaceuticals industry and a lower allocation to managed health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Health Care Portfolio<br>| $10000 | $11643<br>| $13447<br>| $15235<br>| $16735<br>| $22760<br>| $21924<br>| $21475<br>| $23972<br>| $24438<br>| $27229<br>|
| MSCI U.S. IMI Health Care 25-50 Index<br>| $10000 | $11733<br>| $13549<br>| $15064<br>| $15595<br>| $20282<br>| $22226<br>| $21799<br>| $25021<br>| $26015<br>| $28794<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126093_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Health Care Portfolio | 11.42% | 3.65% | 10.54% |
| MSCI U.S. IMI Health Care 25-50 Index | 10.68%<br>| 7.26%<br>| 11.16% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6194101560<br>|
| Number of Holdings | 134<br>|
| Total Advisory Fee | $37373077<br>|
| Portfolio Turnover | 69%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 38.8 |
| Pharmaceuticals | 24.3 |
| Health Care Equipment & Supplies | 12.9 |
| Life Sciences Tools & Services | 10.6 |
| Health Care Providers & Services | 10.4 |
| Health Care Technology | 2.5 |
| Chemicals | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.0 |
| Preferred Stocks | 1.6 |
| Bonds | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img63_20260228_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; |
| Preferred Stocks - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 88.8 |
| Netherlands | 3.4 |
| Denmark | 2.9 |
| Belgium | 2.6 |
| Canada | 0.9 |
| Germany | 0.6 |
| France | 0.4 |
| United Kingdom | 0.3 |
| Israel | 0.1 |
| China | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img63_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 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;Belgium - 2.6&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;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;Germany - 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;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; |
| &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)**  |  |
| Eli Lilly & Co | 7.0<br>|
| Danaher Corp | 6.4<br>|
| Boston Scientific Corp | 6.1<br>|
| Johnson & Johnson | 5.7<br>|
| AbbVie Inc | 4.3<br>|
| Ascendis Pharma A/S ADR | 2.7<br>|
| UCB SA | 2.6<br>|
| Gilead Sciences Inc | 2.6<br>|
| Merck & Co Inc | 2.6<br>|
| Argenx SE ADR | 2.5<br>|
|  | 42.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img63_20260228_2.jpg)<br>| ![](img126093_3.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> 1.9912698.101 63-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Gold Portfolio<br> **Gold Portfolio : FSAGX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Gold Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Gold Portfolio  | $123  | 0.64% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P Global BMI Gold Capped 20/45 Linked Index for the fiscal year, especially within gold. Security selection in diversified financial services also hampered the fund's result.

• The biggest individual relative detractor was an overweight in Franco-Nevada (+97%). The stock was one of our largest holdings. The second-largest relative detractor was an overweight in Alamos Gold (+143%). The company was among our 15-largest holdings this period. Another notable relative detractor was an underweight in Gold Fields (+242%).

• In contrast, the primary contributor to performance versus the industry index was stock selection in copper, which is not part of the index. Stock picking in silver and in precious metals & minerals, two groups not included in the index, also boosted the fund's relative performance.

• The fund's top individual relative contributor was an overweight in IAMGOLD (+346%). This period we increased our position in IAMGOLD. The company was among the fund's biggest holdings at period end. A second notable relative contributor was our overweight stake in Lundin Gold (+245%). This period we decreased our investment in Lundin Gold. Another notable relative contributor was an underweight in Royal Gold (+106%). This period we increased our position in Royal Gold.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Gold Portfolio<br>| $10000 | $12038<br>| $10777<br>| $10944<br>| $12870<br>| $15052<br>| $16664<br>| $13470<br>| $11883<br>| $18627<br>| $52482<br>|
| S&P® Global BMI Gold Capped 20/45 Linked Index<br>| $10000 | $12188<br>| $11330<br>| $12068<br>| $15002<br>| $18040<br>| $20080<br>| $16152<br>| $16043<br>| $24529<br>| $72033<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126094_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Gold Portfolio | 181.75% | 28.38% | 18.03% |
| S&P® Global BMI Gold Capped 20/45 Linked Index | 193.66%<br>| 31.90%<br>| 21.83% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6057278812<br>|
| Number of Holdings | 49<br>|
| Total Advisory Fee | $19863732<br>|
| Portfolio Turnover | 60%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Metals & Mining\* | 99.8 |

---

\*Includes gold bullion and/or silver bullion.

Common Stocks 99.7 <br> Other Investments 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img141_20260228_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; |
| Other Investments - 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) - 0.2 |

---

---

| | |
|:---|:---|
| Canada | 51.5 |
| United States | 18.2 |
| Brazil | 8.0 |
| Australia | 7.8 |
| Burkina Faso | 3.7 |
| Turkey | 2.9 |
| China | 2.6 |
| South Africa | 1.5 |
| Cote d'Ivoire | 1.3 |
| Others | 2.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img141_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 51.5&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;United States - 18.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 8.0&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;Australia - 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;Burkina Faso - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Turkey - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.6&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;South Africa - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Cote d'Ivoire - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Newmont Corp | 12.9<br>|
| Agnico Eagle Mines Ltd/CA | 12.4<br>|
| Wheaton Precious Metals Corp | 8.0<br>|
| Franco-Nevada Corp | 6.6<br>|
| Kinross Gold Corp | 5.6<br>|
| Barrick Mining Corp | 4.6<br>|
| Anglogold Ashanti Plc | 4.3<br>|
| IAMGOLD Corp | 3.7<br>|
| Coeur Mining Inc | 3.5<br>|
| Eldorado Gold Corp | 2.9<br>|
|  | 64.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since March 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expenses

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img141_20260228_2.jpg)<br>| ![](img126094_3.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> 1.9912722.101 41-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Gold Portfolio<br> **Fidelity Advisor® Gold Fund Class Z : FIJDX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Gold Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $109  | 0.57% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P Global BMI Gold Capped 20/45 Linked Index for the fiscal year, especially within gold. Security selection in diversified financial services also hampered the fund's result.

• The biggest individual relative detractor was an overweight in Franco-Nevada (+97%). The stock was one of our largest holdings. The second-largest relative detractor was an overweight in Alamos Gold (+143%). The company was among our 15-largest holdings this period. Another notable relative detractor was an underweight in Gold Fields (+242%).

• In contrast, the primary contributor to performance versus the industry index was stock selection in copper, which is not part of the index. Stock picking in silver and in precious metals & minerals, two groups not included in the index, also boosted the fund's relative performance.

• The fund's top individual relative contributor was an overweight in IAMGOLD (+346%). This period we increased our position in IAMGOLD. The company was among the fund's biggest holdings at period end. A second notable relative contributor was our overweight stake in Lundin Gold (+245%). This period we decreased our investment in Lundin Gold. Another notable relative contributor was an underweight in Royal Gold (+106%). This period we increased our position in Royal Gold.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $11480<br>| $13518<br>| $15832<br>| $17554<br>| $14207<br>| $12549<br>| $19696<br>| $55524<br>|
| S&P® Global BMI Gold Capped 20/45 Linked Index<br>| $10000 | $11911<br>| $14808<br>| $17806<br>| $19820<br>| $15943<br>| $15835<br>| $24211<br>| $71099<br>|
| S&P 500® Index<br>| $10000 | $9609<br>| $10397<br>| $13650<br>| $15887<br>| $14665<br>| $19131<br>| $22652<br>| $26501<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126095_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 181.90% | 28.53% | 26.01% |
| S&P® Global BMI Gold Capped 20/45 Linked Index | 193.66%<br>| 31.90%<br>| 30.29% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 14.05% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6057278812<br>|
| Number of Holdings | 49<br>|
| Total Advisory Fee | $19863732<br>|
| Portfolio Turnover | 60%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Metals & Mining\* | 99.8 |

---

\*Includes gold bullion and/or silver bullion.

Common Stocks 99.7 <br> Other Investments 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img141_20260228_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; |
| Other Investments - 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) - 0.2 |

---

---

| | |
|:---|:---|
| Canada | 51.5 |
| United States | 18.2 |
| Brazil | 8.0 |
| Australia | 7.8 |
| Burkina Faso | 3.7 |
| Turkey | 2.9 |
| China | 2.6 |
| South Africa | 1.5 |
| Cote d'Ivoire | 1.3 |
| Others | 2.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img141_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 51.5&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;United States - 18.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 8.0&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;Australia - 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;Burkina Faso - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Turkey - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.6&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;South Africa - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Cote d'Ivoire - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Newmont Corp | 12.9<br>|
| Agnico Eagle Mines Ltd/CA | 12.4<br>|
| Wheaton Precious Metals Corp | 8.0<br>|
| Franco-Nevada Corp | 6.6<br>|
| Kinross Gold Corp | 5.6<br>|
| Barrick Mining Corp | 4.6<br>|
| Anglogold Ashanti Plc | 4.3<br>|
| IAMGOLD Corp | 3.7<br>|
| Coeur Mining Inc | 3.5<br>|
| Eldorado Gold Corp | 2.9<br>|
|  | 64.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since March 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expenses

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img141_20260228_2.jpg)<br>| ![](img126095_3.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> 1.9912721.101 3235-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Gold Portfolio<br> **Fidelity Advisor® Gold Fund Class M : FGDTX** <br>|

---

This annual shareholder report contains information about Gold Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $227  | 1.19% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P Global BMI Gold Capped 20/45 Linked Index for the fiscal year, especially within gold. Security selection in diversified financial services also hampered the fund's result.

• The biggest individual relative detractor was an overweight in Franco-Nevada (+97%). The stock was one of our largest holdings. The second-largest relative detractor was an overweight in Alamos Gold (+143%). The company was among our 15-largest holdings this period. Another notable relative detractor was an underweight in Gold Fields (+242%).

• In contrast, the primary contributor to performance versus the industry index was stock selection in copper, which is not part of the index. Stock picking in silver and in precious metals & minerals, two groups not included in the index, also boosted the fund's relative performance.

• The fund's top individual relative contributor was an overweight in IAMGOLD (+346%). This period we increased our position in IAMGOLD. The company was among the fund's biggest holdings at period end. A second notable relative contributor was our overweight stake in Lundin Gold (+245%). This period we decreased our investment in Lundin Gold. Another notable relative contributor was an underweight in Royal Gold (+106%). This period we increased our position in Royal Gold.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $11543<br>| $10269<br>| $10367<br>| $12112<br>| $14085<br>| $15504<br>| $12457<br>| $10930<br>| $17041<br>| $47749<br>|
| S&P® Global BMI Gold Capped 20/45 Linked Index<br>| $10000 | $12188<br>| $11330<br>| $12068<br>| $15002<br>| $18040<br>| $20080<br>| $16152<br>| $16043<br>| $24529<br>| $72033<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126096_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 170.39% | 26.75%<br>| 16.92% |
| Class M (without 3.50% sales charge) | 180.20% | 27.66% | 17.34% |
| S&P® Global BMI Gold Capped 20/45 Linked Index | 193.66%<br>| 31.90%<br>| 21.83% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6057278812<br>|
| Number of Holdings | 49<br>|
| Total Advisory Fee | $19863732<br>|
| Portfolio Turnover | 60%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Metals & Mining\* | 99.8 |

---

\*Includes gold bullion and/or silver bullion.

Common Stocks 99.7 <br> Other Investments 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img141_20260228_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; |
| Other Investments - 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) - 0.2 |

---

---

| | |
|:---|:---|
| Canada | 51.5 |
| United States | 18.2 |
| Brazil | 8.0 |
| Australia | 7.8 |
| Burkina Faso | 3.7 |
| Turkey | 2.9 |
| China | 2.6 |
| South Africa | 1.5 |
| Cote d'Ivoire | 1.3 |
| Others | 2.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img141_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 51.5&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;United States - 18.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 8.0&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;Australia - 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;Burkina Faso - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Turkey - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.6&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;South Africa - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Cote d'Ivoire - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Newmont Corp | 12.9<br>|
| Agnico Eagle Mines Ltd/CA | 12.4<br>|
| Wheaton Precious Metals Corp | 8.0<br>|
| Franco-Nevada Corp | 6.6<br>|
| Kinross Gold Corp | 5.6<br>|
| Barrick Mining Corp | 4.6<br>|
| Anglogold Ashanti Plc | 4.3<br>|
| IAMGOLD Corp | 3.7<br>|
| Coeur Mining Inc | 3.5<br>|
| Eldorado Gold Corp | 2.9<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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img141_20260228_2.jpg)<br>| ![](img126096_3.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> 1.9912719.101 1787-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Gold Portfolio<br> **Fidelity Advisor® Gold Fund Class I : FGDIX** <br>|

---

This annual shareholder report contains information about Gold Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $132  | 0.69% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P Global BMI Gold Capped 20/45 Linked Index for the fiscal year, especially within gold. Security selection in diversified financial services also hampered the fund's result.

• The biggest individual relative detractor was an overweight in Franco-Nevada (+97%). The stock was one of our largest holdings. The second-largest relative detractor was an overweight in Alamos Gold (+143%). The company was among our 15-largest holdings this period. Another notable relative detractor was an underweight in Gold Fields (+242%).

• In contrast, the primary contributor to performance versus the industry index was stock selection in copper, which is not part of the index. Stock picking in silver and in precious metals & minerals, two groups not included in the index, also boosted the fund's relative performance.

• The fund's top individual relative contributor was an overweight in IAMGOLD (+346%). This period we increased our position in IAMGOLD. The company was among the fund's biggest holdings at period end. A second notable relative contributor was our overweight stake in Lundin Gold (+245%). This period we decreased our investment in Lundin Gold. Another notable relative contributor was an underweight in Royal Gold (+106%). This period we increased our position in Royal Gold.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $12041<br>| $10781<br>| $10947<br>| $12874<br>| $15058<br>| $16675<br>| $13474<br>| $11890<br>| $18633<br>| $52463<br>|
| S&P® Global BMI Gold Capped 20/45 Linked Index<br>| $10000 | $12188<br>| $11330<br>| $12068<br>| $15002<br>| $18040<br>| $20080<br>| $16152<br>| $16043<br>| $24529<br>| $72033<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126097_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 181.56% | 28.36% | 18.03% |
| S&P® Global BMI Gold Capped 20/45 Linked Index | 193.66%<br>| 31.90%<br>| 21.83% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6057278812<br>|
| Number of Holdings | 49<br>|
| Total Advisory Fee | $19863732<br>|
| Portfolio Turnover | 60%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Metals & Mining\* | 99.8 |

---

\*Includes gold bullion and/or silver bullion.

Common Stocks 99.7 <br> Other Investments 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img141_20260228_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; |
| Other Investments - 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) - 0.2 |

---

---

| | |
|:---|:---|
| Canada | 51.5 |
| United States | 18.2 |
| Brazil | 8.0 |
| Australia | 7.8 |
| Burkina Faso | 3.7 |
| Turkey | 2.9 |
| China | 2.6 |
| South Africa | 1.5 |
| Cote d'Ivoire | 1.3 |
| Others | 2.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img141_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 51.5&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;United States - 18.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 8.0&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;Australia - 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;Burkina Faso - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Turkey - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.6&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;South Africa - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Cote d'Ivoire - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Newmont Corp | 12.9<br>|
| Agnico Eagle Mines Ltd/CA | 12.4<br>|
| Wheaton Precious Metals Corp | 8.0<br>|
| Franco-Nevada Corp | 6.6<br>|
| Kinross Gold Corp | 5.6<br>|
| Barrick Mining Corp | 4.6<br>|
| Anglogold Ashanti Plc | 4.3<br>|
| IAMGOLD Corp | 3.7<br>|
| Coeur Mining Inc | 3.5<br>|
| Eldorado Gold Corp | 2.9<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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img141_20260228_2.jpg)<br>| ![](img126097_3.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> 1.9912720.101 1788-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Gold Portfolio<br> **Fidelity Advisor® Gold Fund Class C : FGDCX** <br>|

---

This annual shareholder report contains information about Gold Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $321  | 1.69% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P Global BMI Gold Capped 20/45 Linked Index for the fiscal year, especially within gold. Security selection in diversified financial services also hampered the fund's result.

• The biggest individual relative detractor was an overweight in Franco-Nevada (+97%). The stock was one of our largest holdings. The second-largest relative detractor was an overweight in Alamos Gold (+143%). The company was among our 15-largest holdings this period. Another notable relative detractor was an underweight in Gold Fields (+242%).

• In contrast, the primary contributor to performance versus the industry index was stock selection in copper, which is not part of the index. Stock picking in silver and in precious metals & minerals, two groups not included in the index, also boosted the fund's relative performance.

• The fund's top individual relative contributor was an overweight in IAMGOLD (+346%). This period we increased our position in IAMGOLD. The company was among the fund's biggest holdings at period end. A second notable relative contributor was our overweight stake in Lundin Gold (+245%). This period we decreased our investment in Lundin Gold. Another notable relative contributor was an underweight in Royal Gold (+106%). This period we increased our position in Royal Gold.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $11919<br>| $10566<br>| $10621<br>| $12365<br>| $14319<br>| $15696<br>| $12557<br>| $10961<br>| $17142<br>| $48149<br>|
| S&P® Global BMI Gold Capped 20/45 Linked Index<br>| $10000 | $12188<br>| $11330<br>| $12068<br>| $15002<br>| $18040<br>| $20080<br>| $16152<br>| $16043<br>| $24529<br>| $72033<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126098_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 177.81% | 27.06%<br>| 17.02% |
| Class C | 178.81% | 27.06% | 17.02% |
| S&P® Global BMI Gold Capped 20/45 Linked Index | 193.66%<br>| 31.90%<br>| 21.83% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6057278812<br>|
| Number of Holdings | 49<br>|
| Total Advisory Fee | $19863732<br>|
| Portfolio Turnover | 60%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Metals & Mining\* | 99.8 |

---

\*Includes gold bullion and/or silver bullion.

Common Stocks 99.7 <br> Other Investments 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img141_20260228_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; |
| Other Investments - 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) - 0.2 |

---

---

| | |
|:---|:---|
| Canada | 51.5 |
| United States | 18.2 |
| Brazil | 8.0 |
| Australia | 7.8 |
| Burkina Faso | 3.7 |
| Turkey | 2.9 |
| China | 2.6 |
| South Africa | 1.5 |
| Cote d'Ivoire | 1.3 |
| Others | 2.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img141_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 51.5&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;United States - 18.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 8.0&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;Australia - 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;Burkina Faso - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Turkey - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.6&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;South Africa - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Cote d'Ivoire - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Newmont Corp | 12.9<br>|
| Agnico Eagle Mines Ltd/CA | 12.4<br>|
| Wheaton Precious Metals Corp | 8.0<br>|
| Franco-Nevada Corp | 6.6<br>|
| Kinross Gold Corp | 5.6<br>|
| Barrick Mining Corp | 4.6<br>|
| Anglogold Ashanti Plc | 4.3<br>|
| IAMGOLD Corp | 3.7<br>|
| Coeur Mining Inc | 3.5<br>|
| Eldorado Gold Corp | 2.9<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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img141_20260228_2.jpg)<br>| ![](img126098_3.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> 1.9912718.101 1786-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Gold Portfolio<br> **Fidelity Advisor® Gold Fund Class A : FGDAX** <br>|

---

This annual shareholder report contains information about Gold Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $179  | 0.94% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P Global BMI Gold Capped 20/45 Linked Index for the fiscal year, especially within gold. Security selection in diversified financial services also hampered the fund's result.

• The biggest individual relative detractor was an overweight in Franco-Nevada (+97%). The stock was one of our largest holdings. The second-largest relative detractor was an overweight in Alamos Gold (+143%). The company was among our 15-largest holdings this period. Another notable relative detractor was an underweight in Gold Fields (+242%).

• In contrast, the primary contributor to performance versus the industry index was stock selection in copper, which is not part of the index. Stock picking in silver and in precious metals & minerals, two groups not included in the index, also boosted the fund's relative performance.

• The fund's top individual relative contributor was an overweight in IAMGOLD (+346%). This period we increased our position in IAMGOLD. The company was among the fund's biggest holdings at period end. A second notable relative contributor was our overweight stake in Lundin Gold (+245%). This period we decreased our investment in Lundin Gold. Another notable relative contributor was an underweight in Royal Gold (+106%). This period we increased our position in Royal Gold.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $11307<br>| $10090<br>| $10211<br>| $11970<br>| $13956<br>| $15403<br>| $12412<br>| $10912<br>| $17065<br>| $47933<br>|
| S&P® Global BMI Gold Capped 20/45 Linked Index<br>| $10000 | $12188<br>| $11330<br>| $12068<br>| $15002<br>| $18040<br>| $20080<br>| $16152<br>| $16043<br>| $24529<br>| $72033<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126099_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 164.73% | 26.48%<br>| 16.97% |
| Class A (without 5.75% sales charge) | 180.88% | 27.99% | 17.66% |
| S&P® Global BMI Gold Capped 20/45 Linked Index | 193.66%<br>| 31.90%<br>| 21.83% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6057278812<br>|
| Number of Holdings | 49<br>|
| Total Advisory Fee | $19863732<br>|
| Portfolio Turnover | 60%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Metals & Mining\* | 99.8 |

---

\*Includes gold bullion and/or silver bullion.

Common Stocks 99.7 <br> Other Investments 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img141_20260228_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; |
| Other Investments - 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) - 0.2 |

---

---

| | |
|:---|:---|
| Canada | 51.5 |
| United States | 18.2 |
| Brazil | 8.0 |
| Australia | 7.8 |
| Burkina Faso | 3.7 |
| Turkey | 2.9 |
| China | 2.6 |
| South Africa | 1.5 |
| Cote d'Ivoire | 1.3 |
| Others | 2.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img141_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 51.5&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;United States - 18.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 8.0&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;Australia - 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;Burkina Faso - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Turkey - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.6&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;South Africa - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Cote d'Ivoire - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Newmont Corp | 12.9<br>|
| Agnico Eagle Mines Ltd/CA | 12.4<br>|
| Wheaton Precious Metals Corp | 8.0<br>|
| Franco-Nevada Corp | 6.6<br>|
| Kinross Gold Corp | 5.6<br>|
| Barrick Mining Corp | 4.6<br>|
| Anglogold Ashanti Plc | 4.3<br>|
| IAMGOLD Corp | 3.7<br>|
| Coeur Mining Inc | 3.5<br>|
| Eldorado Gold Corp | 2.9<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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img141_20260228_2.jpg)<br>| ![](img126099_3.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> 1.9912717.101 1784-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Financials Portfolio<br> **Financials Portfolio : FIDSX** <br>|

---

This annual shareholder report contains information about Financials Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Financials Portfolio  | $69  | 0.68% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI US IMI Financials 5% Capped Linked Index for the fiscal year, led by property & casualty insurance. Also helping our relative result were stock picks and an overweight in regional banks. Stock picking in asset management & custody banks further boosted the fund's relative performance.

• The top individual relative contributor was an overweight in FirstCash Holdings (+74%). This period we decreased our stake in FirstCash Holdings. A second notable relative contributor was an underweight in Visa (-11%). The stock was not held at period end. An overweight in State Street (+33%) also contributed. The company was one of our biggest holdings.

• In contrast, the biggest detractor from performance versus the sector index was an overweight in diversified financial services. Stock picking in investment banking & brokerage also hampered the fund's result. Also hurting our result were security selection and an overweight in insurance brokers.

• The largest individual relative detractor this period was avoiding Goldman Sachs, an index component that gained about 40%. A second notable relative detractor was an overweight in Mastercard (-10%). The company was the fund's biggest holding. Another notable relative detractor was an overweight in Blue Owl Capital (-48%). This period we increased our position in Blue Owl Capital.

• Notable changes in positioning include decreased exposure to the consumer finance industry and a higher allocation to asset management & custody banks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Financials Portfolio<br>| $10000 | $13878<br>| $16422<br>| $15287<br>| $15870<br>| $20297<br>| $24857<br>| $24037<br>| $26956<br>| $35869<br>| $37582<br>|
| MSCI U.S. IMI Financials 5% Capped Linked Index<br>| $10000 | $14639<br>| $16983<br>| $16300<br>| $16345<br>| $20422<br>| $24895<br>| $23683<br>| $26783<br>| $35205<br>| $36043<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126100_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Financials Portfolio | 4.77% | 13.11% | 14.16% |
| MSCI U.S. IMI Financials 5% Capped Linked Index | 2.38%<br>| 12.03%<br>| 13.68% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $971733068<br>|
| Number of Holdings | 66<br>|
| Total Advisory Fee | $6877164<br>|
| Portfolio Turnover | 37%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Banks | 36.3 |
| Capital Markets | 25.4 |
| Insurance | 19.3 |
| Financial Services | 14.1 |
| Consumer Finance | 4.5 |
| Professional Services | 1.2 |

---

Common Stocks 100.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img66_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 100.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.8)% |

---

---

| | |
|:---|:---|
| United States | 93.0 |
| United Kingdom | 2.3 |
| France | 1.5 |
| Puerto Rico | 1.2 |
| Grand Cayman (UK Overseas Ter) | 0.8 |
| Australia | 0.7 |
| Mexico | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img66_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.0&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;France - 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;&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;Grand Cayman (UK Overseas Ter) - 0.8&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 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;Mexico - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Mastercard Inc Class A | 9.4<br>|
| Wells Fargo & Co | 6.6<br>|
| Bank of America Corp | 6.6<br>|
| Reinsurance Group of America Inc | 4.4<br>|
| Citigroup Inc | 3.5<br>|
| State Street Corp | 3.2<br>|
| Charles Schwab Corp/The | 3.1<br>|
| Chubb Ltd | 2.9<br>|
| Morgan Stanley | 2.5<br>|
| Capital One Financial Corp | 2.3<br>|
|  | 44.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img66_20260228_2.jpg)<br>| ![](img126100_3.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> 1.9912701.101 66-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| FinTech Portfolio<br> **FinTech Portfolio : FSVLX** <br>|

---

This annual shareholder report contains information about FinTech Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| FinTech Portfolio  | $66  | 0.74% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the FactSet Financial Technologies Linked Index for the fiscal year, especially within consumer finance. Stock selection in transaction & payment processing services also hampered the fund's result. Also hurting our result was an underweight in commercial & residential mortgage finance.

• The biggest individual relative detractor was our stake in Fiserv (-76%). The stock was not held at period end. A second notable relative detractor was our non-index stake in Figure Technology Solutions (-28%). This was an investment we established this period. An underweight in Synchrony Financial (+20%) also hurt. The stock was not held at period end.

• In contrast, the biggest contributor to performance versus the industry index was an overweight in consumer finance. Security selection in application software and data processing & outsourced services also boosted the fund's relative performance.

• The top individual relative contributor was our stake in Adyen (-32%). The company was one of the fund's 15-largest holdings this period. A second notable relative contributor was our non-index stake in Remitly Global (+23%). This was a stake we established this period. Another notable relative contributor this period was avoiding Xero, an index component that returned -44%.

• Notable changes in positioning include increased exposure to the commercial & residential mortgage finance and investment banking & brokerage industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FinTech Portfolio<br>| $10000 | $13357<br>| $15770<br>| $16532<br>| $17282<br>| $21074<br>| $20915<br>| $17881<br>| $22178<br>| $25994<br>| $20433<br>|
| FactSet Financial Technologies Linked Index<br>| $10000 | $13605<br>| $15252<br>| $16198<br>| $16791<br>| $19994<br>| $19948<br>| $16836<br>| $21233<br>| $25872<br>| $21235<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126101_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| FinTech Portfolio | -21.39% | -0.62% | 7.41% |
| FactSet Financial Technologies Linked Index | -17.92%<br>| 1.21%<br>| 7.82% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $83539626<br>|
| Number of Holdings | 24<br>|
| Total Advisory Fee | $664186<br>|
| Portfolio Turnover | 239%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Financial Services | 50.5 |
| Consumer Finance | 20.0 |
| Capital Markets | 11.9 |
| IT Services | 9.0 |
| Software | 6.7 |
| Banks | 1.9 |

---

Common Stocks 100.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img198_20260228_AA.jpg) <br>|

---

Common Stocks - 100.0&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) - 0.0 <br>

---

| | |
|:---|:---|
| United States | 80.4 |
| Canada | 9.0 |
| United Kingdom | 4.3 |
| Netherlands | 3.7 |
| Uruguay | 2.4 |
| Brazil | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img198_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 80.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 9.0&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;United Kingdom - 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Uruguay - 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;Brazil - 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)**  |  |
| Visa Inc Class A | 17.0<br>|
| American Express Co | 10.1<br>|
| Shopify Inc Class A | 9.0<br>|
| Block Inc Class A | 7.5<br>|
| Capital One Financial Corp | 6.6<br>|
| Mastercard Inc Class A | 5.0<br>|
| Toast Inc Class A | 4.7<br>|
| Marex Group PLC | 4.3<br>|
| Rocket Cos Inc Class A | 4.2<br>|
| Remitly Global Inc | 4.1<br>|
|  | 72.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img198_20260228_2.jpg)<br>| ![](img126101_3.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> 1.9912727.101 98-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Enterprise Technology Services Portfolio<br> **Enterprise Technology Services Portfolio : FBSOX** <br>|

---

This annual shareholder report contains information about Enterprise Technology Services Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Enterprise Technology Services Portfolio  | $58  | 0.65% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Enterprise Technology Services 25/50 Linked Index for the fiscal year, especially within internet services & infrastructure. Also hurting our result was security selection in IT consulting & other services and data processing & outsourced services.

• The biggest individual relative detractor was our stake in Kyndryl Holdings (-66%). The company was one of our largest holdings this period. The stock was not held on February 28. A second notable relative detractor was an underweight in Applied Digital (+241%). This was a stake we established this period. An overweight in ExlService Holdings (-36%) also hurt. The company was among the fund's biggest holdings.

• In contrast, the biggest contributor to performance versus the industry index was an underweight in human resource & employment services. An underweight in IT consulting & other services also boosted the fund's relative performance. Lastly, the fund's position in cash contributed.

• The top individual relative contributor was an underweight in Fiserv (-74%). This period we decreased our stake in Fiserv. A non-index stake in Datadog returned -2% and was the second-largest relative contributor. An underweight in Paychex (-36%) also contributed. We exited this position during the period.

• Notable changes in positioning include higher allocations to the internet services & infrastructure and data processing & outsourced services industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Enterprise Technology Services Portfolio<br>| $10000 | $12105<br>| $16362<br>| $18987<br>| $22023<br>| $29658<br>| $25711<br>| $22657<br>| $28515<br>| $32509<br>| $24844<br>|
| MSCI U.S. IMI Enterprise Technology Services 25/50 Linked Index<br>| $10000 | $12608<br>| $16171<br>| $18489<br>| $21356<br>| $27957<br>| $24858<br>| $22407<br>| $28138<br>| $32942<br>| $26710<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126102_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Enterprise Technology Services Portfolio | -23.58% | -3.48% | 9.53% |
| MSCI U.S. IMI Enterprise Technology Services 25/50 Linked Index | -18.92%<br>| -0.91%<br>| 10.32% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $999711816<br>|
| Number of Holdings | 29<br>|
| Total Advisory Fee | $9393274<br>|
| Portfolio Turnover | 57%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Financial Services | 53.7 |
| IT Services | 30.4 |
| Professional Services | 10.7 |
| Software | 3.0 |
| Interactive Media & Services | 1.8 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img353_20260228_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)** |
| ![](img353_20260228_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)**  |  |
| Visa Inc Class A | 21.3<br>|
| Mastercard Inc Class A | 18.7<br>|
| IBM Corporation | 9.2<br>|
| Cloudflare Inc Class A | 3.9<br>|
| Accenture PLC Class A | 3.6<br>|
| Snowflake Inc | 3.3<br>|
| Twilio Inc Class A | 3.1<br>|
| SS&C Technologies Holdings Inc | 3.0<br>|
| Automatic Data Processing Inc | 3.0<br>|
| ExlService Holdings Inc | 2.5<br>|
|  | 71.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img353_20260228_2.jpg)<br>| ![](img126102_3.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> 1.9912728.101 353-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Energy Portfolio<br> **Energy Portfolio : FSENX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Energy Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Energy Portfolio  | $76  | 0.64% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Energy 25/50 Index for the fiscal year, led by oil & gas equipment & services. Security selection in integrated oil & gas also boosted the fund's relative performance. Also bolstering our relative result were picks and an underweight in oil & gas exploration & production.

• The top individual relative contributor was our non-index stake in National Energy Services Reunited (+206%). The stock was among our biggest holdings at period end. The second-largest relative contributor was an overweight in TechnipFMC (+125%). The company was among the fund's largest holdings at period end. Another notable relative contributor was our non-index stake in Cenovus Energy (+66%). The company was one of the fund's biggest holdings.

• In contrast, the primary detractor from performance versus the sector index was security selection in oil & gas storage & transportation. Also hurting our result were underweights in oil & gas drilling and coal & consumable fuels.

• The biggest individual relative detractor was our non-index stake in Energy Transfer (+5%). The stock was one of our largest holdings. A second notable relative detractor was an overweight in Cheniere Energy (+4%). The stock was among the fund's largest holdings. Another notable relative detractor was an underweight in Williams (+33%). This was a stake we established this period.

• Notable changes in positioning include increased exposure to the oil & gas equipment & services industry and a lower allocation to oil & gas exploration & production.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Energy Portfolio<br>| $10000 | $13605<br>| $12888<br>| $11947<br>| $8693<br>| $9825<br>| $15560<br>| $19392<br>| $20684<br>| $21418<br>| $29309<br>|
| MSCI U.S. IMI Energy 25-50 Index<br>| $10000 | $12968<br>| $12409<br>| $12315<br>| $8863<br>| $10156<br>| $15627<br>| $19393<br>| $20681<br>| $22508<br>| $28935<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126103_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Energy Portfolio | 36.84% | 24.43% | 11.35% |
| MSCI U.S. IMI Energy 25-50 Index | 28.55%<br>| 23.29%<br>| 11.21% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3522950308<br>|
| Number of Holdings | 35<br>|
| Total Advisory Fee | $13391971<br>|
| Portfolio Turnover | 14%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 80.5 |
| Energy Equipment & Services | 16.7 |
| Independent Power and Renewable Electricity Producers | 2.0 |

---

Common Stocks 99.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img60_20260228_AA.jpg) <br>|

---

Common Stocks - 99.2&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) - 0.8 <br>

---

| | |
|:---|:---|
| United States | 86.3 |
| Canada | 9.1 |
| United Kingdom | 4.2 |
| Norway | 0.3 |
| France | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img60_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;United Kingdom - 4.2&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 | 11.1<br>|
| Cenovus Energy Inc | 4.6<br>|
| National Energy Services Reunited Corp | 4.5<br>|
| Canadian Natural Resources Ltd | 4.4<br>|
| Marathon Petroleum Corp | 4.2<br>|
| TechnipFMC PLC | 4.1<br>|
| Energy Transfer LP | 3.7<br>|
| Cheniere Energy Inc | 3.6<br>|
| SLB Ltd | 3.6<br>|
|  | 68.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since March 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Energy Fund merged into Energy Portfolio on November 14, 2025. Effective October 30, 2025, the fund's investment objective became a fundamental policy.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img60_20260228_2.jpg)<br>| ![](img126103_3.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> 1.9912696.101 60-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Defense and Aerospace Portfolio<br> **Defense and Aerospace Portfolio : FSDAX** <br>|

---

This annual shareholder report contains information about Defense and Aerospace Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Defense and Aerospace Portfolio  | $81  | 0.63% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI US IMI Aerospace & Defense 25/50 Index for the fiscal year, especially within aerospace & defense.

• The largest individual relative detractor was our underweight stake in Rocket Lab (+135%). This was a stake we established this period. A second notable relative detractor was an overweight in Boeing (+30%). The company was one of our largest holdings. An overweight in HEICO (+13%) also detracted. The company was among our biggest holdings.

• In contrast, the primary contributor to performance versus the industry index was a modest out-of-index allocation to research & consulting services.

• The top individual relative contributor was our non-index stake in Bombardier (+257%). The second-largest relative contributor this period was avoiding Archer Aviation, an index component that returned -20%. A non-index stake in Rolls-Royce Holdings gained roughly 94% and notably helped. The stock was one of the fund's biggest holdings.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Defense and Aerospace Portfolio<br>| $10000 | $13436<br>| $18604<br>| $19269<br>| $19015<br>| $19146<br>| $21837<br>| $22173<br>| $25080<br>| $31348<br>| $49209<br>|
| MSCI U.S. IMI Aerospace & Defense 25-50 Index<br>| $10000 | $14011<br>| $19982<br>| $21305<br>| $20890<br>| $21198<br>| $25244<br>| $26138<br>| $29232<br>| $37089<br>| $59067<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126104_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Defense and Aerospace Portfolio | 56.98% | 20.78% | 17.27% |
| MSCI U.S. IMI Aerospace & Defense 25-50 Index | 59.26%<br>| 22.75%<br>| 19.44% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4108709758<br>|
| Number of Holdings | 30<br>|
| Total Advisory Fee | $17941648<br>|
| Portfolio Turnover | 18%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Aerospace & Defense | 98.4 |
| Professional Services | 0.9 |

---

Common Stocks 99.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img67_20260228_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.7 <br>

United States 94.0 <br> United Kingdom 3.6 <br> Canada 2.4

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img67_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| GE Aerospace | 22.6<br>|
| RTX Corp | 13.6<br>|
| Boeing Co | 11.1<br>|
| Howmet Aerospace Inc | 4.9<br>|
| HEICO Corp Class A | 4.2<br>|
| General Dynamics Corp | 4.1<br>|
| Curtiss-Wright Corp | 3.2<br>|
| Rolls-Royce Holdings PLC | 2.8<br>|
| Woodward Inc | 2.8<br>|
| Carpenter Technology Corp | 2.8<br>|
|  | 72.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img67_20260228_2.jpg)<br>| ![](img126104_3.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> 1.9912702.101 67-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Consumer Staples Portfolio<br> **Consumer Staples Portfolio : FDFAX** <br>|

---

This annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Consumer Staples Portfolio  | $71  | 0.68% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI US IMI Consumer Staples 25/50 Index for the fiscal year, especially an overweight in distillers & vintners. Stock selection in soft drinks & non-alcoholic beverages also hampered the fund's result. Also detracting from our result was an underweight in tobacco.

• The largest individual relative detractor was an overweight in Energizer Holdings (-26%). The company was among our largest holdings. The second-largest relative detractor was an overweight in Keurig Dr Pepper (-7%). The company was among our largest holdings. Another notable relative detractor was an underweight in Walmart (+31%). The company was one of the fund's biggest holdings.

• In contrast, the primary contributor to performance versus the sector index was security selection in personal care products. An overweight in soft drinks & non-alcoholic beverages also boosted relative performance. Also lifting the fund's relative result was stock selection in tobacco.

• The top individual relative contributor was an overweight in Bunge Global (+67%). The stock was among our biggest holdings this period. The second-largest relative contributor was an overweight in Estee Lauder (+54%). This period we decreased our investment in Estee Lauder. An underweight in Costco Wholesale (-3%) also contributed. This period we increased our stake in Costco Wholesale. The company was one of our biggest holdings.

• Notable changes in positioning include increased exposure to the tobacco and food retail industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Consumer Staples Portfolio<br>| $10000 | $11224<br>| $11066<br>| $11063<br>| $11780<br>| $13705<br>| $16331<br>| $16133<br>| $16971<br>| $18167<br>| $19958<br>|
| MSCI U.S. IMI Consumer Staples 25-50 Index<br>| $10000 | $11216<br>| $11174<br>| $11783<br>| $12631<br>| $14603<br>| $17505<br>| $17328<br>| $18882<br>| $21917<br>| $24356<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126105_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Consumer Staples Portfolio | 9.85% | 7.81% | 7.15% |
| MSCI U.S. IMI Consumer Staples 25-50 Index | 11.13%<br>| 10.77%<br>| 9.31% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1186874554<br>|
| Number of Holdings | 47<br>|
| Total Advisory Fee | $7689080<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Beverages | 31.0 |
| Consumer Staples Distribution & Retail | 28.2 |
| Household Products | 15.5 |
| Food Products | 11.3 |
| Personal Care Products | 7.1 |
| Tobacco | 6.1 |
| Broadline Retail | 0.7 |
| Financial Services | 0.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img9_20260228_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 94.7 <br> United Kingdom 5.3 <br> Italy 0.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img9_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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)**  |  |
| Coca-Cola Co/The | 14.7<br>|
| Procter & Gamble Co/The | 11.4<br>|
| Costco Wholesale Corp | 8.8<br>|
| Walmart Inc | 7.5<br>|
| Keurig Dr Pepper Inc | 7.5<br>|
| Kenvue Inc | 4.8<br>|
| Mondelez International Inc | 4.5<br>|
| Target Corp | 3.5<br>|
| Energizer Holdings Inc | 2.9<br>|
| British American Tobacco PLC ADR | 2.7<br>|
|  | 68.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img9_20260228_2.jpg)<br>| ![](img126105_3.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> 1.9912694.101 9-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Consumer Staples Portfolio<br> **Fidelity Advisor® Consumer Staples Fund Class Z : FIJCX** <br>|

---

This annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $61  | 0.58% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI US IMI Consumer Staples 25/50 Index for the fiscal year, especially an overweight in distillers & vintners. Stock selection in soft drinks & non-alcoholic beverages also hampered the fund's result. Also detracting from our result was an underweight in tobacco.

• The largest individual relative detractor was an overweight in Energizer Holdings (-26%). The company was among our largest holdings. The second-largest relative detractor was an overweight in Keurig Dr Pepper (-7%). The company was among our largest holdings. Another notable relative detractor was an underweight in Walmart (+31%). The company was one of the fund's biggest holdings.

• In contrast, the primary contributor to performance versus the sector index was security selection in personal care products. An overweight in soft drinks & non-alcoholic beverages also boosted relative performance. Also lifting the fund's relative result was stock selection in tobacco.

• The top individual relative contributor was an overweight in Bunge Global (+67%). The stock was among our biggest holdings this period. The second-largest relative contributor was an overweight in Estee Lauder (+54%). This period we decreased our investment in Estee Lauder. An underweight in Costco Wholesale (-3%) also contributed. This period we increased our stake in Costco Wholesale. The company was one of our biggest holdings.

• Notable changes in positioning include increased exposure to the tobacco and food retail industries.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10079<br>| $10745<br>| $12517<br>| $14932<br>| $14769<br>| $15554<br>| $16666<br>| $18326<br>|
| MSCI U.S. IMI Consumer Staples 25-50 Index<br>| $10000 | $10114<br>| $10842<br>| $12535<br>| $15026<br>| $14874<br>| $16207<br>| $18813<br>| $20906<br>|
| S&P 500® Index<br>| $10000 | $9609<br>| $10397<br>| $13650<br>| $15887<br>| $14665<br>| $19131<br>| $22652<br>| $26501<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126106_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 9.96% | 7.92% | 8.51% |
| MSCI U.S. IMI Consumer Staples 25-50 Index | 11.13%<br>| 10.77%<br>| 10.46% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 14.05% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1186874554<br>|
| Number of Holdings | 47<br>|
| Total Advisory Fee | $7689080<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Beverages | 31.0 |
| Consumer Staples Distribution & Retail | 28.2 |
| Household Products | 15.5 |
| Food Products | 11.3 |
| Personal Care Products | 7.1 |
| Tobacco | 6.1 |
| Broadline Retail | 0.7 |
| Financial Services | 0.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img9_20260228_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 94.7 <br> United Kingdom 5.3 <br> Italy 0.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img9_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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)**  |  |
| Coca-Cola Co/The | 14.7<br>|
| Procter & Gamble Co/The | 11.4<br>|
| Costco Wholesale Corp | 8.8<br>|
| Walmart Inc | 7.5<br>|
| Keurig Dr Pepper Inc | 7.5<br>|
| Kenvue Inc | 4.8<br>|
| Mondelez International Inc | 4.5<br>|
| Target Corp | 3.5<br>|
| Energizer Holdings Inc | 2.9<br>|
| British American Tobacco PLC ADR | 2.7<br>|
|  | 68.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img9_20260228_2.jpg)<br>| ![](img126106_3.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> 1.9912693.101 3234-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Consumer Staples Portfolio<br> **Fidelity Advisor® Consumer Staples Fund Class M : FDTGX** <br>|

---

This annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $128  | 1.22% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI US IMI Consumer Staples 25/50 Index for the fiscal year, especially an overweight in distillers & vintners. Stock selection in soft drinks & non-alcoholic beverages also hampered the fund's result. Also detracting from our result was an underweight in tobacco.

• The largest individual relative detractor was an overweight in Energizer Holdings (-26%). The company was among our largest holdings. The second-largest relative detractor was an overweight in Keurig Dr Pepper (-7%). The company was among our largest holdings. Another notable relative detractor was an underweight in Walmart (+31%). The company was one of the fund's biggest holdings.

• In contrast, the primary contributor to performance versus the sector index was security selection in personal care products. An overweight in soft drinks & non-alcoholic beverages also boosted relative performance. Also lifting the fund's relative result was stock selection in tobacco.

• The top individual relative contributor was an overweight in Bunge Global (+67%). The stock was among our biggest holdings this period. The second-largest relative contributor was an overweight in Estee Lauder (+54%). This period we decreased our investment in Estee Lauder. An underweight in Costco Wholesale (-3%) also contributed. This period we increased our stake in Costco Wholesale. The company was one of our biggest holdings.

• Notable changes in positioning include increased exposure to the tobacco and food retail industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10771<br>| $10561<br>| $10499<br>| $11116<br>| $12861<br>| $15241<br>| $14975<br>| $15668<br>| $16680<br>| $18224<br>|
| MSCI U.S. IMI Consumer Staples 25-50 Index<br>| $10000 | $11216<br>| $11174<br>| $11783<br>| $12631<br>| $14603<br>| $17505<br>| $17328<br>| $18882<br>| $21917<br>| $24356<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126107_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 5.43% | 6.46%<br>| 6.19% |
| Class M (without 3.50% sales charge) | 9.26% | 7.22% | 6.56% |
| MSCI U.S. IMI Consumer Staples 25-50 Index | 11.13%<br>| 10.77%<br>| 9.31% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1186874554<br>|
| Number of Holdings | 47<br>|
| Total Advisory Fee | $7689080<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Beverages | 31.0 |
| Consumer Staples Distribution & Retail | 28.2 |
| Household Products | 15.5 |
| Food Products | 11.3 |
| Personal Care Products | 7.1 |
| Tobacco | 6.1 |
| Broadline Retail | 0.7 |
| Financial Services | 0.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img9_20260228_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 94.7 <br> United Kingdom 5.3 <br> Italy 0.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img9_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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)**  |  |
| Coca-Cola Co/The | 14.7<br>|
| Procter & Gamble Co/The | 11.4<br>|
| Costco Wholesale Corp | 8.8<br>|
| Walmart Inc | 7.5<br>|
| Keurig Dr Pepper Inc | 7.5<br>|
| Kenvue Inc | 4.8<br>|
| Mondelez International Inc | 4.5<br>|
| Target Corp | 3.5<br>|
| Energizer Holdings Inc | 2.9<br>|
| British American Tobacco PLC ADR | 2.7<br>|
|  | 68.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img9_20260228_2.jpg)<br>| ![](img126107_3.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> 1.9912691.101 1782-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Consumer Staples Portfolio<br> **Fidelity Advisor® Consumer Staples Fund Class I : FDIGX** <br>|

---

This annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $74  | 0.71% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI US IMI Consumer Staples 25/50 Index for the fiscal year, especially an overweight in distillers & vintners. Stock selection in soft drinks & non-alcoholic beverages also hampered the fund's result. Also detracting from our result was an underweight in tobacco.

• The largest individual relative detractor was an overweight in Energizer Holdings (-26%). The company was among our largest holdings. The second-largest relative detractor was an overweight in Keurig Dr Pepper (-7%). The company was among our largest holdings. Another notable relative detractor was an underweight in Walmart (+31%). The company was one of the fund's biggest holdings.

• In contrast, the primary contributor to performance versus the sector index was security selection in personal care products. An overweight in soft drinks & non-alcoholic beverages also boosted relative performance. Also lifting the fund's relative result was stock selection in tobacco.

• The top individual relative contributor was an overweight in Bunge Global (+67%). The stock was among our biggest holdings this period. The second-largest relative contributor was an overweight in Estee Lauder (+54%). This period we decreased our investment in Estee Lauder. An underweight in Costco Wholesale (-3%) also contributed. This period we increased our stake in Costco Wholesale. The company was one of our biggest holdings.

• Notable changes in positioning include increased exposure to the tobacco and food retail industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $11222<br>| $11063<br>| $11058<br>| $11774<br>| $13696<br>| $16319<br>| $16120<br>| $16957<br>| $18145<br>| $19927<br>|
| MSCI U.S. IMI Consumer Staples 25-50 Index<br>| $10000 | $11216<br>| $11174<br>| $11783<br>| $12631<br>| $14603<br>| $17505<br>| $17328<br>| $18882<br>| $21917<br>| $24356<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126108_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 9.82% | 7.79% | 7.14% |
| MSCI U.S. IMI Consumer Staples 25-50 Index | 11.13%<br>| 10.77%<br>| 9.31% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1186874554<br>|
| Number of Holdings | 47<br>|
| Total Advisory Fee | $7689080<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Beverages | 31.0 |
| Consumer Staples Distribution & Retail | 28.2 |
| Household Products | 15.5 |
| Food Products | 11.3 |
| Personal Care Products | 7.1 |
| Tobacco | 6.1 |
| Broadline Retail | 0.7 |
| Financial Services | 0.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img9_20260228_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 94.7 <br> United Kingdom 5.3 <br> Italy 0.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img9_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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)**  |  |
| Coca-Cola Co/The | 14.7<br>|
| Procter & Gamble Co/The | 11.4<br>|
| Costco Wholesale Corp | 8.8<br>|
| Walmart Inc | 7.5<br>|
| Keurig Dr Pepper Inc | 7.5<br>|
| Kenvue Inc | 4.8<br>|
| Mondelez International Inc | 4.5<br>|
| Target Corp | 3.5<br>|
| Energizer Holdings Inc | 2.9<br>|
| British American Tobacco PLC ADR | 2.7<br>|
|  | 68.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img9_20260228_2.jpg)<br>| ![](img126108_3.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> 1.9912692.101 1783-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Consumer Staples Portfolio<br> **Fidelity Advisor® Consumer Staples Fund Class C : FDCGX** <br>|

---

This annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $180  | 1.72% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI US IMI Consumer Staples 25/50 Index for the fiscal year, especially an overweight in distillers & vintners. Stock selection in soft drinks & non-alcoholic beverages also hampered the fund's result. Also detracting from our result was an underweight in tobacco.

• The largest individual relative detractor was an overweight in Energizer Holdings (-26%). The company was among our largest holdings. The second-largest relative detractor was an overweight in Keurig Dr Pepper (-7%). The company was among our largest holdings. Another notable relative detractor was an underweight in Walmart (+31%). The company was one of the fund's biggest holdings.

• In contrast, the primary contributor to performance versus the sector index was security selection in personal care products. An overweight in soft drinks & non-alcoholic beverages also boosted relative performance. Also lifting the fund's relative result was stock selection in tobacco.

• The top individual relative contributor was an overweight in Bunge Global (+67%). The stock was among our biggest holdings this period. The second-largest relative contributor was an overweight in Estee Lauder (+54%). This period we decreased our investment in Estee Lauder. An underweight in Costco Wholesale (-3%) also contributed. This period we increased our stake in Costco Wholesale. The company was one of our biggest holdings.

• Notable changes in positioning include increased exposure to the tobacco and food retail industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $11107<br>| $10840<br>| $10725<br>| $11303<br>| $13014<br>| $15347<br>| $15005<br>| $15623<br>| $16675<br>| $18264<br>|
| MSCI U.S. IMI Consumer Staples 25-50 Index<br>| $10000 | $11216<br>| $11174<br>| $11783<br>| $12631<br>| $14603<br>| $17505<br>| $17328<br>| $18882<br>| $21917<br>| $24356<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126109_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 7.71% | 6.69%<br>| 6.21% |
| Class C | 8.71% | 6.69% | 6.21% |
| MSCI U.S. IMI Consumer Staples 25-50 Index | 11.13%<br>| 10.77%<br>| 9.31% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1186874554<br>|
| Number of Holdings | 47<br>|
| Total Advisory Fee | $7689080<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Beverages | 31.0 |
| Consumer Staples Distribution & Retail | 28.2 |
| Household Products | 15.5 |
| Food Products | 11.3 |
| Personal Care Products | 7.1 |
| Tobacco | 6.1 |
| Broadline Retail | 0.7 |
| Financial Services | 0.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img9_20260228_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 94.7 <br> United Kingdom 5.3 <br> Italy 0.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img9_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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)**  |  |
| Coca-Cola Co/The | 14.7<br>|
| Procter & Gamble Co/The | 11.4<br>|
| Costco Wholesale Corp | 8.8<br>|
| Walmart Inc | 7.5<br>|
| Keurig Dr Pepper Inc | 7.5<br>|
| Kenvue Inc | 4.8<br>|
| Mondelez International Inc | 4.5<br>|
| Target Corp | 3.5<br>|
| Energizer Holdings Inc | 2.9<br>|
| British American Tobacco PLC ADR | 2.7<br>|
|  | 68.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img9_20260228_2.jpg)<br>| ![](img126109_3.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> 1.9912690.101 1781-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Consumer Staples Portfolio<br> **Fidelity Advisor® Consumer Staples Fund Class A : FDAGX** <br>|

---

This annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $102  | 0.97% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI US IMI Consumer Staples 25/50 Index for the fiscal year, especially an overweight in distillers & vintners. Stock selection in soft drinks & non-alcoholic beverages also hampered the fund's result. Also detracting from our result was an underweight in tobacco.

• The largest individual relative detractor was an overweight in Energizer Holdings (-26%). The company was among our largest holdings. The second-largest relative detractor was an overweight in Keurig Dr Pepper (-7%). The company was among our largest holdings. Another notable relative detractor was an underweight in Walmart (+31%). The company was one of the fund's biggest holdings.

• In contrast, the primary contributor to performance versus the sector index was security selection in personal care products. An overweight in soft drinks & non-alcoholic beverages also boosted relative performance. Also lifting the fund's relative result was stock selection in tobacco.

• The top individual relative contributor was an overweight in Bunge Global (+67%). The stock was among our biggest holdings this period. The second-largest relative contributor was an overweight in Estee Lauder (+54%). This period we decreased our investment in Estee Lauder. An underweight in Costco Wholesale (-3%) also contributed. This period we increased our stake in Costco Wholesale. The company was one of our biggest holdings.

• Notable changes in positioning include increased exposure to the tobacco and food retail industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $10547<br>| $10370<br>| $10337<br>| $10975<br>| $12731<br>| $15128<br>| $14903<br>| $15633<br>| $16686<br>| $18276<br>|
| MSCI U.S. IMI Consumer Staples 25-50 Index<br>| $10000 | $11216<br>| $11174<br>| $11783<br>| $12631<br>| $14603<br>| $17505<br>| $17328<br>| $18882<br>| $21917<br>| $24356<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126110_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 3.23% | 6.23%<br>| 6.22% |
| Class A (without 5.75% sales charge) | 9.53% | 7.50% | 6.85% |
| MSCI U.S. IMI Consumer Staples 25-50 Index | 11.13%<br>| 10.77%<br>| 9.31% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1186874554<br>|
| Number of Holdings | 47<br>|
| Total Advisory Fee | $7689080<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Beverages | 31.0 |
| Consumer Staples Distribution & Retail | 28.2 |
| Household Products | 15.5 |
| Food Products | 11.3 |
| Personal Care Products | 7.1 |
| Tobacco | 6.1 |
| Broadline Retail | 0.7 |
| Financial Services | 0.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img9_20260228_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 94.7 <br> United Kingdom 5.3 <br> Italy 0.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img9_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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)**  |  |
| Coca-Cola Co/The | 14.7<br>|
| Procter & Gamble Co/The | 11.4<br>|
| Costco Wholesale Corp | 8.8<br>|
| Walmart Inc | 7.5<br>|
| Keurig Dr Pepper Inc | 7.5<br>|
| Kenvue Inc | 4.8<br>|
| Mondelez International Inc | 4.5<br>|
| Target Corp | 3.5<br>|
| Energizer Holdings Inc | 2.9<br>|
| British American Tobacco PLC ADR | 2.7<br>|
|  | 68.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img9_20260228_2.jpg)<br>| ![](img126110_3.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> 1.9912689.101 1779-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Consumer Discretionary Portfolio<br> **Consumer Discretionary Portfolio : FSCPX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Consumer Discretionary Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Consumer Discretionary Portfolio  | $72  | 0.68% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI US IMI Consumer Discretionary 25/50 Index for the fiscal year, led by apparel, accessories & luxury goods. Security selection and overweights in home furnishings and apparel retail also boosted the fund's relative performance.

• The top individual relative contributor was our non-index stake in Aritzia (+92%). A second notable relative contributor was an overweight in Somnigroup International (+40%). The stock was one of the fund's largest holdings. Another notable relative contributor was an overweight in Tapestry (+84%).

• In contrast, the primary detractor from performance versus the sector index was an underweight in automobile manufacturers. Also hurting our result was stock picking in automotive retail and broadline retail.

• The largest individual relative detractor was an overweight in Floor & Decor Holdings (-28%). This period we increased our investment in Floor & Decor Holdings. The second-largest relative detractor was an underweight in Tesla (+37%). The company was one of the fund's largest holdings. An overweight in Domino's Pizza (-17%) also detracted.

• Notable changes in positioning include increased exposure to the apparel retail and automobile manufacturers industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Consumer Discretionary Portfolio<br>| $10000 | $11529<br>| $14156<br>| $14837<br>| $15622<br>| $23583<br>| $24027<br>| $19973<br>| $26682<br>| $29983<br>| $33125<br>|
| MSCI U.S. IMI Consumer Discretionary 25-50 Index<br>| $10000 | $11851<br>| $14387<br>| $15300<br>| $16304<br>| $26742<br>| $28177<br>| $23740<br>| $30654<br>| $35048<br>| $37911<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126111_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Consumer Discretionary Portfolio | 10.48% | 7.03% | 12.72% |
| MSCI U.S. IMI Consumer Discretionary 25-50 Index | 8.17%<br>| 7.23%<br>| 14.26% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $960166712<br>|
| Number of Holdings | 59<br>|
| Total Advisory Fee | $4255887<br>|
| Portfolio Turnover | 21%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Broadline Retail | 26.1 |
| Specialty Retail | 24.7 |
| Automobiles | 17.1 |
| Hotels, Restaurants & Leisure | 16.8 |
| Household Durables | 5.9 |
| Textiles, Apparel & Luxury Goods | 4.9 |
| Automobile Components | 2.0 |
| Consumer Staples Distribution & Retail | 1.5 |
| Construction Materials | 0.8 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img517_20260228_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 | 96.7 |
| Canada | 2.0 |
| Brazil | 0.9 |
| France | 0.2 |
| Switzerland | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img517_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 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 - 0.2&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;Switzerland - 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)**  |  |
| Amazon.com Inc | 24.2<br>|
| Tesla Inc | 15.4<br>|
| Home Depot Inc/The | 4.6<br>|
| Lowe's Cos Inc | 4.4<br>|
| McDonald's Corp | 3.3<br>|
| TJX Cos Inc/The | 3.3<br>|
| Hilton Worldwide Holdings Inc | 2.8<br>|
| Somnigroup International Inc | 2.5<br>|
| Ross Stores Inc | 2.1<br>|
| Dick's Sporting Goods Inc | 1.9<br>|
|  | 64.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since March 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Consumer Discretionary Fund merged into Consumer Discretionary Portfolio on November 14, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img517_20260228_2.jpg)<br>| ![](img126111_3.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> 1.9912757.101 517-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Construction and Housing Portfolio<br> **Construction and Housing Portfolio : FSHOX** <br>|

---

This annual shareholder report contains information about Construction and Housing Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Construction and Housing Portfolio  | $74  | 0.68% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI US IMI Construction & Housing 25/50 Index for the fiscal year, especially an underweight in construction & engineering. An overweight in single-family residential also hampered the fund's result. Also hurting our result was stock selection in construction materials.

• The biggest individual relative detractor was an overweight in Floor & Decor Holdings (-28%). The second-largest relative detractor was an overweight in WillScot Holdings (-34%). Another notable relative detractor was an overweight in Invitation Homes (-20%). The stock was among our largest holdings.

• In contrast, the primary contributor to performance versus the industry index was security selection in building products. Stock picks and an underweight in multi-family residential also boosted relative performance. Also contributing to our result was security selection in homebuilding.

• The top individual relative contributor was an underweight in Home Depot (-2%). The stock was the fund's biggest holding. A second notable relative contributor was an overweight in Johnson Controls International (+71%). The company was among our biggest holdings. An overweight in Comfort Systems USA (+294%) also contributed. The company was one of the fund's biggest holdings at period end.

• Notable changes in positioning include increased exposure to the construction & engineering industry and a lower allocation to multi-family residential.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Construction and Housing Portfolio<br>| $10000 | $12023<br>| $13354<br>| $13893<br>| $16269<br>| $23052<br>| $28342<br>| $28143<br>| $37130<br>| $39532<br>| $46584<br>|
| MSCI U.S. IMI Construction & Housing 25-50 Index<br>| $10000 | $12313<br>| $13792<br>| $14357<br>| $16391<br>| $21611<br>| $26324<br>| $25708<br>| $34319<br>| $36869<br>| $43811<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126112_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Construction and Housing Portfolio | 17.84% | 15.11% | 16.63% |
| MSCI U.S. IMI Construction & Housing 25-50 Index | 18.83%<br>| 15.18%<br>| 15.92% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $749479835<br>|
| Number of Holdings | 54<br>|
| Total Advisory Fee | $4863603<br>|
| Portfolio Turnover | 16%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialty Retail | 32.3 |
| Building Products | 21.5 |
| Construction & Engineering | 14.7 |
| Household Durables | 11.2 |
| Construction Materials | 11.2 |
| Residential REITs | 8.2 |
| Real Estate Management & Development | 0.4 |
| Chemicals | 0.3 |
| Trading Companies & Distributors | 0.2 |

---

Common Stocks 100.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img511_20260228_AA.jpg) <br>|

---

Common Stocks - 100.0&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) - 0.0 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img511_20260228_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 | 16.0<br>|
| Lowe's Cos Inc | 13.3<br>|
| Johnson Controls International plc | 6.6<br>|
| Trane Technologies PLC | 5.9<br>|
| Quanta Services Inc | 5.0<br>|
| CRH PLC | 4.5<br>|
| Martin Marietta Materials Inc | 4.2<br>|
| Comfort Systems USA Inc | 3.6<br>|
| PulteGroup Inc | 2.5<br>|
| Invitation Homes Inc | 2.5<br>|
|  | 64.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img511_20260228_2.jpg)<br>| ![](img126112_3.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> 1.9912752.101 511-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Communication Services Portfolio<br> **Communication Services Portfolio : FBMPX** <br>|

---

This annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Communication Services Portfolio  | $74  | 0.64% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Communication Services 25/50 (Media Linked) Index for the fiscal year, led by semiconductors. An underweight in integrated telecommunication services also boosted relative performance. Also bolstering our relative result were picks in technology hardware, storage & peripherals.

• The fund's non-index stake in SK Hynix gained roughly 190% and was the top individual relative contributor. This was a stake we established this period. The second-largest relative contributor was our non-index stake in Samsung Electronics (+148%). This was a stake we established this period. The stock was one of our largest holdings at period end. An underweight in Trade Desk (-66%) also contributed. The stock was not held at period end.

• In contrast, the primary detractor from performance versus the sector index was an underweight in movies & entertainment. Also hurting our result was stock selection in interactive home entertainment and in broadline retail.

• The biggest individual relative detractor was our non-index stake in Amazon.com (+0%). The stock was among the fund's largest holdings. A second notable relative detractor was our non-index stake in Apple (-7%). The fund did not own Apple at period end. An underweight in Electronic Arts (+56%) also detracted. Electronic Arts was not held at period end.

• Notable changes in positioning include higher allocations to the semiconductors and cable & satellite industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Communication Services Portfolio<br>| $10000 | $12685<br>| $13213<br>| $14285<br>| $16031<br>| $24253<br>| $23092<br>| $18391<br>| $27978<br>| $35611<br>| $45975<br>|
| MSCI U.S. IMI Communication Services 25-50 (Media Linked) Index<br>| $10000 | $12599<br>| $12435<br>| $13477<br>| $14774<br>| $21483<br>| $20250<br>| $15469<br>| $22017<br>| $27873<br>| $33718<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126113_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Communication Services Portfolio | 29.10% | 13.65% | 16.48% |
| MSCI U.S. IMI Communication Services 25-50 (Media Linked) Index | 20.97%<br>| 9.43%<br>| 12.92% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2720115661<br>|
| Number of Holdings | 44<br>|
| Total Advisory Fee | $14051423<br>|
| Portfolio Turnover | 147%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Interactive Media & Services | 50.0 |
| Diversified Telecommunication Services | 12.5 |
| Entertainment | 11.6 |
| Media | 8.7 |
| Semiconductors & Semiconductor Equipment | 5.6 |
| Technology Hardware, Storage & Peripherals | 5.1 |
| Broadline Retail | 3.3 |
| Specialty Retail | 0.7 |
| Electronic Equipment, Instruments & Components | 0.5 |
| Others | 1.0 |

---

Common Stocks 98.5 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img503_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.5&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) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 93.3 |
| Korea (South) | 3.0 |
| Taiwan | 2.7 |
| Japan | 0.7 |
| Canada | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img503_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 2.7&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;Japan - 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;Canada - 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)**  |  |
| Meta Platforms Inc Class A | 24.9<br>|
| Alphabet Inc Class A | 24.9<br>|
| Verizon Communications Inc | 4.9<br>|
| AT&T Inc | 4.9<br>|
| EchoStar Corp Class A | 4.9<br>|
| Amazon.com Inc | 3.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.7<br>|
| Take-Two Interactive Software Inc | 2.5<br>|
| ROBLOX Corp Class A | 2.4<br>|
| AST SpaceMobile Inc Class A | 2.2<br>|
|  | 77.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img503_20260228_2.jpg)<br>| ![](img126113_3.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> 1.9912743.101 503-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Communication Services Portfolio<br> **Fidelity Advisor® Communication Services Fund Class Z : FGKMX** <br>|

---

This annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $65  | 0.57% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Communication Services 25/50 (Media Linked) Index for the fiscal year, led by semiconductors. An underweight in integrated telecommunication services also boosted relative performance. Also bolstering our relative result were picks in technology hardware, storage & peripherals.

• The fund's non-index stake in SK Hynix gained roughly 190% and was the top individual relative contributor. This was a stake we established this period. The second-largest relative contributor was our non-index stake in Samsung Electronics (+148%). This was a stake we established this period. The stock was one of our largest holdings at period end. An underweight in Trade Desk (-66%) also contributed. The stock was not held at period end.

• In contrast, the primary detractor from performance versus the sector index was an underweight in movies & entertainment. Also hurting our result was stock selection in interactive home entertainment and in broadline retail.

• The biggest individual relative detractor was our non-index stake in Amazon.com (+0%). The stock was among the fund's largest holdings. A second notable relative detractor was our non-index stake in Apple (-7%). The fund did not own Apple at period end. An underweight in Electronic Arts (+56%) also detracted. Electronic Arts was not held at period end.

• Notable changes in positioning include higher allocations to the semiconductors and cable & satellite industries.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

November 30, 2018 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10392<br>| $11679<br>| $17691<br>| $16868<br>| $13456<br>| $20501<br>| $26121<br>| $33746<br>|
| MSCI U.S. IMI Communication Services 25-50 (Media Linked) Index<br>| $10000 | $10165<br>| $11143<br>| $16203<br>| $15274<br>| $11667<br>| $16606<br>| $21023<br>| $25432<br>|
| S&P 500® Index<br>| $10000 | $10142<br>| $10972<br>| $14406<br>| $16767<br>| $15477<br>| $20190<br>| $23907<br>| $27969<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126114_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 29.19% | 13.79% | 18.27% |
| MSCI U.S. IMI Communication Services 25-50 (Media Linked) Index | 20.97%<br>| 9.43%<br>| 13.74% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.24% |

---

**A** From November 30, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2720115661<br>|
| Number of Holdings | 44<br>|
| Total Advisory Fee | $14051423<br>|
| Portfolio Turnover | 147%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Interactive Media & Services | 50.0 |
| Diversified Telecommunication Services | 12.5 |
| Entertainment | 11.6 |
| Media | 8.7 |
| Semiconductors & Semiconductor Equipment | 5.6 |
| Technology Hardware, Storage & Peripherals | 5.1 |
| Broadline Retail | 3.3 |
| Specialty Retail | 0.7 |
| Electronic Equipment, Instruments & Components | 0.5 |
| Others | 1.0 |

---

Common Stocks 98.5 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img503_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.5&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) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 93.3 |
| Korea (South) | 3.0 |
| Taiwan | 2.7 |
| Japan | 0.7 |
| Canada | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img503_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 2.7&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;Japan - 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;Canada - 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)**  |  |
| Meta Platforms Inc Class A | 24.9<br>|
| Alphabet Inc Class A | 24.9<br>|
| Verizon Communications Inc | 4.9<br>|
| AT&T Inc | 4.9<br>|
| EchoStar Corp Class A | 4.9<br>|
| Amazon.com Inc | 3.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.7<br>|
| Take-Two Interactive Software Inc | 2.5<br>|
| ROBLOX Corp Class A | 2.4<br>|
| AST SpaceMobile Inc Class A | 2.2<br>|
|  | 77.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img503_20260228_2.jpg)<br>| ![](img126114_3.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> 1.9912742.101 3328-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Communication Services Portfolio<br> **Fidelity Advisor® Communication Services Fund Class M : FGEMX** <br>|

---

This annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $136  | 1.19% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Communication Services 25/50 (Media Linked) Index for the fiscal year, led by semiconductors. An underweight in integrated telecommunication services also boosted relative performance. Also bolstering our relative result were picks in technology hardware, storage & peripherals.

• The fund's non-index stake in SK Hynix gained roughly 190% and was the top individual relative contributor. This was a stake we established this period. The second-largest relative contributor was our non-index stake in Samsung Electronics (+148%). This was a stake we established this period. The stock was one of our largest holdings at period end. An underweight in Trade Desk (-66%) also contributed. The stock was not held at period end.

• In contrast, the primary detractor from performance versus the sector index was an underweight in movies & entertainment. Also hurting our result was stock selection in interactive home entertainment and in broadline retail.

• The biggest individual relative detractor was our non-index stake in Amazon.com (+0%). The stock was among the fund's largest holdings. A second notable relative detractor was our non-index stake in Apple (-7%). The fund did not own Apple at period end. An underweight in Electronic Arts (+56%) also detracted. Electronic Arts was not held at period end.

• Notable changes in positioning include higher allocations to the semiconductors and cable & satellite industries.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

November 30, 2018 through February 28, 2026.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10013<br>| $11172<br>| $16810<br>| $15922<br>| $12615<br>| $19090<br>| $24168<br>| $31029<br>|
| MSCI U.S. IMI Communication Services 25-50 (Media Linked) Index<br>| $10000 | $10165<br>| $11143<br>| $16203<br>| $15274<br>| $11667<br>| $16606<br>| $21023<br>| $25432<br>|
| S&P 500® Index<br>| $10000 | $10142<br>| $10972<br>| $14406<br>| $16767<br>| $15477<br>| $20190<br>| $23907<br>| $27969<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126115_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class M (incl. 3.50% sales charge)  | 23.90% | 12.24%<br>| 16.90% |
| Class M (without 3.50% sales charge) | 28.39% | 13.04% | 17.48% |
| MSCI U.S. IMI Communication Services 25-50 (Media Linked) Index | 20.97%<br>| 9.43%<br>| 13.74% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.24% |

---

**A** From November 30, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2720115661<br>|
| Number of Holdings | 44<br>|
| Total Advisory Fee | $14051423<br>|
| Portfolio Turnover | 147%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Interactive Media & Services | 50.0 |
| Diversified Telecommunication Services | 12.5 |
| Entertainment | 11.6 |
| Media | 8.7 |
| Semiconductors & Semiconductor Equipment | 5.6 |
| Technology Hardware, Storage & Peripherals | 5.1 |
| Broadline Retail | 3.3 |
| Specialty Retail | 0.7 |
| Electronic Equipment, Instruments & Components | 0.5 |
| Others | 1.0 |

---

Common Stocks 98.5 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img503_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.5&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) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 93.3 |
| Korea (South) | 3.0 |
| Taiwan | 2.7 |
| Japan | 0.7 |
| Canada | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img503_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 2.7&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;Japan - 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;Canada - 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)**  |  |
| Meta Platforms Inc Class A | 24.9<br>|
| Alphabet Inc Class A | 24.9<br>|
| Verizon Communications Inc | 4.9<br>|
| AT&T Inc | 4.9<br>|
| EchoStar Corp Class A | 4.9<br>|
| Amazon.com Inc | 3.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.7<br>|
| Take-Two Interactive Software Inc | 2.5<br>|
| ROBLOX Corp Class A | 2.4<br>|
| AST SpaceMobile Inc Class A | 2.2<br>|
|  | 77.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img503_20260228_2.jpg)<br>| ![](img126115_3.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> 1.9912739.101 3325-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Communication Services Portfolio<br> **Fidelity Advisor® Communication Services Fund Class I : FGJMX** <br>|

---

This annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $79  | 0.69% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Communication Services 25/50 (Media Linked) Index for the fiscal year, led by semiconductors. An underweight in integrated telecommunication services also boosted relative performance. Also bolstering our relative result were picks in technology hardware, storage & peripherals.

• The fund's non-index stake in SK Hynix gained roughly 190% and was the top individual relative contributor. This was a stake we established this period. The second-largest relative contributor was our non-index stake in Samsung Electronics (+148%). This was a stake we established this period. The stock was one of our largest holdings at period end. An underweight in Trade Desk (-66%) also contributed. The stock was not held at period end.

• In contrast, the primary detractor from performance versus the sector index was an underweight in movies & entertainment. Also hurting our result was stock selection in interactive home entertainment and in broadline retail.

• The biggest individual relative detractor was our non-index stake in Amazon.com (+0%). The stock was among the fund's largest holdings. A second notable relative detractor was our non-index stake in Apple (-7%). The fund did not own Apple at period end. An underweight in Electronic Arts (+56%) also detracted. Electronic Arts was not held at period end.

• Notable changes in positioning include higher allocations to the semiconductors and cable & satellite industries.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

November 30, 2018 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10391<br>| $11661<br>| $17644<br>| $16798<br>| $13384<br>| $20365<br>| $25909<br>| $33433<br>|
| MSCI U.S. IMI Communication Services 25-50 (Media Linked) Index<br>| $10000 | $10165<br>| $11143<br>| $16203<br>| $15274<br>| $11667<br>| $16606<br>| $21023<br>| $25432<br>|
| S&P 500® Index<br>| $10000 | $10142<br>| $10972<br>| $14406<br>| $16767<br>| $15477<br>| $20190<br>| $23907<br>| $27969<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126116_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class I | 29.04% | 13.64% | 18.11% |
| MSCI U.S. IMI Communication Services 25-50 (Media Linked) Index | 20.97%<br>| 9.43%<br>| 13.74% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.24% |

---

**A** From November 30, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2720115661<br>|
| Number of Holdings | 44<br>|
| Total Advisory Fee | $14051423<br>|
| Portfolio Turnover | 147%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Interactive Media & Services | 50.0 |
| Diversified Telecommunication Services | 12.5 |
| Entertainment | 11.6 |
| Media | 8.7 |
| Semiconductors & Semiconductor Equipment | 5.6 |
| Technology Hardware, Storage & Peripherals | 5.1 |
| Broadline Retail | 3.3 |
| Specialty Retail | 0.7 |
| Electronic Equipment, Instruments & Components | 0.5 |
| Others | 1.0 |

---

Common Stocks 98.5 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img503_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.5&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) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 93.3 |
| Korea (South) | 3.0 |
| Taiwan | 2.7 |
| Japan | 0.7 |
| Canada | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img503_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 2.7&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;Japan - 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;Canada - 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)**  |  |
| Meta Platforms Inc Class A | 24.9<br>|
| Alphabet Inc Class A | 24.9<br>|
| Verizon Communications Inc | 4.9<br>|
| AT&T Inc | 4.9<br>|
| EchoStar Corp Class A | 4.9<br>|
| Amazon.com Inc | 3.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.7<br>|
| Take-Two Interactive Software Inc | 2.5<br>|
| ROBLOX Corp Class A | 2.4<br>|
| AST SpaceMobile Inc Class A | 2.2<br>|
|  | 77.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img503_20260228_2.jpg)<br>| ![](img126116_3.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> 1.9912741.101 3327-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Communication Services Portfolio<br> **Fidelity Advisor® Communication Services Fund Class C : FGHMX** <br>|

---

This annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $192  | 1.69% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Communication Services 25/50 (Media Linked) Index for the fiscal year, led by semiconductors. An underweight in integrated telecommunication services also boosted relative performance. Also bolstering our relative result were picks in technology hardware, storage & peripherals.

• The fund's non-index stake in SK Hynix gained roughly 190% and was the top individual relative contributor. This was a stake we established this period. The second-largest relative contributor was our non-index stake in Samsung Electronics (+148%). This was a stake we established this period. The stock was one of our largest holdings at period end. An underweight in Trade Desk (-66%) also contributed. The stock was not held at period end.

• In contrast, the primary detractor from performance versus the sector index was an underweight in movies & entertainment. Also hurting our result was stock selection in interactive home entertainment and in broadline retail.

• The biggest individual relative detractor was our non-index stake in Amazon.com (+0%). The stock was among the fund's largest holdings. A second notable relative detractor was our non-index stake in Apple (-7%). The fund did not own Apple at period end. An underweight in Electronic Arts (+56%) also detracted. Electronic Arts was not held at period end.

• Notable changes in positioning include higher allocations to the semiconductors and cable & satellite industries.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

November 30, 2018 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10363<br>| $11504<br>| $17229<br>| $16236<br>| $12803<br>| $19284<br>| $24291<br>| $31034<br>|
| MSCI U.S. IMI Communication Services 25-50 (Media Linked) Index<br>| $10000 | $10165<br>| $11143<br>| $16203<br>| $15274<br>| $11667<br>| $16606<br>| $21023<br>| $25432<br>|
| S&P 500® Index<br>| $10000 | $10142<br>| $10972<br>| $14406<br>| $16767<br>| $15477<br>| $20190<br>| $23907<br>| $27969<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126117_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class C (incl. contingent deferred sales charge) | 26.76% | 12.49%<br>| 16.91% |
| Class C | 27.76% | 12.49% | 16.91% |
| MSCI U.S. IMI Communication Services 25-50 (Media Linked) Index | 20.97%<br>| 9.43%<br>| 13.74% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.24% |

---

**A** From November 30, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2720115661<br>|
| Number of Holdings | 44<br>|
| Total Advisory Fee | $14051423<br>|
| Portfolio Turnover | 147%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Interactive Media & Services | 50.0 |
| Diversified Telecommunication Services | 12.5 |
| Entertainment | 11.6 |
| Media | 8.7 |
| Semiconductors & Semiconductor Equipment | 5.6 |
| Technology Hardware, Storage & Peripherals | 5.1 |
| Broadline Retail | 3.3 |
| Specialty Retail | 0.7 |
| Electronic Equipment, Instruments & Components | 0.5 |
| Others | 1.0 |

---

Common Stocks 98.5 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img503_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.5&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) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 93.3 |
| Korea (South) | 3.0 |
| Taiwan | 2.7 |
| Japan | 0.7 |
| Canada | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img503_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 2.7&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;Japan - 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;Canada - 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)**  |  |
| Meta Platforms Inc Class A | 24.9<br>|
| Alphabet Inc Class A | 24.9<br>|
| Verizon Communications Inc | 4.9<br>|
| AT&T Inc | 4.9<br>|
| EchoStar Corp Class A | 4.9<br>|
| Amazon.com Inc | 3.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.7<br>|
| Take-Two Interactive Software Inc | 2.5<br>|
| ROBLOX Corp Class A | 2.4<br>|
| AST SpaceMobile Inc Class A | 2.2<br>|
|  | 77.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img503_20260228_2.jpg)<br>| ![](img126117_3.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> 1.9912740.101 3326-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Communication Services Portfolio<br> **Fidelity Advisor® Communication Services Fund Class A : FGDMX** <br>|

---

This annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $107  | 0.94% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Communication Services 25/50 (Media Linked) Index for the fiscal year, led by semiconductors. An underweight in integrated telecommunication services also boosted relative performance. Also bolstering our relative result were picks in technology hardware, storage & peripherals.

• The fund's non-index stake in SK Hynix gained roughly 190% and was the top individual relative contributor. This was a stake we established this period. The second-largest relative contributor was our non-index stake in Samsung Electronics (+148%). This was a stake we established this period. The stock was one of our largest holdings at period end. An underweight in Trade Desk (-66%) also contributed. The stock was not held at period end.

• In contrast, the primary detractor from performance versus the sector index was an underweight in movies & entertainment. Also hurting our result was stock selection in interactive home entertainment and in broadline retail.

• The biggest individual relative detractor was our non-index stake in Amazon.com (+0%). The stock was among the fund's largest holdings. A second notable relative detractor was our non-index stake in Apple (-7%). The fund did not own Apple at period end. An underweight in Electronic Arts (+56%) also detracted. Electronic Arts was not held at period end.

• Notable changes in positioning include higher allocations to the semiconductors and cable & satellite industries.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

November 30, 2018 through February 28, 2026.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9786<br>| $10950<br>| $16515<br>| $15680<br>| $12453<br>| $18892<br>| $23976<br>| $30861<br>|
| MSCI U.S. IMI Communication Services 25-50 (Media Linked) Index<br>| $10000 | $10165<br>| $11143<br>| $16203<br>| $15274<br>| $11667<br>| $16606<br>| $21023<br>| $25432<br>|
| S&P 500® Index<br>| $10000 | $10142<br>| $10972<br>| $14406<br>| $16767<br>| $15477<br>| $20190<br>| $23907<br>| $27969<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126118_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class A (incl. 5.75% sales charge)  | 21.32% | 11.99%<br>| 16.82% |
| Class A (without 5.75% sales charge) | 28.72% | 13.32% | 17.77% |
| MSCI U.S. IMI Communication Services 25-50 (Media Linked) Index | 20.97%<br>| 9.43%<br>| 13.74% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.24% |

---

**A** From November 30, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2720115661<br>|
| Number of Holdings | 44<br>|
| Total Advisory Fee | $14051423<br>|
| Portfolio Turnover | 147%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Interactive Media & Services | 50.0 |
| Diversified Telecommunication Services | 12.5 |
| Entertainment | 11.6 |
| Media | 8.7 |
| Semiconductors & Semiconductor Equipment | 5.6 |
| Technology Hardware, Storage & Peripherals | 5.1 |
| Broadline Retail | 3.3 |
| Specialty Retail | 0.7 |
| Electronic Equipment, Instruments & Components | 0.5 |
| Others | 1.0 |

---

Common Stocks 98.5 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img503_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.5&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) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 93.3 |
| Korea (South) | 3.0 |
| Taiwan | 2.7 |
| Japan | 0.7 |
| Canada | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img503_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 2.7&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;Japan - 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;Canada - 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)**  |  |
| Meta Platforms Inc Class A | 24.9<br>|
| Alphabet Inc Class A | 24.9<br>|
| Verizon Communications Inc | 4.9<br>|
| AT&T Inc | 4.9<br>|
| EchoStar Corp Class A | 4.9<br>|
| Amazon.com Inc | 3.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.7<br>|
| Take-Two Interactive Software Inc | 2.5<br>|
| ROBLOX Corp Class A | 2.4<br>|
| AST SpaceMobile Inc Class A | 2.2<br>|
|  | 77.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img503_20260228_2.jpg)<br>| ![](img126118_3.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> 1.9912738.101 3324-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Chemicals Portfolio<br> **Chemicals Portfolio : FSCHX** <br>|

---

This annual shareholder report contains information about Chemicals Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Chemicals Portfolio  | $70  | 0.68% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI US IMI Chemicals 25/50 Index for the fiscal year, led by commodity chemicals. An underweight in fertilizers & agricultural chemicals also hampered the fund's result. Also hurting our result was stock selection in specialty chemicals.

• The largest individual relative detractor was an underweight in Albemarle (+137%). The stock was not held at period end. A second notable relative detractor was an overweight in Orion (-59%). This period we decreased our investment in Orion. Another notable relative detractor was our stake in Mosaic (-21%). This was a stake we established this period.

• In contrast, the primary contributor to performance versus the industry index was security selection in fertilizers & agricultural chemicals.

• The top individual relative contributor was an overweight in Element Solutions (+34%). The stock was one of our biggest holdings. A second notable relative contributor was an underweight in Dow (-14%). This was an investment we established this period. Another notable relative contributor was an overweight in Solstice Advanced Materials (+73%). This was an investment we established this period.

• Notable changes in positioning include increased exposure to the fertilizers & agricultural chemicals industry and a lower allocation to commodity chemicals.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Chemicals Portfolio<br>| $10000 | $13802<br>| $16053<br>| $14271<br>| $11755<br>| $16651<br>| $19464<br>| $19677<br>| $20810<br>| $20347<br>| $21550<br>|
| MSCI U.S. IMI Chemicals 25-50 Index<br>| $10000 | $13340<br>| $15435<br>| $14767<br>| $13609<br>| $19255<br>| $21408<br>| $22322<br>| $23941<br>| $23918<br>| $26299<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126119_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Chemicals Portfolio | 5.91% | 5.29% | 7.98% |
| MSCI U.S. IMI Chemicals 25-50 Index | 9.96%<br>| 6.43%<br>| 10.15% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $464222612<br>|
| Number of Holdings | 30<br>|
| Total Advisory Fee | $2856722<br>|
| Portfolio Turnover | 46%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Chemicals | 98.7 |

---

Common Stocks 98.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img69_20260228_AA.jpg) <br>|

---

Common Stocks - 98.7&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) - 1.3 <br>

United States 99.9 <br> Germany 0.1

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img69_20260228_GD.jpg) <br>|

---

United States - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Germany - 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; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Linde PLC | 24.8<br>|
| Sherwin-Williams Co/The | 17.1<br>|
| Element Solutions Inc | 6.7<br>|
| Corteva Inc | 4.9<br>|
| Ecolab Inc | 4.8<br>|
| PPG Industries Inc | 4.5<br>|
| Air Products and Chemicals Inc | 4.0<br>|
| Scotts Miracle-Gro Co/The | 3.3<br>|
| Ingevity Corp | 3.2<br>|
| International Flavors & Fragrances Inc | 3.0<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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img69_20260228_2.jpg)<br>| ![](img126119_3.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> 1.9912704.101 69-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Brokerage and Investment Management Portfolio<br> **Brokerage and Investment Management Portfolio : FSLBX** <br>|

---

This annual shareholder report contains information about Brokerage and Investment Management Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Brokerage and Investment Management Portfolio  | $63  | 0.66% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI US IMI Capital Markets 5% Capped Linked Index for the fiscal year, especially within asset management & custody banks. Security selection in diversified financial services also hampered the fund's result. Also hurting our result were stock picking and an underweight in investment banking & brokerage.

• The largest individual relative detractor was an overweight in Blue Owl Capital (-48%). The company was one of our biggest holdings. A non-index stake in Apollo Global Management returned approximately -29% and was the second-largest relative detractor. The stock was among our largest holdings. Not owning Goldman Sachs, an index component that gained about 40%, was another notable relative detractor.

• In contrast, the biggest contributor to performance versus the industry index was stock selection in the financial exchanges & data group. An underweight in asset management & custody banks also boosted relative performance.

• Not owning FactSet Research Systems, an index component that returned roughly -52%, was the top individual relative contributor. Not owning Morningstar, an index component that returned -41%, was the second-largest relative contributor. Another notable relative contributor was an overweight in Interactive Brokers (+40%).

• Notable changes in positioning include increased exposure to diversified financial services.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Brokerage and Investment Management Portfolio<br>| $10000 | $13176<br>| $16801<br>| $15450<br>| $16885<br>| $23586<br>| $28704<br>| $27850<br>| $34798<br>| $45364<br>| $41114<br>|
| MSCI U.S. IMI Capital Markets 5% Capped Linked Index<br>| $10000 | $13822<br>| $17732<br>| $16406<br>| $17634<br>| $24735<br>| $29979<br>| $28682<br>| $34986<br>| $46760<br>| $49274<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126120_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Brokerage and Investment Management Portfolio | -9.37% | 11.76% | 15.19% |
| MSCI U.S. IMI Capital Markets 5% Capped Linked Index | 5.38%<br>| 14.78%<br>| 17.29% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $988541065<br>|
| Number of Holdings | 42<br>|
| Total Advisory Fee | $8400231<br>|
| Portfolio Turnover | 10%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Capital Markets | 93.9 |
| Financial Services | 5.7 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img68_20260228_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 | 97.1 |
| Canada | 1.1 |
| United Kingdom | 1.0 |
| Grand Cayman (UK Overseas Ter) | 0.6 |
| Luxembourg | 0.1 |
| Sweden | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img68_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.1&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;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) - 0.6&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 - 0.1&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)**  |  |
| Moody's Corp | 8.1<br>|
| Charles Schwab Corp/The | 8.0<br>|
| Intercontinental Exchange Inc | 5.9<br>|
| Apollo Global Management Inc | 5.7<br>|
| KKR & Co Inc Class A | 5.1<br>|
| Blue Owl Capital Inc Class A | 4.5<br>|
| S&P Global Inc | 4.3<br>|
| Ares Management Corp Class A | 4.1<br>|
| Ameriprise Financial Inc | 3.9<br>|
| Blackstone Inc | 3.7<br>|
|  | 53.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img68_20260228_2.jpg)<br>| ![](img126120_3.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> 1.9912703.101 68-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Biotechnology Portfolio<br> **Biotechnology Portfolio : FBIOX** <br>|

---

This annual shareholder report contains information about Biotechnology Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Biotechnology Portfolio  | $74  | 0.62% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI US IMI Biotechnology 25/50 Index for the fiscal year, especially within biotechnology. Stock picks in pharmaceuticals and health care services also boosted the fund's relative performance.

