N-CSRS 1 filing4723.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES



Investment Company Act file number    811-03114



Fidelity Select Portfolios

 (Exact name of registrant as specified in charter)



245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)



Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)





Registrant's telephone number, including area code:

617-563-7000





Date of fiscal year end:

February 28





Date of reporting period:

August 31, 2022



Item 1.

Reports to Stockholders







Fidelity® Select Portfolios®
Telecommunications Services Sector
 
Telecommunications Portfolio
Wireless Portfolio
 
 
Semi-Annual Report
August 31, 2022
Includes Fidelity and Fidelity Advisor share classes

Contents

Telecommunications Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Wireless Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

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. © 2022 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.
 
Top Holdings (% of Fund's net assets)
 
Verizon Communications, Inc.
23.1
 
AT&T, Inc.
17.1
 
T-Mobile U.S., Inc.
8.0
 
Iridium Communications, Inc.
4.7
 
Cogent Communications Group, Inc.
4.5
 
Liberty Global PLC Class C
4.1
 
Telephone & Data Systems, Inc.
4.0
 
Radius Global Infrastructure, Inc.
3.5
 
Comcast Corp. Class A
3.3
 
Gogo, Inc.
3.1
 
 
75.4
 
 
Industries (% of Fund's net assets)
 
Diversified Telecommunication Services
72.7
 
Wireless Telecommunication Services
17.0
 
Media
6.2
 
IT Services
0.8
 
Construction & Engineering
0.2
 
Software
0.2
 
 
 
Telecommunications Portfolio
Common Stocks - 97.1%
 
 
Shares
Value ($)
 
Construction & Engineering - 0.2%
 
 
 
Construction & Engineering - 0.2%
 
 
 
Dycom Industries, Inc. (a)
 
4,700
526,964
Diversified Telecommunication Services - 72.7%
 
 
 
Alternative Carriers - 23.5%
 
 
 
Anterix, Inc. (a)
 
118,700
5,038,815
Bandwidth, Inc. (a)
 
83,700
1,297,350
Cogent Communications Group, Inc.
 
198,139
10,550,902
EchoStar Holding Corp. Class A (a)(b)
 
306,300
5,638,983
Globalstar, Inc. (a)(b)
 
720,600
1,441,200
Iridium Communications, Inc. (a)(b)
 
249,911
11,093,549
Liberty Global PLC Class C (a)
 
448,536
9,558,302
Liberty Latin America Ltd. Class C (a)
 
1,053,033
7,339,640
Lumen Technologies, Inc. (b)
 
350,400
3,489,984
 
 
 
55,448,725
Integrated Telecommunication Services - 49.2%
 
 
 
AT&T, Inc.
 
2,296,020
40,272,191
ATN International, Inc.
 
61,800
2,895,330
Frontier Communications Parent, Inc. (a)
 
232,100
5,978,896
IDT Corp. Class B (a)
 
157,000
4,014,490
Radius Global Infrastructure, Inc. (a)
 
596,400
8,212,428
Verizon Communications, Inc.
 
1,302,797
54,469,942
 
 
 
115,843,277
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES
 
 
171,292,002
IT Services - 0.8%
 
 
 
Internet Services & Infrastructure - 0.1%
 
 
 
Twilio, Inc. Class A (a)
 
4,000
278,320
IT Consulting & Other Services - 0.7%
 
 
 
Amdocs Ltd.
 
17,800
1,521,366
TOTAL IT SERVICES
 
 
1,799,686
Media - 6.2%
 
 
 
Cable & Satellite - 6.2%
 
 
 
Charter Communications, Inc. Class A (a)
 
2,800
1,155,364
Comcast Corp. Class A
 
214,500
7,762,755
Liberty Broadband Corp. Class C (a)
 
56,924
5,789,171
 
 
 
14,707,290
Software - 0.2%
 
 
 
Application Software - 0.2%
 
 
 
RingCentral, Inc. (a)
 
8,500
365,840
Wireless Telecommunication Services - 17.0%
 
 
 
Wireless Telecommunication Services - 17.0%
 
 
 
Gogo, Inc. (a)
 
494,300
7,345,298
Millicom International Cellular SA (a)
 
75,310
1,067,143
Shenandoah Telecommunications Co. (b)
 
49,323
1,099,410
T-Mobile U.S., Inc. (a)
 