• The fund's non-index stake in Abivax gained 1442% and was the top individual relative contributor. This was an investment we established this period. The second-largest relative contributor was an overweight in Krystal Biotech (+54%). The company was one of the fund's biggest holdings. Another notable relative contributor was an underweight in AbbVie (+15%). The stock was the fund's top holding.

• In contrast, the biggest detractor from performance versus the industry index was stock picking in health care technology. Stock selection in life sciences tools & services also hampered the fund's result.

• The largest individual relative detractor was a stake in Zealand Pharma (-37%). The second-largest relative detractor was Candel Therapeutics (-42%). Another notable relative detractor was a position in Corcept Therapeutics (-37%). All of these detractors were non-index positions.

• Notable changes in positioning include increased exposure to pharmaceuticals.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Biotechnology Portfolio<br>| $10000 | $12967<br>| $15177<br>| $15108<br>| $16402<br>| $24169<br>| $17041<br>| $17235<br>| $21198<br>| $21564<br>| $29430<br>|
| MSCI U.S. IMI Biotechnology 25-50 Index<br>| $10000 | $12255<br>| $14865<br>| $14304<br>| $15008<br>| $19803<br>| $18269<br>| $20200<br>| $23236<br>| $24831<br>| $32757<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126121_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Biotechnology Portfolio | 36.48% | 4.02% | 11.40% |
| MSCI U.S. IMI Biotechnology 25-50 Index | 31.92%<br>| 10.59%<br>| 12.60% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5350031210<br>|
| Number of Holdings | 192<br>|
| Total Advisory Fee | $27217667<br>|
| Portfolio Turnover | 45%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 90.1 |
| Pharmaceuticals | 9.6 |
| Life Sciences Tools & Services | 0.2 |
| Health Care Providers & Services | 0.0 |
| Health Care Technology | 0.0 |
| 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_20260228_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 | 88.8 |
| Denmark | 3.5 |
| Netherlands | 2.8 |
| Belgium | 2.2 |
| Switzerland | 0.9 |
| France | 0.8 |
| Canada | 0.3 |
| United Kingdom | 0.3 |
| Germany | 0.2 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img142_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Denmark - 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;  |
| &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;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;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;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;Canada - 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;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;Germany - 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 - 0.2&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)**  |  |
| AbbVie Inc | 13.3<br>|
| Krystal Biotech Inc | 9.4<br>|
| Gilead Sciences Inc | 8.9<br>|
| Amgen Inc | 8.4<br>|
| Alnylam Pharmaceuticals Inc | 3.2<br>|
| Praxis Precision Medicines Inc | 2.6<br>|
| Ascendis Pharma A/S ADR | 2.4<br>|
| Insmed Inc | 2.3<br>|
| UCB SA | 2.2<br>|
| Argenx SE ADR | 2.1<br>|
|  | 54.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img142_20260228_2.jpg)<br>| ![](img126121_3.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> 1.9912723.101 42-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Banking Portfolio<br> **Banking Portfolio : FSRBX** <br>|

---

This annual shareholder report contains information about Banking Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Banking Portfolio  | $74  | 0.69% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI US IMI Banks 5% Capped Linked Index for the fiscal year, especially within regional banks. Security selection in asset management & custody banks also boosted relative performance.

• The top individual relative contributor was an overweight in Popular (+39%). This period we decreased our investment in Popular. The stock was one of our biggest holdings this period. The second-largest relative contributor was an overweight in Citigroup (+42%). The stock was one of the fund's largest holdings. Not owning Commerce Bancshares, an index component that returned -16%, was another notable relative contributor.

• The biggest individual relative detractor was an overweight in Banner (-12%). The second-largest relative detractor was an overweight in Old National Bancorp (+0.1%). The company was among our biggest holdings. Not owning Comerica, an index component that gained 44%, was another notable relative detractor.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Banking Portfolio<br>| $10000 | $15616<br>| $17538<br>| $16386<br>| $15395<br>| $19382<br>| $23911<br>| $21217<br>| $21296<br>| $29072<br>| $33331<br>|
| MSCI US IMI Banks 5% Capped Linked Index<br>| $10000 | $15923<br>| $17531<br>| $16749<br>| $15154<br>| $19611<br>| $23264<br>| $20387<br>| $19125<br>| $25604<br>| $28778<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126122_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Banking Portfolio | 14.65% | 11.45% | 12.79% |
| MSCI US IMI Banks 5% Capped Linked Index | 12.40%<br>| 7.97%<br>| 11.15% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $453095800<br>|
| Number of Holdings | 39<br>|
| Total Advisory Fee | $2911784<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Banks | 98.4 |
| Capital Markets | 1.3 |
| Financial Services | 0.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img507_20260228_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 97.2 <br> Puerto Rico 2.8 <br> Cyprus 0.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img507_20260228_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;Puerto Rico - 2.8&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 | 8.0<br>|
| Bank of America Corp | 7.4<br>|
| Truist Financial Corp | 5.7<br>|
| Citigroup Inc | 5.5<br>|
| US Bancorp | 5.3<br>|
| M&T Bank Corp | 4.9<br>|
| Huntington Bancshares Inc/OH | 3.9<br>|
| Old National Bancorp/IN | 3.9<br>|
| BOK Financial Corp | 3.6<br>|
| UMB Financial Corp | 3.4<br>|
|  | 51.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img507_20260228_2.jpg)<br>| ![](img126122_3.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> 1.9912745.101 507-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Automotive Portfolio<br> **Automotive Portfolio : FSAVX** <br>|

---

This annual shareholder report contains information about Automotive Portfolio for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Automotive Portfolio  | $85  | 0.78% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the FactSet Automotive Linked Index for the fiscal year, especially within automotive parts & equipment. Picks in automobile manufacturers and diversified support services also helped.

• The top individual relative contributor was an overweight in Dana (+144%). This period we increased our stake in the company, one of the fund's largest holdings at period end. A second notable relative contributor was an overweight in General Motors (+63%), also among the fund's biggest holdings at period end. An overweight in Dauch (+48%) also helped. This was an investment we established this period.

• In contrast, the primary detractor from performance versus the industry index was an overweight in diversified support services. Also hurting our result was stock picking in automotive retail and electronic manufacturing services.

• The largest individual relative detractor was an underweight in Magna International (+80%). The stock was not held at period end. The second-largest relative detractor was an underweight in Rivian Automotive (+29%). An underweight in AutoZone (+8%), one of the fund's biggest holdings, hurt as well.

• Notable changes in positioning include decreased exposure to the diversified support services and automotive retail industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Automotive Portfolio<br>| $10000 | $11680<br>| $13909<br>| $13261<br>| $14473<br>| $25791<br>| $27649<br>| $22971<br>| $28259<br>| $28395<br>| $33318<br>|
| FactSet Automotive Linked Index<br>| $10000 | $12475<br>| $14198<br>| $13364<br>| $14172<br>| $25130<br>| $27380<br>| $23117<br>| $27407<br>| $27571<br>| $30813<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126123_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Automotive Portfolio | 17.34% | 5.25% | 12.79% |
| FactSet Automotive Linked Index | 11.76%<br>| 4.16%<br>| 11.91% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $65797431<br>|
| Number of Holdings | 37<br>|
| Total Advisory Fee | $457628<br>|
| Portfolio Turnover | 112%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Automobiles | 53.9 |
| Specialty Retail | 22.4 |
| Automobile Components | 11.4 |
| Commercial Services & Supplies | 4.4 |
| Distributors | 1.7 |
| Ground Transportation | 1.7 |
| Trading Companies & Distributors | 1.1 |
| Electronic Equipment, Instruments & Components | 1.0 |
| Hotels, Restaurants & Leisure | 0.6 |
| Electrical Equipment | 0.3 |

---

Common Stocks 98.5 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img502_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.5&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) - 1.5 |

---

---

| | |
|:---|:---|
| United States | 72.5 |
| Japan | 15.9 |
| Italy | 4.4 |
| China | 3.9 |
| Switzerland | 2.5 |
| Canada | 0.6 |
| Israel | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img502_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 72.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 15.9&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;Italy - 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;China - 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;Switzerland - 2.5&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;Israel - 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)**  |  |
| General Motors Co | 12.8<br>|
| Toyota Motor Corp ADR | 12.5<br>|
| O'Reilly Automotive Inc | 11.9<br>|
| Tesla Inc | 9.2<br>|
| Ford Motor Co | 4.9<br>|
| AutoZone Inc | 4.9<br>|
| Carvana Co Class A | 4.9<br>|
| Dana Inc | 4.1<br>|
| Ferrari NV | 4.0<br>|
| Honda Motor Co Ltd ADR | 3.4<br>|
|  | 72.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img502_20260228_2.jpg)<br>| ![](img126123_3.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> 1.9912737.101 502-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Fidelity® Natural Resources Fund<br> **Fidelity® Natural Resources Fund : FNARX** <br>|

---

This annual shareholder report contains information about Fidelity® Natural Resources Fund for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Natural Resources Fund  | $88  | 0.69% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P North American Natural Resources Sector Index for the fiscal year, led by integrated oil & gas. Picks in oil & gas exploration & production also boosted the fund's relative performance. Also bolstering our relative result was an underweight in oil & gas storage & transportation.

• The fund's stake in Imperial Oil gained about 76% and was the top individual relative contributor. The stock was one of our biggest holdings. A position in First Quantum Minerals gained 148% and was the second-largest relative contributor. This period we decreased our position in First Quantum Minerals. The company was among our largest holdings this period. A stake in Athabasca Oil gained approximately 97% and notably helped. The company was among our largest holdings. All of these contributors were non-index positions.

• In contrast, the primary detractor from performance versus the industry index was an overweight in integrated oil & gas. Picks and an underweight in gold also hampered the fund's result. Also hurting our result was an underweight in coal & consumable fuels.

• The biggest individual relative detractor was an underweight in Newmont (+209%). This was a position we established this period. The stock was among the fund's largest holdings at period end. A second notable relative detractor was an underweight in Barrick Mining (+193%). This was a position we established this period. Another notable relative detractor was an underweight in Freeport-McMoRan (+87%). This was a stake we established this period.

• Notable changes in positioning include decreased exposure to the oil & gas storage & transportation industry and a higher allocation to gold.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Natural Resources Fund<br>| $10000 | $13454<br>| $12895<br>| $12113<br>| $9903<br>| $11364<br>| $17013<br>| $20378<br>| $21717<br>| $22609<br>| $35089<br>|
| S&P® North American Natural Resources Sector Index<br>| $10000 | $13204<br>| $12810<br>| $12517<br>| $10377<br>| $11943<br>| $17288<br>| $19049<br>| $20418<br>| $22879<br>| $33234<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126130_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Natural Resources Fund | 55.20% | 25.29% | 13.37% |
| S&P® North American Natural Resources Sector Index | 45.26%<br>| 22.71%<br>| 12.76% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $990115948<br>|
| Number of Holdings | 44<br>|
| Total Advisory Fee | $4345831<br>|
| Portfolio Turnover | 81%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 65.5 |
| Metals & Mining | 24.8 |
| Energy Equipment & Services | 4.1 |
| Construction Materials | 2.6 |
| Containers & Packaging | 2.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img514_20260228_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 | 61.5 |
| Canada | 31.7 |
| Brazil | 3.4 |
| Zambia | 1.4 |
| United Kingdom | 1.0 |
| Portugal | 0.8 |
| Norway | 0.2 |
| Australia | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img514_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 61.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 31.7&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;Brazil - 3.4&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;Zambia - 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;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;Portugal - 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;Norway - 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; |
| &nbsp;&nbsp;Australia - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 19.2<br>|
| Imperial Oil Ltd | 8.6<br>|
| ConocoPhillips | 7.7<br>|
| Suncor Energy Inc (United States) | 5.7<br>|
| Shell PLC ADR | 5.4<br>|
| Chevron Corp | 4.6<br>|
| Agnico Eagle Mines Ltd/CA (United States) | 4.1<br>|
| Valero Energy Corp | 3.7<br>|
| Newmont Corp | 3.5<br>|
| Athabasca Oil Corp | 3.4<br>|
|  | 65.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img514_20260228_2.jpg)<br>| ![](img126130_3.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> 1.9912754.101 514-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Fidelity® Environment and Alternative Energy Fund<br> **Fidelity® Environment and Alternative Energy Fund : FSLEX** <br>|

---

This annual shareholder report contains information about Fidelity® Environment and Alternative Energy Fund for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Environment and Alternative Energy Fund  | $80  | 0.68% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the FTSE EO & Alternative Energy Index for the fiscal year, led by industrial machinery & supplies & components. Stock picking in coal & consumable fuels and electronic components also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Siemens Energy (+246%). The stock was among the fund's largest holdings at period end. A non-index stake in ATI gained roughly 181% and was the second-largest relative contributor. Another notable relative contributor was our non-index stake in Coherent (+244%). This period we decreased our investment in Coherent.

• In contrast, the biggest detractor from performance versus the sector index was an underweight in automobile manufacturers. An overweight in industrial gases also hampered the fund's result. Also detracting from our result was stock picking in oil & gas equipment & services.

• The largest individual relative detractor was our stake in GE Aerospace (+49%). The stock was not held at period end. The second-largest relative detractor was our stake in Linde (+11%). The company was among our biggest holdings. Our stake in Tesla (+41%) also detracted. The stock was the fund's largest holding at period end.

• Notable changes in positioning include increased exposure to the industrial machinery & supplies & components and heavy electrical equipment industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

February 29, 2016 through February 28, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Environment and Alternative Energy Fund<br>| $10000 | $13302<br>| $15660<br>| $15722<br>| $15352<br>| $21334<br>| $23686<br>| $21444<br>| $26646<br>| $29571<br>| $39462<br>|
| FTSE® Environmental Opportunities & Alternative Energy Index<br>| $10000 | $12706<br>| $15499<br>| $16109<br>| $17811<br>| $27954<br>| $31095<br>| $29868<br>| $36390<br>| $42926<br>| $54342<br>|
| S&P 500® Index<br>| $10000 | $12498<br>| $14635<br>| $15320<br>| $16575<br>| $21761<br>| $25327<br>| $23379<br>| $30499<br>| $36113<br>| $42249<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img126137_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Environment and Alternative Energy Fund | 33.45% | 13.09% | 14.71% |
| FTSE® Environmental Opportunities & Alternative Energy Index | 26.59%<br>| 14.22%<br>| 18.44% |
| S&P 500® Index | 16.99%<br>| 14.19%<br>| 15.50% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $645029511<br>|
| Number of Holdings | 69<br>|
| Total Advisory Fee | $3743185<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Electrical Equipment | 11.7 |
| Machinery | 10.1 |
| Automobiles | 8.7 |
| Semiconductors & Semiconductor Equipment | 8.0 |
| Software | 7.4 |
| Communications Equipment | 7.3 |
| Building Products | 5.1 |
| Electric Utilities | 4.6 |
| Construction & Engineering | 4.2 |
| Others | 31.5 |

---

Common Stocks 98.6 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img516_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.6&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) - 1.4 |

---

---

| | |
|:---|:---|
| United States | 91.2 |
| Netherlands | 3.5 |
| Germany | 3.4 |
| United Kingdom | 1.3 |
| Canada | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img516_20260228_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;Netherlands - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 3.4&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 - 1.3&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Tesla Inc | 8.3<br>|
| Microsoft Corp | 7.0<br>|
| Cisco Systems Inc | 4.0<br>|
| Prologis Inc | 3.6<br>|
| Linde PLC | 3.6<br>|
| NXP Semiconductors NV | 3.5<br>|
| Eaton Corp PLC | 3.5<br>|
| NextEra Energy Inc | 3.5<br>|
| Siemens Energy AG | 3.4<br>|
| Analog Devices Inc | 3.4<br>|
|  | 43.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img516_20260228_2.jpg)<br>| ![](img126137_3.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> 1.9912756.101 516-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Utilities Portfolio<br> **Fidelity Advisor® Utilities Fund Class A : FFUAX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Utilities Portfolio for the period October 9, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A A | $37  | 0.92% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Utilities 25/50 Index for the fiscal year, led by heavy electrical equipment. Stock selection in multi-utilities and coal & consumable fuels also boosted the fund's relative performance.

• The top individual relative contributor was our stake in GE Vernova (+150%). A stake in Cameco gained roughly 136% and was a second notable relative contributor. This was a stake we established this period. Another notable relative contributor was our stake in Quanta Services (+71%). This was a stake we established this period. All these contributors were non-index positions.

• In contrast, the primary detractor from performance versus the sector index was stock picking in electric utilities. Stock picks and an overweight in independent power producers & energy traders also hampered the fund's result. Also hurting our result were stock picks in environmental & facilities services.

• The biggest individual relative detractor was the fund's positioning in NRG Energy (+19%). This period we increased our stake in NRG Energy to an overweight at period end. The company was among our largest holdings at period end. The second-largest relative detractor was an overweight in Constellation Energy (+30%). This period we increased our stake in Constellation Energy. The stock was one of the fund's largest holdings. Another notable relative detractor was an underweight in AES (+58%). This period we decreased our investment in AES.

• Notable changes in positioning include decreased exposure to multi-utilities.

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4088784869<br>|
| Number of Holdings | 34<br>|
| Total Advisory Fee | $16858023<br>|
| Portfolio Turnover | 76%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Electric Utilities | 68.4 |
| Multi-Utilities | 16.1 |
| Independent Power and Renewable Electricity Producers | 7.0 |
| Electrical Equipment | 3.0 |
| Construction & Engineering | 1.8 |
| Media | 1.0 |
| Gas Utilities | 0.8 |
| Machinery | 0.4 |
| Oil, Gas & Consumable Fuels | 0.1 |

---

Common Stocks 98.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img65_20260228_AA.jpg) <br>|

---

Common Stocks - 98.6&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) - 1.4 <br>

United States 99.2 <br> Germany 0.7 <br> Canada 0.1

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img65_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.2&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;Canada - 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)**  |  |
| NextEra Energy Inc | 13.6<br>|
| Constellation Energy Corp | 8.3<br>|
| NRG Energy Inc | 7.3<br>|
| Duke Energy Corp | 6.6<br>|
| Sempra | 5.9<br>|
| Vistra Corp | 5.5<br>|
| Entergy Corp | 4.9<br>|
| Exelon Corp | 4.7<br>|
| Xcel Energy Inc | 4.5<br>|
| American Electric Power Co Inc | 3.8<br>|
|  | 65.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 9, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Utilities Fund merged into Utilities Portfolio on October 17, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img65_20260228_1.jpg)<br>| ![](img126152_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> 1.9920872.100 9082-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Utilities Portfolio<br> **Fidelity Advisor® Utilities Fund Class M : FFUMX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Utilities Portfolio for the period October 9, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M A | $47  | 1.18% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Utilities 25/50 Index for the fiscal year, led by heavy electrical equipment. Stock selection in multi-utilities and coal & consumable fuels also boosted the fund's relative performance.

• The top individual relative contributor was our stake in GE Vernova (+150%). A stake in Cameco gained roughly 136% and was a second notable relative contributor. This was a stake we established this period. Another notable relative contributor was our stake in Quanta Services (+71%). This was a stake we established this period. All these contributors were non-index positions.

• In contrast, the primary detractor from performance versus the sector index was stock picking in electric utilities. Stock picks and an overweight in independent power producers & energy traders also hampered the fund's result. Also hurting our result were stock picks in environmental & facilities services.

• The biggest individual relative detractor was the fund's positioning in NRG Energy (+19%). This period we increased our stake in NRG Energy to an overweight at period end. The company was among our largest holdings at period end. The second-largest relative detractor was an overweight in Constellation Energy (+30%). This period we increased our stake in Constellation Energy. The stock was one of the fund's largest holdings. Another notable relative detractor was an underweight in AES (+58%). This period we decreased our investment in AES.

• Notable changes in positioning include decreased exposure to multi-utilities.

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4088784869<br>|
| Number of Holdings | 34<br>|
| Total Advisory Fee | $16858023<br>|
| Portfolio Turnover | 76%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Electric Utilities | 68.4 |
| Multi-Utilities | 16.1 |
| Independent Power and Renewable Electricity Producers | 7.0 |
| Electrical Equipment | 3.0 |
| Construction & Engineering | 1.8 |
| Media | 1.0 |
| Gas Utilities | 0.8 |
| Machinery | 0.4 |
| Oil, Gas & Consumable Fuels | 0.1 |

---

Common Stocks 98.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img65_20260228_AA.jpg) <br>|

---

Common Stocks - 98.6&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) - 1.4 <br>

United States 99.2 <br> Germany 0.7 <br> Canada 0.1

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img65_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.2&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;Canada - 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)**  |  |
| NextEra Energy Inc | 13.6<br>|
| Constellation Energy Corp | 8.3<br>|
| NRG Energy Inc | 7.3<br>|
| Duke Energy Corp | 6.6<br>|
| Sempra | 5.9<br>|
| Vistra Corp | 5.5<br>|
| Entergy Corp | 4.9<br>|
| Exelon Corp | 4.7<br>|
| Xcel Energy Inc | 4.5<br>|
| American Electric Power Co Inc | 3.8<br>|
|  | 65.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 9, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Utilities Fund merged into Utilities Portfolio on October 17, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img65_20260228_1.jpg)<br>| ![](img126153_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> 1.9920874.100 9084-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Utilities Portfolio<br> **Fidelity Advisor® Utilities Fund Class C : FFUCX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Utilities Portfolio for the period October 9, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C A | $68  | 1.68% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Utilities 25/50 Index for the fiscal year, led by heavy electrical equipment. Stock selection in multi-utilities and coal & consumable fuels also boosted the fund's relative performance.

• The top individual relative contributor was our stake in GE Vernova (+150%). A stake in Cameco gained roughly 136% and was a second notable relative contributor. This was a stake we established this period. Another notable relative contributor was our stake in Quanta Services (+71%). This was a stake we established this period. All these contributors were non-index positions.

• In contrast, the primary detractor from performance versus the sector index was stock picking in electric utilities. Stock picks and an overweight in independent power producers & energy traders also hampered the fund's result. Also hurting our result were stock picks in environmental & facilities services.

• The biggest individual relative detractor was the fund's positioning in NRG Energy (+19%). This period we increased our stake in NRG Energy to an overweight at period end. The company was among our largest holdings at period end. The second-largest relative detractor was an overweight in Constellation Energy (+30%). This period we increased our stake in Constellation Energy. The stock was one of the fund's largest holdings. Another notable relative detractor was an underweight in AES (+58%). This period we decreased our investment in AES.

• Notable changes in positioning include decreased exposure to multi-utilities.

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4088784869<br>|
| Number of Holdings | 34<br>|
| Total Advisory Fee | $16858023<br>|
| Portfolio Turnover | 76%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Electric Utilities | 68.4 |
| Multi-Utilities | 16.1 |
| Independent Power and Renewable Electricity Producers | 7.0 |
| Electrical Equipment | 3.0 |
| Construction & Engineering | 1.8 |
| Media | 1.0 |
| Gas Utilities | 0.8 |
| Machinery | 0.4 |
| Oil, Gas & Consumable Fuels | 0.1 |

---

Common Stocks 98.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img65_20260228_AA.jpg) <br>|

---

Common Stocks - 98.6&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) - 1.4 <br>

United States 99.2 <br> Germany 0.7 <br> Canada 0.1

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img65_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.2&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;Canada - 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)**  |  |
| NextEra Energy Inc | 13.6<br>|
| Constellation Energy Corp | 8.3<br>|
| NRG Energy Inc | 7.3<br>|
| Duke Energy Corp | 6.6<br>|
| Sempra | 5.9<br>|
| Vistra Corp | 5.5<br>|
| Entergy Corp | 4.9<br>|
| Exelon Corp | 4.7<br>|
| Xcel Energy Inc | 4.5<br>|
| American Electric Power Co Inc | 3.8<br>|
|  | 65.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 9, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Utilities Fund merged into Utilities Portfolio on October 17, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img65_20260228_1.jpg)<br>| ![](img126154_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> 1.9920876.100 9086-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Utilities Portfolio<br> **Fidelity Advisor® Utilities Fund Class I : FFUIX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Utilities Portfolio for the period October 9, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I A | $27  | 0.67% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Utilities 25/50 Index for the fiscal year, led by heavy electrical equipment. Stock selection in multi-utilities and coal & consumable fuels also boosted the fund's relative performance.

• The top individual relative contributor was our stake in GE Vernova (+150%). A stake in Cameco gained roughly 136% and was a second notable relative contributor. This was a stake we established this period. Another notable relative contributor was our stake in Quanta Services (+71%). This was a stake we established this period. All these contributors were non-index positions.

• In contrast, the primary detractor from performance versus the sector index was stock picking in electric utilities. Stock picks and an overweight in independent power producers & energy traders also hampered the fund's result. Also hurting our result were stock picks in environmental & facilities services.

• The biggest individual relative detractor was the fund's positioning in NRG Energy (+19%). This period we increased our stake in NRG Energy to an overweight at period end. The company was among our largest holdings at period end. The second-largest relative detractor was an overweight in Constellation Energy (+30%). This period we increased our stake in Constellation Energy. The stock was one of the fund's largest holdings. Another notable relative detractor was an underweight in AES (+58%). This period we decreased our investment in AES.

• Notable changes in positioning include decreased exposure to multi-utilities.

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4088784869<br>|
| Number of Holdings | 34<br>|
| Total Advisory Fee | $16858023<br>|
| Portfolio Turnover | 76%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Electric Utilities | 68.4 |
| Multi-Utilities | 16.1 |
| Independent Power and Renewable Electricity Producers | 7.0 |
| Electrical Equipment | 3.0 |
| Construction & Engineering | 1.8 |
| Media | 1.0 |
| Gas Utilities | 0.8 |
| Machinery | 0.4 |
| Oil, Gas & Consumable Fuels | 0.1 |

---

Common Stocks 98.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img65_20260228_AA.jpg) <br>|

---

Common Stocks - 98.6&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) - 1.4 <br>

United States 99.2 <br> Germany 0.7 <br> Canada 0.1

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img65_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.2&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;Canada - 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)**  |  |
| NextEra Energy Inc | 13.6<br>|
| Constellation Energy Corp | 8.3<br>|
| NRG Energy Inc | 7.3<br>|
| Duke Energy Corp | 6.6<br>|
| Sempra | 5.9<br>|
| Vistra Corp | 5.5<br>|
| Entergy Corp | 4.9<br>|
| Exelon Corp | 4.7<br>|
| Xcel Energy Inc | 4.5<br>|
| American Electric Power Co Inc | 3.8<br>|
|  | 65.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 9, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Utilities Fund merged into Utilities Portfolio on October 17, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img65_20260228_1.jpg)<br>| ![](img126155_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> 1.9920878.100 9087-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Utilities Portfolio<br> **Fidelity Advisor® Utilities Fund Class Z : FFUZX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Utilities Portfolio for the period October 9, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z A | $22  | 0.55% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Utilities 25/50 Index for the fiscal year, led by heavy electrical equipment. Stock selection in multi-utilities and coal & consumable fuels also boosted the fund's relative performance.

• The top individual relative contributor was our stake in GE Vernova (+150%). A stake in Cameco gained roughly 136% and was a second notable relative contributor. This was a stake we established this period. Another notable relative contributor was our stake in Quanta Services (+71%). This was a stake we established this period. All these contributors were non-index positions.

• In contrast, the primary detractor from performance versus the sector index was stock picking in electric utilities. Stock picks and an overweight in independent power producers & energy traders also hampered the fund's result. Also hurting our result were stock picks in environmental & facilities services.

• The biggest individual relative detractor was the fund's positioning in NRG Energy (+19%). This period we increased our stake in NRG Energy to an overweight at period end. The company was among our largest holdings at period end. The second-largest relative detractor was an overweight in Constellation Energy (+30%). This period we increased our stake in Constellation Energy. The stock was one of the fund's largest holdings. Another notable relative detractor was an underweight in AES (+58%). This period we decreased our investment in AES.

• Notable changes in positioning include decreased exposure to multi-utilities.

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4088784869<br>|
| Number of Holdings | 34<br>|
| Total Advisory Fee | $16858023<br>|
| Portfolio Turnover | 76%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Electric Utilities | 68.4 |
| Multi-Utilities | 16.1 |
| Independent Power and Renewable Electricity Producers | 7.0 |
| Electrical Equipment | 3.0 |
| Construction & Engineering | 1.8 |
| Media | 1.0 |
| Gas Utilities | 0.8 |
| Machinery | 0.4 |
| Oil, Gas & Consumable Fuels | 0.1 |

---

Common Stocks 98.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img65_20260228_AA.jpg) <br>|

---

Common Stocks - 98.6&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) - 1.4 <br>

United States 99.2 <br> Germany 0.7 <br> Canada 0.1

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img65_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.2&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;Canada - 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)**  |  |
| NextEra Energy Inc | 13.6<br>|
| Constellation Energy Corp | 8.3<br>|
| NRG Energy Inc | 7.3<br>|
| Duke Energy Corp | 6.6<br>|
| Sempra | 5.9<br>|
| Vistra Corp | 5.5<br>|
| Entergy Corp | 4.9<br>|
| Exelon Corp | 4.7<br>|
| Xcel Energy Inc | 4.5<br>|
| American Electric Power Co Inc | 3.8<br>|
|  | 65.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 9, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Utilities Fund merged into Utilities Portfolio on October 17, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img65_20260228_1.jpg)<br>| ![](img126156_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> 1.9920880.100 9088-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Technology Portfolio<br> **Fidelity Advisor® Technology Fund Class A : FFONX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Technology Portfolio for the period November 6, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A A | $28  | 0.89% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI US IMI Information Technology 25/50 Index for the fiscal year. However, security selection in technology hardware, storage & peripherals stood out for its contribution. A large overweight in semiconductors also boosted relative performance. Also contributing to our result were stock picks and an underweight in application software.

• The top individual relative contributor was an overweight in Western Digital (+470%). The company was among our biggest holdings at period end. A second notable relative contributor was an overweight in Micron Technology (+340%). The company was one of the fund's biggest holdings. Another notable relative contributor was an overweight in Sandisk (+1259%). This period we decreased our investment in Sandisk.

• In contrast, the biggest detractor from performance versus the sector index was stock selection in semiconductors. An underweight in semiconductor materials & equipment also hampered the fund's result. Also hurting our result were picks in communications equipment.

• The biggest individual relative detractor was an underweight in Broadcom (+62%). This security was not held at period end. A second notable relative detractor was an overweight in HubSpot (-63%). This period we increased our investment in HubSpot. An overweight in Marvell Technology (-10%) also detracted. The company was one of our biggest holdings.

• Notable changes in positioning include decreased exposure to the systems software industry and a higher allocation to semiconductors.

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $27313203802<br>|
| Number of Holdings | 124<br>|
| Total Advisory Fee | $122307365<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 49.5 |
| Technology Hardware, Storage & Peripherals | 16.9 |
| Software | 16.5 |
| IT Services | 6.5 |
| Communications Equipment | 4.0 |
| Electronic Equipment, Instruments & Components | 1.5 |
| Broadline Retail | 1.5 |
| Entertainment | 1.1 |
| Ground Transportation | 0.7 |
| Others | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 95.7 |
| Preferred Stocks | 3.3 |
| Bonds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img64_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 3.3&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;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 90.2 |
| Netherlands | 6.7 |
| Canada | 1.8 |
| Taiwan | 0.9 |
| United Kingdom | 0.2 |
| China | 0.1 |
| India | 0.1 |
| Estonia | 0.0 |
| Israel | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img64_20260228_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 - 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 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;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;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;India - 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 - 0.0&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;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)**  |  |
| NVIDIA Corp | 24.6<br>|
| Apple Inc | 12.7<br>|
| Microsoft Corp | 6.7<br>|
| NXP Semiconductors NV | 5.2<br>|
| Marvell Technology Inc | 4.7<br>|
| ON Semiconductor Corp | 4.5<br>|
| Micron Technology Inc | 4.2<br>|
| Cisco Systems Inc | 3.9<br>|
| Western Digital Corp | 2.9<br>|
| GlobalFoundries Inc | 2.7<br>|
|  | 72.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 6, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Technology Fund merged into Technology Portfolio on November 14, 2025. Effective July 22, 2025, the fund's investment objective became a fundamental policy.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img64_20260228_1.jpg)<br>| ![](img126157_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> 1.9921111.100 9117-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Technology Portfolio<br> **Fidelity Advisor® Technology Fund Class M : FFOJX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Technology Portfolio for the period November 6, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M A | $35  | 1.14% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI US IMI Information Technology 25/50 Index for the fiscal year. However, security selection in technology hardware, storage & peripherals stood out for its contribution. A large overweight in semiconductors also boosted relative performance. Also contributing to our result were stock picks and an underweight in application software.

• The top individual relative contributor was an overweight in Western Digital (+470%). The company was among our biggest holdings at period end. A second notable relative contributor was an overweight in Micron Technology (+340%). The company was one of the fund's biggest holdings. Another notable relative contributor was an overweight in Sandisk (+1259%). This period we decreased our investment in Sandisk.

• In contrast, the biggest detractor from performance versus the sector index was stock selection in semiconductors. An underweight in semiconductor materials & equipment also hampered the fund's result. Also hurting our result were picks in communications equipment.

• The biggest individual relative detractor was an underweight in Broadcom (+62%). This security was not held at period end. A second notable relative detractor was an overweight in HubSpot (-63%). This period we increased our investment in HubSpot. An overweight in Marvell Technology (-10%) also detracted. The company was one of our biggest holdings.

• Notable changes in positioning include decreased exposure to the systems software industry and a higher allocation to semiconductors.

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $27313203802<br>|
| Number of Holdings | 124<br>|
| Total Advisory Fee | $122307365<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 49.5 |
| Technology Hardware, Storage & Peripherals | 16.9 |
| Software | 16.5 |
| IT Services | 6.5 |
| Communications Equipment | 4.0 |
| Electronic Equipment, Instruments & Components | 1.5 |
| Broadline Retail | 1.5 |
| Entertainment | 1.1 |
| Ground Transportation | 0.7 |
| Others | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 95.7 |
| Preferred Stocks | 3.3 |
| Bonds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img64_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 3.3&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;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 90.2 |
| Netherlands | 6.7 |
| Canada | 1.8 |
| Taiwan | 0.9 |
| United Kingdom | 0.2 |
| China | 0.1 |
| India | 0.1 |
| Estonia | 0.0 |
| Israel | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img64_20260228_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 - 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 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;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;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;India - 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 - 0.0&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;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)**  |  |
| NVIDIA Corp | 24.6<br>|
| Apple Inc | 12.7<br>|
| Microsoft Corp | 6.7<br>|
| NXP Semiconductors NV | 5.2<br>|
| Marvell Technology Inc | 4.7<br>|
| ON Semiconductor Corp | 4.5<br>|
| Micron Technology Inc | 4.2<br>|
| Cisco Systems Inc | 3.9<br>|
| Western Digital Corp | 2.9<br>|
| GlobalFoundries Inc | 2.7<br>|
|  | 72.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 6, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Technology Fund merged into Technology Portfolio on November 14, 2025. Effective July 22, 2025, the fund's investment objective became a fundamental policy.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img64_20260228_1.jpg)<br>| ![](img126158_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> 1.9921113.100 9118-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Technology Portfolio<br> **Fidelity Advisor® Technology Fund Class C : FFOQX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Technology Portfolio for the period November 6, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C A | $51  | 1.63% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI US IMI Information Technology 25/50 Index for the fiscal year. However, security selection in technology hardware, storage & peripherals stood out for its contribution. A large overweight in semiconductors also boosted relative performance. Also contributing to our result were stock picks and an underweight in application software.

• The top individual relative contributor was an overweight in Western Digital (+470%). The company was among our biggest holdings at period end. A second notable relative contributor was an overweight in Micron Technology (+340%). The company was one of the fund's biggest holdings. Another notable relative contributor was an overweight in Sandisk (+1259%). This period we decreased our investment in Sandisk.

• In contrast, the biggest detractor from performance versus the sector index was stock selection in semiconductors. An underweight in semiconductor materials & equipment also hampered the fund's result. Also hurting our result were picks in communications equipment.

• The biggest individual relative detractor was an underweight in Broadcom (+62%). This security was not held at period end. A second notable relative detractor was an overweight in HubSpot (-63%). This period we increased our investment in HubSpot. An overweight in Marvell Technology (-10%) also detracted. The company was one of our biggest holdings.

• Notable changes in positioning include decreased exposure to the systems software industry and a higher allocation to semiconductors.

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $27313203802<br>|
| Number of Holdings | 124<br>|
| Total Advisory Fee | $122307365<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 49.5 |
| Technology Hardware, Storage & Peripherals | 16.9 |
| Software | 16.5 |
| IT Services | 6.5 |
| Communications Equipment | 4.0 |
| Electronic Equipment, Instruments & Components | 1.5 |
| Broadline Retail | 1.5 |
| Entertainment | 1.1 |
| Ground Transportation | 0.7 |
| Others | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 95.7 |
| Preferred Stocks | 3.3 |
| Bonds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img64_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 3.3&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;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 90.2 |
| Netherlands | 6.7 |
| Canada | 1.8 |
| Taiwan | 0.9 |
| United Kingdom | 0.2 |
| China | 0.1 |
| India | 0.1 |
| Estonia | 0.0 |
| Israel | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img64_20260228_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 - 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 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;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;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;India - 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 - 0.0&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;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)**  |  |
| NVIDIA Corp | 24.6<br>|
| Apple Inc | 12.7<br>|
| Microsoft Corp | 6.7<br>|
| NXP Semiconductors NV | 5.2<br>|
| Marvell Technology Inc | 4.7<br>|
| ON Semiconductor Corp | 4.5<br>|
| Micron Technology Inc | 4.2<br>|
| Cisco Systems Inc | 3.9<br>|
| Western Digital Corp | 2.9<br>|
| GlobalFoundries Inc | 2.7<br>|
|  | 72.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 6, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Technology Fund merged into Technology Portfolio on November 14, 2025. Effective July 22, 2025, the fund's investment objective became a fundamental policy.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img64_20260228_1.jpg)<br>| ![](img126159_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> 1.9921115.100 9119-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Technology Portfolio<br> **Fidelity Advisor® Technology Fund Class I : FFOMX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Technology Portfolio for the period November 6, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I A | $20  | 0.64% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI US IMI Information Technology 25/50 Index for the fiscal year. However, security selection in technology hardware, storage & peripherals stood out for its contribution. A large overweight in semiconductors also boosted relative performance. Also contributing to our result were stock picks and an underweight in application software.

• The top individual relative contributor was an overweight in Western Digital (+470%). The company was among our biggest holdings at period end. A second notable relative contributor was an overweight in Micron Technology (+340%). The company was one of the fund's biggest holdings. Another notable relative contributor was an overweight in Sandisk (+1259%). This period we decreased our investment in Sandisk.

• In contrast, the biggest detractor from performance versus the sector index was stock selection in semiconductors. An underweight in semiconductor materials & equipment also hampered the fund's result. Also hurting our result were picks in communications equipment.

• The biggest individual relative detractor was an underweight in Broadcom (+62%). This security was not held at period end. A second notable relative detractor was an overweight in HubSpot (-63%). This period we increased our investment in HubSpot. An overweight in Marvell Technology (-10%) also detracted. The company was one of our biggest holdings.

• Notable changes in positioning include decreased exposure to the systems software industry and a higher allocation to semiconductors.

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $27313203802<br>|
| Number of Holdings | 124<br>|
| Total Advisory Fee | $122307365<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 49.5 |
| Technology Hardware, Storage & Peripherals | 16.9 |
| Software | 16.5 |
| IT Services | 6.5 |
| Communications Equipment | 4.0 |
| Electronic Equipment, Instruments & Components | 1.5 |
| Broadline Retail | 1.5 |
| Entertainment | 1.1 |
| Ground Transportation | 0.7 |
| Others | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 95.7 |
| Preferred Stocks | 3.3 |
| Bonds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img64_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 3.3&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;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 90.2 |
| Netherlands | 6.7 |
| Canada | 1.8 |
| Taiwan | 0.9 |
| United Kingdom | 0.2 |
| China | 0.1 |
| India | 0.1 |
| Estonia | 0.0 |
| Israel | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img64_20260228_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 - 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 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;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;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;India - 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 - 0.0&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;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)**  |  |
| NVIDIA Corp | 24.6<br>|
| Apple Inc | 12.7<br>|
| Microsoft Corp | 6.7<br>|
| NXP Semiconductors NV | 5.2<br>|
| Marvell Technology Inc | 4.7<br>|
| ON Semiconductor Corp | 4.5<br>|
| Micron Technology Inc | 4.2<br>|
| Cisco Systems Inc | 3.9<br>|
| Western Digital Corp | 2.9<br>|
| GlobalFoundries Inc | 2.7<br>|
|  | 72.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 6, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Technology Fund merged into Technology Portfolio on November 14, 2025. Effective July 22, 2025, the fund's investment objective became a fundamental policy.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img64_20260228_1.jpg)<br>| ![](img126160_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> 1.9921117.100 9120-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Technology Portfolio<br> **Fidelity Advisor® Technology Fund Class Z : FFOTX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Technology Portfolio for the period November 6, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z A | $16  | 0.53% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI US IMI Information Technology 25/50 Index for the fiscal year. However, security selection in technology hardware, storage & peripherals stood out for its contribution. A large overweight in semiconductors also boosted relative performance. Also contributing to our result were stock picks and an underweight in application software.

• The top individual relative contributor was an overweight in Western Digital (+470%). The company was among our biggest holdings at period end. A second notable relative contributor was an overweight in Micron Technology (+340%). The company was one of the fund's biggest holdings. Another notable relative contributor was an overweight in Sandisk (+1259%). This period we decreased our investment in Sandisk.

• In contrast, the biggest detractor from performance versus the sector index was stock selection in semiconductors. An underweight in semiconductor materials & equipment also hampered the fund's result. Also hurting our result were picks in communications equipment.

• The biggest individual relative detractor was an underweight in Broadcom (+62%). This security was not held at period end. A second notable relative detractor was an overweight in HubSpot (-63%). This period we increased our investment in HubSpot. An overweight in Marvell Technology (-10%) also detracted. The company was one of our biggest holdings.

• Notable changes in positioning include decreased exposure to the systems software industry and a higher allocation to semiconductors.

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $27313203802<br>|
| Number of Holdings | 124<br>|
| Total Advisory Fee | $122307365<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 49.5 |
| Technology Hardware, Storage & Peripherals | 16.9 |
| Software | 16.5 |
| IT Services | 6.5 |
| Communications Equipment | 4.0 |
| Electronic Equipment, Instruments & Components | 1.5 |
| Broadline Retail | 1.5 |
| Entertainment | 1.1 |
| Ground Transportation | 0.7 |
| Others | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 95.7 |
| Preferred Stocks | 3.3 |
| Bonds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img64_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 3.3&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;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 90.2 |
| Netherlands | 6.7 |
| Canada | 1.8 |
| Taiwan | 0.9 |
| United Kingdom | 0.2 |
| China | 0.1 |
| India | 0.1 |
| Estonia | 0.0 |
| Israel | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img64_20260228_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 - 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 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;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;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;India - 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 - 0.0&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;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)**  |  |
| NVIDIA Corp | 24.6<br>|
| Apple Inc | 12.7<br>|
| Microsoft Corp | 6.7<br>|
| NXP Semiconductors NV | 5.2<br>|
| Marvell Technology Inc | 4.7<br>|
| ON Semiconductor Corp | 4.5<br>|
| Micron Technology Inc | 4.2<br>|
| Cisco Systems Inc | 3.9<br>|
| Western Digital Corp | 2.9<br>|
| GlobalFoundries Inc | 2.7<br>|
|  | 72.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 6, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Technology Fund merged into Technology Portfolio on November 14, 2025. Effective July 22, 2025, the fund's investment objective became a fundamental policy.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img64_20260228_1.jpg)<br>| ![](img126161_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> 1.9921119.100 9121-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Consumer Discretionary Portfolio<br> **Fidelity Advisor® Consumer Discretionary Fund Class A : FFNRX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Consumer Discretionary Portfolio for the period November 6, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A A | $30  | 0.96% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI US IMI Consumer Discretionary 25/50 Index for the fiscal year, led by apparel, accessories & luxury goods. Security selection and overweights in home furnishings and apparel retail also boosted the fund's relative performance.

• The top individual relative contributor was our non-index stake in Aritzia (+92%). A second notable relative contributor was an overweight in Somnigroup International (+40%). The stock was one of the fund's largest holdings. Another notable relative contributor was an overweight in Tapestry (+84%).

• In contrast, the primary detractor from performance versus the sector index was an underweight in automobile manufacturers. Also hurting our result was stock picking in automotive retail and broadline retail.

• The largest individual relative detractor was an overweight in Floor & Decor Holdings (-28%). This period we increased our investment in Floor & Decor Holdings. The second-largest relative detractor was an underweight in Tesla (+37%). The company was one of the fund's largest holdings. An overweight in Domino's Pizza (-17%) also detracted.

• Notable changes in positioning include increased exposure to the apparel retail and automobile manufacturers industries.

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $960166712<br>|
| Number of Holdings | 59<br>|
| Total Advisory Fee | $4255887<br>|
| Portfolio Turnover | 21%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Broadline Retail | 26.1 |
| Specialty Retail | 24.7 |
| Automobiles | 17.1 |
| Hotels, Restaurants & Leisure | 16.8 |
| Household Durables | 5.9 |
| Textiles, Apparel & Luxury Goods | 4.9 |
| Automobile Components | 2.0 |
| Consumer Staples Distribution & Retail | 1.5 |
| Construction Materials | 0.8 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img517_20260228_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 | 96.7 |
| Canada | 2.0 |
| Brazil | 0.9 |
| France | 0.2 |
| Switzerland | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img517_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 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 - 0.2&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;Switzerland - 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)**  |  |
| Amazon.com Inc | 24.2<br>|
| Tesla Inc | 15.4<br>|
| Home Depot Inc/The | 4.6<br>|
| Lowe's Cos Inc | 4.4<br>|
| McDonald's Corp | 3.3<br>|
| TJX Cos Inc/The | 3.3<br>|
| Hilton Worldwide Holdings Inc | 2.8<br>|
| Somnigroup International Inc | 2.5<br>|
| Ross Stores Inc | 2.1<br>|
| Dick's Sporting Goods Inc | 1.9<br>|
|  | 64.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 6, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Consumer Discretionary Fund merged into Consumer Discretionary Portfolio on November 14, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img517_20260228_1.jpg)<br>| ![](img126162_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> 1.9921085.100 9122-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Consumer Discretionary Portfolio<br> **Fidelity Advisor® Consumer Discretionary Fund Class M : FFNNX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Consumer Discretionary Portfolio for the period November 6, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M A | $38  | 1.22% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI US IMI Consumer Discretionary 25/50 Index for the fiscal year, led by apparel, accessories & luxury goods. Security selection and overweights in home furnishings and apparel retail also boosted the fund's relative performance.

• The top individual relative contributor was our non-index stake in Aritzia (+92%). A second notable relative contributor was an overweight in Somnigroup International (+40%). The stock was one of the fund's largest holdings. Another notable relative contributor was an overweight in Tapestry (+84%).

• In contrast, the primary detractor from performance versus the sector index was an underweight in automobile manufacturers. Also hurting our result was stock picking in automotive retail and broadline retail.

• The largest individual relative detractor was an overweight in Floor & Decor Holdings (-28%). This period we increased our investment in Floor & Decor Holdings. The second-largest relative detractor was an underweight in Tesla (+37%). The company was one of the fund's largest holdings. An overweight in Domino's Pizza (-17%) also detracted.

• Notable changes in positioning include increased exposure to the apparel retail and automobile manufacturers industries.

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $960166712<br>|
| Number of Holdings | 59<br>|
| Total Advisory Fee | $4255887<br>|
| Portfolio Turnover | 21%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Broadline Retail | 26.1 |
| Specialty Retail | 24.7 |
| Automobiles | 17.1 |
| Hotels, Restaurants & Leisure | 16.8 |
| Household Durables | 5.9 |
| Textiles, Apparel & Luxury Goods | 4.9 |
| Automobile Components | 2.0 |
| Consumer Staples Distribution & Retail | 1.5 |
| Construction Materials | 0.8 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img517_20260228_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 | 96.7 |
| Canada | 2.0 |
| Brazil | 0.9 |
| France | 0.2 |
| Switzerland | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img517_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 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 - 0.2&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;Switzerland - 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)**  |  |
| Amazon.com Inc | 24.2<br>|
| Tesla Inc | 15.4<br>|
| Home Depot Inc/The | 4.6<br>|
| Lowe's Cos Inc | 4.4<br>|
| McDonald's Corp | 3.3<br>|
| TJX Cos Inc/The | 3.3<br>|
| Hilton Worldwide Holdings Inc | 2.8<br>|
| Somnigroup International Inc | 2.5<br>|
| Ross Stores Inc | 2.1<br>|
| Dick's Sporting Goods Inc | 1.9<br>|
|  | 64.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 6, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Consumer Discretionary Fund merged into Consumer Discretionary Portfolio on November 14, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img517_20260228_1.jpg)<br>| ![](img126163_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> 1.9921087.100 9123-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Consumer Discretionary Portfolio<br> **Fidelity Advisor® Consumer Discretionary Fund Class C : FFNSX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Consumer Discretionary Portfolio for the period November 6, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C A | $54  | 1.71% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI US IMI Consumer Discretionary 25/50 Index for the fiscal year, led by apparel, accessories & luxury goods. Security selection and overweights in home furnishings and apparel retail also boosted the fund's relative performance.

• The top individual relative contributor was our non-index stake in Aritzia (+92%). A second notable relative contributor was an overweight in Somnigroup International (+40%). The stock was one of the fund's largest holdings. Another notable relative contributor was an overweight in Tapestry (+84%).

• In contrast, the primary detractor from performance versus the sector index was an underweight in automobile manufacturers. Also hurting our result was stock picking in automotive retail and broadline retail.

• The largest individual relative detractor was an overweight in Floor & Decor Holdings (-28%). This period we increased our investment in Floor & Decor Holdings. The second-largest relative detractor was an underweight in Tesla (+37%). The company was one of the fund's largest holdings. An overweight in Domino's Pizza (-17%) also detracted.

• Notable changes in positioning include increased exposure to the apparel retail and automobile manufacturers industries.

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $960166712<br>|
| Number of Holdings | 59<br>|
| Total Advisory Fee | $4255887<br>|
| Portfolio Turnover | 21%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Broadline Retail | 26.1 |
| Specialty Retail | 24.7 |
| Automobiles | 17.1 |
| Hotels, Restaurants & Leisure | 16.8 |
| Household Durables | 5.9 |
| Textiles, Apparel & Luxury Goods | 4.9 |
| Automobile Components | 2.0 |
| Consumer Staples Distribution & Retail | 1.5 |
| Construction Materials | 0.8 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img517_20260228_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 | 96.7 |
| Canada | 2.0 |
| Brazil | 0.9 |
| France | 0.2 |
| Switzerland | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img517_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 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 - 0.2&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;Switzerland - 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)**  |  |
| Amazon.com Inc | 24.2<br>|
| Tesla Inc | 15.4<br>|
| Home Depot Inc/The | 4.6<br>|
| Lowe's Cos Inc | 4.4<br>|
| McDonald's Corp | 3.3<br>|
| TJX Cos Inc/The | 3.3<br>|
| Hilton Worldwide Holdings Inc | 2.8<br>|
| Somnigroup International Inc | 2.5<br>|
| Ross Stores Inc | 2.1<br>|
| Dick's Sporting Goods Inc | 1.9<br>|
|  | 64.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 6, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Consumer Discretionary Fund merged into Consumer Discretionary Portfolio on November 14, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img517_20260228_1.jpg)<br>| ![](img126164_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> 1.9921089.100 9124-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Consumer Discretionary Portfolio<br> **Fidelity Advisor® Consumer Discretionary Fund Class I : FFNQX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Consumer Discretionary Portfolio for the period November 6, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I A | $22  | 0.70% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI US IMI Consumer Discretionary 25/50 Index for the fiscal year, led by apparel, accessories & luxury goods. Security selection and overweights in home furnishings and apparel retail also boosted the fund's relative performance.

• The top individual relative contributor was our non-index stake in Aritzia (+92%). A second notable relative contributor was an overweight in Somnigroup International (+40%). The stock was one of the fund's largest holdings. Another notable relative contributor was an overweight in Tapestry (+84%).

• In contrast, the primary detractor from performance versus the sector index was an underweight in automobile manufacturers. Also hurting our result was stock picking in automotive retail and broadline retail.

• The largest individual relative detractor was an overweight in Floor & Decor Holdings (-28%). This period we increased our investment in Floor & Decor Holdings. The second-largest relative detractor was an underweight in Tesla (+37%). The company was one of the fund's largest holdings. An overweight in Domino's Pizza (-17%) also detracted.

• Notable changes in positioning include increased exposure to the apparel retail and automobile manufacturers industries.

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $960166712<br>|
| Number of Holdings | 59<br>|
| Total Advisory Fee | $4255887<br>|
| Portfolio Turnover | 21%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Broadline Retail | 26.1 |
| Specialty Retail | 24.7 |
| Automobiles | 17.1 |
| Hotels, Restaurants & Leisure | 16.8 |
| Household Durables | 5.9 |
| Textiles, Apparel & Luxury Goods | 4.9 |
| Automobile Components | 2.0 |
| Consumer Staples Distribution & Retail | 1.5 |
| Construction Materials | 0.8 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img517_20260228_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 | 96.7 |
| Canada | 2.0 |
| Brazil | 0.9 |
| France | 0.2 |
| Switzerland | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img517_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 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 - 0.2&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;Switzerland - 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)**  |  |
| Amazon.com Inc | 24.2<br>|
| Tesla Inc | 15.4<br>|
| Home Depot Inc/The | 4.6<br>|
| Lowe's Cos Inc | 4.4<br>|
| McDonald's Corp | 3.3<br>|
| TJX Cos Inc/The | 3.3<br>|
| Hilton Worldwide Holdings Inc | 2.8<br>|
| Somnigroup International Inc | 2.5<br>|
| Ross Stores Inc | 2.1<br>|
| Dick's Sporting Goods Inc | 1.9<br>|
|  | 64.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 6, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Consumer Discretionary Fund merged into Consumer Discretionary Portfolio on November 14, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img517_20260228_1.jpg)<br>| ![](img126165_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> 1.9921091.100 9125-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Consumer Discretionary Portfolio<br> **Fidelity Advisor® Consumer Discretionary Fund Class Z : FFNUX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Consumer Discretionary Portfolio for the period November 6, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z A | $18  | 0.58% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI US IMI Consumer Discretionary 25/50 Index for the fiscal year, led by apparel, accessories & luxury goods. Security selection and overweights in home furnishings and apparel retail also boosted the fund's relative performance.

• The top individual relative contributor was our non-index stake in Aritzia (+92%). A second notable relative contributor was an overweight in Somnigroup International (+40%). The stock was one of the fund's largest holdings. Another notable relative contributor was an overweight in Tapestry (+84%).

• In contrast, the primary detractor from performance versus the sector index was an underweight in automobile manufacturers. Also hurting our result was stock picking in automotive retail and broadline retail.

• The largest individual relative detractor was an overweight in Floor & Decor Holdings (-28%). This period we increased our investment in Floor & Decor Holdings. The second-largest relative detractor was an underweight in Tesla (+37%). The company was one of the fund's largest holdings. An overweight in Domino's Pizza (-17%) also detracted.

• Notable changes in positioning include increased exposure to the apparel retail and automobile manufacturers industries.

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $960166712<br>|
| Number of Holdings | 59<br>|
| Total Advisory Fee | $4255887<br>|
| Portfolio Turnover | 21%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Broadline Retail | 26.1 |
| Specialty Retail | 24.7 |
| Automobiles | 17.1 |
| Hotels, Restaurants & Leisure | 16.8 |
| Household Durables | 5.9 |
| Textiles, Apparel & Luxury Goods | 4.9 |
| Automobile Components | 2.0 |
| Consumer Staples Distribution & Retail | 1.5 |
| Construction Materials | 0.8 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img517_20260228_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 | 96.7 |
| Canada | 2.0 |
| Brazil | 0.9 |
| France | 0.2 |
| Switzerland | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img517_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 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 - 0.2&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;Switzerland - 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)**  |  |
| Amazon.com Inc | 24.2<br>|
| Tesla Inc | 15.4<br>|
| Home Depot Inc/The | 4.6<br>|
| Lowe's Cos Inc | 4.4<br>|
| McDonald's Corp | 3.3<br>|
| TJX Cos Inc/The | 3.3<br>|
| Hilton Worldwide Holdings Inc | 2.8<br>|
| Somnigroup International Inc | 2.5<br>|
| Ross Stores Inc | 2.1<br>|
| Dick's Sporting Goods Inc | 1.9<br>|
|  | 64.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 6, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Consumer Discretionary Fund merged into Consumer Discretionary Portfolio on November 14, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img517_20260228_1.jpg)<br>| ![](img126166_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> 1.9921093.100 9126-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Energy Portfolio<br> **Fidelity Advisor® Energy Fund Class A : FFOBX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Energy Portfolio for the period November 6, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A A | $33  | 0.92% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Energy 25/50 Index for the fiscal year, led by oil & gas equipment & services. Security selection in integrated oil & gas also boosted the fund's relative performance. Also bolstering our relative result were picks and an underweight in oil & gas exploration & production.

• The top individual relative contributor was our non-index stake in National Energy Services Reunited (+206%). The stock was among our biggest holdings at period end. The second-largest relative contributor was an overweight in TechnipFMC (+125%). The company was among the fund's largest holdings at period end. Another notable relative contributor was our non-index stake in Cenovus Energy (+66%). The company was one of the fund's biggest holdings.

• In contrast, the primary detractor from performance versus the sector index was security selection in oil & gas storage & transportation. Also hurting our result were underweights in oil & gas drilling and coal & consumable fuels.

• The biggest individual relative detractor was our non-index stake in Energy Transfer (+5%). The stock was one of our largest holdings. A second notable relative detractor was an overweight in Cheniere Energy (+4%). The stock was among the fund's largest holdings. Another notable relative detractor was an underweight in Williams (+33%). This was a stake we established this period.

• Notable changes in positioning include increased exposure to the oil & gas equipment & services industry and a lower allocation to oil & gas exploration & production.

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3522950308<br>|
| Number of Holdings | 35<br>|
| Total Advisory Fee | $13391971<br>|
| Portfolio Turnover | 14%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 80.5 |
| Energy Equipment & Services | 16.7 |
| Independent Power and Renewable Electricity Producers | 2.0 |

---

Common Stocks 99.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img60_20260228_AA.jpg) <br>|

---

Common Stocks - 99.2&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) - 0.8 <br>

---

| | |
|:---|:---|
| United States | 86.3 |
| Canada | 9.1 |
| United Kingdom | 4.2 |
| Norway | 0.3 |
| France | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img60_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;United Kingdom - 4.2&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 | 11.1<br>|
| Cenovus Energy Inc | 4.6<br>|
| National Energy Services Reunited Corp | 4.5<br>|
| Canadian Natural Resources Ltd | 4.4<br>|
| Marathon Petroleum Corp | 4.2<br>|
| TechnipFMC PLC | 4.1<br>|
| Energy Transfer LP | 3.7<br>|
| Cheniere Energy Inc | 3.6<br>|
| SLB Ltd | 3.6<br>|
|  | 68.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 6, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Energy Fund merged into Energy Portfolio on November 14, 2025. Effective October 30, 2025, the fund's investment objective became a fundamental policy.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img60_20260228_1.jpg)<br>| ![](img126167_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> 1.9921098.100 9127-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Energy Portfolio<br> **Fidelity Advisor® Energy Fund Class M : FFNVX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Energy Portfolio for the period November 6, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M A | $42  | 1.17% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Energy 25/50 Index for the fiscal year, led by oil & gas equipment & services. Security selection in integrated oil & gas also boosted the fund's relative performance. Also bolstering our relative result were picks and an underweight in oil & gas exploration & production.

• The top individual relative contributor was our non-index stake in National Energy Services Reunited (+206%). The stock was among our biggest holdings at period end. The second-largest relative contributor was an overweight in TechnipFMC (+125%). The company was among the fund's largest holdings at period end. Another notable relative contributor was our non-index stake in Cenovus Energy (+66%). The company was one of the fund's biggest holdings.

• In contrast, the primary detractor from performance versus the sector index was security selection in oil & gas storage & transportation. Also hurting our result were underweights in oil & gas drilling and coal & consumable fuels.

• The biggest individual relative detractor was our non-index stake in Energy Transfer (+5%). The stock was one of our largest holdings. A second notable relative detractor was an overweight in Cheniere Energy (+4%). The stock was among the fund's largest holdings. Another notable relative detractor was an underweight in Williams (+33%). This was a stake we established this period.

• Notable changes in positioning include increased exposure to the oil & gas equipment & services industry and a lower allocation to oil & gas exploration & production.

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3522950308<br>|
| Number of Holdings | 35<br>|
| Total Advisory Fee | $13391971<br>|
| Portfolio Turnover | 14%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 80.5 |
| Energy Equipment & Services | 16.7 |
| Independent Power and Renewable Electricity Producers | 2.0 |

---

Common Stocks 99.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img60_20260228_AA.jpg) <br>|

---

Common Stocks - 99.2&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) - 0.8 <br>

---

| | |
|:---|:---|
| United States | 86.3 |
| Canada | 9.1 |
| United Kingdom | 4.2 |
| Norway | 0.3 |
| France | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img60_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;United Kingdom - 4.2&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 | 11.1<br>|
| Cenovus Energy Inc | 4.6<br>|
| National Energy Services Reunited Corp | 4.5<br>|
| Canadian Natural Resources Ltd | 4.4<br>|
| Marathon Petroleum Corp | 4.2<br>|
| TechnipFMC PLC | 4.1<br>|
| Energy Transfer LP | 3.7<br>|
| Cheniere Energy Inc | 3.6<br>|
| SLB Ltd | 3.6<br>|
|  | 68.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 6, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Energy Fund merged into Energy Portfolio on November 14, 2025. Effective October 30, 2025, the fund's investment objective became a fundamental policy.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img60_20260228_1.jpg)<br>| ![](img126168_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> 1.9921100.100 9128-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Energy Portfolio<br> **Fidelity Advisor® Energy Fund Class C : FFOEX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Energy Portfolio for the period November 6, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C A | $60  | 1.67% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Energy 25/50 Index for the fiscal year, led by oil & gas equipment & services. Security selection in integrated oil & gas also boosted the fund's relative performance. Also bolstering our relative result were picks and an underweight in oil & gas exploration & production.

• The top individual relative contributor was our non-index stake in National Energy Services Reunited (+206%). The stock was among our biggest holdings at period end. The second-largest relative contributor was an overweight in TechnipFMC (+125%). The company was among the fund's largest holdings at period end. Another notable relative contributor was our non-index stake in Cenovus Energy (+66%). The company was one of the fund's biggest holdings.

• In contrast, the primary detractor from performance versus the sector index was security selection in oil & gas storage & transportation. Also hurting our result were underweights in oil & gas drilling and coal & consumable fuels.

• The biggest individual relative detractor was our non-index stake in Energy Transfer (+5%). The stock was one of our largest holdings. A second notable relative detractor was an overweight in Cheniere Energy (+4%). The stock was among the fund's largest holdings. Another notable relative detractor was an underweight in Williams (+33%). This was a stake we established this period.

• Notable changes in positioning include increased exposure to the oil & gas equipment & services industry and a lower allocation to oil & gas exploration & production.

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3522950308<br>|
| Number of Holdings | 35<br>|
| Total Advisory Fee | $13391971<br>|
| Portfolio Turnover | 14%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 80.5 |
| Energy Equipment & Services | 16.7 |
| Independent Power and Renewable Electricity Producers | 2.0 |

---

Common Stocks 99.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img60_20260228_AA.jpg) <br>|

---

Common Stocks - 99.2&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) - 0.8 <br>

---

| | |
|:---|:---|
| United States | 86.3 |
| Canada | 9.1 |
| United Kingdom | 4.2 |
| Norway | 0.3 |
| France | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img60_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;United Kingdom - 4.2&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 | 11.1<br>|
| Cenovus Energy Inc | 4.6<br>|
| National Energy Services Reunited Corp | 4.5<br>|
| Canadian Natural Resources Ltd | 4.4<br>|
| Marathon Petroleum Corp | 4.2<br>|
| TechnipFMC PLC | 4.1<br>|
| Energy Transfer LP | 3.7<br>|
| Cheniere Energy Inc | 3.6<br>|
| SLB Ltd | 3.6<br>|
|  | 68.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 6, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Energy Fund merged into Energy Portfolio on November 14, 2025. Effective October 30, 2025, the fund's investment objective became a fundamental policy.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img60_20260228_1.jpg)<br>| ![](img126169_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> 1.9921102.100 9129-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Energy Portfolio<br> **Fidelity Advisor® Energy Fund Class I : FFNWX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Energy Portfolio for the period November 6, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I A | $24  | 0.67% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Energy 25/50 Index for the fiscal year, led by oil & gas equipment & services. Security selection in integrated oil & gas also boosted the fund's relative performance. Also bolstering our relative result were picks and an underweight in oil & gas exploration & production.

• The top individual relative contributor was our non-index stake in National Energy Services Reunited (+206%). The stock was among our biggest holdings at period end. The second-largest relative contributor was an overweight in TechnipFMC (+125%). The company was among the fund's largest holdings at period end. Another notable relative contributor was our non-index stake in Cenovus Energy (+66%). The company was one of the fund's biggest holdings.

• In contrast, the primary detractor from performance versus the sector index was security selection in oil & gas storage & transportation. Also hurting our result were underweights in oil & gas drilling and coal & consumable fuels.

• The biggest individual relative detractor was our non-index stake in Energy Transfer (+5%). The stock was one of our largest holdings. A second notable relative detractor was an overweight in Cheniere Energy (+4%). The stock was among the fund's largest holdings. Another notable relative detractor was an underweight in Williams (+33%). This was a stake we established this period.

• Notable changes in positioning include increased exposure to the oil & gas equipment & services industry and a lower allocation to oil & gas exploration & production.

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3522950308<br>|
| Number of Holdings | 35<br>|
| Total Advisory Fee | $13391971<br>|
| Portfolio Turnover | 14%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 80.5 |
| Energy Equipment & Services | 16.7 |
| Independent Power and Renewable Electricity Producers | 2.0 |

---

Common Stocks 99.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img60_20260228_AA.jpg) <br>|

---

Common Stocks - 99.2&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) - 0.8 <br>

---

| | |
|:---|:---|
| United States | 86.3 |
| Canada | 9.1 |
| United Kingdom | 4.2 |
| Norway | 0.3 |
| France | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img60_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;United Kingdom - 4.2&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 | 11.1<br>|
| Cenovus Energy Inc | 4.6<br>|
| National Energy Services Reunited Corp | 4.5<br>|
| Canadian Natural Resources Ltd | 4.4<br>|
| Marathon Petroleum Corp | 4.2<br>|
| TechnipFMC PLC | 4.1<br>|
| Energy Transfer LP | 3.7<br>|
| Cheniere Energy Inc | 3.6<br>|
| SLB Ltd | 3.6<br>|
|  | 68.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 6, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Energy Fund merged into Energy Portfolio on November 14, 2025. Effective October 30, 2025, the fund's investment objective became a fundamental policy.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img60_20260228_1.jpg)<br>| ![](img126170_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> 1.9921104.100 9130-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Energy Portfolio<br> **Fidelity Advisor® Energy Fund Class Z : FFOHX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Energy Portfolio for the period November 6, 2025 to February 28, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z A | $20  | 0.55% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending February 28, 2026, reflecting a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Energy 25/50 Index for the fiscal year, led by oil & gas equipment & services. Security selection in integrated oil & gas also boosted the fund's relative performance. Also bolstering our relative result were picks and an underweight in oil & gas exploration & production.

• The top individual relative contributor was our non-index stake in National Energy Services Reunited (+206%). The stock was among our biggest holdings at period end. The second-largest relative contributor was an overweight in TechnipFMC (+125%). The company was among the fund's largest holdings at period end. Another notable relative contributor was our non-index stake in Cenovus Energy (+66%). The company was one of the fund's biggest holdings.

• In contrast, the primary detractor from performance versus the sector index was security selection in oil & gas storage & transportation. Also hurting our result were underweights in oil & gas drilling and coal & consumable fuels.

• The biggest individual relative detractor was our non-index stake in Energy Transfer (+5%). The stock was one of our largest holdings. A second notable relative detractor was an overweight in Cheniere Energy (+4%). The stock was among the fund's largest holdings. Another notable relative detractor was an underweight in Williams (+33%). This was a stake we established this period.

• Notable changes in positioning include increased exposure to the oil & gas equipment & services industry and a lower allocation to oil & gas exploration & production.

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3522950308<br>|
| Number of Holdings | 35<br>|
| Total Advisory Fee | $13391971<br>|
| Portfolio Turnover | 14%<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 80.5 |
| Energy Equipment & Services | 16.7 |
| Independent Power and Renewable Electricity Producers | 2.0 |

---

Common Stocks 99.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img60_20260228_AA.jpg) <br>|

---

Common Stocks - 99.2&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) - 0.8 <br>

---

| | |
|:---|:---|
| United States | 86.3 |
| Canada | 9.1 |
| United Kingdom | 4.2 |
| Norway | 0.3 |
| France | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img60_20260228_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;United Kingdom - 4.2&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 | 11.1<br>|
| Cenovus Energy Inc | 4.6<br>|
| National Energy Services Reunited Corp | 4.5<br>|
| Canadian Natural Resources Ltd | 4.4<br>|
| Marathon Petroleum Corp | 4.2<br>|
| TechnipFMC PLC | 4.1<br>|
| Energy Transfer LP | 3.7<br>|
| Cheniere Energy Inc | 3.6<br>|
| SLB Ltd | 3.6<br>|
|  | 68.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 6, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Energy Fund merged into Energy Portfolio on November 14, 2025. Effective October 30, 2025, the fund's investment objective became a fundamental policy.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img60_20260228_1.jpg)<br>| ![](img126171_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> 1.9921106.100 9131-TSRA-0426 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, February 28, 2026, Fidelity Select Portfolios (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Karen B. Peetz is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Peetz is independent for purposes of Item 3 of Form N-CSR.

Item 4.

<u>Principal Accountant Fees and Services</u>

<u>Fees and Services</u>

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Automotive Portfolio, Banking Portfolio, Biotechnology Portfolio, Brokerage and Investment Management Portfolio, Chemicals Portfolio, Communication Services Portfolio, Construction and Housing Portfolio, Consumer Discretionary Portfolio, Consumer Staples Portfolio, Defense and Aerospace Portfolio, Energy Portfolio, Enterprise Technology Services Portfolio, Fidelity Environment and Alternative Energy Fund, Fidelity Natural Resources Fund, Financials Portfolio, FinTech Portfolio, Gold Portfolio, Health Care Portfolio, Health Care Services Portfolio, Insurance Portfolio, Leisure Portfolio, Materials Portfolio, Medical Technology and Devices Portfolio, Pharmaceuticals Portfolio, Retailing Portfolio, Semiconductors Portfolio, Software and IT Services Portfolio, Tech Hardware Portfolio, Technology Portfolio, Telecommunications Portfolio, Transportation Portfolio, Utilities Portfolio, and Wireless Portfolio (the "Funds"):

**<u>Services Billed by PwC</u>**

**<u>February 28, 2026 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; Automotive Portfolio | &nbsp;&nbsp; $29800  | &nbsp;&nbsp; $900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Banking Portfolio | &nbsp;&nbsp; $30000  | &nbsp;&nbsp; $900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Biotechnology Portfolio | &nbsp;&nbsp; $84300  | &nbsp;&nbsp; $2300  | &nbsp;&nbsp; $7300  | &nbsp;&nbsp; $700  |
| &nbsp;&nbsp; Brokerage and Investment Management Portfolio | &nbsp;&nbsp; $30100  | &nbsp;&nbsp; $900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Chemicals Portfolio | &nbsp;&nbsp; $29600  | &nbsp;&nbsp; $900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Communication Services Portfolio | &nbsp;&nbsp; $34800  | &nbsp;&nbsp; $1100  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Construction and Housing Portfolio | &nbsp;&nbsp; $29300  | &nbsp;&nbsp; $900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Consumer Discretionary Portfolio | &nbsp;&nbsp; $36600  | &nbsp;&nbsp; $900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Consumer Staples Portfolio | &nbsp;&nbsp; $36100  | &nbsp;&nbsp; $1100  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Defense and Aerospace Portfolio | &nbsp;&nbsp; $30100  | &nbsp;&nbsp; $900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Energy Portfolio | &nbsp;&nbsp; $37900  | &nbsp;&nbsp; $1000  | &nbsp;&nbsp; $7300  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Enterprise Technology Services Portfolio | &nbsp;&nbsp; $30500  | &nbsp;&nbsp; $1000  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Fidelity Environment and Alternative Energy Fund | &nbsp;&nbsp; $29600  | &nbsp;&nbsp; $900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Fidelity Natural Resources Fund | &nbsp;&nbsp; $29000  | &nbsp;&nbsp; $900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Financials Portfolio | &nbsp;&nbsp; $30800  | &nbsp;&nbsp; $1000  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; FinTech Portfolio | &nbsp;&nbsp; $30100  | &nbsp;&nbsp; $900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Gold Portfolio | &nbsp;&nbsp; $51000  | &nbsp;&nbsp; $1700  | &nbsp;&nbsp; $15500  | &nbsp;&nbsp; $500  |
| &nbsp;&nbsp; Health Care Portfolio | &nbsp;&nbsp; $42000  | &nbsp;&nbsp; $1200  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $400  |
| &nbsp;&nbsp; Health Care Services Portfolio | &nbsp;&nbsp; $29000  | &nbsp;&nbsp; $900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Insurance Portfolio | &nbsp;&nbsp; $30100  | &nbsp;&nbsp; $900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Leisure Portfolio | &nbsp;&nbsp; $30100  | &nbsp;&nbsp; $900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Materials Portfolio | &nbsp;&nbsp; $36100  | &nbsp;&nbsp; $1100  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Medical Technology and Devices Portfolio | &nbsp;&nbsp; $29100  | &nbsp;&nbsp; $900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Pharmaceuticals Portfolio | &nbsp;&nbsp; $28800  | &nbsp;&nbsp; $900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Retailing Portfolio | &nbsp;&nbsp; $30100  | &nbsp;&nbsp; $900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Semiconductors Portfolio | &nbsp;&nbsp; $30000  | &nbsp;&nbsp; $900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Software and IT Services Portfolio | &nbsp;&nbsp; $29400  | &nbsp;&nbsp; $900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Tech Hardware Portfolio | &nbsp;&nbsp; $30800  | &nbsp;&nbsp; $1000  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Technology Portfolio | &nbsp;&nbsp; $40700  | &nbsp;&nbsp; $1000  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Telecommunications Portfolio | &nbsp;&nbsp; $35500  | &nbsp;&nbsp; $1100  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Transportation Portfolio | &nbsp;&nbsp; $29800  | &nbsp;&nbsp; $900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Utilities Portfolio | &nbsp;&nbsp; $37400  | &nbsp;&nbsp; $1000  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Wireless Portfolio | &nbsp;&nbsp; $29000  | &nbsp;&nbsp; $900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $300  |

---

**<u>February 28, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Automotive Portfolio | &nbsp;&nbsp; $29800  | &nbsp;&nbsp; $2800  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Banking Portfolio | &nbsp;&nbsp; $30000  | &nbsp;&nbsp; $2800  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Biotechnology Portfolio | &nbsp;&nbsp; $84300  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $12600  | &nbsp;&nbsp; $2500  |
| &nbsp;&nbsp; Brokerage and Investment Management Portfolio | &nbsp;&nbsp; $30100  | &nbsp;&nbsp; $2800  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Chemicals Portfolio | &nbsp;&nbsp; $29600  | &nbsp;&nbsp; $2800  | &nbsp;&nbsp; $7800  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Communication Services Portfolio | &nbsp;&nbsp; $34900  | &nbsp;&nbsp; $3200  | &nbsp;&nbsp; $13000  | &nbsp;&nbsp; $1100  |
| &nbsp;&nbsp; Construction and Housing Portfolio | &nbsp;&nbsp; $29300  | &nbsp;&nbsp; $2800  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Consumer Discretionary Portfolio | &nbsp;&nbsp; $29600  | &nbsp;&nbsp; $2800  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Consumer Staples Portfolio | &nbsp;&nbsp; $36100  | &nbsp;&nbsp; $3300  | &nbsp;&nbsp; $12300  | &nbsp;&nbsp; $1200  |
| &nbsp;&nbsp; Defense and Aerospace Portfolio | &nbsp;&nbsp; $30200  | &nbsp;&nbsp; $2800  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Energy Portfolio | &nbsp;&nbsp; $30900  | &nbsp;&nbsp; $2900  | &nbsp;&nbsp; $10800  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Enterprise Technology Services Portfolio | &nbsp;&nbsp; $30500  | &nbsp;&nbsp; $2900  | &nbsp;&nbsp; $7800  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Fidelity Environment and Alternative Energy Fund | &nbsp;&nbsp; $29600  | &nbsp;&nbsp; $2800  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Fidelity Natural Resources Fund | &nbsp;&nbsp; $29000  | &nbsp;&nbsp; $2800  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Financials Portfolio | &nbsp;&nbsp; $30800  | &nbsp;&nbsp; $2900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; FinTech Portfolio | &nbsp;&nbsp; $30100  | &nbsp;&nbsp; $2800  | &nbsp;&nbsp; $7700  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Gold Portfolio | &nbsp;&nbsp; $51100  | &nbsp;&nbsp; $5100  | &nbsp;&nbsp; $15500  | &nbsp;&nbsp; $1800  |
| &nbsp;&nbsp; Health Care Portfolio | &nbsp;&nbsp; $42200  | &nbsp;&nbsp; $3700  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $1300  |
| &nbsp;&nbsp; Health Care Services Portfolio | &nbsp;&nbsp; $29100  | &nbsp;&nbsp; $2800  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Insurance Portfolio | &nbsp;&nbsp; $30100  | &nbsp;&nbsp; $2800  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Leisure Portfolio | &nbsp;&nbsp; $30100  | &nbsp;&nbsp; $2800  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Materials Portfolio | &nbsp;&nbsp; $36000  | &nbsp;&nbsp; $3300  | &nbsp;&nbsp; $12300  | &nbsp;&nbsp; $1200  |
| &nbsp;&nbsp; Medical Technology and Devices Portfolio | &nbsp;&nbsp; $29300  | &nbsp;&nbsp; $2800  | &nbsp;&nbsp; $7800  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Pharmaceuticals Portfolio | &nbsp;&nbsp; $28900  | &nbsp;&nbsp; $2700  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Retailing Portfolio | &nbsp;&nbsp; $30300  | &nbsp;&nbsp; $2800  | &nbsp;&nbsp; $7800  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Semiconductors Portfolio | &nbsp;&nbsp; $30600  | &nbsp;&nbsp; $2800  | &nbsp;&nbsp; $13000  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Software and IT Services Portfolio | &nbsp;&nbsp; $29900  | &nbsp;&nbsp; $2800  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Tech Hardware Portfolio | &nbsp;&nbsp; $30800  | &nbsp;&nbsp; $2900  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Technology Portfolio | &nbsp;&nbsp; $34300  | &nbsp;&nbsp; $3100  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $1100  |
| &nbsp;&nbsp; Telecommunications Portfolio | &nbsp;&nbsp; $35500  | &nbsp;&nbsp; $3200  | &nbsp;&nbsp; $7800  | &nbsp;&nbsp; $1100  |
| &nbsp;&nbsp; Transportation Portfolio | &nbsp;&nbsp; $29800  | &nbsp;&nbsp; $2800  | &nbsp;&nbsp; $7800  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Utilities Portfolio | &nbsp;&nbsp; $30400  | &nbsp;&nbsp; $2800  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Wireless Portfolio | &nbsp;&nbsp; $29000  | &nbsp;&nbsp; $2800  | &nbsp;&nbsp; $7000  | &nbsp;&nbsp; $1000  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **<u>February 28, 2026</u><sup>A</sup>** | &nbsp;&nbsp; **<u>February 28, 2025</u><sup>A</sup>** |
| &nbsp;&nbsp; Audit-Related Fees | &nbsp;&nbsp; $9428700  | &nbsp;&nbsp; $9845100  |
| &nbsp;&nbsp; Tax Fees | &nbsp;&nbsp; $1000  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; All Other Fees | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $35000  |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **<u>Billed By</u>** | &nbsp;&nbsp; **<u>February 28, 2026</u><sup>A</sup>** | &nbsp;&nbsp; **<u>February 28, 2025</u><sup>A</sup>** |
| &nbsp;&nbsp; PwC | &nbsp;&nbsp; $14991600  | &nbsp;&nbsp; $15234500  |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

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**

**Annual Report**

**February 28, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img126037_1.jpg)

![](img126037_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SELTS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Telecommunications Portfolio](#Sub_Sec_Fund_96_SELTS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Wireless Portfolio](#Sub_Sec_Fund_653_SELTS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SELTS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SELTS-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SELTS-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SELTS-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SELTS-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SELTS-ANN)** |

---

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

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

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

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Funds nor Fidelity Distributors Corporation is a bank.*

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

**Telecommunications Portfolio**

**Schedule of Investments February 28, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.0%** | &nbsp;&nbsp;**Common Stocks - 96.0%** | &nbsp;&nbsp;**Common Stocks - 96.0%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 2.7%  |  |  |
| Communication Services - 2.7% |  |  |
| Diversified Telecommunication Services - 2.7% |  |  |
| Liberty Global Ltd Class A (a) | 243900 | 3107286 |
| Liberty Global Ltd Class C (a) | 249836 | 3072983 |
| TOTAL BELGIUM |  | 6180269 |
| PUERTO RICO - 4.1%  |  |  |
| Communication Services - 4.1% |  |  |
| Diversified Telecommunication Services - 4.1% |  |  |
| Liberty Latin America Ltd Class A (a) | 284800 | 2232832 |
| Liberty Latin America Ltd Class C (a) | 915933 | 7272508 |
| TOTAL PUERTO RICO |  | 9505340 |
| UNITED STATES - 89.2%  |  |  |
| Communication Services - 89.2% |  |  |
| Diversified Telecommunication Services - 77.8% |  |  |
| Anterix Inc (a) | 35100 | 1295541 |
| AST SpaceMobile Inc Class A (a)(b) | 139300 | 11031167 |
| AT&T Inc  | 1915020 | 53639710 |
| Bandwidth Inc Class A (a) | 41500 | 615030 |
| Cogent Communications Holdings Inc  | 153039 | 2871012 |
| Comcast Corp Class A  | 182800 | 5659488 |
| GCI Liberty Inc Class A (b) | 12900 | 512646 |
| GCI Liberty Inc Class C  | 128824 | 5069224 |
| Globalstar Inc (a)(b) | 179198 | 11158659 |
| IDT Corp Class B  | 117900 | 6007005 |
| Iridium Communications Inc  | 397611 | 9522783 |
| Lumen Technologies Inc (a) | 1434900 | 10202139 |
| Shenandoah Telecommunications Co (b) | 24723 | 336974 |
| Uniti Group Inc (a)(b) | 860000 | 6295200 |
| Verizon Communications Inc  | 1119497 | 56131581 |
|  |  | 180348159 |
| Media - 1.1% |  |  |
| EchoStar Corp Class A (a)(b) | 21400 | 2472342 |
| Wireless Telecommunication Services - 10.3% |  |  |
| Array Digital Infrastructure Inc  | 72200 | 3518306 |
| Spok Holdings Inc  | 11300 | 137182 |
| T-Mobile US Inc  | 51924 | 11272181 |
| Telephone and Data Systems Inc  | 199464 | 8926014 |
|  |  | 23853683 |
| TOTAL UNITED STATES |  | 206674184 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $153,059,918) |  | <br> **222359793** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 11.6%** | &nbsp;&nbsp;**Money Market Funds - 11.6%** | &nbsp;&nbsp;**Money Market Funds - 11.6%** | &nbsp;&nbsp;**Money Market Funds - 11.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.70 | 10083750 | 10085767 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.69 | 16834603 | 16836286 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $26,922,053) |  |  | **26922053** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 107.6%**<br> (Cost $179,981,971)<br>| <br>**249281846** |
| **NET OTHER ASSETS (LIABILITIES) - (7.6)%**  | **(17596145)** |
| **NET ASSETS - 100.0%** | **231685701** |

---

**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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 7344739 | 102238023 | 99497084 | 168643 | 89 | - | 10085767 | 10083750 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 16492770 | 288987347 | 288644065 | 87153 | 234 | - | 16836286 | 16834603 | 0.0% |
| Total | 23837509 | 391225370 | 388141149 | 255796 | 323 | - | 26922053 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 222359793 | 222359793 | - | - |
|  **Money Market Funds** | 26922053 | 26922053 | - | - |
| **Total Investments in Securities:** | 249281846 | 249281846 | - | - |

---

**Telecommunications Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $15,936,501) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $153,059,918) | $222359793 |  |
| Fidelity Central Funds (cost $26,922,053) | 26922053 |  |
| Total Investment in Securities (cost $179,981,971) |  | $249281846 |
| Foreign currency held at value (cost $21,712) |  | 27151 |
| Receivable for investments sold |  | 5751538 |
| Receivable for fund shares sold |  | 46788 |
| Dividends receivable |  | 70609 |
| Distributions receivable from Fidelity Central Funds |  | 28626 |
| Prepaid expenses |  | 139 |
| Other receivables |  | 14834 |
| **Total assets** |  | 255221531 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $6368411 |  |
| Payable for fund shares redeemed | 154017 |  |
| Accrued management fee | 126986 |  |
| Distribution and service plan fees payable | 10144 |  |
| Other payables and accrued expenses | 40696 |  |
| Collateral on securities loaned | 16835576 |  |
| **Total liabilities** |  | 23535830 |
| **Net Assets**  |  | $231685701 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $173305907 |
| Total accumulated earnings (loss) |  | 58379794 |
| **Net Assets** |  | $231685701 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($23,744,335 ÷ 362,960 shares)(a) |  | $65.42 |
| Maximum offering price per share (100/94.25 of $65.42) |  | $69.41 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($8,782,963 ÷ 135,433 shares)(a) |  | $64.85 |
| Maximum offering price per share (100/96.50 of $64.85) |  | $67.20 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($1,850,887 ÷ 28,355 shares)(a) |  | $65.28 |
| **Telecommunications :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($183,732,906 ÷ 2,781,737 shares) |  | $66.05 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($9,381,610 ÷ 142,505 shares) |  | $65.83 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,193,000 ÷ 63,871 shares) |  | $65.65 |
| *(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** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $6250185 |
| Special dividends |  | 1918750 |
| Income from Fidelity Central Funds (including $87,153 from security lending)  |  | 255796 |
| Security lending |  | 2378 |
| **Total income** |  | 8427109 |
| **Expenses** |  |  |
| Management fee | $1601151 |  |
| Distribution and service plan fees | 120986 |  |
| Custodian fees and expenses | 10329 |  |
| Independent trustees' fees and expenses | 915 |  |
| Registration fees | 107340 |  |
| Audit fees | 52693 |  |
| Legal | 1239 |  |
| Interest | 9289 |  |
| Miscellaneous | 737 |  |
| **Total expenses** |  | 1904679 |
| **Net Investment income (loss)** |  | 6522430 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 7251141 |  |
| Fidelity Central Funds | 323 |  |
| Foreign currency transactions | (358) |  |
| Total net realized gain (loss) |  | 7251106 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 19898828 |  |
| Assets and liabilities in foreign currencies | 3407 |  |
| Total change in net unrealized appreciation (depreciation) |  | 19902235 |
| **Net gain (loss)** |  | 27153341 |
| **Net increase (decrease) in net assets resulting from operations** |  | $33675771 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6522430 | $4817007 |
| &nbsp;&nbsp;Net realized gain (loss) | 7251106<br>| 6220951<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 19902235 | 46074938<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 33675771<br>| 57112896<br>|
| Distributions to shareholders | (5903577)<br>| (4654398)<br>|
| Share transactions - net increase (decrease) | (16422089)<br>| (13425436)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 11350105<br>| 39033062<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 220335596 | 181302534<br>|
| &nbsp;&nbsp;End of period | $231685701 | $220335596 |

---

**Financial Highlights** 

**Fidelity Advisor® Telecommunications Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $57.95 | $44.20 | $46.57 | $54.28 | $66.52 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.47 D | 1.09  | 1.06  | .93  | 1.51 E |
| Net realized and unrealized gain (loss)  | 7.36  | 13.71  | (1.85) F | (5.19)  | (5.14)  |
| Total from investment operations  | 8.83  | 14.80  | (.79)  | (4.26)  | (3.63)  |
| Distributions from net investment income  | (1.36)  | (1.05)  | (1.10)  | (.99)  | (1.66)  |
| Distributions from net realized gain  | -  | -  | (.48)  | (2.46)  | (6.95)  |
| Total distributions  | (1.36)  | (1.05)  | (1.58)  | (3.45)  | (8.61)  |
| Net asset value, end of period  | $65.42 | $57.95 | $44.20 | $46.57 | $54.28 |
| **Total Return** G,H | 15.51% <br>| 33.91%  | (1.60)% F | (7.98)%  | (6.28)%  |
| **Ratios to Average Net Assets** C,I,J |  |  |  |  |  |
| Expenses before reductions  | 1.04%  | 1.05%  | 1.13%  | 1.13%  | 1.09%  |
| Expenses net of fee waivers, if any  | 1.04% <br>| 1.05%  | 1.13%  | 1.13%  | 1.09%  |
| Expenses net of all reductions, if any  | 1.04%  | 1.05%  | 1.12%  | 1.13%  | 1.09%  |
| Net investment income (loss)  | 2.48% D | 2.19%  | 2.48%  | 1.89%  | 2.27% E |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $23744 | $20390 | $16323 | $18744 | $22023 |
| Portfolio turnover rate K | 65% <br>| 40%  | 26%  | 24%  | 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*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.47 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.68%.*

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

H*Total returns do not include the effect of the sales charges.*

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

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

K*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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $57.44 | $43.84 | $46.21 | $53.88 | $66.09 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.31 D | .96  | .95  | .80  | 1.29 E |
| Net realized and unrealized gain (loss)  | 7.29  | 13.59  | (1.84) F | (5.14)  | (5.08)  |
| Total from investment operations  | 8.60  | 14.55  | (.89)  | (4.34)  | (3.79)  |
| Distributions from net investment income  | (1.19)  | (.95)  | (1.00)  | (.86)  | (1.48)  |
| Distributions from net realized gain  | -  | -  | (.48)  | (2.46)  | (6.95)  |
| Total distributions  | (1.19)  | (.95)  | (1.48)  | (3.33) G | (8.42) G |
| Net asset value, end of period  | $64.85 | $57.44 | $43.84 | $46.21 | $53.88 |
| **Total Return** H,I | 15.21% <br>| 33.59%  | (1.84)% F | (8.21)%  | (6.55)%  |
| **Ratios to Average Net Assets** C,J,K |  |  |  |  |  |
| Expenses before reductions  | 1.29%  | 1.30%  | 1.38%  | 1.39%  | 1.39%  |
| Expenses net of fee waivers, if any  | 1.29% <br>| 1.30%  | 1.38%  | 1.38%  | 1.38%  |
| Expenses net of all reductions, if any  | 1.29%  | 1.30%  | 1.37%  | 1.38%  | 1.38%  |
| Net investment income (loss)  | 2.23% D | 1.93%  | 2.23%  | 1.64%  | 1.97% E |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $8783 | $9614 | $6380 | $7301 | $7733 |
| Portfolio turnover rate L | 65% <br>| 40%  | 26%  | 24%  | 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*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.47 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.43%.*

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 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*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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $57.80 | $44.05 | $46.38 | $54.04 | $66.17 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.02 D | .71  | .74  | .56  | 1.01 E |
| Net realized and unrealized gain (loss)  | 7.35  | 13.68  | (1.85) F | (5.15)  | (5.09)  |
| Total from investment operations  | 8.37  | 14.39  | (1.11)  | (4.59)  | (4.08)  |
| Distributions from net investment income  | (.89)  | (.64)  | (.75)  | (.61)  | (1.10)  |
| Distributions from net realized gain  | -  | -  | (.48)  | (2.46)  | (6.95)  |
| Total distributions  | (.89)  | (.64)  | (1.22) G | (3.07)  | (8.05)  |
| Net asset value, end of period  | $65.28 | $57.80 | $44.05 | $46.38 | $54.04 |
| **Total Return** H,I | 14.65% <br>| 32.91%  | (2.33)% F | (8.66)%  | (6.97)%  |
| **Ratios to Average Net Assets** C,J,K |  |  |  |  |  |
| Expenses before reductions  | 1.79%  | 1.80%  | 1.88%  | 1.88%  | 1.83%  |
| Expenses net of fee waivers, if any  | 1.79% <br>| 1.80%  | 1.88%  | 1.87%  | 1.83%  |
| Expenses net of all reductions, if any  | 1.79%  | 1.80%  | 1.87%  | 1.87%  | 1.83%  |
| Net investment income (loss)  | 1.73% D | 1.44%  | 1.73%  | 1.15%  | 1.52% E |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1851 | $2113 | $2547 | $3923 | $5254 |
| Portfolio turnover rate L | 65% <br>| 40%  | 26%  | 24%  | 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*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.47 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .93%.*

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 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 contingent deferred sales charge.*

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*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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $58.48 | $44.59 | $46.97 | $54.73 | $67.04 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.66 D | 1.25  | 1.20  | 1.09  | 1.71 E |
| Net realized and unrealized gain (loss)  | 7.43  | 13.83  | (1.87) F | (5.24)  | (5.18)  |
| Total from investment operations  | 9.09  | 15.08  | (.67)  | (4.15)  | (3.47)  |
| Distributions from net investment income  | (1.52)  | (1.19)  | (1.23)  | (1.15)  | (1.89)  |
| Distributions from net realized gain  | -  | -  | (.48)  | (2.46)  | (6.95)  |
| Total distributions  | (1.52)  | (1.19)  | (1.71)  | (3.61)  | (8.84)  |
| Net asset value, end of period  | $66.05 | $58.48 | $44.59 | $46.97 | $54.73 |
| **Total Return** G | 15.85% <br>| 34.31%  | (1.33)% F | (7.71)%  | (5.99)%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |
| Expenses before reductions  | .74%  | .75%  | .85%  | .82%  | .79%  |
| Expenses net of fee waivers, if any  | .74% <br>| .75%  | .84%  | .82%  | .79%  |
| Expenses net of all reductions, if any  | .74%  | .75%  | .84%  | .82%  | .79%  |
| Net investment income (loss)  | 2.78% D | 2.48%  | 2.75%  | 2.20%  | 2.57% E |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $183733 | $178652 | $147413 | $171885 | $199560 |
| Portfolio turnover rate J | 65% <br>| 40%  | 26%  | 24%  | 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*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.48 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.98%.*

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 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*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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $58.32 | $44.49 | $46.84 | $54.58 | $66.84 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.65 D | 1.26  | 1.23  | 1.10  | 1.74 E |
| Net realized and unrealized gain (loss)  | 7.40  | 13.77  | (1.87) F | (5.21)  | (5.18)  |
| Total from investment operations  | 9.05  | 15.03  | (.64)  | (4.11)  | (3.44)  |
| Distributions from net investment income  | (1.54)  | (1.20)  | (1.23)  | (1.16)  | (1.87)  |
| Distributions from net realized gain  | -  | -  | (.48)  | (2.46)  | (6.95)  |
| Total distributions  | (1.54)  | (1.20)  | (1.71)  | (3.63) G | (8.82)  |
| Net asset value, end of period  | $65.83 | $58.32 | $44.49 | $46.84 | $54.58 |
| **Total Return** H | 15.84% <br>| 34.29%  | (1.25)% F | (7.67)%  | (5.97)%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |
| Expenses before reductions  | .74%  | .75%  | .80%  | .78%  | .77%  |
| Expenses net of fee waivers, if any  | .74% <br>| .75%  | .79%  | .78%  | .77%  |
| Expenses net of all reductions, if any  | .74%  | .75%  | .79%  | .78%  | .77%  |
| Net investment income (loss)  | 2.78% D | 2.48%  | 2.81%  | 2.25%  | 2.59% E |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $9382 | $7664 | $6344 | $28441 | $12038 |
| Portfolio turnover rate K | 65% <br>| 40%  | 26%  | 24%  | 28%  |

---

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*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.48 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.97%.*

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

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*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*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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $58.18 | $44.34 | $46.72 | $54.46 | $66.75 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.71 D | 1.29  | 1.26  | 1.18  | 1.83 E |
| Net realized and unrealized gain (loss)  | 7.38  | 13.77  | (1.86) F | (5.23)  | (5.20)  |
| Total from investment operations  | 9.09  | 15.06  | (.60)  | (4.05)  | (3.37)  |
| Distributions from net investment income  | (1.62)  | (1.22)  | (1.31)  | (1.22)  | (1.98)  |
| Distributions from net realized gain  | -  | -  | (.48)  | (2.46)  | (6.95)  |
| Total distributions  | (1.62)  | (1.22)  | (1.78) G | (3.69) G | (8.92) G |
| Net asset value, end of period  | $65.65 | $58.18 | $44.34 | $46.72 | $54.46 |
| **Total Return** H | 15.97% <br>| 34.47%  | (1.16)% F | (7.56)%  | (5.87)%  |
| **Ratios to Average Net Assets** C,I,J |  |  |  |  |  |
| Expenses before reductions  | .64%  | .64%  | .69%  | .67%  | .65%  |
| Expenses net of fee waivers, if any  | .64% <br>| .64%  | .68%  | .66%  | .65%  |
| Expenses net of all reductions, if any  | .64%  | .64%  | .68%  | .66%  | .65%  |
| Net investment income (loss)  | 2.88% D | 2.59%  | 2.92%  | 2.36%  | 2.71% E |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4193 | $1903 | $2296 | $2685 | $5587 |
| Portfolio turnover rate K | 65% <br>| 40%  | 26%  | 24%  | 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*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.48 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.08%.*

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

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

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

K*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** 

For the period ended February 28, 2026

**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 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 February 28, 2026 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, 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.

**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. As of February 28, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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**  | $69099837 |
| **Gross unrealized depreciation**  | <u>(1119413)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$67980424</u> |
| **Tax Cost**  | <u>$181301422</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$1427751</u> |
| **Capital loss carryforward**  | <u>$(11028865)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$67980908</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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $- |
| Long-term | <u>(11028865)</u> |
| **Total capital loss carryforward** | <u>$(11028865)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** |
| **Ordinary Income**  | $5903577 | $4654398 |

---

**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** | 153528235 | 161647702 |

---

**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** | .66 |
| **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% | 57181 | 2159 |
| **Class M** | .25% | .25% | 43872 | 14 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp; <u>19933</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1747</u> |
|  |  |  | <u>120986</u> | <u>3920</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** | 8780 |
| **Class M** | 503 |
| **Class C**A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>40</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>9323</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 ($)** |
| **Telecommunications Portfolio** | 12849 |

---

**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 |

---

**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** | 11541096 | 8412008 | 1113880 |

---

**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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Telecommunications Portfolio** | 315 |

---

Effective March 24, 2026 the .10% spread adjustment on the SOFR benchmark was removed.

**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 in security lending. 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** | 9191 | - | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Telecommunications Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $526456 | $370170 |
| Class M | 176166 | 147682 |
| Class C | 30470 | 28349 |
| Telecommunications | 4692765 | 3872186 |
| Class I | 359018 | 191277 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>118702</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>44734</u> |
| Total  | <u>$5903577</u> | <u>$4654398</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** |
|  | **Year ended** <br> **February 28, 2026**  | **Year ended**<br> **February 28, 2025** | **Year ended** <br> **February 28, 2026**  | **Year ended**<br> **February 28, 2025** |
| **Telecommunications Portfolio** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 127079 | 67832 | $7349953 | $3482982 |
| Reinvestment of distributions  | 8685 | 7230 | 513008 | 357752 |
| Shares redeemed | <u>(124636)</u> | <u>(92490)</u> | <u>(7332215)</u> | <u>(4504219)</u> |
| Net increase (decrease) | <u>11128</u> | <u>(17428)</u> | <u>$530746</u> | <u>$(663485)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 52130 | 76951 | $3021341 | $4009255 |
| Reinvestment of distributions  | 2994 | 2984 | 175648 | 147248 |
| Shares redeemed | <u>(87077)</u> | <u>(58075)</u> | <u>(5004236)</u> | <u>(2882272)</u> |
| Net increase (decrease) | <u>(31953)</u> | <u>21860</u> | <u>$(1807247)</u> | <u>$1274231</u> |
| **Class C** |  |  |  |  |
| Shares sold | 5535 | 3473 | $324788 | $177681 |
| Reinvestment of distributions  | 507 | 563 | 30142 | 27562 |
| Shares redeemed | <u>(14247)</u> | <u>(25290)</u> | <u>(832937)</u> | <u>(1233429)</u> |
| Net increase (decrease) | <u>(8205)</u> | <u>(21254)</u> | <u>$(478007)</u> | <u>$(1028186)</u> |
| **Telecommunications** |  |  |  |  |
| Shares sold | 1529209 | 857396 | $89541344 | $45252612 |
| Reinvestment of distributions  | 72864 | 70952 | 4323106 | 3542040 |
| Shares redeemed | <u>(1875352)</u> | <u>(1179236)</u> | <u>(110893021)</u> | <u>(60213975)</u> |
| Net increase (decrease) | <u>(273279)</u> | <u>(250888)</u> | <u>$(17028571)</u> | <u>$(11419323)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 241282 | 126266 | $14233053 | $6480930 |
| Reinvestment of distributions  | 5978 | 3730 | 355696 | 187518 |
| Shares redeemed | <u>(236155)</u> | <u>(141190)</u> | <u>(13916295)</u> | <u>(7340701)</u> |
| Net increase (decrease) | <u>11105</u> | <u>(11194)</u> | <u>$672454</u> | <u>$(672253)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 60863 | 12647 | $3475907 | $647933 |
| Reinvestment of distributions  | 1738 | 755 | 102935 | 37105 |
| Shares redeemed | <u>(31441)</u> | <u>(32473)</u> | <u>(1890306)</u> | <u>(1601458)</u> |
| Net increase (decrease) | <u>31160</u> | <u>(19071)</u> | <u>$1688536</u> | <u>$(916420)</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.

**Wireless Portfolio**

**Schedule of Investments February 28, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 1.0%  |  |  |
| Communication Services - 1.0% |  |  |
| Diversified Telecommunication Services - 1.0% |  |  |
| Telefonica Brasil SA ADR  | 183400 | 3101294 |
| CANADA - 5.4%  |  |  |
| Communication Services - 5.3% |  |  |
| Diversified Telecommunication Services - 3.4% |  |  |
| BCE Inc (a) | 217300 | 5711085 |
| TELUS Corp  | 340400 | 4666603 |
|  |  | 10377688 |
| Wireless Telecommunication Services - 1.9% |  |  |
| Rogers Communications Inc Class B (a) | 144800 | 5779049 |
| TOTAL COMMUNICATION SERVICES |  | 16156737 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| BlackBerry Ltd (b) | 76200 | 258646 |
| TOTAL CANADA |  | 16415383 |
| FINLAND - 3.8%  |  |  |
| Information Technology - 3.8% |  |  |
| Communications Equipment - 3.8% |  |  |
| Nokia Oyj ADR  | 1496700 | 11554524 |
| FRANCE - 0.5%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Orange SA  | 72300 | 1557527 |
| MEXICO - 1.7%  |  |  |
| Communication Services - 1.7% |  |  |
| Wireless Telecommunication Services - 1.7% |  |  |
| America Movil SAB de CV ADR  | 205100 | 5336702 |
| PUERTO RICO - 0.9%  |  |  |
| Communication Services - 0.9% |  |  |
| Diversified Telecommunication Services - 0.9% |  |  |
| Liberty Latin America Ltd Class C (b) | 338100 | 2684514 |
| SINGAPORE - 1.8%  |  |  |
| Information Technology - 1.8% |  |  |
| Semiconductors & Semiconductor Equipment - 1.8% |  |  |
| STMicroelectronics NV depository receipt  | 168700 | 5670007 |
| SPAIN - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Telefonica SA ADR  | 161149 | 723559 |
| SWEDEN - 2.3%  |  |  |
| Information Technology - 2.3% |  |  |
| Communications Equipment - 2.3% |  |  |
| Telefonaktiebolaget LM Ericsson Class B ADR (a) | 598000 | 6936800 |
| TAIWAN - 1.5%  |  |  |
| Communication Services - 1.2% |  |  |
| Diversified Telecommunication Services - 1.2% |  |  |
| Chunghwa Telecom Co Ltd ADR  | 82100 | 3550004 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 2700 | 1011366 |
| TOTAL TAIWAN |  | 4561370 |
| UNITED KINGDOM - 2.7%  |  |  |
| Communication Services - 2.7% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Zegona Communications plc  | 47700 | 1083167 |
| Wireless Telecommunication Services - 2.3% |  |  |
| Vodafone Group PLC ADR  | 459581 | 7059164 |
| TOTAL UNITED KINGDOM |  | 8142331 |
| UNITED STATES - 77.4%  |  |  |
| Communication Services - 29.9% |  |  |
| Diversified Telecommunication Services - 19.1% |  |  |
| Anterix Inc (a)(b) | 56388 | 2081281 |
| AST SpaceMobile Inc Class A (a)(b) | 103700 | 8212003 |
| AT&T Inc  | 804800 | 22542448 |
| Globalstar Inc (a)(b) | 87573 | 5453171 |
| Iridium Communications Inc  | 106300 | 2545885 |
| Verizon Communications Inc  | 350901 | 17594176 |
|  |  | 58428964 |
| Interactive Media & Services - 0.9% |  |  |
| Alphabet Inc Class A  | 9200 | 2868192 |
| Media - 1.1% |  |  |
| EchoStar Corp Class A (a)(b) | 28700 | 3315711 |
| Wireless Telecommunication Services - 8.8% |  |  |
| Array Digital Infrastructure Inc (a) | 29100 | 1418043 |
| T-Mobile US Inc  | 104016 | 22580833 |
| Telephone and Data Systems Inc  | 67000 | 2998250 |
|  |  | 26997126 |
| TOTAL COMMUNICATION SERVICES |  | 91609993 |
| Information Technology - 40.6% |  |  |
| Communications Equipment - 9.3% |  |  |
| Digi International Inc (b) | 25300 | 1235146 |
| Motorola Solutions Inc  | 39168 | 18889160 |
| Netgear Inc (b) | 48400 | 998008 |
| Ubiquiti Inc (a) | 900 | 690290 |
| Viasat Inc (b) | 70601 | 3232114 |
| Vistance Networks Inc (b) | 191700 | 3368169 |
|  |  | 28412887 |
| Semiconductors & Semiconductor Equipment - 13.4% |  |  |
| Applied Materials Inc  | 1900 | 707370 |
| KLA Corp  | 500 | 762275 |
| Lam Research Corp  | 3400 | 795226 |
| MACOM Technology Solutions Holdings Inc (b) | 4000 | 992480 |
| Marvell Technology Inc  | 180600 | 14753214 |
| Micron Technology Inc  | 3700 | 1525769 |
| NVIDIA Corp  | 4500 | 797355 |
| Qorvo Inc (b) | 9100 | 754390 |
| QUALCOMM Inc  | 123250 | 17545870 |
| Skyworks Solutions Inc (a) | 43000 | 2561940 |
|  |  | 41195889 |
| Software - 2.1% |  |  |
| InterDigital Inc (a) | 14200 | 5204726 |
| RingCentral Inc Class A (a)(b) | 32200 | 1173690 |
|  |  | 6378416 |
| Technology Hardware, Storage & Peripherals - 15.8% |  |  |
| Apple Inc  | 175120 | 46263202 |
| Sandisk Corp/DE (b) | 3500 | 2223760 |
|  |  | 48486962 |
| TOTAL INFORMATION TECHNOLOGY |  | 124474154 |
| Real Estate - 6.9% |  |  |
| Specialized REITs - 6.9% |  |  |
| American Tower Corp  | 59192 | 11356577 |
| Crown Castle Inc  | 67101 | 6008224 |
| SBA Communications Corp Class A  | 18500 | 3721460 |
| TOTAL REAL ESTATE |  | 21086261 |
| TOTAL UNITED STATES |  | 237170408 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $183,404,405) |  | <br> **303854419** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 14.4%** | &nbsp;&nbsp;**Money Market Funds - 14.4%** | &nbsp;&nbsp;**Money Market Funds - 14.4%** | &nbsp;&nbsp;**Money Market Funds - 14.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.70 | 1172667 | 1172902 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.69 | 43036677 | 43040981 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $44,213,883) |  |  | **44213883** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 113.6%**<br> (Cost $227,618,288)<br>| <br>**348068302** |
| **NET OTHER ASSETS (LIABILITIES) - (13.6)%**  | **(41541127)** |
| **NET ASSETS - 100.0%** | **306527175** |

---

**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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 2144024 | 54702139 | 55673121 | 68411 | (140) | - | 1172902 | 1172667 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 13509231 | 228244997 | 198712406 | 65012 | (841) | - | 43040981 | 43036677 | 0.1% |
| Total | 15653255 | 282947136 | 254385527 | 133423 | (981) | - | 44213883 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 132862661 | 131305134 | 1557527 | - |
| Information Technology | 149905497 | 149905497 | - | - |
| Real Estate | 21086261 | 21086261 | - | - |
|  **Money Market Funds** | 44213883 | 44213883 | - | - |
| **Total Investments in Securities:** | 348068302 | 346510775 | 1557527 | - |

---

**Wireless Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $41,875,171) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $183,404,405) | $303854419 |  |
| Fidelity Central Funds (cost $44,213,883) | 44213883 |  |
| Total Investment in Securities (cost $227,618,288) |  | $348068302 |
| Foreign currency held at value (cost $141,213) |  | 138657 |
| Receivable for investments sold |  | 14390237 |
| Receivable for fund shares sold |  | 12285 |
| Dividends receivable |  | 139929 |
| Reclaims receivable |  | 287741 |
| Distributions receivable from Fidelity Central Funds |  | 7384 |
| Prepaid expenses |  | 168 |
| Other receivables |  | 24277 |
| **Total assets** |  | 363068980 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $13171410 |  |
| Payable for fund shares redeemed | 128629 |  |
| Accrued management fee | 164889 |  |
| Other payables and accrued expenses | 34986 |  |
| Collateral on securities loaned | 43041891 |  |
| **Total liabilities** |  | 56541805 |
| **Net Assets**  |  | $306527175 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $183757665 |
| Total accumulated earnings (loss) |  | 122769510 |
| **Net Assets** |  | $306527175 |
| **Net Asset Value**, offering price and redemption price per share ($306,527,175 ÷ 23,881,768 shares) |  | $12.84 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $7223378 |
| Special dividends |  | 3040600 |
| Income from Fidelity Central Funds (including $65,012 from security lending)  |  | 133423 |
| Security lending |  | 1787 |
| **Total income** |  | 10399188 |
| **Expenses** |  |  |
| Management fee | $2013947 |  |
| Custodian fees and expenses | 20421 |  |
| Independent trustees' fees and expenses | 1185 |  |
| Registration fees | 25115 |  |
| Audit fees | 88488 |  |
| Legal | 553 |  |
| Miscellaneous | 982 |  |
| **Total expenses** |  | 2150691 |
| **Net Investment income (loss)** |  | 8248497 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $314,510)  | 11553904 |  |
| Fidelity Central Funds | (981) |  |
| Foreign currency transactions | 9560 |  |
| Total net realized gain (loss) |  | 11562483 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $317,898)  | 14659065 |  |
| Assets and liabilities in foreign currencies | 9247 |  |
| Total change in net unrealized appreciation (depreciation) |  | 14668312 |
| **Net gain (loss)** |  | 26230795 |
| **Net increase (decrease) in net assets resulting from operations** |  | $34479292 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $8248497 | $3871010 |
| &nbsp;&nbsp;Net realized gain (loss) | 11562483<br>| 39071867<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 14668312 | 11502365<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 34479292<br>| 54445242<br>|
| Distributions to shareholders | (33890727)<br>| (28765762)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 15336034 | 22743019 |
| Reinvestment of distributions | 31198500<br>| 26521050<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (66385818) | (73260275) |
| **Net increase (decrease) in net assets resulting from share transactions** | (19851284)<br>| (23996206)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (19262719)<br>| 1683274<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 325789894 | 324106620<br>|
| &nbsp;&nbsp;End of period | $306527175 | $325789894 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1261572 | 1805644 |
| Issued in reinvestment of distributions | 2739396<br>| 2177834<br>|
| &nbsp;&nbsp;Redeemed | (5457745) | (5874258) |
| &nbsp;&nbsp;Net increase (decrease) | (1456777) | (1890780) |

---

**Financial Highlights** 

**Wireless Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.86 | $11.90 | $10.17 | $12.91 | $13.34 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .33 D | .15  | .12  | .09  | .10  |
| Net realized and unrealized gain (loss)  | 1.04  | 1.94  | 1.89  | (1.95)  | .54  |
| Total from investment operations  | 1.37  | 2.09  | 2.01  | (1.86)  | .64  |
| Distributions from net investment income  | (.34)  | (.13)  | (.11)  | (.09)  | (.09)  |
| Distributions from net realized gain  | (1.05)  | (1.00)  | (.17)  | (.79)  | (.98)  |
| Total distributions  | (1.39)  | (1.13)  | (.28)  | (.88)  | (1.07)  |
| Net asset value, end of period  | $12.84 | $12.86 | $11.90 | $10.17 | $12.91 |
| **Total Return** E | 12.38% <br>| 18.31%  | 19.83%  | (14.79)%  | 4.40%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .71%  | .71%  | .81%  | .79%  | .77%  |
| Expenses net of fee waivers, if any  | .71% <br>| .71%  | .80%  | .79%  | .77%  |
| Expenses net of all reductions, if any  | .71%  | .71%  | .80%  | .79%  | .77%  |
| Net investment income (loss)  | 2.72% D | 1.18%  | 1.16%  | .85%  | .69%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $306527 | $325790 | $324107 | $302206 | $403566 |
| Portfolio turnover rate H | 58% <br>| 49%  | 22%  | 11%  | 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 $.12 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.71%.*

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*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** 

For the period ended February 28, 2026

**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 February 28, 2026 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, 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. As of February 28, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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.

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. In addition, the Fund 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 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**  | $124526345 |
| **Gross unrealized depreciation**  | <u>(6569147)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$117957198</u> |
| **Tax Cost**  | <u>$230111104</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$3184010</u> |
| **Undistributed long-term capital gain**  | <u>$1624630</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$117960869</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** |
| **Ordinary Income**  | $10963660 | $3194254 |
| **Long-term Capital Gains**  | <u>22927067</u> | <u>25571508</u> |
| **Total**  | <u>$33890727</u> | <u>$28765762</u> |

---

**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** | 175113190 | 220886759 |

---

**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** | .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 ($)** |
| **Wireless Portfolio** | 8725 |

---

**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** | 15282190 | 7641114 | (75594) |

---

**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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Wireless Portfolio** | 410 |

---

Effective March 24, 2026 the .10% spread adjustment on the SOFR benchmark was removed.

**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 in security lending. 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** | 7077 | 1812 | 2806040 |

---

**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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Select Portfolios and Shareholders of Telecommunications Portfolio and Wireless Portfolio

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Telecommunications Portfolio and Wireless Portfolio (two of the funds constituting Fidelity Select Portfolios, hereafter collectively referred to as the "Funds") as of February 28, 2026, the related statements of operations for the year ended February 28, 2026, the statements of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2026 and each of the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 15, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended February 28, 2026, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **Wireless Portfolio** | $7662569  |

---

A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax.

---

| | |
|:---|:---|
| **Telecommunications Portfolio** | 0.47%<br>|

---

The funds hereby designate the percentages noted below of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders:

---

| | | |
|:---|:---|:---|
|  | **April 2025** | **December 2025** |
| **Wireless Portfolio** | 100% | 100% |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Wireless Portfolio** | $77546 |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **April 2025** | **July 2025** | **October 2025** | **December 2025** |
| **Telecommunications Portfolio** |  |  |  |  |
| Class A | 100% | 100% | 100% | 100% |
| Class M | 100% | 100% | 100% | 100% |
| Class C | 100% | 100% | 100% | 100% |
| Telecommunications  | 100% | 100% | 100% | 100% |
| Class I | 100% | 100% | 100% | 100% |
| Class Z | 100% | 100% | 100% | 100% |
| **Wireless Portfolio** |  |  |  |  |
| Wireless | 35% | - | - | 72% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **April 2025** | **July 2025** | **October 2025** | **December 2025** |
| **Telecommunications Portfolio** |  |  |  |  |
| Class A | 100% | 100% | 100% | 100% |
| Class M | 100% | 100% | 100% | 100% |
| Class C | 100% | 100% | 100% | 100% |
| Telecommunications | 100% | 100% | 100% | 100% |
| Class I | 100% | 100% | 100% | 100% |
| Class Z | 100% | 100% | 100% | 100% |
| **Wireless Portfolio** |  |  |  |  |
| Wireless  | 63.59% | - | - | 91.85% |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify as a Section 199A dividend:

---

| | | |
|:---|:---|:---|
|  | **April 2025** | **December 2025** |
| **Wireless Portfolio** | 27.78% | 8.16% |

---

The funds will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

**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)**

Note: This is not applicable for any fund included in this document.

![](img126037_4.jpg)<br>

1.846050.119 SELTS-ANN-0426

**Fidelity® Select Portfolios®**

**Materials Sector**

**Chemicals Portfolio**

**Gold Portfolio**

**Materials Portfolio**

**Annual Report**

**February 28, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img126038_1.jpg)

![](img126038_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SELMT-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Chemicals Portfolio](#Sub_Sec_Fund_69_SELMT-ANN)** |
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_SELMT-ANN_1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Gold Portfolio](#Sub_Sec_Fund_141_SELMT-ANN)** |
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SELMT-ANN_2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Materials Portfolio](#Sub_Sec_Fund_509_SELMT-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SELMT-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SELMT-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SELMT-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SELMT-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SELMT-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SELMT-ANN)** |

---

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

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

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

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Funds nor Fidelity Distributors Corporation is a bank.*

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

**Chemicals Portfolio**

**Schedule of Investments February 28, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.7%** | &nbsp;&nbsp;**Common Stocks - 98.7%** | &nbsp;&nbsp;**Common Stocks - 98.7%** |
|  | Shares | Value ($)<br>|
| GERMANY - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Orion SA  | 158326 | 900874 |
| UNITED STATES - 98.6%  |  |  |
| Materials - 98.6% |  |  |
| Chemicals - 98.6% |  |  |
| Air Products and Chemicals Inc  | 68011 | 18748592 |
| Axalta Coating Systems Ltd (b) | 173900 | 5809999 |
| Cabot Corp  | 97300 | 7408422 |
| CF Industries Holdings Inc  | 118617 | 11807136 |
| Chemours Co/The  | 176259 | 3214964 |
| Corteva Inc  | 281993 | 22593279 |
| Dow Inc  | 116900 | 3592337 |
| DuPont de Nemours Inc  | 113594 | 5684244 |
| Eastman Chemical Co (a) | 110700 | 8358957 |
| Ecolab Inc  | 72600 | 22386210 |
| Element Solutions Inc (a) | 886843 | 31119321 |
| FMC Corp (a) | 43300 | 638242 |
| Huntsman Corp  | 87400 | 1105610 |
| Ingevity Corp (b) | 203500 | 14658105 |
| International Flavors & Fragrances Inc  | 167416 | 13766618 |
| Linde PLC  | 226516 | 115088250 |
| LyondellBasell Industries NV Class A1  | 184900 | 10635448 |
| Mosaic Co/The  | 277500 | 7725600 |
| Olin Corp (a) | 217400 | 5515438 |
| PPG Industries Inc  | 169100 | 20844957 |
| Quaker Chemical Corp (a) | 19500 | 2867085 |
| Scotts Miracle-Gro Co/The  | 219600 | 15398352 |
| Sensient Technologies Corp  | 115000 | 11675950 |
| Sherwin-Williams Co/The  | 218799 | 79334329 |
| Solstice Advanced Materials Inc  | 146500 | 11501715 |
| Tronox Holdings PLC  | 124539 | 931552 |
| Westlake Corp (a) | 48256 | 5085217 |
| TOTAL UNITED STATES |  | 457495929 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $263,207,841) |  | <br> **458396803** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.70 | 5429896 | 5430982 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.69 | 17304596 | 17306327 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $22,737,309) |  |  | **22737309** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.6%**<br> (Cost $285,945,150)<br>| <br>**481134112** |
| **NET OTHER ASSETS (LIABILITIES) - (3.6)%**  | **(16911500)** |
| **NET ASSETS - 100.0%** | **464222612** |

---

**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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 140751461 | 146545134 | 167621 | (164) | - | 5430982 | 5429896 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 10398975 | 84639807 | 77732255 | 3296 | (200) | - | 17306327 | 17304596 | 0.0% |
| Total | 21623794 | 225391268 | 224277389 | 170917 | (364) | - | 22737309 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 458396803 | 458396803 | - | - |
|  **Money Market Funds** | 22737309 | 22737309 | - | - |
| **Total Investments in Securities:** | 481134112 | 481134112 | - | - |

---

**Chemicals Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $16,991,134) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $263,207,841) | $458396803 |  |
| Fidelity Central Funds (cost $22,737,309) | 22737309 |  |
| Total Investment in Securities (cost $285,945,150) |  | $481134112 |
| Receivable for investments sold |  | 1584049 |
| Receivable for fund shares sold |  | 40006 |
| Dividends receivable |  | 387908 |
| Reclaims receivable |  | 363443 |
| Distributions receivable from Fidelity Central Funds |  | 11936 |
| Prepaid expenses |  | 245 |
| Other receivables |  | 225318 |
| **Total assets** |  | 483747017 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1146705 |  |
| Payable for fund shares redeemed | 570631 |  |
| Accrued management fee | 244620 |  |
| Other payables and accrued expenses | 255923 |  |
| Collateral on securities loaned | 17306526 |  |
| **Total liabilities** |  | 19524405 |
| **Net Assets**  |  | $464222612 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $262892909 |
| Total accumulated earnings (loss) |  | 201329703 |
| **Net Assets** |  | $464222612 |
| **Net Asset Value**, offering price and redemption price per share ($464,222,612 ÷ 32,237,272 shares) |  | $14.40 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $7507339 |
| Income from Fidelity Central Funds (including $3,296 from security lending)  |  | 170917 |
| Security lending |  | 1224 |
| **Total income** |  | 7679480 |
| **Expenses** |  |  |
| Management fee | $2856722 |  |
| Custodian fees and expenses | 7731 |  |
| Independent trustees' fees and expenses | 1734 |  |
| Registration fees | 24895 |  |
| Audit fees | 49667 |  |
| Legal | 198 |  |
| Miscellaneous | 1792 |  |
| Total expenses before reductions | 2942739 |  |
| Expense reductions | (154) |  |
| Total expenses after reductions |  | 2942585 |
| **Net Investment income (loss)** |  | 4736895 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 7885409 |  |
| Fidelity Central Funds | (364) |  |
| Total net realized gain (loss) |  | 7885045 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 5232812 |  |
| Assets and liabilities in foreign currencies | 44369 |  |
| Total change in net unrealized appreciation (depreciation) |  | 5277181 |
| **Net gain (loss)** |  | 13162226 |
| **Net increase (decrease) in net assets resulting from operations** |  | $17899121 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4736895 | $5418398 |
| &nbsp;&nbsp;Net realized gain (loss) | 7885045<br>| 12194874<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 5277181 | (27798288)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 17899121<br>| (10185016)<br>|
| Distributions to shareholders | (8878171)<br>| (43645546)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 50075547 | 15858597 |
| Reinvestment of distributions | 8277413<br>| 40778468<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (114020504) | (113119085) |
| **Net increase (decrease) in net assets resulting from share transactions** | (55667544)<br>| (56482020)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (46646594)<br>| (110312582)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 510869206 | 621181788<br>|
| &nbsp;&nbsp;End of period | $464222612 | $510869206 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 3766205 | 1058649 |
| Issued in reinvestment of distributions | 687747<br>| 2823509<br>|
| &nbsp;&nbsp;Redeemed | (8966758) | (7644670) |
| &nbsp;&nbsp;Net increase (decrease) | (4512806) | (3762512) |

---

**Financial Highlights** 

**Chemicals Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.90 | $15.33 | $15.43 | $16.94 | $14.67 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .14  | .14  | .17  | .15  | .15  |
| Net realized and unrealized gain (loss)  | .63  | (.46)  | .71  | .01  | 2.34  |
| Total from investment operations  | .77  | (.32)  | .88  | .16  | 2.49  |
| Distributions from net investment income  | (.15)  | (.15)  | (.18)  | (.16)  | (.14)  |
| Distributions from net realized gain  | (.12)  | (.96)  | (.80)  | (1.51)  | (.08)  |
| Total distributions  | (.27)  | (1.11)  | (.98)  | (1.67)  | (.22)  |
| Net asset value, end of period  | $14.40 | $13.90 | $15.33 | $15.43 | $16.94 |
| **Total Return** D | 5.91% <br>| (2.22)%  | 5.75%  | 1.09%  | 16.90%  |
| **Ratios to Average Net Assets** C,E,F |  |  |  |  |  |
| Expenses before reductions  | .68%  | .69%  | .75%  | .75%  | .74%  |
| Expenses net of fee waivers, if any  | .68% <br>| .69%  | .74%  | .75%  | .74%  |
| Expenses net of all reductions, if any  | .68%  | .69%  | .74%  | .75%  | .74%  |
| Net investment income (loss)  | 1.10%  | .92%  | 1.12%  | .96%  | .85%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $464223 | $510869 | $621182 | $678109 | $758900 |
| Portfolio turnover rate G | 46% <br>| 6%  | 19%  | 54%  | 15%  |

---

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

E*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.*

F*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.*

G*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** 

For the period ended February 28, 2026

**1. Organization.**

Chemicals Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. 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 February 28, 2026 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, 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.

**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. As of February 28, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund 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 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**  | $207610849 |
| **Gross unrealized depreciation**  | <u>(14223761)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$193387088</u> |
| **Tax Cost**  | <u>$287747024</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$91550</u> |
| **Undistributed long-term capital gain**  | <u>$7989707</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$193385415</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** |
| **Ordinary Income**  | $4765418 | $5671195 |
| **Long-term Capital Gains**  | <u>4112753</u> | <u>37974351</u> |
| **Total**  | <u>$8878171</u> | <u>$43645546</u> |

---

**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** | 195498624 | 241787633 |

---

**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** | .66 |

---

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

---

| | |
|:---|:---|
| **Chemicals Portfolio** | $221407 |

---

**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** | 5581 |

---

**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** | 8445299 | 9744896 | 3792064 |

---

**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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Chemicals Portfolio** | 606 |

---

Effective March 24, 2026 the .10% spread adjustment on the SOFR benchmark was removed.

**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 in security lending. 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** | 471 | - | - |

---

**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 $154.

**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 (Annual Report)**

**Gold Portfolio**

**Consolidated Schedule of Investments February 28, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commodities - 0.1%** | &nbsp;&nbsp;**Commodities - 0.1%** | &nbsp;&nbsp;**Commodities - 0.1%** |
|  | Troy Ounces | Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Gold Bullion (b)<br>(Cost $433,532)<br>| 582 | **3063078** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 7.8%  |  |  |
| Materials - 7.8% |  |  |
| Metals & Mining - 7.8% |  |  |
| Anglogold Ashanti Plc (a) | 2031282 | 259536902 |
| OceanaGold Corp  | 3958067 | 168327749 |
| Westgold Resources Ltd  | 8157213 | 44989375 |
| TOTAL AUSTRALIA |  | 472854026 |
| BRAZIL - 8.0%  |  |  |
| Materials - 8.0% |  |  |
| Metals & Mining - 8.0% |  |  |
| Wheaton Precious Metals Corp  | 2968782 | 483758788 |
| BURKINA FASO - 3.7%  |  |  |
| Materials - 3.7% |  |  |
| Metals & Mining - 3.7% |  |  |
| IAMGOLD Corp (b) | 9018700 | 221888913 |
| CANADA - 51.5%  |  |  |
| Materials - 51.5% |  |  |
| Metals & Mining - 51.5% |  |  |
| Agnico Eagle Mines Ltd/CA  | 2981302 | 748860749 |
| Alamos Gold Inc Class A  | 2692100 | 145908840 |
| Barrick Mining Corp (a) | 5547600 | 281477509 |
| Cambria Gold Mines Inc warrants (b) | 800000 | 6 |
| Centerra Gold Inc  | 1478000 | 31065034 |
| DPM Metals Inc  | 3200400 | 138569425 |
| Equinox Gold Corp (b) | 6700000 | 125743191 |
| Faraday Copper Corp (a)(b) | 4492480 | 17323738 |
| Franco-Nevada Corp  | 1423578 | 397877553 |
| Fuerte Metals Corp (b) | 378700 | 2995618 |
| G Mining Ventures Corp (b) | 1653900 | 67729815 |
| Hemlo Mining Corp (b) | 2566447 | 13659620 |
| International Tower Hill Mines Ltd (United States) (a)(b) | 4750000 | 16672500 |
| K92 Mining Inc (b) | 5996900 | 144553405 |
| Kinross Gold Corp  | 9225700 | 341013741 |
| Lundin Gold Inc  | 119000 | 11216473 |
| Minera Alamos Inc (b) | 540000 | 2885965 |
| Montage Gold Corp (b) | 2500400 | 31162201 |
| New Gold Inc (b) | 8390400 | 112688045 |
| Novagold Resources Inc (b) | 1371100 | 18294065 |
| Novagold Resources Inc (c)(d) | 486300 | 6488516 |
| Orla Mining Ltd  | 6635552 | 143505578 |
| Osisko Development Corp warrants 3/2/2026 (b) | 1144505 | 8 |
| Osisko Development Corp warrants 5/27/2027 (b) | 666666 | 15439 |
| Rio2 Ltd (b) | 11261300 | 31289415 |
| Seabridge Gold Inc (a)(b) | 433900 | 17073966 |
| Skeena Resources Ltd (b) | 2987800 | 113878320 |
| Ssr Mining Inc (b) | 2661200 | 85664029 |
| Torex Gold Resources Inc  | 776200 | 47292975 |
| Western Copper & Gold Corp (b) | 7926633 | 27254066 |
| TOTAL CANADA |  | 3122159805 |
| CHINA - 2.6%  |  |  |
| Materials - 2.6% |  |  |
| Metals & Mining - 2.6% |  |  |
| Zijin Mining Group Co Ltd H Shares  | 27746000 | 159594294 |
| COLOMBIA - 1.2%  |  |  |
| Materials - 1.2% |  |  |
| Metals & Mining - 1.2% |  |  |
| Aris Mining Corp (b) | 3286600 | 74451772 |
| COTE D'IVOIRE - 1.3%  |  |  |
| Materials - 1.3% |  |  |
| Metals & Mining - 1.3% |  |  |
| Endeavour Mining PLC  | 1107100 | 79661204 |
| MOROCCO - 0.8%  |  |  |
| Materials - 0.8% |  |  |
| Metals & Mining - 0.8% |  |  |
| Aya Gold & Silver Inc (a)(b) | 2339434 | 50645861 |
| SOUTH AFRICA - 1.5%  |  |  |
| Materials - 1.5% |  |  |
| Metals & Mining - 1.5% |  |  |
| Gold Fields Ltd  | 1505100 | 88207908 |
| TURKEY - 2.9%  |  |  |
| Materials - 2.9% |  |  |
| Metals & Mining - 2.9% |  |  |
| Eldorado Gold Corp (a) | 3748800 | 174103940 |
| UNITED STATES - 17.9%  |  |  |
| Materials - 17.9% |  |  |
| Metals & Mining - 17.9% |  |  |
| Coeur Mining Inc (a)(b) | 7706800 | 209239620 |
| Ivanhoe Electric Inc / US (b) | 255152 | 4386063 |
| Newmont Corp  | 5991748 | 778927240 |
| Royal Gold Inc  | 307000 | 92035530 |
| TOTAL UNITED STATES |  | 1084588453 |
| ZAMBIA - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| First Quantum Minerals Ltd (b) | 977700 | 29272584 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,625,932,725) |  | <br> **6041187548** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.4%** | &nbsp;&nbsp;**Money Market Funds - 7.4%** | &nbsp;&nbsp;**Money Market Funds - 7.4%** | &nbsp;&nbsp;**Money Market Funds - 7.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.70 | 12548706 | 12551215 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 3.69 | 435843148 | 435886733 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $448,437,948) |  |  | **448437948** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 107.2%**<br> (Cost $3,074,804,205)<br>| <br>**6492688574** |
| **NET OTHER ASSETS (LIABILITIES) - (7.2)%**  | **(435409762)** |
| **NET ASSETS - 100.0%** | **6057278812** |

---

**Legend**

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

(b) Non-income producing.

(c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $6,488,516 or 0.1% of net assets.

(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 $6,488,516 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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>|
| Novagold Resources Inc | 1/23/2026 | 4876102 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Novagold Resources Inc | 7/22/2026 |

---

**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 | 4883377 | 541655708 | 533989370 | 303421 | 1500 | - | 12551215 | 12548706 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 20659019 | 1578592454 | 1163368513 | 317075 | 3773 | - | 435886733 | 435843148 | 1.2% |
| Total | 25542396 | 2120248162 | 1697357883 | 620496 | 5273 | - | 448437948 |  |  |

---

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 | - | 6615042 | - | (183849) | 2842437 | - | - |
| Guanajuato Silver Co Ltd | 3630544 | - | 9243934 | - | 1361225 | 4252165 | - | - |
| Total | 7586998 | - | 15858976 | - | 1177376 | 7094602 | - |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 3063078 | 3063078 | - | - |
|  **Common Stocks** |  |  |  |  |
| Materials | 6041187548 | 5952964187 | 88223361 | - |
|  **Money Market Funds** | 448437948 | 448437948 | - | - |
| **Total Investments in Securities:** | 6492688574 | 6404465213 | 88223361 | - |

---

**Gold Portfolio**

**Consolidated Financial Statements** 

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $423,415,000) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,625,932,725) | $6041187548 |  |
| Fidelity Central Funds (cost $448,437,948) | 448437948 |  |
| Commodities (cost $433,532)  | 3063078 |  |
| Total Investment in Securities (cost $3,074,804,205) |  | $6492688574 |
| Cash |  | 18039 |
| Receivable for investments sold |  | 72321604 |
| Receivable for fund shares sold |  | 19115996 |
| Dividends receivable |  | 2471558 |
| Distributions receivable from Fidelity Central Funds |  | 42676 |
| Prepaid expenses |  | 1290 |
| Other receivables |  | 293090 |
| **Total assets** |  | 6586952827 |
| **Liabilities** |  |  |
| Payable to custodian bank  | $1759359 |  |
| Payable for investments purchased  | 83031909 |  |
| Payable for fund shares redeemed | 5541140 |  |
| Accrued management fee | 2703712 |  |
| Distribution and service plan fees payable | 134844 |  |
| Other payables and accrued expenses | 619385 |  |
| Collateral on securities loaned | 435883666 |  |
| **Total liabilities** |  | 529674015 |
| **Net Assets**  |  | $6057278812 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3537373988 |
| Total accumulated earnings (loss) |  | 2519904824 |
| **Net Assets** |  | $6057278812 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($395,953,237 ÷ 5,149,904 shares)(a) |  | $76.89 |
| Maximum offering price per share (100/94.25 of $76.89) |  | $81.58 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($77,823,321 ÷ 1,040,726 shares)(a) |  | $74.78 |
| Maximum offering price per share (100/96.50 of $74.78) |  | $77.49 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($44,265,005 ÷ 632,662 shares)(a) |  | $69.97 |
| **Gold :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($5,095,981,175 ÷ 63,835,273 shares) |  | $79.83 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($300,383,042 ÷ 3,759,839 shares) |  | $79.89 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($142,873,032 ÷ 1,783,889 shares) |  | $80.09 |
| *(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** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $37905611 |
| Income from Fidelity Central Funds (including $317,075 from security lending)  |  | 620496 |
| Security lending |  | 8145 |
| Income before foreign taxes withheld |  | $38534252 |
| Less foreign taxes withheld |  | (3480338) |
| **Total income** |  | 35053914 |
| **Expenses** |  |  |
| Management fee | $19863732 |  |
| Distribution and service plan fees | 1014287 |  |
| Custodian fees and expenses | 240037 |  |
| Independent trustees' fees and expenses | 9914 |  |
| Registration fees | 315978 |  |
| Audit fees | 76360 |  |
| Legal | 1071 |  |
| Interest | 109528 |  |
| Miscellaneous | 7337 |  |
| **Total expenses** |  | 21638244 |
| **Net Investment income (loss)** |  | 13415670 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments: |  |  |
| Unaffiliated issuers  | 799327871 |  |
| Fidelity Central Funds | 5273 |  |
| Other affiliated issuers | 1177376 |  |
| Foreign currency transactions | (477593) |  |
| Total net realized gain (loss) |  | 800032927 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investments: |  |  |
| Unaffiliated issuers | 2690388446 |  |
| Affiliated issuers  | 7094602 |  |
| Assets and liabilities in foreign currencies | 51468 |  |
| Commodities | (8729969) |  |
| Total change in net unrealized appreciation (depreciation) |  | 2688804547 |
| **Net gain (loss)** |  | 3488837474 |
| **Net increase (decrease) in net assets resulting from operations** |  | $3502253144 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $13415670 | $7802868 |
| &nbsp;&nbsp;Net realized gain (loss) | 800032927<br>| 16142144<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2688804547 | 553192238<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 3502253144<br>| 577137250<br>|
| Distributions to shareholders | (88206952)<br>| (45743504)<br>|
| Share transactions - net increase (decrease) | 1068564709<br>| (15002387)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 4482610901<br>| 516391359<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1574667911 | 1058276552<br>|
| &nbsp;&nbsp;End of period | $6057278812 | $1574667911 |

---

**Consolidated Financial Highlights** 

**Fidelity Advisor® Gold Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.94 | $18.49 | $21.12 | $26.27 | $24.15 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .08  | .08  | .07  | .15  | .27 D |
| Net realized and unrealized gain (loss)  | 50.05  | 10.20  | (2.60)  | (5.23)  | 2.20  |
| Total from investment operations  | 50.13  | 10.28  | (2.53)  | (5.08)  | 2.47  |
| Distributions from net investment income  | (1.18)  | (.83)  | (.10)  | (.07)  | (.35)  |
| Total distributions  | (1.18)  | (.83)  | (.10)  | (.07)  | (.35)  |
| Net asset value, end of period  | $76.89 | $27.94 | $18.49 | $21.12 | $26.27 |
| **Total Return** E,F | 180.88% <br>| 56.39%  | (12.09)%  | (19.42)%  | 10.37%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | .94%  | .97%  | 1.07%  | 1.09%  | 1.07%  |
| Expenses net of fee waivers, if any  | .94% <br>| .97%  | 1.06%  | 1.08%  | 1.07%  |
| Expenses net of all reductions, if any  | .94%  | .97%  | 1.06%  | 1.08%  | 1.07%  |
| Net investment income (loss)  | .16%  | .30%  | .34%  | .67%  | 1.02% D |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $395953 | $102946 | $66421 | $73943 | $86977 |
| Portfolio turnover rate I | 60% <br>| 17%  | 46%  | 46%  | 38%  |

---

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 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 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*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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.21 | $18.03 | $20.55 | $25.63 | $23.57 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.04)  | .01  | .02  | .09  | .19 D |
| Net realized and unrealized gain (loss)  | 48.70  | 9.94  | (2.54)  | (5.11)  | 2.16  |
| Total from investment operations  | 48.66  | 9.95  | (2.52)  | (5.02)  | 2.35  |
| Distributions from net investment income  | (1.09)  | (.77)  | - E | (.06)  | (.29)  |
| Total distributions  | (1.09)  | (.77)  | - E | (.06)  | (.29)  |
| Net asset value, end of period  | $74.78 | $27.21 | $18.03 | $20.55 | $25.63 |
| **Total Return** F,G | 180.20% <br>| 55.91%  | (12.25)%  | (19.66)%  | 10.08%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |
| Expenses before reductions  | 1.19%  | 1.22%  | 1.33%  | 1.35%  | 1.36%  |
| Expenses net of fee waivers, if any  | 1.19% <br>| 1.22%  | 1.32%  | 1.35%  | 1.35%  |
| Expenses net of all reductions, if any  | 1.19%  | 1.22%  | 1.31%  | 1.35%  | 1.35%  |
| Net investment income (loss)  | (.09)%  | .05%  | .09%  | .40%  | .74% D |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $77823 | $25723 | $17185 | $21586 | $26201 |
| Portfolio turnover rate J | 60% <br>| 17%  | 46%  | 46%  | 38%  |

---

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 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*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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.55 | $16.90 | $19.36 | $24.24 | $22.30 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.25)  | (.10)  | (.07)  | (.01)  | .08 D |
| Net realized and unrealized gain (loss)  | 45.61  | 9.33  | (2.39)  | (4.82)  | 2.05  |
| Total from investment operations  | 45.36  | 9.23  | (2.46)  | (4.83)  | 2.13  |
| Distributions from net investment income  | (.94)  | (.58)  | -  | (.05)  | (.19)  |
| Total distributions  | (.94)  | (.58)  | -  | (.05)  | (.19)  |
| Net asset value, end of period  | $69.97 | $25.55 | $16.90 | $19.36 | $24.24 |
| **Total Return** E,F | 178.81% <br>| 55.18%  | (12.71)%  | (20.00)%  | 9.62%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.69%  | 1.72%  | 1.79%  | 1.79%  | 1.77%  |
| Expenses net of fee waivers, if any  | 1.69% <br>| 1.72%  | 1.78%  | 1.78%  | 1.77%  |
| Expenses net of all reductions, if any  | 1.69%  | 1.72%  | 1.78%  | 1.78%  | 1.77%  |
| Net investment income (loss)  | (.59)%  | (.45)%  | (.38)%  | (.03)%  | .32% D |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $44265 | $15367 | $17177 | $27978 | $43031 |
| Portfolio turnover rate I | 60% <br>| 17%  | 46%  | 46%  | 38%  |

---

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 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 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*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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.94 | $19.13 | $21.88 | $27.14 | $24.93 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .22  | .15  | .14  | .23  | .36 D |
| Net realized and unrealized gain (loss)  | 51.94  | 10.55  | (2.67)  | (5.41)  | 2.27  |
| Total from investment operations  | 52.16  | 10.70  | (2.53)  | (5.18)  | 2.63  |
| Distributions from net investment income  | (1.27)  | (.89)  | (.22)  | (.08)  | (.42)  |
| Total distributions  | (1.27)  | (.89)  | (.22)  | (.08)  | (.42)  |
| Net asset value, end of period  | $79.83 | $28.94 | $19.13 | $21.88 | $27.14 |
| **Total Return** E | 181.75% <br>| 56.75%  | (11.78)%  | (19.17)%  | 10.71%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .64%  | .68%  | .77%  | .78%  | .76%  |
| Expenses net of fee waivers, if any  | .64% <br>| .68%  | .76%  | .78%  | .76%  |
| Expenses net of all reductions, if any  | .64%  | .68%  | .76%  | .77%  | .76%  |
| Net investment income (loss)  | .46%  | .59%  | .64%  | .97%  | 1.33% D |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5095981 | $1279975 | $858204 | $1229416 | $1330602 |
| Portfolio turnover rate H | 60% <br>| 17%  | 46%  | 46%  | 38%  |

---

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 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 Consolidated 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*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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.96 | $19.14 | $21.88 | $27.15 | $24.93 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .20  | .14  | .14  | .23  | .36 D |
| Net realized and unrealized gain (loss)  | 51.96  | 10.56  | (2.67)  | (5.42)  | 2.27  |
| Total from investment operations  | 52.16  | 10.70  | (2.53)  | (5.19)  | 2.63  |
| Distributions from net investment income  | (1.23)  | (.88)  | (.21)  | (.08)  | (.41)  |
| Total distributions  | (1.23)  | (.88)  | (.21)  | (.08)  | (.41)  |
| Net asset value, end of period  | $79.89 | $28.96 | $19.14 | $21.88 | $27.15 |
| **Total Return** E | 181.56% <br>| 56.70%  | (11.75)%  | (19.20)%  | 10.74%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .69%  | .72%  | .76%  | .77%  | .76%  |
| Expenses net of fee waivers, if any  | .69% <br>| .72%  | .76%  | .77%  | .76%  |
| Expenses net of all reductions, if any  | .69%  | .72%  | .76%  | .77%  | .76%  |
| Net investment income (loss)  | .41%  | .55%  | .64%  | .98%  | 1.33% D |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $300383 | $103639 | $77125 | $110224 | $152799 |
| Portfolio turnover rate H | 60% <br>| 17%  | 46%  | 46%  | 38%  |

---

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 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 Consolidated 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*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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.02 | $19.16 | $21.92 | $27.16 | $24.94 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .25  | .18  | .18  | .26  | .40 D |
| Net realized and unrealized gain (loss)  | 52.10  | 10.58  | (2.68)  | (5.41)  | 2.27  |
| Total from investment operations  | 52.35  | 10.76  | (2.50)  | (5.15)  | 2.67  |
| Distributions from net investment income  | (1.28)  | (.90)  | (.26)  | (.09)  | (.45)  |
| Total distributions  | (1.28)  | (.90)  | (.26)  | (.09)  | (.45)  |
| Net asset value, end of period  | $80.09 | $29.02 | $19.16 | $21.92 | $27.16 |
| **Total Return** E | 181.90% <br>| 56.95%  | (11.67)%  | (19.07)%  | 10.88%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .57%  | .60%  | .63%  | .63%  | .63%  |
| Expenses net of fee waivers, if any  | .57% <br>| .60%  | .62%  | .63%  | .62%  |
| Expenses net of all reductions, if any  | .57%  | .60%  | .62%  | .63%  | .62%  |
| Net investment income (loss)  | .53%  | .67%  | .78%  | 1.12%  | 1.47% D |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $142873 | $47018 | $22164 | $93634 | $109842 |
| Portfolio turnover rate H | 60% <br>| 17%  | 46%  | 46%  | 38%  |

---

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 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 Consolidated 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*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** 

For the period ended February 28, 2026

**1. Organization.**

Gold Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund 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. | 3081085 | -A  |

---

A Amount represents less than .05*%*

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 February 28, 2026 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, 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. 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 Consolidated Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of February 28, 2026, the Fund did not have any unrecognized tax benefits in the consolidated financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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**  | $3239545200 |
| **Gross unrealized depreciation**  | <u>(1452299)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$3238092901</u> |
| **Tax Cost**  | <u>$3254595673</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$119626873</u> |
| **Capital loss carryforward**  | <u>$(837672869)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$3238079591</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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(119816753) |
| Long-term | <u>(717856116)</u> |
| **Total capital loss carryforward** | <u>$(837672869)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** |
| **Ordinary Income**  | <u>$88206952</u> | <u>$45743504</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 Consolidated Schedule of Investments, if applicable.

**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** | 2884737011 | 1881805712 |

---

**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** | .67 |
| **Class M** | .67 |
| **Class C** | .67 |
| **Gold** | .62 |
| **Class I** | .67 |
| **Class Z** | .55 |

---

**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% | 517322 | 18002 |
| **Class M** | .25% | .25% | 225622 | 369 |
| **Class C** | .75% | .25% | <u>271343</u> | <u>43415</u> |
|  |  |  | <u>1014287</u> | <u>61786</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** | 230908 |
| **Class M** | 10109 |
| **Class C**A | <u>857</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>241874</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.*

**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** | $205481 |

---

**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** | 11123 |

---

**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 | 14633922 | 4.21% | 109528 |

---

**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** | 28127796 | 15397505 | 6433430 |

---

**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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Gold Portfolio** | 3092 |

---

Effective March 24, 2026 the .10% spread adjustment on the SOFR benchmark was removed.

**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 in security lending. 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** | 35490 | - | - |

---

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** | 1028739 |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Gold Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $5553921 | $2885863 |
| Class M | 1109865 | 704311 |
| Class C | 607225 | 353374 |
| Gold | 74237236 | 37378049 |
| Class I | 4537662 | 3191387 |
| Class Z | <u>2161043</u> | <u>1230520</u> |
| Total  | <u>$88206952</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** |
|  | **Year ended** <br> **February 28, 2026**  | **Year ended**<br> **February 28, 2025** | **Year ended** <br> **February 28, 2026**  | **Year ended**<br> **February 28, 2025** |
| **Gold Portfolio** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 3001456 | 990420 | $138749316 | $25833191 |
| Reinvestment of distributions  | 96498 | 119693 | 5513901 | 2856014 |
| Shares redeemed | <u>(1632879)</u> | <u>(1016720)</u> | <u>(73707164)</u> | <u>(25338876)</u> |
| Net increase (decrease) | <u>1465075</u> | <u>93393</u> | <u>$70556053</u> | <u>$3350329</u> |
| **Class M** |  |  |  |  |
| Shares sold | 422324 | 257970 | $18417074 | $6390847 |
| Reinvestment of distributions  | 19833 | 30256 | 1102728 | 703729 |
| Shares redeemed | <u>(346772)</u> | <u>(296217)</u> | <u>(15595231)</u> | <u>(7257920)</u> |
| Net increase (decrease) | <u>95385</u> | <u>(7991)</u> | <u>$3924571</u> | <u>$(163344)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 323493 | 132765 | $12726143 | $3110137 |
| Reinvestment of distributions  | 11604 | 16111 | 604227 | 352347 |
| Shares redeemed | <u>(303862)</u> | <u>(563712)</u> | <u>(13133188)</u> | <u>(12846012)</u> |
| Net increase (decrease) | <u>31235</u> | <u>(414836)</u> | <u>$197182</u> | <u>$(9383528)</u> |
| **Gold** |  |  |  |  |
| Shares sold | 54215708 | 18114814 | $2611152073 | $484161040 |
| Reinvestment of distributions  | 1184188 | 1436015 | 70210507 | 35456241 |
| Shares redeemed | <u>(35787793)</u> | <u>(20198120)</u> | <u>(1702417242)</u> | <u>(527710794)</u> |
| Net increase (decrease) | <u>19612103</u> | <u>(647291)</u> | <u>$978945338</u> | <u>$(8093513)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1903982 | 1032456 | $84794682 | $27085510 |
| Reinvestment of distributions  | 75026 | 126457 | 4452047 | 3124264 |
| Shares redeemed | <u>(1798084)</u> | <u>(1610391)</u> | <u>(83594179)</u> | <u>(41802197)</u> |
| Net increase (decrease) | <u>180924</u> | <u>(451478)</u> | <u>$5652550</u> | <u>$(11592423)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 1987524 | 1800807 | $92988896 | $47024137 |
| Reinvestment of distributions  | 34651 | 47724 | 2061070 | 1181404 |
| Shares redeemed | <u>(1858585)</u> | <u>(1384921)</u> | <u>(85760951)</u> | <u>(37325449)</u> |
| Net increase (decrease) | <u>163590</u> | <u>463610</u> | <u>$9289015</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 (Annual Report)**

**Materials Portfolio**

**Schedule of Investments February 28, 2026**

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>|
| BRAZIL - 1.4%  |  |  |
| Materials - 1.4% |  |  |
| Metals & Mining - 1.4% |  |  |
| Wheaton Precious Metals Corp  | 72600 | 11830066 |
| CANADA - 5.6%  |  |  |
| Materials - 5.6% |  |  |
| Metals & Mining - 5.6% |  |  |
| Agnico Eagle Mines Ltd/CA  | 37800 | 9494824 |
| Alamos Gold Inc Class A  | 61200 | 3316972 |
| Altius Minerals Corp  | 432800 | 15290225 |
| Major Drilling Group International Inc (a) | 247600 | 3307263 |
| McEwen Inc (a)(b) | 171400 | 4859190 |
| Metalla Royalty & Streaming Ltd (a)(b) | 812500 | 7353124 |
| Teck Resources Ltd Class B (United States)  | 70400 | 4145856 |
| TOTAL CANADA |  | 47767454 |
| UNITED STATES - 90.6%  |  |  |
| Materials - 90.6% |  |  |
| Chemicals - 52.2% |  |  |
| Air Products and Chemicals Inc  | 109000 | 30048030 |
| Balchem Corp  | 93058 | 16883513 |
| Celanese Corp  | 8300 | 414502 |
| Chemours Co/The  | 390161 | 7116537 |
| Corteva Inc  | 405011 | 32449481 |
| Dow Inc  | 517900 | 15915067 |
| DuPont de Nemours Inc  | 120700 | 6039828 |
| Ecolab Inc  | 211000 | 65061850 |
| Ecovyst Inc (a) | 349000 | 3933230 |
| Element Solutions Inc  | 178100 | 6249529 |
| HB Fuller Co  | 44500 | 2924540 |
| Huntsman Corp  | 254900 | 3224485 |
| Ingevity Corp (a) | 54200 | 3904026 |
| Innospec Inc  | 31500 | 2412270 |
| Linde PLC  | 256586 | 130366215 |
| LyondellBasell Industries NV Class A1  | 443700 | 25521624 |
| Mosaic Co/The  | 857200 | 23864448 |
| Olin Corp (b) | 238800 | 6058356 |
| Quaker Chemical Corp (b) | 18000 | 2646540 |
| Sherwin-Williams Co/The  | 51100 | 18528349 |
| Solstice Advanced Materials Inc  | 384400 | 30179244 |
| Tronox Holdings PLC  | 474500 | 3549260 |
| Westlake Corp (b) | 39800 | 4194124 |
|  |  | 441485048 |
| Construction Materials - 9.1% |  |  |
| Amrize Ltd (United States) (b) | 45200 | 2937548 |
| CRH PLC  | 225600 | 27067488 |
| Martin Marietta Materials Inc  | 35700 | 24153549 |
| Vulcan Materials Co  | 73000 | 22630000 |
|  |  | 76788585 |
| Containers & Packaging - 6.9% |  |  |
| Avery Dennison Corp  | 47400 | 9306990 |
| Crown Holdings Inc  | 76659 | 8785121 |
| Graphic Packaging Holding CO  | 230800 | 2822684 |
| International Paper Co  | 169600 | 7386080 |
| Packaging Corp of America  | 38400 | 8914176 |
| Smurfit Westrock PLC  | 365400 | 17177454 |
| Sonoco Products Co  | 71900 | 4060193 |
|  |  | 58452698 |
| Metals & Mining - 22.4% |  |  |
| Alcoa Corp  | 189200 | 11745536 |
| Cleveland-Cliffs Inc (a) | 415600 | 4430296 |
| Coeur Mining Inc (a) | 189900 | 5155785 |
| Commercial Metals Co  | 99700 | 7308010 |
| Freeport-McMoRan Inc  | 664300 | 45225544 |
| Hecla Mining Co (b) | 461400 | 11493474 |
| Newmont Corp  | 438800 | 57044000 |
| Nucor Corp  | 159900 | 28283112 |
| Steel Dynamics Inc  | 98300 | 18984679 |
|  |  | 189670436 |
| TOTAL UNITED STATES |  | 766396767 |
| ZAMBIA - 1.4%  |  |  |
| Materials - 1.4% |  |  |
| Metals & Mining - 1.4% |  |  |
| First Quantum Minerals Ltd (a) | 400900 | 12003047 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $512,623,418) |  | <br> **837997334** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.70 | 9075792 | 9077607 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.69 | 20326449 | 20328482 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $29,406,089) |  |  | **29406089** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.5%**<br> (Cost $542,029,507)<br>| <br>**867403423** |
| **NET OTHER ASSETS (LIABILITIES) - (2.5)%**  | **(21130835)** |
| **NET ASSETS - 100.0%** | **846272588** |

---

**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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 181260163 | 176087212 | 190280 | 134 | - | 9077607 | 9075792 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 25673070 | 165408814 | 170753359 | 9172 | (43) | - | 20328482 | 20326449 | 0.1% |
| Total | 29577592 | 346668977 | 346840571 | 199452 | 91 | - | 29406089 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 837997334 | 837997334 | - | - |
|  **Money Market Funds** | 29406089 | 29406089 | - | - |
| **Total Investments in Securities:** | 867403423 | 867403423 | - | - |

---

**Materials Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $20,363,570) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $512,623,418) | $837997334 |  |
| Fidelity Central Funds (cost $29,406,089) | 29406089 |  |
| Total Investment in Securities (cost $542,029,507) |  | $867403423 |
| Foreign currency held at value (cost $18,793) |  | 18878 |
| Receivable for investments sold |  | 2098700 |
| Receivable for fund shares sold |  | 2850308 |
| Dividends receivable |  | 852640 |
| Distributions receivable from Fidelity Central Funds |  | 20006 |
| Prepaid expenses |  | 399 |
| Other receivables |  | 280393 |
| **Total assets** |  | 873524747 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $5171257 |  |
| Payable for fund shares redeemed | 947274 |  |
| Accrued management fee | 450840 |  |
| Distribution and service plan fees payable | 42244 |  |
| Other payables and accrued expenses | 312019 |  |
| Collateral on securities loaned | 20328525 |  |
| **Total liabilities** |  | 27252159 |
| **Net Assets**  |  | $846272588 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $501973619 |
| Total accumulated earnings (loss) |  | 344298969 |
| **Net Assets** |  | $846272588 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($105,391,756 ÷ 975,818 shares)(a) |  | $108.00 |
| Maximum offering price per share (100/94.25 of $108.00) |  | $114.59 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($34,074,485 ÷ 320,421 shares)(a) |  | $106.34 |
| Maximum offering price per share (100/96.50 of $106.34) |  | $110.20 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($8,695,710 ÷ 84,754 shares)(a) |  | $102.60 |
| **Materials :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($515,103,522 ÷ 4,730,306 shares) |  | $108.89 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($120,867,050 ÷ 1,112,072 shares) |  | $108.69 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($62,140,065 ÷ 573,309 shares) |  | $108.39 |
| *(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** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $10726317 |
| Income from Fidelity Central Funds (including $9,172 from security lending)  |  | 199452 |
| Security lending |  | 1835 |
| **Total income** |  | 10927604 |
| **Expenses** |  |  |
| Management fee | $4866415 |  |
| Distribution and service plan fees | 461001 |  |
| Custodian fees and expenses | 18906 |  |
| Independent trustees' fees and expenses | 2795 |  |
| Registration fees | 98723 |  |
| Audit fees | 50647 |  |
| Legal | 313 |  |
| Miscellaneous | 2811 |  |
| Total expenses before reductions | 5501611 |  |
| Expense reductions | (73) |  |
| Total expenses after reductions |  | 5501538 |
| **Net Investment income (loss)** |  | 5426066 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 29863176 |  |
| Fidelity Central Funds | 91 |  |
| Foreign currency transactions | 3683 |  |
| Total net realized gain (loss) |  | 29866950 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 136602229 |  |
| Assets and liabilities in foreign currencies | 37053 |  |
| Total change in net unrealized appreciation (depreciation) |  | 136639282 |
| **Net gain (loss)** |  | 166506232 |
| **Net increase (decrease) in net assets resulting from operations** |  | $171932298 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $5426066 | $6969214 |
| &nbsp;&nbsp;Net realized gain (loss) | 29866950<br>| 56188802<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 136639282 | (59287787)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 171932298<br>| 3870229<br>|
| Distributions to shareholders | (12946152)<br>| (87300032)<br>|
| Share transactions - net increase (decrease) | (69714678)<br>| (29160109)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 89271468<br>| (112589912)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 757001120 | 869591032<br>|
| &nbsp;&nbsp;End of period | $846272588 | $757001120 |

---

**Financial Highlights** 

**Fidelity Advisor® Materials Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $87.38 | $97.67 | $99.98 | $102.68 | $87.03 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .47  | .58  | 1.01  | .79  | .46  |
| Net realized and unrealized gain (loss)  | 21.71  | (.69)  | 1.70  | (.54)  | 15.77  |
| Total from investment operations  | 22.18  | (.11)  | 2.71  | .25  | 16.23  |
| Distributions from net investment income  | (.95)  | (.70)  | (1.06)  | (.80)  | (.58)  |
| Distributions from net realized gain  | (.61)  | (9.48)  | (3.96)  | (2.15)  | -  |
| Total distributions  | (1.56)  | (10.18)  | (5.02)  | (2.95)  | (.58)  |
| Net asset value, end of period  | $108.00 | $87.38 | $97.67 | $99.98 | $102.68 |
| **Total Return** D,E | 25.67% <br>| (.06)%  | 2.88%  | .39%  | 18.64%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .99%  | .99%  | 1.03%  | 1.03%  | 1.03%  |
| Expenses net of fee waivers, if any  | .99% <br>| .99%  | 1.02%  | 1.03%  | 1.03%  |
| Expenses net of all reductions, if any  | .99%  | .99%  | 1.02%  | 1.03%  | 1.03%  |
| Net investment income (loss)  | .52%  | .60%  | 1.07%  | .81%  | .46%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $105392 | $95277 | $109696 | $124777 | $138219 |
| Portfolio turnover rate H | 56% <br>| 65%  | 51% I | 47%  | 43%  |

---

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

E*Total returns do not include the effect of the sales charges.*

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*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.*

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

**Fidelity Advisor® Materials Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $86.10 | $96.39 | $98.77 | $101.52 | $86.14 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .24  | .34  | .77  | .54  | .20  |
| Net realized and unrealized gain (loss)  | 21.37  | (.67)  | 1.67  | (.53)  | 15.59  |
| Total from investment operations  | 21.61  | (.33)  | 2.44  | .01  | 15.79  |
| Distributions from net investment income  | (.76)  | (.48)  | (.86)  | (.61)  | (.41)  |
| Distributions from net realized gain  | (.61)  | (9.48)  | (3.96)  | (2.15)  | -  |
| Total distributions  | (1.37)  | (9.96)  | (4.82)  | (2.76)  | (.41)  |
| Net asset value, end of period  | $106.34 | $86.10 | $96.39 | $98.77 | $101.52 |
| **Total Return** D,E | 25.36% <br>| (.30)%  | 2.63%  | .15%  | 18.32%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.24%  | 1.24%  | 1.27%  | 1.28%  | 1.29%  |
| Expenses net of fee waivers, if any  | 1.24% <br>| 1.24%  | 1.27%  | 1.28%  | 1.29%  |
| Expenses net of all reductions, if any  | 1.24%  | 1.24%  | 1.27%  | 1.28%  | 1.29%  |
| Net investment income (loss)  | .27%  | .35%  | .82%  | .56%  | .20%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $34074 | $30144 | $33182 | $38570 | $37100 |
| Portfolio turnover rate H | 56% <br>| 65%  | 51% I | 47%  | 43%  |

---

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

E*Total returns do not include the effect of the sales charges.*

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*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.*

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

**Fidelity Advisor® Materials Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $83.09 | $93.33 | $95.85 | $98.63 | $83.76 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.20)  | (.13)  | .29  | .06  | (.28)  |
| Net realized and unrealized gain (loss)  | 20.61  | (.63)  | 1.60  | (.53)  | 15.15  |
| Total from investment operations  | 20.41  | (.76)  | 1.89  | (.47)  | 14.87  |
| Distributions from net investment income  | (.29)  | -  | (.45)  | (.16)  | -  |
| Distributions from net realized gain  | (.61)  | (9.48)  | (3.96)  | (2.15)  | -  |
| Total distributions  | (.90)  | (9.48)  | (4.41)  | (2.31)  | -  |
| Net asset value, end of period  | $102.60 | $83.09 | $93.33 | $95.85 | $98.63 |
| **Total Return** D,E | 24.74% <br>| (.80)%  | 2.11%  | (.36)%  | 17.75%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.74%  | 1.74%  | 1.78%  | 1.78%  | 1.78%  |
| Expenses net of fee waivers, if any  | 1.74% <br>| 1.74%  | 1.77%  | 1.78%  | 1.78%  |
| Expenses net of all reductions, if any  | 1.74%  | 1.74%  | 1.77%  | 1.78%  | 1.78%  |
| Net investment income (loss)  | (.23)%  | (.15)%  | .32%  | .06%  | (.29)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $8696 | $9581 | $13269 | $17053 | $21261 |
| Portfolio turnover rate H | 56% <br>| 65%  | 51% I | 47%  | 43%  |

---

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 do not include the effect of the contingent deferred sales charge.*

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*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.*

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

**Materials Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $88.03 | $98.34 | $100.63 | $103.29 | $87.46 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .75  | .88  | 1.28  | 1.07  | .75  |
| Net realized and unrealized gain (loss)  | 21.89  | (.72)  | 1.72  | (.55)  | 15.86  |
| Total from investment operations  | 22.64  | .16  | 3.00  | .52  | 16.61  |
| Distributions from net investment income  | (1.17)  | (.99)  | (1.33)  | (1.03)  | (.78)  |
| Distributions from net realized gain  | (.61)  | (9.48)  | (3.96)  | (2.15)  | -  |
| Total distributions  | (1.78)  | (10.47)  | (5.29)  | (3.18)  | (.78)  |
| Net asset value, end of period  | $108.89 | $88.03 | $98.34 | $100.63 | $103.29 |
| **Total Return** D | 26.05% <br>| .24%  | 3.17%  | .67%  | 18.98%  |
| **Ratios to Average Net Assets** C,E,F |  |  |  |  |  |
| Expenses before reductions  | .69%  | .70%  | .76%  | .76%  | .75%  |
| Expenses net of fee waivers, if any  | .69% <br>| .69%  | .75%  | .75%  | .74%  |
| Expenses net of all reductions, if any  | .69%  | .69%  | .75%  | .75%  | .74%  |
| Net investment income (loss)  | .82%  | .90%  | 1.34%  | 1.09%  | .75%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $515104 | $446690 | $516428 | $603330 | $645773 |
| Portfolio turnover rate G | 56% <br>| 65%  | 51% H | 47%  | 43%  |

---

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

E*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.*

F*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.*

G*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.*

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

**Fidelity Advisor® Materials Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $87.84 | $98.13 | $100.42 | $103.07 | $87.29 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .71  | .85  | 1.28  | 1.06  | .74  |
| Net realized and unrealized gain (loss)  | 21.85  | (.71)  | 1.71  | (.54)  | 15.83  |
| Total from investment operations  | 22.56  | .14  | 2.99  | .52  | 16.57  |
| Distributions from net investment income  | (1.10)  | (.95)  | (1.32)  | (1.02)  | (.79)  |
| Distributions from net realized gain  | (.61)  | (9.48)  | (3.96)  | (2.15)  | -  |
| Total distributions  | (1.71)  | (10.43)  | (5.28)  | (3.17)  | (.79)  |
| Net asset value, end of period  | $108.69 | $87.84 | $98.13 | $100.42 | $103.07 |
| **Total Return** D | 26.01% <br>| .21%  | 3.16%  | .66%  | 18.97%  |
| **Ratios to Average Net Assets** C,E,F |  |  |  |  |  |
| Expenses before reductions  | .72%  | .72%  | .75%  | .76%  | .75%  |
| Expenses net of fee waivers, if any  | .72% <br>| .72%  | .75%  | .76%  | .75%  |
| Expenses net of all reductions, if any  | .72%  | .72%  | .75%  | .76%  | .75%  |
| Net investment income (loss)  | .78%  | .87%  | 1.34%  | 1.08%  | .74%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $120867 | $123039 | $144811 | $208630 | $238282 |
| Portfolio turnover rate G | 56% <br>| 65%  | 51% H | 47%  | 43%  |

---

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

E*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.*

F*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.*

G*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.*

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

**Fidelity Advisor® Materials Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $87.63 | $97.99 | $100.27 | $102.92 | $87.14 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .84  | .98  | 1.41  | 1.20  | .88  |
| Net realized and unrealized gain (loss)  | 21.79  | (.71)  | 1.72  | (.54)  | 15.81  |
| Total from investment operations  | 22.63  | .27  | 3.13  | .66  | 16.69  |
| Distributions from net investment income  | (1.26)  | (1.15)  | (1.45)  | (1.16)  | (.91)  |
| Distributions from net realized gain  | (.61)  | (9.48)  | (3.96)  | (2.15)  | -  |
| Total distributions  | (1.87)  | (10.63)  | (5.41)  | (3.31)  | (.91)  |
| Net asset value, end of period  | $108.39 | $87.63 | $97.99 | $100.27 | $102.92 |
| **Total Return** D | 26.18% <br>| .35%  | 3.32%  | .81%  | 19.14%  |
| **Ratios to Average Net Assets** C,E,F |  |  |  |  |  |
| Expenses before reductions  | .58%  | .59%  | .61%  | .62%  | .62%  |
| Expenses net of fee waivers, if any  | .58% <br>| .58%  | .61%  | .61%  | .62%  |
| Expenses net of all reductions, if any  | .58%  | .58%  | .61%  | .61%  | .62%  |
| Net investment income (loss)  | .92%  | 1.01%  | 1.48%  | 1.23%  | .88%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $62140 | $52271 | $52204 | $104940 | $73790 |
| Portfolio turnover rate G | 56% <br>| 65%  | 51% H | 47%  | 43%  |

---

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

E*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.*

F*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.*

G*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.*

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

**Notes to Financial Statements** 

For the period ended February 28, 2026

**1. Organization.**

Materials Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund 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 February 28, 2026 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, 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.

**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. As of February 28, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund 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 foreign currency transactions, passive foreign investment companies (PFIC), 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**  | $324410729 |
| **Gross unrealized depreciation**  | <u>(5206433)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$319204296</u> |
| **Tax Cost**  | <u>$548199127</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$1634119</u> |
| **Undistributed long-term capital gain**  | <u>$23627610</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$319202792</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** |
| **Ordinary Income**  | $8341460 | $7636963 |
| **Long-term Capital Gains**  | <u>4604692</u> | <u>79663069</u> |
| **Total**  | <u>$12946152</u> | <u>$87300032</u> |

---

**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** | 405816057 | 487233705 |

---

**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** | .66 |
| **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% | 230346 | 2836 |
| **Class M** | .25% | .25% | 147396 | 810 |
| **Class C** | .75% | .25% | <u>83259</u> | <u>6943</u> |
|  |  |  | <u>461001</u> | <u>10589</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** | 12631 |
| **Class M** | 860 |
| **Class C**A | <u>88</u> |
|  | <u>13579</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.*

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

---

| | |
|:---|:---|
| **Materials Portfolio** | $269841 |

---

**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** | 11681 |

---

**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** | 7555981 | 16598610 | 4448538 |

---

**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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Materials Portfolio** | 958 |

---

Effective March 24, 2026 the .10% spread adjustment on the SOFR benchmark was removed.

**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 in security lending. 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** | 1157 | - | - |

---

**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 $73.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Materials Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $1518559 | $10813043 |
| Class M | 429277 | 3288055 |
| Class C | 76644 | 1168949 |
| Materials | 8024209 | 52169704 |
| Class I | 1860569 | 14006274 |
| Class Z | <u>1036894</u> | <u>5854007</u> |
| Total  | <u>$12946152</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** |
|  | **Year ended** <br> **February 28, 2026**  | **Year ended**<br> **February 28, 2025** | **Year ended** <br> **February 28, 2026**  | **Year ended**<br> **February 28, 2025** |
| **Materials Portfolio** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 93163 | 101839 | $8652208 | $9765842 |
| Reinvestment of distributions  | 15942 | 118388 | 1477548 | 10552649 |
| Shares redeemed | <u>(223649)</u> | <u>(253016)</u> | <u>(20192510)</u> | <u>(24259919)</u> |
| Net increase (decrease) | <u>(114544)</u> | <u>(32789)</u> | <u>$(10062754)</u> | <u>$(3941428)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 32923 | 35487 | $3050026 | $3341734 |
| Reinvestment of distributions  | 4678 | 37238 | 427072 | 3271446 |
| Shares redeemed | <u>(67288)</u> | <u>(66875)</u> | <u>(5987574)</u> | <u>(6373507)</u> |
| Net increase (decrease) | <u>(29687)</u> | <u>5850</u> | <u>$(2510476)</u> | <u>$239673</u> |
| **Class C** |  |  |  |  |
| Shares sold | 8707 | 16111 | $814003 | $1434178 |
| Reinvestment of distributions  | 838 | 13270 | 73880 | 1135285 |
| Shares redeemed | <u>(40093)</u> | <u>(56247)</u> | <u>(3443798)</u> | <u>(5110764)</u> |
| Net increase (decrease) | <u>(30548)</u> | <u>(26866)</u> | <u>$(2555915)</u> | <u>$(2541301)</u> |
| **Materials** |  |  |  |  |
| Shares sold | 631709 | 369772 | $60988779 | $36141504 |
| Reinvestment of distributions  | 78575 | 532290 | 7338940 | 47771379 |
| Shares redeemed | <u>(1054068)</u> | <u>(1079544)</u> | <u>(96022045)</u> | <u>(104030688)</u> |
| Net increase (decrease) | <u>(343784)</u> | <u>(177482)</u> | <u>$(27694326)</u> | <u>$(20117805)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 248597 | 271097 | $23152209 | $25689035 |
| Reinvestment of distributions  | 18710 | 148118 | 1744317 | 13285600 |
| Shares redeemed | <u>(555940)</u> | <u>(494257)</u> | <u>(49930168)</u> | <u>(47603524)</u> |
| Net increase (decrease) | <u>(288633)</u> | <u>(75042)</u> | <u>$(25033642)</u> | <u>$(8628889)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 117430 | 96671 | $10850168 | $9379406 |
| Reinvestment of distributions  | 9931 | 59682 | 923124 | 5307494 |
| Shares redeemed | <u>(150564)</u> | <u>(92617)</u> | <u>(13630857)</u> | <u>(8857259)</u> |
| Net increase (decrease) | <u>(23203)</u> | <u>63736</u> | <u>$(1857565)</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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Select Portfolios and Shareholders of Chemicals Portfolio, Gold Portfolio, and Materials Portfolio

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting Fidelity Select Portfolios, hereafter collectively referred to as the "Funds") as of February 28, 2026, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2026, and the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| &nbsp;&nbsp;Chemicals Portfolio (1) |
| &nbsp;&nbsp;Gold Portfolio (2) |
| &nbsp;&nbsp;Materials Portfolio (1) |
| &nbsp;&nbsp;(1) Statement of assets and liabilities, including the schedule of investments, as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, and the financial highlights for each of the five years in the period ended February 28, 2026.<br> (2) Consolidated statement of asset and liabilities, including the consolidated schedule of investments, as of February 28, 2026, the related consolidated statement of operations for the year ended February 28, 2026, the consolidated statement of changes in net assets for each of the two years in the period ended February 28, 2026, and the consolidated financial highlights for each of the five years in the period ended February 28, 2026. |

---

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 10, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended February 28, 2026, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **Chemicals Portfolio** | $8121044 |
| **Materials Portfolio** | $29189280 |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Chemicals Portfolio** | $106485 |
| **Gold Portfolio** | $996367 |
| **Materials Portfolio** | $103322 |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | | |
|:---|:---|:---|
|  | **April 2025** | **December 2025** |
| **Chemicals Portfolio** | 97% | 81% |
| **Gold Portfolio** |  |  |
| Class A | - | 4% |
| Class M | - | 5% |
| Class C | - | 5% |
| Gold | - | 4% |
| Class I | - | 4% |
| Class Z | - | 4% |
| **Materials Portfolio** |  |  |
| Class A | - | 81% |
| Class M | - | 100% |
| Class C | - | 100% |
| Materials | - | 65% |
| Class I | - | 69% |
| Class Z | - | 60% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
|  | **April 2025** | **December 2025** |
| **Chemicals Portfolio** | 100% | 100% |
| **Gold Portfolio** |  |  |
| Class A | - | 33.32% |
| Class M | - | 36.10% |
| Class C | - | 41.25% |
| Gold | - | 31.04% |
| Class I | - | 32.10% |
| Class Z | - | 30.89% |
| **Materials Portfolio** |  |  |
| Class A | - | 100% |
| Class M | - | 100% |
| Class C | - | 100% |
| Materials | - | 100% |
| Class I | - | 100% |
| Class Z | - | 100% |

---

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income**  | **Taxes** |
| **Gold Portfolio** |  |  |  |
| Class A | 12/22/2025 | $1.1450 | $0.0284 |
| Class M | 12/22/2025 | $1.0569 | $0.0284 |
| Class C | 12/22/2025 | $0.9204 | $0.0284 |
| Gold | 12/22/2025 | $1.2293 | $0.0284 |
| Class I | 12/22/2025 | $1.1886 | $0.0284 |
| Class Z | 12/22/2025 | $1.2350 | $0.0284 |

---

The funds will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

**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)**

Note: This is not applicable for any fund included in this document.