131,224
18,891,007
Telephone & Data Systems, Inc. (b)
 
573,164
9,325,378
U.S. Cellular Corp. (a)
 
78,900
2,255,751
 
 
 
39,983,987
 
TOTAL COMMON STOCKS
  (Cost $233,849,522)
 
 
 
228,675,769
 
 
 
 
Money Market Funds - 6.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (c)
 
6,169,908
6,171,142
Fidelity Securities Lending Cash Central Fund 2.34% (c)(d)
 
9,901,588
9,902,578
 
TOTAL MONEY MARKET FUNDS
  (Cost $16,073,720)
 
 
16,073,720
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.9%
  (Cost $249,923,242)
 
 
 
244,749,489
NET OTHER ASSETS (LIABILITIES) - (3.9)%  
(9,274,093)
NET ASSETS - 100.0%
235,475,396
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
2,983,817
32,069,695
28,882,370
72,448
-
-
6,171,142
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
27,079,836
64,742,564
81,919,822
14,332
-
-
9,902,578
0.0%
Total
30,063,653
96,812,259
110,802,192
86,780
-
-
16,073,720
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
228,675,769
228,675,769
-
-
  Money Market Funds
16,073,720
16,073,720
-
-
 Total Investments in Securities:
244,749,489
244,749,489
-
-
Telecommunications Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $9,534,897) - See accompanying schedule:
 
$228,675,769
 
 
Unaffiliated issuers (cost $233,849,522)
 
 
 
Fidelity Central Funds (cost $16,073,720)
 
16,073,720
 
 
 
 
 
 
 
Total Investment in Securities (cost $249,923,242)
 
 
$
244,749,489
Cash
 
 
 
51
Receivable for investments sold
 
 
 
831,647
Receivable for fund shares sold
 
 
 
101,227
Dividends receivable
 
 
 
87,600
Distributions receivable from Fidelity Central Funds
 
 
 
12,998
Prepaid expenses
 
 
 
1,607
Other receivables
 
 
 
7,033
  Total assets
 
 
 
245,791,652
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
$222,855
 
 
Accrued management fee
 
109,258
 
 
Distribution and service plan fees payable
 
11,124
 
 
Other affiliated payables
 
49,228
 
 
Other payables and accrued expenses
 
21,689
 
 
Collateral on securities loaned
 
9,902,102
 
 
  Total Liabilities
 
 
 
10,316,256
Net Assets  
 
 
$
235,475,396
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
238,410,012
Total accumulated earnings (loss)
 
 
 
(2,934,616)
Net Assets
 
 
$
235,475,396
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($18,870,238 ÷ 398,438 shares) (a)
 
 
$
47.36
Maximum offering price per share (100/94.25 of $47.36)
 
 
$
50.25
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($6,999,480 ÷ 148,944 shares) (a)
 
 
$
46.99
Maximum offering price per share (100/96.50 of $46.99)
 
 
$
48.69
Class C :
 
 
 
 
Net Asset Value and offering price per share ($4,382,427 ÷ 92,968 shares) (a)
 
 
$
47.14
Telecommunications :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($174,338,153 ÷ 3,650,066 shares)
 
 
$
47.76
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($25,887,413 ÷ 543,626 shares)
 
 
$
47.62
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($4,997,685 ÷ 105,156 shares)
 
 
$
47.53
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
4,003,914
Income from Fidelity Central Funds (including $14,332 from security lending)
 
 
 
86,780
 Total Income
 
 
 
4,090,694
Expenses
 
 
 
 
Management fee
$
684,996
 
 
Transfer agent fees
 
253,690
 
 
Distribution and service plan fees
 
70,722
 
 
Accounting fees
 
48,363
 
 
Custodian fees and expenses
 
1,432
 
 
Independent trustees' fees and expenses
 
421
 
 
Registration fees
 
43,578
 
 
Audit
 
20,570
 
 
Legal
 
735
 
 
Miscellaneous
 
788
 
 
 Total expenses before reductions
 
1,125,295
 
 
 Expense reductions
 
(4,286)
 
 
 Total expenses after reductions
 
 
 
1,121,009
Net Investment income (loss)
 
 
 
2,969,685
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $40,436)
 
2,375,089
 
 
 Foreign currency transactions
 
3,842
 
 
Total net realized gain (loss)
 
 
 
2,378,931
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $33,773)  
 