![](img126038_4.jpg)<br>

1.846032.119 SELMT-ANN-0426

**Fidelity® Select Portfolios®**

**Information Technology Sector**

**Enterprise Technology Services Portfolio**

**Semiconductors Portfolio**

**Software and IT Services Portfolio**

**Tech Hardware Portfolio**

**Technology Portfolio**

**Annual Report**

**February 28, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img126039_1.jpg)

![](img126039_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SELTEC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Enterprise Technology Services Portfolio](#Sub_Sec_Fund_353_SELTEC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Semiconductors Portfolio](#Sub_Sec_Fund_8_SELTEC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Software and IT Services Portfolio](#Sub_Sec_Fund_28_SELTEC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Tech Hardware Portfolio](#Sub_Sec_Fund_7_SELTEC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Technology Portfolio](#Sub_Sec_Fund_64_SELTEC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements353_SELTEC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SELTEC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SELTEC-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SELTEC-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SELTEC-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SELTEC-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SELTEC-ANN)** |

---

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

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

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

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Funds nor Fidelity Distributors Corporation is a bank.*

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

**Enterprise Technology Services Portfolio**

**Schedule of Investments February 28, 2026**

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%  |  |  |
| Communication Services - 1.8% |  |  |
| Interactive Media & Services - 1.8% |  |  |
| Alphabet Inc Class A  | 56300 | 17552088 |
| Financials - 53.7% |  |  |
| Financial Services - 53.7% |  |  |
| Affirm Holdings Inc Class A (a)(b) | 423000 | 19872540 |
| Block Inc Class A (a) | 340800 | 21708960 |
| Corpay Inc (a) | 75500 | 24545050 |
| Fiserv Inc (a) | 112717 | 7021142 |
| Mastercard Inc Class A  | 361200 | 186816252 |
| Paymentus Holdings Inc Class A (a) | 525800 | 12866326 |
| PayPal Holdings Inc  | 321740 | 14867605 |
| Remitly Global Inc (a) | 908900 | 15178630 |
| Toast Inc Class A (a) | 796700 | 21757877 |
| Visa Inc Class A  | 664148 | 212620341 |
| TOTAL FINANCIALS |  | 537254723 |
| Industrials - 10.7% |  |  |
| Professional Services - 10.7% |  |  |
| Automatic Data Processing Inc  | 138375 | 29662065 |
| ExlService Holdings Inc (a) | 800793 | 25024781 |
| Genpact Ltd  | 556241 | 22093893 |
| SS&C Technologies Holdings Inc  | 398700 | 30018123 |
| TOTAL INDUSTRIALS |  | 106798862 |
| Information Technology - 33.4% |  |  |
| IT Services - 30.4% |  |  |
| Accenture PLC Class A  | 171280 | 35749562 |
| Applied Digital Corp (a)(b) | 239900 | 6542073 |
| Cloudflare Inc Class A (a) | 226300 | 38966597 |
| CoreWeave Inc Class A (a)(b) | 227500 | 18099900 |
| IBM Corporation  | 381600 | 91664136 |
| MongoDB Inc Class A (a) | 69700 | 22894359 |
| Okta Inc Class A (a)(b) | 271200 | 19662000 |
| Snowflake Inc (a)(b) | 198600 | 33446226 |
| Twilio Inc Class A (a) | 259000 | 31328640 |
| VeriSign Inc  | 24000 | 5470560 |
|  |  | 303824053 |
| Software - 3.0% |  |  |
| Datadog Inc Class A (a) | 74800 | 8374608 |
| Intuit Inc  | 26900 | 11002907 |
| Microsoft Corp  | 28400 | 11153816 |
|  |  | 30531331 |
| TOTAL INFORMATION TECHNOLOGY |  | 334355384 |
| TOTAL UNITED STATES |  | 995961057 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $612,541,222) |  | <br> **995961057** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Securities Lending Cash Central Fund (c)(d)<br>(Cost $29,137,040)<br>| 3.69 | 29134127 | **29137040** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.5%**<br> (Cost $641,678,262)<br>| <br>**1025098097** |
| **NET OTHER ASSETS (LIABILITIES) - (2.5)%**  | **(25386281)** |
| **NET ASSETS - 100.0%** | **999711816** |

---

**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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 172336110 | 172453682 | 60001 | (184) | - | - | - | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 2090255 | 1482092326 | 1455043632 | 24480 | (1909) | - | 29137040 | 29134127 | 0.1% |
| Total | 2208011 | 1654428436 | 1627497314 | 84481 | (2093) | - | 29137040 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 17552088 | 17552088 | - | - |
| Financials | 537254723 | 537254723 | - | - |
| Industrials | 106798862 | 106798862 | - | - |
| Information Technology | 334355384 | 334355384 | - | - |
|  **Money Market Funds** | 29137040 | 29137040 | - | - |
| **Total Investments in Securities:** | 1025098097 | 1025098097 | - | - |

---

**Enterprise Technology Services Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $27,514,956) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $612,541,222) | $995961057 |  |
| Fidelity Central Funds (cost $29,137,040) | 29137040 |  |
| Total Investment in Securities (cost $641,678,262) |  | $1025098097 |
| Cash |  | 971142 |
| Receivable for investments sold |  | 24663888 |
| Receivable for fund shares sold |  | 167016 |
| Dividends receivable |  | 1313544 |
| Distributions receivable from Fidelity Central Funds |  | 9104 |
| Prepaid expenses |  | 877 |
| Other receivables |  | 19283 |
| **Total assets** |  | 1052242951 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $21805452 |  |
| Payable for fund shares redeemed | 1002080 |  |
| Accrued management fee | 564605 |  |
| Other payables and accrued expenses | 36139 |  |
| Collateral on securities loaned | 29122859 |  |
| **Total liabilities** |  | 52531135 |
| **Net Assets**  |  | $999711816 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $529338648 |
| Total accumulated earnings (loss) |  | 470373168 |
| **Net Assets** |  | $999711816 |
| **Net Asset Value**, offering price and redemption price per share ($999,711,816 ÷ 24,782,730 shares) |  | $40.34 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $11256448 |
| Income from Fidelity Central Funds (including $24,480 from security lending)  |  | 84481 |
| Security lending |  | 2650 |
| **Total income** |  | 11343579 |
| **Expenses** |  |  |
| Management fee | $9393274 |  |
| Custodian fees and expenses | 49240 |  |
| Independent trustees' fees and expenses | 6045 |  |
| Registration fees | 34369 |  |
| Audit fees | 45958 |  |
| Legal | 2633 |  |
| Interest | 23534 |  |
| Miscellaneous | 6021 |  |
| **Total expenses** |  | 9561074 |
| **Net Investment income (loss)** |  | 1782505 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 197413369 |  |
| Fidelity Central Funds | (2093) |  |
| Total net realized gain (loss) |  | 197411276 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (551935095) |  |
| Assets and liabilities in foreign currencies | (565) |  |
| Total change in net unrealized appreciation (depreciation) |  | (551935660) |
| **Net gain (loss)** |  | (354524384) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(352741879) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1782505 | $1438685 |
| &nbsp;&nbsp;Net realized gain (loss) | 197411276<br>| 415574864<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (551935660) | (207466910)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (352741879)<br>| 209546639<br>|
| Distributions to shareholders | (274597103)<br>| (305007902)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 56316747 | 60805283 |
| Reinvestment of distributions | 257185404<br>| 284701874<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (492735865) | (515057791) |
| **Net increase (decrease) in net assets resulting from share transactions** | (179233714)<br>| (169550634)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (806572696)<br>| (265011897)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1806284512 | 2071296409<br>|
| &nbsp;&nbsp;End of period | $999711816 | $1806284512 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1065446 | 968553 |
| Issued in reinvestment of distributions | 5154749<br>| 4668986<br>|
| &nbsp;&nbsp;Redeemed | (9608395) | (8447276) |
| &nbsp;&nbsp;Net increase (decrease) | (3388200) | (2809737) |

---

**Financial Highlights** 

**Enterprise Technology Services Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $64.12 | $66.86 | $55.16 | $70.27 | $93.94 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .06  | .05  | - D | .02  | (.27)  |
| Net realized and unrealized gain (loss)  | (13.60)  | 8.28  | 14.08  | (7.56)  | (10.44)  |
| Total from investment operations  | (13.54)  | 8.33  | 14.08  | (7.54)  | (10.71)  |
| Distributions from net investment income  | (.05)  | (.04)  | - D | (.01)  | -  |
| Distributions from net realized gain  | (10.18)  | (11.03)  | (2.37)  | (7.55)  | (12.96)  |
| Total distributions  | (10.24) E | (11.07)  | (2.38) E | (7.57) E | (12.96)  |
| Net asset value, end of period  | $40.34 | $64.12 | $66.86 | $55.16 | $70.27 |
| **Total Return** F | (23.58)% <br>| 14.01%  | 25.85%  | (11.88)%  | (13.31)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | .65%  | .66%  | .73%  | .73%  | .70%  |
| Expenses net of fee waivers, if any  | .65% <br>| .66%  | .72%  | .73%  | .70%  |
| Expenses net of all reductions, if any  | .65%  | .66%  | .72%  | .73%  | .70%  |
| Net investment income (loss)  | .12%  | .08%  | .01%  | .03%  | (.29)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $999712 | $1806285 | $2071296 | $2086468 | $2873839 |
| Portfolio turnover rate I | 57% <br>| 63%  | 35%  | 43%  | 41%  |

---

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 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*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 February 28, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 93.3%** | &nbsp;&nbsp;**Common Stocks - 93.3%** | &nbsp;&nbsp;**Common Stocks - 93.3%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc warrants (b)(c)(d) | 2531878 | 3063572 |
| ISRAEL - 2.6%  |  |  |
| Information Technology - 2.6% |  |  |
| Semiconductors & Semiconductor Equipment - 2.6% |  |  |
| Nova Ltd (b)(e) | 1928080 | 846157189 |
| JAPAN - 2.6%  |  |  |
| Information Technology - 2.6% |  |  |
| Semiconductors & Semiconductor Equipment - 2.6% |  |  |
| Allegro MicroSystems Inc (b)(e) | 16389021 | 597707596 |
| Kioxia Holdings Corp (b) | 1817900 | 246903333 |
| TOTAL JAPAN |  | 844610929 |
| NETHERLANDS - 9.3%  |  |  |
| Information Technology - 9.3% |  |  |
| Semiconductors & Semiconductor Equipment - 9.3% |  |  |
| ASML Holding NV depository receipt  | 683893 | 992027830 |
| NXP Semiconductors NV  | 9071300 | 2059275813 |
| TOTAL NETHERLANDS |  | 3051303643 |
| TAIWAN - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Silicon Motion Technology Corp ADR  | 1230195 | 158978100 |
| UNITED STATES - 78.3%  |  |  |
| Information Technology - 78.3% |  |  |
| Electronic Equipment, Instruments & Components - 2.0% |  |  |
| Aeva Technologies Inc (b)(f) | 219560 | 2911365 |
| Coherent Corp (b) | 2481062 | 642421384 |
|  |  | 645332749 |
| Semiconductors & Semiconductor Equipment - 73.2% |  |  |
| Alpha & Omega Semiconductor Ltd (b) | 513296 | 10784349 |
| ARM Holdings PLC ADR (b) | 269200 | 34309540 |
| Astera Labs Inc (b) | 6347622 | 754287922 |
| Broadcom Inc  | 10871817 | 3474089122 |
| Entegris Inc  | 1605218 | 212611124 |
| GlobalFoundries Inc (b) | 27432633 | 1304421699 |
| Impinj Inc (b)(f) | 1122366 | 137669414 |
| Lam Research Corp  | 6816979 | 1594423218 |
| MACOM Technology Solutions Holdings Inc (b) | 3145164 | 780378092 |
| Marvell Technology Inc  | 34588407 | 2825526968 |
| Micron Technology Inc  | 3929170 | 1620271833 |
| Monolithic Power Systems Inc  | 1406207 | 1606928987 |
| NVIDIA Corp  | 44390880 | 7865620028 |
| ON Semiconductor Corp (b)(e) | 24225108 | 1610485180 |
| Synaptics Inc (b)(f) | 1366828 | 111341809 |
| Wolfspeed Inc  | 5820 | 114770 |
|  |  | 23943264055 |
| Software - 0.0% |  |  |
| Celestial AI Inc (c)(d) | 833457 | 25004 |
| Celestial AI Inc (c)(d) | 833457 | 7 |
| Celestial AI Inc rights (b)(c)(d) | 833457 | 2275338 |
| Celestial AI Inc rights (b)(c)(d) | 833457 | 1750260 |
| Celestial AI Inc rights (b)(c)(d) | 833457 | 508409 |
|  |  | 4559018 |
| Technology Hardware, Storage & Peripherals - 3.1% |  |  |
| Western Digital Corp  | 3569436 | 998371249 |
| TOTAL UNITED STATES |  | 25591527071 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $15,000,526,516) |  | <br> **30495640504** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Tenstorrent Holdings Inc 15% 12/31/2026 (c)(d)<br>(Cost $3,158,000)<br>| 3158000 | **3156737** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.9%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc Series B (b)(c)(d) | 144600 | 10651236 |
| ISRAEL - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Element Labs Inc Series A (b)(c)(d) | 1368700 | 11811881 |
| Element Labs Inc Series B (c)(d) | 585300 | 5577909 |
| TOTAL ISRAEL |  | 17389790 |
| UNITED STATES - 0.8%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Akeana Series C (b)(c)(d) | 85500 | 1058490 |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 17041 | 1036434 |
| Tenstorrent Holdings Inc Series D1 (b)(c)(d) | 149736 | 9707385 |
| Tenstorrent Holdings Inc Series D2 (b)(c)(d) | 8522 | 531261 |
| TOTAL FINANCIALS |  | 12333570 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Empower Semiconductor Inc Series D (c)(d) | 1632993 | 10173546 |
| Information Technology - 0.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Cerebras Systems Inc Series G (c)(d) | 432100 | 38465542 |
| Cerebras Systems Inc Series H (c)(d) | 309998 | 27596022 |
| Frore Systems Inc Series C (b)(c)(d) | 1078255 | 31064527 |
| Frore Systems Inc Series D (c)(d) | 1488952 | 49924561 |
| Menlo Microsystems Inc Series C (b)(c)(d) | 739500 | 406725 |
|  |  | 147457377 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Alif Semiconductor Series C (b)(c)(d) | 444283 | 12755365 |
| Alif Semiconductor Series D (c)(d) | 322100 | 9788619 |
| Danger Devices Inc Series B (c)(d) | 7867300 | 7159243 |
| Retym Inc Series C (b)(c)(d) | 458946 | 4791396 |
| Retym Inc Series D (b)(c)(d) | 113854 | 1253533 |
| SiMa Technologies Inc Series B (b)(c)(d) | 309900 | 2026746 |
| SiMa Technologies Inc Series B1 (b)(c)(d) | 163147 | 1238285 |
|  |  | 39013187 |
| Software - 0.0% |  |  |
| Density Ai Inc (c)(d) | 3894400 | 5802656 |
| Lyte Ai Inc Series B (b)(c)(d) | 246000 | 2624820 |
|  |  | 8427476 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lightmatter Inc Series C1 (b)(c)(d) | 271273 | 14792517 |
| Lightmatter Inc Series C2 (b)(c)(d) | 42610 | 2387438 |
| Lightmatter Inc Series D (b)(c)(d) | 166400 | 11934208 |
|  |  | 29114163 |
| TOTAL INFORMATION TECHNOLOGY |  | 224012203 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Diamond Foundry Inc Series C (b)(c)(d) | 189999 | 5895669 |
| TOTAL UNITED STATES |  | 252414988 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $222,001,325) |  | <br> **280456014** |

---

---

| | | |
|:---|:---|:---|
| &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>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc 0% (c)(d)(g) | 12538822 | 12476128 |
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (c)(d) | 504696 | 670314 |
| SiMa Technologies Inc 7.5% 12/31/2027 (c)(d) | 3677300 | 4454559 |
| TOTAL UNITED STATES |  | 5124873 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $16,720,818) |  | <br> **17601001** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (h) | 3.70 | 522246650 | 522351099 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 3.69 | 3079496 | 3079804 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $525,430,903) |  |  | **525430903** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 95.8%**<br> (Cost $15,767,837,562)<br>| <br>**31322285159** |
| **NET OTHER ASSETS (LIABILITIES) - 4.2%**  | **1369045807** |
| **NET ASSETS - 100.0%** | **32691330966** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Level 3 security.

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $308,836,342 or 0.9% of net assets.

(e) Affiliated company.

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

(g) Security is perpetual in nature with no stated maturity date.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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>|
| 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 | 0 |
| Celestial AI Inc | 2/25/2025 | 21426 |
| Celestial AI Inc rights | 2/25/2025 | 1332763 |
| Celestial AI Inc rights | 2/25/2025 | 1734506 |
| Celestial AI Inc rights | 2/25/2025 | 388988 |
| Cerebras Systems Inc Series G | 9/19/2025 | 15656020 |
| Cerebras Systems Inc Series H | 1/30/2026 | 27594658 |
| Danger Devices Inc Series B | 3/5/2025 | 7084504 |
| Density Ai Inc | 12/5/2025 | 5802598 |
| 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 | 17327990 |
| Frore Systems Inc Series D | 2/26/2026 | 49920541 |
| Lightmatter Inc Series C1 | 5/19/2023 | 4464286 |
| Lightmatter Inc Series C2 | 12/18/2023 | 1107936 |
| Lightmatter Inc Series D | 10/11/2024 | 13350355 |
| Lyte Ai Inc Series B | 8/13/2024 | 3120780 |
| 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 - 1/5/2026 | 504696 |
| 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 0% | 12/23/2025 | 12538822 |
| Taalas Inc Series B | 2/19/2025 | 7940478 |
| Taalas Inc warrants | 12/23/2025 | 2531877 |
| Tenstorrent Holdings Inc 15% 12/31/2026 | 2/25/2026 | 3158000 |
| 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 | 10663687118 | 10558108903 | 10928093 | 119082 | (1) | 522351099 | 522246650 | 0.8% |
| Fidelity Securities Lending Cash Central Fund | 240735953 | 2170881842 | 2408525295 | 1193431 | (12696) | - | 3079804 | 3079496 | 0.0% |
| Total | 657389756 | 12834568960 | 12966634198 | 12121524 | 106386 | (1) | 525430903 |  |  |

---

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 | 221736458 | - | - | - | 177353021 | 597707596 | 16389021 |
| Nova Ltd | 414343951 | 52175111 | 6446877 | - | (2707216) | 388792220 | 846157189 | 1928080 |
| ON Semiconductor Corp | 933621901 | 466359333 | 271608110 | - | (31284785) | 513396841 | 1610485180 | 24225108 |
| Total | 1546583969 | 740270902 | 278054987 | - | (33992001) | 1079542082 | 3054349965 |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 30495640504 | 30488017914 | - | 7622590 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Financials | 3156737 | - | - | 3156737 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 12333570 | - | - | 12333570 |
| Industrials | 27563336 | - | - | 27563336 |
| Information Technology | 234663439 | - | - | 234663439 |
| Materials | 5895669 | - | - | 5895669 |
|  **Preferred Securities** |  |  |  |  |
| Information Technology | 17601001 | - | - | 17601001 |
|  **Money Market Funds** | 525430903 | 525430903 | - | - |
| **Total Investments in Securities:** | 31322285159 | 31013448817 | - | 308836342 |

---

**Semiconductors Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,961,048) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $13,408,368,691) | $27742504291 |  |
| Fidelity Central Funds (cost $525,430,903) | 525430903 |  |
| Other affiliated issuers (cost $1,834,037,968) | 3054349965 |  |
| Total Investment in Securities (cost $15,767,837,562) |  | $31322285159 |
| Receivable for investments sold |  | 1375949074 |
| Receivable for fund shares sold |  | 34726549 |
| Interest receivable |  | 7895 |
| Distributions receivable from Fidelity Central Funds |  | 1041476 |
| Prepaid expenses |  | 12014 |
| Other receivables |  | 885283 |
| **Total assets** |  | 32734907450 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $204080 |  |
| Payable for fund shares redeemed | 23175426 |  |
| Accrued management fee | 16182477 |  |
| Other payables and accrued expenses | 922001 |  |
| Collateral on securities loaned | 3092500 |  |
| **Total liabilities** |  | 43576484 |
| **Net Assets**  |  | $32691330966 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $14430694676 |
| Total accumulated earnings (loss) |  | 18260636290 |
| **Net Assets** |  | $32691330966 |
| **Net Asset Value**, offering price and redemption price per share ($32,691,330,966 ÷ 682,365,499 shares) |  | $47.91 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $101929527 |
| Interest  |  | 7895 |
| Income from Fidelity Central Funds (including $1,193,431 from security lending)  |  | 12121524 |
| Security lending |  | 10365 |
| **Total income** |  | 114069311 |
| **Expenses** |  |  |
| Management fee | $145076802 |  |
| Custodian fees and expenses | 141472 |  |
| Independent trustees' fees and expenses | 85193 |  |
| Registration fees | 574271 |  |
| Audit fees | 46898 |  |
| Legal | 9796 |  |
| Interest | 53580 |  |
| Miscellaneous | 76353 |  |
| **Total expenses** |  | 146064365 |
| **Net Investment income (loss)** |  | (31995054) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4385930151 |  |
| Fidelity Central Funds | 106386 |  |
| Other affiliated issuers | (33992001) |  |
| Foreign currency transactions | 159847 |  |
| Total net realized gain (loss) |  | 4352204383 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 7267068160 |  |
| Fidelity Central Funds  | (1) |  |
| Other affiliated issuers  | 1079542082 |  |
| Total change in net unrealized appreciation (depreciation) |  | 8346610241 |
| **Net gain (loss)** |  | 12698814624 |
| **Net increase (decrease) in net assets resulting from operations** |  | $12666819570 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(31995054) | $(16469704) |
| &nbsp;&nbsp;Net realized gain (loss) | 4352204383<br>| 1662847165<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 8346610241 | 54162985<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 12666819570<br>| 1700540446<br>|
| Distributions to shareholders | (2102235632)<br>| (790458959)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 6551731202 | 6975631349 |
| Reinvestment of distributions | 1944045450<br>| 732460191<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (5593480505) | (5119939051) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2902296147<br>| 2588152489<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 13466880085<br>| 3498233976<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 19224450881 | 15726216905<br>|
| &nbsp;&nbsp;End of period | $32691330966 | $19224450881 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 163837978 | 209724121 |
| Issued in reinvestment of distributions | 58494292<br>| 21851438<br>|
| &nbsp;&nbsp;Redeemed | (153446649) | (154884824) |
| &nbsp;&nbsp;Net increase (decrease) | 68885621 | 76690735 |

---

**Financial Highlights** 

**Semiconductors Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.34 | $29.30 | $18.57 | $20.23 | $17.59 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.05)  | (.03)  | .01  | .03  | .01  |
| Net realized and unrealized gain (loss)  | 20.03  | 3.40  | 12.47  | (.71)  | 4.30  |
| Total from investment operations  | 19.98  | 3.37  | 12.48  | (.68)  | 4.31  |
| Distributions from net investment income  | -  | -  | (.02)  | (.03)  | (.01)  |
| Distributions from net realized gain  | (3.41)  | (1.33)  | (1.72)  | (.95)  | (1.66)  |
| Total distributions  | (3.41)  | (1.33)  | (1.75) D | (.98)  | (1.67)  |
| Net asset value, end of period  | $47.91 | $31.34 | $29.30 | $18.57 | $20.23 |
| **Total Return** E | 69.09% <br>| 11.22%  | 69.34%  | (2.91)%  | 24.57%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .60%  | .62%  | .68%  | .69%  | .68%  |
| Expenses net of fee waivers, if any  | .60% <br>| .62%  | .67%  | .69%  | .67%  |
| Expenses net of all reductions, if any  | .60%  | .62%  | .67%  | .69%  | .67%  |
| Net investment income (loss)  | (.13)%  | (.08)%  | .04%  | .17%  | .03%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $32691331 | $19224451 | $15726217 | $7764453 | $8426923 |
| Portfolio turnover rate H | 87% <br>| 59%  | 32%  | 35%  | 33%  |

---

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*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*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 February 28, 2026**

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>|
| CANADA - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| IT Services - 1.0% |  |  |
| Shopify Inc Class A (United States) (a) | 548860 | 66263868 |
| Software - 0.3% |  |  |
| Constellation Software Inc/Canada  | 9300 | 17185688 |
| TOTAL CANADA |  | 83449556 |
| GERMANY - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| SAP SE ADR  | 2500 | 503825 |
| UNITED STATES - 98.0%  |  |  |
| Communication Services - 1.7% |  |  |
| Interactive Media & Services - 1.7% |  |  |
| Alphabet Inc Class A  | 169000 | 52687440 |
| Meta Platforms Inc Class A  | 200 | 129636 |
| ZoomInfo Technologies Inc (a)(b) | 9384669 | 58278794 |
| TOTAL COMMUNICATION SERVICES |  | 111095870 |
| Consumer Discretionary - 2.6% |  |  |
| Broadline Retail - 2.6% |  |  |
| Amazon.com Inc (a) | 839980 | 176395800 |
| Financials - 0.6% |  |  |
| Financial Services - 0.6% |  |  |
| Toast Inc Class A (a) | 1554496 | 42453286 |
| Information Technology - 93.1% |  |  |
| IT Services - 13.6% |  |  |
| Accenture PLC Class A  | 378000 | 78896160 |
| Cloudflare Inc Class A (a) | 595349 | 102513144 |
| Cognizant Technology Solutions Corp Class A  | 82800 | 5334803 |
| CoreWeave Inc Class A (a)(b) | 505200 | 40193712 |
| EPAM Systems Inc (a) | 384125 | 54161625 |
| IBM Corporation  | 44300 | 10641303 |
| MongoDB Inc Class A (a) | 325800 | 107015526 |
| Okta Inc Class A (a) | 1376191 | 99773848 |
| Snowflake Inc (a) | 1209300 | 203658213 |
| Twilio Inc Class A (a) | 1680656 | 203292150 |
|  |  | 905480484 |
| Software - 79.5% |  |  |
| Adobe Inc (a) | 405200 | 106328532 |
| Amplitude Inc Class A (a) | 987776 | 7210765 |
| AppLovin Corp Class A (a) | 333866 | 145154921 |
| Atlassian Corp Class A (a) | 1601154 | 120294700 |
| Autodesk Inc (a) | 835005 | 205302679 |
| BILL Holdings Inc (a) | 812800 | 36177728 |
| BlackLine Inc (a) | 1083000 | 38175750 |
| Cadence Design Systems Inc (a) | 223700 | 67423180 |
| Crowdstrike Holdings Inc Class A (a) | 100086 | 37229990 |
| Datadog Inc Class A (a) | 2032413 | 227548959 |
| Dynatrace Inc (a) | 1096100 | 39371912 |
| Fair Isaac Corp (a) | 40974 | 57747117 |
| Figma Inc Class A (b) | 3111000 | 91432290 |
| Gen Digital Inc  | 347618 | 7845738 |
| HubSpot Inc (a) | 530117 | 140221248 |
| Intuit Inc  | 604051 | 247074981 |
| JFrog Ltd (a) | 872100 | 35014815 |
| Klaviyo Inc Class A (a) | 6725424 | 117089632 |
| Microsoft Corp  | 4206882 | 1652210837 |
| Monday.com Ltd (a)(b) | 286625 | 20820440 |
| Oracle Corp  | 1835627 | 266900166 |
| Palantir Technologies Inc Class A (a) | 1943978 | 266694342 |
| Palo Alto Networks Inc (a) | 1366764 | 203538495 |
| Pivotal Software Inc rights (a)(c) | 3336600 | 32 |
| Riot Platforms Inc (a) | 2995900 | 48803211 |
| Rubrik Inc Class A (a) | 2677500 | 139122900 |
| Salesforce Inc  | 1707884 | 332678724 |
| Samsara Inc Class A (a) | 4025000 | 116322500 |
| Servicenow Inc (a) | 1286720 | 138978627 |
| Synopsys Inc (a) | 496140 | 205401960 |
| Tyler Technologies Inc (a) | 16600 | 5887854 |
| Unity Software Inc (a) | 3498785 | 63782851 |
| Workday Inc Class A (a) | 88600 | 11851136 |
| Workiva Inc Class A (a) | 13270 | 817167 |
| Zscaler Inc (a) | 712440 | 104721556 |
|  |  | 5305177735 |
| TOTAL INFORMATION TECHNOLOGY |  | 6210658219 |
| TOTAL UNITED STATES |  | 6540603175 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,631,699,266) |  | <br> **6624556556** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Anthropic PBC Series G (c)(d) | 69400 | 17984316 |
| Databricks Inc Series K (c)(d) | 24600 | 4420620 |
| TOTAL UNITED STATES |  | 22404936 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $21,674,065) |  | <br> **22404936** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.70 | 20174298 | 20178333 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 3.69 | 62398512 | 62404753 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $82,583,086) |  |  | **82583086** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.8%**<br> (Cost $4,735,956,417)<br>| <br>**6729544578** |
| **NET OTHER ASSETS (LIABILITIES) - (0.8)%**  | **(54143112)** |
| **NET ASSETS - 100.0%** | **6675401466** |

---

**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 $22,404,936 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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>|
| Anthropic PBC Series G | 1/27/2026 | 17984066 |
| Databricks Inc Series K | 9/8/2025 | 3689999 |

---

**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 | 1026902399 | 1097279295 | 817939 | (850) | - | 20178333 | 20174298 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1394375 | 339874753 | 278864375 | 7342 | - | - | 62404753 | 62398512 | 0.2% |
| Total | 91950454 | 1366777152 | 1376143670 | 825281 | (850) | - | 82583086 |  |  |

---

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 | 118772616 | - | (101075703) | 48851991 | - | - |
| Total | 126048400 | 44947928 | 118772616 | - | (101075703) | 48851991 | - |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 111095870 | 111095870 | - | - |
| Consumer Discretionary | 176395800 | 176395800 | - | - |
| Financials | 42453286 | 42453286 | - | - |
| Information Technology | 6294611600 | 6294611568 | - | 32 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 22404936 | - | - | 22404936 |
|  **Money Market Funds** | 82583086 | 82583086 | - | - |
| **Total Investments in Securities:** | 6729544578 | 6707139610 | - | 22404968 |

---

**Software and IT Services Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $57,393,477) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $4,653,373,331) | $6646961492 |  |
| Fidelity Central Funds (cost $82,583,086) | 82583086 |  |
| Total Investment in Securities (cost $4,735,956,417) |  | $6729544578 |
| Foreign currency held at value (cost $292,903) |  | 296199 |
| Receivable for investments sold |  | 38820191 |
| Receivable for fund shares sold |  | 2731481 |
| Dividends receivable |  | 5143965 |
| Distributions receivable from Fidelity Central Funds |  | 29996 |
| Prepaid expenses |  | 5716 |
| Other receivables |  | 686503 |
| **Total assets** |  | 6777258629 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $26634361 |  |
| Payable for fund shares redeemed | 8798734 |  |
| Accrued management fee | 3441051 |  |
| Other payables and accrued expenses | 578265 |  |
| Collateral on securities loaned | 62404752 |  |
| **Total liabilities** |  | 101857163 |
| **Net Assets**  |  | $6675401466 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4196936587 |
| Total accumulated earnings (loss) |  | 2478464879 |
| **Net Assets** |  | $6675401466 |
| **Net Asset Value**, offering price and redemption price per share ($6,675,401,466 ÷ 346,407,550 shares) |  | $19.27 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $38046913 |
| Interest  |  | 202 |
| Income from Fidelity Central Funds (including $7,342 from security lending)  |  | 825281 |
| **Total income** |  | 38872396 |
| **Expenses** |  |  |
| Management fee | $58002385 |  |
| Custodian fees and expenses | 58759 |  |
| Independent trustees' fees and expenses | 38490 |  |
| Registration fees | 65211 |  |
| Audit fees | 60571 |  |
| Legal | 5227 |  |
| Interest | 30769 |  |
| Miscellaneous | 37732 |  |
| **Total expenses** |  | 58299144 |
| **Net Investment income (loss)** |  | (19426748) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1890693396 |  |
| Redemptions in-kind | 374208705 |  |
| Fidelity Central Funds | (850) |  |
| Other affiliated issuers | (101075703) |  |
| Foreign currency transactions | 24894 |  |
| Total net realized gain (loss) |  | 2163850442 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (3736684930) |  |
| Affiliated issuers  | 48851991 |  |
| Assets and liabilities in foreign currencies | 87697 |  |
| Total change in net unrealized appreciation (depreciation) |  | (3687745242) |
| **Net gain (loss)** |  | (1523894800) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(1543321548) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(19426748) | $(9807265) |
| &nbsp;&nbsp;Net realized gain (loss) | 2163850442<br>| 1160650961<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (3687745242) | (1030188492)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (1543321548)<br>| 120655204<br>|
| Distributions to shareholders | (1193076353)<br>| (1084631963)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 913770492 | 547725500 |
| Reinvestment of distributions | 1088207466<br>| 1002356657<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2858204459) | (2713093866) |
| **Net increase (decrease) in net assets resulting from share transactions** | (856226501)<br>| (1163011709)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (3592624402)<br>| (2126988468)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 10268025868 | 12395014336<br>|
| &nbsp;&nbsp;End of period | $6675401466 | $10268025868 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 37298976 | 19538604 |
| Issued in reinvestment of distributions | 43253473<br>| 35649285<br>|
| &nbsp;&nbsp;Redeemed | (115871045) | (98460572) |
| &nbsp;&nbsp;Net increase (decrease) | (35318596) | (43272683) |

---

**Financial Highlights** 

**Software and IT Services Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.90 | $29.16 | $21.02 | $26.33 | $27.31 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.05)  | (.02)  | - D | - D | (.05)  |
| Net realized and unrealized gain (loss)  | (4.11)  | .65  | 10.28  | (3.53)  | 1.03  |
| Total from investment operations  | (4.16)  | .63  | 10.28  | (3.53)  | .98  |
| Distributions from net realized gain  | (3.47)  | (2.89)  | (2.14)  | (1.78)  | (1.96)  |
| Total distributions  | (3.47)  | (2.89)  | (2.14)  | (1.78)  | (1.96)  |
| Net asset value, end of period  | $19.27 | $26.90 | $29.16 | $21.02 | $26.33 |
| **Total Return** E | (18.35)% <br>| 1.87%  | 49.47%  | (13.67)%  | 2.98%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .61%  | .62%  | .68%  | .69%  | .67%  |
| Expenses net of fee waivers, if any  | .61% <br>| .62%  | .67%  | .69%  | .67%  |
| Expenses net of all reductions, if any  | .61%  | .62%  | .67%  | .69%  | .67%  |
| Net investment income (loss)  | (.20)%  | (.09)%  | (.02)%  | (.01)%  | (.17)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6675401 | $10268026 | $12395014 | $8675039 | $11268291 |
| Portfolio turnover rate H | 62% I<br>| 14%  | 31%  | 4%  | 10%  |

---

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 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*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.* 

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

**Tech Hardware Portfolio**

**Schedule of Investments February 28, 2026**

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>|
| CHINA - 2.0%  |  |  |
| Information Technology - 2.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Montage Technology Co Ltd H Shares  | 193800 | 4439113 |
| Technology Hardware, Storage & Peripherals - 1.8% |  |  |
| Xiaomi Corp B Shares (a)(c)(d) | 7492830 | 33140117 |
| TOTAL CHINA |  | 37579230 |
| FINLAND - 2.3%  |  |  |
| Information Technology - 2.3% |  |  |
| Communications Equipment - 2.3% |  |  |
| Nokia Oyj  | 5533110 | 42466730 |
| JAPAN - 13.4%  |  |  |
| Communication Services - 3.7% |  |  |
| Entertainment - 3.7% |  |  |
| Nintendo Co Ltd  | 1234990 | 69850330 |
| Consumer Discretionary - 6.0% |  |  |
| Household Durables - 6.0% |  |  |
| Panasonic Holdings Corp  | 2724400 | 43933851 |
| Sony Group Corp  | 3011200 | 69222255 |
| TOTAL CONSUMER DISCRETIONARY |  | 113156106 |
| Health Care - 0.5% |  |  |
| Health Care Equipment & Supplies - 0.5% |  |  |
| Hoya Corp  | 47000 | 8506740 |
| Information Technology - 3.2% |  |  |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Ibiden Co Ltd (b) | 314400 | 19200415 |
| Semiconductors & Semiconductor Equipment - 2.2% |  |  |
| Kioxia Holdings Corp (a) | 295900 | 40188512 |
| TOTAL INFORMATION TECHNOLOGY |  | 59388927 |
| TOTAL JAPAN |  | 250902103 |
| KOREA (SOUTH) - 10.8%  |  |  |
| Information Technology - 10.8% |  |  |
| Semiconductors & Semiconductor Equipment - 2.0% |  |  |
| SK Hynix Inc  | 51018 | 37588257 |
| Technology Hardware, Storage & Peripherals - 8.8% |  |  |
| Samsung Electronics Co Ltd  | 1103390 | 165882406 |
| TOTAL KOREA (SOUTH) |  | 203470663 |
| TAIWAN - 4.7%  |  |  |
| Information Technology - 4.7% |  |  |
| Communications Equipment - 0.4% |  |  |
| Accton Technology Corp  | 179000 | 7989543 |
| Semiconductors & Semiconductor Equipment - 4.3% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 1299999 | 80716734 |
| TOTAL TAIWAN |  | 88706277 |
| UNITED STATES - 64.8%  |  |  |
| Communication Services - 1.7% |  |  |
| Interactive Media & Services - 1.7% |  |  |
| Alphabet Inc Class A  | 104680 | 32635037 |
| Consumer Discretionary - 3.5% |  |  |
| Broadline Retail - 0.7% |  |  |
| Amazon.com Inc (a) | 71100 | 14931000 |
| Household Durables - 2.8% |  |  |
| Garmin Ltd  | 204223 | 51633701 |
| TOTAL CONSUMER DISCRETIONARY |  | 66564701 |
| Information Technology - 59.6% |  |  |
| Communications Equipment - 27.6% |  |  |
| Arista Networks Inc (a) | 1197000 | 159799500 |
| Ciena Corp (a) | 178666 | 62300834 |
| Cisco Systems Inc  | 2543216 | 202083944 |
| Motorola Solutions Inc  | 191700 | 92449242 |
|  |  | 516633520 |
| Electronic Equipment, Instruments & Components - 5.7% |  |  |
| Keysight Technologies Inc (a) | 174900 | 53752017 |
| Mirion Technologies Inc Class A (a)(b) | 435500 | 9411155 |
| OSI Systems Inc (a) | 38000 | 10837600 |
| TD SYNNEX Corp  | 207056 | 32468451 |
|  |  | 106469223 |
| Software - 1.5% |  |  |
| Microsoft Corp  | 35000 | 13745900 |
| Palo Alto Networks Inc (a) | 96931 | 14434965 |
|  |  | 28180865 |
| Technology Hardware, Storage & Peripherals - 24.8% |  |  |
| Apple Inc  | 545724 | 144169366 |
| Dell Technologies Inc Class C  | 436547 | 64643880 |
| Pure Storage Inc Class A (a) | 443597 | 28487799 |
| Sandisk Corp/DE (a) | 88800 | 56419968 |
| Western Digital Corp  | 611200 | 170952640 |
|  |  | 464673653 |
| TOTAL INFORMATION TECHNOLOGY |  | 1115957261 |
| TOTAL UNITED STATES |  | 1215156999 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $986,908,321) |  | <br> **1838282002** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Vast Data Ltd Series A (a)(e)(f) | 5512 | 326421 |
| Vast Data Ltd Series A1 (a)(e)(f) | 13567 | 803438 |
| Vast Data Ltd Series A2 (a)(e)(f) | 15607 | 924247 |
| Vast Data Ltd Series B (a)(e)(f) | 12418 | 735394 |
| Vast Data Ltd Series C (a)(e)(f) | 362 | 21437 |
| Vast Data Ltd Series E (a)(e)(f) | 11867 | 702764 |
| Vast Data Ltd Series F (e)(f) | 1979 | 117196 |
| TOTAL UNITED STATES |  | 3630897 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $927,041) |  | <br> **3630897** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 3.70 | 8727753 | 8729498 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 3.69 | 5891711 | 5892300 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $14,621,798) |  |  | **14621798** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.0%**<br> (Cost $1,002,457,160)<br>| <br>**1856534697** |
| **NET OTHER ASSETS (LIABILITIES) - 1.0%**  | **19513058** |
| **NET ASSETS - 100.0%** | **1876047755** |

---

**Legend**

(a) Non-income producing.

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $33,140,117 or 1.8% 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 $33,140,117 or 1.8% 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 $3,630,897 or 0.2% 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 |
| Vast Data Ltd Series F | 2/27/2026 | 143841 |

---

**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 | 438679109 | 442451451 | 613249 | 47 | - | 8729498 | 8727753 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 6878325 | 451403696 | 452386109 | 8685 | (3612) | - | 5892300 | 5891711 | 0.0% |
| Total | 19380118 | 890082805 | 894837560 | 621934 | (3565) | - | 14621798 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 102485367 | 32635037 | 69850330 | - |
| Consumer Discretionary | 179720807 | 66564701 | 113156106 | - |
| Health Care | 8506740 | 8506740 | - | - |
| Information Technology | 1547569088 | 1391245507 | 156323581 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 3630897 | - | - | 3630897 |
|  **Money Market Funds** | 14621798 | 14621798 | - | - |
| **Total Investments in Securities:** | 1856534697 | 1513573783 | 339330017 | 3630897 |

---

**Tech Hardware Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $5,658,414) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $987,835,362) | $1841912899 |  |
| Fidelity Central Funds (cost $14,621,798) | 14621798 |  |
| Total Investment in Securities (cost $1,002,457,160) |  | $1856534697 |
| Cash |  | 1 |
| Foreign currency held at value (cost $471) |  | 471 |
| Receivable for investments sold |  | 179087126 |
| Receivable for fund shares sold |  | 4563598 |
| Dividends receivable |  | 870443 |
| Distributions receivable from Fidelity Central Funds |  | 96743 |
| Prepaid expenses |  | 594 |
| Other receivables |  | 201225 |
| **Total assets** |  | 2041354898 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $157819833 |  |
| Payable for fund shares redeemed | 549914 |  |
| Accrued management fee | 916287 |  |
| Other payables and accrued expenses | 128809 |  |
| Collateral on securities loaned | 5892300 |  |
| **Total liabilities** |  | 165307143 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $1876047755 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $889106688 |
| Total accumulated earnings (loss) |  | 986941067 |
| **Net Assets** |  | $1876047755 |
| **Net Asset Value**, offering price and redemption price per share ($1,876,047,755 ÷ 11,590,571 shares) |  | $161.86 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $11227159 |
| Non-Cash dividends |  | 6387946 |
| Interest  |  | 463 |
| Income from Fidelity Central Funds (including $8,685 from security lending)  |  | 621934 |
| Security lending |  | 1038 |
| **Total income** |  | 18238540 |
| **Expenses** |  |  |
| Management fee | $8151465 |  |
| Custodian fees and expenses | 59054 |  |
| Independent trustees' fees and expenses | 4407 |  |
| Registration fees | 63276 |  |
| Audit fees | 46545 |  |
| Legal | 1933 |  |
| Interest | 2380 |  |
| Miscellaneous | 3805 |  |
| Total expenses before reductions | 8332865 |  |
| Expense reductions | (165) |  |
| Total expenses after reductions |  | 8332700 |
| **Net Investment income (loss)** |  | 9905840 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 160616995 |  |
| Fidelity Central Funds | (3565) |  |
| Foreign currency transactions | (510496) |  |
| Total net realized gain (loss) |  | 160102934 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 476350118 |  |
| Assets and liabilities in foreign currencies | 155900 |  |
| Total change in net unrealized appreciation (depreciation) |  | 476506018 |
| **Net gain (loss)** |  | 636608952 |
| **Net increase (decrease) in net assets resulting from operations** |  | $646514792 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $9905840 | $4822601 |
| &nbsp;&nbsp;Net realized gain (loss) | 160102934<br>| 143794736<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 476506018 | 35926110<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 646514792<br>| 184543447<br>|
| Distributions to shareholders | (106741033)<br>| (72715843)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 395670305 | 71324758 |
| Reinvestment of distributions | 98931714<br>| 67562979<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (209094275) | (127167619) |
| **Net increase (decrease) in net assets resulting from share transactions** | 285507744<br>| 11720118<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 825281503<br>| 123547722<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1050766252 | 927218530<br>|
| &nbsp;&nbsp;End of period | $1876047755 | $1050766252 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2893901 | 646679 |
| Issued in reinvestment of distributions | 993314<br>| 615959<br>|
| &nbsp;&nbsp;Redeemed | (1687815) | (1166718) |
| &nbsp;&nbsp;Net increase (decrease) | 2199400 | 95920 |

---

**Financial Highlights** 

**Tech Hardware Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $111.89 | $99.75 | $76.41 | $101.48 | $114.74 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .98  | .53  | .50  | .57  | .42  |
| Net realized and unrealized gain (loss)  | 60.16  | 19.79  | 23.33  | (13.00)  | 5.73  |
| Total from investment operations  | 61.14  | 20.32  | 23.83  | (12.43)  | 6.15  |
| Distributions from net investment income  | (.93) D | (.53)  | (.49)  | (.51)  | (.73) D |
| Distributions from net realized gain  | (10.24) D | (7.65)  | -  | (12.13)  | (18.68) D |
| Total distributions  | (11.17)  | (8.18)  | (.49)  | (12.64)  | (19.41)  |
| Net asset value, end of period  | $161.86 | $111.89 | $99.75 | $76.41 | $101.48 |
| **Total Return** E | 61.34% <br>| 20.58%  | 31.23%  | (13.62)%  | 4.72%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .67%  | .69%  | .73%  | .73%  | .72% H |
| Expenses net of fee waivers, if any  | .67% <br>| .68%  | .72%  | .73%  | .72% H |
| Expenses net of all reductions, if any  | .67%  | .68%  | .72%  | .73%  | .72% H |
| Net investment income (loss)  | .79%  | .48%  | .57%  | .74%  | .38% H |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1876048 | $1050766 | $927219 | $716956 | $913649 |
| Portfolio turnover rate I | 53% <br>| 70%  | 39%  | 30%  | 99% J |

---

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 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*Proxy expenses are not 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*The portfolio turnover rate does not include the assets acquired in the merger.*

**Technology Portfolio**

**Schedule of Investments February 28, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.7%** | &nbsp;&nbsp;**Common Stocks - 95.7%** | &nbsp;&nbsp;**Common Stocks - 95.7%** |
|  | Shares | Value ($)<br>|
| CANADA - 1.8%  |  |  |
| Information Technology - 1.8% |  |  |
| IT Services - 1.8% |  |  |
| Shopify Inc Class A (b) | 190500 | 22997423 |
| Shopify Inc Class A (United States) (b) | 3974900 | 479889677 |
| TOTAL CANADA |  | 502887100 |
| CHINA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Chime Biologics Wuhan Co Ltd (b)(c) | 1402904 | 14 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Bullish  | 46100 | 1447079 |
| INDIA - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Meesho (e) | 3048996 | 5359536 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Pine Labs Ltd (e) | 3056330 | 6387208 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Delhivery Ltd (b) | 579000 | 2757052 |
| TOTAL INDIA |  | 14503796 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 7/24/2032 (b)(c)(d) | 405691 | 563910 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Renesas Electronics Corp  | 1 | 19 |
| NETHERLANDS - 6.7%  |  |  |
| Information Technology - 6.7% |  |  |
| Semiconductors & Semiconductor Equipment - 6.7% |  |  |
| ASML Holding NV  | 272750 | 396689782 |
| NXP Semiconductors NV  | 6292307 | 1428416612 |
| TOTAL NETHERLANDS |  | 1825106394 |
| TAIWAN - 0.9%  |  |  |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Eden Biologics Inc (b)(c) | 1402904 | 0 |
| Information Technology - 0.9% |  |  |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 3799488 | 235909615 |
| TOTAL TAIWAN |  | 235909615 |
| UNITED KINGDOM - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Cazoo Group Ltd (b)(d) | 72 | 0 |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Revolut Group Holdings Ltd (b)(c)(d) | 41427 | 58125395 |
| TOTAL UNITED KINGDOM |  | 58125395 |
| UNITED STATES - 86.0%  |  |  |
| Communication Services - 1.1% |  |  |
| Entertainment - 1.1% |  |  |
| Netflix Inc (b) | 3079560 | 296376854 |
| Interactive Media & Services - 0.0% |  |  |
| Epic Games Inc (b)(c)(d) | 17917 | 9145016 |
| TOTAL COMMUNICATION SERVICES |  | 305521870 |
| Consumer Discretionary - 1.6% |  |  |
| Broadline Retail - 1.5% |  |  |
| Amazon.com Inc (b) | 1821700 | 382557000 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Airbnb Inc Class A (b) | 302209 | 40831458 |
| TOTAL CONSUMER DISCRETIONARY |  | 423388458 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Maplebear Inc (b) | 29110 | 1091916 |
| Food Products - 0.0% |  |  |
| Local Bounti Corp (b) | 118993 | 180869 |
| TOTAL CONSUMER STAPLES |  | 1272785 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Beta Technologies Inc (e) | 463215 | 8708442 |
| Beta Technologies Inc Class A (b) | 155000 | 2914000 |
| Relativity Space Inc (b)(c) | 6703 | 7105 |
| Space Exploration Technologies Corp (b)(c)(d) | 110484 | 58179770 |
|  |  | 69809317 |
| Electrical Equipment - 0.0% |  |  |
| ESS Tech Inc Class A (b) | 52485 | 83451 |
| Ground Transportation - 0.7% |  |  |
| CreateAI Holdings Inc Class A (f) | 86300 | 24872 |
| Uber Technologies Inc (b) | 2418403 | 182395954 |
|  |  | 182420826 |
| TOTAL INDUSTRIALS |  | 252313594 |
| Information Technology - 82.4% |  |  |
| Communications Equipment - 3.9% |  |  |
| Cisco Systems Inc  | 13255673 | 1053295777 |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Amphenol Corp Class A  | 558900 | 81632934 |
| Coherent Corp (b) | 353200 | 91454076 |
| Jabil Inc  | 246465 | 65310760 |
|  |  | 238397770 |
| IT Services - 4.7% |  |  |
| CoreWeave Inc Class A (b)(f) | 1743040 | 138676262 |
| MongoDB Inc Class A (b) | 900986 | 295946871 |
| Okta Inc Class A (b) | 4193647 | 304039408 |
| Snowflake Inc (b)(f) | 3294413 | 554812094 |
|  |  | 1293474635 |
| Semiconductors & Semiconductor Equipment - 41.9% |  |  |
| Astera Labs Inc (b) | 2235730 | 265671796 |
| GlobalFoundries Inc (b) | 15468587 | 735531312 |
| Marvell Technology Inc  | 15737581 | 1285602992 |
| Micron Technology Inc  | 2800349 | 1154779917 |
| Monolithic Power Systems Inc  | 60900 | 69592866 |
| NVIDIA Corp  | 37938980 | 6722407867 |
| ON Semiconductor Corp (b) | 18340605 | 1219283420 |
|  |  | 11452870170 |
| Software - 14.2% |  |  |
| Algolia Inc (b)(c)(d) | 153503 | 2101456 |
| Autodesk Inc (b) | 197600 | 48583912 |
| Canva Inc Class A (b)(c)(d) | 11200 | 15084048 |
| Celestial AI Inc (c)(d) | 967012 | 29010 |
| Celestial AI Inc (c)(d) | 967012 | 10 |
| Celestial AI Inc rights (b)(c)(d) | 967012 | 2639943 |
| Celestial AI Inc rights (b)(c)(d) | 967012 | 2030725 |
| Celestial AI Inc rights (b)(c)(d) | 967012 | 589877 |
| Crowdstrike Holdings Inc Class A (b) | 962617 | 358074272 |
| Datadog Inc Class A (b) | 4387471 | 491221253 |
| Figma Inc Class A  | 63900 | 1878021 |
| HubSpot Inc (b) | 743079 | 196551826 |
| Manhattan Associates Inc (b) | 2880214 | 390067382 |
| Microsoft Corp  | 4618786 | 1813982014 |
| Netskope Inc Class A (b)(f) | 77200 | 833760 |
| Nutanix Inc Class A (b) | 72472 | 2774228 |
| Rubrik Inc Class A (b)(f) | 1254487 | 65183145 |
| Servicenow Inc (b) | 3784545 | 408768705 |
| Stripe LLC Class B (b)(c)(d) | 38600 | 2431800 |
| Urgent.ly Inc (b) | 3014 | 5847 |
| Zscaler Inc (b) | 552800 | 81256072 |
|  |  | 3884087306 |
| Technology Hardware, Storage & Peripherals - 16.8% |  |  |
| Apple Inc  | 13048466 | 3447143748 |
| Sandisk Corp/DE (b) | 529692 | 336545109 |
| Western Digital Corp  | 2870676 | 802928077 |
|  |  | 4586616934 |
| TOTAL INFORMATION TECHNOLOGY |  | 22508742592 |
| TOTAL UNITED STATES |  | 23491239299 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $13,002,040,051) |  | <br> **26129782621** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Tenstorrent Holdings Inc 15% 12/31/2026 (c)(d) | 3096200 | 3094962 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2199 (c)(d) | 147191 | 35458 |
| TOTAL UNITED STATES |  | 3130420 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $3,243,391) |  | <br> **3130420** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 3.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 3.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 3.3%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (b)(c)(d) | 96743 | 23745569 |
| ESTONIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bolt Technology OU Series E (b)(c)(d) | 40842 | 8062616 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(c)(d) | 382800 | 574200 |
| Xsight Labs Ltd Series F (c)(d) | 1352302 | 5679668 |
| TOTAL ISRAEL |  | 6253868 |
| UNITED STATES - 3.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (b)(c)(d) | 18000 | 441864 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(c)(d) | 14100 | 560334 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Akeana Series C (b)(c)(d) | 123700 | 1531406 |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 12823 | 779895 |
| Tenstorrent Holdings Inc Series D1 (b)(c)(d) | 169983 | 11019998 |
| Tenstorrent Holdings Inc Series D2 (b)(c)(d) | 4547 | 283460 |
| TOTAL FINANCIALS |  | 13614759 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| ABL Space Systems Co Series A10 (b)(c)(d) | 505168 | 131344 |
| ABL Space Systems Co Series A8 (b)(c)(d) | 111201 | 28912 |
| ABL Space Systems Co Series A9 (b)(c)(d) | 83871 | 21806 |
| TOTAL INDUSTRIALS |  | 182062 |
| Information Technology - 3.1% |  |  |
| Communications Equipment - 0.1% |  |  |
| Astranis Space Technologies Corp Series C (b)(c)(d) | 605440 | 13695053 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Cerebras Systems Inc Series G (c)(d) | 485600 | 43228112 |
| Cerebras Systems Inc Series H (c)(d) | 283500 | 25237170 |
| Enevate Corp Series E (b)(c)(d) | 9477386 | 568643 |
| Frore Systems Inc Series D (c)(d) | 833498 | 27947188 |
| Vast Data Ltd Series A (b)(c)(d) | 104926 | 6213718 |
| Vast Data Ltd Series A1 (b)(c)(d) | 258256 | 15293920 |
| Vast Data Ltd Series A2 (b)(c)(d) | 297078 | 17592959 |
| Vast Data Ltd Series B (b)(c)(d) | 236389 | 13998957 |
| Vast Data Ltd Series C (b)(c)(d) | 6891 | 408085 |
| Vast Data Ltd Series E (b)(c)(d) | 225885 | 13376910 |
|  |  | 163865662 |
| IT Services - 0.0% |  |  |
| Gupshup Inc (b)(c)(d) | 257284 | 1263264 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Retym Inc Series C (b)(c)(d) | 463916 | 4843283 |
| Retym Inc Series D (b)(c)(d) | 115087 | 1267108 |
| SiMa Technologies Inc Series B (b)(c)(d) | 231000 | 1510740 |
| SiMa Technologies Inc Series B1 (b)(c)(d) | 100683 | 764184 |
|  |  | 8385315 |
| Software - 2.3% |  |  |
| Algolia Inc Series D (b)(c)(d) | 109867 | 1504079 |
| Anthropic PBC Series B (b)(c)(d) | 658500 | 170643690 |
| Anthropic PBC Series D (b)(c)(d) | 673183 | 184263651 |
| Anthropic PBC Series F (c)(d) | 127300 | 32988522 |
| Databricks Inc Series G (b)(c)(d) | 82812 | 14881316 |
| Databricks Inc Series H (b)(c)(d) | 273804 | 49202579 |
| Databricks Inc Series I (b)(c)(d) | 4234 | 760850 |
| Databricks Inc Series J (b)(c)(d) | 130729 | 23492001 |
| Databricks Inc Series K (c)(d) | 1700 | 305490 |
| OpenAI Group Pbc Series A-2 (c)(d) | 68088 | 47246263 |
| OpenAI Group Pbc Series A-3 (c)(d) | 11425 | 7927808 |
| Physical Intelligence Inc Series B (c)(d) | 65800 | 17864042 |
| Runway AI Inc Series D (b)(c)(d) | 1846660 | 27016636 |
| Runway AI Inc Series E (c)(d) | 116232 | 1700474 |
| Skyryse Inc Series B (b)(c)(d) | 121800 | 3186288 |
| Stripe LLC Series H (b)(c)(d) | 17100 | 1077300 |
| Stripe LLC Series I (b)(c)(d) | 487275 | 30698325 |
|  |  | 614759314 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lightmatter Inc Series C1 (b)(c)(d) | 274211 | 14952726 |
| Lightmatter Inc Series C2 (b)(c)(d) | 43071 | 2413268 |
| Lightmatter Inc Series D (b)(c)(d) | 187200 | 13425984 |
|  |  | 30791978 |
| TOTAL INFORMATION TECHNOLOGY |  | 832760586 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Diamond Foundry Inc Series C (b)(c)(d) | 151757 | 4709020 |
| TOTAL UNITED STATES |  | 852268625 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $376,843,223) |  | <br> **890330678** |

---

---

| | | |
|:---|:---|:---|
| &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 (b)(c)<br>(Cost $12,798,000)<br>| 711000 | **4194900** |

---

---

| | | |
|:---|:---|:---|
| &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% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (c)(d)(g) | 555053 | 44274 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (c)(d) | 353874 | 412354 |
| TOTAL UNITED STATES |  | 456628 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $914,459) |  | <br> **456628** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (h) | 3.70 | 191730158 | 191768505 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 3.69 | 117112460 | 117124171 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $308,892,675) |  |  | **308892676** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $13,704,731,799)<br>| <br>**27336787923** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(23584121)** |
| **NET ASSETS - 100.0%** | **27313203802** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Level 3 security.

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,044,838,686 or 3.8% 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 $20,455,186 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 is perpetual in nature with no stated maturity date.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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>|
| ABL Space Systems Co Series A10 | 12/14/2023 | 863180 |
| 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 | 1578511 |
| Algolia Inc | 10/27/2021 | 4489203 |
| Algolia Inc Series D | 7/23/2021 | 3213066 |
| Anthropic PBC Series B | 3/22/2024 | 20548283 |
| Anthropic PBC Series D | 5/31/2024 | 20198519 |
| Anthropic PBC Series F | 8/18/2025 | 17945175 |
| Astranis Space Technologies Corp Series C | 3/19/2021 | 13271808 |
| Bolt Technology OU Series E | 1/3/2022 | 10610609 |
| Bytedance Ltd Series E1 | 11/18/2020 | 10600535 |
| Canva Inc Class A | 8/19/2025 - 11/12/2025 | 18436768 |
| Cazoo Group Ltd | 3/28/2021 | 1164734 |
| Celestial AI Inc | 2/25/2025 | 0 |
| Celestial AI Inc | 2/25/2025 | 24860 |
| Celestial AI Inc rights | 2/25/2025 | 1546327 |
| Celestial AI Inc rights | 2/25/2025 | 2012445 |
| Celestial AI Inc rights | 2/25/2025 | 451320 |
| Cerebras Systems Inc Series G | 9/19/2025 | 17594453 |
| Cerebras Systems Inc Series H | 1/30/2026 | 25235923 |
| Databricks Inc Series G | 2/1/2021 | 4896064 |
| Databricks Inc Series H | 8/31/2021 | 20120250 |
| Databricks Inc Series I | 9/14/2023 | 311199 |
| Databricks Inc Series J | 12/17/2024 | 12092433 |
| Databricks Inc Series K | 9/8/2025 | 254999 |
| Diamond Foundry Inc Series C | 3/15/2021 | 3642168 |
| Discord Inc Series I | 9/15/2021 | 991124 |
| Enevate Corp 10% 5/12/2199 | 11/12/2024 | 147191 |
| Enevate Corp 6% | 11/2/2023 - 10/31/2025 | 555053 |
| Enevate Corp Series E | 1/29/2021 | 10507435 |
| Epic Games Inc | 3/29/2021 | 15856545 |
| Frore Systems Inc Series D | 2/26/2026 | 27944938 |
| GoBrands Inc Series G | 3/2/2021 | 3521014 |
| Gupshup Inc | 6/8/2021 | 5882850 |
| Lightmatter Inc Series C1 | 5/19/2023 | 4512636 |
| Lightmatter Inc Series C2 | 12/18/2023 | 1119923 |
| Lightmatter Inc Series D | 10/11/2024 | 15019150 |
| OpenAI Group Pbc Series A-2 | 9/30/2024 | 12791000 |
| OpenAI Group Pbc Series A-3 | 8/4/2025 | 3506200 |
| Physical Intelligence Inc Series B | 10/24/2025 | 17868602 |
| Retym Inc Series C | 5/17/2023 - 6/20/2023 | 3610102 |
| Retym Inc Series D | 1/29/2025 | 1218426 |
| Revolut Group Holdings Ltd | 12/27/2024 - 1/28/2026 | 43325710 |
| Runway AI Inc Series D | 9/6/2024 | 20021076 |
| Runway AI Inc Series E | 11/4/2025 | 1700265 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/8/2024 - 1/5/2026 | 353874 |
| SiMa Technologies Inc Series B | 5/10/2021 | 1184429 |
| SiMa Technologies Inc Series B1 | 4/25/2022 - 10/17/2022 | 713933 |
| Skyryse Inc Series B | 10/21/2021 | 3006019 |
| Space Exploration Technologies Corp | 11/22/2024 | 16692150 |
| Stripe LLC Class B | 5/18/2021 | 1548955 |
| Stripe LLC Series H | 3/15/2021 | 686138 |
| Stripe LLC Series I | 3/20/2023 - 5/12/2023 | 9810863 |
| Tenstorrent Holdings Inc 15% 12/31/2026 | 2/25/2026 | 3096200 |
| Tenstorrent Holdings Inc Series C1 | 4/23/2021 | 762398 |
| Tenstorrent Holdings Inc Series D1 | 7/16/2024 - 1/15/2025 | 13399157 |
| Tenstorrent Holdings Inc Series D2 | 7/17/2024 | 345481 |
| Vast Data Ltd Series A | 11/28/2023 | 1154186 |
| Vast Data Ltd Series A1 | 11/28/2023 | 2840816 |
| Vast Data Ltd Series A2 | 11/28/2023 | 3267858 |
| Vast Data Ltd Series B | 11/28/2023 | 2600279 |
| Vast Data Ltd Series C | 11/28/2023 | 75801 |
| Vast Data Ltd Series E | 11/28/2023 | 4969470 |
| Xsight Labs Ltd Series D | 2/16/2021 | 3060869 |
| Xsight Labs Ltd Series F | 1/11/2024 - 12/30/2024 | 6261161 |
| Xsight Labs Ltd warrants 7/24/2032 | 1/11/2024 - 12/30/2024 | 0 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Beta Technologies Inc | 5/4/2026 |
| Meesho | 6/9/2026 |
| Pine Labs Ltd | 5/13/2026 |

---

**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 | 98707316 | 6042037611 | 6124840363 | 11979613 | (8271) | 1 | 191768505 | 191730158 | 0.3% |
| Fidelity Securities Lending Cash Central Fund | 63231501 | 907889356 | 854001925 | 441453 | 5239 | - | 117124171 | 117112460 | 0.3% |
| Total | 161938817 | 6949926967 | 6978842288 | 12421066 | (3032) | 1 | 308892676 |  |  |

---

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.

Purchases and sales proceeds exclude the value of securities received and delivered through reorganization transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 305521870 | 296376854 | - | 9145016 |
| Consumer Discretionary | 428747994 | 428747994 | - | - |
| Consumer Staples | 1272785 | 1272785 | - | - |
| Financials | 65959682 | 7834287 | - | 58125395 |
| Health Care | 14 | - | - | 14 |
| Industrials | 255070646 | 196883771 | - | 58186875 |
| Information Technology | 25073209630 | 24415139435 | 632599416 | 25470779 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Financials | 3094962 | - | - | 3094962 |
| Information Technology | 35458 | - | - | 35458 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 23745569 | - | - | 23745569 |
| Consumer Discretionary | 441864 | - | - | 441864 |
| Consumer Staples | 560334 | - | - | 560334 |
| Financials | 13614759 | - | - | 13614759 |
| Industrials | 182062 | - | - | 182062 |
| Information Technology | 847077070 | - | - | 847077070 |
| Materials | 4709020 | - | - | 4709020 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Industrials | 4194900 | - | - | 4194900 |
|  **Preferred Securities** |  |  |  |  |
| Information Technology | 456628 | - | - | 456628 |
|  **Money Market Funds** | 308892676 | 308892676 | - | - |
| **Total Investments in Securities:** | 27336787923 | 25655147802 | 632599416 | 1049040705 |

---

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 ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2026 ($)** |
| **Common Stocks** | 100932460 | 237008 | 38634563 | 65487969 | (693347) | - | - | (53670574) | 150928079 | 38936760 |
| **Convertible Preferred Stocks** | 257787024 | 7203986 | 463325593 | 193848727 | (27941176) | - | - | (3893476) | 890330678 | 465543974 |
| **Non-Convertible Preferred Stocks** | 5389380 | - | (1194480) | - | - | - | - | - | 4194900 | (1194480) |
| **Convertible Corporate Bonds** | - | - | (112971) | 3243391 | - | - | - | - | 3130420 | (112971) |
| **Preferred Securities** | - | - | (457831) | 914459 | - | - | - | - | 456628 | (457831) |
| <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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $98,654,892) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $13,395,839,124) | $27027895247 |  |
| Fidelity Central Funds (cost $308,892,675) | 308892676 |  |
| Total Investment in Securities (cost $13,704,731,799) |  | $27336787923 |
| Foreign currency held at value (cost $106,493) |  | 108381 |
| Receivable for investments sold |  | 117139185 |
| Receivable for fund shares sold |  | 19690487 |
| Dividends receivable |  | 4888929 |
| Interest receivable |  | 30164 |
| Distributions receivable from Fidelity Central Funds |  | 657486 |
| Prepaid expenses |  | 9510 |
| Other receivables |  | 888865 |
| **Total assets** |  | 27480200930 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $32594087 |  |
| Distributions payable | 139589 |  |
| Accrued management fee | 13940958 |  |
| Distribution and service plan fees payable | 1385705 |  |
| Other payables and accrued expenses | 1833049 |  |
| Collateral on securities loaned | 117103740 |  |
| **Total liabilities** |  | 166997128 |
| **Net Assets**  |  | $27313203802 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $12952342350 |
| Total accumulated earnings (loss) |  | 14360861452 |
| **Net Assets** |  | $27313203802 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($3,177,839,488 ÷ 77,808,991 shares)(a) |  | $40.84 |
| Maximum offering price per share (100/94.25 of $40.84) |  | $43.33 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($923,653,746 ÷ 22,637,294 shares)(a) |  | $40.80 |
| Maximum offering price per share (100/96.50 of $40.80) |  | $42.28 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($364,783,691 ÷ 8,955,389 shares)(a) |  | $40.73 |
| **Technology Portfolio :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($18,942,081,485 ÷ 463,376,715 shares) |  | $40.88 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,645,474,139 ÷ 64,727,252 shares) |  | $40.87 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,259,371,253 ÷ 30,803,193 shares) |  | $40.88 |
| *(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** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $77402505 |
| Interest  |  | 11993 |
| Income from Fidelity Central Funds (including $441,453 from security lending)  |  | 12421066 |
| Security lending |  | 534 |
| **Total income** |  | 89836098 |
| **Expenses** |  |  |
| Management fee | $122315714 |  |
| Distribution and service plan fees | 4868696 |  |
| Custodian fees and expenses | 195763 |  |
| Independent trustees' fees and expenses | 73881 |  |
| Registration fees | 618098 |  |
| Audit fees | 61175 |  |
| Legal | 23340 |  |
| Interest | 85331 |  |
| Miscellaneous | 61804 |  |
| Total expenses before reductions | 128303802 |  |
| Expense reductions | (94025) |  |
| Total expenses after reductions |  | 128209777 |
| **Net Investment income (loss)** |  | (38373679) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $362)  | 2253345582 |  |
| Fidelity Central Funds | (3032) |  |
| Foreign currency transactions | (3785116) |  |
| Total net realized gain (loss) |  | 2249557434 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $20,622)  | 1796303834 |  |
| Affiliated issuers  | 1 |  |
| Assets and liabilities in foreign currencies | (76349) |  |
| Total change in net unrealized appreciation (depreciation) |  | 1796227486 |
| **Net gain (loss)** |  | 4045784920 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4007411241 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(38373679) | $(19402721) |
| &nbsp;&nbsp;Net realized gain (loss) | 2249557434<br>| 1283675021<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1796227486 | 986121503<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4007411241<br>| 2250393803<br>|
| Distributions to shareholders | (1684728560)<br>| (770558118)<br>|
| Share transactions - net increase (decrease) | 8926954644<br>| 273717137<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 11249637325<br>| 1753552822<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 16063566477 | 14310013655<br>|
| &nbsp;&nbsp;End of period | $27313203802 | $16063566477 |

---

**Financial Highlights** 

**Fidelity Advisor® Technology Fund Class A**<br>

---

| | |
|:---|:---|
| **Years ended February 28,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $44.91 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.07)  |
| Net realized and unrealized gain (loss)  | (1.06) D |
| Total from investment operations  | (1.13)  |
| Distributions from net realized gain  | (2.94)  |
| Total distributions  | (2.94)  |
| Net asset value, end of period  | $40.84 |
| **Total Return** E,F,G | (2.80)% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | .89% J |
| Expenses net of fee waivers, if any  | .89% J<br>|
| Expenses net of all reductions, if any  | .89% J |
| Net investment income (loss)  | (.50)% J |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $3177839 |
| Portfolio turnover rate K | 52% L<br>|

---

A*For the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

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 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.*

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Technology Fund Class M**<br>

---

| | |
|:---|:---|
| **Years ended February 28,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $44.91 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.10)  |
| Net realized and unrealized gain (loss)  | (1.07) D |
| Total from investment operations  | (1.17)  |
| Distributions from net realized gain  | (2.94)  |
| Total distributions  | (2.94)  |
| Net asset value, end of period  | $40.80 |
| **Total Return** E,F,G | (2.89)% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | 1.14% J |
| Expenses net of fee waivers, if any  | 1.14% J<br>|
| Expenses net of all reductions, if any  | 1.14% J |
| Net investment income (loss)  | (.74)% J |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $923654 |
| Portfolio turnover rate K | 52% L<br>|

---

A*For the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

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 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.*

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Technology Fund Class C**<br>

---

| | |
|:---|:---|
| **Years ended February 28,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $44.91 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.16)  |
| Net realized and unrealized gain (loss)  | (1.08) D |
| Total from investment operations  | (1.24)  |
| Distributions from net realized gain  | (2.94)  |
| Total distributions  | (2.94)  |
| Net asset value, end of period  | $40.73 |
| **Total Return** E,F,G | (3.06)% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | 1.63% J |
| Expenses net of fee waivers, if any  | 1.63% J<br>|
| Expenses net of all reductions, if any  | 1.63% J |
| Net investment income (loss)  | (1.24)% J |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $364784 |
| Portfolio turnover rate K | 52% L<br>|

---

A*For the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

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 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.*

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Technology Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $35.18 | $31.74 | $20.46 | $24.92 | $27.53 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.06)  | (.04)  | - D | .01  | (.06)  |
| Net realized and unrealized gain (loss)  | 9.52  | 5.22  | 11.28  | (3.76)  | .83  |
| Total from investment operations  | 9.46  | 5.18  | 11.28  | (3.75)  | .77  |
| Distributions from net investment income  | -  | -  | - D | -  | -  |
| Distributions from net realized gain  | (3.76)  | (1.74)  | -  | (.71)  | (3.38)  |
| Total distributions  | (3.76)  | (1.74)  | - D | (.71)  | (3.38)  |
| Net asset value, end of period  | $40.88 | $35.18 | $31.74 | $20.46 | $24.92 |
| **Total Return** E | 27.64% <br>| 15.91%  | 55.15%  | (15.43)%  | 1.91%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .61%  | .62%  | .68%  | .70%  | .67%  |
| Expenses net of fee waivers, if any  | .60% <br>| .62%  | .68%  | .69%  | .67%  |
| Expenses net of all reductions, if any  | .60%  | .62%  | .68%  | .69%  | .67%  |
| Net investment income (loss)  | (.16)%  | (.12)%  | (.01)%  | .02%  | (.23)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $18942081 | $16063566 | $14310014 | $8636146 | $11053788 |
| Portfolio turnover rate H | 52% I<br>| 44%  | 29%  | 24%  | 87%  |

---

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*Amount represents less than $.005 per share.*

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*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.*

I*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Technology Fund Class I**<br>

---

| | |
|:---|:---|
| **Years ended February 28,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $44.91 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.03)  |
| Net realized and unrealized gain (loss)  | (1.07) D |
| Total from investment operations  | (1.10)  |
| Distributions from net realized gain  | (2.94)  |
| Total distributions  | (2.94)  |
| Net asset value, end of period  | $40.87 |
| **Total Return** E,F | (2.73)% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .64% I |
| Expenses net of fee waivers, if any  | .64% I<br>|
| Expenses net of all reductions, if any  | .64% I |
| Net investment income (loss)  | (.25)% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $2645474 |
| Portfolio turnover rate J | 52% K<br>|

---

A*For the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

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 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.*

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 reorganization.*

**Fidelity Advisor® Technology Fund Class Z**<br>

---

| | |
|:---|:---|
| **Years ended February 28,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $44.91 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.02)  |
| Net realized and unrealized gain (loss)  | (1.07) D |
| Total from investment operations  | (1.09)  |
| Distributions from net realized gain  | (2.94)  |
| Total distributions  | (2.94)  |
| Net asset value, end of period  | $40.88 |
| **Total Return** E,F | (2.70)% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .53% I |
| Expenses net of fee waivers, if any  | .53% I<br>|
| Expenses net of all reductions, if any  | .53% I |
| Net investment income (loss)  | (.13)% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $1259371 |
| Portfolio turnover rate J | 52% K<br>|

---

A*For the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

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 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.*

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 reorganization.*

**Notes to Financial Statements**

For the period ended February 28, 2026

**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. Each Fund is authorized to issue an unlimited number of shares. Each Fund offers a single class of shares, with the exception of Technology Portfolio. Technology Portfolio offers Class A, Class M, Class C, Technology Portfolio, Class I and Class Z shares. Technology Portfolio commenced sale of Class A, Class M, Class C, Class I and Class Z shares on November 6, 2025. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class of Technology 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. 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. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $150928079 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.9 - 8.5 / 6.7 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA) | 89.5 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI) | 27.9 | Increase |
|  |  | Market approach | Transaction price | $4.63  | Increase |
|  |  | Recovery value | Recovery value | $0.00  | Increase |
|  |  | Black scholes | Discount rate | 3.5% - 3.8% / 3.5% | Increase |
|  |  |  | Volatility | 70.0% - 80.0% / 70.0% | Increase |
|  |  |  | Term | 3.0 - 5.0 / 3.0 | Increase |
|  |  | Discounted cash flow | Discount rate | 4.5% - 20.0% / 19.9% | Decrease |
|  |  |  | Term | 0.4 | Increase |
| Convertible Corporate Bonds | $3130420 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 11.0 | Increase |
|  |  |  | Probability rate | 0.0% - 50.0% / 20.0% | Increase |
|  |  | Market approach | Transaction price | $100.00  | Increase |
|  |  |  | Discount rate | 21.7% | Decrease |
|  |  |  | Probability rate | 0.0% - 80.0% / 33.3% | Increase |
|  |  | Black scholes | Discount rate | 3.6% - 4.2% / 3.6% | Increase |
|  |  |  | Volatility | 80.0% - 100.0% / 80.2% | Increase |
|  |  |  | Term | 0.3 - 0.6 / 0.6 | Increase |
| Convertible Preferred Stocks | $890330678 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.7 - 56.6 / 19.8 | Increase |
|  |  |  | Discount rate | 5.0% | Decrease |
|  |  | Market approach | Transaction price | $1.10 - $271.56 / $181.62 | Increase |
|  |  |  | Discount rate | 95.0% | Decrease |
|  |  |  | Premium rate | 50.0% | Increase |
|  |  | Black scholes | Discount rate | 3.5% - 3.7% / 3.5% | Increase |
|  |  |  | Volatility | 50.0% - 100.0% / 66.4% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.3 | Increase |
| Preferred Securities | $456628 | Market approach | Transaction price | $100.00  | Increase |
|  |  |  | Discount rate | 35.4% - 37.9% / 37.6% | Decrease |
|  |  |  | Probability rate | 0.0% - 80.0% / 35.3% | Increase |
|  |  | Black scholes | Discount rate | 3.5% - 4.2% / 3.6% | Increase |
|  |  |  | Volatility | 55.0% - 100.0% / 59.4% | Increase |
|  |  |  | Term | 0.3 - 0.8 / 0.8 | Increase |
| Non-Convertible Preferred Stocks | $4194900 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 3.3 | 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 February 28, 2026, 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, 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, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable, as applicable. 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.

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

**Income Tax Information and Distributions to Shareholders.** Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of February 28, 2026, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences resulted in distribution reclassifications. 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 foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, deferred Trustee compensation, net operating losses and losses deferred due to wash sales and excise tax regulations.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Enterprise Technology Services Portfolio**  | 649341602 | 430826052 | (55069557) | 375756495 |
| **Semiconductors Portfolio** | 16099962672 | 15841942881 | (619620394) | 15222322487 |
| **Software and IT Services Portfolio**  | 4779461710 | 2893809243 | (943726375) | 1950082868 |
| **Tech Hardware Portfolio** | 1003967942 | 867952347 | (15385592) | 852566755 |
| **Technology Portfolio** | 13861142066 | 14749873876 | (1274228019) | 13475645857 |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Undistributed long-term capital gain ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Enterprise Technology Services Portfolio**  | 764406 | 93865039 | - | 375743720 |
| **Semiconductors Portfolio** | 512947184 | 2525366620 | - | 15222322487 |
| **Software and IT Services Portfolio**  | - | 528419019 | - | 1950045861 |
| **Tech Hardware Portfolio** | 8843037 | 126185213 | - | 852424206 |
| **Technology Portfolio** | - | 932209654 | - | 13475558291 |

---

Certain of the Funds intend to elect to defer to the next fiscal year capital losses recognized during the period November 1, 2025 to February 28, 2026, and ordinary losses recognized during the period January 1, 2026 to February 28, 2026. Loss deferrals were as follows:

---

| | | |
|:---|:---|:---|
|  | <br> **Capital losses ($)** | <br> **Ordinary losses ($)** |
| **Tech Hardware Portfolio** | - | (458416) |
| **Technology Portfolio** | (46885874) | - |

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **February 28, 2026** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Enterprise Technology Services Portfolio**  | 10527062 | 264070041 | 274597103 |
| **Semiconductors Portfolio** | 149230061 | 1953005571 | 2102235632 |
| **Software and IT Services Portfolio**  | - | 1193076353 | 1193076353 |
| **Tech Hardware Portfolio** | 20363346 | 86377687 | 106741033 |
| **Technology Portfolio** | 419579345 | 1265149215 | 1684728560 |

---

---

| | | | |
|:---|:---|:---|:---|
| **February 28, 2025** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Enterprise Technology Services Portfolio**  | 1143453 | 303864449 | 305007902 |
| **Semiconductors Portfolio** | - | 790458959 | 790458959 |
| **Software and IT Services Portfolio**  | 60040597 | 1024591366 | 1084631963 |
| **Tech Hardware Portfolio** | 15026741 | 57689102 | 72715843 |
| **Technology Portfolio** | 173453209 | 597104909 | 770558118 |

---

**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 ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **Tech Hardware Portfolio** | Vast Data Ltd. | 1438094 | - |

---

**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** | 837345992 | 1280135895 |
| **Semiconductors Portfolio** | 20569184371 | 20873592425 |
| **Software and IT Services Portfolio** | 5891361762 | 7500425458 |
| **Tech Hardware Portfolio** | 846152367 | 667230490 |
| **Technology Portfolio** | 10289728881 | 11819598289 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Software and IT Services Portfolio** | 18307567 | - | 374208705 | 374208705 | 402400325 |

---

**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" for any Fund that 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** |  |
| **Class A** | .68 |
| **Class M** | .67 |
| **Class C** | .69 |
| **Technology Portfolio** | .64 |
| **Class I** | .67 |
| **Class Z** | .55 |

---

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** | .60 |
| **Software and IT Services Portfolio** | .60 |
| **Tech Hardware Portfolio** | .65 |
| **Technology Portfolio** |  |
| **Class A** | .63 |
| **Class M** | .63 |
| **Class C** | .63 |
| **Technology Portfolio** | .60 |
| **Class I** | .63 |
| **Class Z** | .52 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, Technology 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 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 ($)** | **Retained by FDC ($)** |
| **Technology Portfolio** |  |  |  |  |
| Class A | - % | .25% | 2362561 | 14311 |
| Class M | .25% | .25% | 1388618 | - |
| Class C | .75% | .25% | <u>1117517</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>116166</u> |
|  |  |  | <u>4868696</u> | <u>130477</u> |

---

**Sales Load.** For Technology 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 ($)** |
| **Technology Portfolio** |  |
| Class A | 239718 |
| Class M | 7639 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1212</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>248569</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.*

**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** | 725,406 |
| **Software and IT Services Portfolio** | 526,700 |
| **Tech Hardware Portfolio** | 87,436 |
| **Technology Portfolio** | 699,762 |

---

**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** | 18966 |
| **Semiconductors Portfolio** | 271340 |
| **Software and IT Services Portfolio** | 151906 |
| **Tech Hardware Portfolio** | 7413 |
| **Technology Portfolio** | 99696 |

---

**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 ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Enterprise Technology Services Portfolio**  | Borrower | 4047667 | 4.32% | 23313 |
| **Semiconductors Portfolio** | Borrower | 17029074 | 4.15% | 52980 |
| **Software and IT Services Portfolio**  | Borrower | 13244950 | 4.18% | 30769 |
| **Tech Hardware Portfolio** | Borrower | 9365500 | 4.57% | 2380 |
| **Technology Portfolio** | Borrower | 60118385 | 3.93% | 85331 |

---

**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** | 22662665 | 84719398 | 20003729 |
| **Semiconductors Portfolio** | 1277048652 | 1580641565 | 395404132 |
| **Software and IT Services Portfolio** | 514253019 | 549259787 | 205069012 |
| **Tech Hardware Portfolio** | 82683116 | 25165359 | (811942) |
| **Technology Portfolio** | 670059740 | 704758904 | 189302288 |

---

**Other.** During the period, the investment adviser reimbursed the Funds for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Technology Portfolio** | 140051 |

---

**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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Enterprise Technology Services Portfolio** | 2123 |
| **Semiconductors Portfolio** | 28376 |
| **Software and IT Services Portfolio** | 13314 |
| **Tech Hardware Portfolio** | 1475 |
| **Technology Portfolio** | 22851 |

---

Effective March 24, 2026 the .10% spread adjustment on the SOFR benchmark was removed.

**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 in security lending. 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** | 2857 | 1 | - |
| **Semiconductors Portfolio** | 121452 | - | - |
| **Software and IT Services Portfolio** | 796 | 147 | - |
| **Tech Hardware Portfolio** | 1004 | - | - |
| **Technology Portfolio** | 47295 | - | - |

---

**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 ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)** |
| **Enterprise Technology Services Portfolio** | 962000 | 4.14% | 221 |
| **Semiconductors Portfolio** | 5220000 | 4.14% | 600 |

---

**9. 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 ($)** |
| **Tech Hardware Portfolio** | 165 |
| **Technology Portfolio** | 6414 |

---

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

---

| | |
|:---|:---|
|  | **Fund-Level Amount ($)** |
| **Technology Portfolio** | 8349 |

---

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Class A** | 9174 |
| **Class M** | 2683 |
| **Class C** | 1075 |
| **Technology Portfolio** | 54948 |
| **Class I** | 7780 |
| **Class Z** | <u>3602</u> |
| **Total** | <u>79262</u> |

---

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **February 28, 2026 A** | **Year ended**<br> **February 28, 2025** |
| **Technology Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $1729639 | $- |
| Class M | 515536 | - |
| Class C | 211515 | - |
| Technology Portfolio | 1680112264 | 770558118 |
| Class I | 1473639 | - |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>685967</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>-</u> |
| Total  | <u>$1684728560</u> | <u>$770558118</u> |

---

*A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

**11. 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** |
|  | **Year ended** <br> **February 28, 2026 A** | **Year ended**<br> **February 28, 2025** | **Year ended** <br> **February 28, 2026 A**  | **Year ended**<br> **February 28, 2025** |
| **Technology Portfolio** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 2672530 | - | $113455966 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 78546771 | - | 3291109202 | - |
| Reinvestment of distributions  | 39467 | - | 1653672 | - |
| Shares redeemed | <u>(3449777)</u> | <u>-</u> | <u>(143879118)</u> | <u>-</u> |
| Net increase (decrease) | <u>77808991</u> | <u>-</u> | <u>$3262339722</u> | <u>$</u> <u>-</u> |
| **Class M** |  |  |  |  |
| Shares sold | 1090679 | - | $43363644 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 22755520 | - | 953228699 | - |
| Reinvestment of distributions  | 12018 | - | 503298 | - |
| Shares redeemed | <u>(1220923)</u> | <u>-</u> | <u>(50874470)</u> | <u>-</u> |
| Net increase (decrease) | <u>22637294</u> | <u>-</u> | <u>$946221171</u> | <u>$</u> <u>-</u> |
| **Class C** |  |  |  |  |
| Shares sold | 302824 | - | $11588377 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 9557731 | - | 400277543 | - |
| Reinvestment of distributions  | 4822 | - | 201772 | - |
| Shares redeemed | <u>(909988)</u> | <u>-</u> | <u>(37652882)</u> | <u>-</u> |
| Net increase (decrease) | <u>8955389</u> | <u>-</u> | <u>$374414810</u> | <u>$</u> <u>-</u> |
| **Technology Portfolio** |  |  |  |  |
| Shares sold | 66134264 | 76399520 | $2573212601 | $2690935132 |
| Reinvestment of distributions  | 39972862 | 18839020 | 1556050032 | 714940817 |
| Shares redeemed | <u>(99331293)</u> | <u>(89430551)</u> | <u>(3789558533)</u> | <u>(3132158812)</u> |
| Net increase (decrease) | <u>6775833</u> | <u>5807989</u> | <u>$339704100</u> | <u>$273717137</u> |
| **Class I** |  |  |  |  |
| Shares sold | 4571247 | - | $191834182 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 67518057 | - | 2829006042 | - |
| Reinvestment of distributions  | 33182 | - | 1390676 | - |
| Shares redeemed | <u>(7395234)</u> | <u>-</u> | <u>(307335773)</u> | <u>-</u> |
| Net increase (decrease) | <u>64727252</u> | <u>-</u> | <u>$2714895127</u> | <u>$</u> <u>-</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 4909254 | - | $203563486 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 29086124 | - | 1218708398 | - |
| Reinvestment of distributions  | 13790 | - | 577933 | - |
| Shares redeemed | <u>(3205975)</u> | <u>-</u> | <u>(133470103)</u> | <u>-</u> |
| Net increase (decrease) | <u>30803193</u> | <u>-</u> | <u>$1289379714</u> | <u>$</u> <u>-</u> |

---

*A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

**12. 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.

**13. 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.

**14. Reorganization Information.**

On November 14, 2025, Technology Portfolio acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Technology Fund (Acquired Fund) pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees (the Board). The securities held by the Acquired Fund were the primary assets acquired by Technology Portfolio. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on November 6, 2025. The acquisition was accomplished by an exchange of each class of the Technology Portfolio for corresponding shares then outstanding of the Acquired Fund at their respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Technology Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of Technology Portfolio's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund and Share Class** | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Fidelity Advisor Technology Fund** | 8541687403 | 4531347408 |  |  |  |
| **Class A** |  |  | 3291109202 | 24583398 | 3.1951145585 |
| **Class M** |  |  | 953228699 | 8014030 | 2.8394604918 |
| **Class C** |  |  | 400277543 | 4435855 | 2.1546537727 |
| **Class I** |  |  | 2829006042 | 18279015 | 3.6937470167 |
| **Class Z** |  |  | 1218708398 | 7876972 | 3.6925513126 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| **Technology Portfolio** | 20021375965 | 28713705849 |

---

Pro forma results of operations of the combined entity for the entire period ended February 28, 2026, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $(55207546) |
| **Total net realized gain (loss)** | 3007595973 |
| **Total change in net unrealized appreciation (depreciation)** | <u>3111912243</u> |
| **Net increase (decrease) in net assets resulting from operations** | <u>$6064300670</u> |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that has been included in Technology Portfolio's accompanying Statement of Operations since November 14, 2025.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Select Portfolios and Shareholders of Enterprise Technology Services Portfolio, Semiconductors Portfolio, Software and IT Services Portfolio, Tech Hardware Portfolio, and Technology Portfolio

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Enterprise Technology Services Portfolio, Semiconductors Portfolio, Software and IT Services Portfolio, Tech Hardware Portfolio, and Technology Portfolio (five of the funds constituting Fidelity Select Portfolios, hereafter collectively referred to as the "Funds") as of February 28, 2026, the related statements of operations for the year ended February 28, 2026, the statements of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2026 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 15, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended February 28, 2026, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **Enterprise Technology Services Portfolio** | $203378347 |
| **Semiconductors Portfolio** | $3652775247 |
| **Software and IT Services Portfolio** | $1750540168 |
| **Tech Hardware Portfolio** | $142511611 |
| **Technology Portfolio** | $2171033964 |

---

Fidelity Advisor Technology Fund (Target Fund) hereby designates as a capital gain dividend with respect to the taxable year ended November 14, 2025, $466,456,386, or, if subsequently determined to be different, the net capital gain of such year.

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| **Enterprise Technology Services Portfolio** |  |
| April 2025 | 89% |
| December 2025 | 100% |
| **Semiconductors Portfolio** |  |
| April 2025 | - |
| December 2025 | 39% |
| **Tech Hardware Portfolio** |  |
| April 2025 | 19% |
| December 2025 | 32% |
| **Technology Portfolio** |  |
| April 2025<br> November 2025 | 4%<br> 23% |
| December 2025 | 23% |

---

Fidelity Advisor Technology Fund (Target Fund) Class A designates 15%; Class M designates 16%; Class I designates 14%; Class C designates 17%; and Class Z designates 13% of the dividend distributed in November 2025, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | |
|:---|:---|
| **Enterprise Technology Services Portfolio** |  |
| April 2025 | 100% |
| December 2025 | 100% |
| **Semiconductors Portfolio** |  |
| April 2025 | - |
| December 2025 | 62.10% |
| **Tech Hardware Portfolio** |  |
| April 2025 | 19.83% |
| December 2025 | 100% |
| **Technology Portfolio** |  |
| April 2025 | 4.73% |
| November 2025 | 31.67% |
| December 2025 | 33.06%<br>|

---

Fidelity Advisor Technology Fund (Target Fund) Class A designates 19.88%; Class M designates 21.09%; Class I designates 18.78%; Class C designates 22.60%; and Class Z designates 17.90%; of the dividends distributed in November, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The funds hereby designate the percentages noted below of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders:

---

| | | | |
|:---|:---|:---|:---|
|  | **April, 2025** | **November, 2025** | **December, 2025** |
| **Enterprise Technology Services Portfolio** | 100.00% | - | - |
| **Semiconductors Portfolio** | - | - | 100.00% |
| **Tech Hardware Portfolio** | 100.00% | - | 100.00% |
| **Technology Portfolio** | 100.00% | 100.00% | 100.00% |

---

Fidelity Advisor Technology Fund (Target Fund) designates 100% of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Enterprise Technology Services Portfolio** | $25506 |
| **Tech Hardware Portfolio** | $265719 |

---

The funds will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

**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)**

Note: This is not applicable for any fund included in this document.

![](img126039_4.jpg)<br>

1.813669.121 SELTEC-ANN-0426

**Fidelity® Select Portfolios®**

**Industrials Sector**

**Defense and Aerospace Portfolio**

**Transportation Portfolio**

**Annual Report**

**February 28, 2026**

![](img126040_1.jpg)

![](img126040_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SELCI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Defense and Aerospace Portfolio](#Sub_Sec_Fund_67_SELCI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Transportation Portfolio](#Sub_Sec_Fund_512_SELCI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements67_SELCI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SELCI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SELCI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SELCI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SELCI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SELCI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SELCI-ANN)** |

---

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

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

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

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Funds nor Fidelity Distributors Corporation is a bank.*

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

**Defense and Aerospace Portfolio**

**Schedule of Investments February 28, 2026**

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>|
| CANADA - 2.4%  |  |  |
| Industrials - 2.4% |  |  |
| Aerospace & Defense - 2.4% |  |  |
| Bombardier Inc Class B (a) | 477200 | 98616552 |
| UNITED KINGDOM - 3.6%  |  |  |
| Industrials - 3.6% |  |  |
| Aerospace & Defense - 3.6% |  |  |
| BAE Systems PLC  | 1166700 | 33315761 |
| Rolls-Royce Holdings PLC  | 6425300 | 115540257 |
| TOTAL UNITED KINGDOM |  | 148856018 |
| UNITED STATES - 93.3%  |  |  |
| Industrials - 93.3% |  |  |
| Aerospace & Defense - 92.4% |  |  |
| AeroVironment Inc (a)(b) | 31300 | 7895425 |
| ATI Inc (a) | 505600 | 82711104 |
| Axon Enterprise Inc (a) | 196400 | 106527360 |
| Beta Technologies Inc Class A (a) | 17400 | 327120 |
| Boeing Co (a) | 1999100 | 454855223 |
| Carpenter Technology Corp  | 284900 | 113410143 |
| Curtiss-Wright Corp  | 186500 | 130611545 |
| GE Aerospace  | 2715000 | 929235901 |
| General Dynamics Corp  | 475800 | 169884390 |
| HEICO Corp Class A  | 711700 | 170886287 |
| Howmet Aerospace Inc  | 771600 | 202568148 |
| Huntington Ingalls Industries Inc  | 229700 | 102106244 |
| Karman Holdings Inc (a)(b) | 426800 | 37605348 |
| L3Harris Technologies Inc  | 215700 | 78631278 |
| Leonardo DRS Inc  | 718500 | 31175715 |
| Lockheed Martin Corp  | 78200 | 51461856 |
| Mercury Systems Inc (a) | 471000 | 41933130 |
| Northrop Grumman Corp  | 82300 | 59616474 |
| Rocket Lab Corp  | 1491700 | 103076470 |
| RTX Corp  | 2754800 | 558177576 |
| StandardAero Inc (a) | 2140800 | 65936640 |
| Textron Inc  | 944500 | 93174925 |
| TransDigm Group Inc  | 69300 | 90283347 |
| Woodward Inc  | 294900 | 114055524 |
|  |  | 3796147173 |
| Professional Services - 0.9% |  |  |
| CACI International Inc (a) | 59500 | 36305115 |
| TOTAL UNITED STATES |  | 3832452288 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,251,410,042) |  | <br> **4079924858** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (c) | 3.70 | 17549623 | 17553133 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.69 | 41727786 | 41731958 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $59,285,091) |  |  | **59285091** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%**<br> (Cost $2,310,695,133)<br>| <br>**4139209949** |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(30500191)** |
| **NET ASSETS - 100.0%** | **4108709758** |

---

**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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 854233742 | 839244127 | 1209391 | (4591) | - | 17553133 | 17549623 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 18894900 | 306710241 | 283870456 | 16478 | (2727) | - | 41731958 | 41727786 | 0.1% |
| Total | 21463009 | 1160943983 | 1123114583 | 1225869 | (7318) | - | 59285091 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 4079924858 | 3931068840 | 148856018 | - |
|  **Money Market Funds** | 59285091 | 59285091 | - | - |
| **Total Investments in Securities:** | 4139209949 | 3990353931 | 148856018 | - |

---

**Defense and Aerospace Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $40,543,326) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,251,410,042) | $4079924858 |  |
| Fidelity Central Funds (cost $59,285,091) | 59285091 |  |
| Total Investment in Securities (cost $2,310,695,133) |  | $4139209949 |
| Foreign currency held at value (cost $268) |  | 268 |
| Receivable for investments sold |  | 3697745 |
| Receivable for fund shares sold |  | 10039980 |
| Dividends receivable |  | 2395550 |
| Distributions receivable from Fidelity Central Funds |  | 53408 |
| Prepaid expenses |  | 1487 |
| Other receivables |  | 180603 |
| **Total assets** |  | 4155578990 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $2899957 |  |
| Accrued management fee | 2002531 |  |
| Other payables and accrued expenses | 232058 |  |
| Collateral on securities loaned | 41734686 |  |
| **Total liabilities** |  | 46869232 |
| **Net Assets**  |  | $4108709758 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2279492547 |
| Total accumulated earnings (loss) |  | 1829217211 |
| **Net Assets** |  | $4108709758 |
| **Net Asset Value**, offering price and redemption price per share ($4,108,709,758 ÷ 141,199,993 shares) |  | $29.10 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $19579202 |
| Income from Fidelity Central Funds (including $16,478 from security lending)  |  | 1225869 |
| Security lending |  | 11991 |
| **Total income** |  | 20817062 |
| **Expenses** |  |  |
| Management fee | $17941648 |  |
| Custodian fees and expenses | 24818 |  |
| Independent trustees' fees and expenses | 9715 |  |
| Registration fees | 228925 |  |
| Audit fees | 41705 |  |
| Legal | 1573 |  |
| Miscellaneous | 8184 |  |
| Total expenses before reductions | 18256568 |  |
| Expense reductions | (658) |  |
| Total expenses after reductions |  | 18255910 |
| **Net Investment income (loss)** |  | 2561152 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 98843905 |  |
| Redemptions in-kind | 82145684 |  |
| Fidelity Central Funds | (7318) |  |
| Foreign currency transactions | 32098 |  |
| Total net realized gain (loss) |  | 181014369 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1069843946 |  |
| Assets and liabilities in foreign currencies | 1624 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1069845570 |
| **Net gain (loss)** |  | 1250859939 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1253421091 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2561152 | $5394136 |
| &nbsp;&nbsp;Net realized gain (loss) | 181014369<br>| 153889544<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1069845570 | 216750678<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1253421091<br>| 376034358<br>|
| Distributions to shareholders | (125944660)<br>| (126226059)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2050612992 | 228047747 |
| Reinvestment of distributions | 117232982<br>| 117379393<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1023420994) | (328527924) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1144424980<br>| 16899216<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2271901411<br>| 266707515<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1836808347 | 1570100832<br>|
| &nbsp;&nbsp;End of period | $4108709758 | $1836808347 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 83407760 | 12079533 |
| Issued in reinvestment of distributions | 5413325<br>| 6468158<br>|
| &nbsp;&nbsp;Redeemed | (41492483) | (17706987) |
| &nbsp;&nbsp;Net increase (decrease) | 47328602 | 840704 |

---

**Financial Highlights** 

**Defense and Aerospace Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.57 | $16.88 | $15.91 | $17.08 | $16.28 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .02  | .06 D | .10 E | .09 F | .01  |
| Net realized and unrealized gain (loss)  | 10.67  | 4.03  | 1.97  | .12  | 2.12  |
| Total from investment operations  | 10.69  | 4.09  | 2.07  | .21  | 2.13  |
| Distributions from net investment income  | -  | (.14)  | (.11)  | (.07)  | -  |
| Distributions from net realized gain  | (1.16)  | (1.25)  | (.99)  | (1.31)  | (1.33)  |
| Total distributions  | (1.16)  | (1.40) G | (1.10)  | (1.38)  | (1.33)  |
| Net asset value, end of period  | $29.10 | $19.57 | $16.88 | $15.91 | $17.08 |
| **Total Return** H | 56.98% <br>| 24.99%  | 13.11%  | 1.54%  | 14.06%  |
| **Ratios to Average Net Assets** C,I,J |  |  |  |  |  |
| Expenses before reductions  | .63%  | .66%  | .74%  | .75%  | .74%  |
| Expenses net of fee waivers, if any  | .63% <br>| .65%  | .73%  | .74%  | .74%  |
| Expenses net of all reductions, if any  | .63%  | .65%  | .73%  | .74%  | .74%  |
| Net investment income (loss)  | .09%  | .32% D | .63% E | .58% F | .06%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4108710 | $1836808 | $1570101 | $1573774 | $1536531 |
| Portfolio turnover rate K | 18% L<br>| 33%  | 16%  | 15%  | 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 $.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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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

K*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.*

**Transportation Portfolio**

**Schedule of Investments February 28, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 94.9%** | &nbsp;&nbsp;**Common Stocks - 94.9%** | &nbsp;&nbsp;**Common Stocks - 94.9%** |
|  | Shares | Value ($)<br>|
| CANADA - 1.9%  |  |  |
| Industrials - 1.4% |  |  |
| Ground Transportation - 1.4% |  |  |
| Canadian Pacific Kansas City Ltd  | 56900 | 4982322 |
| TFI International Inc  | 17700 | 2114709 |
| TOTAL INDUSTRIALS |  | 7097031 |
| Information Technology - 0.5% |  |  |
| Software - 0.5% |  |  |
| Descartes Systems Group Inc/The (a) | 43000 | 2844075 |
| TOTAL CANADA |  | 9941106 |
| PANAMA - 0.9%  |  |  |
| Industrials - 0.9% |  |  |
| Passenger Airlines - 0.9% |  |  |
| Copa Holdings SA Class A  | 35221 | 4881982 |
| UNITED STATES - 92.1%  |  |  |
| Consumer Discretionary - 1.5% |  |  |
| Broadline Retail - 1.1% |  |  |
| Amazon.com Inc (a) | 27090 | 5688900 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Airbnb Inc Class A (a) | 15470 | 2090152 |
| TOTAL CONSUMER DISCRETIONARY |  | 7779052 |
| Financials - 0.4% |  |  |
| Financial Services - 0.4% |  |  |
| WEX Inc (a) | 14000 | 2088660 |
| Industrials - 89.5% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Boeing Co (a) | 17400 | 3959022 |
| Air Freight & Logistics - 19.5% |  |  |
| CH Robinson Worldwide Inc  | 102761 | 19036475 |
| Expeditors International of Washington Inc  | 21666 | 3142220 |
| FedEx Corp  | 76509 | 29608983 |
| GXO Logistics Inc (a) | 76302 | 4794055 |
| Hub Group Inc Class A  | 12776 | 550262 |
| United Parcel Service Inc Class B  | 377026 | 43719935 |
|  |  | 100851930 |
| Ground Transportation - 48.7% |  |  |
| Avis Budget Group Inc (a)(b) | 17475 | 1702239 |
| CSX Corp  | 592101 | 25276792 |
| Knight-Swift Transportation Holdings Inc  | 201969 | 12707889 |
| Lyft Inc Class A (a) | 232990 | 3224581 |
| Norfolk Southern Corp  | 54450 | 17137593 |
| Old Dominion Freight Line Inc  | 153893 | 31247974 |
| RXO Inc (a)(b) | 75160 | 1199553 |
| Saia Inc (a) | 17377 | 7044462 |
| Schneider National Inc Class B  | 242325 | 6877184 |
| Uber Technologies Inc (a) | 832166 | 62761960 |
| Union Pacific Corp  | 200635 | 53164262 |
| Werner Enterprises Inc  | 160750 | 5640718 |
| XPO Inc (a) | 110065 | 23165381 |
|  |  | 251150588 |
| Machinery - 0.5% |  |  |
| Westinghouse Air Brake Technologies Corp  | 10060 | 2655337 |
| Marine Transportation - 1.5% |  |  |
| Kirby Corp (a) | 60046 | 7793971 |
| Passenger Airlines - 18.5% |  |  |
| Alaska Air Group Inc (a) | 224943 | 11607059 |
| American Airlines Group Inc (a) | 52800 | 690096 |
| Delta Air Lines Inc  | 556176 | 36540763 |
| Joby Aviation Inc Class A (a)(b) | 332800 | 3347968 |
| SkyWest Inc (a) | 79224 | 8245634 |
| Southwest Airlines Co  | 230225 | 11340884 |
| Sun Country Airlines Holdings Inc (a) | 15894 | 312794 |
| United Airlines Holdings Inc (a) | 222958 | 23700435 |
|  |  | 95785633 |
| TOTAL INDUSTRIALS |  | 462196481 |
| Information Technology - 0.7% |  |  |
| Software - 0.7% |  |  |
| Samsara Inc Class A (a) | 117000 | 3381300 |
| TOTAL UNITED STATES |  | 475445493 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $253,194,838) |  | <br> **490268581** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.1%** | &nbsp;&nbsp;**Money Market Funds - 5.1%** | &nbsp;&nbsp;**Money Market Funds - 5.1%** | &nbsp;&nbsp;**Money Market Funds - 5.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.70 | 22554361 | 22558873 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.69 | 3748771 | 3749145 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $26,308,018) |  |  | **26308018** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $279,502,856)<br>| <br>**516576599** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **106817** |
| **NET ASSETS - 100.0%** | **516683416** |

---

**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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 78907539 | 68117316 | 156159 | (51) | - | 22558873 | 22554361 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 13253897 | 151544503 | 161048650 | 12459 | (605) | - | 3749145 | 3748771 | 0.0% |
| Total | 25022598 | 230452042 | 229165966 | 168618 | (656) | - | 26308018 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 7779052 | 7779052 | - | - |
| Financials | 2088660 | 2088660 | - | - |
| Industrials | 474175494 | 474175494 | - | - |
| Information Technology | 6225375 | 6225375 | - | - |
|  **Money Market Funds** | 26308018 | 26308018 | - | - |
| **Total Investments in Securities:** | 516576599 | 516576599 | - | - |

---

**Transportation Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $3,631,363) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $253,194,838) | $490268581 |  |
| Fidelity Central Funds (cost $26,308,018) | 26308018 |  |
| Total Investment in Securities (cost $279,502,856) |  | $516576599 |
| Receivable for investments sold |  | 12776022 |
| Receivable for fund shares sold |  | 410046 |
| Dividends receivable |  | 1203696 |
| Distributions receivable from Fidelity Central Funds |  | 30056 |
| Prepaid expenses |  | 263 |
| Other receivables |  | 1154 |
| **Total assets** |  | 530997836 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $9938974 |  |
| Payable for fund shares redeemed | 310694 |  |
| Accrued management fee | 280138 |  |
| Other payables and accrued expenses | 34864 |  |
| Collateral on securities loaned | 3749750 |  |
| **Total liabilities** |  | 14314420 |
| **Net Assets**  |  | $516683416 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $246694080 |
| Total accumulated earnings (loss) |  | 269989336 |
| **Net Assets** |  | $516683416 |
| **Net Asset Value**, offering price and redemption price per share ($516,683,416 ÷ 4,208,329 shares) |  | $122.78 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $7475934 |
| Income from Fidelity Central Funds (including $12,459 from security lending)  |  | 168618 |
| Security lending |  | 3362 |
| **Total income** |  | 7647914 |
| **Expenses** |  |  |
| Management fee | $3145513 |  |
| Custodian fees and expenses | 5725 |  |
| Independent trustees' fees and expenses | 1847 |  |
| Registration fees | 29129 |  |
| Audit fees | 46797 |  |
| Legal | 2113 |  |
| Miscellaneous | 1826 |  |
| Total expenses before reductions | 3232950 |  |
| Expense reductions | (128) |  |
| Total expenses after reductions |  | 3232822 |
| **Net Investment income (loss)** |  | 4415092 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 39575454 |  |
| Redemptions in-kind | 15106174 |  |
| Fidelity Central Funds | (656) |  |
| Foreign currency transactions | 10495 |  |
| Total net realized gain (loss) |  | 54691467 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 23007086 |  |
| Assets and liabilities in foreign currencies | (71) |  |
| Total change in net unrealized appreciation (depreciation) |  | 23007015 |
| **Net gain (loss)** |  | 77698482 |
| **Net increase (decrease) in net assets resulting from operations** |  | $82113574 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4415092 | $6796403 |
| &nbsp;&nbsp;Net realized gain (loss) | 54691467<br>| 44235338<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 23007015 | (28614463)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 82113574<br>| 22417278<br>|
| Distributions to shareholders | (21025263)<br>| (34630176)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 50241991 | 24964599 |
| Reinvestment of distributions | 19660035<br>| 32391699<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (135813694) | (134165531) |
| **Net increase (decrease) in net assets resulting from share transactions** | (65911668)<br>| (76809233)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (4823357)<br>| (89022131)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 521506773 | 610528904<br>|
| &nbsp;&nbsp;End of period | $516683416 | $521506773 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 494064 | 226952 |
| Issued in reinvestment of distributions | 207227<br>| 306057<br>|
| &nbsp;&nbsp;Redeemed | (1315642) | (1230781) |
| &nbsp;&nbsp;Net increase (decrease) | (614351) | (697772) |

---

**Financial Highlights** 

**Transportation Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $108.14 | $110.59 | $97.00 | $105.82 | $98.97 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .98  | 1.35  | 1.80  | 1.24  | .64  |
| Net realized and unrealized gain (loss)  | 18.27  | 3.49  | 14.59  | (2.12)  | 19.26  |
| Total from investment operations  | 19.25  | 4.84  | 16.39  | (.88)  | 19.90  |
| Distributions from net investment income  | (1.11)  | (1.48)  | (1.75)  | (1.16)  | (1.03)  |
| Distributions from net realized gain  | (3.50)  | (5.81)  | (1.05)  | (6.78)  | (12.03)  |
| Total distributions  | (4.61)  | (7.29)  | (2.80)  | (7.94)  | (13.05) D |
| Net asset value, end of period  | $122.78 | $108.14 | $110.59 | $97.00 | $105.82 |
| **Total Return** E | 19.08% <br>| 4.55%  | 17.13%  | (.46)%  | 20.35%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .68%  | .69%  | .76%  | .76%  | .77%  |
| Expenses net of fee waivers, if any  | .68% <br>| .69%  | .75%  | .76%  | .77%  |
| Expenses net of all reductions, if any  | .68%  | .69%  | .75%  | .76%  | .77%  |
| Net investment income (loss)  | .93%  | 1.23%  | 1.82%  | 1.28%  | .60%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $516683 | $521507 | $610529 | $587107 | $679303 |
| Portfolio turnover rate H | 40% I<br>| 22%  | 33%  | 23%  | 66% J |

---

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*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*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.* 

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

J*The portfolio turnover rate does not include the assets acquired in the merger.*

**Notes to Financial Statements**

For the period ended February 28, 2026

**1. Organization.**

Defense and Aerospace 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 February 28, 2026 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, 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.

**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. As of February 28, 2026, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the 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 foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, deferred Trustee compensation, net operating losses and losses deferred due to wash sales and excise tax regulations.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Defense and Aerospace Portfolio**  | 2317840652 | 1845833296 | (24463999) | 1821369297 |
| **Transportation Portfolio** | 279690929 | 237037452 | (151782) | 236885670 |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Undistributed long-term capital gain ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Defense and Aerospace Portfolio**  | - | 11509280 | 1821370417 |
| **Transportation Portfolio** | 787734 | 32316228 | 236885374 |

---

Certain of the Funds intend to elect to defer to the next fiscal year capital losses recognized during the period November 1, 2025 to February 28, 2026. Loss deferrals were as follows:

---

| | |
|:---|:---|
|  | **Capital losses ($)** |
| **Defense and Aerospace Portfolio**  | (3662488) |

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **February 28, 2026** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Defense and Aerospace Portfolio**  | - | 125944660 | 125944660 |
| **Transportation Portfolio** | 4831652 | 16193611 | 21025263 |

---

---

| | | | |
|:---|:---|:---|:---|
| **February 28, 2025** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Defense and Aerospace Portfolio**  | 24137091 | 102088968 | 126226059 |
| **Transportation Portfolio** | 7643146 | 26987030 | 34630176 |

---

**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** | 1692230732 | 524899942 |
| **Transportation Portfolio** | 186388711 | 259843801 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Defense and Aerospace Portfolio** | 6374808 | - | 82145684 | 82145684 | 162557604 |
| **Transportation Portfolio** | 236100 | - | 15106174 | 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.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Defense and Aerospace Portfolio** | .70 |
| **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** | .62 |
| **Transportation Portfolio** | .66 |

---

**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** | $171846 |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Defense and Aerospace Portfolio** | 15230 |
| **Transportation Portfolio** | 10068 |

---

**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** | 137617902 | 27956437 | 1147335 |
| **Transportation Portfolio** | 8217939 | 11920624 | 297767 |

---

**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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Defense and Aerospace Portfolio** | 3183 |
| **Transportation Portfolio** | 636 |

---

Effective March 24, 2026 the .10% spread adjustment on the SOFR benchmark was removed.

**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 in security lending. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Defense and Aerospace Portfolio** | 3030 | - | - |
| **Transportation Portfolio** | 1619 | 71 | - |

---

**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 ($)** |
| **Defense and Aerospace Portfolio**  | 658 |
| **Transportation Portfolio** | 128 |

---

**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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Select Portfolios and Shareholders of Defense and Aerospace Portfolio and Transportation Portfolio

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Defense and Aerospace Portfolio and Transportation Portfolio (two of the funds constituting Fidelity Select Portfolios, hereafter collectively referred to as the "Funds") as of February 28, 2026, the related statements of operations for the year ended February 28, 2026, the statements of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2026 and each of the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 15, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended February 28, 2026, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **Defense and Aerospace Portfolio** | $102494772 |
| **Transportation Portfolio** | $36620686 |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| **Transportation Portfolio** |  |
| April 2025 | 100% |
| December 2025 | 100% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | |
|:---|:---|
| **Transportation Portfolio** |  |
| April 2025 | 100% |
| December 2025 | 100% |

---

The funds will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

**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)**

Note: This is not applicable for any fund included in this document.

![](img126040_4.jpg)<br>

1.813657.121 SELCI-ANN-0426

**Fidelity® Select Portfolios®**

**Health Care Sector**

**Biotechnology Portfolio**

**Health Care Portfolio**

**Health Care Services Portfolio**

**Medical Technology and Devices Portfolio**

**Pharmaceuticals Portfolio**

**Annual Report**

**February 28, 2026**

![](img126041_1.jpg)

![](img126041_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_SELHC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Biotechnology Portfolio](#Sub_Sec_Fund_142_SELHC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Health Care Portfolio](#Sub_Sec_Fund_63_SELHC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Health Care Services Portfolio](#Sub_Sec_Fund_505_SELHC-ANN)** |
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SELHC-ANN_1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Medical Technology and Devices Portfolio](#Sub_Sec_Fund_354_SELHC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Pharmaceuticals Portfolio](#Sub_Sec_Fund_152_SELHC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements142_SELHC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SELHC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SELHC-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SELHC-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SELHC-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SELHC-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SELHC-ANN)** |

---

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

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

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

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Funds nor Fidelity Distributors Corporation is a bank.*

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

**Biotechnology Portfolio**

**Consolidated Schedule of Investments February 28, 2026**

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 - 2.2%  |  |  |
| Health Care - 2.2% |  |  |
| Pharmaceuticals - 2.2% |  |  |
| UCB SA  | 390274 | 116347579 |
| CANADA - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Engene Holdings Inc (a)(b) | 232200 | 2347542 |
| Xenon Pharmaceuticals Inc (b) | 297364 | 12855046 |
| TOTAL CANADA |  | 15202588 |
| DENMARK - 3.5%  |  |  |
| Health Care - 3.5% |  |  |
| Biotechnology - 3.3% |  |  |
| Ascendis Pharma A/S ADR (b) | 558201 | 130339934 |
| Galecto Inc (b) | 454559 | 13445854 |
| Zealand Pharma A/S (b) | 589130 | 33892956 |
|  |  | 177678744 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Gubra A/S  | 145554 | 8999876 |
| TOTAL DENMARK |  | 186678620 |
| FRANCE - 0.8%  |  |  |
| Health Care - 0.8% |  |  |
| Biotechnology - 0.8% |  |  |
| Abivax SA ADR (b) | 301600 | 36578048 |
| Sensorion SA (a)(b) | 18153474 | 7786403 |
| TOTAL FRANCE |  | 44364451 |
| GERMANY - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| BioNTech SE ADR (a)(b) | 85400 | 9413642 |
| Tubulis GmbH (c)(d)(e) | 9200 | 3302307 |
| TOTAL GERMANY |  | 12715949 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| BridgeBio Oncology Therapeutics Inc (a)(b) | 240300 | 2410209 |
| IRELAND - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Prothena Corp PLC (a)(b) | 643917 | 5582760 |
| Pharmaceuticals - 0.0% |  |  |
| GH Research PLC (b) | 92500 | 1373625 |
| TOTAL IRELAND |  | 6956385 |
| NETHERLANDS - 2.8%  |  |  |
| Health Care - 2.8% |  |  |
| Biotechnology - 2.7% |  |  |
| Argenx SE ADR (b) | 149344 | 114534901 |
| Newamsterdam Pharma Co NV (b) | 562500 | 19946250 |
| uniQure NV (b) | 650282 | 10163908 |
|  |  | 144645059 |
| Pharmaceuticals - 0.1% |  |  |
| Pharvaris NV (b) | 147914 | 4199278 |
| TOTAL NETHERLANDS |  | 148844337 |
| SWEDEN - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Hansa Biopharma AB (a)(b) | 1176800 | 4406026 |
| SWITZERLAND - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Biotechnology - 0.2% |  |  |
| Idorsia Ltd (b) | 2174283 | 11071493 |
| Pharmaceuticals - 0.7% |  |  |
| Galderma Group AG  | 184660 | 34847193 |
| TOTAL SWITZERLAND |  | 45918686 |
| UNITED KINGDOM - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Immunocore Holdings PLC ADR (b) | 321500 | 10384450 |
| Zura Bio Ltd Class A (b) | 509657 | 3373929 |
| TOTAL UNITED KINGDOM |  | 13758379 |
| UNITED STATES - 88.2%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| MedAvail Holdings Inc (b)(d)(e) | 55 | 0 |
| Health Care - 88.2% |  |  |
| Biotechnology - 81.6% |  |  |
| AbbVie Inc  | 3049432 | 707712179 |
| Absci Corp (b) | 1540796 | 4221781 |
| Aktis Oncology Inc (a) | 383955 | 7729014 |
| Alector Inc (b) | 1999404 | 4858552 |
| Allogene Therapeutics Inc (a)(b) | 1401115 | 3895100 |
| Alnylam Pharmaceuticals Inc (b) | 496683 | 165355704 |
| Amgen Inc  | 1149551 | 446209716 |
| AnaptysBio Inc (b) | 23300 | 1282665 |
| Annexon Inc (b) | 4733596 | 26508138 |
| Antares Therapeutics Inc (e) | 325500 | 266910 |
| Apellis Pharmaceuticals Inc (a)(b) | 23822 | 499309 |
| Apogee Therapeutics Inc (b) | 392757 | 27492990 |
| Arcus Biosciences Inc (a)(b) | 831100 | 16929507 |
| ArriVent Biopharma Inc (a)(b) | 1680003 | 38589669 |
| Arrowhead Pharmaceuticals Inc (b) | 409378 | 25901346 |
| ARS Pharmaceuticals Inc (a)(b) | 335156 | 3110248 |
| aTyr Pharma Inc (a)(b) | 1754594 | 1684059 |
| Axcella Health Inc (b)(e) | 66454 | 1 |
| Beam Therapeutics Inc (b) | 244914 | 6970252 |
| BeOne Medicines Ltd ADR (b) | 41698 | 13217849 |
| Bicara Therapeutics Inc (b) | 944900 | 15855422 |
| BioCryst Pharmaceuticals Inc (b) | 37881 | 331459 |
| Biogen Inc (b) | 299435 | 57437622 |
| Biohaven Ltd (b) | 1603096 | 18467666 |
| Biomea Fusion Inc (a)(b) | 452663 | 620148 |
| Biomea Fusion Inc warrants 12/20/2026 (b) | 46134 | 1793 |
| Bioxcel Therapeutics Inc (a)(b) | 90300 | 150800 |
| Bridgebio Pharma Inc (b) | 707304 | 47021570 |
| CAMP4 Therapeutics Corp (b) | 1326208 | 5954674 |
| CAMP4 Therapeutics Corp (d) | 1226606 | 5507461 |
| Candel Therapeutics Inc (a)(b)(f) | 5911951 | 31037743 |
| Capricor Therapeutics Inc (a)(b) | 314700 | 8789571 |
| Cartesian Therapeutics Inc (a)(b) | 366554 | 2782145 |
| Cartesian Therapeutics Inc rights (b)(e) | 5385728 | 1561861 |
| Centessa Pharmaceuticals PLC ADR (b) | 2187494 | 58756089 |
| CG oncology Inc (b) | 22628 | 1330526 |
| Chinook Therapeutics Inc rights (b)(e) | 115821 | 1 |
| Cogent Biosciences Inc (b) | 1691394 | 65710657 |
| Crescent Biopharma Inc (b)(d) | 149142 | 1803127 |
| Crescent Biopharma Inc (b) | 113421 | 1371260 |
| Cyclerion Therapeutics Inc (b)(d) | 4740 | 6398 |
| Cytokinetics Inc (b) | 503175 | 31307549 |
| CytomX Therapeutics Inc (b) | 1222540 | 6565040 |
| Day One Biopharmaceuticals Inc (b) | 108347 | 1148478 |
| Denali Therapeutics Inc (b) | 205263 | 4347470 |
| Design Therapeutics Inc (b) | 616831 | 6439716 |
| Dianthus Therapeutics Inc (a)(b) | 432218 | 23854111 |
| Disc Medicine Inc (b) | 532174 | 35453432 |
| Dyne Therapeutics Inc (b) | 1368144 | 21370409 |
| Eikon Therapeutics Inc (b) | 305088 | 4204113 |
| Entrada Therapeutics Inc (b) | 14169 | 169035 |
| Erasca Inc (b) | 39880 | 544761 |
| Exelixis Inc (b) | 40610 | 1789277 |
| Foghorn Therapeutics Inc (b) | 654278 | 3716300 |
| Foghorn Therapeutics Inc warrants 12/31/2030 (b) | 372579 | 151187 |
| Foghorn Therapeutics Inc warrants 6/30/2027 (b) | 372579 | 31953 |
| Forte Biosciences Inc (a)(b) | 310965 | 9397362 |
| Generate Biomedicines Inc  | 21800 | 275770 |
| Geron Corp (b) | 6492512 | 10907420 |
| Gilead Sciences Inc  | 3149952 | 469185350 |
| Ideaya Biosciences Inc (b) | 637957 | 20542215 |
| Immuneering Corp (b) | 1290698 | 6440583 |
| Immunome Inc (a)(b) | 2131664 | 46598175 |
| Immunovant Inc (b) | 250021 | 6933082 |
| Inhibikase Therapeutics Inc (a)(b) | 56270 | 115353 |
| Insmed Inc (b) | 811101 | 121121712 |
| Intellia Therapeutics Inc (a)(b) | 1607833 | 22155939 |
| Ionis Pharmaceuticals Inc (b) | 476377 | 38657994 |
| Jade Biosciences Inc  | 321707 | 4770915 |
| Janux Therapeutics Inc (b) | 206670 | 2812779 |
| Keros Therapeutics Inc (b) | 24578 | 348762 |
| Kiniksa Pharmaceuticals International Plc Class A (b) | 267500 | 11901075 |
| Korro Bio Inc (b)(d) | 32866 | 398665 |
| Krystal Biotech Inc (a)(b)(f) | 1806522 | 497949724 |
| Kymera Therapeutics Inc (b) | 462441 | 42243985 |
| Legend Biotech Corp ADR (b) | 32710 | 621490 |
| Madrigal Pharmaceuticals Inc (b) | 47495 | 20517840 |
| MannKind Corp (b) | 2185101 | 7167131 |
| Mineralys Therapeutics Inc (b) | 421700 | 12338942 |
| Mirum Pharmaceuticals Inc (b) | 20400 | 1882716 |
| Moderna Inc (b) | 1432529 | 76740579 |
| MoonLake Immunotherapeutics Class A (a)(b) | 143558 | 2513701 |
| Natera Inc (b) | 331532 | 68971917 |
| Neurogene Inc (a)(b) | 51100 | 1200339 |
| Nurix Therapeutics Inc (b) | 396646 | 6334437 |
| Nuvalent Inc Class A (b) | 273399 | 27873028 |
| Olema Pharmaceuticals Inc (b) | 693100 | 16773020 |
| Oruka Therapeutics Inc (b) | 475783 | 16371693 |
| Oruka Therapeutics Inc (b)(d) | 76300 | 2625483 |
| Palvella Therapeutics Inc (b) | 16700 | 2254834 |
| Perspective Therapeutics Inc (a)(b) | 258600 | 1396440 |
| Praxis Precision Medicines Inc (b) | 390500 | 131500875 |
| Protagonist Therapeutics Inc (b) | 506713 | 46658133 |
| PTC Therapeutics Inc (b) | 134511 | 9172305 |
| Regeneron Pharmaceuticals Inc  | 101316 | 79195678 |
| Replimune Group Inc (a)(b) | 1864545 | 14263769 |
| Revolution Medicines Inc (b) | 438772 | 44763519 |
| Rhythm Pharmaceuticals Inc (b) | 99803 | 9254732 |
| Roivant Sciences Ltd (b) | 1972719 | 57090488 |
| Sana Biotechnology Inc (b) | 1263152 | 5317870 |
| Scholar Rock Holding Corp (a)(b) | 1650449 | 73065377 |
| Shattuck Labs Inc (b) | 391662 | 1535315 |
| Soleno Therapeutics Inc (b) | 87300 | 3410811 |
| Solid Biosciences Inc (b) | 1791160 | 11123104 |
| Spyre Therapeutics Inc (b) | 401953 | 17287999 |
| Stoke Therapeutics Inc (b) | 792594 | 28858348 |
| Summit Therapeutics Inc (a)(b) | 1089169 | 18069314 |
| Tango Therapeutics Inc (a)(b) | 586000 | 6528040 |
| Taysha Gene Therapies Inc (b) | 940476 | 4260356 |
| Tectonic Therapeutic Inc (a)(b) | 442889 | 10385747 |
| TG Therapeutics Inc (a)(b) | 66231 | 1992891 |
| Travere Therapeutics Inc (b) | 720343 | 21459018 |
| Twist Bioscience Corp (b) | 170825 | 8015109 |
| Ultragenyx Pharmaceutical Inc (b) | 3489 | 81607 |
| United Therapeutics Corp (b) | 44593 | 22470413 |
| Upstream Bio Inc (b) | 234657 | 1802166 |
| Vaxcyte Inc (b) | 470455 | 29045892 |
| Vera Therapeutics Inc Class A (b) | 109013 | 4446640 |
| Vertex Pharmaceuticals Inc (b) | 112900 | 56092107 |
| Viking Therapeutics Inc (b) | 404257 | 13680057 |
| Viridian Therapeutics Inc (b) | 1001204 | 29415374 |
| Vor BioPharma Inc (a)(b) | 1536125 | 23717770 |
| vTv Therapeutics Inc Class A (b)(f) | 260391 | 9936521 |
| X4 Pharmaceuticals Inc (b) | 1685700 | 5798808 |
| Zenas Biopharma Inc (b) | 380400 | 10023540 |
| Zenas Biopharma Inc (d) | 263137 | 6933660 |
|  |  | 4363019616 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Novocure Ltd (b) | 11113 | 151915 |
| Health Care Providers & Services - 0.0% |  |  |
| Blue Marlin Therapeutics, Inc. (e) | 1636 | 102250 |
| Scorpion Therapeutics Inc (d)(e) | 5166448 | 1756592 |
| Scorpion Therapeutics Inc (d)(e) | 5166448 | 52 |
| Scorpion Therapeutics Inc rights (b)(d)(e) | 5166448 | 4236487 |
|  |  | 6095381 |
| Pharmaceuticals - 6.6% |  |  |
| Adimab LLC (b)(c)(d)(e) | 1954526 | 20698431 |
| Adimab LLC (b)(c)(d)(e) | 1954526 | 9186272 |
| Alumis Inc (b) | 561900 | 16682811 |
| Amylyx Pharmaceuticals Inc (b) | 1219575 | 18500953 |
| Atea Pharmaceuticals Inc (b) | 239734 | 1121955 |
| Axsome Therapeutics Inc (b) | 92303 | 15127539 |
| Corcept Therapeutics Inc (b) | 575646 | 20550562 |
| Crinetics Pharmaceuticals Inc (b) | 926671 | 38086178 |
| Edgewise Therapeutics Inc (a)(b) | 776925 | 23649597 |
| Enliven Therapeutics Inc (b) | 363267 | 10785397 |
| Harmony Biosciences Holdings Inc (b) | 17525 | 500164 |
| Jazz Pharmaceuticals PLC (b) | 25600 | 4864512 |
| LB Pharmaceuticals Inc (a) | 221731 | 5323761 |
| LENZ Therapeutics Inc (a)(b) | 38058 | 513402 |
| Lexicon Pharmaceuticals Inc (b) | 515300 | 757491 |
| Maze Therapeutics Inc (b) | 311885 | 14218837 |
| Nuvation Bio Inc Class A (a)(b) | 2164933 | 12794754 |
| Ocular Therapeutix Inc (b) | 784000 | 7008960 |
| Optinose Inc warrants 11/23/2027 (b)(e) | 91712 | 1 |
| Rapport Therapeutics Inc (a)(b) | 471773 | 13695570 |
| Structure Therapeutics Inc ADR (b) | 564438 | 35548305 |
| Tarsus Pharmaceuticals Inc (b) | 4800 | 362496 |
| Terns Pharmaceuticals Inc (b) | 1079186 | 45455315 |
| Trevi Therapeutics Inc (b) | 2288485 | 27278741 |
| VeraDermics Inc  | 20800 | 953680 |
| WaVe Life Sciences Ltd (b) | 487140 | 6785860 |
|  |  | 350451544 |
| TOTAL HEALTH CARE |  | 4719718456 |
| TOTAL UNITED STATES |  | 4719718456 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,781,322,498) |  | <br> **5317321665** |

---

---

| | | |
|:---|:---|:---|
| &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 (b)(d)(e) | 1020908 | 5431231 |
| ElevateBio LLC Series C (b)(d)(e) | 216600 | 439698 |
| Kardigan Inc Series B (d)(e) | 93611 | 2000467 |
| National Resilience LLC Series B (b)(d)(e) | 732064 | 2906294 |
| Neurona Therapeutics Inc Series F (d)(e) | 1618100 | 3802535 |
| Parabilis Medicines Inc Series F (d)(e) | 491600 | 3033172 |
| Triveni Bio Inc Series B (b)(d)(e) | 7167431 | 8170871 |
|  |  | 25784268 |
| Health Care Technology - 0.0% |  |  |
| Candid Therapeutics Series B (b)(d)(e) | 1666667 | 2016667 |
| Pharmaceuticals - 0.0% |  |  |
| Afferent Pharmaceuticals Inc Series C (b)(d)(e) | 8274568 | 83 |
| TOTAL UNITED STATES |  | 27801018 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $33,772,342) |  | <br> **27801018** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (g) | 3.70 | 4866721 | 4867694 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 3.69 | 145706003 | 145720574 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $150,575,837) |  |  | **150588268** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.7%**<br> (Cost $2,965,670,677)<br>| <br>**5495710951** |
| **NET OTHER ASSETS (LIABILITIES) - (2.7)%**  | **(145679741)** |
| **NET ASSETS - 100.0%** | **5350031210** |

---

**Legend**

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

(b) Non-income producing.

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

(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 $84,255,953 or 1.6% of net assets.

(e) Level 3 security.

(f) Affiliated company.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 |
| CAMP4 Therapeutics Corp | 9/9/2025 | 1876707 |
| Candid Therapeutics Series B | 8/27/2024 | 2000000 |
| Cardurion Pharmaceuticals Inc Series B | 7/10/2024 | 4999999 |
| Crescent Biopharma Inc | 10/28/2024 - 12/4/2025 | 1988080 |
| Cyclerion Therapeutics Inc | 4/2/2019 | 1404026 |
| ElevateBio LLC Series C | 3/9/2021 | 908637 |
| Kardigan Inc Series B | 10/9/2025 | 2000007 |
| Korro Bio Inc | 7/14/2023 | 1854573 |
| MedAvail Holdings Inc | 7/2/2012 | 416675 |
| National Resilience LLC Series B | 12/1/2020 | 9999994 |
| Neurona Therapeutics Inc Series F | 3/28/2025 | 3333286 |
| Oruka Therapeutics Inc | 9/17/2025 | 1144500 |
| Parabilis Medicines Inc Series F | 1/6/2026 | 3030419 |
| Scorpion Therapeutics Inc | 3/5/2025 | 1704928 |
| Scorpion Therapeutics Inc | 3/5/2025 | 0 |
| Scorpion Therapeutics Inc rights | 3/5/2025 | 2841546 |
| Triveni Bio Inc Series B | 9/19/2024 | 7500000 |
| Tubulis GmbH | 12/11/2025 | 3281423 |
| Zenas Biopharma Inc | 10/8/2025 | 4999603 |

---

**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 | 528831334 | 528930031 | 247956 | 422 | - | 4867694 | 4866721 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 197694357 | 1045338393 | 1097312770 | 3533101 | 4376 | (3782) | 145720574 | 145706003 | 0.4% |
| Total | 202660326 | 1574169727 | 1626242801 | 3781057 | 4798 | (3782) | 150588268 |  |  |

---

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 | 15145838 | - | 1440439 | (2158458) | - | - |
| Candel Therapeutics Inc | 49766187 | 1999997 | - | - | - | (20728441) | 31037743 | 5911951 |
| Crescent Biopharma Inc | - | 1999994 | - | - | - | (184953) | - | - |
| Krystal Biotech Inc | 336581669 | - | 16012382 | - | 10672382 | 166708055 | 497949724 | 1806522 |
| Sensorion SA | 12663941 | - | 782476 | - | (2747694) | (1347368) | - | - |
| Vor BioPharma Inc | - | 42724335 | 13293943 | - | (14069142) | 8356520 | - | - |
| vTv Therapeutics Inc Class A | 3474900 | 1925198 | 313043 | - | 162592 | 4686874 | 9936521 | 260391 |
| Total | 448939372 | 56650375 | 45547682 | - | (4541423) | 155332229 | 538923988 |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 5317321665 | 5241178374 | 35032126 | 41111165 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 27801018 | - | - | 27801018 |
|  **Money Market Funds** | 150588268 | 150588268 | - | - |
| **Total Investments in Securities:** | 5495710951 | 5391766642 | 35032126 | 68912183 |

---

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 ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2026 ($)** |
| **Common Stocks** | 47480212 | (1347506) | (11712867) | 10660463 | (3969501) | - | 364 | - | 41111165 | (15115343) |
| **Convertible Preferred Stocks** | 63589913 | 7255752 | (21652587) | 8363712 | (29755772) | - | - | - | 27801018 | (15655252) |
| <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** 

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $162,228,017) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,706,451,891) | $4806198695 |  |
| Fidelity Central Funds (cost $150,575,837) | 150588268 |  |
| Other affiliated issuers (cost $108,642,949) | 538923988 |  |
| Total Investment in Securities (cost $2,965,670,677) |  | $5495710951 |
| Foreign currency held at value (cost $82,254) |  | 82162 |
| Receivable for investments sold |  | 3143762 |
| Receivable for fund shares sold |  | 528315 |
| Dividends receivable |  | 3715291 |
| Distributions receivable from Fidelity Central Funds |  | 116973 |
| Prepaid expenses |  | 2111 |
| Other receivables |  | 1630393 |
| **Total assets** |  | 5504929958 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $359114 |  |
| Payable for fund shares redeemed | 2069365 |  |
| Accrued management fee | 2668808 |  |
| Deferred taxes | 2559821 |  |
| Other payables and accrued expenses | 1682728 |  |
| Collateral on securities loaned | 145558912 |  |
| **Total liabilities** |  | 154898748 |
| **Net Assets**  |  | $5350031210 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2693658771 |
| Total accumulated earnings (loss) |  | 2656372439 |
| **Net Assets** |  | $5350031210 |
| **Net Asset Value**, offering price and redemption price per share ($5,350,031,210 ÷ 204,822,698 shares) |  | $26.12 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $43569908 |
| Income from Fidelity Central Funds (including $3,533,101 from security lending)  |  | 3781057 |
| Security lending |  | 29466 |
| **Total income** |  | 47380431 |
| **Expenses** |  |  |
| Management fee | $27217667 |  |
| Custodian fees and expenses | 166527 |  |
| Independent trustees' fees and expenses | 16377 |  |
| Registration fees | 65463 |  |
| Audit fees | 105650 |  |
| Legal | 4027 |  |
| Miscellaneous | 15665 |  |
| Total expenses before reductions | 27591376 |  |
| Expense reductions | (12367) |  |
| Total expenses after reductions |  | 27579009 |
| **Net Investment income (loss)** |  | 19801422 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 517561798 |  |
| Fidelity Central Funds | 4798 |  |
| Other affiliated issuers | (4541423) |  |
| Foreign currency transactions | 8207 |  |
| Total net realized gain (loss) |  | 513033380 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred taxes of $4,159,676)  | 747335697 |  |
| Fidelity Central Funds  | (3782) |  |
| Other affiliated issuers  | 155332229 |  |
| Unfunded commitments | (987443) |  |
| Assets and liabilities in foreign currencies | 44641 |  |
| Total change in net unrealized appreciation (depreciation) |  | 901721342 |
| **Net gain (loss)** |  | 1414754722 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1434556144 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $19801422 | $15895824 |
| &nbsp;&nbsp;Net realized gain (loss) | 513033380<br>| 208907835<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 901721342 | (145519712)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1434556144<br>| 79283947<br>|
| Distributions to shareholders | (127305386)<br>| (53021964)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 488134785 | 188080503 |
| Reinvestment of distributions | 117224124<br>| 49131977<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (835510849) | (905073470) |
| **Net increase (decrease) in net assets resulting from share transactions** | (230151940)<br>| (667860990)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1077098818<br>| (641599007)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4272932392 | 4914531399<br>|
| &nbsp;&nbsp;End of period | $5350031210 | $4272932392 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 21906020 | 9390164 |
| Issued in reinvestment of distributions | 4842748<br>| 2580968<br>|
| &nbsp;&nbsp;Redeemed | (39572739) | (45900263) |
| &nbsp;&nbsp;Net increase (decrease) | (12823971) | (33929131) |

---

**Consolidated Financial Highlights** 

**Biotechnology Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.63 | $19.53 | $15.96 | $15.78 | $25.52 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .10  | .07  | .03  | (.01)  | (.03)  |
| Net realized and unrealized gain (loss)  | 7.01  | .26 D | 3.62  | .19  | (6.91)  |
| Total from investment operations  | 7.11  | .33  | 3.65  | .18  | (6.94)  |
| Distributions from net investment income  | (.50)  | (.23)  | (.08)  | -  | (.03)  |
| Distributions from net realized gain  | (.12)  | -  | -  | -  | (2.77)  |
| Total distributions  | (.62)  | (.23)  | (.08)  | -  | (2.80)  |
| Net asset value, end of period  | $26.12 | $19.63 | $19.53 | $15.96 | $15.78 |
| **Total Return** E | 36.48% <br>| 1.72% D | 22.99%  | 1.14%  | (29.49)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .62%  | .63%  | .71%  | .72%  | .69%  |
| Expenses net of fee waivers, if any  | .62% <br>| .63%  | .71%  | .71%  | .69%  |
| Expenses net of all reductions, if any  | .62%  | .63%  | .71%  | .71%  | .69%  |
| Net investment income (loss)  | .45%  | .34%  | .15%  | (.05)%  | (.14)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5350031 | $4272932 | $4914531 | $4969107 | $5280692 |
| Portfolio turnover rate H | 45% <br>| 38%  | 52% I | 51%  | 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 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 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 Consolidated 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*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.* 

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

**Health Care Portfolio**

**Consolidated Schedule of Investments February 28, 2026**

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>|
| BELGIUM - 2.6%  |  |  |
| Health Care - 2.6% |  |  |
| Pharmaceuticals - 2.6% |  |  |
| UCB SA  | 540000 | 160983547 |
| CANADA - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Biotechnology - 0.9% |  |  |
| Xenon Pharmaceuticals Inc (b) | 1290000 | 55766700 |
| DENMARK - 2.9%  |  |  |
| Health Care - 2.9% |  |  |
| Biotechnology - 2.9% |  |  |
| Ascendis Pharma A/S ADR (b) | 716000 | 167186000 |
| Galecto Inc (b)(c) | 500000 | 14790000 |
| TOTAL DENMARK |  | 181976000 |
| FRANCE - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Life Sciences Tools & Services - 0.4% |  |  |
| Sartorius Stedim Biotech  | 128000 | 27692923 |
| GERMANY - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.6% |  |  |
| BioNTech SE ADR (b)(c) | 280000 | 30864400 |
| Tubulis GmbH (d)(e)(f) | 12300 | 4415041 |
| TOTAL GERMANY |  | 35279441 |
| NETHERLANDS - 3.4%  |  |  |
| Health Care - 3.4% |  |  |
| Biotechnology - 3.0% |  |  |
| Argenx SE ADR (b) | 200000 | 153384000 |
| Newamsterdam Pharma Co NV (b) | 670000 | 23758200 |
| uniQure NV (b)(c) | 540000 | 8440200 |
|  |  | 185582400 |
| Pharmaceuticals - 0.4% |  |  |
| Pharvaris NV (b) | 800000 | 22712000 |
| TOTAL NETHERLANDS |  | 208294400 |
| UNITED KINGDOM - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Immunocore Holdings PLC ADR (b)(c) | 500000 | 16150000 |
| UNITED STATES - 86.9%  |  |  |
| Health Care - 86.9% |  |  |
| Biotechnology - 30.4% |  |  |
| AbbVie Inc  | 1140000 | 264571201 |
| Acumen Pharmaceuticals Inc (b) | 1140000 | 3579600 |
| Alnylam Pharmaceuticals Inc (b) | 340000 | 113192800 |
| Annexon Inc (b) | 1200000 | 6720000 |
| Apogee Therapeutics Inc (b) | 79691 | 5578370 |
| BeOne Medicines Ltd ADR (b) | 90000 | 28529100 |
| Biogen Inc (b) | 50000 | 9591000 |
| Caris Life Sciences Inc (b) | 3155939 | 63560611 |
| Centessa Pharmaceuticals PLC ADR (b) | 1650000 | 44319000 |
| CG oncology Inc (b)(c) | 750000 | 44100000 |
| Cogent Biosciences Inc (b) | 2560000 | 99456000 |
| Cytokinetics Inc (b)(c) | 600000 | 37332000 |
| CytomX Therapeutics Inc (b) | 3400000 | 18258000 |
| Disc Medicine Inc (b)(c) | 650000 | 43303000 |
| Gilead Sciences Inc  | 1080000 | 160866000 |
| Immunome Inc (b) | 46826 | 1023616 |
| Insmed Inc (b) | 560000 | 83624800 |
| Jade Biosciences Inc  | 400000 | 5932000 |
| Kiniksa Pharmaceuticals International Plc Class A (b) | 800000 | 35592000 |
| Kymera Therapeutics Inc (b) | 273469 | 24981393 |
| Legend Biotech Corp ADR (b) | 2800000 | 53200000 |
| Mineralys Therapeutics Inc (b) | 1000000 | 29260000 |
| Mirum Pharmaceuticals Inc (b) | 128000 | 11813120 |
| Moderna Inc (b)(c) | 1560000 | 83569200 |
| Nuvalent Inc Class A (b) | 760000 | 77482000 |
| Olema Pharmaceuticals Inc (b) | 1350000 | 32670000 |
| Oruka Therapeutics Inc (b) | 1006510 | 34634009 |
| Oruka Therapeutics Inc (b)(d) | 103500 | 3561435 |
| Praxis Precision Medicines Inc (b) | 160000 | 53880000 |
| Revolution Medicines Inc (b) | 100000 | 10202000 |
| Roivant Sciences Ltd (b) | 1280000 | 37043200 |
| Scholar Rock Holding Corp (b) | 116515 | 5158119 |
| Soleno Therapeutics Inc (b)(c) | 400000 | 15628000 |
| Spyre Therapeutics Inc (b)(c) | 940000 | 40429400 |
| Stoke Therapeutics Inc (b) | 750000 | 27307500 |
| Summit Therapeutics Inc (b)(c) | 1000000 | 16590000 |
| Travere Therapeutics Inc (b) | 550000 | 16384500 |
| Upstream Bio Inc (b) | 800000 | 6144000 |
| Vaxcyte Inc (b) | 1000000 | 61740000 |
| Veracyte Inc (b) | 1040000 | 38053600 |
| Viking Therapeutics Inc (b)(c) | 600000 | 20304000 |
| Viridian Therapeutics Inc (b) | 2840000 | 83439200 |
| Zenas Biopharma Inc (b)(c) | 1080000 | 28458000 |
| Zenas Biopharma Inc (d) | 160865 | 4238793 |
|  |  | 1885300567 |
| Health Care Equipment & Supplies - 12.4% |  |  |
| Boston Scientific Corp (b) | 4850000 | 372722500 |
| Edwards Lifesciences Corp (b) | 1600000 | 138352000 |
| Insulet Corp (b) | 260000 | 64118600 |
| Intuitive Surgical Inc (b) | 100000 | 50351000 |
| Kestra Medical Technologies Ltd (b) | 900000 | 20952000 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 (b)(d)(e) | 15815 | 200060 |
| Medline Inc Class A  | 1000000 | 47510000 |
| Outset Medical Inc (b)(g) | 1520000 | 5304800 |
| Saluda Medical Inc (d)(h) | 338168 | 2502835 |
| Saluda Medical Inc depository receipt  | 1600000 | 1184186 |
| Shoulder Innovations Inc (i) | 448586 | 6082826 |
| Shoulder Innovations Inc  | 96700 | 1311252 |
| Stryker Corp  | 150000 | 58119000 |
|  |  | 768711059 |
| Health Care Providers & Services - 10.4% |  |  |
| Alignment Healthcare Inc (b) | 2000000 | 38440000 |
| BrightSpring Health Services Inc (b) | 2080000 | 86174400 |
| Cencora Inc  | 208000 | 77405120 |
| Cigna Group/The  | 100000 | 28982000 |
| CVS Health Corp  | 1500000 | 119850000 |
| Guardant Health Inc (b) | 194000 | 18216600 |
| LifeStance Health Group Inc (b) | 4541000 | 32876840 |
| McKesson Corp  | 95000 | 93800150 |
| Omada Health Inc (c) | 850000 | 10438000 |
| Privia Health Group Inc (b) | 2280000 | 54150000 |
| Surgery Partners Inc (b)(c) | 57822 | 896241 |
| UnitedHealth Group Inc  | 280000 | 82115600 |
|  |  | 643344951 |
| Health Care Technology - 2.3% |  |  |
| HeartFlow Inc (c) | 950000 | 22002000 |
| Veeva Systems Inc Class A (b) | 300000 | 54603000 |
| Waystar Holding Corp (b) | 2500000 | 64125000 |
|  |  | 140730000 |
| Life Sciences Tools & Services - 10.2% |  |  |
| 10X Genomics Inc Class A (b) | 1600000 | 36880000 |
| 10X Genomics Inc Class B (b) | 500000 | 11525000 |
| Bio-Techne Corp  | 140000 | 8260000 |
| Danaher Corp  | 1880000 | 396003200 |
| IQVIA Holdings Inc (b) | 60000 | 10728600 |
| Repligen Corp (b)(c) | 428000 | 55096440 |
| Thermo Fisher Scientific Inc  | 212000 | 110475320 |
|  |  | 628968560 |
| Pharmaceuticals - 21.2% |  |  |
| Amylyx Pharmaceuticals Inc (b) | 1420000 | 21541400 |
| Axsome Therapeutics Inc (b) | 118000 | 19339020 |
| Contineum Therapeutics Inc Class A (b) | 450000 | 6903000 |
| Crinetics Pharmaceuticals Inc (b)(c) | 1280000 | 52608000 |
| Eli Lilly & Co  | 408000 | 429211920 |
| Enliven Therapeutics Inc (b)(c) | 1280000 | 38003200 |
| Johnson & Johnson  | 1400000 | 347802000 |
| MBX Biosciences Inc (b) | 280000 | 9114000 |
| Merck & Co Inc  | 1280000 | 158489600 |
| Ocular Therapeutix Inc (b) | 494535 | 4421143 |
| Rapport Therapeutics Inc (b) | 285000 | 8273550 |
| Roche Holding AG non-voting shares  | 160000 | 76144233 |
| Royalty Pharma PLC Class A  | 1500000 | 69315000 |
| Structure Therapeutics Inc ADR (b) | 620000 | 39047600 |
| Trevi Therapeutics Inc (b) | 1000000 | 11920000 |
| WaVe Life Sciences Ltd (b) | 1600000 | 22288000 |
|  |  | 1314421666 |
| TOTAL UNITED STATES |  | 5381476803 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,007,731,739) |  | <br> **6067619814** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Kardium Inc/US 10% 12/31/2026 (d)(e) | 3997150 | 4603917 |
| Health Care Technology - 0.0% |  |  |
| Wugen Inc 0% 12/31/2199 (d)(e)(j) | 2299153 | 2397327 |
| Pharmaceuticals - 0.0% |  |  |
| Galvanize Therapeutics 10% 2/28/2027 (d)(e) | 1748893 | 2285278 |
| TOTAL UNITED STATES |  | 9286522 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $9,022,223) |  | <br> **9286522** |

---

---

| | | |
|:---|:---|:---|
| &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)(d)(e) | 330316 | 2110719 |
| ISRAEL - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| InSightec Ltd Series G (b)(d)(e) | 11853768 | 8890326 |
| UNITED STATES - 1.5%  |  |  |
| Health Care - 1.4% |  |  |
| Biotechnology - 0.7% |  |  |
| Asimov Inc Series B (b)(d)(e) | 101438 | 2620144 |
| Cleerly Inc Series C (b)(d)(e) | 1285367 | 16092795 |
| Element Biosciences Inc Series C (b)(d)(e) | 572265 | 6397923 |
| Element Biosciences Inc Series D (b)(d)(e) | 413355 | 3112563 |
| Element Biosciences Inc Series D1 (b)(d)(e) | 413355 | 3112563 |
| ElevateBio LLC Series C (b)(d)(e) | 254900 | 517447 |
| Endeavor BioMedicines Inc Series C (b)(d)(e) | 1366212 | 8907702 |
| Parabilis Medicines Inc Series F (d)(e) | 869000 | 5361730 |
|  |  | 46122867 |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Kardium Inc/US Series D-7 (d)(e) | 15888877 | 9056660 |
| Kardium Inc/US Series D-7 (d)(e) | 3477566 | 1982213 |
| Kardium Inc/US Series D-7 (d)(e) | 723517 | 412405 |
| Medical Microinstruments Inc/Italy Series C (b)(d)(e) | 316310 | 10605874 |
|  |  | 22057152 |
| Health Care Providers & Services - 0.0% |  |  |
| Thriveworks Topco LLC Class B (b)(d)(e)(f) | 473270 | 1443474 |
| Health Care Technology - 0.2% |  |  |
| Aledade Inc Series B1 (b)(d)(e) | 201220 | 5440989 |
| Aledade Inc Series E1 (b)(d)(e) | 56664 | 1532195 |
| Candid Therapeutics Series B (b)(d)(e) | 3162302 | 3826385 |
| Wugen Inc Series B (b)(d)(e) | 454342 | 704230 |
|  |  | 11503799 |
| Pharmaceuticals - 0.1% |  |  |
| Galvanize Therapeutics Series B (b)(d)(e) | 3696429 | 2661428 |
| Galvanize Therapeutics Series C-1 (d)(e) | 5823768 | 2620695 |
|  |  | 5282123 |
| TOTAL HEALTH CARE |  | 86409415 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Manus Bio Inc Series One-6 (d)(e) | 1079396 | 3594389 |
| TOTAL UNITED STATES |  | 90003804 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $144,812,819) |  | <br> **101004849** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.9%** | &nbsp;&nbsp;**Money Market Funds - 3.9%** | &nbsp;&nbsp;**Money Market Funds - 3.9%** | &nbsp;&nbsp;**Money Market Funds - 3.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (k) | 3.70 | 23324912 | 23329577 |
| Fidelity Securities Lending Cash Central Fund (k)(l) | 3.69 | 216310817 | 216332448 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $239,660,275) |  |  | **239662025** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.6%**<br> (Cost $4,401,227,056)<br>| <br>**6417573210** |
| **NET OTHER ASSETS (LIABILITIES) - (3.6)%**  | **(223471650)** |
| **NET ASSETS - 100.0%** | **6194101560** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

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

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $125,209,535 or 2.0% 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 company.

(h) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $2,502,835 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(i) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,082,826 or 0.1% of net assets.

(j) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(k) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(l) 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 | 5/31/2024 - 12/31/2025 | 4488510 |
| Kardium Inc/US Series D-7 | 5/31/2024 - 6/30/2025 | 7156596 |
| Kardium Inc/US Series D-7 | 8/6/2024 | 112555 |
| 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 |
| Oruka Therapeutics Inc | 9/17/2025 | 1552500 |
| Parabilis Medicines Inc Series F | 1/6/2026 | 5356864 |
| Saluda Medical Inc | 3/12/2023 - 10/30/2025 | 12840493 |
| Thriveworks Topco LLC Class B | 7/23/2021 - 2/25/2022 | 13584368 |
| Tubulis GmbH | 12/11/2025 | 4387120 |
| Wugen Inc 0% 12/31/2199 | 6/14/2024 | 2299153 |
| Wugen Inc Series B | 7/9/2021 | 3523377 |
| Zenas Biopharma Inc | 10/8/2025 | 3056435 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Saluda Medical Inc | 3/31/2027 |

---

**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 | 1185398161 | 1175966674 | 1064679 | (6023) | - | 23329577 | 23324912 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 56507844 | 1067994390 | 908168065 | 920425 | (1721) | - | 216332448 | 216310817 | 0.6% |
| Total | 70411957 | 2253392551 | 2084134739 | 1985104 | (7744) | - | 239662025 |  |  |

---

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  |
| Galecto Inc | - | 7926374 | - | - | - | 6144936 | - | - |
| Outset Medical Inc | - | 2532278 | - | - | - | (13222278) | 5304800 | 1520000 |
| Total | - | 10458652 | - | - | - | (7077342) | 5304800 |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 6067619814 | 5986860480 | 76144233 | 4615101 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Health Care | 9286522 | - | - | 9286522 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 97410460 | - | - | 97410460 |
| Materials | 3594389 | - | - | 3594389 |
|  **Money Market Funds** | 239662025 | 239662025 | - | - |
| **Total Investments in Securities:** | 6417573210 | 6226522505 | 76144233 | 114906472 |

---

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 ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2026 ($)** |
| **Common Stocks** | 5140163 | - | 3042500 | 4387120 | (7954682) | - | - | - | 4615101 | 31085 |
| **Convertible Preferred Stocks** | 115066978 | - | 22506484 | 19336355 | (37290843) | - | - | (18614125) | 101004849 | 219279 |
| **Convertible Corporate Bonds** | 9503755 | 1490918 | 3981220 | 2411070 | (4797018) | - | - | (3303423) | 9286522 | 4427544 |
| **Preferred Securities** | 12953853 | - | (13343254) | 389401 | - | - | - | - | - | (13343254) |
| <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** 

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $226,006,917) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $4,143,039,703) | $6172606385 |  |
| Fidelity Central Funds (cost $239,660,275) | 239662025 |  |
| Other affiliated issuers (cost $18,527,078) | 5304800 |  |
| Total Investment in Securities (cost $4,401,227,056) |  | $6417573210 |
| Foreign currency held at value (cost $70,314) |  | 71592 |
| Receivable for investments sold |  | 8803724 |
| Receivable for fund shares sold |  | 1204325 |
| Dividends receivable |  | 4540416 |
| Interest receivable |  | 454617 |
| Distributions receivable from Fidelity Central Funds |  | 120539 |
| Prepaid expenses |  | 3169 |
| Other receivables |  | 1195322 |
| **Total assets** |  | 6433966914 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $14934555 |  |
| Payable for fund shares redeemed | 4365053 |  |
| Accrued management fee | 3075375 |  |
| Other payables and accrued expenses | 1178027 |  |
| Collateral on securities loaned | 216312344 |  |
| **Total liabilities** |  | 239865354 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $6194101560 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3564810679 |
| Total accumulated earnings (loss) |  | 2629290881 |
| **Net Assets** |  | $6194101560 |
| **Net Asset Value**, offering price and redemption price per share ($6,194,101,560 ÷ 218,226,625 shares) |  | $28.38 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $32932953 |
| Interest  |  | 281534 |
| Income from Fidelity Central Funds (including $920,425 from security lending)  |  | 1985104 |
| Security lending |  | 27732 |
| **Total income** |  | 35227323 |
| **Expenses** |  |  |
| Management fee | $37373077 |  |
| Custodian fees and expenses | 181844 |  |
| Independent trustees' fees and expenses | 24001 |  |
| Registration fees | 55117 |  |
| Audit fees | 60268 |  |
| Legal | 3915 |  |
| Interest | 20865 |  |
| Miscellaneous | 23521 |  |
| Total expenses before reductions | 37742608 |  |
| Expense reductions | (4142) |  |
| Total expenses after reductions |  | 37738466 |
| **Net Investment income (loss)** |  | (2511143) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1148660928 |  |
| Fidelity Central Funds | (7744) |  |
| Other affiliated issuers | (9905622) |  |
| Foreign currency transactions | 301881 |  |
| Total net realized gain (loss) |  | 1139049443 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (500093341) |  |
| Affiliated issuers  | (7077342) |  |
| Unfunded commitments | 585076 |  |
| Assets and liabilities in foreign currencies | 186045 |  |
| Total change in net unrealized appreciation (depreciation) |  | (506399562) |
| **Net gain (loss)** |  | 632649881 |
| **Net increase (decrease) in net assets resulting from operations** |  | $630138738 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(2511143) | $(6562240) |
| &nbsp;&nbsp;Net realized gain (loss) | 1139049443<br>| 671172651<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (506399562) | (516216800)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 630138738<br>| 148393611<br>|
| Distributions to shareholders | (575051331)<br>| (707917595)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 271304878 | 245582352 |
| Reinvestment of distributions | 521111685<br>| 643544261<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1386642339) | (1509305032) |
| **Net increase (decrease) in net assets resulting from share transactions** | (594225776)<br>| (620178419)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (539138369)<br>| (1179702403)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 6733239929 | 7912942332<br>|
| &nbsp;&nbsp;End of period | $6194101560 | $6733239929 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 9794446 | 8294953 |
| Issued in reinvestment of distributions | 18628849<br>| 23014058<br>|
| &nbsp;&nbsp;Redeemed | (51300479) | (51006439) |
| &nbsp;&nbsp;Net increase (decrease) | (22877184) | (19697428) |

---

**Consolidated Financial Highlights** 

**Health Care Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.93 | $30.34 | $27.18 | $28.30 | $32.18 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.01)  | (.03)  | (.02)  | (.03)  | (.03)  |
| Net realized and unrealized gain (loss)  | 3.12  | .56  | 3.18  | (.50)  | (.92)  |
| Total from investment operations  | 3.11  | .53  | 3.16  | (.53)  | (.95)  |
| Distributions from net investment income  | (.13)  | (.01)  | -  | -  | (.04) D |
| Distributions from net realized gain  | (2.53)  | (2.93)  | -  | (.59)  | (2.89) D |
| Total distributions  | (2.66)  | (2.94)  | -  | (.59)  | (2.93)  |
| Net asset value, end of period  | $28.38 | $27.93 | $30.34 | $27.18 | $28.30 |
| **Total Return** E | 11.42% <br>| 1.94%  | 11.63%  | (2.05)%  | (3.67)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .62%  | .63%  | .69%  | .69%  | .68%  |
| Expenses net of fee waivers, if any  | .62% <br>| .63%  | .68%  | .68%  | .67%  |
| Expenses net of all reductions, if any  | .62%  | .63%  | .68%  | .68%  | .67%  |
| Net investment income (loss)  | (.04)%  | (.09)%  | (.06)%  | (.10)%  | (.10)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6194102 | $6733240 | $7912942 | $8153464 | $8999209 |
| Portfolio turnover rate H | 69% <br>| 40%  | 46%  | 40%  | 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*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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 Consolidated 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*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 February 28, 2026**

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%  |  |  |
| Health Care - 99.6% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Medline Inc Class A  | 14600 | 693646 |
| Health Care Providers & Services - 98.7% |  |  |
| Acadia Healthcare Co Inc (a)(b) | 295999 | 6938217 |
| Addus HomeCare Corp (a)(b) | 74961 | 7760712 |
| Alignment Healthcare Inc (a) | 1151400 | 22129908 |
| Astrana Health Inc (a)(b) | 430390 | 8749829 |
| BrightSpring Health Services Inc (a)(b) | 586700 | 24306981 |
| Cardinal Health Inc  | 127586 | 29246539 |
| Cencora Inc  | 152468 | 56739442 |
| Centene Corp (a) | 1584 | 71090 |
| Chemed Corp  | 64400 | 26404644 |
| Cigna Group/The  | 130472 | 37813395 |
| Cross Country Healthcare Inc (a) | 553100 | 4811970 |
| CVS Health Corp  | 1070770 | 85554523 |
| Elevance Health Inc  | 130461 | 41747520 |
| Encompass Health Corp  | 147400 | 15901512 |
| GeneDx Holdings Corp Class A (a) | 98700 | 7867377 |
| Guardant Health Inc (a) | 48666 | 4569737 |
| HCA Healthcare Inc  | 68767 | 36425880 |
| HealthEquity Inc (a)(b) | 120187 | 9193104 |
| Henry Schein Inc (a) | 125000 | 10298750 |
| Hinge Health Inc Class A (a) | 44200 | 1889992 |
| Labcorp Holdings Inc  | 77630 | 22444386 |
| LifeStance Health Group Inc (a) | 1791568 | 12970952 |
| Lumexa Imaging Holdings Inc (b) | 464300 | 6565202 |
| McKesson Corp  | 101200 | 99921844 |
| Molina Healthcare Inc (a) | 60600 | 9335430 |
| NeoGenomics Inc (a) | 149300 | 1467619 |
| Option Care Health Inc (a) | 100 | 3244 |
| PACS Group Inc (a) | 138400 | 5052984 |
| Pediatrix Medical Group Inc (a)(b) | 749100 | 14869635 |
| Privia Health Group Inc (a) | 829264 | 19695020 |
| Surgery Partners Inc (a)(b) | 496957 | 7702834 |
| Tenet Healthcare Corp (a) | 126900 | 30378591 |
| UnitedHealth Group Inc  | 404062 | 118499263 |
| US Physical Therapy Inc (b) | 151408 | 12560808 |
|  |  | 799888934 |
| Health Care Technology - 0.8% |  |  |
| Waystar Holding Corp (a) | 265100 | 6799815 |
| TOTAL UNITED STATES |  | 807382395 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $482,039,317) |  | <br> **807382395** |

---

---

| | | |
|:---|:---|:---|
| &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% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Thriveworks Topco LLC Class B (a)(c)(d)(e) | 69639 | 212399 |
| Health Care Technology - 0.5% |  |  |
| Aledade Inc Series B1 (a)(c)(d) | 52232 | 1412353 |
| Aledade Inc Series E1 (a)(c)(d) | 40149 | 1085629 |
| Aledade Inc Series F (a)(c)(d) | 59859 | 1618587 |
|  |  | 4116569 |
| TOTAL UNITED STATES |  | 4328968 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $9,219,803) |  | <br> **4328968** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (f) | 3.70 | 1085000 | 1085217 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.69 | 29961990 | 29964986 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $31,050,203) |  |  | **31050203** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.9%**<br> (Cost $522,309,323)<br>| <br>**842761566** |
| **NET OTHER ASSETS (LIABILITIES) - (3.9)%**  | **(31358870)** |
| **NET ASSETS - 100.0%** | **811402696** |

---

**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 $4,328,968 or 0.5% of net assets.

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

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 150142585 | 150829883 | 89739 | (1039) | - | 1085217 | 1085000 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 14351080 | 304076955 | 288464291 | 31946 | 1242 | - | 29964986 | 29961990 | 0.1% |
| Total | 16124634 | 454219540 | 439294174 | 121685 | 203 | - | 31050203 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 807382395 | 807382395 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 4328968 | - | - | 4328968 |
|  **Money Market Funds** | 31050203 | 31050203 | - | - |
| **Total Investments in Securities:** | 842761566 | 838432598 | - | 4328968 |

---

**Health Care Services Portfolio**

**Consolidated Financial Statements** 

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $36,049,342) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $491,259,120) | $811711363 |  |
| Fidelity Central Funds (cost $31,050,203) | 31050203 |  |
| Total Investment in Securities (cost $522,309,323) |  | $842761566 |
| Receivable for investments sold |  | 10460454 |
| Receivable for fund shares sold |  | 146456 |
| Dividends receivable |  | 187442 |
| Distributions receivable from Fidelity Central Funds |  | 4020 |
| Prepaid expenses |  | 483 |
| Other receivables |  | 132014 |
| **Total assets** |  | 853692435 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $10498849 |  |
| Payable for fund shares redeemed | 1231532 |  |
| Accrued management fee | 440203 |  |
| Other payables and accrued expenses | 158839 |  |
| Collateral on securities loaned | 29960316 |  |
| **Total liabilities** |  | 42289739 |
| **Net Assets**  |  | $811402696 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $530534035 |
| Total accumulated earnings (loss) |  | 280868661 |
| **Net Assets** |  | $811402696 |
| **Net Asset Value**, offering price and redemption price per share ($811,402,696 ÷ 8,023,029 shares) |  | $101.13 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $12860880 |
| Income from Fidelity Central Funds (including $31,946 from security lending)  |  | 121685 |
| Security lending |  | 5914 |
| **Total income** |  | 12988479 |
| **Expenses** |  |  |
| Management fee | $6173136 |  |
| Custodian fees and expenses | 15365 |  |
| Independent trustees' fees and expenses | 3789 |  |
| Registration fees | 43936 |  |
| Audit fees | 41261 |  |
| Legal | 996 |  |
| Interest | 574 |  |
| Miscellaneous | 4488 |  |
| **Total expenses** |  | 6283545 |
| **Net Investment income (loss)** |  | 6704934 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (17271665) |  |
| Redemptions in-kind | 35694003 |  |
| Fidelity Central Funds | 203 |  |
| Total net realized gain (loss) |  | 18422541 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (86587612) |  |
| Assets and liabilities in foreign currencies | (79) |  |
| Total change in net unrealized appreciation (depreciation) |  | (86587691) |
| **Net gain (loss)** |  | (68165150) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(61460216) |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6704934 | $6687474 |
| &nbsp;&nbsp;Net realized gain (loss) | 18422541<br>| 113082220<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (86587691) | (223572382)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (61460216)<br>| (103802688)<br>|
| Distributions to shareholders | (6519512)<br>| (164827941)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 187868319 | 129828697 |
| Reinvestment of distributions | 5877231<br>| 148268039<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (399502344) | (469343621) |
| **Net increase (decrease) in net assets resulting from share transactions** | (205756794)<br>| (191246885)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (273736522)<br>| (459877514)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1085139218 | 1545016732<br>|
| &nbsp;&nbsp;End of period | $811402696 | $1085139218 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1829528 | 1082476 |
| Issued in reinvestment of distributions | 56906<br>| 1394816<br>|
| &nbsp;&nbsp;Redeemed | (3970631) | (3867981) |
| &nbsp;&nbsp;Net increase (decrease) | (2084197) | (1390689) |

---

**Consolidated Financial Highlights** 

**Health Care Services Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $107.36 | $134.37 | $124.77 | $131.98 | $121.44 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .73  | .63  | .52  | .28  | .29  |
| Net realized and unrealized gain (loss)  | (6.19)  | (11.08)  | 9.84  | (.47)  | 20.01  |
| Total from investment operations  | (5.46)  | (10.45)  | 10.36  | (.19)  | 20.30  |
| Distributions from net investment income  | (.77)  | (.70)  | (.46)  | (.31)  | (.22) D |
| Distributions from net realized gain  | -  | (15.86)  | (.30)  | (6.71)  | (9.55) D |
| Total distributions  | (.77)  | (16.56)  | (.76)  | (7.02)  | (9.76) E |
| Net asset value, end of period  | $101.13 | $107.36 | $134.37 | $124.77 | $131.98 |
| **Total Return** F | (5.10)% <br>| (7.23)%  | 8.32%  | (.64)%  | 16.85%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .67%  | .67%  | .73%  | .73%  | .71%  |
| Expenses net of fee waivers, if any  | .67% <br>| .67%  | .73%  | .73%  | .71%  |
| Expenses net of all reductions, if any  | .67%  | .67%  | .73%  | .73%  | .71%  |
| Net investment income (loss)  | .72%  | .51%  | .41%  | .21%  | .22%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $811403 | $1085139 | $1545017 | $1708702 | $1214032 |
| Portfolio turnover rate I | 71% J<br>| 56%  | 32%  | 30%  | 35%  |

---

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*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 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*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.*

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

**Medical Technology and Devices Portfolio**

**Schedule of Investments February 28, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 94.9%** | &nbsp;&nbsp;**Common Stocks - 94.9%** | &nbsp;&nbsp;**Common Stocks - 94.9%** |
|  | Shares | Value ($)<br>|
| FRANCE - 1.5%  |  |  |
| Health Care - 1.5% |  |  |
| Health Care Technology - 0.0% |  |  |
| DNA Script SAS (b)(d)(g) | 4668 | 65692 |
| DNA Script SAS (b)(d)(g) | 1220 | 17140 |
|  |  | 82832 |
| Life Sciences Tools & Services - 1.5% |  |  |
| Sartorius Stedim Biotech  | 260000 | 56251250 |
| TOTAL FRANCE |  | 56334082 |
| UNITED STATES - 93.4%  |  |  |
| Health Care - 93.4% |  |  |
| Biotechnology - 3.7% |  |  |
| Caris Life Sciences Inc (b)(c) | 2762500 | 55636750 |
| Natera Inc (b) | 200000 | 41608000 |
| Veracyte Inc (b)(c) | 1080000 | 39517200 |
|  |  | 136761950 |
| Health Care Equipment & Supplies - 48.3% |  |  |
| Abbott Laboratories  | 1500000 | 174525000 |
| Becton Dickinson & Co  | 318000 | 56120640 |
| Boston Scientific Corp (b) | 5652200 | 434371570 |
| Edwards Lifesciences Corp (b) | 2300000 | 198881000 |
| GE HealthCare Technologies Inc  | 420000 | 35393400 |
| ICU Medical Inc (b) | 40000 | 6023200 |
| Insulet Corp (b) | 360000 | 88779600 |
| Intuitive Surgical Inc (b) | 625000 | 314693750 |
| iRhythm Technologies Inc (b) | 368000 | 49220000 |
| Kestra Medical Technologies Ltd (b)(c) | 1000000 | 23280000 |
| Masimo Corp (b) | 540000 | 94689000 |
| Medline Inc Class A  | 1040000 | 49410400 |
| Penumbra Inc (b) | 120000 | 41326800 |
| Saluda Medical Inc (d)(e) | 293080 | 2169132 |
| Saluda Medical Inc depository receipt  | 2000000 | 1480232 |
| Saluda Medical Inc warrants (b)(d)(e) | 5 | 0 |
| Shoulder Innovations Inc (f) | 874963 | 11864498 |
| Shoulder Innovations Inc (c) | 72800 | 987168 |
| Stryker Corp  | 450000 | 174357000 |
|  |  | 1757572390 |
| Health Care Providers & Services - 2.1% |  |  |
| Conformal Medical Inc (d)(g) | 3537657 | 247636 |
| Conformal Medical Inc (d)(g) | 3537657 | 70753 |
| Conformal Medical Inc (d)(g) | 3537657 | 35377 |
| Conformal Medical Inc (d)(g) | 3537657 | 35 |
| Guardant Health Inc (b) | 410000 | 38499000 |
| LifeStance Health Group Inc (b) | 3624300 | 26239932 |
| Omada Health Inc (c) | 1000000 | 12280000 |
|  |  | 77372733 |
| Health Care Technology - 5.3% |  |  |
| Doximity Inc Class A (b) | 100000 | 2453000 |
| HeartFlow Inc (c) | 950000 | 22002000 |
| Prognomiq Inc (b)(d)(g) | 445310 | 75703 |
| Veeva Systems Inc Class A (b) | 528000 | 96101280 |
| Waystar Holding Corp (b)(c) | 2800000 | 71820000 |
|  |  | 192451983 |
| Life Sciences Tools & Services - 34.0% |  |  |
| 10X Genomics Inc Class A (b)(c) | 1967372 | 45347925 |
| 10X Genomics Inc Class B (b) | 392772 | 9053394 |
| Agilent Technologies Inc  | 300000 | 36414000 |
| Bio-Techne Corp  | 1100000 | 64900000 |
| Bruker Corp  | 360000 | 14439600 |
| Danaher Corp  | 2360000 | 497110400 |
| IQVIA Holdings Inc (b) | 450000 | 80464500 |
| Mettler-Toledo International Inc (b) | 12800 | 17493632 |
| Repligen Corp (b) | 540000 | 69514200 |
| Thermo Fisher Scientific Inc  | 670000 | 349143700 |
| Waters Corp (b) | 180000 | 57488400 |
|  |  | 1241369751 |
| TOTAL UNITED STATES |  | 3405528807 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,993,615,049) |  | <br> **3461862889** |

---

---

| | | |
|:---|:---|:---|
| &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 (d)(g)<br>(Cost $1,644,981)<br>| 1287455 | **1682317** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 2.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.4%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (b)(d)(g) | 268502 | 1715728 |
| FRANCE - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Health Care Technology - 0.1% |  |  |
| DNA Script SAS Series B (b)(d)(g) | 59 | 1067 |
| DNA Script SAS Series C (b)(d)(g) | 28249 | 4961791 |
| TOTAL FRANCE |  | 4962858 |
| UNITED STATES - 2.3%  |  |  |
| Health Care - 2.1% |  |  |
| Biotechnology - 0.6% |  |  |
| Asimov Inc Series B (b)(d)(g) | 97985 | 2530953 |
| Element Biosciences Inc Series B (b)(d)(g) | 2385223 | 17102049 |
| ElevateBio LLC Series C (b)(d)(g) | 214700 | 435840 |
|  |  | 20068842 |
| Health Care Equipment & Supplies - 0.9% |  |  |
| Kardium Inc/US Series D-6 (d)(g) | 19246988 | 17707230 |
| Kardium Inc/US Series D-6 (d)(g) | 13783189 | 15850667 |
|  |  | 33557897 |
| Health Care Providers & Services - 0.3% |  |  |
| Freenome Holdings Inc Series C (b)(d)(g) | 2268156 | 7394189 |
| Freenome Holdings Inc Series D (b)(d)(g) | 1325855 | 4322287 |
|  |  | 11716476 |
| Health Care Technology - 0.2% |  |  |
| Aledade Inc Series B1 (b)(d)(g) | 175232 | 4738273 |
| Aledade Inc Series E1 (b)(d)(g) | 58567 | 1583652 |
|  |  | 6321925 |
| Pharmaceuticals - 0.1% |  |  |
| Galvanize Therapeutics Series B (b)(d)(g) | 3641139 | 2621620 |
| Galvanize Therapeutics Series C-1 (d)(g) | 4287192 | 1929236 |
|  |  | 4550856 |
| TOTAL HEALTH CARE |  | 76215996 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Manus Bio Inc Series One-5 (d)(g) | 1716040 | 5714413 |
| TOTAL UNITED STATES |  | 81930409 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $145,286,013) |  | <br> **88608995** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (h) | 3.70 | 22397268 | 22401747 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 3.69 | 52665357 | 52670624 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $75,072,371) |  |  | **75072371** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.4%**<br> (Cost $2,215,618,414)<br>| <br>**3627226572** |
| **NET OTHER ASSETS (LIABILITIES) - 0.6%**  | **20324500** |
| **NET ASSETS - 100.0%** | **3647551072** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

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

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $92,972,780 or 2.5% 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 $2,169,132 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $20,917,892 or 0.6% of net assets.