(30,411,798)
 
 
 Assets and liabilities in foreign currencies
 
(252)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(30,412,050)
Net gain (loss)
 
 
 
(28,033,119)
Net increase (decrease) in net assets resulting from operations
 
 
$
(25,063,434)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
2,969,685
$
7,853,249
Net realized gain (loss)
 
2,378,931
 
 
30,387,100
 
Change in net unrealized appreciation (depreciation)
 
(30,412,050)
 
(51,298,844)
 
Net increase (decrease) in net assets resulting from operations
 
(25,063,434)
 
 
(13,058,495)
 
Distributions to shareholders
 
(9,738,740)
 
 
(39,228,015)
 
Share transactions - net increase (decrease)
 
18,082,046
 
 
(46,334,121)
 
Total increase (decrease) in net assets
 
(16,720,128)
 
 
(98,620,631)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
252,195,524
 
350,816,155
 
End of period
$
235,475,396
$
252,195,524
 
 
 
 
 
 
 
 
 
 
 
 
Fidelity Advisor® Telecommunications Fund Class A
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
54.28
$
66.52
$
60.60
$
55.68
$
55.58
$
69.61
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.53
 
1.51 D
 
.66
 
.87
 
1.10 E
 
1.05
     Net realized and unrealized gain (loss)
 
(5.52)
 
(5.14)
 
10.61
 
5.86
 
.56
 
(3.38)
  Total from investment operations
 
(4.99)  
 
(3.63)  
 
11.27  
 
6.73  
 
1.66
 
(2.33)
  Distributions from net investment income
 
(.44)
 
(1.66)
 
(.39)
 
(.96)
 
(.94)
 
(1.31)
  Distributions from net realized gain
 
(1.49)
 
(6.95)
 
(4.96)
 
(.85)
 
(.62)
 
(10.39)
     Total distributions
 
(1.93)
 
(8.61)
 
(5.35)
 
(1.81)
 
(1.56)
 
(11.70)
  Net asset value, end of period
$
47.36
$
54.28
$
66.52
$
60.60
$
55.68
$
55.58
 Total Return   F,G,H
 
(9.66)%
 
(6.28)%
 
18.75%
 
12.12%
 
3.03%
 
(4.06)%
 Ratios to Average Net Assets C,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.12% K
 
1.09%
 
1.11%
 
1.18%
 
1.18%
 
1.14%
    Expenses net of fee waivers, if any
 
1.12% K
 
1.09%
 
1.11%
 
1.17%
 
1.17%
 
1.14%
    Expenses net of all reductions
 
1.12% K
 
1.09%
 
1.10%
 
1.17%
 
1.16%
 
1.12%
    Net investment income (loss)
 
2.03% K
 
2.27% D
 
1.01%
 
1.47%
 
1.96% E
 
1.59%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
18,870
$
22,023
$
29,800
$
21,376
$
20,589
$
17,816
    Portfolio turnover rate L
 
20% K
 
28%
 
58%
 
58%
 
64% M
 
66%
 
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 such underlying funds 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 $.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%.
 
E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.25 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.52%.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Total returns do not include the effect of the sales charges.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Annualized
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
M Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Telecommunications Fund Class M
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
53.88
$
66.09
$
60.25
$
55.40
$
55.31
$
69.33
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.46
 
1.29 D
 
.46
 
.70
 
.92 E
 
.81
     Net realized and unrealized gain (loss)
 
(5.49)
 
(5.08)
 
10.54
 
5.83
 
.55
 
(3.36)
  Total from investment operations
 
(5.03)  
 
(3.79)  
 
11.00  
 
6.53  
 
1.47
 
(2.55)
  Distributions from net investment income
 
(.37)
 
(1.48)
 
(.20)
 
(.83)
 
(.76)
 
(1.07)
  Distributions from net realized gain
 
(1.49)
 
(6.95)
 
(4.96)
 
(.85)
 
(.62)
 
(10.39)
     Total distributions
 
(1.86)
 
(8.42) F
 
(5.16)
 
(1.68)
 
(1.38)
 
(11.47) F
  Net asset value, end of period
$
46.99
$
53.88
$
66.09
$
60.25
$
55.40
$
55.31
 Total Return   G,H,I
 
(9.79)%
 
(6.55)%
 
18.39%
 
11.81%
 
2.69%
 
(4.40)%
 Ratios to Average Net Assets C,J,K
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.39% L
 