(g) Level 3 security.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 2/18/2026 | 35377 |
| Conformal Medical Inc | 2/18/2026 | 70753 |
| Conformal Medical Inc | 2/18/2026 | 247636 |
| Conformal Medical Inc | 2/18/2026 | 35 |
| dMed Biopharmaceutical Co Ltd Series C | 12/1/2020 | 3813573 |
| DNA Script SAS | 12/17/2021 | 976906 |
| DNA Script SAS | 12/17/2021 | 3737869 |
| 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 | 19551861 |
| 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 | 1/20/2022 - 10/30/2025 | 20276646 |
| Saluda Medical Inc warrants | 1/20/2022 | 0 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Saluda Medical Inc | 3/31/2027 |
| Saluda Medical Inc warrants | 3/31/2027 |

---

**Affiliated 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 | 1052803808 | 1056966210 | 1287044 | (481) | - | 22401747 | 22397268 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 25853699 | 513984254 | 487166880 | 110199 | (449) | - | 52670624 | 52665357 | 0.1% |
| Total | 52418329 | 1566788062 | 1544133090 | 1397243 | (930) | - | 75072371 |  |  |

---

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 | 1136286 | 4198350 | - | (20329664) | 20884506 | - | - |
| Total | 2507222 | 1136286 | 4198350 | - | (20329664) | 20884506 | - |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 3461862889 | 3461350553 | - | 512336 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Health Care | 1682317 | - | - | 1682317 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 82894582 | - | - | 82894582 |
| Materials | 5714413 | - | - | 5714413 |
|  **Money Market Funds** | 75072371 | 75072371 | - | - |
| **Total Investments in Securities:** | 3627226572 | 3536422924 | - | 90803648 |

---

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 ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2026 ($)** |
| **Common Stocks** | 635669 | - | (477134) | 353801 | - | - | - | - | 512336 | (166690) |
| **Convertible Preferred Stocks** | 125555907 | 44035622 | 6646220 | 21952431 | (76325024) | - | - | (33256161) | 88608995 | (766549) |
| **Convertible Corporate Bonds** | 2762363 | 1097546 | (291227) | 1644981 | (3531346) | - | - | - | 1682317 | 37336 |
| **Preferred Securities** | 13080195 | - | (13080195) | - | - | - | - | - | - | (13080195) |
| <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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $50,462,833) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,140,546,043) | $3552154201 |  |
| Fidelity Central Funds (cost $75,072,371) | 75072371 |  |
| Total Investment in Securities (cost $2,215,618,414) |  | $3627226572 |
| Foreign currency held at value (cost $95,355) |  | 95593 |
| Receivable for investments sold |  | 93560624 |
| Receivable for fund shares sold |  | 458292 |
| Dividends receivable |  | 281479 |
| Interest receivable |  | 83531 |
| Distributions receivable from Fidelity Central Funds |  | 81510 |
| Prepaid expenses |  | 2370 |
| Other receivables |  | 391297 |
| **Total assets** |  | 3722181268 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $16817916 |  |
| Payable for fund shares redeemed | 2914464 |  |
| Accrued management fee | 1843918 |  |
| Other payables and accrued expenses | 391390 |  |
| Collateral on securities loaned | 52662508 |  |
| **Total liabilities** |  | 74630196 |
| **Net Assets**  |  | $3647551072 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1828341680 |
| Total accumulated earnings (loss) |  | 1819209392 |
| **Net Assets** |  | $3647551072 |
| **Net Asset Value**, offering price and redemption price per share ($3,647,551,072 ÷ 65,232,691 shares) |  | $55.92 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $11773782 |
| Income from Fidelity Central Funds (including $110,199 from security lending)  |  | 1397243 |
| Security lending |  | 6524 |
| **Total income** |  | 13177549 |
| **Expenses** |  |  |
| Management fee | $26155604 |  |
| Custodian fees and expenses | 47977 |  |
| Independent trustees' fees and expenses | 17165 |  |
| Registration fees | 37597 |  |
| Audit fees | 46629 |  |
| Legal | 11307 |  |
| Interest | 8397 |  |
| Miscellaneous | 17139 |  |
| **Total expenses** |  | 26341815 |
| **Net Investment income (loss)** |  | (13164266) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 678245852 |  |
| Fidelity Central Funds | (930) |  |
| Other affiliated issuers | (20329664) |  |
| Foreign currency transactions | (17473) |  |
| Total net realized gain (loss) |  | 657897785 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (958856396) |  |
| Affiliated issuers  | 20884506 |  |
| Assets and liabilities in foreign currencies | 39439 |  |
| Total change in net unrealized appreciation (depreciation) |  | (937932451) |
| **Net gain (loss)** |  | (280034666) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(293198932) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(13164266) | $(19690866) |
| &nbsp;&nbsp;Net realized gain (loss) | 657897785<br>| 549475581<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (937932451) | (172277840)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (293198932)<br>| 357506875<br>|
| Distributions to shareholders | (324017408)<br>| (465610463)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 126186749 | 166208060 |
| Reinvestment of distributions | 295260465<br>| 426320180<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1150403801) | (1353819434) |
| **Net increase (decrease) in net assets resulting from share transactions** | (728956587)<br>| (761291194)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (1346172927)<br>| (869394782)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4993723999 | 5863118781<br>|
| &nbsp;&nbsp;End of period | $3647551072 | $4993723999 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2113133 | 2538496 |
| Issued in reinvestment of distributions | 5089155<br>| 6681050<br>|
| &nbsp;&nbsp;Redeemed | (19329286) | (20796326) |
| &nbsp;&nbsp;Net increase (decrease) | (12126998) | (11576780) |

---

**Financial Highlights** 

**Medical Technology and Devices Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $64.55 | $65.92 | $61.64 | $70.83 | $74.99 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.18)  | (.24)  | (.25)  | (.24)  | (.37)  |
| Net realized and unrealized gain (loss)  | (3.78)  | 4.83  | 4.53  | (7.84)  | 2.97  |
| Total from investment operations  | (3.96)  | 4.59  | 4.28  | (8.08)  | 2.60  |
| Distributions from net realized gain  | (4.67)  | (5.96)  | -  | (1.11)  | (6.76)  |
| Total distributions  | (4.67)  | (5.96)  | -  | (1.11)  | (6.76)  |
| Net asset value, end of period  | $55.92 | $64.55 | $65.92 | $61.64 | $70.83 |
| **Total Return** D | (6.28)% <br>| 7.21%  | 6.94%  | (11.64)%  | 2.95%  |
| **Ratios to Average Net Assets** C,E,F |  |  |  |  |  |
| Expenses before reductions  | .62%  | .63%  | .70%  | .70%  | .68%  |
| Expenses net of fee waivers, if any  | .62% <br>| .63%  | .70%  | .70%  | .68%  |
| Expenses net of all reductions, if any  | .62%  | .63%  | .70%  | .70%  | .68%  |
| Net investment income (loss)  | (.31)%  | (.37)%  | (.40)%  | (.38)%  | (.46)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3647551 | $4993724 | $5863119 | $6911485 | $8905834 |
| Portfolio turnover rate G | 54% <br>| 31%  | 42%  | 37%  | 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*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.*

F*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.*

G*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 February 28, 2026**

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 - 7.0%  |  |  |
| Health Care - 7.0% |  |  |
| Pharmaceuticals - 7.0% |  |  |
| AgomAb Therapeutics NV (f) | 332858 | 5332386 |
| AgomAb Therapeutics NV ADR  | 9100 | 145782 |
| Financiere de Tubize SA  | 91587 | 24511649 |
| UCB SA  | 254500 | 75870949 |
| TOTAL BELGIUM |  | 105860766 |
| CANADA - 0.8%  |  |  |
| Health Care - 0.8% |  |  |
| Biotechnology - 0.8% |  |  |
| Xenon Pharmaceuticals Inc (c) | 268600 | 11611578 |
| DENMARK - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| Ascendis Pharma A/S ADR (c) | 24400 | 5697400 |
| GERMANY - 1.9%  |  |  |
| Health Care - 1.9% |  |  |
| Biotechnology - 1.0% |  |  |
| BioNTech SE ADR (b)(c) | 132653 | 14622341 |
| Pharmaceuticals - 0.9% |  |  |
| Merck KGaA  | 94700 | 14348541 |
| TOTAL GERMANY |  | 28970882 |
| NETHERLANDS - 0.7%  |  |  |
| Health Care - 0.7% |  |  |
| Biotechnology - 0.7% |  |  |
| uniQure NV (c) | 705578 | 11028184 |
| SWITZERLAND - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Idorsia Ltd (c) | 639660 | 3257162 |
| UNITED KINGDOM - 4.8%  |  |  |
| Health Care - 4.8% |  |  |
| Pharmaceuticals - 4.8% |  |  |
| Astrazeneca PLC (United States)  | 351150 | 73197218 |
| UNITED STATES - 82.6%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| MedAvail Holdings Inc (c)(d)(e) | 66 | 0 |
| Health Care - 82.6% |  |  |
| Biotechnology - 16.2% |  |  |
| Annexon Inc (c) | 1264100 | 7078960 |
| ArriVent Biopharma Inc (c) | 107000 | 2457790 |
| Arrowhead Pharmaceuticals Inc (c) | 65400 | 4137858 |
| Beam Therapeutics Inc (c) | 415400 | 11822284 |
| Biogen Inc (c) | 73000 | 14002860 |
| Capricor Therapeutics Inc (b)(c) | 389900 | 10889907 |
| Disc Medicine Inc (c) | 53800 | 3584156 |
| Gilead Sciences Inc  | 472500 | 70378875 |
| Intellia Therapeutics Inc (b)(c) | 384500 | 5298410 |
| Ionis Pharmaceuticals Inc (c) | 1524 | 123672 |
| Kymera Therapeutics Inc (b)(c) | 102000 | 9317700 |
| Legend Biotech Corp ADR (b)(c) | 2598400 | 49369600 |
| Moderna Inc (b)(c) | 688800 | 36899016 |
| PTC Therapeutics Inc (c) | 155600 | 10610364 |
| Summit Therapeutics Inc (c) | 169304 | 2808753 |
| Vera Therapeutics Inc Class A (c) | 100700 | 4107553 |
| Viking Therapeutics Inc (c) | 64300 | 2175912 |
|  |  | 245063670 |
| Pharmaceuticals - 66.4% |  |  |
| Amylyx Pharmaceuticals Inc (c) | 257800 | 3910826 |
| Axsome Therapeutics Inc (c) | 48900 | 8014221 |
| Corcept Therapeutics Inc (c) | 158100 | 5644170 |
| Crinetics Pharmaceuticals Inc (c) | 122800 | 5047080 |
| Definium Therapeutics Inc (b)(c) | 188000 | 3280600 |
| Edgewise Therapeutics Inc (b)(c) | 83600 | 2544783 |
| Elanco Animal Health Inc (c) | 2536200 | 66955680 |
| Eli Lilly & Co  | 358201 | 376823870 |
| GSK PLC ADR  | 2581360 | 152635817 |
| Harmony Biosciences Holdings Inc (c) | 158577 | 4525788 |
| Jazz Pharmaceuticals PLC (c) | 227700 | 43267554 |
| Johnson & Johnson  | 429100 | 106601313 |
| Merck & Co Inc  | 561536 | 69529388 |
| Ocular Therapeutix Inc (c) | 1331717 | 11905550 |
| Phibro Animal Health Corp Class A  | 168230 | 9183676 |
| Roche Holding AG non-voting shares  | 152390 | 72522623 |
| Royalty Pharma PLC Class A  | 750500 | 34680605 |
| Viatris Inc  | 1729600 | 25822928 |
| WaVe Life Sciences Ltd (c) | 296800 | 4134424 |
|  |  | 1007030896 |
| TOTAL HEALTH CARE |  | 1252094566 |
| TOTAL UNITED STATES |  | 1252094566 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $887,656,776) |  | <br> **1491717756** |

---

---

| | | |
|:---|:---|:---|
| &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 (d)(e)<br>(Cost $1,009,196)<br>| 1009196 | **1194383** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.3%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Paragon Biosciences Emalex Capital Inc Series C (c)(d)(e) | 158879 | 1480752 |
| Paragon Biosciences Emalex Capital Inc Series D-3 (d)(e) | 4581 | 47092 |
| Paragon Biosciences Emalex Capital Inc Series D1 (c)(d)(e) | 15977 | 149545 |
| Paragon Biosciences Emalex Capital Inc Series D2 (c)(d)(e) | 22477 | 196899 |
| TOTAL FINANCIALS |  | 1874288 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Castle Creek Biosciences Inc Series C (c)(d)(e) | 200 | 51036 |
| Castle Creek Biosciences Inc Series D1 (c)(d)(e) | 6308 | 1418039 |
| Castle Creek Biosciences Inc Series D2 (c)(d)(e) | 85 | 17048 |
| TOTAL HEALTH CARE |  | 1486123 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Evozyne Inc Series A (c)(d)(e) | 5900 | 97114 |
| Evozyne Inc Series B (c)(d)(e) | 56643 | 960099 |
| TOTAL INFORMATION TECHNOLOGY |  | 1057213 |
| TOTAL UNITED STATES |  | 4417624 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $4,593,591) |  | <br> **4417624** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (g) | 3.70 | 4809384 | 4810346 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 3.69 | 64383996 | 64390435 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $69,200,781) |  |  | **69200781** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.3%**<br> (Cost $962,460,344)<br>| <br>**1566530544** |
| **NET OTHER ASSETS (LIABILITIES) - (3.3)%**  | **(50034670)** |
| **NET ASSETS - 100.0%** | **1516495874** |

---

**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) Level 3 security.

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,612,007 or 0.4% of net assets.

(f) 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 $5,332,386 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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>|
| 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 - 12/31/2025 | 1009196 |
| 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 | 1700006 |
| 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 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| AgomAb Therapeutics NV | 8/5/2026 |

---

**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 | 29571172 | 547465074 | 572229751 | 576762 | 3851 | - | 4810346 | 4809384 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 72940117 | 906807117 | 915357973 | 168699 | 1174 | - | 64390435 | 64383996 | 0.2% |
| Total | 102511289 | 1454272191 | 1487587724 | 745461 | 5025 | - | 69200781 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 1491717756 | 1404846592 | 86871164 | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Information Technology | 1194383 | - | - | 1194383 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 1874288 | - | - | 1874288 |
| Health Care | 1486123 | - | - | 1486123 |
| Information Technology | 1057213 | - | - | 1057213 |
|  **Money Market Funds** | 69200781 | 69200781 | - | - |
| **Total Investments in Securities:** | 1566530544 | 1474047373 | 86871164 | 5612007 |

---

**Pharmaceuticals Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $62,463,728) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $893,259,563) | $1497329763 |  |
| Fidelity Central Funds (cost $69,200,781) | 69200781 |  |
| Total Investment in Securities (cost $962,460,344) |  | $1566530544 |
| Cash |  | 53800 |
| Foreign currency held at value (cost $981,777) |  | 989088 |
| Receivable for investments sold |  | 16006116 |
| Receivable for fund shares sold |  | 1669411 |
| Dividends receivable |  | 3453499 |
| Reclaims receivable |  | 2352497 |
| Interest receivable |  | 9417 |
| Distributions receivable from Fidelity Central Funds |  | 75320 |
| Prepaid expenses |  | 608 |
| Other receivables |  | 264639 |
| **Total assets** |  | 1591404939 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $8639642 |  |
| Payable for fund shares redeemed | 828236 |  |
| Accrued management fee | 787102 |  |
| Other payables and accrued expenses | 265532 |  |
| Collateral on securities loaned | 64388553 |  |
| **Total liabilities** |  | 74909065 |
| **Net Assets**  |  | $1516495874 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $915469113 |
| Total accumulated earnings (loss) |  | 601026761 |
| **Net Assets** |  | $1516495874 |
| **Net Asset Value**, offering price and redemption price per share ($1,516,495,874 ÷ 45,560,934 shares) |  | $33.29 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $17237121 |
| Interest  |  | 59719 |
| Income from Fidelity Central Funds (including $168,699 from security lending)  |  | 745461 |
| Security lending |  | 4881 |
| **Total income** |  | 18047182 |
| **Expenses** |  |  |
| Management fee | $7889417 |  |
| Custodian fees and expenses | 51075 |  |
| Independent trustees' fees and expenses | 4568 |  |
| Registration fees | 70540 |  |
| Audit fees | 49706 |  |
| Legal | 2483 |  |
| Interest | 14969 |  |
| Miscellaneous | 4707 |  |
| **Total expenses** |  | 8087465 |
| **Net Investment income (loss)** |  | 9959717 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 37232580 |  |
| Fidelity Central Funds | 5025 |  |
| Foreign currency transactions | 433681 |  |
| Total net realized gain (loss) |  | 37671286 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 245645071 |  |
| Assets and liabilities in foreign currencies | 213700 |  |
| Total change in net unrealized appreciation (depreciation) |  | 245858771 |
| **Net gain (loss)** |  | 283530057 |
| **Net increase (decrease) in net assets resulting from operations** |  | $293489774 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $9959717 | $11034704 |
| &nbsp;&nbsp;Net realized gain (loss) | 37671286<br>| 43967189<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 245858771 | (20350813)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 293489774<br>| 34651080<br>|
| Distributions to shareholders | (77801972)<br>| (23625195)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 339648513 | 1001393282 |
| Reinvestment of distributions | 71616674<br>| 21950603<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (429280452) | (795826396) |
| **Net increase (decrease) in net assets resulting from share transactions** | (18015265)<br>| 227517489<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 197672537<br>| 238543374<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1318823337 | 1080279963<br>|
| &nbsp;&nbsp;End of period | $1516495874 | $1318823337 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 11638558 | 34975051 |
| Issued in reinvestment of distributions | 2782724<br>| 839054<br>|
| &nbsp;&nbsp;Redeemed | (16197783) | (28569637) |
| &nbsp;&nbsp;Net increase (decrease) | (1776501) | 7244468 |

---

**Financial Highlights** 

**Pharmaceuticals Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.86 | $26.94 | $21.77 | $22.53 | $23.92 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .23  | .21  | .21  | .23  | .27  |
| Net realized and unrealized gain (loss)  | 6.96  | 1.19  | 6.87  | .19  | .97  |
| Total from investment operations  | 7.19  | 1.40  | 7.08  | .42  | 1.24  |
| Distributions from net investment income  | (.98)  | (.31)  | (.15)  | (.30)  | (.28)  |
| Distributions from net realized gain  | (.78)  | (.17)  | (1.76)  | (.88)  | (2.35)  |
| Total distributions  | (1.76)  | (.48)  | (1.91)  | (1.18)  | (2.63)  |
| Net asset value, end of period  | $33.29 | $27.86 | $26.94 | $21.77 | $22.53 |
| **Total Return** D | 27.72% <br>| 5.32%  | 34.35%  | 1.60%  | 5.15%  |
| **Ratios to Average Net Assets** C,E,F |  |  |  |  |  |
| Expenses before reductions  | .67%  | .67%  | .74%  | .76%  | .75%  |
| Expenses net of fee waivers, if any  | .67% <br>| .67%  | .74%  | .76%  | .75%  |
| Expenses net of all reductions, if any  | .67%  | .67%  | .74%  | .76%  | .75%  |
| Net investment income (loss)  | .83%  | .73%  | .88%  | .99%  | 1.10%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1516496 | $1318823 | $1080280 | $761179 | $934748 |
| Portfolio turnover rate G | 77% <br>| 51%  | 44%  | 45%  | 29%  |

---

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

E*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.*

F*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.*

G*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**

For the period ended February 28, 2026

**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:**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $41111165  | Market approach | Transaction price | $0.70 - $358.97 / $324.67 | Increase |
|  |  | Recovery value | Recovery value | $0.00  | Increase |
|  |  | Black scholes | Discount rate | 3.5% - 3.7% / 3.5% | Increase |
|  |  |  | Volatility | 85.0% - 90.0% / 89.6% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 2.2 | Increase |
|  |  | Discounted cash flow | Discount rate | 3.7% - 14.6% / 9.5% | Decrease |
|  |  |  | Term | 0.2 - 7.8 / 3.6 | Increase |
|  |  |  | Probability rate | 2.5% - 87.5% / 39.0% | Increase |
| Convertible Preferred Stocks | $27801018  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 7.0 - 8.8 / 7.2 | Increase |
|  |  | Market approach | Transaction price | $1.05 - $21.37 / $4.37 | Increase |
|  |  |  | Premium rate | 10.0% - 15.0% / 11.1% | Increase |
|  |  | Recovery value | Recovery value | $0.00  | Increase |
|  |  | Black scholes | Discount rate | 3.4% - 3.5% / 3.5% | Increase |
|  |  |  | Volatility | 60.0% - 100.0% / 84.5% | 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 | $4615101  | Market approach | Transaction price | $33.33 - $358.97 / $344.85 | Increase |
|  |  | Black scholes | Discount rate | 3.5% - 3.7% / 3.5% | Increase |
|  |  |  | Volatility | 70.0% - 90.0% / 89.1% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 2.1 | Increase |
| Convertible Corporate Bonds | $9286522  | Market approach | Transaction price | $100.00  | Increase |
|  |  |  | Probability rate | 100.0% | Increase |
|  |  | Black scholes | Discount rate | 3.5% - 3.7% / 3.5% | Increase |
|  |  |  | Volatility | 60.0% - 110.0% / 74.1% | Increase |
|  |  |  | Term | 1.0 - 3.0 / 2.5 | Increase |
| Convertible Preferred Stocks | $101004849  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.1 - 12.0 / 4.7 | Increase |
|  |  | Market approach | Transaction price | $0.65 - $33.33 / $10.66 | Increase |
|  |  |  | Discount rate | 10.0% - 30.0% / 12.9% | Decrease |
|  |  |  | Premium rate | 10.0% - 20.0% / 11.8% | Increase |
|  |  | Black scholes | Discount rate | 3.4% - 3.7% / 3.5% | Increase |
|  |  |  | Volatility | 45.0% - 110.0% / 69.9% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.1 | 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** |
| Common Stocks | $512336  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 5.3 | Increase |
|  |  | Market approach | Transaction price | $0.61  | Increase |
|  |  |  | Discount rate | 15.0% | Decrease |
|  |  | Recovery value | Recovery value | $0.00  | Increase |
|  |  | Black scholes | Discount rate | 3.5% - 3.6% / 3.5% | Increase |
|  |  |  | Volatility | 70.0% - 75.0% / 72.4% | Increase |
|  |  |  | Term | 1.0 - 4.0 / 2.6 | Increase |
|  |  | Discounted cash flow | Discount rate | 3.5% - 3.7% / 3.5% | Decrease |
|  |  |  | Term | 0.3 - 2.9 / 2.3 | Increase |
|  |  |  | Probability rate | 92.0% - 95.0% / 92.9% | Increase |
| Convertible Corporate Bonds | $1682317  | Market approach | Transaction price | $100.00  | Increase |
|  |  |  | Probability rate | 100.0% | Increase |
|  |  | Black scholes | Discount rate | 3.7% | Increase |
|  |  |  | Volatility | 65.0% | Increase |
|  |  |  | Term | 1.0 | Increase |
| Convertible Preferred Stocks | $88608995  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.1 - 12.0 / 5.9 | Increase |
|  |  | Market approach | Transaction price | $0.65 - $15.40 / $3.75 | Increase |
|  |  |  | Discount rate | 10.0% - 30.0% / 11.8% | Decrease |
|  |  |  | Volatility | 80.0% | Increase |
|  |  |  | Term | 0.6 | Increase |
|  |  |  | Premium rate | 20.0% | Increase |
|  |  |  | Discount for lack of marketability (DLOM) | 13.6% | Decrease |
|  |  | Black scholes | Discount rate | 3.5% - 3.6% / 3.5% | Increase |
|  |  |  | Volatility | 60.0% - 85.0% / 69.3% | Increase |
|  |  |  | Term | 3.0 - 4.0 / 3.1 | 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 February 28, 2026, 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, 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 as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable as applicable. 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. 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, 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. As of February 28, 2026, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the 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 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** | 3023135489 | 2617028920 | (144453458) | 2472575462 |
| **Health Care Portfolio** | 4450645282 | 2235036870 | (268108942) | 1966927928 |
| **Health Care Services Portfolio**  | 529740537 | 351001572 | (37980543) | 313021029 |
| **Medical Technology and Devices Portfolio**  | 2220446284 | 1580984802 | (174204514) | 1406780288 |
| **Pharmaceuticals Portfolio**  | 988466885 | 621948599 | (43884940) | 578063659 |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Undistributed long-term capital gain ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Biotechnology Portfolio** | - | 214269705 | - | 2472595865 |
| **Health Care Portfolio** | 451581 | 662379116 | - | 1967149340 |
| **Health Care Services Portfolio**  | - | - | (32072503) | 313018875 |
| **Medical Technology and Devices Portfolio**  | - | 415308473 | - | 1406821218 |
| **Pharmaceuticals Portfolio**  | 33879341 | 1170909 | - | 578276029 |

---

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 fiscal period end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Health Care Services Portfolio**  | (28429974) | (3642529) | (32072503) |

---

Certain of the Funds intend to elect to defer to the next fiscal year ordinary losses recognized during the period of January 1, 2026 to February 28, 2026. Loss deferrals were as follows:

---

| | |
|:---|:---|
|  | **Ordinary Losses ($)** |
| **Biotechnology Portfolio** | (29827510) |
| **Pharmaceuticals Portfolio**  | (12155396) |
| **Medical Technology and Devices Portfolio**  | (2695965) |

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **February 28, 2026** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Biotechnology Portfolio** | 103012890 | 24292496 | 127305386 |
| **Health Care Portfolio** | 27791878 | 547259453 | 575051331 |
| **Health Care Services Portfolio**  | 6519512 | - | 6519512 |
| **Medical Technology and Devices Portfolio**  | - | 324017408 | 324017408 |
| **Pharmaceuticals Portfolio**  | 50370640 | 27431332 | 77801972 |

---

---

| | | | |
|:---|:---|:---|:---|
| **February 28, 2025** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Biotechnology Portfolio** | 53021964 | - | 53021964 |
| **Health Care Portfolio** | 1170853 | 706746742 | 707917595 |
| **Health Care Services Portfolio**  | 6723464 | 158104477 | 164827941 |
| **Medical Technology and Devices Portfolio**  | - | 465610463 | 465610463 |
| **Pharmaceuticals Portfolio**  | 15201866 | 8423329 | 23625195 |

---

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

**Special Purpose Acquisition Companies.** Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via reorganization, business combination, acquisition or other similar transactions within a designated time frame.

**Private Investment in Public Equity.** Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At the current and/or prior period end, Health Care Portfolio had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Consolidated 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 Consolidated Statement of Operations, as applicable. The total amount of commitments outstanding at period end is presented in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **Health Care Portfolio** | Freenome Holdings, Inc. | 3205670 | - |

---

**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 Total Assets** |
| **Biotechnology Portfolio** | 33187010 | .62 |
| **Health Care Portfolio** | 5858515 | .09 |
| **Health Care Services Portfolio** | 212399 | .03 |

---

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 Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated 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 Consolidated Statement of Assets and Liabilities, if applicable.

**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** | 2007005829 | 2348620552 |
| **Health Care Portfolio** | 4245382415 | 5426918569 |
| **Health Care Services Portfolio** | 659782398 | 815869219 |
| **Medical Technology and Devices Portfolio** | 2300982247 | 3434259028 |
| **Pharmaceuticals Portfolio** | 926544656 | 976012428 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Health Care Services Portfolio** | 473332 | - | 35694003 | 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** | .61 |
| **Health Care Portfolio** | .61 |
| **Health Care Services Portfolio** | .66 |
| **Medical Technology and Devices Portfolio** | .61 |
| **Pharmaceuticals Portfolio** | .65 |

---

**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** | $1584420 |
| **Health Care Portfolio** | 1097755 |
| **Health Care Services Portfolio** | 124207 |
| **Medical Technology and Devices Portfolio** | 354126 |
| **Pharmaceuticals Portfolio** | 229818 |

---

**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 ($)** |
| **Biotechnology Portfolio** | 139220 |
| **Health Care Portfolio** | 152591 |
| **Health Care Services Portfolio** | 26434 |
| **Medical Technology and Devices Portfolio** | 73510 |
| **Pharmaceuticals Portfolio** | 28001 |

---

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Health Care Portfolio** | Borrower | 8450952 | 4.23% | 20865 |
| **Health Care Services Portfolio**  | Borrower | 5332000 | 3.88% | 574 |
| **Medical Technology and Devices Portfolio**  | Borrower | 5756417 | 4.38% | 8397 |
| **Pharmaceuticals Portfolio**. | Borrower | 9798308 | 4.23% | 14969 |

---

**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** | 45074827 | 153426864 | 22802238 |
| **Health Care Portfolio** | 294833565 | 457347167 | 82979368 |
| **Health Care Services Portfolio** | 23177686 | 48000444 | (21563922) |
| **Medical Technology and Devices Portfolio** | 196105684 | 213307136 | 58122375 |
| **Pharmaceuticals Portfolio** | 49075884 | 84533908 | 23196833 |

---

**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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Biotechnology Portfolio** | 5550 |
| **Health Care Portfolio** | 8288 |
| **Health Care Services Portfolio** | 1319 |
| **Medical Technology and Devices Portfolio** | 5997 |
| **Pharmaceuticals Portfolio** | 1567 |

---

Effective March 24, 2026 the .10% spread adjustment on the SOFR benchmark was removed.

**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 in security lending. 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** | 369593 | 141511 | 103730 |
| **Health Care Portfolio** | 96195 | 7385 | - |
| **Health Care Services Portfolio** | 3904 | - | - |
| **Medical Technology and Devices Portfolio** | 11777 | 15947 | - |
| **Pharmaceuticals Portfolio** | 17968 | 78 | - |

---

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 ($)** |
| **Biotechnology Portfolio** | 22137977 |
| **Health Care Portfolio** | 11373563 |
| **Health Care Services Portfolio** | 5818667 |

---

**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** | 12367 |
| **Health Care Portfolio** | 4142 |

---

**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 Health Care Portfolio approved an Agreement and Plan of Reorganization (the Agreement) between Health Care Portfolio and Fidelity Advisor Health Care Fund. In addition, the Board approved the creation of additional classes of shares that will commence operations on June 26, 2026. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Advisor Health Care Fund in exchange for corresponding shares of Health Care Portfolio equal in value to the net assets of Fidelity Advisor Health Care Fund on the day the reorganization is effective. The reorganization provides shareholders of Fidelity Advisory Health Care Fund access to a larger portfolio with a similar investment objective.

A meeting of shareholders of Fidelity Advisor Health Care Fund is expected to be held during the second quarter of 2026 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective during June 2026. 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Select Portfolios and Shareholders of Biotechnology Portfolio, Health Care Portfolio, Health Care Services Portfolio, Medical Technology and Devices Portfolio, and Pharmaceuticals Portfolio

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting Fidelity Select Portfolios, hereafter collectively referred to as the "Funds") as of February 28, 2026, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2026, and the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| &nbsp;&nbsp;Biotechnology Portfolio (2) |
| &nbsp;&nbsp;Health Care Portfolio (2) |
| &nbsp;&nbsp;Health Care Services Portfolio (2) |
| &nbsp;&nbsp;Medical Technology and Devices Portfolio (1) |
| &nbsp;&nbsp;Pharmaceuticals Portfolio (1) |

---

1. Statement of assets and liabilities, including the schedule of investments, as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, and the financial highlights for each of the five years in the period ended February 28, 2026.

2. Consolidated statement of asset and liabilities, including the consolidated schedule of investments, as of February 28, 2026, the related consolidated statement of operations for the year ended February 28, 2026, the consolidated statement of changes in net assets for each of the two years in the period ended February 28, 2026, and the consolidated financial highlights for each of the five years in the period ended February 28, 2026.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 15, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended February 28, 2026, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **Biotechnology Portfolio** | $241690465 |
| **Health Care Portfolio** | $1135243150 |
| **Medical Technology and Devices Portfolio** | $658277914 |
| **Pharmaceuticals Portfolio** | $1214317 |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| **Biotechnology Portfolio** |  |
| April 2025  | 64% |
| December 2025 | 37% |
| **Health Care Portfolio** |  |
| April 2025 | - |
| December 2025 | 96% |
| **Health Care Services Portfolio** |  |
| April 2025 | - |
| December 2025 | 100% |
| **Pharmaceuticals Portfolio** |  |
| April 2025 | 11% |
| December 2025 | 16% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | |
|:---|:---|
| **Biotechnology Portfolio** |  |
| April 2025 | 66.41% |
| December 2025 | 39.37% |
| **Health Care Portfolio** |  |
| April 2025 | - |
| December 2025 | 98.21% |
| **Health Care Services Portfolio** |  |
| April 2025 | - |
| December 2025 | 100% |
| **Pharmaceuticals Portfolio** |  |
| April 2025 | 49.90% |
| December 2025 | 34.12% |

---

The funds hereby designate the percentages noted below of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders:

---

| | | |
|:---|:---|:---|
|  | **April, 2025** | **December, 2025** |
| **Pharmaceuticals Portfolio** | 100% | 0% |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Health Care Portfolio** | $559341 |
| **Pharmaceuticals Portfolio** | $670680 |

---

The funds will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

**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 Contract and Management Fees**

**Health Care Portfolio**

At its November 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 November 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 of the fund. The Board also considered that, in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. The Board noted that the projected class-level management fee and proposed maximum class-level management fee rate for each New Class of the fund is below the median of its competitor funds. The Board also considered that the estimated total net expense ratio of each New Class of the fund is below the median of those funds and classes used by the Board for management fee comparisons.

The Board noted that the difference in management fee rates between classes of the fund is the result of separate arrangements for class-level services and/or waivers of certain expenses. The Board further noted that such differences are not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the projected management fee and estimated total expense ratio of each New Class of the fund was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by Fidelity in providing services to the fund and the level of Fidelity's profitability. At its November 2025 meeting, the Board concluded that it was satisfied that the profitability of Fidelity in connection with the operation of the fund was not excessive.

**Economies of Scale.** The Board considered that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the fund and of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is a potential realization of any further economies of scale and that it concluded, at its May 2025 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board will continue to review economies of scale in connection with future renewals of the Amended Contract.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory fee structure for the New Classes of the fund was fair and reasonable in light of all of the surrounding circumstances and that the fund's Amended Contract should be approved through May 31, 2026.

![](img126041_4.jpg)<br>

1.813640.121 SELHC-ANN-0426

**Fidelity® Select Portfolios®**

**Financials Sector**

**Banking Portfolio**

**Brokerage and Investment Management Portfolio**

**Financials Portfolio**

**FinTech Portfolio**

**Insurance Portfolio**

**Annual Report**

**February 28, 2026**

![](img126042_1.jpg)

![](img126042_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SELFIN-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Banking Portfolio](#Sub_Sec_Fund_507_SELFIN-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Brokerage and Investment Management Portfolio](#Sub_Sec_Fund_68_SELFIN-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financials Portfolio](#Sub_Sec_Fund_66_SELFIN-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[FinTech Portfolio](#Sub_Sec_Fund_198_SELFIN-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Insurance Portfolio](#Sub_Sec_Fund_145_SELFIN-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements507_SELFIN-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SELFIN-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SELFIN-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SELFIN-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SELFIN-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SELFIN-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SELFIN-ANN)** |

---

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

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

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

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Funds nor Fidelity Distributors Corporation is a bank.*

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

**Banking Portfolio**

**Schedule of Investments February 28, 2026**

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>|
| CYPRUS - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Phoenix Vega Mezz PLC  | 330200 | 21849 |
| Financial Services - 0.0% |  |  |
| Sunrisemezz PLC (b) | 47171 | 8249 |
| TOTAL CYPRUS |  | 30098 |
| PUERTO RICO - 2.8%  |  |  |
| Financials - 2.8% |  |  |
| Banks - 2.8% |  |  |
| Popular Inc  | 92200 | 12480192 |
| UNITED STATES - 96.9%  |  |  |
| Financials - 96.9% |  |  |
| Banks - 95.6% |  |  |
| 1st Source Corp  | 69581 | 4662623 |
| Associated Banc-Corp  | 516100 | 13630201 |
| Bank of America Corp  | 666876 | 33230431 |
| Banner Corp  | 153200 | 9015820 |
| BOK Financial Corp  | 128100 | 16104732 |
| Citigroup Inc  | 225800 | 24880902 |
| Community Financial System Inc  | 151700 | 9185435 |
| Community Trust Bancorp Inc  | 79376 | 4765735 |
| Community West Bancshares (a) | 301500 | 7003845 |
| East West Bancorp Inc  | 79500 | 8701275 |
| Eastern Bankshares Inc  | 763200 | 14928192 |
| FB Financial Corp (a) | 166500 | 9105885 |
| First Bancorp/Southern Pines NC (a) | 104270 | 5921493 |
| First Hawaiian Inc  | 264200 | 6541592 |
| First Interstate BancSystem Inc Class A (a) | 407934 | 14118596 |
| Huntington Bancshares Inc/OH  | 1052126 | 17675717 |
| KeyCorp  | 708800 | 14700512 |
| M&T Bank Corp  | 103060 | 22361959 |
| Old National Bancorp/IN  | 757701 | 17502893 |
| Seacoast Banking Corp of Florida  | 162700 | 5063224 |
| Sierra Bancorp (a) | 132800 | 4778144 |
| Southern Missouri Bancorp Inc  | 23200 | 1436312 |
| SOUTHSTATE BANK CORP  | 105420 | 10401791 |
| TriCo Bancshares  | 238387 | 11390131 |
| Truist Financial Corp  | 522500 | 25764475 |
| UMB Financial Corp  | 131880 | 15282254 |
| United Community Bank/SC  | 300700 | 9673519 |
| Univest Financial Corp  | 256359 | 8600844 |
| US Bancorp  | 442200 | 24170652 |
| Wells Fargo & Co  | 439792 | 35821059 |
| WesBanco Inc  | 287200 | 10014664 |
| Wintrust Financial Corp (a) | 60300 | 8686818 |
| Zions Bancorp NA  | 139700 | 8002016 |
|  |  | 433123741 |
| Capital Markets - 1.3% |  |  |
| State Street Corp  | 47300 | 6083726 |
| TOTAL UNITED STATES |  | 439207467 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $292,263,394) |  | <br> **451717757** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (c) | 3.70 | 1069141 | 1069355 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.69 | 13129127 | 13130440 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $14,199,795) |  |  | **14199795** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.8%**<br> (Cost $306,463,189)<br>| <br>**465917552** |
| **NET OTHER ASSETS (LIABILITIES) - (2.8)%**  | **(12821752)** |
| **NET ASSETS - 100.0%** | **453095800** |

---

**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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 798914 | 56435762 | 56165083 | 30555 | (238) | - | 1069355 | 1069141 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 26407740 | 266459978 | 279737417 | 4963 | 139 | - | 13130440 | 13129127 | 0.0% |
| Total | 27206654 | 322895740 | 335902500 | 35518 | (99) | - | 14199795 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 451717757 | 451717757 | - | - |
|  **Money Market Funds** | 14199795 | 14199795 | - | - |
| **Total Investments in Securities:** | 465917552 | 465917552 | - | - |

---

**Banking Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $12,129,620) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $292,263,394) | $451717757 |  |
| Fidelity Central Funds (cost $14,199,795) | 14199795 |  |
| Total Investment in Securities (cost $306,463,189) |  | $465917552 |
| Receivable for fund shares sold |  | 418993 |
| Dividends receivable |  | 559583 |
| Distributions receivable from Fidelity Central Funds |  | 2930 |
| Prepaid expenses |  | 237 |
| Other receivables |  | 3485 |
| **Total assets** |  | 466902780 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $374257 |  |
| Accrued management fee | 267381 |  |
| Other payables and accrued expenses | 35041 |  |
| Collateral on securities loaned | 13130301 |  |
| **Total liabilities** |  | 13806980 |
| **Net Assets**  |  | $453095800 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $284336022 |
| Total accumulated earnings (loss) |  | 168759778 |
| **Net Assets** |  | $453095800 |
| **Net Asset Value**, offering price and redemption price per share ($453,095,800 ÷ 13,359,437 shares) |  | $33.92 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $13187692 |
| Income from Fidelity Central Funds (including $4,963 from security lending)  |  | 35518 |
| Security lending |  | 1981 |
| **Total income** |  | 13225191 |
| **Expenses** |  |  |
| Management fee | $2911784 |  |
| Custodian fees and expenses | 20794 |  |
| Independent trustees' fees and expenses | 1712 |  |
| Registration fees | 48624 |  |
| Audit fees | 41435 |  |
| Legal | 1135 |  |
| Interest | 1000 |  |
| Miscellaneous | 1332 |  |
| **Total expenses** |  | 3027816 |
| **Net Investment income (loss)** |  | 10197375 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 39325246 |  |
| Fidelity Central Funds | (99) |  |
| Foreign currency transactions | 35 |  |
| Total net realized gain (loss) |  | 39325182 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 2659800 |
| **Net gain (loss)** |  | 41984982 |
| **Net increase (decrease) in net assets resulting from operations** |  | $52182357 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $10197375 | $10716714 |
| &nbsp;&nbsp;Net realized gain (loss) | 39325182<br>| 20780220<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2659800 | 97319761<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 52182357<br>| 128816695<br>|
| Distributions to shareholders | (39787559)<br>| (21394065)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 110113580 | 232522243 |
| Reinvestment of distributions | 36373933<br>| 19595404<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (213858706) | (237893182) |
| **Net increase (decrease) in net assets resulting from share transactions** | (67371193)<br>| 14224465<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (54976395)<br>| 121647095<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 508072195 | 386425100<br>|
| &nbsp;&nbsp;End of period | $453095800 | $508072195 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 3346595 | 7588363 |
| Issued in reinvestment of distributions | 1115623<br>| 636648<br>|
| &nbsp;&nbsp;Redeemed | (6781921) | (8115010) |
| &nbsp;&nbsp;Net increase (decrease) | (2319703) | 110001 |

---

**Financial Highlights** 

**Banking Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.40 | $24.82 | $26.24 | $31.37 | $26.31 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .75  | .72  | .75  | .61  | .58  |
| Net realized and unrealized gain (loss)  | 3.84  | 8.26  | (.83) D | (4.24)  | 5.48  |
| Total from investment operations  | 4.59  | 8.98  | (.08)  | (3.63)  | 6.06  |
| Distributions from net investment income  | (.83)  | (.74)  | (.74)  | (.67)  | (.54)  |
| Distributions from net realized gain  | (2.24)  | (.66)  | (.60)  | (.83)  | (.46)  |
| Total distributions  | (3.07)  | (1.40)  | (1.34)  | (1.50)  | (1.00)  |
| Net asset value, end of period  | $33.92 | $32.40 | $24.82 | $26.24 | $31.37 |
| **Total Return** E | 14.65% <br>| 36.51%  | .38% D | (11.27)%  | 23.37%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .69%  | .71%  | .77%  | .75%  | .73%  |
| Expenses net of fee waivers, if any  | .69% <br>| .71%  | .76%  | .74%  | .73%  |
| Expenses net of all reductions, if any  | .69%  | .71%  | .76%  | .74%  | .73%  |
| Net investment income (loss)  | 2.32%  | 2.44%  | 3.46%  | 2.29%  | 1.93%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $453096 | $508072 | $386425 | $429884 | $716834 |
| Portfolio turnover rate H | 25% <br>| 31%  | 48%  | 21%  | 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*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 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*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 February 28, 2026**

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 - 1.1%  |  |  |
| Financials - 1.1% |  |  |
| Capital Markets - 1.1% |  |  |
| Brookfield Asset Management Ltd Class A (United States)  | 238100 | 11131175 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Capital Markets - 0.6% |  |  |
| Patria Investments Ltd Class A (a) | 486172 | 6378577 |
| LUXEMBOURG - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| CVC Capital Partners PLC (c)(d) | 96213 | 1374455 |
| SWEDEN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| EQT AB  | 29400 | 912195 |
| UNITED KINGDOM - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Capital Markets - 1.0% |  |  |
| ICG PLC  | 439800 | 9951374 |
| UNITED STATES - 96.7%  |  |  |
| Financials - 96.7% |  |  |
| Capital Markets - 91.0% |  |  |
| Ameriprise Financial Inc  | 81500 | 38314780 |
| Ares Management Corp Class A  | 360900 | 40424409 |
| BGC Group Inc Class A  | 1877600 | 17874752 |
| Blackrock Inc  | 21600 | 22965768 |
| Blackstone Inc  | 321400 | 36437118 |
| Blue Owl Capital Inc Class A (a) | 4241000 | 44742550 |
| Carlyle Group Inc/The  | 455200 | 23665848 |
| Cboe Global Markets Inc  | 104338 | 31272185 |
| Charles Schwab Corp/The  | 823361 | 78383967 |
| CME Group Inc Class A  | 87500 | 27956250 |
| Coinbase Global Inc Class A (b) | 112800 | 19835880 |
| Evercore Inc Class A  | 55600 | 17171504 |
| Galaxy Digital Inc Class A (a) | 175800 | 3619722 |
| Houlihan Lokey Inc Class A  | 67300 | 11021721 |
| Interactive Brokers Group Inc Class A  | 436800 | 31095792 |
| Intercontinental Exchange Inc  | 349300 | 57330609 |
| Jefferies Financial Group Inc  | 262400 | 11650560 |
| KKR & Co Inc Class A  | 576475 | 50545328 |
| LPL Financial Holdings Inc  | 93600 | 28115568 |
| MarketAxess Holdings Inc  | 74300 | 14265600 |
| Moelis & Co Class A (a) | 94700 | 5621392 |
| Moody's Corp  | 165400 | 78993386 |
| MSCI Inc  | 39000 | 22301370 |
| Nasdaq Inc  | 262600 | 22998508 |
| Open Lending Corp (b) | 171300 | 227829 |
| PJT Partners Inc Class A (a) | 68712 | 10147388 |
| Raymond James Financial Inc  | 181400 | 27768712 |
| Ridgepost Capital Inc Class A  | 174100 | 1404987 |
| Robinhood Markets Inc Class A (b) | 430700 | 32668595 |
| S&P Global Inc  | 95600 | 42243728 |
| SEI Investments Co  | 124400 | 10116208 |
| StepStone Group Inc Class A (a) | 172100 | 7424394 |
| TPG Inc Class A  | 279300 | 12127206 |
| Tradeweb Markets Inc Class A  | 146700 | 18081509 |
|  |  | 898815123 |
| Financial Services - 5.7% |  |  |
| Apollo Global Management Inc  | 539761 | 56459001 |
| TOTAL UNITED STATES |  | 955274124 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $590,952,905) |  | <br> **985021900** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.9%** | &nbsp;&nbsp;**Money Market Funds - 6.9%** | &nbsp;&nbsp;**Money Market Funds - 6.9%** | &nbsp;&nbsp;**Money Market Funds - 6.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.70 | 1673692 | 1674027 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 3.69 | 66079888 | 66086496 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $67,760,523) |  |  | **67760523** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 106.5%**<br> (Cost $658,713,428)<br>| <br>**1052782423** |
| **NET OTHER ASSETS (LIABILITIES) - (6.5)%**  | **(64241358)** |
| **NET ASSETS - 100.0%** | **988541065** |

---

**Legend**

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

(b) Non-income producing.

(c) Security exempt from registration under 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 $1,374,455 or 0.1% 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 $1,374,455 or 0.1% of net assets.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | - | 153029008 | 151354893 | 127516 | (88) | - | 1674027 | 1673692 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 98917912 | 1031505930 | 1064336256 | 56816 | (1089) | (1) | 66086496 | 66079888 | 0.2% |
| Total | 98917912 | 1184534938 | 1215691149 | 184332 | (1177) | (1) | 67760523 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 985021900 | 985021900 | - | - |
|  **Money Market Funds** | 67760523 | 67760523 | - | - |
| **Total Investments in Securities:** | 1052782423 | 1052782423 | - | - |

---

**Brokerage and Investment Management Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $60,922,527) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $590,952,905) | $985021900 |  |
| Fidelity Central Funds (cost $67,760,523) | 67760523 |  |
| Total Investment in Securities (cost $658,713,428) |  | $1052782423 |
| Receivable for investments sold |  | 1185937 |
| Receivable for fund shares sold |  | 896173 |
| Dividends receivable |  | 1873867 |
| Distributions receivable from Fidelity Central Funds |  | 11453 |
| Prepaid expenses |  | 770 |
| Other receivables |  | 85504 |
| **Total assets** |  | 1056836127 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1528238 |  |
| Accrued management fee | 563803 |  |
| Other payables and accrued expenses | 115436 |  |
| Collateral on securities loaned | 66087585 |  |
| **Total liabilities** |  | 68295062 |
| **Net Assets**  |  | $988541065 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $586145472 |
| Total accumulated earnings (loss) |  | 402395593 |
| **Net Assets** |  | $988541065 |
| **Net Asset Value**, offering price and redemption price per share ($988,541,065 ÷ 5,972,348 shares) |  | $165.52 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $14567735 |
| Income from Fidelity Central Funds (including $56,816 from security lending)  |  | 184332 |
| Security lending |  | 2411 |
| **Total income** |  | 14754478 |
| **Expenses** |  |  |
| Management fee | $8400231 |  |
| Custodian fees and expenses | 19066 |  |
| Independent trustees' fees and expenses | 5119 |  |
| Registration fees | 71654 |  |
| Audit fees | 43740 |  |
| Legal | 569 |  |
| Interest | 14978 |  |
| Miscellaneous | 4385 |  |
| **Total expenses** |  | 8559742 |
| **Net Investment income (loss)** |  | 6194736 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 46057407 |  |
| Fidelity Central Funds | (1177) |  |
| Foreign currency transactions | (12131) |  |
| Total net realized gain (loss) |  | 46044099 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (166233410) |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 3765 |  |
| Total change in net unrealized appreciation (depreciation) |  | (166229646) |
| **Net gain (loss)** |  | (120185547) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(113990811) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6194736 | $7055289 |
| &nbsp;&nbsp;Net realized gain (loss) | 46044099<br>| 29915287<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (166229646) | 210092115<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (113990811)<br>| 247062691<br>|
| Distributions to shareholders | (8144216)<br>| (8493406)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 268781826 | 641899848 |
| Reinvestment of distributions | 7041404<br>| 7501466<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (642679578) | (246862940) |
| **Net increase (decrease) in net assets resulting from share transactions** | (366856348)<br>| 402538374<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (488991375)<br>| 641107659<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1477532440 | 836424781<br>|
| &nbsp;&nbsp;End of period | $988541065 | $1477532440 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1441736 | 3596414 |
| Issued in reinvestment of distributions | 36484<br>| 40584<br>|
| &nbsp;&nbsp;Redeemed | (3543007) | (1491076) |
| &nbsp;&nbsp;Net increase (decrease) | (2064787) | 2145922 |

---

**Financial Highlights** 

**Brokerage and Investment Management Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $183.84 | $141.98 | $115.04 | $121.01 | $100.99 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .89  | 1.12  | 1.50  | 1.45  | 1.31  |
| Net realized and unrealized gain (loss)  | (17.93)  | 42.00  | 27.09  | (5.19)  | 20.54  |
| Total from investment operations  | (17.04)  | 43.12  | 28.59  | (3.74)  | 21.85  |
| Distributions from net investment income  | (1.28)  | (1.26)  | (1.65)  | (1.83)  | (.83)  |
| Distributions from net realized gain  | -  | -  | -  | (.41)  | (1.01)  |
| Total distributions  | (1.28)  | (1.26)  | (1.65)  | (2.23) D | (1.83) D |
| Net asset value, end of period  | $165.52 | $183.84 | $141.98 | $115.04 | $121.01 |
| **Total Return** E | (9.37)% <br>| 30.36%  | 24.95%  | (2.98)%  | 21.70%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .66%  | .69%  | .76%  | .75%  | .74%  |
| Expenses net of fee waivers, if any  | .66% <br>| .68%  | .75%  | .74%  | .74%  |
| Expenses net of all reductions, if any  | .66%  | .68%  | .75%  | .74%  | .74%  |
| Net investment income (loss)  | .48%  | .68%  | 1.28%  | 1.33%  | 1.06%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $988541 | $1477532 | $836425 | $812973 | $1209722 |
| Portfolio turnover rate H | 10% <br>| 16%  | 36%  | 4%  | 3%  |

---

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*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*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 February 28, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 100.8%** | &nbsp;&nbsp;**Common Stocks - 100.8%** | &nbsp;&nbsp;**Common Stocks - 100.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Insurance - 0.7% |  |  |
| AUB Group Ltd  | 395801 | 7137563 |
| FRANCE - 1.5%  |  |  |
| Financials - 1.5% |  |  |
| Capital Markets - 1.5% |  |  |
| Amundi SA (c)(d) | 147800 | 14154611 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Capital Markets - 0.8% |  |  |
| Patria Investments Ltd Class A (a) | 621600 | 8155392 |
| MEXICO - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Capital Markets - 0.5% |  |  |
| Bolsa Mexicana de Valores SAB de CV  | 2215900 | 4894485 |
| PUERTO RICO - 1.2%  |  |  |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| Popular Inc  | 86600 | 11722176 |
| UNITED KINGDOM - 2.3%  |  |  |
| Financials - 2.3% |  |  |
| Insurance - 2.3% |  |  |
| Hiscox Ltd  | 675100 | 14083681 |
| Lancashire Holdings Ltd  | 894492 | 8076596 |
| TOTAL UNITED KINGDOM |  | 22160277 |
| UNITED STATES - 93.8%  |  |  |
| Financials - 92.6% |  |  |
| Banks - 35.1% |  |  |
| Associated Banc-Corp  | 342100 | 9034861 |
| Bank of America Corp  | 1267200 | 63144576 |
| BOK Financial Corp (a) | 95400 | 11993688 |
| Citigroup Inc  | 310400 | 34202976 |
| East West Bancorp Inc  | 68600 | 7508270 |
| Eastern Bankshares Inc  | 514100 | 10055796 |
| First Hawaiian Inc  | 234300 | 5801268 |
| First Interstate BancSystem Inc Class A (a) | 317421 | 10985941 |
| KeyCorp  | 467600 | 9698024 |
| M&T Bank Corp (a) | 80537 | 17474918 |
| Old National Bancorp/IN  | 590500 | 13640550 |
| TriCo Bancshares  | 167300 | 7993594 |
| Truist Financial Corp  | 410600 | 20246686 |
| UMB Financial Corp  | 96358 | 11165965 |
| United Community Bank/SC (a) | 182700 | 5877459 |
| US Bancorp  | 346000 | 18912360 |
| Wells Fargo & Co  | 778490 | 63408011 |
| WesBanco Inc  | 184500 | 6433515 |
| Wintrust Financial Corp  | 59400 | 8557164 |
| Zions Bancorp NA  | 86200 | 4937536 |
|  |  | 341073158 |
| Capital Markets - 22.6% |  |  |
| Blue Owl Capital Inc Class A (a) | 921800 | 9724990 |
| Carlyle Group Inc/The  | 132400 | 6883476 |
| Charles Schwab Corp/The  | 314300 | 29921360 |
| KKR & Co Inc Class A  | 216700 | 19000256 |
| Lazard Inc  | 247592 | 12528155 |
| LPL Financial Holdings Inc  | 100 | 30037 |
| MarketAxess Holdings Inc  | 62200 | 11942400 |
| Moody's Corp  | 31600 | 15091844 |
| Morgan Stanley  | 145200 | 24177252 |
| Nasdaq Inc  | 168300 | 14739714 |
| Northern Trust Corp  | 76900 | 11003621 |
| Perella Weinberg Partners Class A  | 214523 | 3970821 |
| Raymond James Financial Inc  | 74100 | 11343228 |
| State Street Corp  | 243300 | 31293246 |
| Stifel Financial Corp  | 450 | 33323 |
| Virtu Financial Inc Class A (a) | 400100 | 16568141 |
| Wealthfront Corp (b) | 116600 | 967780 |
|  |  | 219219644 |
| Consumer Finance - 4.5% |  |  |
| Capital One Financial Corp  | 114946 | 22488035 |
| FirstCash Holdings Inc  | 66311 | 12784098 |
| SLM Corp (a) | 456700 | 8558558 |
|  |  | 43830691 |
| Financial Services - 14.1% |  |  |
| Apollo Global Management Inc (a) | 184636 | 19312926 |
| Corpay Inc (b) | 42700 | 13881770 |
| Essent Group Ltd  | 100 | 6084 |
| Mastercard Inc Class A  | 175800 | 90925518 |
| PayPal Holdings Inc  | 900 | 41589 |
| Voya Financial Inc (a) | 197000 | 13175360 |
|  |  | 137343247 |
| Insurance - 16.3% |  |  |
| American Financial Group Inc/OH  | 91500 | 12167670 |
| Arthur J Gallagher & Co (a) | 65600 | 14969920 |
| Assurant Inc  | 60000 | 13775400 |
| Baldwin Insurance Group Inc/The Class A (a)(b) | 435111 | 10107629 |
| Brown & Brown Inc (a) | 158700 | 11397834 |
| Chubb Ltd  | 83300 | 28393638 |
| First American Financial Corp  | 203522 | 14268927 |
| Neptune Insurance Holdings Inc Class A  | 600 | 12492 |
| Reinsurance Group of America Inc  | 196593 | 42411008 |
| Selective Insurance Group Inc  | 134300 | 11286572 |
|  |  | 158791090 |
| TOTAL FINANCIALS |  | 900257830 |
| Industrials - 1.2% |  |  |
| Professional Services - 1.2% |  |  |
| TransUnion (a) | 143500 | 11271925 |
| TOTAL UNITED STATES |  | 911529755 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $711,051,492) |  | <br> **979754259** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.0%** | &nbsp;&nbsp;**Money Market Funds - 8.0%** | &nbsp;&nbsp;**Money Market Funds - 8.0%** | &nbsp;&nbsp;**Money Market Funds - 8.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.70 | 399967 | 400047 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 3.69 | 76945785 | 76953480 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $77,353,527) |  |  | **77353527** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 108.8%**<br> (Cost $788,405,019)<br>| <br>**1057107786** |
| **NET OTHER ASSETS (LIABILITIES) - (8.8)%**  | **(85374718)** |
| **NET ASSETS - 100.0%** | **971733068** |

---

**Legend**

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

(b) Non-income producing.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $14,154,611 or 1.5% of net assets.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $14,154,611 or 1.5% of net assets.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 139754436 | 144050121 | 91311 | (148) | - | 400047 | 399967 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 51068928 | 870204644 | 844318330 | 221012 | (1762) | - | 76953480 | 76945785 | 0.2% |
| Total | 55764808 | 1009959080 | 988368451 | 312323 | (1910) | - | 77353527 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 968482334 | 968482334 | - | - |
| Industrials | 11271925 | 11271925 | - | - |
|  **Money Market Funds** | 77353527 | 77353527 | - | - |
| **Total Investments in Securities:** | 1057107786 | 1057107786 | - | - |

---

**Financials Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $74,475,197) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $711,051,492) | $979754259 |  |
| Fidelity Central Funds (cost $77,353,527) | 77353527 |  |
| Total Investment in Securities (cost $788,405,019) |  | $1057107786 |
| Receivable for investments sold |  | 23726 |
| Receivable for fund shares sold |  | 562676 |
| Dividends receivable |  | 1640022 |
| Distributions receivable from Fidelity Central Funds |  | 8700 |
| Prepaid expenses |  | 595 |
| Other receivables |  | 6037 |
| **Total assets** |  | 1059349542 |
| **Liabilities** |  |  |
| Payable to custodian bank  | $23726 |  |
| Payable for investments purchased  | 1113659 |  |
| Payable for fund shares redeemed | 8927067 |  |
| Accrued management fee | 559872 |  |
| Other payables and accrued expenses | 36908 |  |
| Collateral on securities loaned | 76955242 |  |
| **Total liabilities** |  | 87616474 |
| **Net Assets**  |  | $971733068 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $692702396 |
| Total accumulated earnings (loss) |  | 279030672 |
| **Net Assets** |  | $971733068 |
| **Net Asset Value**, offering price and redemption price per share ($971,733,068 ÷ 63,580,369 shares) |  | $15.28 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $23341953 |
| Income from Fidelity Central Funds (including $221,012 from security lending)  |  | 312323 |
| Security lending |  | 4358 |
| **Total income** |  | 23658634 |
| **Expenses** |  |  |
| Management fee | $6877164 |  |
| Custodian fees and expenses | 26546 |  |
| Independent trustees' fees and expenses | 3989 |  |
| Registration fees | 81727 |  |
| Audit fees | 44498 |  |
| Legal | 446 |  |
| Interest | 19217 |  |
| Miscellaneous | 3425 |  |
| **Total expenses** |  | 7057012 |
| **Net Investment income (loss)** |  | 16601622 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 57918723 |  |
| Fidelity Central Funds | (1910) |  |
| Foreign currency transactions | (19388) |  |
| Total net realized gain (loss) |  | 57897425 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (30016814) |  |
| Assets and liabilities in foreign currencies | 1356 |  |
| Total change in net unrealized appreciation (depreciation) |  | (30015458) |
| **Net gain (loss)** |  | 27881967 |
| **Net increase (decrease) in net assets resulting from operations** |  | $44483589 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $16601622 | $14009630 |
| &nbsp;&nbsp;Net realized gain (loss) | 57897425<br>| 60997289<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (30015458) | 153342316<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 44483589<br>| 228349235<br>|
| Distributions to shareholders | (73367424)<br>| (55332364)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 251268739 | 402105545 |
| Reinvestment of distributions | 67552666<br>| 50916288<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (434536310) | (208017429) |
| **Net increase (decrease) in net assets resulting from share transactions** | (115714905)<br>| 245004404<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (144598740)<br>| 418021275<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1116331808 | 698310533<br>|
| &nbsp;&nbsp;End of period | $971733068 | $1116331808 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 16169390 | 26597564 |
| Issued in reinvestment of distributions | 4386863<br>| 3416909<br>|
| &nbsp;&nbsp;Redeemed | (28193146) | (14673185) |
| &nbsp;&nbsp;Net increase (decrease) | (7636893) | 15341288 |

---

**Financial Highlights** 

**Financials Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.68 | $12.50 | $11.51 | $13.23 | $11.26 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .25  | .24  | .26  | .24  | .25  |
| Net realized and unrealized gain (loss)  | .50  | 3.84  | 1.09  | (.74)  | 2.26  |
| Total from investment operations  | .75  | 4.08  | 1.35  | (.50)  | 2.51  |
| Distributions from net investment income  | (.28)  | (.24)  | (.25)  | (.23)  | (.26)  |
| Distributions from net realized gain  | (.87)  | (.66)  | (.11)  | (.98)  | (.28)  |
| Total distributions  | (1.15)  | (.90)  | (.36)  | (1.22) D | (.54)  |
| Net asset value, end of period  | $15.28 | $15.68 | $12.50 | $11.51 | $13.23 |
| **Total Return** E | 4.77% <br>| 33.07%  | 12.15%  | (3.30)%  | 22.47%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .68%  | .69%  | .76%  | .75%  | .73%  |
| Expenses net of fee waivers, if any  | .68% <br>| .69%  | .76%  | .75%  | .72%  |
| Expenses net of all reductions, if any  | .68%  | .69%  | .76%  | .75%  | .72%  |
| Net investment income (loss)  | 1.59%  | 1.70%  | 2.43%  | 2.12%  | 1.89%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $971733 | $1116332 | $698311 | $731159 | $819910 |
| Portfolio turnover rate H | 37% <br>| 35%  | 66%  | 46%  | 53%  |

---

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*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*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 February 28, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 100.0%** | &nbsp;&nbsp;**Common Stocks - 100.0%** | &nbsp;&nbsp;**Common Stocks - 100.0%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Pagseguro Digital Ltd Class A  | 24731 | 262396 |
| CANADA - 9.0%  |  |  |
| Information Technology - 9.0% |  |  |
| IT Services - 9.0% |  |  |
| Shopify Inc Class A (a) | 61989 | 7483398 |
| NETHERLANDS - 3.7%  |  |  |
| Financials - 3.7% |  |  |
| Financial Services - 3.7% |  |  |
| Adyen NV (a)(c)(d) | 2600 | 3053253 |
| UNITED KINGDOM - 4.3%  |  |  |
| Financials - 4.3% |  |  |
| Capital Markets - 4.3% |  |  |
| Marex Group PLC  | 81800 | 3555028 |
| UNITED STATES - 80.4%  |  |  |
| Financials - 73.7% |  |  |
| Banks - 1.9% |  |  |
| Bancorp Inc/The (a) | 30071 | 1578426 |
| Capital Markets - 7.6% |  |  |
| Coinbase Global Inc Class A (a) | 14600 | 2567410 |
| Galaxy Digital Inc Class A  | 98800 | 2034292 |
| Interactive Brokers Group Inc Class A  | 24998 | 1779608 |
|  |  | 6381310 |
| Consumer Finance - 20.0% |  |  |
| American Express Co  | 27126 | 8379222 |
| Capital One Financial Corp  | 28378 | 5551872 |
| Dave Inc Class A (a) | 9100 | 1758757 |
| Figure Technology Solutions Inc Class A (b) | 40123 | 1014309 |
|  |  | 16704160 |
| Financial Services - 44.2% |  |  |
| Affirm Holdings Inc Class A (a) | 30155 | 1416682 |
| Block Inc Class A (a) | 97800 | 6229860 |
| Mastercard Inc Class A  | 8012 | 4143887 |
| Remitly Global Inc (a) | 205026 | 3423934 |
| Rocket Cos Inc Class A  | 190849 | 3471543 |
| Toast Inc Class A (a) | 143000 | 3905330 |
| Visa Inc Class A  | 44469 | 14236306 |
|  |  | 36827542 |
| TOTAL FINANCIALS |  | 61491438 |
| Information Technology - 6.7% |  |  |
| Software - 6.7% |  |  |
| Intuit Inc  | 7600 | 3108628 |
| Strategy Inc Class A (a) | 19500 | 2525250 |
| TOTAL INFORMATION TECHNOLOGY |  | 5633878 |
| TOTAL UNITED STATES |  | 67125316 |
| URUGUAY - 2.4%  |  |  |
| Financials - 2.4% |  |  |
| Financial Services - 2.4% |  |  |
| Dlocal Ltd/Uruguay Class A  | 166800 | 2041632 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $66,053,270) |  | <br> **83521023** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.3%** | &nbsp;&nbsp;**Money Market Funds - 3.3%** | &nbsp;&nbsp;**Money Market Funds - 3.3%** | &nbsp;&nbsp;**Money Market Funds - 3.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.70 | 216230 | 216273 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 3.69 | 2526072 | 2526325 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,742,598) |  |  | **2742598** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.3%**<br> (Cost $68,795,868)<br>| <br>**86263621** |
| **NET OTHER ASSETS (LIABILITIES) - (3.3)%**  | **(2723995)** |
| **NET ASSETS - 100.0%** | **83539626** |

---

**Legend**

(a) Non-income producing.

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,053,253 or 3.7% 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 $3,053,253 or 3.7% 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 44044687 | 44421524 | 18436 | 73 | 1 | 216273 | 216230 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1269650 | 33694503 | 32437715 | 2708 | (113) | - | 2526325 | 2526072 | 0.0% |
| Total | 1862686 | 77739190 | 76859239 | 21144 | (40) | 1 | 2742598 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 70403747 | 67350494 | 3053253 | - |
| Information Technology | 13117276 | 13117276 | - | - |
|  **Money Market Funds** | 2742598 | 2742598 | - | - |
| **Total Investments in Securities:** | 86263621 | 83210368 | 3053253 | - |

---

**FinTech Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,837,856) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $66,053,270) | $83521023 |  |
| Fidelity Central Funds (cost $2,742,598) | 2742598 |  |
| Total Investment in Securities (cost $68,795,868) |  | $86263621 |
| Receivable for investments sold |  | 15711096 |
| Receivable for fund shares sold |  | 308579 |
| Dividends receivable |  | 56641 |
| Distributions receivable from Fidelity Central Funds |  | 2005 |
| Prepaid expenses |  | 56 |
| Other receivables |  | 1096 |
| **Total assets** |  | 102343094 |
| **Liabilities** |  |  |
| Payable to custodian bank  | $284568 |  |
| Payable for investments purchased  | 15515392 |  |
| Payable for fund shares redeemed | 394633 |  |
| Accrued management fee | 47448 |  |
| Other payables and accrued expenses | 35102 |  |
| Collateral on securities loaned | 2526325 |  |
| **Total liabilities** |  | 18803468 |
| **Net Assets**  |  | $83539626 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $104935687 |
| Total accumulated earnings (loss) |  | (21396061) |
| **Net Assets** |  | $83539626 |
| **Net Asset Value**, offering price and redemption price per share ($83,539,626 ÷ 5,325,148 shares) |  | $15.69 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $629003 |
| Income from Fidelity Central Funds (including $2,708 from security lending)  |  | 21144 |
| **Total income** |  | 650147 |
| **Expenses** |  |  |
| Management fee | $664186 |  |
| Custodian fees and expenses | 10369 |  |
| Independent trustees' fees and expenses | 403 |  |
| Registration fees | 22495 |  |
| Audit fees | 43643 |  |
| Legal | 1323 |  |
| Miscellaneous | 346 |  |
| **Total expenses** |  | 742765 |
| **Net Investment income (loss)** |  | (92618) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4109265 |  |
| Fidelity Central Funds | (40) |  |
| Foreign currency transactions | 3053 |  |
| Total net realized gain (loss) |  | 4112278 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (27709099) |  |
| Fidelity Central Funds  | 1 |  |
| Assets and liabilities in foreign currencies | (3942) |  |
| Total change in net unrealized appreciation (depreciation) |  | (27713040) |
| **Net gain (loss)** |  | (23600762) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(23693380) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(92618) | $(51392) |
| &nbsp;&nbsp;Net realized gain (loss) | 4112278<br>| 2139758<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (27713040) | 13680541<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (23693380)<br>| 15768907<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 28538720 | 34894898 |
| &nbsp;&nbsp;Cost of shares redeemed | (44531288) | (39175698) |
| **Net increase (decrease) in net assets resulting from share transactions** | (15992568)<br>| (4280800)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (39685948)<br>| 11488107<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 123225574 | 111737467<br>|
| &nbsp;&nbsp;End of period | $83539626 | $123225574 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1535494 | 1836189 |
| &nbsp;&nbsp;Redeemed | (2384689) | (2221890) |
| &nbsp;&nbsp;Net increase (decrease) | (849195) | (385701) |

---

**Financial Highlights** 

**FinTech Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.96 | $17.03 | $13.73 | $16.06 | $19.37 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.02)  | (.01)  | - D | - D | .14 E |
| Net realized and unrealized gain (loss)  | (4.25)  | 2.94  | 3.30  | (2.33)  | .04 F |
| Total from investment operations  | (4.27)  | 2.93  | 3.30  | (2.33)  | .18  |
| Distributions from net investment income  | -  | -  | -  | -  | (.25)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (3.24)  |
| Total distributions  | -  | -  | -  | -  | (3.49)  |
| Net asset value, end of period  | $15.69 | $19.96 | $17.03 | $13.73 | $16.06 |
| **Total Return** G | (21.39)% <br>| 17.20%  | 24.03%  | (14.51)%  | (.75)% F |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |
| Expenses before reductions  | .74%  | .75%  | .87%  | .87%  | .81%  |
| Expenses net of fee waivers, if any  | .74% <br>| .75%  | .86%  | .87%  | .81%  |
| Expenses net of all reductions, if any  | .74%  | .75%  | .86%  | .87%  | .81%  |
| Net investment income (loss)  | (.09)%  | (.05)%  | (.03)%  | (.03)%  | .63% E |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $83540 | $123226 | $111737 | $107578 | $161851 |
| Portfolio turnover rate J | 239% <br>| 44%  | 43%  | 15%  | 164%  |

---

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 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)%.*

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*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 February 28, 2026**

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 KINGDOM - 2.3%  |  |  |
| Financials - 2.3% |  |  |
| Insurance - 2.3% |  |  |
| Hiscox Ltd  | 731290 | 15255895 |
| UNITED STATES - 97.3%  |  |  |
| Financials - 97.3% |  |  |
| Financial Services - 3.3% |  |  |
| Corebridge Financial Inc (a) | 383049 | 9897986 |
| Voya Financial Inc  | 182088 | 12178046 |
|  |  | 22076032 |
| Insurance - 94.0% |  |  |
| Allstate Corp/The  | 92000 | 19735840 |
| American Financial Group Inc/OH  | 240500 | 31981690 |
| American International Group Inc  | 45100 | 3630099 |
| Aon PLC  | 93100 | 31232257 |
| Arch Capital Group Ltd (b) | 324600 | 32508690 |
| Arthur J Gallagher & Co  | 218400 | 49838880 |
| Brown & Brown Inc  | 177200 | 12726504 |
| Chubb Ltd  | 269405 | 91829388 |
| Everest Group Ltd  | 58500 | 19626165 |
| Hanover Insurance Group Inc/The  | 72408 | 13079057 |
| Hartford Insurance Group Inc/The  | 315700 | 44460031 |
| Marsh & McLennan Cos Inc  | 153900 | 28739286 |
| MetLife Inc  | 406141 | 29270582 |
| Primerica Inc  | 65361 | 16579471 |
| Progressive Corp/The  | 296000 | 63243360 |
| Reinsurance Group of America Inc  | 194800 | 42024204 |
| Selective Insurance Group Inc  | 183500 | 15421340 |
| Travelers Companies Inc/The  | 113600 | 35061504 |
| Unum Group  | 265700 | 19058661 |
| Willis Towers Watson PLC  | 98574 | 30081828 |
|  |  | 630128837 |
| TOTAL UNITED STATES |  | 652204869 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $479,288,075) |  | <br> **667460764** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.70 | 3541078 | 3541787 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.69 | 336266 | 336299 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $3,878,086) |  |  | **3878086** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $483,166,161)<br>| <br>**671338850** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(942362)** |
| **NET ASSETS - 100.0%** | **670396488** |

---

**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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 278264042 | 281383043 | 140384 | 98 | (1) | 3541787 | 3541078 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 34750849 | 34414549 | 6168 | (1) | - | 336299 | 336266 | 0.0% |
| Total | 6660691 | 313014891 | 315797592 | 146552 | 97 | (1) | 3878086 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 667460764 | 667460764 | - | - |
|  **Money Market Funds** | 3878086 | 3878086 | - | - |
| **Total Investments in Securities:** | 671338850 | 671338850 | - | - |

---

**Insurance Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $304,912) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $479,288,075) | $667460764 |  |
| Fidelity Central Funds (cost $3,878,086) | 3878086 |  |
| Total Investment in Securities (cost $483,166,161) |  | $671338850 |
| Receivable for fund shares sold |  | 185551 |
| Dividends receivable |  | 705448 |
| Distributions receivable from Fidelity Central Funds |  | 6727 |
| Prepaid expenses |  | 530 |
| Other receivables |  | 2997 |
| **Total assets** |  | 672240103 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $295101 |  |
| Payable for fund shares redeemed | 806873 |  |
| Accrued management fee | 368427 |  |
| Other payables and accrued expenses | 36914 |  |
| Collateral on securities loaned | 336300 |  |
| **Total liabilities** |  | 1843615 |
| **Net Assets**  |  | $670396488 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $471126684 |
| Total accumulated earnings (loss) |  | 199269804 |
| **Net Assets** |  | $670396488 |
| **Net Asset Value**, offering price and redemption price per share ($670,396,488 ÷ 7,459,643 shares) |  | $89.87 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $14514497 |
| Special dividends |  | 4271400 |
| Income from Fidelity Central Funds (including $6,168 from security lending)  |  | 146552 |
| **Total income** |  | 18932449 |
| **Expenses** |  |  |
| Management fee | $5797034 |  |
| Custodian fees and expenses | 13974 |  |
| Independent trustees' fees and expenses | 3519 |  |
| Registration fees | 79582 |  |
| Audit fees | 43708 |  |
| Legal | 415 |  |
| Interest | 3105 |  |
| Miscellaneous | 3151 |  |
| **Total expenses** |  | 5944488 |
| **Net Investment income (loss)** |  | 12987961 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 27684518 |  |
| Fidelity Central Funds | 97 |  |
| Foreign currency transactions | 20559 |  |
| Total net realized gain (loss) |  | 27705174 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (86630222) |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 7561 |  |
| Total change in net unrealized appreciation (depreciation) |  | (86622662) |
| **Net gain (loss)** |  | (58917488) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(45929527) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $12987961 | $10174873 |
| &nbsp;&nbsp;Net realized gain (loss) | 27705174<br>| 53204387<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (86622662) | 104998587<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (45929527)<br>| 168377847<br>|
| Distributions to shareholders | (25517481)<br>| (72132916)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 323286469 | 577141867 |
| Reinvestment of distributions | 23113839<br>| 65808680<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (563524471) | (380121521) |
| **Net increase (decrease) in net assets resulting from share transactions** | (217124163)<br>| 262829026<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (288571171)<br>| 359073957<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 958967659 | 599893702<br>|
| &nbsp;&nbsp;End of period | $670396488 | $958967659 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 3453924 | 6314230 |
| Issued in reinvestment of distributions | 254040<br>| 747919<br>|
| &nbsp;&nbsp;Redeemed | (6165275) | (4188755) |
| &nbsp;&nbsp;Net increase (decrease) | (2457311) | 2873394 |

---

**Financial Highlights** 

**Insurance Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $96.70 | $85.17 | $75.40 | $69.86 | $61.17 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.37 D | 1.14 E | .99  | .63  | .78  |
| Net realized and unrealized gain (loss)  | (5.18)  | 18.25  | 15.28  | 5.46  | 13.73  |
| Total from investment operations  | (3.81)  | 19.39  | 16.27  | 6.09  | 14.51  |
| Distributions from net investment income  | (1.13)  | (1.02)  | (.85)  | (.55)  | (.89)  |
| Distributions from net realized gain  | (1.90)  | (6.84)  | (5.66)  | -  | (4.93)  |
| Total distributions  | (3.02) F | (7.86)  | (6.50) F | (.55)  | (5.82)  |
| Net asset value, end of period  | $89.87 | $96.70 | $85.17 | $75.40 | $69.86 |
| **Total Return** G | (3.96)% <br>| 23.96%  | 23.26%  | 8.75%  | 24.68%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |
| Expenses before reductions  | .68%  | .69%  | .80%  | .81%  | .78%  |
| Expenses net of fee waivers, if any  | .68% <br>| .69%  | .79%  | .81%  | .78%  |
| Expenses net of all reductions, if any  | .68%  | .69%  | .79%  | .81%  | .78%  |
| Net investment income (loss)  | 1.48% D | 1.25% E | 1.32%  | .90%  | 1.16%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $670396 | $958968 | $599894 | $474461 | $245931 |
| Portfolio turnover rate J | 48% <br>| 55%  | 80%  | 48%  | 15%  |

---

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 $.45 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.00%.*

E*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%.*

F*Total distributions per share do not sum due to rounding.*

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*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**

For the period ended February 28, 2026

**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.

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| | | | | |
|:---|:---|:---|:---|:---|
| **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% |

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*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 February 28, 2026 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, 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. Large, non-recurring dividends recognized by the Funds 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, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable, as applicable. 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.

**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. As of February 28, 2026, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. 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 foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred Trustee compensation, net operating losses, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation) ($)** |
| **Banking Portfolio** | 307469634 | 160081490 | (1633572) | 158447918 |
| **Brokerage and Investment Management Portfolio**  | 660987890 | 446979768 | (55185235) | 391794533 |
| **Financials Portfolio** | 790267107 | 299799862 | (32959183) | 266840679 |
| **FinTech Portfolio** | 77057511 | 14726682 | (5520572) | 9206110 |
| **Insurance Portfolio** | 483942968 | 208911910 | (21516028) | 187395882 |

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The tax-based components of distributable earnings as of period end were as follows for each Fund:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Undistributed long-term capital gain ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Banking Portfolio** | 960741 | 9351120 | - | 158447918 |
| **Brokerage and Investment Management Portfolio**  | - | 14276519 | - | 391796211 |
| **Financials Portfolio** | 1549195 | 10642102 | - | 266839377 |
| **FinTech Portfolio** | - | - | (30602171) | 9206110 |
| **Insurance Portfolio** | 4523797 | 7347212 | - | 187398795 |

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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 fiscal period end and is subject to adjustment.

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| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **FinTech Portfolio** | (27307588) | (3294583) | (30602171) |

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Certain of the Funds intend to elect to defer to the next fiscal year ordinary losses recognized during the period January 1, 2026 to February 28, 2026. Loss deferrals were as follows:

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| | |
|:---|:---|
|  | **Ordinary losses ($)** |
| **Brokerage and Investment Management Portfolio** | (344947) |

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The tax character of distributions paid was as follows:

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| | | | |
|:---|:---|:---|:---|
| **February 28, 2026** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Banking Portfolio** | 10684025 | 29103534 | 39787559 |
| **Brokerage and Investment Management Portfolio**  | 8144216 | - | 8144216 |
| **Financials Portfolio** | 25737295 | 47630129 | 73367424 |
| **FinTech Portfolio** | - | - | - |
| **Insurance Portfolio** | 9189736 | 16327745 | 25517481 |

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| | | | |
|:---|:---|:---|:---|
| **February 29, 2025** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Banking Portfolio** | 11565716 | 9828349 | 21394065 |
| **Brokerage and Investment Management Portfolio**  | 8493406 | - | 8493406 |
| **Financials Portfolio** | 27134092 | 28198272 | 55332364 |
| **FinTech Portfolio** | - | - | - |
| **Insurance Portfolio** | 36569650 | 35563266 | 72132916 |

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**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.

**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.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Banking Portfolio** | 108676527 | 206320564 |
| **Brokerage and Investment Management Portfolio** | 132582446 | 500067709 |
| **Financials Portfolio** | 385845978 | 546348062 |
| **FinTech Portfolio** | 239508708 | 254019472 |
| **Insurance Portfolio** | 421268402 | 644642070 |

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**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 %** |
| **Banking Portfolio** | .69 |
| **Brokerage and Investment Management Portfolio** | .70 |
| **Financials Portfolio** | .69 |
| **FinTech Portfolio** | .72 |
| **Insurance Portfolio** | .72 |

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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:

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| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Banking Portfolio** | .66 |
| **Brokerage and Investment Management Portfolio** | .65 |
| **Financials Portfolio** | .66 |
| **FinTech Portfolio** | .66 |
| **Insurance Portfolio** | .66 |

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**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.

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| | |
|:---|:---|
| **Brokerage and Investment Management Portfolio** | 79,760 |

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**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 ($)** |
| **Banking Portfolio** | 2973 |
| **Brokerage and Investment Management Portfolio** | 2783 |
| **Financials Portfolio** | 6262 |
| **FinTech Portfolio** | 8413 |
| **Insurance Portfolio** | 4584 |

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**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | 19345571 | 3.98% | 14978 |
| **Financials Portfolio** | Borrower | 18539143 | 4.58% | 16511 |
| **Insurance Portfolio** | Borrower | 24329000 | 4.60% | 3105 |

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**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** | 3691323 | 7754006 | 1301850 |
| **Brokerage and Investment Management Portfolio** | 10054166 | 4434836 | 712383 |
| **Financials Portfolio** | 32336200 | 21916284 | 4857622 |
| **FinTech Portfolio** | 11008565 | 17761679 | 2766098 |
| **Insurance Portfolio** | 58190854 | 15439101 | 5610 |

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**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 2027 unless extended or renewed.

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Banking Portfolio** | 586 |
| **Brokerage and Investment Management Portfolio** | 1774 |
| **Financials Portfolio** | 1368 |
| **FinTech Portfolio** | 140 |
| **Insurance Portfolio** | 1225 |

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Effective March 24, 2026 the .10% spread adjustment on the SOFR benchmark was removed.

**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 in security lending. 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 ($)** |
| **Banking Portfolio** | 711 | - | - |
| **Brokerage and Investment Management Portfolio** | 6412 | 1 | - |
| **Financials Portfolio** | 23890 | 1790 | - |
| **FinTech Portfolio** | 357 | 228 | - |
| **Insurance Portfolio** | 652 | - | - |

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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 ($)** |
| **Brokerage and Investment Management Portfolio** | 271234 |

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**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:

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| | | | |
|:---|:---|:---|:---|
|  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)** |
| **Financials Portfolio** | 3361833 | 4.83% | 2706 |

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**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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Select Portfolios and Shareholders of Banking Portfolio, Brokerage and Investment Management Portfolio, Financials Portfolio, FinTech Portfolio, and Insurance Portfolio

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Banking Portfolio, Brokerage and Investment Management Portfolio, Financials Portfolio, FinTech Portfolio, and Insurance Portfolio (five of the funds constituting Fidelity Select Portfolios, hereafter collectively referred to as the "Funds") as of February 28, 2026, the related statements of operations for the year ended February 28, 2026, the statements of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2026 and each of the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 10, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended February 28, 2026, or, if subsequently determined to be different, the net capital gain of such year.

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| | |
|:---|:---|
| **Banking Portfolio** | $38677169 |
| **Brokerage and Investment Management Portfolio** | $14469202 |
| **Financials Portfolio** | $45582438 |
| **Insurance Portfolio** | $27658138 |

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A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

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| | |
|:---|:---|
| **Banking Portfolio** |  |
| April 2025 | 100% |
| December 2025 | 100% |
| **Brokerage and Investment Management Portfolio** |  |
| April 2025 | 100% |
| December 2025 | 100% |
| **Financials Portfolio** |  |
| April 2025 | 59% |
| December 2025<br> **Insurance Portfolio**  | 64% |
| April 2025 | 100% |
| December 2025 | 100% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | |
|:---|:---|
| **Banking Portfolio** |  |
| April 2025 | 100% |
| December 2025 | 100% |
| **Brokerage and Investment Management Portfolio** |  |
| April 2025 | 100% |
| December 2025 | 100% |
| **Financials Portfolio** |  |
| April 2025 | 54.00% |
| December 2025 | 68.59% |
| **Insurance Portfolio** |  |
| April 2025 | 100% |
| December 2025 | 100% |

---

The funds hereby designate the percentages noted below of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders:

---

| | | |
|:---|:---|:---|
|  | **April, 2025** | **December, 2025** |
| **Financials Portfolio** | 100% | 100% |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Financials Portfolio** | $105352<br>|

---

The funds will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

**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)**

Note: This is not applicable for any fund included in this document.

![](img126042_4.jpg)<br>

1.813663.121 SELFIN-ANN-0426

**Fidelity® Select Portfolios®**

**Energy Sector**

**Energy Portfolio**

**Annual Report**

**February 28, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img126043_1.jpg)

![](img126043_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SELNR-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Energy Portfolio](#Sub_Sec_Fund_60_SELNR-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements60_SELNR-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SELNR-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SELNR-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SELNR-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SELNR-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SELNR-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SELNR-ANN)** |

---

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

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

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

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Energy Portfolio**

**Schedule of Investments February 28, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** |
|  | Shares | Value ($)<br>|
| CANADA - 9.1%  |  |  |
| Energy - 9.1% |  |  |
| Oil, Gas & Consumable Fuels - 9.1% |  |  |
| Canadian Natural Resources Ltd  | 3548660 | 155235176 |
| Cenovus Energy Inc  | 7304806 | 162745541 |
| Imperial Oil Ltd  | 22600 | 2643473 |
| TOTAL CANADA |  | 320624190 |
| FRANCE - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Vallourec SACA  | 219600 | 5127312 |
| NORWAY - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Odfjell Drilling Ltd  | 1033674 | 11523558 |
| UNITED KINGDOM - 4.2%  |  |  |
| Energy - 4.2% |  |  |
| Energy Equipment & Services - 4.2% |  |  |
| Subsea 7 SA  | 161500 | 4667522 |
| TechnipFMC PLC  | 2150872 | 142624322 |
| TOTAL UNITED KINGDOM |  | 147291844 |
| UNITED STATES - 85.5%  |  |  |
| Energy - 83.5% |  |  |
| Energy Equipment & Services - 12.1% |  |  |
| Baker Hughes Co Class A  | 1874300 | 122316818 |
| Kodiak Gas Services Inc  | 336300 | 18351890 |
| National Energy Services Reunited Corp (a)(b) | 6368891 | 159540720 |
| SLB Ltd  | 2472187 | 126922081 |
|  |  | 427131509 |
| Oil, Gas & Consumable Fuels - 71.4% |  |  |
| Antero Resources Corp (a) | 1187000 | 43693470 |
| California Resources Corp  | 209300 | 12315212 |
| Cheniere Energy Inc  | 544412 | 128334241 |
| Chevron Corp  | 2091065 | 390527299 |
| ConocoPhillips  | 768716 | 87218517 |
| Diamondback Energy Inc  | 522200 | 90904576 |
| Energy Transfer LP  | 6930300 | 130566852 |
| Expand Energy Corp  | 294500 | 31782440 |
| Exxon Mobil Corp  | 5704843 | 869988559 |
| Kinder Morgan Inc  | 485100 | 16139277 |
| Marathon Petroleum Corp  | 745770 | 147819072 |
| Northern Oil & Gas Inc  | 94990 | 2620774 |
| Occidental Petroleum Corp  | 1290515 | 68500536 |
| Ovintiv Inc  | 1256100 | 63546099 |
| Permian Resources Holdings Inc/DE Class A  | 2486900 | 45485401 |
| Phillips 66  | 268291 | 41405350 |
| Range Resources Corp  | 1023600 | 42254208 |
| Targa Resources Corp  | 433300 | 102172140 |
| Valero Energy Corp  | 597900 | 122354256 |
| Venture Global Inc Class A (c) | 1452100 | 14070849 |
| Williams Cos Inc/The  | 799400 | 59731168 |
|  |  | 2511430296 |
| TOTAL ENERGY |  | 2938561805 |
| Utilities - 2.0% |  |  |
| Independent Power and Renewable Electricity Producers - 2.0% |  |  |
| Vistra Corp  | 415000 | 72164350 |
| TOTAL UNITED STATES |  | 3010726155 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,532,717,272) |  | <br> **3495293059** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (d) | 3.70 | 25078025 | 25083041 |
| Fidelity Securities Lending Cash Central Fund (d)(e) | 3.69 | 12462065 | 12463311 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $37,546,352) |  |  | **37546352** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.3%**<br> (Cost $1,570,263,624)<br>| <br>**3532839411** |
| **NET OTHER ASSETS (LIABILITIES) - (0.3)%**  | **(9889103)** |
| **NET ASSETS - 100.0%** | **3522950308** |

---

**Legend**

(a) Non-income producing.

(b) Affiliated company.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | - | 301687202 | 276604471 | 200283 | 310 | - | 25083041 | 25078025 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 51474282 | 1108868454 | 1147864686 | 141682 | (14739) | - | 12463311 | 12462065 | 0.0% |
| Total | 51474282 | 1410555656 | 1424469157 | 341965 | (14429) | - | 37546352 |  |  |

---

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  |
| National Energy Services Reunited Corp | 34624664 | 18573762 | 2006859 | - | 71063 | 108278090 | 159540720 | 6368891 |
| Total | 34624664 | 18573762 | 2006859 | - | 71063 | 108278090 | 159540720 |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 3423128709 | 3423128709 | - | - |
| Utilities | 72164350 | 72164350 | - | - |
|  **Money Market Funds** | 37546352 | 37546352 | - | - |
| **Total Investments in Securities:** | 3532839411 | 3532839411 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $12,401,262) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,481,680,977) | $3335752339 |  |
| Fidelity Central Funds (cost $37,546,352) | 37546352 |  |
| Other affiliated issuers (cost $51,036,295) | 159540720 |  |
| Total Investment in Securities (cost $1,570,263,624) |  | $3532839411 |
| Foreign currency held at value (cost $194,009) |  | 196704 |
| Receivable for fund shares sold |  | 8955613 |
| Dividends receivable |  | 12269876 |
| Distributions receivable from Fidelity Central Funds |  | 86303 |
| Prepaid expenses |  | 983 |
| Other receivables |  | 686844 |
| **Total assets** |  | 3555035734 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $14008378 |  |
| Payable for fund shares redeemed | 2995239 |  |
| Accrued management fee | 1720959 |  |
| Distribution and service plan fees payable | 180576 |  |
| Other payables and accrued expenses | 702224 |  |
| Collateral on securities loaned | 12478050 |  |
| **Total liabilities** |  | 32085426 |
| **Net Assets**  |  | $3522950308 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2406620869 |
| Total accumulated earnings (loss) |  | 1116329439 |
| **Net Assets** |  | $3522950308 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($414,401,293 ÷ 5,294,820 shares)(a) |  | $78.27 |
| Maximum offering price per share (100/94.25 of $78.27) |  | $83.05 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($129,370,806 ÷ 1,653,656 shares)(a) |  | $78.23 |
| Maximum offering price per share (100/96.50 of $78.23) |  | $81.07 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($60,420,798 ÷ 773,019 shares)(a) |  | $78.16 |
| **Energy Portfolio :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,370,337,966 ÷ 30,264,724 shares) |  | $78.32 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($420,523,378 ÷ 5,369,965 shares) |  | $78.31 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($127,896,067 ÷ 1,632,904 shares) |  | $78.32 |
| *(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** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $57763351 |
| Income from Fidelity Central Funds (including $141,682 from security lending)  |  | 341965 |
| Security lending |  | 5 |
| **Total income** |  | 58105321 |
| **Expenses** |  |  |
| Management fee | $13398126 |  |
| Distribution and service plan fees | 560668 |  |
| Custodian fees and expenses | 33424 |  |
| Independent trustees' fees and expenses | 7868 |  |
| Registration fees | 175736 |  |
| Audit fees | 62841 |  |
| Legal | 8043 |  |
| Interest | 1898 |  |
| Miscellaneous | 7462 |  |
| Total expenses before reductions | 14256066 |  |
| Expense reductions | (85418) |  |
| Total expenses after reductions |  | 14170648 |
| **Net Investment income (loss)** |  | 43934673 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $1,281)  | 87153743 |  |
| Fidelity Central Funds | (14429) |  |
| Other affiliated issuers | 71063 |  |
| Foreign currency transactions | 20450 |  |
| Total net realized gain (loss) |  | 87230827 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 598581053 |  |
| Affiliated issuers  | 108278090 |  |
| Assets and liabilities in foreign currencies | 20878 |  |
| Total change in net unrealized appreciation (depreciation) |  | 706880021 |
| **Net gain (loss)** |  | 794110848 |
| **Net increase (decrease) in net assets resulting from operations** |  | $838045521 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $43934673 | $40975869 |
| &nbsp;&nbsp;Net realized gain (loss) | 87230827<br>| 130103546<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 706880021 | (97425817)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 838045521<br>| 73653598<br>|
| Distributions to shareholders | (38779166)<br>| (37251795)<br>|
| Share transactions - net increase (decrease) | 766963245<br>| (211243250)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1566229600<br>| (174841447)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1956720708 | 2131562155<br>|
| &nbsp;&nbsp;End of period | $3522950308 | $1956720708 |

---

**Financial Highlights** 

**Fidelity Advisor® Energy Fund Class A**<br>

---

| | |
|:---|:---|
| **Years ended February 28,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $61.27 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .39  |
| Net realized and unrealized gain (loss)  | 17.69  |
| Total from investment operations  | 18.08  |
| Distributions from net investment income  | (1.08)  |
| Total distributions  | (1.08)  |
| Net asset value, end of period  | $78.27 |
| **Total Return** D,E,F | 29.95% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .93% I |
| Expenses net of fee waivers, if any  | .92% I<br>|
| Expenses net of all reductions, if any  | .92% I |
| Net investment income (loss)  | 1.83% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $414401 |
| Portfolio turnover rate J | 14% K<br>|

---

A*For the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Energy Fund Class M**<br>

---

| | |
|:---|:---|
| **Years ended February 28,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $61.27 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .31  |
| Net realized and unrealized gain (loss)  | 17.71  |
| Total from investment operations  | 18.02  |
| Distributions from net investment income  | (1.06)  |
| Total distributions  | (1.06)  |
| Net asset value, end of period  | $78.23 |
| **Total Return** D,E,F | 29.85% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 1.18% I |
| Expenses net of fee waivers, if any  | 1.17% I<br>|
| Expenses net of all reductions, if any  | 1.17% I |
| Net investment income (loss)  | 1.45% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $129371 |
| Portfolio turnover rate J | 14% K<br>|

---

A*For the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Energy Fund Class C**<br>

---

| | |
|:---|:---|
| **Years ended February 28,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $61.27 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .22  |
| Net realized and unrealized gain (loss)  | 17.68  |
| Total from investment operations  | 17.90  |
| Distributions from net investment income  | (1.01)  |
| Total distributions  | (1.01)  |
| Net asset value, end of period  | $78.16 |
| **Total Return** D,E,F | 29.64% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 1.68% I |
| Expenses net of fee waivers, if any  | 1.67% I<br>|
| Expenses net of all reductions, if any  | 1.67% I |
| Net investment income (loss)  | 1.03% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $60421 |
| Portfolio turnover rate J | 14% K<br>|

---

A*For the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Energy Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $58.36 | $57.47 | $54.94 | $45.24 | $29.25 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.27  | 1.16  | 1.12  | 1.46  | .96  |
| Net realized and unrealized gain (loss)  | 19.89  | .84  | 2.51  | 9.64  | 15.82  |
| Total from investment operations  | 21.16  | 2.00  | 3.63  | 11.10  | 16.78  |
| Distributions from net investment income  | (1.20)  | (1.11)  | (1.10)  | (1.40)  | (.79)  |
| Total distributions  | (1.20)  | (1.11)  | (1.10)  | (1.40)  | (.79)  |
| Net asset value, end of period  | $78.32 | $58.36 | $57.47 | $54.94 | $45.24 |
| **Total Return** D | 36.84% <br>| 3.55%  | 6.66%  | 24.63%  | 58.37%  |
| **Ratios to Average Net Assets** C,E,F |  |  |  |  |  |
| Expenses before reductions  | .65%  | .65%  | .74%  | .73%  | .77%  |
| Expenses net of fee waivers, if any  | .64% <br>| .65%  | .73%  | .73%  | .77%  |
| Expenses net of all reductions, if any  | .64%  | .65%  | .73%  | .73%  | .77%  |
| Net investment income (loss)  | 2.11%  | 1.90%  | 2.00%  | 2.75%  | 2.79%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2370338 | $1956721 | $2131562 | $2840710 | $2407641 |
| Portfolio turnover rate G | 14% H<br>| 15%  | 17%  | 43%  | 56% I |

---

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

E*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.*

F*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.*

G*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.*

H*The portfolio turnover rate does not include the assets acquired in the reorganization.*

I*The portfolio turnover rate does not include the assets acquired in the merger.*

**Fidelity Advisor® Energy Fund Class I**<br>

---

| | |
|:---|:---|
| **Years ended February 28,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $61.27 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .44  |
| Net realized and unrealized gain (loss)  | 17.69  |
| Total from investment operations  | 18.13  |
| Distributions from net investment income  | (1.09)  |
| Total distributions  | (1.09)  |
| Net asset value, end of period  | $78.31 |
| **Total Return** D,E | 30.06% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .68% H |
| Expenses net of fee waivers, if any  | .67% H<br>|
| Expenses net of all reductions, if any  | .67% H |
| Net investment income (loss)  | 2.07% H |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $420523 |
| Portfolio turnover rate I | 14% J<br>|

---

A*For the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Energy Fund Class Z**<br>

---

| | |
|:---|:---|
| **Years ended February 28,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $61.27 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .44  |
| Net realized and unrealized gain (loss)  | 17.71  |
| Total from investment operations  | 18.15  |
| Distributions from net investment income  | (1.10)  |
| Total distributions  | (1.10)  |
| Net asset value, end of period  | $78.32 |
| **Total Return** D,E | 30.10% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .56% H |
| Expenses net of fee waivers, if any  | .55% H<br>|
| Expenses net of all reductions, if any  | .55% H |
| Net investment income (loss)  | 2.09% H |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $127896 |
| Portfolio turnover rate I | 14% J<br>|

---

A*For the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Notes to Financial Statements**

For the period ended February 28, 2026

**1. Organization.**

Energy Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund commenced sale of Class A, Class M, Class C, Class I and Class Z shares on November 6, 2025. The Fund offers Class A, Class M, Class C, Energy Portfolio, 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.

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 February 28, 2026 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, 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.

**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. As of February 28, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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.

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, the Fund 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 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:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $1956118285 |
| **Gross unrealized depreciation**  | <u>(536505)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1955581780</u> |
| **Tax Cost**  | <u>$1577257631</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$9542989</u> |
| **Capital loss carryforward**  | <u>$(839132248)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1945867733</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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(603551610) |
| Long-term | <u>(235580638)</u> |
| **Total capital loss carryforward** | <u>$(839132248)</u> |

---

Due to a merger in the current period, approximately $93,176,222 of the Fund's realized losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $33,471,976 of those capital losses per year to offset gains. These realized losses were acquired from Fidelity Advisor Energy Fund when it merged into the Fund on November 14, 2025.

Due to a merger in a prior period, approximately $384,526,279 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 $313,242,043 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.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** |
| **Ordinary Income**  | <u>$38779166</u> | <u>$37251795</u> |
| **Total**  | <u>$38779166</u> | <u>$37251795</u> |

---

**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 ($)** | **Sales ($)** |
| **Energy Portfolio** | 294418069 | 442230475 |

---

**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** | .71 |
| **Energy Portfolio** | .70 |
| **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** | .66 |
| **Class M** | .66 |
| **Class C** | .66 |
| **Energy Portfolio** | .63 |
| **Class I** | .66 |
| **Class Z** | .54 |

---

**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% | 251554 | 2045 |
| **Class M** | .25% | .25% | 154262 | - |
| **Class C** | .75% | .25% | <u>154852</u> | <u>13691</u> |
|  |  |  | <u>560668</u> | <u>15736</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** | 23336 |
| **Class M** | 2345 |
| **Class C**A | <u>514</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>26195</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.*

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

---

| | |
|:---|:---|
| **Energy Portfolio** | $659964 |

---

**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** | 9866 |

---

**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 | 2123143 | 4.60% | 1898 |

---

**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 | 44978767 | 22868756 |

---

**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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Energy Portfolio** | 2477 |

---

Effective March 24, 2026 the .10% spread adjustment on the SOFR benchmark was removed.

**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 in security lending. 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** | 15105 | 2413 | 4296546 |

---

**8. Expense Reductions.** 

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $6,155 and a portion of class-level operating expenses as follows:

---

| | |
|:---|:---|
|  | **Class-Level Amount ($)** |
| Class A | 9474 |
| Class M | 2900 |
| Class C | 1436 |
| Energy Portfolio | 52775 |
| Class I | 9892 |
| Class Z | <u>2786</u> |
| Total | <u>79263</u> |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **February 28, 2026A** | **Year ended**<br> **February 28, 2025** |
| **Energy Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $1408467 | $- |
| Class M | 401222 | - |
| Class C | 168830 | - |
| Energy Portfolio | 34766690 | 37251795 |
| Class I | 1575661 | - |
| Class Z | <u>458296</u> | <u>-</u> |
| Total  | <u>$38779166</u> | <u>$37251795</u> |

---

*A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

**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** |
|  | **Year ended** <br> **February 28, 2026A**  | **Year ended**<br> **February 28, 2025** | **Year ended** <br> **February 28, 2026A**  | **Year ended**<br> **February 28, 2025** |
| **Energy Portfolio** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 324663 | - | $20661024 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 5203577 | - | 328449691 | - |
| Reinvestment of distributions  | 22198 | - | 1361149 | - |
| Shares redeemed | <u>(255618)</u> | <u>-</u> | <u>(16728762)</u> | <u>-</u> |
| Net increase (decrease) | <u>5294820</u> | <u>-</u> | <u>$333743102</u> | <u>$</u> <u>-</u> |
| **Class M** |  |  |  |  |
| Shares sold | 139474 | - | $9232254 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 1572300 | - | 99243686 | - |
| Reinvestment of distributions  | 6393 | - | 392084 | - |
| Shares redeemed | <u>(64511)</u> | <u>-</u> | <u>(4248234)</u> | <u>-</u> |
| Net increase (decrease) | <u>1653656</u> | <u>-</u> | <u>$104619790</u> | <u>$</u> <u>-</u> |
| **Class C** |  |  |  |  |
| Shares sold | 31933 | - | $1930124 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 848948 | - | 53577190 | - |
| Reinvestment of distributions  | 2649 | - | 162416 | - |
| Shares redeemed | <u>(110511)</u> | <u>-</u> | <u>(7175725)</u> | <u>-</u> |
| Net increase (decrease) | <u>773019</u> | <u>-</u> | <u>$48494005</u> | <u>$</u> <u>-</u> |
| **Energy Portfolio** |  |  |  |  |
| Shares sold | 7452581 | 9890863 | $477253920 | $610352608 |
| Reinvestment of distributions  | 526621 | 613196 | 32143082 | 34552503 |
| Shares redeemed | <u>(11243914)</u> | <u>(14061616)</u> | <u>(670611481)</u> | <u>(856148361)</u> |
| Net increase (decrease) | <u>(3264712)</u> | <u>(3557557)</u> | <u>$(161214479)</u> | <u>$(211243250)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 567086 | - | $36757825 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 5456575 | - | 344473415 | - |
| Reinvestment of distributions  | 23072 | - | 1415030 | - |
| Shares redeemed | <u>(676768)</u> | <u>-</u> | <u>(45326229)</u> | <u>-</u> |
| Net increase (decrease) | <u>5369965</u> | <u>-</u> | <u>$337320041</u> | <u>$</u> <u>-</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 349566 | - | $23656616 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 1446166 | - | 91296450 | - |
| Reinvestment of distributions  | 6888 | - | 422452 | - |
| Shares redeemed | <u>(169716)</u> | <u>-</u> | <u>(11374732)</u> | <u>-</u> |
| Net increase (decrease) | <u>1632904</u> | <u>-</u> | <u>$104000786</u> | <u>$</u> <u>-</u> |

---

*A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

**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. Reorganization Information.**

On November 14, 2025, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Energy Fund (Acquired Fund) pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees (the Board). The securities held by the Acquired Fund were the primary assets acquired by the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on November 6, 2025. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at their respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund**  | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Fidelity Advisor Energy Fund** | 912926655 | 425304327 |  |  |  |
| **Class A** |  |  | 328449691 | 6760604 | 0.769691065 |
| **Class M** |  |  | 99243686 | 1984947 | 0.79211185 |
| **Class C** |  |  | 53577190 | 1213764 | 0.699434321 |
| **Class I** |  |  | 344473415 | 6652882 | 0.820182164 |
| **Class Z** |  |  | 91296450 | 1766867 | 0.818492001 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| **Energy Portfolio** | 1841988325 | 2759028757 |

---

Pro forma results of operations of the combined entity for the entire period ended February 28, 2026, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $58656215  |
| **Total net realized gain (loss)** | 144693449 |
| **Total change in net unrealized appreciation (depreciation)** | <u>710173057</u> |
| **Net increase (decrease) in net assets resulting from operations** | <u>$913522721</u> |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that has been included in the Fund's accompanying Statement of Operations since November 14, 2025.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Select Portfolios and Shareholders of Energy Portfolio

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Energy Portfolio (one of the funds constituting Fidelity Select Portfolios, referred to hereafter as the "Fund") as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 14, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **Energy Portfolio** <br> (Acquiring Fund) | **Class A** | **Class M** | **Class C** | **Retail** | **Class I** | **Class Z** |
| April, 2025 | - | - | - | 100% | - | - |
| November, 2025 | 92% | 92% | 92% | 92% | 92% | 92% |
| December, 2025 | 98% | 100% | 100% | 91% | 92% | 89% |
|  | **Class A** | **Class M** | **Class C** | **Class I** | **Class Z** |  |
| **Fidelity Advisor Energy Fund** (Target Fund) |  |  |  |  |  |  |
| November, 2025 | 100% | 100% | 100% | 100% | 100% |  |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Retail** | **Class I** | **Class Z** |
| **Energy Portfolio** <br> (Acquiring Fund) |  |  |  |  |  |  |
| April, 2025 | - | - | - | 100% | - | - |
| November, 2025 | 100% | 100% | 100% | 100% | 100% | 100% |
| December, 2025 | 100% | 100% | 100% | 100% | 100% | 100% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Class I** | **Class Z** |
| **Fidelity Advisor Energy Fund**<br> (Target Fund) |  |  |  |  |  |
| November, 2025 | 100% | 100% | 100% | 100% | 100% |

---

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

**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)**

Note: This is not applicable for any fund included in this document.

![](img126043_4.jpg)<br>

1.813649.121 SELNR-ANN-0426

**Fidelity® Select Portfolios®**

**Consumer Staples Sector**

**Consumer Staples Portfolio**

**Annual Report**

**February 28, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img126044_1.jpg)

![](img126044_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SELCS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Consumer Staples Portfolio](#Sub_Sec_Fund_9_SELCS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements9_SELCS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SELCS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SELCS-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SELCS-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SELCS-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SELCS-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SELCS-ANN)** |

---

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

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

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

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Consumer Staples Portfolio**

**Schedule of Investments February 28, 2026**

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>|
| ITALY - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Investindustrial Advisors SpA rights (a)(b) | 192216 | 370977 |
| UNITED KINGDOM - 5.3%  |  |  |
| Consumer Staples - 5.3% |  |  |
| Beverages - 1.8% |  |  |
| Diageo PLC  | 972809 | 21816733 |
| Food Products - 0.8% |  |  |
| Nomad Foods Ltd  | 844723 | 9266611 |
| Tobacco - 2.7% |  |  |
| British American Tobacco PLC ADR  | 503800 | 31563070 |
| TOTAL UNITED KINGDOM |  | 62646414 |
| UNITED STATES - 94.6%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Broadline Retail - 0.7% |  |  |
| Amazon.com Inc (b) | 39700 | 8337000 |
| Consumer Staples - 93.9% |  |  |
| Beverages - 29.2% |  |  |
| Boston Beer Co Inc/The Class A (b) | 57100 | 12949138 |
| Brown-Forman Corp Class B (d) | 113700 | 3281382 |
| Coca-Cola Co/The  | 2142018 | 174702988 |
| Constellation Brands Inc Class A  | 177584 | 28033410 |
| Keurig Dr Pepper Inc  | 2922027 | 88478978 |
| Monster Beverage Corp (b) | 161246 | 13754284 |
| PepsiCo Inc  | 86704 | 14717137 |
| Primo Brands Corp Class A  | 469700 | 10652796 |
|  |  | 346570113 |
| Consumer Staples Distribution & Retail - 28.2% |  |  |
| Albertsons Cos Inc Class A  | 1115100 | 19960290 |
| BJ's Wholesale Club Holdings Inc (b) | 211600 | 20903964 |
| Costco Wholesale Corp  | 103100 | 104212449 |
| Dollar Tree Inc (b) | 9200 | 1163616 |
| Grocery Outlet Holding Corp (b) | 284000 | 2805920 |
| Kroger Co/The  | 315900 | 21557016 |
| Performance Food Group Co (b) | 69900 | 6784494 |
| Sprouts Farmers Market Inc (b) | 118700 | 8768369 |
| Target Corp  | 360100 | 40975779 |
| US Foods Holding Corp (b) | 192000 | 18549120 |
| Walmart Inc  | 696000 | 89053200 |
|  |  | 334734217 |
| Food Products - 10.5% |  |  |
| BRC Inc Class A (b) | 1062000 | 668529 |
| Bunge Global SA  | 187193 | 22584835 |
| Darling Ingredients Inc (b) | 84600 | 4497336 |
| Freshpet Inc (b) | 115000 | 9711750 |
| General Mills Inc  | 183500 | 8299705 |
| JM Smucker Co  | 142600 | 16534470 |
| Lamb Weston Holdings Inc  | 143400 | 6910446 |
| Mondelez International Inc  | 874097 | 53826894 |
| Simply Good Foods Co/The (b) | 76700 | 1308502 |
|  |  | 124342467 |
| Household Products - 15.5% |  |  |
| Energizer Holdings Inc (d) | 1612066 | 34804505 |
| Kimberly-Clark Corp  | 129400 | 14420336 |
| Procter & Gamble Co/The  | 808382 | 135161470 |
|  |  | 184386311 |
| Personal Care Products - 7.1% |  |  |
| BellRing Brands Inc (b) | 196500 | 3613635 |
| Edgewell Personal Care Co (d) | 188100 | 4277394 |
| elf Beauty Inc (b) | 37000 | 3405850 |
| Estee Lauder Cos Inc/The Class A  | 131355 | 14379432 |
| Herbalife Ltd (b) | 133800 | 2611776 |
| Kenvue Inc  | 2957800 | 56553136 |
|  |  | 84841223 |
| Tobacco - 3.4% |  |  |
| JUUL Labs Inc Class A (a)(b)(c) | 3694166 | 7314449 |
| Philip Morris International Inc  | 159700 | 29836751 |
| Turning Point Brands Inc  | 20400 | 2794595 |
|  |  | 39945795 |
| TOTAL CONSUMER STAPLES |  | 1114820126 |
| TOTAL UNITED STATES |  | 1123157126 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $871,896,560) |  | <br> **1186174517** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.70 | 1813856 | 1814218 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 3.69 | 8336710 | 8337544 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $10,151,762) |  |  | **10151762** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.8%**<br> (Cost $882,048,322)<br>| <br>**1196326279** |
| **NET OTHER ASSETS (LIABILITIES) - (0.8)%**  | **(9451725)** |
| **NET ASSETS - 100.0%** | **1186874554** |

---

**Legend**

(a) Level 3 security.

(b) Non-income producing.

(c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,314,449 or 0.6% of net assets.

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

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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>|
| JUUL Labs Inc Class A | 2/23/2024 | 3749467 |

---

**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 | 85219612 | 88406574 | 41911 | 113 | - | 1814218 | 1813856 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 11137575 | 255585226 | 258385173 | 5863 | (84) | - | 8337544 | 8336710 | 0.0% |
| Total | 16138642 | 340804838 | 346791747 | 47774 | 29 | - | 10151762 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 8337000 | 8337000 | - | - |
| Consumer Staples | 1177466540 | 1148335358 | 21816733 | 7314449 |
| Financials | 370977 | - | - | 370977 |
|  **Money Market Funds** | 10151762 | 10151762 | - | - |
| **Total Investments in Securities:** | 1196326279 | 1166824120 | 21816733 | 7685426 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $8,084,255) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $871,896,560) | $1186174517 |  |
| Fidelity Central Funds (cost $10,151,762) | 10151762 |  |
| Total Investment in Securities (cost $882,048,322) |  | $1196326279 |
| Foreign currency held at value (cost $1) |  | 1 |
| Receivable for investments sold |  | 4306677 |
| Receivable for fund shares sold |  | 605748 |
| Dividends receivable |  | 1338577 |
| Distributions receivable from Fidelity Central Funds |  | 13298 |
| Prepaid expenses |  | 635 |
| Other receivables |  | 440571 |
| **Total assets** |  | 1203031786 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $5304806 |  |
| Payable for fund shares redeemed | 1310348 |  |
| Accrued management fee | 643569 |  |
| Distribution and service plan fees payable | 94994 |  |
| Other payables and accrued expenses | 465888 |  |
| Collateral on securities loaned | 8337627 |  |
| **Total liabilities** |  | 16157232 |
| **Net Assets**  |  | $1186874554 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $881666510 |
| Total accumulated earnings (loss) |  | 305208044 |
| **Net Assets** |  | $1186874554 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($259,996,732 ÷ 2,757,471 shares)(a) |  | $94.29 |
| Maximum offering price per share (100/94.25 of $94.29) |  | $100.04 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($51,612,046 ÷ 555,606 shares)(a) |  | $92.89 |
| Maximum offering price per share (100/96.50 of $92.89) |  | $96.26 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($25,315,051 ÷ 278,818 shares)(a) |  | $90.79 |
| **Consumer Staples :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($725,063,885 ÷ 7,571,718 shares) |  | $95.76 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($91,844,464 ÷ 962,265 shares) |  | $95.45 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($33,042,376 ÷ 346,743 shares) |  | $95.29 |
| *(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** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $29586408 |
| Income from Fidelity Central Funds (including $5,863 from security lending)  |  | 47774 |
| Security lending |  | 3551 |
| **Total income** |  | 29637733 |
| **Expenses** |  |  |
| Management fee | $7689080 |  |
| Distribution and service plan fees | 1166769 |  |
| Custodian fees and expenses | 42305 |  |
| Independent trustees' fees and expenses | 4518 |  |
| Registration fees | 127048 |  |
| Audit fees | 51282 |  |
| Legal | 2713 |  |
| Miscellaneous | 4489 |  |
| **Total expenses** |  | 9088204 |
| **Net Investment income (loss)** |  | 20549529 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 19043979 |  |
| Fidelity Central Funds | 29 |  |
| Foreign currency transactions | 24705 |  |
| Total net realized gain (loss) |  | 19068713 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 58928006 |  |
| Assets and liabilities in foreign currencies | 2769 |  |
| Total change in net unrealized appreciation (depreciation) |  | 58930775 |
| **Net gain (loss)** |  | 77999488 |
| **Net increase (decrease) in net assets resulting from operations** |  | $98549017 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $20549529 | $25995615 |
| &nbsp;&nbsp;Net realized gain (loss) | 19068713<br>| 92355976<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 58930775 | (25484612)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 98549017<br>| 92866979<br>|
| Distributions to shareholders | (49554529)<br>| (104952814)<br>|
| Share transactions - net increase (decrease) | (130198225)<br>| (217952509)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (81203737)<br>| (230038344)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1268078291 | 1498116635<br>|
| &nbsp;&nbsp;End of period | $1186874554 | $1268078291 |

---

**Financial Highlights** 

**Fidelity Advisor® Consumer Staples Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $89.83 | $91.15 | $91.25 | $95.55 | $89.40 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.38  | 1.62  | 1.68  | 1.38  | 1.40  |
| Net realized and unrealized gain (loss)  | 6.66  | 4.42  | 2.68  | (2.79)  | 14.98  |
| Total from investment operations  | 8.04  | 6.04  | 4.36  | (1.41)  | 16.38  |
| Distributions from net investment income  | (1.49)  | (1.70)  | (1.50)  | (1.36)  | (1.55)  |
| Distributions from net realized gain  | (2.09)  | (5.66)  | (2.96)  | (1.53)  | (8.68)  |
| Total distributions  | (3.58)  | (7.36)  | (4.46)  | (2.89)  | (10.23)  |
| Net asset value, end of period  | $94.29 | $89.83 | $91.15 | $91.25 | $95.55 |
| **Total Return** D,E | 9.53% <br>| 6.74%  | 4.90%  | (1.49)%  | 18.83%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .97%  | .97%  | 1.01%  | 1.01%  | 1.01%  |
| Expenses net of fee waivers, if any  | .97% <br>| .97%  | 1.00%  | 1.01%  | 1.01%  |
| Expenses net of all reductions, if any  | .97%  | .97%  | 1.00%  | 1.01%  | 1.01%  |
| Net investment income (loss)  | 1.61%  | 1.74%  | 1.80%  | 1.51%  | 1.45%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $259997 | $282128 | $290687 | $297850 | $293276 |
| Portfolio turnover rate H | 52% <br>| 45%  | 54% I | 46%  | 61%  |

---

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

E*Total returns do not include the effect of the sales charges.*

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*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.*

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

**Fidelity Advisor® Consumer Staples Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $88.55 | $89.96 | $90.11 | $94.39 | $88.43 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.15  | 1.37  | 1.42  | 1.13  | 1.13  |
| Net realized and unrealized gain (loss)  | 6.56  | 4.35  | 2.66  | (2.76)  | 14.81  |
| Total from investment operations  | 7.71  | 5.72  | 4.08  | (1.63)  | 15.94  |
| Distributions from net investment income  | (1.28)  | (1.47)  | (1.27)  | (1.12)  | (1.30)  |
| Distributions from net realized gain  | (2.09)  | (5.66)  | (2.96)  | (1.53)  | (8.68)  |
| Total distributions  | (3.37)  | (7.13)  | (4.23)  | (2.65)  | (9.98)  |
| Net asset value, end of period  | $92.89 | $88.55 | $89.96 | $90.11 | $94.39 |
| **Total Return** D,E | 9.26% <br>| 6.46%  | 4.63%  | (1.74)%  | 18.51%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.22%  | 1.22%  | 1.27%  | 1.27%  | 1.28%  |
| Expenses net of fee waivers, if any  | 1.22% <br>| 1.22%  | 1.26%  | 1.27%  | 1.28%  |
| Expenses net of all reductions, if any  | 1.22%  | 1.22%  | 1.26%  | 1.27%  | 1.28%  |
| Net investment income (loss)  | 1.36%  | 1.49%  | 1.54%  | 1.25%  | 1.18%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $51612 | $54901 | $58373 | $62870 | $64707 |
| Portfolio turnover rate H | 52% <br>| 45%  | 54% I | 46%  | 61%  |

---

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

E*Total returns do not include the effect of the sales charges.*

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*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.*

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

**Fidelity Advisor® Consumer Staples Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $86.58 | $88.04 | $88.22 | $92.48 | $86.73 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .71  | .89  | .95  | .67  | .65  |
| Net realized and unrealized gain (loss)  | 6.42  | 4.26  | 2.61  | (2.69)  | 14.51  |
| Total from investment operations  | 7.13  | 5.15  | 3.56  | (2.02)  | 15.16  |
| Distributions from net investment income  | (.83)  | (.95)  | (.78)  | (.71)  | (.79)  |
| Distributions from net realized gain  | (2.09)  | (5.66)  | (2.96)  | (1.53)  | (8.62)  |
| Total distributions  | (2.92)  | (6.61)  | (3.74)  | (2.24)  | (9.41)  |
| Net asset value, end of period  | $90.79 | $86.58 | $88.04 | $88.22 | $92.48 |
| **Total Return** D,E | 8.71% <br>| 5.94%  | 4.12%  | (2.23)%  | 17.92%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.72%  | 1.72%  | 1.76%  | 1.77%  | 1.77%  |
| Expenses net of fee waivers, if any  | 1.72% <br>| 1.72%  | 1.75%  | 1.76%  | 1.76%  |
| Expenses net of all reductions, if any  | 1.72%  | 1.72%  | 1.75%  | 1.76%  | 1.76%  |
| Net investment income (loss)  | .86%  | .99%  | 1.05%  | .76%  | .70%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $25315 | $35365 | $52661 | $78497 | $88645 |
| Portfolio turnover rate H | 52% <br>| 45%  | 54% I | 46%  | 61%  |

---

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

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

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*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.*

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

**Consumer Staples Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $91.17 | $92.39 | $92.43 | $96.75 | $90.40 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.66  | 1.93  | 1.96  | 1.66  | 1.69  |
| Net realized and unrealized gain (loss)  | 6.76  | 4.47  | 2.73  | (2.84)  | 15.16  |
| Total from investment operations  | 8.42  | 6.40  | 4.69  | (1.18)  | 16.85  |
| Distributions from net investment income  | (1.74)  | (1.95)  | (1.77)  | (1.61)  | (1.81)  |
| Distributions from net realized gain  | (2.09)  | (5.66)  | (2.96)  | (1.53)  | (8.68)  |
| Total distributions  | (3.83)  | (7.62) D | (4.73)  | (3.14)  | (10.50) D |
| Net asset value, end of period  | $95.76 | $91.17 | $92.39 | $92.43 | $96.75 |
| **Total Return** E | 9.85% <br>| 7.05%  | 5.20%  | (1.21)%  | 19.16%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .68%  | .68%  | .73%  | .73%  | .73%  |
| Expenses net of fee waivers, if any  | .68% <br>| .67%  | .72%  | .73%  | .73%  |
| Expenses net of all reductions, if any  | .68%  | .67%  | .72%  | .73%  | .73%  |
| Net investment income (loss)  | 1.91%  | 2.03%  | 2.08%  | 1.79%  | 1.74%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $725064 | $743294 | $895019 | $862837 | $1032956 |
| Portfolio turnover rate H | 52% <br>| 45%  | 54% I | 46%  | 61%  |

---

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*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*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.*

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

**Fidelity Advisor® Consumer Staples Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $90.86 | $92.11 | $92.16 | $96.48 | $90.17 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.63  | 1.89  | 1.95  | 1.65  | 1.67  |
| Net realized and unrealized gain (loss)  | 6.74  | 4.45  | 2.72  | (2.83)  | 15.13  |
| Total from investment operations  | 8.37  | 6.34  | 4.67  | (1.18)  | 16.80  |
| Distributions from net investment income  | (1.69)  | (1.93)  | (1.76)  | (1.61)  | (1.80)  |
| Distributions from net realized gain  | (2.09)  | (5.66)  | (2.96)  | (1.53)  | (8.68)  |
| Total distributions  | (3.78)  | (7.59)  | (4.72)  | (3.14)  | (10.49) D |
| Net asset value, end of period  | $95.45 | $90.86 | $92.11 | $92.16 | $96.48 |
| **Total Return** E | 9.82% <br>| 7.01%  | 5.19%  | (1.22)%  | 19.15%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .71%  | .71%  | .74%  | .74%  | .74%  |
| Expenses net of fee waivers, if any  | .71% <br>| .71%  | .73%  | .74%  | .74%  |
| Expenses net of all reductions, if any  | .71%  | .71%  | .73%  | .74%  | .74%  |
| Net investment income (loss)  | 1.87%  | 2.00%  | 2.08%  | 1.78%  | 1.72%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $91844 | $113822 | $143350 | $158019 | $149160 |
| Portfolio turnover rate H | 52% <br>| 45%  | 54% I | 46%  | 61%  |

---

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*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*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.*

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

**Fidelity Advisor® Consumer Staples Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $90.74 | $91.98 | $92.05 | $96.36 | $90.08 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.74  | 2.01  | 2.07  | 1.76  | 1.79  |
| Net realized and unrealized gain (loss)  | 6.72  | 4.45  | 2.70  | (2.82)  | 15.10  |
| Total from investment operations  | 8.46  | 6.46  | 4.77  | (1.06)  | 16.89  |
| Distributions from net investment income  | (1.82)  | (2.04)  | (1.88)  | (1.73)  | (1.93)  |
| Distributions from net realized gain  | (2.09)  | (5.66)  | (2.96)  | (1.53)  | (8.68)  |
| Total distributions  | (3.91)  | (7.70)  | (4.84)  | (3.25) D | (10.61)  |
| Net asset value, end of period  | $95.29 | $90.74 | $91.98 | $92.05 | $96.36 |
| **Total Return** E | 9.96% <br>| 7.15%  | 5.31%  | (1.09)%  | 19.29%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .58%  | .58%  | .61%  | .61%  | .61%  |
| Expenses net of fee waivers, if any  | .58% <br>| .58%  | .60%  | .61%  | .61%  |
| Expenses net of all reductions, if any  | .58%  | .58%  | .60%  | .61%  | .61%  |
| Net investment income (loss)  | 2.00%  | 2.13%  | 2.20%  | 1.91%  | 1.85%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $33042 | $38570 | $58026 | $88741 | $77826 |
| Portfolio turnover rate H | 52% <br>| 45%  | 54% I | 46%  | 61%  |

---

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*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*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.*

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

**Notes to Financial Statements**

For the period ended February 28, 2026

**1. Organization.**

Consumer Staples Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund 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 February 28, 2026 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, 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.

**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. As of February 28, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund 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 foreign currency transactions, 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:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $351169034 |
| **Gross unrealized depreciation**  | <u>(43932068)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$307236966</u> |
| **Tax Cost**  | <u>$889089313</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$2673422</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$307238983</u> |

---

The Fund intends to elect to defer to its next fiscal year $4,437,404 of capital losses recognized during the period November 1, 2025 to February 28, 2026.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** |
| **Ordinary Income**  | $21588957 | $26386247 |
| **Long-term Capital Gains**  | <u>27965572</u> | <u>78566567</u> |
| **Total**  | <u>$49554529</u> | <u>$104952814</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.

**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** | 600636658 | 752177432 |

---

**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% | 637488 | 7435 |
| **Class M** | .25% | .25% | 247622 | 878 |
| **Class C** | .75% | .25% | <u>281659</u> | <u>16109</u> |
|  |  |  | <u>1166769</u> | <u>24422</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** | 35771 |
| **Class M** | 3452 |
| **Class C**A | <u>477</u> |
|  | <u>39700</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.*

**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** | $423832 |

---

**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** | 17355 |

---

**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** | 59654636 | 57680008 | 1798383 |

---

**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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Consumer Staples Portfolio** | 1572 |

---

Effective March 24, 2026 the .10% spread adjustment on the SOFR benchmark was removed.

**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 in security lending. 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** | 978 | 18 | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Consumer Staples Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $10617409 | $22570837 |
| Class M | 1965297 | 4370916 |
| Class C | 1008241 | 2889928 |
| Consumer Staples | 30047999 | 61372802 |
| Class I | 4375604 | 10506319 |
| Class Z | <u>1539979</u> | <u>3242012</u> |
| Total  | <u>$49554529</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** |
|  | **Year ended** <br> **February 28, 2026**  | **Year ended**<br> **February 28, 2025** | **Year ended** <br> **February 28, 2026**  | **Year ended**<br> **February 28, 2025** |
| **Consumer Staples Portfolio** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 222516 | 341595 | $19140765 | $31821197 |
| Reinvestment of distributions  | 123340 | 242605 | 10299721 | 21837829 |
| Shares redeemed | <u>(729189)</u> | <u>(632526)</u> | <u>(62338968)</u> | <u>(58753906)</u> |
| Net increase (decrease) | <u>(383333)</u> | <u>(48326)</u> | <u>$(32898482)</u> | <u>$(5094880)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 51311 | 33937 | $4387719 | $3134853 |
| Reinvestment of distributions  | 23699 | 48865 | 1950801 | 4335587 |
| Shares redeemed | <u>(139377)</u> | <u>(111721)</u> | <u>(11687097)</u> | <u>(10194755)</u> |
| Net increase (decrease) | <u>(64367)</u> | <u>(28919)</u> | <u>$(5348577)</u> | <u>$(2724315)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 22993 | 25704 | $1904261 | $2339038 |
| Reinvestment of distributions  | 12398 | 32968 | 999000 | 2859018 |
| Shares redeemed | <u>(165036)</u> | <u>(248364)</u> | <u>(13607378)</u> | <u>(22288364)</u> |
| Net increase (decrease) | <u>(129645)</u> | <u>(189692)</u> | <u>$(10704117)</u> | <u>$(17090308)</u> |
| **Consumer Staples** |  |  |  |  |
| Shares sold | 1369017 | 865454 | $120215263 | $81852526 |
| Reinvestment of distributions  | 322976 | 613316 | 27371671 | 56046849 |
| Shares redeemed | <u>(2273266)</u> | <u>(3013510)</u> | <u>(197246688)</u> | <u>(283200186)</u> |
| Net increase (decrease) | <u>(581273)</u> | <u>(1534740)</u> | <u>$(49659754)</u> | <u>$(145300811)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 259430 | 257353 | $22943619 | $24320545 |
| Reinvestment of distributions  | 49554 | 110392 | 4189419 | 10054244 |
| Shares redeemed | <u>(599437)</u> | <u>(671392)</u> | <u>(51983410)</u> | <u>(62301680)</u> |
| Net increase (decrease) | <u>(290453)</u> | <u>(303647)</u> | <u>$(24850372)</u> | <u>$(27926891)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 73168 | 121133 | $6367030 | $11309399 |
| Reinvestment of distributions  | 14650 | 28796 | 1236210 | 2619908 |
| Shares redeemed | <u>(166121)</u> | <u>(355714)</u> | <u>(14340163)</u> | <u>(33744611)</u> |
| Net increase (decrease) | <u>(78303)</u> | <u>(205785)</u> | <u>$(6736923)</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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Select Portfolios and Shareholders of Consumer Staples Portfolio

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Consumer Staples Portfolio (one of the funds constituting Fidelity Select Portfolios, referred to hereafter as the "Fund") as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 14, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended February 28, 2026, $15,302,565, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.04% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

Class A, Class M, Class C, Consumer Staples Portfolio, Class I and Class Z designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A, Class M, Class C, Consumer Staples Portfolio, Class I and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

**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)**

Note: This is not applicable for any fund included in this document.

![](img126044_4.jpg)<br>

1.846042.119 SELCS-ANN-0426

**Fidelity® Select Portfolios®**

**Utilities Sector**

**Utilities Portfolio**

**Annual Report**

**February 28, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img126045_1.jpg)

![](img126045_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SELUTL-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Utilities Portfolio](#Sub_Sec_Fund_65_SELUTL-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements65_SELUTL-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SELUTL-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SELUTL-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SELUTL-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SELUTL-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SELUTL-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SELUTL-ANN)** |

---

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

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

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

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Utilities Portfolio**

**Schedule of Investments February 28, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.6%** | &nbsp;&nbsp;**Common Stocks - 98.6%** | &nbsp;&nbsp;**Common Stocks - 98.6%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Cameco Corp (United States)  | 46200 | 5470080 |
| GERMANY - 0.7%  |  |  |
| Industrials - 0.7% |  |  |
| Electrical Equipment - 0.7% |  |  |
| Siemens Energy AG  | 138300 | 27200473 |
| UNITED STATES - 97.8%  |  |  |
| Communication Services - 1.0% |  |  |
| Media - 1.0% |  |  |
| EchoStar Corp Class A (a)(b) | 365100 | 42180003 |
| Industrials - 4.5% |  |  |
| Construction & Engineering - 1.8% |  |  |
| Centuri Holdings Inc (b) | 216200 | 6702200 |
| MasTec Inc (b) | 121700 | 36269034 |
| Quanta Services Inc  | 57400 | 32320792 |
|  |  | 75292026 |
| Electrical Equipment - 2.3% |  |  |
| Bloom Energy Corp Class A (b) | 53400 | 8312778 |
| GE Vernova Inc  | 42400 | 37040640 |
| Nextpower Inc Class A (b) | 462409 | 48599186 |
|  |  | 93952604 |
| Machinery - 0.4% |  |  |
| Caterpillar Inc  | 22000 | 16342260 |
| TOTAL INDUSTRIALS |  | 185586890 |
| Utilities - 92.3% |  |  |
| Electric Utilities - 68.4% |  |  |
| Alliant Energy Corp  | 1021200 | 73873608 |
| American Electric Power Co Inc  | 1160520 | 155300786 |
| Constellation Energy Corp  | 1032952 | 340750206 |
| Duke Energy Corp  | 2058281 | 269326069 |
| Entergy Corp  | 1858999 | 199117383 |
| Evergy Inc  | 1483954 | 124147592 |
| Exelon Corp  | 3862100 | 191058087 |
| NextEra Energy Inc (a) | 5929525 | 556011559 |
| NRG Energy Inc  | 1677201 | 300151891 |
| Oklo Inc Class A (a)(b) | 32800 | 2064760 |
| PG&E Corp  | 8142190 | 154701610 |
| PPL Corp  | 3365540 | 131188749 |
| Southern Co/The  | 1158179 | 112783471 |
| Xcel Energy Inc  | 2188597 | 182441446 |
|  |  | 2792917217 |
| Gas Utilities - 0.8% |  |  |
| UGI Corp  | 924748 | 34594822 |
| Independent Power and Renewable Electricity Producers - 7.0% |  |  |
| AES Corp/The  | 952142 | 16453014 |
| Talen Energy Corp (b) | 123700 | 45888989 |
| Vistra Corp  | 1291108 | 224510770 |
|  |  | 286852773 |
| Multi-Utilities - 16.1% |  |  |
| Ameren Corp  | 1329698 | 150628189 |
| CenterPoint Energy Inc  | 3389088 | 147425328 |
| NiSource Inc  | 2543127 | 120289907 |
| Sempra  | 2464456 | 237253180 |
|  |  | 655596604 |
| TOTAL UTILITIES |  | 3769961416 |
| TOTAL UNITED STATES |  | 3997728309 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,748,823,838) |  | <br> **4030398862** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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) | 3.70 | 54769484 | 54780439 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.69 | 38764510 | 38768386 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $93,548,825) |  |  | **93548825** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.9%**<br> (Cost $2,842,372,663)<br>| <br>**4123947687** |
| **NET OTHER ASSETS (LIABILITIES) - (0.9)%**  | **(35162818)** |
| **NET ASSETS - 100.0%** | **4088784869** |

---

**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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 862919202 | 913798539 | 2793005 | (1715) | - | 54780439 | 54769484 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 48143047 | 1494744262 | 1504120809 | 36420 | 1886 | - | 38768386 | 38764510 | 0.1% |
| Total | 129168374 | 2357663464 | 2417919348 | 2829425 | 171 | - | 93548825 |  |  |

---

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.

Purchases and sales proceeds exclude the value of securities received and delivered through reorganization transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 42180003 | 42180003 | - | - |
| Energy | 5470080 | 5470080 | - | - |
| Industrials | 212787363 | 212787363 | - | - |
| Utilities | 3769961416 | 3769961416 | - | - |
|  **Money Market Funds** | 93548825 | 93548825 | - | - |
| **Total Investments in Securities:** | 4123947687 | 4123947687 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $41,117,501) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,748,823,838) | $4030398862 |  |
| Fidelity Central Funds (cost $93,548,825) | 93548825 |  |
| Total Investment in Securities (cost $2,842,372,663) |  | $4123947687 |
| Receivable for fund shares sold |  | 4750267 |
| Dividends receivable |  | 9824536 |
| Distributions receivable from Fidelity Central Funds |  | 166611 |
| Prepaid expenses |  | 1125 |
| Other receivables |  | 14742 |
| **Total assets** |  | 4138704968 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $6439305 |  |
| Payable for fund shares redeemed | 2419527 |  |
| Accrued management fee | 1994302 |  |
| Distribution and service plan fees payable | 233776 |  |
| Other payables and accrued expenses | 66689 |  |
| Collateral on securities loaned | 38766500 |  |
| **Total liabilities** |  | 49920099 |
| **Net Assets**  |  | $4088784869 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2755671750 |
| Total accumulated earnings (loss) |  | 1333113119 |
| **Net Assets** |  | $4088784869 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($571,267,765 ÷ 3,892,645 shares)(a) |  | $146.76 |
| Maximum offering price per share (100/94.25 of $146.76) |  | $155.71 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($91,255,363 ÷ 622,101 shares)(a) |  | $146.69 |
| Maximum offering price per share (100/96.50 of $146.69) |  | $152.01 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($109,422,838 ÷ 746,666 shares)(a) |  | $146.55 |
| **Utilities Portfolio :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,482,944,318 ÷ 16,906,979 shares) |  | $146.86 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($667,704,796 ÷ 4,547,576 shares) |  | $146.83 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($166,189,789 ÷ 1,131,582 shares) |  | $146.86 |
| *(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** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $59595603 |
| Income from Fidelity Central Funds (including $36,420 from security lending)  |  | 2829425 |
| Security lending |  | 15552 |
| **Total income** |  | 62440580 |
| **Expenses** |  |  |
| Management fee | $16862390 |  |
| Distribution and service plan fees | 1016811 |  |
| Custodian fees and expenses | 22091 |  |
| Independent trustees' fees and expenses | 9905 |  |
| Registration fees | 226262 |  |
| Audit fees | 60587 |  |
| Legal | 6467 |  |
| Miscellaneous | 7358 |  |
| Total expenses before reductions | 18211871 |  |
| Expense reductions | (85866) |  |
| Total expenses after reductions |  | 18126005 |
| **Net Investment income (loss)** |  | 44314575 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 141826846 |  |
| Fidelity Central Funds | 171 |  |
| Foreign currency transactions | 13068 |  |
| Total net realized gain (loss) |  | 141840085 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 376260917 |  |
| Assets and liabilities in foreign currencies | 6178 |  |
| Total change in net unrealized appreciation (depreciation) |  | 376267095 |
| **Net gain (loss)** |  | 518107180 |
| **Net increase (decrease) in net assets resulting from operations** |  | $562421755 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $44314575 | $36523310 |
| &nbsp;&nbsp;Net realized gain (loss) | 141840085<br>| 65255194<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 376267095 | 302155928<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 562421755<br>| 403934432<br>|
| Distributions to shareholders | (139815609)<br>| (103267337)<br>|
| Share transactions - net increase (decrease) | 1689460665<br>| 518017432<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2112066811<br>| 818684527<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1976718058 | 1158033531<br>|
| &nbsp;&nbsp;End of period | $4088784869 | $1976718058 |

---

**Financial Highlights** 

**Fidelity Advisor® Utilities Fund Class A**<br>

---

| | |
|:---|:---|
| **Years ended February 28,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $141.73 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .76  |
| Net realized and unrealized gain (loss)  | 7.40  |
| Total from investment operations  | 8.16  |
| Distributions from net investment income  | (.54)  |
| Distributions from net realized gain  | (2.59)  |
| Total distributions  | (3.13)  |
| Net asset value, end of period  | $146.76 |
| **Total Return** D,E,F | 6.01% <br>|
| **Ratios to Average Net Assets** B,G,H |  |
| Expenses before reductions  | .93% I |
| Expenses net of fee waivers, if any  | .92% I<br>|
| Expenses net of all reductions, if any  | .92% I |
| Net investment income (loss)  | 1.43% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $571268 |
| Portfolio turnover rate J | 76% K<br>|

---

A*For the period October 9, 2025 (commencement of sale of shares) through February 28, 2026.*

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 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*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*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*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 reorganization.*

**Fidelity Advisor® Utilities Fund Class M**<br>

---

| | |
|:---|:---|
| **Years ended February 28,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $141.73 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .68  |
| Net realized and unrealized gain (loss)  | 7.34  |
| Total from investment operations  | 8.02  |
| Distributions from net investment income  | (.47)  |
| Distributions from net realized gain  | (2.59)  |
| Total distributions  | (3.06)  |
| Net asset value, end of period  | $146.69 |
| **Total Return** D,E,F | 5.90% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 1.18% I |
| Expenses net of fee waivers, if any  | 1.18% I<br>|
| Expenses net of all reductions, if any  | 1.18% I |
| Net investment income (loss)  | 1.28% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $91255 |
| Portfolio turnover rate J | 76% K<br>|

---

A*For the period October 9, 2025 (commencement of sale of shares) through February 28, 2026.*

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Utilities Fund Class C**<br>

---

| | |
|:---|:---|
| **Years ended February 28,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $141.73 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .36  |
| Net realized and unrealized gain (loss)  | 7.38  |
| Total from investment operations  | 7.74  |
| Distributions from net investment income  | (.33)  |
| Distributions from net realized gain  | (2.59)  |
| Total distributions  | (2.92)  |
| Net asset value, end of period  | $146.55 |
| **Total Return** D,E,F | 5.69% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 1.69% I |
| Expenses net of fee waivers, if any  | 1.68% I<br>|
| Expenses net of all reductions, if any  | 1.68% I |
| Net investment income (loss)  | .68% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $109423 |
| Portfolio turnover rate J | 76% K<br>|

---

A*For the period October 9, 2025 (commencement of sale of shares) through February 28, 2026.*

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Utilities Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $124.30 | $99.55 | $97.31 | $100.38 | $86.55 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | 2.20  | 2.71  | 2.21  | 1.82  | 1.92  |
| Net realized and unrealized gain (loss)  | 26.82  | 29.91  | 3.57  | .04  | 14.72  |
| Total from investment operations  | 29.02  | 32.62  | 5.78  | 1.86  | 16.64  |
| Distributions from net investment income  | (2.32)  | (2.44)  | (2.13)  | (1.75)  | (1.71)  |
| Distributions from net realized gain  | (4.14)  | (5.43)  | (1.42)  | (3.18)  | (1.10)  |
| Total distributions  | (6.46)  | (7.87)  | (3.54) D | (4.93)  | (2.81)  |
| Net asset value, end of period  | $146.86 | $124.30 | $99.55 | $97.31 | $100.38 |
| **Total Return** E | 24.32% <br>| 33.87%  | 6.01%  | 1.46%  | 19.19%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .64%  | .66%  | .74%  | .74%  | .74%  |
| Expenses net of fee waivers, if any  | .63% <br>| .66%  | .73%  | .74%  | .73%  |
| Expenses net of all reductions, if any  | .63%  | .66%  | .73%  | .74%  | .73%  |
| Net investment income (loss)  | 1.69%  | 2.30%  | 2.23%  | 1.74%  | 1.96%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2482944 | $1976718 | $1158034 | $1352766 | $1072056 |
| Portfolio turnover rate H | 76% I<br>| 69%  | 83%  | 53%  | 37%  |

---

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*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*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.*

I*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Utilities Fund Class I**<br>

---

| | |
|:---|:---|
| **Years ended February 28,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $141.73 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .91  |
| Net realized and unrealized gain (loss)  | 7.39  |
| Total from investment operations  | 8.30  |
| Distributions from net investment income  | (.61)  |
| Distributions from net realized gain  | (2.59)  |
| Total distributions  | (3.20)  |
| Net asset value, end of period  | $146.83 |
| **Total Return** D,E | 6.11% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .68% H |
| Expenses net of fee waivers, if any  | .67% H<br>|
| Expenses net of all reductions, if any  | .67% H |
| Net investment income (loss)  | 1.70% H |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $667705 |
| Portfolio turnover rate I | 76% J<br>|

---

A*For the period October 9, 2025 (commencement of sale of shares) through February 28, 2026.*

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Utilities Fund Class Z**<br>

---

| | |
|:---|:---|
| **Years ended February 28,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $141.73 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .98  |
| Net realized and unrealized gain (loss)  | 7.38  |
| Total from investment operations  | 8.36  |
| Distributions from net investment income  | (.64)  |
| Distributions from net realized gain  | (2.59)  |
| Total distributions  | (3.23)  |
| Net asset value, end of period  | $146.86 |
| **Total Return** D,E | 6.16% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .56% H |
| Expenses net of fee waivers, if any  | .55% H<br>|
| Expenses net of all reductions, if any  | .55% H |
| Net investment income (loss)  | 1.84% H |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $166190 |
| Portfolio turnover rate I | 76% J<br>|

---

A*For the period October 9, 2025 (commencement of sale of shares) through February 28, 2026.*

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Notes to Financial Statements**

For the period ended February 28, 2026

**1. Organization.**

Utilities Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund commenced sale of Class A, Class M, Class C, Class I and Class Z shares on October 9, 2025. The Fund offers Class A, Class M, Class C, Class I, Utilities Portfolio 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 February 28, 2026 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, 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.

**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. As of February 28, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund 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 foreign currency transactions, partnerships and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $1280446547 |
| **Gross unrealized depreciation**  | <u>(10976471)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1269470076</u> |
| **Tax Cost**  | <u>$2854477611</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$42320278</u> |
| **Undistributed long-term capital gain**  | <u>$21318383</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1269474458</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** |
| **Ordinary Income**  | $75295088 | $50884330 |
| **Long-term Capital Gains**  | <u>64520521</u> | <u>52383007</u> |
| **Total**  | <u>$139815609</u> | <u>$103267337</u> |

---

**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 ($)** | **Sales ($)** |
| **Utilities Portfolio** | 3138691601 | 1955529687 |

---

**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 |
| **Utilities Portfolio** | .69 |
| **Class I** | .69 |
| **Class Z** | .57 |

---

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** | .66 |
| **Class M** | .66 |
| **Class C** | .66 |
| **Utilities Portfolio** | .62 |
| **Class I** | .66 |
| **Class Z** | .54 |

---

**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% | 489650 | 14527 |
| **Class M** | .25% | .25% | 156366 | - |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp; <u>370795</u> | <u>105407</u> |
|  |  |  | <u>1016811</u> | <u>119934</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** | 76740 |
| **Class M** | 3543 |
| **Class C**A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>767</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>81050</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 ($)** |
| **Utilities Portfolio** | 39428 |

---

**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** | 69239296 | 79718547 | 7933213 |

---

**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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Utilities Portfolio** | 2990 |

---

Effective March 24, 2026 the .10% spread adjustment on the SOFR benchmark was removed.

**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 in security lending. 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** | 5551 | - | - |

---

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** | 945397 |

---

**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 $2,136.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $4,367 and a portion of class-level operating expenses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Class A** | 11181 |
| **Class M** | 1769 |
| **Class C** | 2105 |
| **Utilities Portfolio** | 48202 |
| **Class I** | 12965 |
| **Class Z** | <u>3141</u> |
| **Total** | <u>79363</u> |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **February 28, 2026A** | **Year ended**<br> **February 28, 2025** |
| **Utilities Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $12112455 | $- |
| Class M | 1867816 | - |
| Class C | 2119298 | - |
| Utilities Portfolio | 105899283 | 103267337 |
| Class I | 14343360 | - |
| Class Z | <u>3473397</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>-</u> |
| Total  | <u>$139815609</u> | <u>$103267337</u> |

---

*A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period October 9, 2025 (commencement of sale of shares) through February 28, 2026.*

**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** |
|  | **Year ended** <br> **February 28, 2026A**  | **Year ended**<br> **February 28, 2025** | **Year ended** <br> **February 28, 2026A**  | **Year ended**<br> **February 28, 2025** |
| **Utilities Portfolio** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 262674 | - | $35795513 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 3835421 | - | 546010613 | - |
| Reinvestment of distributions  | 89771 | - | 11845270 | - |
| Shares redeemed | <u>(295221)</u> | <u>-</u> | <u>(39948557)</u> | <u>-</u> |
| Net increase (decrease) | <u>3892645</u> | <u>-</u> | <u>$553702839</u> | <u>$</u> <u>-</u> |
| **Class M** |  |  |  |  |
| Shares sold | 27224 | - | $3709991 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 617551 | - | 87908397 | - |
| Reinvestment of distributions  | 13929 | - | 1837952 | - |
| Shares redeemed | <u>(36603)</u> | <u>-</u> | <u>(5021786)</u> | <u>-</u> |
| Net increase (decrease) | <u>622101</u> | <u>-</u> | <u>$88434554</u> | <u>$</u> <u>-</u> |
| **Class C** |  |  |  |  |
| Shares sold | 72899 | - | $9973460 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 725476 | - | 103256951 | - |
| Reinvestment of distributions  | 16003 | - | 2111491 | - |
| Shares redeemed | <u>(67712)</u> | <u>-</u> | <u>(9215461)</u> | <u>-</u> |
| Net increase (decrease) | <u>746666</u> | <u>-</u> | <u>$106126441</u> | <u>$</u> <u>-</u> |
| **Utilities Portfolio** |  |  |  |  |
| Shares sold | 5923150 | 7585014 | $774435738 | $913925631 |
| Reinvestment of distributions  | 761608 | 831112 | 95882932 | 93530989 |
| Shares redeemed | <u>(5680404)</u> | <u>(4145953)</u> | <u>(736309172)</u> | <u>(489439188)</u> |
| Net increase (decrease) | <u>1004354</u> | <u>4270173</u> | <u>$134009498</u> | <u>$518017432</u> |
| **Class I** |  |  |  |  |
| Shares sold | 634221 | - | $86948870 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 4518782 | - | 643338648 | - |
| Reinvestment of distributions  | 106988 | - | 14118195 | - |
| Shares redeemed | <u>(712415)</u> | <u>-</u> | <u>(97781954)</u> | <u>-</u> |
| Net increase (decrease) | <u>4547576</u> | <u>-</u> | <u>$646623759</u> | <u>$</u> <u>-</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 322916 | - | $44399881 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 996215 | - | 141841114 | - |
| Reinvestment of distributions  | 23321 | - | 3077506 | - |
| Shares redeemed | <u>(210870)</u> | <u>-</u> | <u>(28754927)</u> | <u>-</u> |
| Net increase (decrease) | <u>1131582</u> | <u>-</u> | <u>$160563574</u> | <u>$</u> <u>-</u> |

---

*A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period October 9, 2025 (commencement of sale of shares) through February 28, 2026.*

**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. Reorganization Information.**

On October 17, 2025, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Utilities Fund (Acquired Fund) pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees (the Board). The securities held by the Acquired Fund were the primary assets acquired by the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on October 9, 2025. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at their respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund and Share Class** | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Fidelity Advisor Utilities Fund** | 1522480793 | 443078342 |  |  |  |
| **Class A** |  |  | 546010613 | 10774049 | 0.3559869345 |
| **Class M** |  |  | 87908397 | 1727213 | 0.3575419740 |
| **Class C** |  |  | 103256951 | 2096845 | 0.3459846835 |
| **Class I** |  |  | 643338648 | 12347944 | 0.3659542038 |
| **Class Z** |  |  | 141841114 | 2723628 | 0.3657676640 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| **Utilities Portfolio** | 2317405905 | 3839761628 |

---

Pro forma results of operations of the combined entity for the entire period ended February 28, 2026, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $56501344  |
| **Total net realized gain (loss)** | 173850543  |
| **Total change in net unrealized appreciation (depreciation)** | <u>554237869</u>  |
| **Net increase (decrease) in net assets resulting from operations** | <u>$784589756</u>  |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that has been included in the Fund's accompanying Statement of Operations since October 17, 2025.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Select Portfolios and Shareholders of Utilities Portfolio

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Utilities Portfolio (one of the funds constituting Fidelity Select Portfolios, referred to hereafter as the "Fund") as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 14, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

Utilities Portfolio (Acquiring Fund) hereby designates as a capital gain dividend with respect to the taxable year ended February 28, 2026, $71,270,017, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity Advisor Utilities Fund (Target Fund) hereby designates as a capital gain dividend with respect to the taxable year ended October 17, 2025, $1,118,006, or, if subsequently determined to be different, the net capital gain of such year.

Utilities Portfolio (Acquiring Fund) designates 100% of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

Fidelity Advisor Utilities Fund (Target Fund) designates 100% of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

Utilities Portfolio (Acquiring Fund) designates $2,250,247 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.

Fidelity Advisor Utilities Fund (Target Fund) designates $117,739 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

A total of 1.27% of the dividends distributed during the fiscal year of Utilities Portfolio (Acquiring Fund) was derived from interest on U.S. Government securities which is generally exempt from state income tax.

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **Utilities Portfolio** <br> (Acquiring Fund) | **Class A** | **Class M** | **Class C** | **Utilities** | **Class I** | **Class Z** |
| April, 2025 | - | - | - | 61% | - | - |
| July, 2025 | - | - | - | 71% | - | - |
| October, 2025 | - | - | - | 71% | - | - |
| December, 2025 | 74% | 78% | 88% | 70% | 70% | 68% |
|  | **Class A** | **Class M** | **Class C** | **Class I** | **Class Z** |  |
| **Fidelity Advisor Utilities Fund**&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |
| (Target Fund) |  |  |  |  |  |  |
| April, 2025 | 100% | 100% | 100% | 100% | 100% |  |
| July, 2025 | 100% | 100% | 100% | 100% | 100% |  |
| October 03, 2025 | 64% | 78% | 100% | 55% | 53% |  |
| October 14, 2025 | 50% | 52% | 55% | 49% | 48% |  |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **Utilities Portfolio** <br> (Acquiring Fund) | **Class A** | **Class M** | **Class C** | **Utilities** | **Class I** | **Class Z** |
| April, 2025 | - | - | - | 47.40% | - | - |
| July, 2025 | - | - | - | 72.06% | - | - |
| October, 2025 | - | - | - | 72.06% | - | - |
| December, 2025 | 74.68% | 79.10% | 89.13% | 71.15% | 70.94% | 69.28% |
|  | **Class A** | **Class M** | **Class C** | **Class I** | **Class Z** |  |
| **Fidelity Advisor Utilities Fund**  |  |  |  |  |  |  |
| (Target Fund) |  |  |  |  |  |  |
| April, 2025 | 100% | 100% | 100% | 100% | 100% |  |
| July, 2025 | 100% | 100% | 100% | 100% | 100% |  |
| October 03, 2025 | 59.54% | 73.24% | 100% | 51.42% | 49.18% |  |
| October 14, 2025 | 45.54% | 46.96% | 49.59% | 44.46% | 43.81% |  |

---

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

**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)**

Note: This is not applicable for any fund included in this document.

![](img126045_4.jpg)<br>

1.813626.121 SELUTL-ANN-0426

**Fidelity® Select Portfolios®**

**Consumer Discretionary Sector**

**Automotive Portfolio**

**Communication Services Portfolio**

**Construction and Housing Portfolio**

**Consumer Discretionary Portfolio**

**Leisure Portfolio**

**Retailing Portfolio**

**Annual Report**

**February 28, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img126046_1.jpg)

![](img126046_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SELCON-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Automotive Portfolio](#Sub_Sec_Fund_502_SELCON-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Communication Services Portfolio](#Sub_Sec_Fund_503_SELCON-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Construction and Housing Portfolio](#Sub_Sec_Fund_511_SELCON-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Consumer Discretionary Portfolio](#Sub_Sec_Fund_517_SELCON-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Leisure Portfolio](#Sub_Sec_Fund_62_SELCON-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Retailing Portfolio](#Sub_Sec_Fund_146_SELCON-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements502_SELCON-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SELCON-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SELCON-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SELCON-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SELCON-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SELCON-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SELCON-ANN)** |

---

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

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

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

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Funds nor Fidelity Distributors Corporation is a bank.*

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

**Automotive Portfolio**

**Schedule of Investments February 28, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.5%** | &nbsp;&nbsp;**Common Stocks - 98.5%** | &nbsp;&nbsp;**Common Stocks - 98.5%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Automobile Components - 0.6% |  |  |
| Linamar Corp  | 6100 | 420411 |
| CHINA - 3.9%  |  |  |
| Consumer Discretionary - 3.9% |  |  |
| Automobiles - 3.9% |  |  |
| BYD Co Ltd H Shares  | 27000 | 325488 |
| Li Auto Inc ADR (a)(b) | 63929 | 1124511 |
| NIO Inc Class A ADR (a)(b) | 76385 | 371995 |
| XPeng Inc ADR (a)(b) | 43878 | 770498 |
| TOTAL CHINA |  | 2592492 |
| ISRAEL - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| Mobileye Global Inc Class A (a)(b) | 17600 | 148895 |
| ITALY - 4.4%  |  |  |
| Consumer Discretionary - 4.4% |  |  |
| Automobile Components - 0.4% |  |  |
| Pirelli & C SpA (c)(d) | 40300 | 303520 |
| Automobiles - 4.0% |  |  |
| Ferrari NV (b) | 6896 | 2619929 |
| TOTAL ITALY |  | 2923449 |
| JAPAN - 15.9%  |  |  |
| Consumer Discretionary - 15.9% |  |  |
| Automobiles - 15.9% |  |  |
| Honda Motor Co Ltd ADR  | 72565 | 2188560 |
| Toyota Motor Corp ADR (b) | 33760 | 8182749 |
| TOTAL JAPAN |  | 10371309 |
| SWITZERLAND - 2.5%  |  |  |
| Consumer Discretionary - 1.5% |  |  |
| Automobile Components - 1.5% |  |  |
| Garrett Motion Inc  | 47729 | 971763 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| TE Connectivity PLC  | 3029 | 697124 |
| TOTAL SWITZERLAND |  | 1668887 |
| UNITED STATES - 71.0%  |  |  |
| Consumer Discretionary - 63.5% |  |  |
| Automobile Components - 8.7% |  |  |
| BorgWarner Inc  | 24910 | 1434069 |
| Dana Inc  | 78670 | 2693661 |
| Dauch Corporation (a) | 161524 | 1066058 |
| Phinia Inc  | 7720 | 560704 |
|  |  | 5754492 |
| Automobiles - 30.1% |  |  |
| Ford Motor Co  | 229577 | 3234740 |
| General Motors Co  | 106573 | 8388361 |
| Rivian Automotive Inc Class A (a)(b) | 51097 | 783317 |
| Stellantis NV (b) | 160256 | 1296471 |
| Tesla Inc (a) | 14941 | 6013902 |
|  |  | 19716791 |
| Distributors - 1.7% |  |  |
| Genuine Parts Co  | 4500 | 536670 |
| LKQ Corp  | 16956 | 561413 |
|  |  | 1098083 |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| DoorDash Inc Class A (a) | 2277 | 401822 |
| Specialty Retail - 22.4% |  |  |
| AutoZone Inc (a) | 860 | 3229799 |
| Carvana Co Class A (a) | 9600 | 3207936 |
| O'Reilly Automotive Inc (a) | 83289 | 7819171 |
| Penske Automotive Group Inc  | 3100 | 488312 |
|  |  | 14745218 |
| TOTAL CONSUMER DISCRETIONARY |  | 41716406 |
| Industrials - 7.5% |  |  |
| Commercial Services & Supplies - 4.4% |  |  |
| ACV Auctions Inc Class A (a) | 6815 | 33121 |
| Copart Inc (a) | 39007 | 1485777 |
| OPENLANE Inc (a) | 48755 | 1390005 |
|  |  | 2908903 |
| Electrical Equipment - 0.3% |  |  |
| Sensata Technologies Holding PLC  | 7041 | 262910 |
| Ground Transportation - 1.7% |  |  |
| Lyft Inc Class A (a) | 44200 | 611728 |
| Uber Technologies Inc (a) | 6400 | 482688 |
|  |  | 1094416 |
| Trading Companies & Distributors - 1.1% |  |  |
| Rush Enterprises Inc Class A  | 9800 | 695506 |
| TOTAL INDUSTRIALS |  | 4961735 |
| TOTAL UNITED STATES |  | 46678141 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $34,361,391) |  | <br> **64803584** |

---

---

| | | |
|:---|:---|:---|
| &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)(e)(f)<br>(Cost $77,048)<br>| 3700 | **13135** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 21.8%** | &nbsp;&nbsp;**Money Market Funds - 21.8%** | &nbsp;&nbsp;**Money Market Funds - 21.8%** | &nbsp;&nbsp;**Money Market Funds - 21.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Securities Lending Cash Central Fund (g)(h)<br>(Cost $14,353,804)<br>| 3.69 | 14352369 | **14353804** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 120.3%**<br> (Cost $48,792,243)<br>| <br>**79170523** |
| **NET OTHER ASSETS (LIABILITIES) - (20.3)%**  | **(13373092)** |
| **NET ASSETS - 100.0%** | **65797431** |

---

**Legend**

(a) Non-income producing.

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $303,520 or 0.5% of net assets.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $303,520 or 0.5% of net assets.

(e) Level 3 security.

(f) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $13,135 or 0.0% of net assets.

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

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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>|
| Cellink Corp Series D | 1/20/2022 | 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 | 15777848 | 15866140 | 9678 | 43 | - | - | - | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 4395310 | 135877624 | 125919499 | 68362 | 369 | - | 14353804 | 14352369 | 0.0% |
| Total | 4483559 | 151655472 | 141785639 | 78040 | 412 | - | 14353804 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 59144725 | 58819237 | 325488 | - |
| Industrials | 4961735 | 4961735 | - | - |
| Information Technology | 697124 | 697124 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 13135 | - | - | 13135 |
|  **Money Market Funds** | 14353804 | 14353804 | - | - |
| **Total Investments in Securities:** | 79170523 | 78831900 | 325488 | 13135 |

---

**Automotive Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $14,002,369) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $34,438,439) | $64816719 |  |
| Fidelity Central Funds (cost $14,353,804) | 14353804 |  |
| Total Investment in Securities (cost $48,792,243) |  | $79170523 |
| Receivable for investments sold |  | 1016528 |
| Receivable for fund shares sold |  | 12457 |
| Dividends receivable |  | 62244 |
| Distributions receivable from Fidelity Central Funds |  | 4605 |
| Prepaid expenses |  | 36 |
| Other receivables |  | 4426 |
| **Total assets** |  | 80270819 |
| **Liabilities** |  |  |
| Payable to custodian bank  | $32415 |  |
| Payable for fund shares redeemed | 16095 |  |
| Accrued management fee | 36921 |  |
| Other payables and accrued expenses | 34932 |  |
| Collateral on securities loaned | 14353025 |  |
| **Total liabilities** |  | 14473388 |
| **Net Assets**  |  | $65797431 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $32104045 |
| Total accumulated earnings (loss) |  | 33693386 |
| **Net Assets** |  | $65797431 |
| **Net Asset Value**, offering price and redemption price per share ($65,797,431 ÷ 1,081,607 shares) |  | $60.83 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $790414 |
| Interest  |  | 57262 |
| Income from Fidelity Central Funds (including $68,362 from security lending)  |  | 78040 |
| Security lending |  | 491 |
| Income before foreign taxes withheld |  | $926207 |
| Less foreign taxes withheld |  | (57262) |
| **Total income** |  | 868945 |
| **Expenses** |  |  |
| Management fee | $457628 |  |
| Custodian fees and expenses | 9823 |  |
| Independent trustees' fees and expenses | 265 |  |
| Registration fees | 27692 |  |
| Audit fees | 42082 |  |
| Legal | 1642 |  |
| Miscellaneous | 246 |  |
| Total expenses before reductions | 539378 |  |
| Expense reductions | (242) |  |
| Total expenses after reductions |  | 539136 |
| **Net Investment income (loss)** |  | 329809 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 9734503 |  |
| Fidelity Central Funds | 412 |  |
| Foreign currency transactions | 1112 |  |
| Total net realized gain (loss) |  | 9736027 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 714971 |  |
| Assets and liabilities in foreign currencies | 793 |  |
| Total change in net unrealized appreciation (depreciation) |  | 715764 |
| **Net gain (loss)** |  | 10451791 |
| **Net increase (decrease) in net assets resulting from operations** |  | $10781600 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $329809 | $605432 |
| &nbsp;&nbsp;Net realized gain (loss) | 9736027<br>| 11074897<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 715764 | (12939264)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 10781600<br>| (1258935)<br>|
| Distributions to shareholders | (5478308)<br>| (600778)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 15530193 | 9467223 |
| Reinvestment of distributions | 4977167<br>| 549757<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (28145093) | (38566030) |
| **Net increase (decrease) in net assets resulting from share transactions** | (7637733)<br>| (28549050)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (2334441)<br>| (30408763)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 68131872 | 98540635<br>|
| &nbsp;&nbsp;End of period | $65797431 | $68131872 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 250993 | 173055 |
| Issued in reinvestment of distributions | 81035<br>| 9569<br>|
| &nbsp;&nbsp;Redeemed | (469340) | (720649) |
| &nbsp;&nbsp;Net increase (decrease) | (137312) | (538025) |

---

**Financial Highlights** 

**Automotive Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $55.90 | $56.09 | $45.99 | $56.56 | $54.21 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .29  | .41  | .41  | .34 D | .23 E |
| Net realized and unrealized gain (loss)  | 9.45  | (.13)  | 10.14  | (9.86)  | 3.82  |
| Total from investment operations  | 9.74  | .28  | 10.55  | (9.52)  | 4.05  |
| Distributions from net investment income  | (.31)  | (.47)  | (.45)  | (.28)  | (.29)  |
| Distributions from net realized gain  | (4.50)  | -  | -  | (.77)  | (1.40)  |
| Total distributions  | (4.81)  | (.47)  | (.45)  | (1.05)  | (1.70) F |
| Net asset value, end of period  | $60.83 | $55.90 | $56.09 | $45.99 | $56.56 |
| **Total Return** G | 17.34% <br>| .48%  | 23.02%  | (16.92)%  | 7.20%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |
| Expenses before reductions  | .78%  | .78%  | .88%  | .89%  | .80%  |
| Expenses net of fee waivers, if any  | .78% <br>| .78%  | .87%  | .88%  | .80%  |
| Expenses net of all reductions, if any  | .78%  | .78%  | .87%  | .88%  | .80%  |
| Net investment income (loss)  | .48%  | .77%  | .83%  | .73% D | .37% E |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $65797 | $68132 | $98541 | $106479 | $165176 |
| Portfolio turnover rate J | 112% <br>| 58%  | 60%  | 54%  | 69%  |

---

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*Total distributions per share do not sum due to rounding.*

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*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 February 28, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.5%** | &nbsp;&nbsp;**Common Stocks - 98.5%** | &nbsp;&nbsp;**Common Stocks - 98.5%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| MDA Space Ltd (a) | 253800 | 7358814 |
| JAPAN - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Kioxia Holdings Corp (a) | 139800 | 18987340 |
| KOREA (SOUTH) - 3.0%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| Webtoon Entertainment Inc (a) | 460400 | 5179500 |
| Information Technology - 2.8% |  |  |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| SK Hynix Inc  | 43420 | 31990320 |
| Technology Hardware, Storage & Peripherals - 1.7% |  |  |
| Samsung Electronics Co Ltd  | 302320 | 45450447 |
| TOTAL INFORMATION TECHNOLOGY |  | 77440767 |
| TOTAL KOREA (SOUTH) |  | 82620267 |
| TAIWAN - 2.7%  |  |  |
| Information Technology - 2.7% |  |  |
| Semiconductors & Semiconductor Equipment - 2.7% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 193900 | 72631062 |
| UNITED STATES - 91.8%  |  |  |
| Communication Services - 82.6% |  |  |
| Diversified Telecommunication Services - 12.5% |  |  |
| AST SpaceMobile Inc Class A (a)(b) | 753300 | 59653827 |
| AT&T Inc  | 4761600 | 133372416 |
| Lumen Technologies Inc (a) | 1955300 | 13902183 |
| Verizon Communications Inc  | 2665900 | 133668226 |
|  |  | 340596652 |
| Entertainment - 11.6% |  |  |
| Liberty Media Corp-Liberty Formula One Class C (a) | 415000 | 38009850 |
| Lionsgate Studios Corp  | 3460600 | 31145400 |
| Live Nation Entertainment Inc (a)(b) | 247100 | 40064794 |
| ROBLOX Corp Class A (a) | 949400 | 65185804 |
| Roku Inc Class A (a) | 371402 | 36549671 |
| Spotify Technology SA (a) | 39100 | 20134154 |
| Take-Two Interactive Software Inc (a) | 308800 | 65305024 |
| TKO Group Holdings Inc Class A  | 87700 | 19633399 |
|  |  | 316028096 |
| Interactive Media & Services - 49.8% |  |  |
| Alphabet Inc Class A  | 2172500 | 677298600 |
| Meta Platforms Inc Class A  | 1045480 | 677659227 |
|  |  | 1354957827 |
| Media - 8.7% |  |  |
| EchoStar Corp Class A (a)(b) | 1139300 | 131623329 |
| Fox Corp Class A  | 349200 | 19673928 |
| Fox Corp Class B  | 482800 | 24975244 |
| Magnite Inc (a)(b) | 1721863 | 23451774 |
| Omnicom Group Inc (b) | 322100 | 27471909 |
| Paramount Skydance Corp Class B  | 611000 | 8254610 |
|  |  | 235450794 |
| TOTAL COMMUNICATION SERVICES |  | 2247033369 |
| Consumer Discretionary - 4.0% |  |  |
| Broadline Retail - 3.3% |  |  |
| Amazon.com Inc (a) | 428000 | 89880000 |
| Specialty Retail - 0.7% |  |  |
| Warby Parker Inc Class A (a) | 782407 | 19567999 |
| TOTAL CONSUMER DISCRETIONARY |  | 109447999 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Space Exploration Technologies Corp (a)(c)(d) | 8815 | 4641891 |
| Space Exploration Technologies Corp Class C (a)(c)(d) | 3643 | 1918367 |
| TOTAL INDUSTRIALS |  | 6560258 |
| Information Technology - 5.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Corning Inc  | 99000 | 14887620 |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| MACOM Technology Solutions Holdings Inc (a) | 118100 | 29302972 |
| Technology Hardware, Storage & Peripherals - 3.4% |  |  |
| Seagate Technology Holdings PLC  | 109400 | 44617696 |
| Western Digital Corp  | 164100 | 45898770 |
|  |  | 90516466 |
| TOTAL INFORMATION TECHNOLOGY |  | 134707058 |
| TOTAL UNITED STATES |  | 2497748684 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,766,398,852) |  | <br> **2679346167** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Waymo LLC Series C2 (a)(c)(d) | 21234 | 3489171 |
| Industrials - 0.1% |  |  |
| Air Freight & Logistics - 0.1% |  |  |
| Zipline International Inc Series H (c)(d) | 46300 | 2604838 |
| Information Technology - 0.3% |  |  |
| Communications Equipment - 0.1% |  |  |
| Astranis Space Technologies Corp Series E (c)(d) | 127900 | 2459517 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Cerebras Systems Inc Series H (c)(d) | 4700 | 418394 |
| Software - 0.2% |  |  |
| Anthropic PBC Series G (c)(d) | 4100 | 1062474 |
| Databricks Inc Series L (c)(d) | 7000 | 1257900 |
| OpenAI Group Pbc Series A-2 (c)(d) | 4894 | 3395947 |
| OpenAI Group Pbc Series A-3 (c)(d) | 1146 | 795209 |
|  |  | 6511530 |
| TOTAL INFORMATION TECHNOLOGY |  | 9389441 |
| TOTAL UNITED STATES |  | 15483450 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $10,807,686) |  | <br> **15483450** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.0%** | &nbsp;&nbsp;**Money Market Funds - 8.0%** | &nbsp;&nbsp;**Money Market Funds - 8.0%** | &nbsp;&nbsp;**Money Market Funds - 8.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.70 | 2693461 | 2693999 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 3.69 | 213900821 | 213922211 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $216,616,210) |  |  | **216616210** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 107.0%**<br> (Cost $1,993,822,748)<br>| <br>**2911445827** |
| **NET OTHER ASSETS (LIABILITIES) - (7.0)%**  | **(191330166)** |
| **NET ASSETS - 100.0%** | **2720115661** |

---

**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 $22,043,708 or 0.8% 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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>|
| Anthropic PBC Series G | 1/27/2026 | 1062459 |
| Astranis Space Technologies Corp Series E | 2/10/2026 | 2459992 |
| Cerebras Systems Inc Series H | 1/30/2026 | 418373 |
| Databricks Inc Series L | 12/18/2025 | 1330001 |
| OpenAI Group Pbc Series A-2 | 9/30/2024 | 919400 |
| OpenAI Group Pbc Series A-3 | 8/4/2025 | 351900 |
| Space Exploration Technologies Corp | 10/27/2021 - 12/12/2025 | 1780560 |
| Space Exploration Technologies Corp Class C | 7/14/2025 - 12/12/2025 | 944532 |
| Waymo LLC Series C2 | 10/18/2024 | 1660526 |
| Zipline International Inc Series H | 12/3/2025 | 2605035 |

---

**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 | 1185117480 | 1185775952 | 639821 | 2450 | - | 2693999 | 2693461 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 12525119 | 1174820773 | 973421262 | 174876 | (2419) | - | 213922211 | 213900821 | 0.6% |
| Total | 15875140 | 2359938253 | 2159197214 | 814697 | 31 | - | 216616210 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 2252212869 | 2252212869 | - | - |
| Consumer Discretionary | 109447999 | 109447999 | - | - |
| Industrials | 13919072 | 7358814 | - | 6560258 |
| Information Technology | 303766227 | 303766227 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 3489171 | - | - | 3489171 |
| Industrials | 2604838 | - | - | 2604838 |
| Information Technology | 9389441 | - | - | 9389441 |
|  **Money Market Funds** | 216616210 | 216616210 | - | - |
| **Total Investments in Securities:** | 2911445827 | 2889402119 | - | 22043708 |

---

**Communication Services Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $210,296,921) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,777,206,538) | $2694829617 |  |
| Fidelity Central Funds (cost $216,616,210) | 216616210 |  |
| Total Investment in Securities (cost $1,993,822,748) |  | $2911445827 |
| Receivable for investments sold |  | 117967361 |
| Receivable for fund shares sold |  | 1744162 |
| Dividends receivable |  | 142089 |
| Distributions receivable from Fidelity Central Funds |  | 43266 |
| Prepaid expenses |  | 1084 |
| Other receivables |  | 78957 |
| **Total assets** |  | 3031422746 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $88378591 |  |
| Payable for fund shares redeemed | 7495060 |  |
| Accrued management fee | 1406205 |  |
| Distribution and service plan fees payable | 45207 |  |
| Other payables and accrued expenses | 58286 |  |
| Collateral on securities loaned | 213923736 |  |
| **Total liabilities** |  | 311307085 |
| **Net Assets**  |  | $2720115661 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1643312353 |
| Total accumulated earnings (loss) |  | 1076803308 |
| **Net Assets** |  | $2720115661 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($112,640,873 ÷ 821,902 shares)(a) |  | $137.05 |
| Maximum offering price per share (100/94.25 of $137.05) |  | $145.41 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($18,306,466 ÷ 135,319 shares)(a) |  | $135.28 |
| Maximum offering price per share (100/96.50 of $135.28) |  | $140.19 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($16,694,413 ÷ 127,764 shares)(a) |  | $130.67 |
| **Communication Services :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,270,284,171 ÷ 16,312,890 shares) |  | $139.17 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($149,445,783 ÷ 1,077,061 shares) |  | $138.75 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($152,743,955 ÷ 1,089,705 shares) |  | $140.17 |
| *(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** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $12205884 |
| Income from Fidelity Central Funds (including $174,876 from security lending)  |  | 814697 |
| Security lending |  | 6543 |
| Income before foreign taxes withheld |  | $13027124 |
| Less foreign taxes withheld |  | (133664) |
| **Total income** |  | 12893460 |
| **Expenses** |  |  |
| Management fee | $14051423 |  |
| Distribution and service plan fees | 459105 |  |
| Custodian fees and expenses | 25235 |  |
| Independent trustees' fees and expenses | 7922 |  |
| Registration fees | 236039 |  |
| Audit fees | 49339 |  |
| Legal | 2404 |  |
| Interest | 12519 |  |
| Miscellaneous | 7488 |  |
| **Total expenses** |  | 14851474 |
| **Net Investment income (loss)** |  | (1958014) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 355634599 |  |
| Fidelity Central Funds | 31 |  |
| Foreign currency transactions | (333846) |  |
| Total net realized gain (loss) |  | 355300784 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 168479493 |  |
| Assets and liabilities in foreign currencies | (601) |  |
| Total change in net unrealized appreciation (depreciation) |  | 168478892 |
| **Net gain (loss)** |  | 523779676 |
| **Net increase (decrease) in net assets resulting from operations** |  | $521821662 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(1958014) | $(874606) |
| &nbsp;&nbsp;Net realized gain (loss) | 355300784<br>| 81339466<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 168478892 | 306684652<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 521821662<br>| 387149512<br>|
| Distributions to shareholders | (171618917)<br>| (80336696)<br>|
| Share transactions - net increase (decrease) | 482103833<br>| 64749249<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 832306578<br>| 371562065<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1887809083 | 1516247018<br>|
| &nbsp;&nbsp;End of period | $2720115661 | $1887809083 |

---

**Financial Highlights** 

**Fidelity Advisor® Communication Services Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $114.17 | $94.42 | $62.24 | $78.37 | $87.31 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.46)  | (.34)  | (.40) D | (.48)  | (.60)  |
| Net realized and unrealized gain (loss)  | 32.50  | 25.16  | 32.58  | (15.65)  | (3.18)  |
| Total from investment operations  | 32.04  | 24.82  | 32.18  | (16.13)  | (3.78)  |
| Distributions from net realized gain  | (9.16)  | (5.07)  | -  | -  | (5.16)  |
| Total distributions  | (9.16)  | (5.07)  | -  | -  | (5.16)  |
| Net asset value, end of period  | $137.05 | $114.17 | $94.42 | $62.24 | $78.37 |
| **Total Return** E,F | 28.72% <br>| 26.91%  | 51.70%  | (20.58)%  | (5.05)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | .94%  | .96%  | 1.05%  | 1.07%  | 1.03%  |
| Expenses net of fee waivers, if any  | .94% <br>| .96%  | 1.04%  | 1.07%  | 1.03%  |
| Expenses net of all reductions, if any  | .94%  | .96%  | 1.04%  | 1.07%  | 1.03%  |
| Net investment income (loss)  | (.36)%  | (.33)%  | (.51)% D | (.74)%  | (.65)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $112641 | $78619 | $56157 | $24285 | $33679 |
| Portfolio turnover rate I | 147% <br>| 83%  | 45% J | 45%  | 57%  |

---

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 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*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® Communication Services Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $112.65 | $93.45 | $61.75 | $77.94 | $86.94 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.77)  | (.59)  | (.59) D | (.63)  | (.82)  |
| Net realized and unrealized gain (loss)  | 32.10  | 24.86  | 32.29  | (15.56)  | (3.15)  |
| Total from investment operations  | 31.33  | 24.27  | 31.70  | (16.19)  | (3.97)  |
| Distributions from net realized gain  | (8.70)  | (5.07)  | -  | -  | (5.03)  |
| Total distributions  | (8.70)  | (5.07)  | -  | -  | (5.03)  |
| Net asset value, end of period  | $135.28 | $112.65 | $93.45 | $61.75 | $77.94 |
| **Total Return** E,F | 28.39% <br>| 26.60%  | 51.34%  | (20.77)%  | (5.28)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.19%  | 1.21%  | 1.30%  | 1.31%  | 1.27%  |
| Expenses net of fee waivers, if any  | 1.19% <br>| 1.21%  | 1.29%  | 1.31%  | 1.27%  |
| Expenses net of all reductions, if any  | 1.19%  | 1.21%  | 1.29%  | 1.31%  | 1.27%  |
| Net investment income (loss)  | (.61)%  | (.58)%  | (.76)% D | (.98)%  | (.88)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $18306 | $13597 | $9725 | $3499 | $5817 |
| Portfolio turnover rate I | 147% <br>| 83%  | 45% J | 45%  | 57%  |

---

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 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*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® Communication Services Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $109.28 | $91.23 | $60.57 | $76.81 | $86.05 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (1.36)  | (1.06)  | (.93) D | (.90)  | (1.27)  |
| Net realized and unrealized gain (loss)  | 31.14  | 24.18  | 31.59  | (15.34)  | (3.07)  |
| Total from investment operations  | 29.78  | 23.12  | 30.66  | (16.24)  | (4.34)  |
| Distributions from net realized gain  | (8.39)  | (5.07)  | -  | -  | (4.90)  |
| Total distributions  | (8.39)  | (5.07)  | -  | -  | (4.90)  |
| Net asset value, end of period  | $130.67 | $109.28 | $91.23 | $60.57 | $76.81 |
| **Total Return** E,F | 27.76% <br>| 25.97%  | 50.62%  | (21.14)%  | (5.76)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.69%  | 1.71%  | 1.77%  | 1.78%  | 1.78%  |
| Expenses net of fee waivers, if any  | 1.69% <br>| 1.71%  | 1.77%  | 1.78%  | 1.78%  |
| Expenses net of all reductions, if any  | 1.69%  | 1.71%  | 1.77%  | 1.78%  | 1.78%  |
| Net investment income (loss)  | (1.11)%  | (1.07)%  | (1.24)% D | (1.45)%  | (1.39)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $16694 | $12596 | $13074 | $7478 | $8938 |
| Portfolio turnover rate I | 147% <br>| 83%  | 45% J | 45%  | 57%  |

---

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 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*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.*

**Communication Services Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $115.98 | $95.69 | $62.90 | $78.98 | $87.88 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.09)  | (.03)  | (.18) D | (.30)  | (.34)  |
| Net realized and unrealized gain (loss)  | 32.96  | 25.54  | 32.97  | (15.78)  | (3.22)  |
| Total from investment operations  | 32.87  | 25.51  | 32.79  | (16.08)  | (3.56)  |
| Distributions from net realized gain  | (9.68)  | (5.22)  | -  | -  | (5.34)  |
| Total distributions  | (9.68)  | (5.22)  | -  | -  | (5.34)  |
| Net asset value, end of period  | $139.17 | $115.98 | $95.69 | $62.90 | $78.98 |
| **Total Return** E | 29.10% <br>| 27.28%  | 52.13%  | (20.36)%  | (4.79)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .64%  | .67%  | .77%  | .80%  | .75%  |
| Expenses net of fee waivers, if any  | .64% <br>| .67%  | .76%  | .79%  | .74%  |
| Expenses net of all reductions, if any  | .64%  | .67%  | .76%  | .79%  | .74%  |
| Net investment income (loss)  | (.07)%  | (.03)%  | (.23)% D | (.47)%  | (.36)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2270284 | $1599903 | $1359432 | $710710 | $958304 |
| Portfolio turnover rate H | 147% <br>| 83%  | 45% I | 45%  | 57%  |

---

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 (.29)%.*

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*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.*

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

**Fidelity Advisor® Communication Services Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $115.89 | $95.69 | $62.89 | $78.93 | $87.86 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.15)  | (.08)  | (.17) D | (.28)  | (.34)  |
| Net realized and unrealized gain (loss)  | 32.85  | 25.53  | 32.97  | (15.76)  | (3.22)  |
| Total from investment operations  | 32.70  | 25.45  | 32.80  | (16.04)  | (3.56)  |
| Distributions from net realized gain  | (9.84)  | (5.25)  | -  | -  | (5.37)  |
| Total distributions  | (9.84)  | (5.25)  | -  | -  | (5.37)  |
| Net asset value, end of period  | $138.75 | $115.89 | $95.69 | $62.89 | $78.93 |
| **Total Return** E | 29.04% <br>| 27.22%  | 52.15%  | (20.32)%  | (4.79)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .69%  | .71%  | .76%  | .76%  | .75%  |
| Expenses net of fee waivers, if any  | .69% <br>| .71%  | .75%  | .75%  | .75%  |
| Expenses net of all reductions, if any  | .69%  | .71%  | .75%  | .75%  | .75%  |
| Net investment income (loss)  | (.11)%  | (.07)%  | (.22)% D | (.43)%  | (.37)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $149446 | $75661 | $43534 | $11961 | $32089 |
| Portfolio turnover rate H | 147% <br>| 83%  | 45% I | 45%  | 57%  |

---

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 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*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.*

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

**Fidelity Advisor® Communication Services Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $116.62 | $96.26 | $63.18 | $79.20 | $88.04 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .01  | .06  | (.07) D | (.19)  | (.22)  |
| Net realized and unrealized gain (loss)  | 33.24  | 25.72  | 33.15  | (15.83)  | (3.23)  |
| Total from investment operations  | 33.25  | 25.78  | 33.08  | (16.02)  | (3.45)  |
| Distributions from net investment income  | -  | - E | -  | -  | -  |
| Distributions from net realized gain  | (9.70)  | (5.42)  | -  | -  | (5.39)  |
| Total distributions  | (9.70)  | (5.42)  | -  | -  | (5.39)  |
| Net asset value, end of period  | $140.17 | $116.62 | $96.26 | $63.18 | $79.20 |
| **Total Return** F | 29.19% <br>| 27.41%  | 52.36%  | (20.23)%  | (4.65)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | .57%  | .58%  | .62%  | .62%  | .62%  |
| Expenses net of fee waivers, if any  | .57% <br>| .58%  | .61%  | .62%  | .61%  |
| Expenses net of all reductions, if any  | .57%  | .58%  | .61%  | .62%  | .61%  |
| Net investment income (loss)  | .01%  | .05%  | (.08)% D | (.29)%  | (.23)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $152744 | $107432 | $34325 | $3314 | $6477 |
| Portfolio turnover rate I | 147% <br>| 83%  | 45% J | 45%  | 57%  |

---

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 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*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.*

**Construction and Housing Portfolio**

**Schedule of Investments February 28, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 100.0%** | &nbsp;&nbsp;**Common Stocks - 100.0%** | &nbsp;&nbsp;**Common Stocks - 100.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 100.0%  |  |  |
| Consumer Discretionary - 43.5% |  |  |
| Household Durables - 11.2% |  |  |
| Blu Homes Inc (a)(c)(d) | 11990913 | 3717 |
| Cavco Industries Inc (a) | 12730 | 7348520 |
| DR Horton Inc  | 35436 | 5683580 |
| KB Home  | 64240 | 4084379 |
| Lennar Corp Class A  | 15120 | 1729123 |
| Meritage Homes Corp  | 91600 | 6908472 |
| PulteGroup Inc  | 136645 | 18747695 |
| Somnigroup International Inc  | 155910 | 13955504 |
| Toll Brothers Inc  | 85380 | 13425151 |
| TopBuild Corp (a) | 24670 | 11059561 |
| Whirlpool Corp (b) | 19270 | 1318646 |
|  |  | 84264348 |
| Specialty Retail - 32.3% |  |  |
| Bob's Discount Furniture Inc  | 49300 | 1047132 |
| Floor & Decor Holdings Inc Class A (a) | 187000 | 12919830 |
| Home Depot Inc/The  | 313430 | 119329070 |
| Lowe's Cos Inc  | 375115 | 99244176 |
| RH (a) | 17849 | 2957758 |
| Wayfair Inc Class A (a) | 900 | 68696 |
| Williams-Sonoma Inc  | 30500 | 6272325 |
|  |  | 241838987 |
| TOTAL CONSUMER DISCRETIONARY |  | 326103335 |
| Industrials - 36.4% |  |  |
| Building Products - 21.5% |  |  |
| AAON Inc (b) | 36870 | 3731244 |
| American Woodmark Corp (a) | 35230 | 1765023 |
| Armstrong World Industries Inc  | 48250 | 8371375 |
| Builders FirstSource Inc (a) | 111915 | 11671615 |
| Carlisle Cos Inc  | 33020 | 13035305 |
| Carrier Global Corp  | 161550 | 10403820 |
| Johnson Controls International plc  | 340151 | 49083790 |
| Modine Manufacturing Co (a) | 24400 | 5544900 |
| Simpson Manufacturing Co Inc (b) | 63590 | 12309116 |
| Trane Technologies PLC  | 95170 | 43998995 |
| Trex Co Inc (a) | 30200 | 1250884 |
|  |  | 161166067 |
| Construction & Engineering - 14.7% |  |  |
| AECOM  | 74870 | 7335763 |
| Cardinal Infrastructure Group Inc Class A  | 21800 | 702396 |
| Comfort Systems USA Inc  | 18815 | 26893597 |
| EMCOR Group Inc  | 22310 | 16166272 |
| Fluor Corp (a) | 38300 | 2003473 |
| Granite Construction Inc  | 46870 | 6302140 |
| IES Holdings Inc (a) | 9600 | 4755360 |
| Quanta Services Inc  | 66779 | 37601919 |
| WillScot Holdings Corp  | 372800 | 8056208 |
|  |  | 109817128 |
| Trading Companies & Distributors - 0.2% |  |  |
| Herc Holdings Inc  | 14000 | 1957060 |
| TOTAL INDUSTRIALS |  | 272940255 |
| Materials - 11.5% |  |  |
| Chemicals - 0.3% |  |  |
| Sherwin-Williams Co/The  | 6970 | 2527252 |
| Construction Materials - 11.2% |  |  |
| CRH PLC  | 278850 | 33456423 |
| Eagle Materials Inc (b) | 33220 | 7434636 |
| James Hardie Industries PLC depository receipt (a) | 294612 | 7174587 |
| Martin Marietta Materials Inc  | 46830 | 31683773 |
| Vulcan Materials Co  | 12586 | 3901660 |
|  |  | 83651079 |
| TOTAL MATERIALS |  | 86178331 |
| Real Estate - 8.6% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Compass Inc Class A (a) | 316280 | 3083729 |
| Residential REITs - 8.2% |  |  |
| Camden Property Trust  | 113300 | 12274922 |
| Elme Communities  | 282500 | 607375 |
| Equity Residential  | 55870 | 3531543 |
| Essex Property Trust Inc  | 35510 | 9058956 |
| Invitation Homes Inc  | 710080 | 18703507 |
| Sun Communities Inc  | 124380 | 16972895 |
|  |  | 61149198 |
| TOTAL REAL ESTATE |  | 64232927 |
| TOTAL UNITED STATES |  | 749454848 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $359,678,920) |  | <br> **749454848** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (e) | 3.70 | 3333460 | 3334127 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 3.69 | 8812649 | 8813530 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $12,147,657) |  |  | **12147657** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.6%**<br> (Cost $371,826,577)<br>| <br>**761602505** |
| **NET OTHER ASSETS (LIABILITIES) - (1.6)%**  | **(12122670)** |
| **NET ASSETS - 100.0%** | **749479835** |

---

**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 $3,717 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 5/21/2020 | 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 | 141554044 | 142936007 | 139217 | 270 | - | 3334127 | 3333460 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1886925 | 160210394 | 153282973 | 17663 | (816) | - | 8813530 | 8812649 | 0.0% |
| Total | 6602745 | 301764438 | 296218980 | 156880 | (546) | - | 12147657 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 326103335 | 326099618 | - | 3717 |
| Industrials | 272940255 | 272940255 | - | - |
| Materials | 86178331 | 86178331 | - | - |
| Real Estate | 64232927 | 64232927 | - | - |
|  **Money Market Funds** | 12147657 | 12147657 | - | - |
| **Total Investments in Securities:** | 761602505 | 761598788 | - | 3717 |

---

**Construction and Housing Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $8,697,364) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $359,678,920) | $749454848 |  |
| Fidelity Central Funds (cost $12,147,657) | 12147657 |  |
| Total Investment in Securities (cost $371,826,577) |  | $761602505 |
| Receivable for investments sold |  | 3386493 |
| Receivable for fund shares sold |  | 429185 |
| Dividends receivable |  | 63904 |
| Distributions receivable from Fidelity Central Funds |  | 20489 |
| Prepaid expenses |  | 400 |
| Other receivables |  | 2972 |
| **Total assets** |  | 765505948 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3797322 |  |
| Payable for fund shares redeemed | 2965132 |  |
| Accrued management fee | 414831 |  |
| Other payables and accrued expenses | 34482 |  |
| Collateral on securities loaned | 8814346 |  |
| **Total liabilities** |  | 16026113 |
| **Net Assets**  |  | $749479835 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $337750269 |
| Total accumulated earnings (loss) |  | 411729566 |
| **Net Assets** |  | $749479835 |
| **Net Asset Value**, offering price and redemption price per share ($749,479,835 ÷ 5,546,237 shares) |  | $135.13 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $11363773 |
| Income from Fidelity Central Funds (including $17,663 from security lending)  |  | 156880 |
| Security lending |  | 3727 |
| **Total income** |  | 11524380 |
| **Expenses** |  |  |
| Management fee | $4863603 |  |
| Custodian fees and expenses | 11526 |  |
| Independent trustees' fees and expenses | 2885 |  |
| Registration fees | 36101 |  |
| Audit fees | 40677 |  |
| Legal | 630 |  |
| Miscellaneous | 2682 |  |
| **Total expenses** |  | 4958104 |
| **Net Investment income (loss)** |  | 6566276 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 37796453 |  |
| Fidelity Central Funds | (546) |  |
| Foreign currency transactions | 2693 |  |
| Total net realized gain (loss) |  | 37798600 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 72351131 |
| **Net gain (loss)** |  | 110149731 |
| **Net increase (decrease) in net assets resulting from operations** |  | $116716007 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6566276 | $6014380 |
| &nbsp;&nbsp;Net realized gain (loss) | 37798600<br>| 27811202<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 72351131 | 9548092<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 116716007<br>| 43373674<br>|
| Distributions to shareholders | (22280896)<br>| (33106764)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 102300184 | 307829049 |
| Reinvestment of distributions | 20243682<br>| 30199728<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (249635629) | (308590138) |
| **Net increase (decrease) in net assets resulting from share transactions** | (127091763)<br>| 29438639<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (32656652)<br>| 39705549<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 782136487 | 742430938<br>|
| &nbsp;&nbsp;End of period | $749479835 | $782136487 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 818142 | 2494027 |
| Issued in reinvestment of distributions | 170842<br>| 252978<br>|
| &nbsp;&nbsp;Redeemed | (2046110) | (2555819) |
| &nbsp;&nbsp;Net increase (decrease) | (1057126) | 191186 |

---

**Financial Highlights** 

**Construction and Housing Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $118.45 | $115.78 | $88.48 | $89.80 | $77.53 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.10  | .89  | .90  | .76  | .57  |
| Net realized and unrealized gain (loss)  | 19.47  | 6.60  | 27.28  | (1.42)  | 17.59  |
| Total from investment operations  | 20.57  | 7.49  | 28.18  | (.66)  | 18.16  |
| Distributions from net investment income  | (1.18)  | (.85)  | (.88)  | (.66)  | (.53)  |
| Distributions from net realized gain  | (2.71)  | (3.97)  | -  | -  | (5.36)  |
| Total distributions  | (3.89)  | (4.82)  | (.88)  | (.66)  | (5.89)  |
| Net asset value, end of period  | $135.13 | $118.45 | $115.78 | $88.48 | $89.80 |
| **Total Return** D | 17.84% <br>| 6.47%  | 31.93%  | (.70)%  | 22.95%  |
| **Ratios to Average Net Assets** C,E,F |  |  |  |  |  |
| Expenses before reductions  | .68%  | .69%  | .77%  | .77%  | .75%  |
| Expenses net of fee waivers, if any  | .68% <br>| .69%  | .76%  | .76%  | .75%  |
| Expenses net of all reductions, if any  | .68%  | .69%  | .76%  | .76%  | .75%  |
| Net investment income (loss)  | .90%  | .73%  | .93%  | .90%  | .60%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $749480 | $782136 | $742431 | $498697 | $713338 |
| Portfolio turnover rate G | 16% <br>| 36%  | 27%  | 20%  | 70%  |

---

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

E*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.*

F*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.*

G*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 February 28, 2026**

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 - 0.9%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.9% |  |  |
| MercadoLibre Inc (a) | 4685 | 8234262 |
| CANADA - 2.0%  |  |  |
| Consumer Discretionary - 2.0% |  |  |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Restaurant Brands International Inc  | 127875 | 9174039 |
| Specialty Retail - 1.1% |  |  |
| Aritzia Inc Subordinate Voting Shares (a) | 118500 | 10492599 |
| TOTAL CANADA |  | 19666638 |
| FRANCE - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 3470 | 2217402 |
| SWITZERLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| On Holding AG Class A (a) | 47177 | 2192787 |
| UNITED STATES - 96.5%  |  |  |
| Consumer Discretionary - 94.2% |  |  |
| Automobile Components - 2.0% |  |  |
| Aptiv PLC (a) | 127010 | 9340315 |
| Dauch Corporation (a) | 672850 | 4440810 |
| LCI Industries (b) | 42648 | 5680714 |
|  |  | 19461839 |
| Automobiles - 17.1% |  |  |
| General Motors Co  | 205930 | 16208750 |
| Tesla Inc (a) | 367421 | 147890627 |
|  |  | 164099377 |
| Broadline Retail - 25.2% |  |  |
| Amazon.com Inc (a) | 1103699 | 231776790 |
| Etsy Inc (a) | 84370 | 4630226 |
| Ollie's Bargain Outlet Holdings Inc (a) | 43155 | 4621901 |
|  |  | 241028917 |
| Hotels, Restaurants & Leisure - 15.9% |  |  |
| Aramark  | 103433 | 4328671 |
| Booking Holdings Inc  | 3587 | 15206548 |
| Carnival Corp  | 319720 | 10087166 |
| Chipotle Mexican Grill Inc (a) | 255000 | 9491100 |
| Churchill Downs Inc  | 74256 | 6826354 |
| Domino's Pizza Inc  | 38028 | 15306650 |
| Flutter Entertainment PLC (a) | 20960 | 2224694 |
| Hilton Worldwide Holdings Inc  | 85956 | 26799362 |
| Marriott International Inc/MD Class A1  | 21238 | 7257662 |
| McDonald's Corp  | 94226 | 32136720 |
| Red Rock Resorts Inc Class A  | 82580 | 5000219 |
| Royal Caribbean Cruises Ltd  | 18980 | 5902021 |
| Starbucks Corp  | 62820 | 6157616 |
| Wyndham Hotels & Resorts Inc  | 69280 | 5667104 |
|  |  | 152391887 |
| Household Durables - 5.9% |  |  |
| Cavco Industries Inc (a) | 12280 | 7088753 |
| Meritage Homes Corp  | 63600 | 4796711 |
| PulteGroup Inc  | 93340 | 12806248 |
| Somnigroup International Inc  | 256292 | 22940697 |
| TopBuild Corp (a) | 19595 | 8784439 |
|  |  | 56416848 |
| Specialty Retail - 23.6% |  |  |
| Academy Sports & Outdoors Inc (b) | 227980 | 13708437 |
| Bob's Discount Furniture Inc  | 63100 | 1340244 |
| Dick's Sporting Goods Inc  | 87646 | 17847355 |
| Floor & Decor Holdings Inc Class A (a) | 205605 | 14205249 |
| Gap Inc/The  | 142900 | 4006916 |
| Group 1 Automotive Inc  | 15580 | 5075029 |
| Home Depot Inc/The  | 113794 | 43323653 |
| Lithia Motors Inc Class A  | 27080 | 7571026 |
| Lowe's Cos Inc  | 160003 | 42331994 |
| O'Reilly Automotive Inc (a) | 24815 | 2329632 |
| RH (a)(b) | 26800 | 4441028 |
| Ross Stores Inc  | 99370 | 20434447 |
| Sally Beauty Holdings Inc (a)(b) | 254439 | 4088835 |
| TJX Cos Inc/The  | 193346 | 31256314 |
| Ulta Beauty Inc (a) | 1870 | 1280557 |
| Wayfair Inc Class A (a) | 45516 | 3474236 |
| Williams-Sonoma Inc  | 48290 | 9930839 |
|  |  | 226645791 |
| Textiles, Apparel & Luxury Goods - 4.5% |  |  |
| Capri Holdings Ltd (a) | 138060 | 2831611 |
| Deckers Outdoor Corp (a) | 68504 | 8033464 |
| NIKE Inc Class B  | 230404 | 14326521 |
| PVH Corp  | 73617 | 5050126 |
| Tapestry Inc  | 85432 | 13282113 |
|  |  | 43523835 |
| TOTAL CONSUMER DISCRETIONARY |  | 903568494 |
| Consumer Staples - 1.5% |  |  |
| Consumer Staples Distribution & Retail - 1.5% |  |  |
| Dollar Tree Inc (a) | 98904 | 12509378 |
| Performance Food Group Co (a) | 18770 | 1821816 |
| TOTAL CONSUMER STAPLES |  | 14331194 |
| Materials - 0.8% |  |  |
| Construction Materials - 0.8% |  |  |
| James Hardie Industries PLC depository receipt (a) | 312343 | 7606384 |
| TOTAL UNITED STATES |  | 925506072 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $430,869,444) |  | <br> **957817161** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (c) | 3.70 | 2956659 | 2957250 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.69 | 12070578 | 12071785 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $15,029,035) |  |  | **15029035** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.3%**<br> (Cost $445,898,479)<br>| <br>**972846196** |
| **NET OTHER ASSETS (LIABILITIES) - (1.3)%**  | **(12679484)** |
| **NET ASSETS - 100.0%** | **960166712** |

---

**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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 96778904 | 95422202 | 59499 | 321 | - | 2957250 | 2956659 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 9042500 | 271425817 | 268395667 | 11803 | (865) | - | 12071785 | 12070578 | 0.0% |
| Total | 10642727 | 368204721 | 363817869 | 71302 | (544) | - | 15029035 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 935879583 | 933662181 | 2217402 | - |
| Consumer Staples | 14331194 | 14331194 | - | - |
| Materials | 7606384 | 7606384 | - | - |
|  **Money Market Funds** | 15029035 | 15029035 | - | - |
| **Total Investments in Securities:** | 972846196 | 970628794 | 2217402 | - |

---

**Consumer Discretionary Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $13,590,394) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $430,869,444) | $957817161 |  |
| Fidelity Central Funds (cost $15,029,035) | 15029035 |  |
| Total Investment in Securities (cost $445,898,479) |  | $972846196 |
| Receivable for investments sold |  | 23613309 |
| Receivable for fund shares sold |  | 579544 |
| Dividends receivable |  | 139180 |
| Distributions receivable from Fidelity Central Funds |  | 7923 |
| Prepaid expenses |  | 269 |
| Other receivables |  | 44638 |
| **Total assets** |  | 997231059 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $23619275 |  |
| Payable for fund shares redeemed | 706310 |  |
| Accrued management fee | 545709 |  |
| Distribution and service plan fees payable | 82117 |  |
| Other payables and accrued expenses | 38286 |  |
| Collateral on securities loaned | 12072650 |  |
| **Total liabilities** |  | 37064347 |
| **Net Assets**  |  | $960166712 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $392401805 |
| Total accumulated earnings (loss) |  | 567764907 |
| **Net Assets** |  | $960166712 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($213,529,254 ÷ 3,137,276 shares)(a) |  | $68.06 |
| Maximum offering price per share (100/94.25 of $68.06) |  | $72.21 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($34,995,913 ÷ 514,521 shares)(a) |  | $68.02 |
| Maximum offering price per share (100/96.50 of $68.02) |  | $70.49 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($25,437,909 ÷ 374,595 shares)(a) |  | $67.91 |
| **Consumer Discretionary Portfolio :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($481,012,476 ÷ 7,062,387 shares) |  | $68.11 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($144,832,442 ÷ 2,126,697 shares) |  | $68.10 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($60,358,718 ÷ 886,116 shares) |  | $68.12 |
| *(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** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $4524394 |
| Income from Fidelity Central Funds (including $11,803 from security lending)  |  | 71302 |
| Security lending |  | 3829 |
| **Total income** |  | 4599525 |
| **Expenses** |  |  |
| Management fee | $4261901 |  |
| Distribution and service plan fees | 292711 |  |
| Custodian fees and expenses | 16478 |  |
| Independent trustees' fees and expenses | 2405 |  |
| Registration fees | 127992 |  |
| Audit fees | 50695 |  |
| Legal | 9189 |  |
| Interest | 2784 |  |
| Miscellaneous | 2204 |  |
| Total expenses before reductions | 4766359 |  |
| Expense reductions | (85275) |  |
| Total expenses after reductions |  | 4681084 |
| **Net Investment income (loss)** |  | (81559) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 66363099 |  |
| Fidelity Central Funds | (544) |  |
| Foreign currency transactions | 5818 |  |
| Total net realized gain (loss) |  | 66368373 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (7212021) |  |
| Assets and liabilities in foreign currencies | 488 |  |
| Total change in net unrealized appreciation (depreciation) |  | (7211533) |
| **Net gain (loss)** |  | 59156840 |
| **Net increase (decrease) in net assets resulting from operations** |  | $59075281 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(81559) | $52112 |
| &nbsp;&nbsp;Net realized gain (loss) | 66368373<br>| 42047658<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (7211533) | 11681271<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 59075281<br>| 53781041<br>|
| Distributions to shareholders | (24752290)<br>| (40140114)<br>|
| Share transactions - net increase (decrease) | 376379279<br>| (19499389)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 410702270<br>| (5858462)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 549464442 | 555322904<br>|
| &nbsp;&nbsp;End of period | $960166712 | $549464442 |

---

**Financial Highlights** 

**Fidelity Advisor® Consumer Discretionary Fund Class A**<br>

---

| | |
|:---|:---|
| **Years ended February 28,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $70.59 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.07)  |
| Net realized and unrealized gain (loss)  | .35  |
| Total from investment operations  | .28  |
| Distributions from net investment income  | (.01)  |
| Distributions from net realized gain  | (2.80)  |
| Total distributions  | (2.81)  |
| Net asset value, end of period  | $68.06 |
| **Total Return** D,E,F | .34% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .99% I |
| Expenses net of fee waivers, if any  | .96% I<br>|
| Expenses net of all reductions, if any  | .96% I |
| Net investment income (loss)  | (.31)% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $213529 |
| Portfolio turnover rate J | 21% K<br>|

---

A*For the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Consumer Discretionary Fund Class M**<br>

---

| | |
|:---|:---|
| **Years ended February 28,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $70.59 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.12)  |
| Net realized and unrealized gain (loss)  | .35  |
| Total from investment operations  | .23  |
| Distributions from net realized gain  | (2.80)  |
| Total distributions  | (2.80)  |
| Net asset value, end of period  | $68.02 |
| **Total Return** D,E,F | .27% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 1.25% I |
| Expenses net of fee waivers, if any  | 1.22% I<br>|
| Expenses net of all reductions, if any  | 1.22% I |
| Net investment income (loss)  | (.57)% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $34996 |
| Portfolio turnover rate J | 21% K<br>|

---

A*For the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Consumer Discretionary Fund Class C**<br>

---

| | |
|:---|:---|
| **Years ended February 28,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $70.59 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.23)  |
| Net realized and unrealized gain (loss)  | .35  |
| Total from investment operations  | .12  |
| Distributions from net realized gain  | (2.80)  |
| Total distributions  | (2.80)  |
| Net asset value, end of period  | $67.91 |
| **Total Return** D,E,F | .11% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 1.74% I |
| Expenses net of fee waivers, if any  | 1.71% I<br>|
| Expenses net of all reductions, if any  | 1.71% I |
| Net investment income (loss)  | (1.05)% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $25438 |
| Portfolio turnover rate J | 21% K<br>|

---

A*For the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Consumer Discretionary Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $64.85 | $62.00 | $47.54 | $63.23 | $68.01 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .04  | .01  | .03  | .01  | (.16)  |
| Net realized and unrealized gain (loss)  | 6.63  | 7.89  | 15.70  | (9.85)  | 1.92  |
| Total from investment operations  | 6.67  | 7.90  | 15.73  | (9.84)  | 1.76  |
| Distributions from net investment income  | (.03)  | (.05)  | (.02)  | (.02)  | -  |
| Distributions from net realized gain  | (3.38)  | (5.01)  | (1.25)  | (5.83)  | (6.54)  |
| Total distributions  | (3.41)  | (5.05) D | (1.27)  | (5.85)  | (6.54)  |
| Net asset value, end of period  | $68.11 | $64.85 | $62.00 | $47.54 | $63.23 |
| **Total Return** E | 10.48% <br>| 12.37%  | 33.59%  | (16.87)%  | 1.88%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .69%  | .70%  | .75%  | .76%  | .73%  |
| Expenses net of fee waivers, if any  | .68% <br>| .69%  | .74%  | .76%  | .73%  |
| Expenses net of all reductions, if any  | .68%  | .69%  | .74%  | .76%  | .73%  |
| Net investment income (loss)  | .05%  | .01%  | .05%  | .02%  | (.22)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $481012 | $549464 | $555323 | $424791 | $418675 |
| Portfolio turnover rate H | 21% I<br>| 30%  | 33%  | 46%  | 38%  |

---

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*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*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.*

I*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Consumer Discretionary Fund Class I**<br>

---

| | |
|:---|:---|
| **Years ended February 28,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $70.59 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.01)  |
| Net realized and unrealized gain (loss)  | .35  |
| Total from investment operations  | .34  |
| Distributions from net investment income  | (.03)  |
| Distributions from net realized gain  | (2.80)  |
| Total distributions  | (2.83)  |
| Net asset value, end of period  | $68.10 |
| **Total Return** D,E | .43% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .73% H |
| Expenses net of fee waivers, if any  | .70% H<br>|
| Expenses net of all reductions, if any  | .70% H |
| Net investment income (loss)  | (.03)% H |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $144832 |
| Portfolio turnover rate I | 21% J<br>|

---

A*For the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Consumer Discretionary Fund Class Z**<br>

---

| | |
|:---|:---|
| **Years ended February 28,** | **2026** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $70.59 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .02  |
| Net realized and unrealized gain (loss)  | .35  |
| Total from investment operations  | .37  |
| Distributions from net investment income  | (.04)  |
| Distributions from net realized gain  | (2.80)  |
| Total distributions  | (2.84)  |
| Net asset value, end of period  | $68.12 |
| **Total Return** D,E | .47% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .60% H |
| Expenses net of fee waivers, if any  | .58% H<br>|
| Expenses net of all reductions, if any  | .58% H |
| Net investment income (loss)  | .08% H |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $60359 |
| Portfolio turnover rate I | 21% J<br>|

---

A*For the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Leisure Portfolio**

**Schedule of Investments February 28, 2026**

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 - 0.9%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.0% |  |  |
| Dollarama Inc  | 2400 | 353336 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Restaurant Brands International Inc (United States)  | 20300 | 1455713 |
| TOTAL CONSUMER DISCRETIONARY |  | 1809049 |
| Information Technology - 0.6% |  |  |
| IT Services - 0.6% |  |  |
| Shopify Inc Class A (United States) (a) | 22900 | 2764717 |
| TOTAL CANADA |  | 4573766 |
| UNITED STATES - 97.3%  |  |  |
| Consumer Discretionary - 95.3% |  |  |
| Broadline Retail - 0.4% |  |  |
| Amazon.com Inc (a) | 9800 | 2058000 |
| Diversified Consumer Services - 3.3% |  |  |
| Bright Horizons Family Solutions Inc (a) | 30500 | 2272860 |
| Covista Inc (a) | 33299 | 3263302 |
| Grand Canyon Education Inc (a) | 6300 | 1002141 |
| Service Corp International/US  | 132200 | 11128596 |
|  |  | 17666899 |
| Hotels, Restaurants & Leisure - 91.6% |  |  |
| Airbnb Inc Class A (a) | 194900 | 26332939 |
| Booking Holdings Inc  | 11703 | 49613113 |
| Carnival Corp  | 993400 | 31341770 |
| Chipotle Mexican Grill Inc (a) | 669750 | 24928095 |
| Domino's Pizza Inc  | 33142 | 13339986 |
| DoorDash Inc Class A (a) | 137200 | 24211684 |
| DraftKings Inc Class A (a) | 414800 | 9888832 |
| Dutch Bros Inc Class A (a)(b) | 113986 | 6110789 |
| Expedia Group Inc Class A  | 129500 | 27931855 |
| Flutter Entertainment PLC (a) | 50500 | 5360070 |
| Hilton Worldwide Holdings Inc  | 168332 | 52482552 |
| Las Vegas Sands Corp  | 94500 | 5360040 |
| Lindblad Expeditions Holdings Inc (a) | 76580 | 1509392 |
| Marriott International Inc/MD Class A1  | 23225 | 7936679 |
| McDonald's Corp  | 142456 | 48586043 |
| Norwegian Cruise Line Holdings Ltd (a) | 228300 | 5659557 |
| Planet Fitness Inc Class A (a) | 101000 | 8297150 |
| Royal Caribbean Cruises Ltd  | 18400 | 5721664 |
| Shake Shack Inc Class A (a) | 20900 | 2006609 |
| Sportradar Holding AG Class A (a)(b) | 71300 | 1301938 |
| Starbucks Corp  | 498656 | 48878261 |
| Texas Roadhouse Inc  | 60900 | 11136783 |
| Viking Holdings Ltd (a)(b) | 178000 | 13887560 |
| Wingstop Inc  | 29400 | 7629594 |
| Wynn Resorts Ltd  | 208400 | 22546796 |
| Yum! Brands Inc  | 155600 | 26165696 |
|  |  | 488165447 |
| TOTAL CONSUMER DISCRETIONARY |  | 507890346 |
| Consumer Staples - 2.0% |  |  |
| Consumer Staples Distribution & Retail - 1.3% |  |  |
| US Foods Holding Corp (a) | 70200 | 6782022 |
| Food Products - 0.7% |  |  |
| Hershey Co/The  | 16900 | 3993132 |
| TOTAL CONSUMER STAPLES |  | 10775154 |
| TOTAL UNITED STATES |  | 518665500 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $351,616,340) |  | <br> **523239266** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.70 | 3696654 | 3697394 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.69 | 6615338 | 6616000 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $10,313,394) |  |  | **10313394** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $361,929,734)<br>| <br>**533552660** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(345663)** |
| **NET ASSETS - 100.0%** | **533206997** |

---

**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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 136977650 | 137241881 | 148238 | (622) | - | 3697394 | 3696654 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 22885694 | 376356229 | 392625208 | 14859 | (715) | - | 6616000 | 6615338 | 0.0% |
| Total | 26847941 | 513333879 | 529867089 | 163097 | (1337) | - | 10313394 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 509699395 | 509699395 | - | - |
| Consumer Staples | 10775154 | 10775154 | - | - |
| Information Technology | 2764717 | 2764717 | - | - |
|  **Money Market Funds** | 10313394 | 10313394 | - | - |
| **Total Investments in Securities:** | 533552660 | 533552660 | - | - |

---

**Leisure Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $15,657,653) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $351,616,340) | $523239266 |  |
| Fidelity Central Funds (cost $10,313,394) | 10313394 |  |
| Total Investment in Securities (cost $361,929,734) |  | $533552660 |
| Cash |  | 12424 |
| Foreign currency held at value (cost $541) |  | 554 |
| Receivable for investments sold |  | 7197745 |
| Receivable for fund shares sold |  | 175466 |
| Dividends receivable |  | 238486 |
| Distributions receivable from Fidelity Central Funds |  | 11344 |
| Prepaid expenses |  | 379 |
| Other receivables |  | 8344 |
| **Total assets** |  | 541197402 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $50227 |  |
| Payable for fund shares redeemed | 993592 |  |
| Accrued management fee | 295151 |  |
| Other payables and accrued expenses | 35435 |  |
| Collateral on securities loaned | 6616000 |  |
| **Total liabilities** |  | 7990405 |
| **Net Assets**  |  | $533206997 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $340169561 |
| Total accumulated earnings (loss) |  | 193037436 |
| **Net Assets** |  | $533206997 |
| **Net Asset Value**, offering price and redemption price per share ($533,206,997 ÷ 31,290,756 shares) |  | $17.04 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $7177967 |
| Income from Fidelity Central Funds (including $14,859 from security lending)  |  | 163097 |
| Security lending |  | 1354 |
| **Total income** |  | 7342418 |
| **Expenses** |  |  |
| Management fee | $4191743 |  |
| Custodian fees and expenses | 13450 |  |
| Independent trustees' fees and expenses | 2518 |  |
| Registration fees | 31526 |  |
| Audit fees | 42464 |  |
| Legal | 3820 |  |
| Interest | 734 |  |
| Miscellaneous | 2448 |  |
| **Total expenses** |  | 4288703 |
| **Net Investment income (loss)** |  | 3053715 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 92431330 |  |
| Fidelity Central Funds | (1337) |  |
| Foreign currency transactions | (104) |  |
| Total net realized gain (loss) |  | 92429889 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (156902396) |  |
| Assets and liabilities in foreign currencies | 100 |  |
| Total change in net unrealized appreciation (depreciation) |  | (156902296) |
| **Net gain (loss)** |  | (64472407) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(61418692) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3053715 | $2572851 |
| &nbsp;&nbsp;Net realized gain (loss) | 92429889<br>| 69257969<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (156902296) | 59866225<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (61418692)<br>| 131697045<br>|
| Distributions to shareholders | (89400381)<br>| (48883590)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 52763009 | 54789980 |
| Reinvestment of distributions | 81299686<br>| 44540421<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (172091360) | (136786361) |
| **Net increase (decrease) in net assets resulting from share transactions** | (38028665)<br>| (37455960)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (188847738)<br>| 45357495<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 722054735 | 676697240<br>|
| &nbsp;&nbsp;End of period | $533206997 | $722054735 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2651332 | 2648972 |
| Issued in reinvestment of distributions | 4502499<br>| 2174219<br>|
| &nbsp;&nbsp;Redeemed | (8956115) | (6893629) |
| &nbsp;&nbsp;Net increase (decrease) | (1802284) | (2070438) |

---

**Financial Highlights** 

**Leisure Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.82 | $19.24 | $15.85 | $16.38 | $18.94 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .09  | .08  | .09  | .07  | .01  |
| Net realized and unrealized gain (loss)  | (1.97)  | 4.02  | 3.60  | (.12)  | 1.41  |
| Total from investment operations  | (1.88)  | 4.10  | 3.69  | (.05)  | 1.42  |
| Distributions from net investment income  | (.10)  | (.11)  | (.07)  | (.05)  | (.02)  |
| Distributions from net realized gain  | (2.80)  | (1.41)  | (.23)  | (.42)  | (3.96)  |
| Total distributions  | (2.90)  | (1.52)  | (.30)  | (.48) D | (3.98)  |
| Net asset value, end of period  | $17.04 | $21.82 | $19.24 | $15.85 | $16.38 |
| **Total Return** E | (8.96)% <br>| 21.91%  | 23.47%  | (.22)%  | 7.53%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .68%  | .69%  | .73%  | .74%  | .73%  |
| Expenses net of fee waivers, if any  | .68% <br>| .69%  | .73%  | .74%  | .73%  |
| Expenses net of all reductions, if any  | .68%  | .69%  | .73%  | .74%  | .73%  |
| Net investment income (loss)  | .48%  | .39%  | .51%  | .45%  | .05%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $533207 | $722055 | $676697 | $563381 | $646800 |
| Portfolio turnover rate H | 65% <br>| 43%  | 39%  | 46%  | 79%  |

---

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*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*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 February 28, 2026**

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>|
| BRAZIL - 2.5%  |  |  |
| Consumer Discretionary - 2.5% |  |  |
| Broadline Retail - 2.5% |  |  |
| MercadoLibre Inc (a) | 34913 | 61362391 |
| CANADA - 0.8%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Specialty Retail - 0.8% |  |  |
| Aritzia Inc Subordinate Voting Shares (a) | 226137 | 20023333 |
| FINLAND - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Amer Sports Inc (a) | 308239 | 11706916 |
| GERMANY - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Birkenstock Holding Plc (a)(b) | 362500 | 15098125 |
| UNITED STATES - 95.1%  |  |  |
| Consumer Discretionary - 67.8% |  |  |
| Broadline Retail - 23.7% |  |  |
| Amazon.com Inc (a) | 2534847 | 532317870 |
| Etsy Inc (a) | 435179 | 23882624 |
| Ollie's Bargain Outlet Holdings Inc (a) | 202321 | 21668579 |
|  |  | 577869073 |
| Household Durables - 0.3% |  |  |
| Somnigroup International Inc  | 103741 | 9285856 |
| Specialty Retail - 35.8% |  |  |
| Abercrombie & Fitch Co Class A (a) | 256308 | 25066922 |
| American Eagle Outfitters Inc  | 1114392 | 27380611 |
| Bath & Body Works Inc (b) | 1225575 | 27894087 |
| Carvana Co Class A (a) | 35229 | 11772123 |
| Dick's Sporting Goods Inc (b) | 184612 | 37592542 |
| Five Below Inc (a) | 64400 | 14395332 |
| Floor & Decor Holdings Inc Class A (a)(b) | 426124 | 29440907 |
| Group 1 Automotive Inc  | 60438 | 19687074 |
| Home Depot Inc/The  | 235602 | 89698393 |
| Lowe's Cos Inc  | 657803 | 174034940 |
| O'Reilly Automotive Inc (a) | 768470 | 72143964 |
| RH (a)(b) | 109549 | 18153365 |
| Ross Stores Inc  | 350832 | 72145092 |
| TJX Cos Inc/The  | 745072 | 120448340 |
| Ulta Beauty Inc (a) | 87331 | 59803395 |
| Urban Outfitters Inc (a) | 259811 | 17199488 |
| Warby Parker Inc Class A (a)(b) | 516867 | 12926844 |
| Wayfair Inc Class A (a) | 132381 | 10104642 |
| Williams-Sonoma Inc  | 166475 | 34235584 |
|  |  | 874123645 |
| Textiles, Apparel & Luxury Goods - 8.0% |  |  |
| Deckers Outdoor Corp (a) | 262258 | 30754996 |
| Lululemon Athletica Inc (a) | 71255 | 13194287 |
| NIKE Inc Class B  | 1079114 | 67099309 |
| PVH Corp (b) | 315472 | 21641379 |
| Tapestry Inc  | 402616 | 62594710 |
|  |  | 195284681 |
| TOTAL CONSUMER DISCRETIONARY |  | 1656563255 |
| Consumer Staples - 27.3% |  |  |
| Consumer Staples Distribution & Retail - 27.3% |  |  |
| BJ's Wholesale Club Holdings Inc (a) | 60000 | 5927400 |
| Casey's General Stores Inc  | 89969 | 61681847 |
| Costco Wholesale Corp  | 163000 | 164758770 |
| Dollar Tree Inc (a) | 653896 | 82704766 |
| Grocery Outlet Holding Corp (a)(b) | 974628 | 9629325 |
| Kroger Co/The  | 332800 | 22710272 |
| Target Corp  | 498575 | 56732849 |
| Walmart Inc (b) | 2052279 | 262589098 |
| TOTAL CONSUMER STAPLES |  | 666734327 |
| TOTAL UNITED STATES |  | 2323297582 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,218,837,450) |  | <br> **2431488347** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (c) | 3.70 | 787968 | 788126 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.69 | 74746347 | 74753822 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $75,541,948) |  |  | **75541948** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.6%**<br> (Cost $1,294,379,398)<br>| <br>**2507030295** |
| **NET OTHER ASSETS (LIABILITIES) - (2.6)%**  | **(64522114)** |
| **NET ASSETS - 100.0%** | **2442508181** |

---

**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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 516881838 | 540296430 | 415150 | 832 | - | 788126 | 787968 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 87724476 | 1554432161 | 1567392482 | 43392 | (10333) | - | 74753822 | 74746347 | 0.2% |
| Total | 111926362 | 2071313999 | 2107688912 | 458542 | (9501) | - | 75541948 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 1764754020 | 1764754020 | - | - |
| Consumer Staples | 666734327 | 666734327 | - | - |
|  **Money Market Funds** | 75541948 | 75541948 | - | - |
| **Total Investments in Securities:** | 2507030295 | 2507030295 | - | - |

---

**Retailing Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $73,080,227) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,218,837,450) | $2431488347 |  |
| Fidelity Central Funds (cost $75,541,948) | 75541948 |  |
| Total Investment in Securities (cost $1,294,379,398) |  | $2507030295 |
| Receivable for investments sold |  | 12923589 |
| Receivable for fund shares sold |  | 204382 |
| Dividends receivable |  | 1341040 |
| Distributions receivable from Fidelity Central Funds |  | 6560 |
| Prepaid expenses |  | 1477 |
| Other receivables |  | 6482 |
| **Total assets** |  | 2521513825 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $2937295 |  |
| Accrued management fee | 1272345 |  |
| Other payables and accrued expenses | 36184 |  |
| Collateral on securities loaned | 74759820 |  |
| **Total liabilities** |  | 79005644 |
| **Net Assets**  |  | $2442508181 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1089206042 |
| Total accumulated earnings (loss) |  | 1353302139 |
| **Net Assets** |  | $2442508181 |
| **Net Asset Value**, offering price and redemption price per share ($2,442,508,181 ÷ 132,159,468 shares) |  | $18.48 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $21026849 |
| Income from Fidelity Central Funds (including $43,392 from security lending)  |  | 458542 |
| Security lending |  | 13010 |
| **Total income** |  | 21498401 |
| **Expenses** |  |  |
| Management fee | $16419579 |  |
| Custodian fees and expenses | 26549 |  |
| Independent trustees' fees and expenses | 10482 |  |
| Registration fees | 34683 |  |
| Audit fees | 44750 |  |
| Legal | 2252 |  |
| Interest | 11894 |  |
| Miscellaneous | 10085 |  |
| **Total expenses** |  | 16560274 |
| **Net Investment income (loss)** |  | 4938127 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 479140306 |  |
| Fidelity Central Funds | (9501) |  |
| Foreign currency transactions | (1180) |  |
| Total net realized gain (loss) |  | 479129625 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (374536052) |  |
| Assets and liabilities in foreign currencies | 3463 |  |
| Total change in net unrealized appreciation (depreciation) |  | (374532589) |
| **Net gain (loss)** |  | 104597036 |
| **Net increase (decrease) in net assets resulting from operations** |  | $109535163 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4938127 | $4011946 |
| &nbsp;&nbsp;Net realized gain (loss) | 479129625<br>| 299876316<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (374532589) | 52098267<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 109535163<br>| 355986529<br>|
| Distributions to shareholders | (398855195)<br>| (364880030)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 77985846 | 140208884 |
| Reinvestment of distributions | 367414573<br>| 338623480<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (715400909) | (546827603) |
| **Net increase (decrease) in net assets resulting from share transactions** | (270000490)<br>| (67995239)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (559320522)<br>| (76888740)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3001828703 | 3078717443<br>|
| &nbsp;&nbsp;End of period | $2442508181 | $3001828703 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 4081530 | 6835154 |
| Issued in reinvestment of distributions | 20466060<br>| 16941603<br>|
| &nbsp;&nbsp;Redeemed | (37355691) | (27034518) |
| &nbsp;&nbsp;Net increase (decrease) | (12808101) | (3257761) |

---

**Financial Highlights** 

**Retailing Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.71 | $20.77 | $16.75 | $19.92 | $23.50 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .04  | .03  | .05  | .05  | (.02)  |
| Net realized and unrealized gain (loss)  | .81  | 2.45  | 5.36  | (2.76)  | .11  |
| Total from investment operations  | .85  | 2.48  | 5.41  | (2.71)  | .09  |
| Distributions from net investment income  | (.03)  | (.03)  | (.06)  | (.06)  | -  |
| Distributions from net realized gain  | (3.05)  | (2.51)  | (1.33)  | (.41)  | (3.67)  |
| Total distributions  | (3.08)  | (2.54)  | (1.39)  | (.46) D | (3.67)  |
| Net asset value, end of period  | $18.48 | $20.71 | $20.77 | $16.75 | $19.92 |
| **Total Return** E | 5.04% <br>| 12.77%  | 33.23%  | (13.86)%  | (1.23)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .63%  | .64%  | .72%  | .72%  | .70%  |
| Expenses net of fee waivers, if any  | .63% <br>| .64%  | .71%  | .72%  | .70%  |
| Expenses net of all reductions, if any  | .63%  | .64%  | .71%  | .72%  | .70%  |
| Net investment income (loss)  | .19%  | .13%  | .28%  | .31%  | (.07)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2442508 | $3001829 | $3078717 | $2774090 | $3704191 |
| Portfolio turnover rate H | 46% <br>| 39%  | 49%  | 32%  | 33%  |

---

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*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*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**

For the period ended February 28, 2026

**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 and Consumer Discretionary Portfolio. Communication Services Portfolio offers Class A, Class M, Class C, Communication Services, Class I and Class Z shares. Consumer Discretionary Portfolio offers Class A, Class M, Class C, Consumer Discretionary, Class I and Class Z shares. Consumer Discretionary Portfolio commenced sale of Class A, Class M, Class C, Class I and Class Z shares on November 6, 2025. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class of Communication Services Portfolio and Consumer Discretionary 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 February 28, 2026 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, 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 as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable as applicable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

**Income Tax Information and Distributions to Shareholders.** Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of February 28, 2026, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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, the 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 foreign currency transactions, passive foreign investment companies (PFIC), 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 ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Automotive Portfolio** | 48917617 | 31804849 | (1551943) | 30252906 |
| **Communication Services Portfolio**  | 2010288357 | 963629778 | (62472308) | 901157470 |
| **Construction and Housing Portfolio**  | 373842720 | 406980180 | (19220395) | 387759785 |
| **Consumer Discretionary Portfolio**  | 447213817 | 535326894 | (9694515) | 525632379 |
| **Leisure Portfolio** | 366935932 | 193843108 | (27226380) | 166616728 |
| **Retailing Portfolio** | 1302996055 | 1274296734 | (70262494) | 1204034240 |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Undistributed long-term capital gain ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Automotive Portfolio** | 98501 | 3344160 | 30250725 |
| **Communication Services Portfolio**  | 7682420 | 167964018 | 901156869 |
| **Construction and Housing Portfolio**  | - | 23969780 | 387759785 |
| **Consumer Discretionary Portfolio**  | - | 42875771 | 525627466 |
| **Leisure Portfolio** | 94560 | 26326216 | 166616661 |
| **Retailing Portfolio** | - | 149266439 | 1204035700 |

---

Certain of the Funds intend to elect to defer to the next fiscal year ordinary losses recognized during the period January 1, 2026 to February 28, 2026. Loss deferrals were as follows:

---

| | |
|:---|:---|
|  | <br> **Ordinary losses ($)** |
| **Consumer Discretionary Portfolio**  | (738332) |

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **February 28, 2026** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Automotive Portfolio** | 348661 | 5129647 | 5478308 |
| **Communication Services Portfolio**  | 21336247 | 150282670 | 171618917 |
| **Construction and Housing Portfolio**  | 6565458 | 15715438 | 22280896 |
| **Consumer Discretionary Portfolio**  | 320579 | 24431711 | 24752290 |
| **Leisure Portfolio** | 6184626 | 83215755 | 89400381 |
| **Retailing Portfolio** | 4140056 | 394715139 | 398855195 |

---

---

| | | | |
|:---|:---|:---|:---|
| **February 28, 2025** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Automotive Portfolio** | 600778 | - | 600778 |
| **Communication Services Portfolio**  | 2271064 | 78065632 | 80336696 |
| **Construction and Housing Portfolio**  | 5876761 | 27230003 | 33106764 |
| **Consumer Discretionary Portfolio**  | 359944 | 39780170 | 40140114 |
| **Leisure Portfolio** | 6037382 | 42846208 | 48883590 |
| **Retailing Portfolio** | 39266164 | 325613866 | 364880030 |

---

**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.

**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 ($)** | **Sales ($)** |
| **Automotive Portfolio** | 76506546 | 90308727 |
| **Communication Services Portfolio** | 3609940995 | 3285900639 |
| **Construction and Housing Portfolio** | 114038630 | 248083654 |
| **Consumer Discretionary Portfolio** | 134352026 | 286813383 |
| **Leisure Portfolio** | 408557003 | 539283076 |
| **Retailing Portfolio** | 1195612066 | 1849733414 |

---

**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" for any Fund that 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** |  |
| **Class A** | .70 |
| **Class M** | .72 |
| **Class C** | .71 |
| **Consumer Discretionary Portfolio** | .68 |
| **Class I** | .69 |
| **Class Z** | .56 |
| **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** | .66 |
| **Communication Services Portfolio** |  |
| **Class A** | .67 |
| **Class M** | .67 |
| **Class C** | .67 |
| **Communication Services** | .63 |
| **Class I** | .67 |
| **Class Z** | .55 |
| **Construction and Housing Portfolio** | .66 |
| **Consumer Discretionary Portfolio** |  |
| **Class A** | .70 |
| **Class M** | .70 |
| **Class C** | .70 |
| **Consumer Discretionary Portfolio** | .66 |
| **Class I** | .68 |
| **Class Z** | .56 |
| **Leisure Portfolio** | .66 |
| **Retailing Portfolio** | .62 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, Communication Services Portfolio and Consumer Discretionary Portfolio have 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% | 239542 | 8829 |
| Class M | .25% | .25% | 78800 | - |
| Class C | .75% | .25% | <u>140763</u> | <u>17658</u> |
|  |  |  | <u>459105</u> | <u>26487</u> |
| **Consumer Discretionary Portfolio** |  |  |  |  |
| Class A | - % | .25% | 161150 | - |
| Class M | .25% | .25% | 52330 | - |
| Class C | .75% | .25% | <u>79231</u> | <u>3833</u> |
|  |  |  | <u>292711</u> | <u>3833</u> |

---

**Sales Load.** For Communication Services Portfolio and Consumer Discretionary 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 either 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 | 68340 |
| Class M | 2691 |
| Class CA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>325</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>71356</u> |
| **Consumer Discretionary Portfolio** |  |
| Class A | 6286 |
| Class M | 596 |
| Class CA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>55</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>6937</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** | 3982 |
| **Communication Services Portfolio** | 82858 |
| **Construction and Housing Portfolio** | 1818 |
| **Consumer Discretionary Portfolio** | 2348 |
| **Leisure Portfolio** | 9791 |
| **Retailing Portfolio** | 35570 |

---

**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 | 7650357 | 4.21% | 12519 |
| **Consumer Discretionary Portfolio**  | Borrower | 8523000 | 3.92% | 2784 |
| **Leisure Portfolio** | Borrower | 6689000 | 3.95% | 734 |
| **Retailing Portfolio** | Borrower | 7687615 | 4.28% | 11894 |

---

**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 | 644375 | 26337 |
| **Communication Services Portfolio** | 117127895 | 162839497 | 4094693 |
| **Construction and Housing Portfolio** | 7607698 | 9839598 | 3104543 |
| **Consumer Discretionary Portfolio** | 10664079 | 15143728 | 3353212 |
| **Leisure Portfolio** | 11743425 | 19186379 | (908222) |
| **Retailing Portfolio** | 67282822 | 112166754 | 51315833 |

---

**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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Automotive Portfolio** | 90 |
| **Communication Services Portfolio** | 2632 |
| **Construction and Housing Portfolio** | 989 |
| **Consumer Discretionary Portfolio** | 694 |
| **Leisure Portfolio** | 871 |
| **Retailing Portfolio** | 3630 |

---

Effective March 24, 2026 the .10% spread adjustment on the SOFR benchmark was removed.

**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 in security lending. 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** | 7089 | 12 | - |
| **Communication Services Portfolio** | 19193 | 6 | - |
| **Construction and Housing Portfolio** | 2278 | 1445 | 205290 |
| **Consumer Discretionary Portfolio** | 1622 | - | - |
| **Leisure Portfolio** | 1683 | 144 | - |
| **Retailing Portfolio** | 5920 | 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 ($)** |
| **Consumer Discretionary Portfolio** | 2461926 |
| **Leisure Portfolio** | 9581471 |

---

**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** | 242 |

---

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

---

| | |
|:---|:---|
|  | **Fund-Level Amount ($)** |
| **Consumer Discretionary Portfolio** | 6014 |

---

---

| | |
|:---|:---|
| **Consumer Discretionary Portfolio** | **Class-Level Amount ($)** |
| Class A | 17616 |
| Class M | 2863 |
| Class C | 2142 |
| Consumer Discretionary Portfolio | 40034 |
| Class I | 11802 |
| Class Z | <u>4804</u> |
|  | <u>79261</u> |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **February 28, 2026** | **Year ended** <br> **February 28, 2025** |
| **Communication Services Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $7010268 | $3150958 |
| Class M | 1092264 | 541053 |
| Class C | 979077 | 648624 |
| Communication Services | 144571945 | 69610345 |
| Class I | 9244500 | 2964835 |
| Class Z | <u>8720863</u> | <u>3420881</u> |
| Total  | <u>$171618917</u> | <u>$80336696</u> |
| **Consumer Discretionary Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class A A | $20113 | $- |
| Class M A | 3967 | - |
| Class C A | 3967 | - |
| Consumer Discretionary Portfolio | 24615514 | 40140114 |
| Class I A | 69135 | - |
| Class Z A | <u>39594</u> | <u>-</u> |
| Total  | <u>$24752290</u> | <u>$40140114</u> |

---

*A For the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

**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** |
|  | **Year ended** <br> **February 28, 2026**  | **Year ended**<br> **February 28, 2025** | **Year ended** <br> **February 28, 2026**  | **Year ended**<br> **February 28, 2025** |
| **Communication Services Portfolio** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 290902 | 207533 | $37629527 | $21790772 |
| Reinvestment of distributions  | 54147 | 30153 | 6985770 | 3132587 |
| Shares redeemed | <u>(211775)</u> | <u>(143809)</u> | <u>(26643318)</u> | <u>(14995550)</u> |
| Net increase (decrease) | <u>133274</u> | <u>93877</u> | <u>$17971979</u> | <u>$9927809</u> |
| **Class M** |  |  |  |  |
| Shares sold | 26032 | 27121 | $3426537 | $2873861 |
| Reinvestment of distributions  | 8548 | 5264 | 1089856 | 540037 |
| Shares redeemed | <u>(19965)</u> | <u>(15748)</u> | <u>(2476936)</u> | <u>(1572190)</u> |
| Net increase (decrease) | <u>14615</u> | <u>16637</u> | <u>$2039457</u> | <u>$1841708</u> |
| **Class C** |  |  |  |  |
| Shares sold | 31586 | 20456 | $3993431 | $2062938 |
| Reinvestment of distributions  | 7848 | 6202 | 973273 | 613388 |
| Shares redeemed | <u>(26938)</u> | <u>(54693)</u> | <u>(3130579)</u> | <u>(5539794)</u> |
| Net increase (decrease) | <u>12496</u> | <u>(28035)</u> | <u>$1836125</u> | <u>$(2863468)</u> |
| **Communication Services** |  |  |  |  |
| Shares sold | 6934541 | 3214127 | $935408940 | $353910963 |
| Reinvestment of distributions  | 1028540 | 615226 | 133858559 | 64579378 |
| Shares redeemed | <u>(5444579)</u> | <u>(4241618)</u> | <u>(701978291)</u> | <u>(440760332)</u> |
| Net increase (decrease) | <u>2518502</u> | <u>(412265)</u> | <u>$367289208</u> | <u>$(22269991)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 734831 | 377260 | $94718023 | $39866641 |
| Reinvestment of distributions  | 68384 | 27781 | 8878487 | 2949739 |
| Shares redeemed | <u>(379010)</u> | <u>(207156)</u> | <u>(48986951)</u> | <u>(22152951)</u> |
| Net increase (decrease) | <u>424205</u> | <u>197885</u> | <u>$54609559</u> | <u>$20663429</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 832369 | 856966 | $115074486 | $89675414 |
| Reinvestment of distributions  | 17379 | 7877 | 2289392 | 847405 |
| Shares redeemed | <u>(681291)</u> | <u>(300163)</u> | <u>(79006373)</u> | <u>(33073057)</u> |
| Net increase (decrease) | <u>168457</u> | <u>564680</u> | <u>$38357505</u> | <u>$57449762</u> |
| **Consumer Discretionary Portfolio** |  |  |  |  |
| **Class A**A |  |  |  |  |
| Shares sold | 61567 | - | $4262907 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 3273055 | - | 217298043 | - |
| Reinvestment of distributions  | 223 | - | 15598 | - |
| Shares redeemed | <u>(197569)</u> | <u>-</u> | <u>(13685989)</u> | <u>-</u> |
| Net increase (decrease) | <u>3137276</u> | <u>-</u> | <u>$207890559</u> | <u>$-</u> |
| **Class M**A |  |  |  |  |
| Shares sold | 6659 | - | $461622 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 531687 | - | 35298708 | - |
| Shares redeemed | <u>(23825)</u> | <u>-</u> | <u>(1628066)</u> | <u>-</u> |
| Net increase (decrease) | <u>514521</u> | <u>-</u> | <u>$34132264</u> | <u>$-</u> |
| **Class C**A |  |  |  |  |
| Shares sold | 8195 | - | $575777 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 415299 | - | 27567573 | - |
| Shares redeemed | <u>(48899)</u> | <u>-</u> | <u>(3390245)</u> | <u>-</u> |
| Net increase (decrease) | <u>374595</u> | <u>-</u> | <u>$24753105</u> | <u>$-</u> |
| **Consumer Discretionary Portfolio** |  |  |  |  |
| Shares sold | 949259 | 1790673 | $63150062 | $120649856 |
| Reinvestment of distributions  | 344066 | 544482 | 22732712 | 37307941 |
| Shares redeemed | <u>(2703379)</u> | <u>(2819703)</u> | <u>(175371944)</u> | <u>(177457186)</u> |
| Net increase (decrease) | <u>(1410054)</u> | <u>(484548)</u> | <u>$(89489170)</u> | <u>$(19499389)</u> |
| **Class I**A |  |  |  |  |
| Shares sold | 131118 | - | $9110116 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 2434163 | - | 161628361 | - |
| Reinvestment of distributions  | 860 | - | 60133 | - |
| Shares redeemed | <u>(439444)</u> | <u>-</u> | <u>(30496597)</u> | <u>-</u> |
| Net increase (decrease) | <u>2126697</u> | <u>-</u> | <u>$140302013</u> | <u>$-</u> |
| **Class Z**A |  |  |  |  |
| Shares sold | 86445 | - | $5999377 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 899453 | - | 59723637 | - |
| Reinvestment of distributions  | 467 | - | 32699 | - |
| Shares redeemed | <u>(100249)</u> | <u>-</u> | <u>(6965205)</u> | <u>-</u> |
| Net increase (decrease) | <u>886116</u> | <u>-</u> | <u>$58790508</u> | <u>$-</u> |

---

*A For the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.*

**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. Reorganization Information.**

On November 14, 2025, Consumer Discretionary Portfolio acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Consumer Discretionary Fund (Acquired Fund) pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees (the Board). The securities held by the Acquired Fund were the primary assets acquired by Consumer Discretionary Portfolio. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on November 6, 2025. The acquisition was accomplished by an exchange of each class of Consumer Discretionary Portfolio for corresponding shares then outstanding of the Acquired Fund at their respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by Consumer Discretionary Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Consumer Discretionary Portfolio's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund**  | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Fidelity Advisor Consumer Discretionary Fund** | 498911963 | 274953951 |  |  |  |
| **Class A** |  |  | 217298043 | 4740878 | 0.6903901190 |
| **Class M** |  |  | 35298708 | 858450 | 0.6193568308 |
| **Class C** |  |  | 27567573 | 846648 | 0.4905212413 |
| **Class I** |  |  | 161628361 | 3140257 | 0.7751475904 |
| **Class Z** |  |  | 59723637 | 1150791 | 0.7815948795 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| **Consumer Discretionary Portfolio** | 488795655 | 990311977 |

---

Pro forma results of operations of the combined entity for the entire period ended February 28, 2026, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $(513110) |
| **Total net realized gain (loss)** | 82096890 |
| **Total change in net unrealized appreciation (depreciation)** | <u>15164210</u>  |
| **Net increase (decrease) in net assets resulting from operations** | <u>$96747990</u> |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that has been included in Consumer Discretionary Portfolio's accompanying Statement of Operations since November 14, 2025.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Select Portfolios and Shareholders of Automotive Portfolio, Communication Services Portfolio, Construction and Housing Portfolio, Consumer Discretionary Portfolio, Leisure Portfolio, and Retailing Portfolio

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Automotive Portfolio, Communication Services Portfolio, Construction and Housing Portfolio, Consumer Discretionary Portfolio, Leisure Portfolio, and Retailing Portfolio (six of the funds constituting Fidelity Select Portfolios, hereafter collectively referred to as the "Funds") as of February 28, 2026, the related statements of operations for the year ended February 28, 2026, the statements of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2026 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 14, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended February 28, 2026, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **Automotive Portfolio** | $8473808 |
| **Communication Services Portfolio** | $302750046 |
| **Construction and Housing Portfolio** | $37187800 |
| **Consumer Discretionary Portfolio** | $65676863 |
| **Leisure Portfolio** | $94874906 |
| **Retailing Portfolio** | $487351314 |

---

Fidelity Advisor Consumer Discretionary Fund (Target Fund) hereby designates as a capital gain dividend with respect to the taxable year ended November 14, 2025, $4,024,972, or, if subsequently determined to be different, the net capital gain of such year.

The funds hereby designate the percentages noted below of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders:

---

| | | |
|:---|:---|:---|
|  | **April 2025** | **December 2025** |
| **Communication Services Portfolio** |  |  |
| Class A | 100% | 100% |
| Class M | 100% | 100% |
| Class C | - | - |
| Communication Services Portfolio | 100% | 100% |
| Class I | 100% | 100% |
| Class Z | 100% | 100% |
| **Leisure Portfolio** | 100% | **-** |

---

Fidelity Advisor Consumer Discretionary Fund (Target Fund) designates 100% of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Automotive Portfolio** | $4220 |
| **Construction and Housing Portfolio** | $70496 |
| **Leisure Portfolio** | $55088 |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | | |
|:---|:---|:---|
|  | **April 2025** | **December 2025** |
| **Automotive Portfolio** | - | 80% |
| **Communication Services Portfolio** |  |  |
| Class A | 100% | 100% |
| Class M | 100% | 100% |
| Class C | - | - |
| Communication Services Portfolio | 79% | 61% |
| Class I | 63% | 59% |
| Class Z | 100% | 47% |
| **Construction and Housing Portfolio** | - | 90% |
| **Consumer Discretionary Portfolio** |  |  |
| Class A | - | 100% |
| Class M | - | - |
| Class C | - | - |
| Consumer Discretionary Portfolio | - | 100% |
| Class I | - | 100% |
| Class Z | - | 100% |
| **Leisure Portfolio** | 21% | 100% |
| **Retailing Portfolio** | - | 100% |

---

Fidelity Advisor Consumer Discretionary Fund (Target Fund): Class A, Class I, and Class Z designate 100% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
|  | **April 2025** | **December 2025** |
| **Automotive Portfolio** | - | 100% |
| **Communication Services Portfolio** |  |  |
| Class A | 100% | 100% |
| Class M | 100% | 100% |
| Class C | - | - |
| Communication Services Portfolio | 79.40% | 61.05% |
| Class I | 63.72% | 59.43% |
| Class Z | 100% | 47.78% |
| **Construction and Housing Portfolio** | - | 100% |
| **Consumer Discretionary Portfolio** |  |  |
| Class A | - | 100% |
| Class M | - | - |
| Class C | - | - |
| Consumer Discretionary Portfolio | - | 100% |
| Class I | - | 100% |
| Class Z | - | 100% |
| **Leisure Portfolio** | 36.59% | 100% |
| **Retailing Portfolio** | - | 100% |

---

Fidelity Advisor Consumer Discretionary Fund (Target Fund): Class A, Class I, and Class Z designate 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The funds will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

**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)**

Note: This is not applicable for any fund included in this document.

![](img126046_4.jpg)<br>

1.813633.121 SELCON-ANN-0426

**Fidelity® Environment and Alternative Energy Fund**

**Fidelity® Natural Resources Fund**

**Annual Report**

**February 28, 2026**

![](img126059_1.jpg)

![](img126059_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_EAE-NRF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Environment and Alternative Energy Fund](#Sub_Sec_Fund_516_EAE-NRF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Natural Resources Fund](#Sub_Sec_Fund_514_EAE-NRF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements516_EAE-NRF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_EAE-NRF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_EAE-NRF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EAE-NRF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EAE-NRF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EAE-NRF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EAE-NRF-ANN)** |

---

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

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

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

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Funds nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Environment and Alternative Energy Fund**

**Schedule of Investments February 28, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.6%** | &nbsp;&nbsp;**Common Stocks - 98.6%** | &nbsp;&nbsp;**Common Stocks - 98.6%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Ground Transportation - 0.6% |  |  |
| Canadian Pacific Kansas City Ltd  | 43500 | 3808981 |
| GERMANY - 3.4%  |  |  |
| Industrials - 3.4% |  |  |
| Electrical Equipment - 3.4% |  |  |
| Siemens Energy AG  | 111990 | 22025893 |
| NETHERLANDS - 3.5%  |  |  |
| Information Technology - 3.5% |  |  |
| Semiconductors & Semiconductor Equipment - 3.5% |  |  |
| NXP Semiconductors NV  | 99010 | 22476260 |
| UNITED KINGDOM - 1.3%  |  |  |
| Utilities - 1.3% |  |  |
| Water Utilities - 1.3% |  |  |
| Severn Trent PLC  | 192960 | 8529395 |
| UNITED STATES - 89.8%  |  |  |
| Consumer Discretionary - 9.8% |  |  |
| Automobiles - 8.7% |  |  |
| Rivian Automotive Inc Class A (a)(b) | 150790 | 2311611 |
| Tesla Inc (a) | 133680 | 53807537 |
|  |  | 56119148 |
| Household Durables - 1.1% |  |  |
| KB Home  | 30360 | 1930288 |
| TopBuild Corp (a) | 11740 | 5263042 |
|  |  | 7193330 |
| TOTAL CONSUMER DISCRETIONARY |  | 63312478 |
| Energy - 0.8% |  |  |
| Energy Equipment & Services - 0.7% |  |  |
| Baker Hughes Co Class A  | 69860 | 4559064 |
| WaterBridge Infrastructure LLC Class A  | 5600 | 148232 |
|  |  | 4707296 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Centrus Energy Corp Class A (a) | 2190 | 443672 |
| TOTAL ENERGY |  | 5150968 |
| Industrials - 41.3% |  |  |
| Aerospace & Defense - 2.8% |  |  |
| ATI Inc (a) | 38600 | 6314574 |
| Carpenter Technology Corp  | 15250 | 6070568 |
| Woodward Inc  | 14330 | 5542270 |
|  |  | 17927412 |
| Building Products - 5.1% |  |  |
| Advanced Drainage Systems Inc  | 22390 | 3836303 |
| Carrier Global Corp  | 29880 | 1924272 |
| Johnson Controls International plc  | 84560 | 12202008 |
| Trane Technologies PLC  | 32700 | 15117864 |
|  |  | 33080447 |
| Commercial Services & Supplies - 3.8% |  |  |
| Clean Harbors Inc (a) | 18190 | 5333308 |
| Montrose Environmental Group Inc (a)(b) | 198778 | 5808293 |
| Republic Services Inc  | 55200 | 12640800 |
| Tetra Tech Inc  | 28080 | 1006387 |
|  |  | 24788788 |
| Construction & Engineering - 4.2% |  |  |
| Comfort Systems USA Inc  | 4390 | 6274934 |
| Construction Partners Inc Class A (a) | 11080 | 1488820 |
| EMCOR Group Inc  | 10140 | 7347647 |
| Granite Construction Inc  | 13570 | 1824622 |
| Legence Corp Class A  | 4000 | 232200 |
| WillScot Holdings Corp  | 445270 | 9622285 |
|  |  | 26790508 |
| Electrical Equipment - 8.3% |  |  |
| Acuity Inc  | 32210 | 9714214 |
| Bloom Energy Corp Class A (a) | 21170 | 3295534 |
| Eaton Corp PLC  | 59480 | 22359722 |
| Emerson Electric Co  | 43860 | 6611895 |
| Forgent Power Solutions Inc Class A  | 113900 | 3917021 |
| GE Vernova Inc  | 5350 | 4673760 |
| Nextpower Inc Class A (a) | 30530 | 3208702 |
|  |  | 53780848 |
| Ground Transportation - 2.8% |  |  |
| CSX Corp  | 336010 | 14344267 |
| Union Pacific Corp  | 13170 | 3489787 |
|  |  | 17834054 |
| Industrial Conglomerates - 1.1% |  |  |
| 3M Co  | 41670 | 6888883 |
| Machinery - 10.1% |  |  |
| Cummins Inc  | 23022 | 13441855 |
| Ingersoll Rand Inc  | 75330 | 7091566 |
| ITT Inc  | 33700 | 6821217 |
| Parker-Hannifin Corp  | 7340 | 7407381 |
| Pentair PLC  | 141476 | 14033005 |
| Watts Water Technologies Inc Class A  | 18780 | 6173737 |
| Westinghouse Air Brake Technologies Corp  | 37890 | 10001066 |
|  |  | 64969827 |
| Professional Services - 1.7% |  |  |
| KBR Inc  | 262460 | 11083686 |
| Trading Companies & Distributors - 1.4% |  |  |
| Core & Main Inc Class A (a) | 113020 | 6121164 |
| Ferguson Enterprises Inc  | 11640 | 3035246 |
|  |  | 9156410 |
| TOTAL INDUSTRIALS |  | 266300863 |
| Information Technology - 23.6% |  |  |
| Communications Equipment - 7.3% |  |  |
| Arista Networks Inc (a) | 161210 | 21521535 |
| Cisco Systems Inc  | 320910 | 25499509 |
|  |  | 47021044 |
| Electronic Equipment, Instruments & Components - 1.3% |  |  |
| Coherent Corp (a) | 21010 | 5440119 |
| Vontier Corp  | 73140 | 2992889 |
|  |  | 8433008 |
| IT Services - 3.1% |  |  |
| IBM Corporation  | 83463 | 20048647 |
| Semiconductors & Semiconductor Equipment - 4.5% |  |  |
| Analog Devices Inc  | 61320 | 21817043 |
| Enphase Energy Inc (a) | 19960 | 843709 |
| First Solar Inc (a) | 31300 | 6172360 |
|  |  | 28833112 |
| Software - 7.4% |  |  |
| Microsoft Corp  | 115000 | 45165100 |
| Zoom Communications Inc Class A (a) | 32680 | 2416359 |
|  |  | 47581459 |
| TOTAL INFORMATION TECHNOLOGY |  | 151917270 |
| Materials - 4.9% |  |  |
| Chemicals - 3.6% |  |  |
| Linde PLC  | 44380 | 22548590 |
| Construction Materials - 0.7% |  |  |
| Vulcan Materials Co  | 15590 | 4832900 |
| Metals & Mining - 0.6% |  |  |
| Steel Dynamics Inc  | 20730 | 4003585 |
| TOTAL MATERIALS |  | 31385075 |
| Real Estate - 4.2% |  |  |
| Industrial REITs - 3.6% |  |  |
| Prologis Inc  | 161890 | 23080658 |
| Specialized REITs - 0.6% |  |  |
| Equinix Inc  | 4370 | 4257516 |
| TOTAL REAL ESTATE |  | 27338174 |
| Utilities - 5.2% |  |  |
| Electric Utilities - 4.6% |  |  |
| Entergy Corp  | 68540 | 7341319 |
| NextEra Energy Inc  | 235870 | 22117531 |
|  |  | 29458850 |
| Independent Power and Renewable Electricity Producers - 0.6% |  |  |
| Vistra Corp  | 22480 | 3909047 |
| TOTAL UTILITIES |  | 33367897 |
| TOTAL UNITED STATES |  | 578772725 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $415,107,904) |  | <br> **635613254** |

---

---

| | | |
|:---|:---|:---|
| &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 | **50409** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (e) | 3.70 | 8702743 | 8704484 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 3.69 | 3080818 | 3081126 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $11,785,610) |  |  | **11785610** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.4%**<br> (Cost $427,189,213)<br>| <br>**647449273** |
| **NET OTHER ASSETS (LIABILITIES) - (0.4)%**  | **(2419762)** |
| **NET ASSETS - 100.0%** | **645029511** |

---

**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 $50,409 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | - | 87325424 | 78620444 | 139176 | (496) | - | 8704484 | 8702743 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 9525875 | 57133703 | 63578553 | 20976 | 101 | - | 3081126 | 3080818 | 0.0% |
| Total | 9525875 | 144459127 | 142198997 | 160152 | (395) | - | 11785610 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 63312478 | 63312478 | - | - |
| Energy | 5150968 | 5150968 | - | - |
| Industrials | 292135737 | 292135737 | - | - |
| Information Technology | 174393530 | 174393530 | - | - |
| Materials | 31385075 | 31385075 | - | - |
| Real Estate | 27338174 | 27338174 | - | - |
| Utilities | 41897292 | 41897292 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 50409 | - | - | 50409 |
|  **Money Market Funds** | 11785610 | 11785610 | - | - |
| **Total Investments in Securities:** | 647449273 | 647398864 | - | 50409 |

---

**Fidelity® Environment and Alternative Energy Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,979,369) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $415,403,603) | $635663663 |  |
| Fidelity Central Funds (cost $11,785,610) | 11785610 |  |
| Total Investment in Securities (cost $427,189,213) |  | $647449273 |
| Foreign currency held at value (cost $5,508) |  | 5037 |
| Receivable for fund shares sold |  | 410867 |
| Dividends receivable |  | 800921 |
| Distributions receivable from Fidelity Central Funds |  | 29171 |
| Prepaid expenses |  | 302 |
| Other receivables |  | 4548 |
| **Total assets** |  | 648700119 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $201078 |  |
| Accrued management fee | 350145 |  |
| Other payables and accrued expenses | 38360 |  |
| Collateral on securities loaned | 3081025 |  |
| **Total liabilities** |  | 3670608 |
| **Net Assets**  |  | $645029511 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $416477506 |
| Total accumulated earnings (loss) |  | 228552005 |
| **Net Assets** |  | $645029511 |
| **Net Asset Value**, offering price and redemption price per share ($645,029,511 ÷ 12,732,342 shares) |  | $50.66 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $6139141 |
| Income from Fidelity Central Funds (including $20,976 from security lending)  |  | 160152 |
| **Total income** |  | 6299293 |
| **Expenses** |  |  |
| Management fee | $3743185 |  |
| Custodian fees and expenses | 14903 |  |
| Independent trustees' fees and expenses | 2118 |  |
| Registration fees | 45098 |  |
| Audit fees | 48761 |  |
| Legal | 1057 |  |
| Miscellaneous | 1989 |  |
| **Total expenses** |  | 3857111 |
| **Net Investment income (loss)** |  | 2442182 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 56736909 |  |
| Redemptions in-kind | 13639515 |  |
| Fidelity Central Funds | (395) |  |
| Foreign currency transactions | (3318) |  |
| Total net realized gain (loss) |  | 70372711 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 88323005 |  |
| Assets and liabilities in foreign currencies | 9842 |  |
| Total change in net unrealized appreciation (depreciation) |  | 88332847 |
| **Net gain (loss)** |  | 158705558 |
| **Net increase (decrease) in net assets resulting from operations** |  | $161147740 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2442182 | $2357100 |
| &nbsp;&nbsp;Net realized gain (loss) | 70372711<br>| 69076450<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 88332847 | (14780129)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 161147740<br>| 56653421<br>|
| Distributions to shareholders | (2200962)<br>| (2333020)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 119918282 | 85651263 |
| Reinvestment of distributions | 2007311<br>| 2146552<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (162012325) | (139725302) |
| **Net increase (decrease) in net assets resulting from share transactions** | (40086732)<br>| (51927487)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 118860046<br>| 2392914<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 526169465 | 523776551<br>|
| &nbsp;&nbsp;End of period | $645029511 | $526169465 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2715412 | 2263654 |
| Issued in reinvestment of distributions | 41611<br>| 53197<br>|
| &nbsp;&nbsp;Redeemed | (3835144) | (3702431) |
| &nbsp;&nbsp;Net increase (decrease) | (1078121) | (1385580) |

---

**Financial Highlights** 

**Fidelity® Environment and Alternative Energy Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $38.10 | $34.47 | $27.85 | $30.97 | $30.16 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .19  | .16  | .18  | .15  | .11  |
| Net realized and unrealized gain (loss)  | 12.55  | 3.63  | 6.57  | (3.09)  | 3.46  |
| Total from investment operations  | 12.74  | 3.79  | 6.75  | (2.94)  | 3.57  |
| Distributions from net investment income  | (.18)  | (.16)  | (.13)  | (.18)  | (.10)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (2.66)  |
| Total distributions  | (.18)  | (.16)  | (.13)  | (.18)  | (2.76)  |
| Net asset value, end of period  | $50.66 | $38.10 | $34.47 | $27.85 | $30.97 |
| **Total Return** D | 33.45% <br>| 10.98%  | 24.26%  | (9.46)%  | 11.02%  |
| **Ratios to Average Net Assets** C,E,F |  |  |  |  |  |
| Expenses before reductions  | .68%  | .69%  | .81%  | .79%  | .79%  |
| Expenses net of fee waivers, if any  | .68% <br>| .69%  | .80%  | .79%  | .79%  |
| Expenses net of all reductions, if any  | .68%  | .69%  | .80%  | .79%  | .79%  |
| Net investment income (loss)  | .43%  | .43%  | .60%  | .52%  | .33%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $645030 | $526169 | $523777 | $472604 | $755742 |
| Portfolio turnover rate G | 50% H<br>| 38%  | 35%  | 34%  | 89%  |

---

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

E*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.*

F*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.*

G*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.* 

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

**Fidelity® Natural Resources Fund**

**Schedule of Investments February 28, 2026**

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>|
| AUSTRALIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| 3D Energi Ltd (a)(b) | 6307152 | 359078 |
| BRAZIL - 3.4%  |  |  |
| Materials - 3.4% |  |  |
| Metals & Mining - 3.4% |  |  |
| Wheaton Precious Metals Corp (United States)  | 204050 | 33392783 |
| CANADA - 31.7%  |  |  |
| Energy - 18.2% |  |  |
| Oil, Gas & Consumable Fuels - 18.2% |  |  |
| Athabasca Oil Corp (a) | 5184166 | 33521018 |
| Imperial Oil Ltd (c) | 728800 | 85246171 |
| Strathcona Resources Ltd  | 229300 | 5009450 |
| Suncor Energy Inc (United States)  | 989900 | 55949148 |
| TOTAL ENERGY |  | 179725787 |
| Materials - 13.5% |  |  |
| Metals & Mining - 13.5% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 161800 | 40708880 |
| Alamos Gold Inc Class A (United States)  | 187200 | 10144368 |
| Altius Minerals Corp  | 297300 | 10503198 |
| Barrick Mining Corp (United States)  | 393400 | 19961116 |
| Equinox Gold Corp (United States) (a) | 267600 | 5020176 |
| Franco-Nevada Corp  | 56600 | 15819203 |
| McEwen Inc (a)(c) | 167000 | 4734450 |
| Metalla Royalty & Streaming Ltd (a) | 825100 | 7467153 |
| Pan American Silver Corp (United States)  | 135200 | 9288240 |
| Teck Resources Ltd Class B (United States)  | 179000 | 10541310 |
| TOTAL MATERIALS |  | 134188094 |
| TOTAL CANADA |  | 313913881 |
| NORWAY - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| TGS ASA  | 243100 | 2886530 |
| PORTUGAL - 0.8%  |  |  |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Galp Energia SGPS SA  | 357500 | 7696529 |
| UNITED KINGDOM - 1.0%  |  |  |
| Energy - 1.0% |  |  |
| Energy Equipment & Services - 1.0% |  |  |
| Subsea 7 SA  | 67800 | 1959492 |
| TechnipFMC PLC  | 116100 | 7698591 |
| TOTAL UNITED KINGDOM |  | 9658083 |
| UNITED STATES - 60.6%  |  |  |
| Energy - 49.4% |  |  |
| Energy Equipment & Services - 2.9% |  |  |
| National Energy Services Reunited Corp (a) | 135300 | 3389265 |
| SLB Ltd  | 348200 | 17876588 |
| Transocean Ltd (a) | 552400 | 3579552 |
| Weatherford International PLC  | 40400 | 4260584 |
|  |  | 29105989 |
| Oil, Gas & Consumable Fuels - 46.5% |  |  |
| Chevron Corp  | 243900 | 45550764 |
| ConocoPhillips  | 665400 | 75496284 |
| Excelerate Energy Inc Class A  | 225800 | 9088450 |
| Exxon Mobil Corp  | 1242159 | 189429248 |
| Murphy Oil Corp (c) | 680700 | 22565205 |
| Phillips 66  | 174300 | 26899719 |
| Shell PLC ADR  | 645800 | 53930758 |
| Valero Energy Corp  | 177900 | 36405456 |
|  |  | 459365884 |
| TOTAL ENERGY |  | 488471873 |
| Materials - 11.2% |  |  |
| Construction Materials - 2.6% |  |  |
| CRH PLC  | 90600 | 10870188 |
| Martin Marietta Materials Inc  | 22300 | 15087511 |
|  |  | 25957699 |
| Containers & Packaging - 2.1% |  |  |
| Crown Holdings Inc  | 36800 | 4217280 |
| Packaging Corp of America  | 30800 | 7149912 |
| Smurfit Westrock PLC  | 207600 | 9759276 |
|  |  | 21126468 |
| Metals & Mining - 6.5% |  |  |
| Alcoa Corp  | 102800 | 6381824 |
| Freeport-McMoRan Inc  | 265300 | 18061624 |
| Hecla Mining Co  | 249400 | 6212554 |
| Newmont Corp  | 258700 | 33631000 |
|  |  | 64287002 |
| TOTAL MATERIALS |  | 111371169 |
| TOTAL UNITED STATES |  | 599843042 |
| ZAMBIA - 1.4%  |  |  |
| Materials - 1.4% |  |  |
| Metals & Mining - 1.4% |  |  |
| First Quantum Minerals Ltd (a) | 447000 | 13383292 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $607,729,530) |  | <br> **981133218** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.1%** | &nbsp;&nbsp;**Money Market Funds - 8.1%** | &nbsp;&nbsp;**Money Market Funds - 8.1%** | &nbsp;&nbsp;**Money Market Funds - 8.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d) | 3.70 | 4027657 | 4028463 |
| Fidelity Securities Lending Cash Central Fund (d)(e) | 3.69 | 76515814 | 76523466 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $80,551,929) |  |  | **80551929** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 107.2%**<br> (Cost $688,281,459)<br>| <br>**1061685147** |
| **NET OTHER ASSETS (LIABILITIES) - (7.2)%**  | **(71569199)** |
| **NET ASSETS - 100.0%** | **990115948** |

---

**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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 2608638 | 183179682 | 181760865 | 153605 | 1008 | - | 4028463 | 4027657 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 19093840 | 529176602 | 471748832 | 126470 | 1857 | (1) | 76523466 | 76515814 | 0.2% |
| Total | 21702478 | 712356284 | 653509697 | 280075 | 2865 | (1) | 80551929 |  |  |

---

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 February 28, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 688797880 | 688438802 | - | 359078 |
| Materials | 292335338 | 292335338 | - | - |
|  **Money Market Funds** | 80551929 | 80551929 | - | - |
| **Total Investments in Securities:** | 1061685147 | 1061326069 | - | 359078 |

---

**Fidelity® Natural Resources Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $73,550,051) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $607,729,530) | $981133218 |  |
| Fidelity Central Funds (cost $80,551,929) | 80551929 |  |
| Total Investment in Securities (cost $688,281,459) |  | $1061685147 |
| Foreign currency held at value (cost $) |  | 6 |
| Receivable for investments sold |  | 2319641 |
| Receivable for fund shares sold |  | 3843115 |
| Dividends receivable |  | 3696563 |
| Distributions receivable from Fidelity Central Funds |  | 25445 |
| Prepaid expenses |  | 328 |
| Other receivables |  | 142195 |
| **Total assets** |  | 1071712440 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3197885 |  |
| Payable for fund shares redeemed | 1211258 |  |
| Accrued management fee | 499838 |  |
| Other payables and accrued expenses | 165902 |  |
| Collateral on securities loaned | 76521609 |  |
| **Total liabilities** |  | 81596492 |
| **Net Assets**  |  | $990115948 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $700447949 |
| Total accumulated earnings (loss) |  | 289667999 |
| **Net Assets** |  | $990115948 |
| **Net Asset Value**, offering price and redemption price per share ($990,115,948 ÷ 15,119,011 shares) |  | $65.49 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $16924890 |
| Income from Fidelity Central Funds (including $126,470 from security lending)  |  | 280075 |
| Security lending |  | 235 |
| **Total income** |  | 17205200 |
| **Expenses** |  |  |
| Management fee | $4345831 |  |
| Custodian fees and expenses | 34871 |  |
| Independent trustees' fees and expenses | 2353 |  |
| Registration fees | 58714 |  |
| Audit fees | 47270 |  |
| Legal | 1057 |  |
| Interest | 4961 |  |
| Miscellaneous | 2177 |  |
| **Total expenses** |  | 4497234 |
| **Net Investment income (loss)** |  | 12707966 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 62880875 |  |
| Fidelity Central Funds | 2865 |  |
| Foreign currency transactions | (46907) |  |
| Total net realized gain (loss) |  | 62836833 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 239546625 |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 1346 |  |
| Total change in net unrealized appreciation (depreciation) |  | 239547970 |
| **Net gain (loss)** |  | 302384803 |
| **Net increase (decrease) in net assets resulting from operations** |  | $315092769 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $12707966 | $10458762 |
| &nbsp;&nbsp;Net realized gain (loss) | 62836833<br>| 69349159<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 239547970 | (55891822)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 315092769<br>| 23916099<br>|
| Distributions to shareholders | (13123469)<br>| (8429039)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 291742583 | 167698224 |
| Reinvestment of distributions | 12087171<br>| 7807079<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (187538565) | (207379374) |
| **Net increase (decrease) in net assets resulting from share transactions** | 116291189<br>| (31874071)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 418260489<br>| (16387011)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 571855459 | 588242470<br>|
| &nbsp;&nbsp;End of period | $990115948 | $571855459 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 5438239 | 3658826 |
| Issued in reinvestment of distributions | 234263<br>| 188122<br>|
| &nbsp;&nbsp;Redeemed | (3848561) | (4578208) |
| &nbsp;&nbsp;Net increase (decrease) | 1823941 | (731260) |

---

**Financial Highlights** 

**Fidelity® Natural Resources Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $43.01 | $41.94 | $39.98 | $34.22 | $23.21 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .97  | .76  | .65  | .83  | .51  |
| Net realized and unrealized gain (loss)  | 22.50  | .94  | 1.96  | 5.87  | 10.91  |
| Total from investment operations  | 23.47  | 1.70  | 2.61  | 6.70  | 11.42  |
| Distributions from net investment income  | (.99)  | (.63)  | (.65)  | (.94)  | (.41)  |
| Total distributions  | (.99)  | (.63)  | (.65)  | (.94)  | (.41)  |
| Net asset value, end of period  | $65.49 | $43.01 | $41.94 | $39.98 | $34.22 |
| **Total Return** D | 55.20% <br>| 4.11%  | 6.57%  | 19.78%  | 49.71%  |
| **Ratios to Average Net Assets** C,E,F |  |  |  |  |  |
| Expenses before reductions  | .69%  | .69%  | .77%  | .77%  | .82%  |
| Expenses net of fee waivers, if any  | .69% <br>| .69%  | .76%  | .77%  | .81%  |
| Expenses net of all reductions, if any  | .69%  | .69%  | .76%  | .77%  | .81%  |
| Net investment income (loss)  | 1.94%  | 1.66%  | 1.60%  | 2.21%  | 1.84%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $990116 | $571855 | $588242 | $812429 | $598034 |
| Portfolio turnover rate G | 81% <br>| 68%  | 50%  | 74%  | 98%  |

---

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

E*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.*

F*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.*

G*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**

For the period ended February 28, 2026

**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 February 28, 2026 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, 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 as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable as applicable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of February 28, 2026, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the 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 foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, 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**  | 427358607 | 227779984 | (7689318) | 220090666 |
| **Fidelity Natural Resources Fund**  | 693347696 | 370039802 | (1702351) | 368337451 |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Undistributed long-term capital gain ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Fidelity Environment and Alternative Energy Fund**  | 235872 | 8221496 | - | 220094638 |
| **Fidelity Natural Resources Fund**  | 3567919 | - | (82158053) | 368338691 |

---

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 fiscal period end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Natural Resources Fund**  | (82158053) | - | (82158053) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| **February 28, 2026** |  |  |
|  | **Ordinary Income ($)** | **Total ($)** |
| **Fidelity Environment and Alternative Energy Fund**  | 2200962 | 2200962 |
| **Fidelity Natural Resources Fund**  | 13123469 | 13123469 |

---

---

| | | |
|:---|:---|:---|
| **February 28, 2025** |  |  |
|  | **Ordinary Income ($)** | **Total ($)** |
| **Fidelity Environment and Alternative Energy Fund**  | 2333020 | 2333020 |
| **Fidelity Natural Resources Fund**  | 8429039 | 8429039 |

---

**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.

**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** | 281159975 | 304333879 |
| **Fidelity Natural Resources Fund** | 646651561 | 532613009 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Environment and Alternative Energy Fund** | 634728 | - | 13639515 | 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** | .66 |
| **Fidelity Natural Resources Fund** | .66 |

---

**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** | 129,335 |

---

**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** | 7691 |
| **Fidelity Natural Resources Fund** | 20119 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, Fidelity Environment and Alternative Energy Fund had no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Natural Resources Fund**  | Borrower | 21660000 | 4.12% | 4961 |

---

**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** | 26667887 | 40312799 | 12803451 |
| **Fidelity Natural Resources Fund** | 19601189 | 29329629 | 6482562 |

---

**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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Environment and Alternative Energy Fund** | 721 |
| **Fidelity Natural Resources Fund** | 792 |

---

Effective March 24, 2026 the .10% spread adjustment on the SOFR benchmark was removed.

**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 in security lending. 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** | 2095 | 32 | - |
| **Fidelity Natural Resources Fund** | 13673 | - | - |

---

**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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Select Portfolios and Shareholders of Fidelity Environment and Alternative Energy Fund and Fidelity Natural Resources Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Environment and Alternative Energy Fund and Fidelity Natural Resources Fund (two of the funds constituting Fidelity Select Portfolios, hereafter collectively referred to as the "Funds") as of February 28, 2026, the related statements of operations for the year ended February 28, 2026, the statements of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2026 and each of the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 10, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended February 28, 2026, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **Fidelity Environment and Alternative Energy Fund** | $9333889 |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| **Fidelity Environment and Alternative Energy Fund** |  |
| December 2025 | 100% |
| **Fidelity Natural Resources Fund** |  |
| April 2025 | 99% |
| December 2025 | 55% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | |
|:---|:---|
| **Fidelity Environment and Alternative Energy Fund** |  |
| December 2025 | 100% |
| **Fidelity Natural Resources Fund** |  |
| April 2025 | 99.85% |
| December 2025 | 94.12% |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Fidelity Natural Resources Fund** | $110912 |

---

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income** | **Taxes** |
| **Fidelity Natural Resources Fund** | 04/14/25 | $0.0491 | $0.0387 |

---

The funds will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

**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)**

Note: This is not applicable for any fund included in this document.

![](img126059_4.jpg)<br>

1.9901475.104 EAE-NRF-ANN-0426

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>Purchase 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 trust'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 trust's 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) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH](code.htm) .

(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](ex99cert.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.](ex99906cert.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; April 22, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &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; April 22, 2026 |

---

---

| | |
|:---|:---|
| &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; April 22, 2026 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&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:

April 22, 2026

---

| |
|:---|
| &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:

April 22, 2026

---

| |
|:---|
| &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: April 22, 2026

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp; Stacie M. Smith |
| &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |

---

Dated: April 22, 2026

---

| |
|:---|
| &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>