1.39%
 
1.41%
 
1.46%
 
1.50%
 
1.49%
    Expenses net of fee waivers, if any
 
1.38% L
 
1.38%
 
1.41%
 
1.46%
 
1.49%
 
1.49%
    Expenses net of all reductions
 
1.38% L
 
1.38%
 
1.40%
 
1.45%
 
1.48%
 
1.48%
    Net investment income (loss)
 
1.76% L
 
1.97% D
 
.71%
 
1.19%
 
1.64% E
 
1.24%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,999
$
7,733
$
9,038
$
6,919
$
6,018
$
4,847
    Portfolio turnover rate M
 
20% L
 
28%
 
58%
 
58%
 
64% N
 
66%
 
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 such underlying funds 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 $.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%.
 
E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.25 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.19%.
 
F Total distributions per share do not sum due to rounding.
 
G Total returns for periods of less than one year are not annualized.
 
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
I Total returns do not include the effect of the sales charges.
 
J Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
L Annualized
 
M Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
N Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Telecommunications Fund Class C
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
54.04
$
66.17
$
60.32
$
55.45
$
55.29
$
69.24
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.33
 
1.01 D
 
.17
 
.46
 
.70 E
 
.57
     Net realized and unrealized gain (loss)
 
(5.50)
 
(5.09)
 
10.54
 
5.82
 
.56
 
(3.36)
  Total from investment operations
 
(5.17)  
 
(4.08)  
 
10.71  
 
6.28  
 
1.26
 
(2.79)
  Distributions from net investment income
 
(.24)
 
(1.10)
 
(.07)
 
(.56)
 
(.48)
 
(.77)
  Distributions from net realized gain
 
(1.49)
 
(6.95)
 
(4.79)
 
(.85)
 
(.62)
 
(10.39)
     Total distributions
 
(1.73)
 
(8.05)
 
(4.86)
 
(1.41)
 
(1.10)
 
(11.16)
  Net asset value, end of period
$
47.14
$
54.04
$
66.17
$
60.32
$
55.45
$
55.29
 Total Return   F,G,H
 
(9.99)%
 
(6.97)%
 
17.88%
 
11.34%
 
2.30%
 
(4.75)%
 Ratios to Average Net Assets C,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.87% K
 
1.83%
 
1.86%
 
1.88%
 
1.88%
 
1.86%
    Expenses net of fee waivers, if any
 
1.86% K
 
1.83%
 
1.86%
 
1.87%
 
1.88%
 
1.86%
    Expenses net of all reductions
 
1.86% K
 
1.83%
 
1.84%
 
1.87%
 
1.86%
 
1.85%
    Net investment income (loss)
 
1.28% K
 
1.52% D
 
.26%
 
.77%
 
1.26% E
 
.87%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,382
$
5,254
$
7,801
$
6,491
$
6,994
$
8,396
    Portfolio turnover rate L
 
20% K
 
28%
 
58%
 
58%
 
64% M
 
66%
 
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 such underlying funds 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 $.35 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .99%.
 
E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.25 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .81%.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Total returns do not include the effect of the contingent deferred sales charge.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Annualized
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
M Portfolio turnover rate excludes securities received or delivered in-kind.
 
Telecommunications Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
54.73
$
67.04
$
60.99
$
56.04
$
55.88
$
69.97
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.62
 
1.71 D
 
.86
 
1.09
 
1.30 E
 
1.28
     Net realized and unrealized gain (loss)
 
(5.58)
 
(5.18)
 
10.71
 
5.90
 
.56
 
(3.42)
  Total from investment operations
 
(4.96)  
 
(3.47)  
 
11.57  
 
6.99  
 
1.86
 
(2.14)
  Distributions from net investment income
 
(.52)
 
(1.89)
 
(.57)
 
(1.19)
 
(1.08)
 
(1.56)
  Distributions from net realized gain
 
(1.49)
 
(6.95)
 
(4.96)
 
(.85)
 
(.62)
 
(10.39)
     Total distributions
 
(2.01)
 
(8.84)
 
(5.52) F
 
(2.04)
 
(1.70)
 
(11.95)
  Net asset value, end of period
$
47.76
$
54.73
$
67.04
$
60.99
$
56.04
$
55.88
 Total Return   G,H
 
(9.53)%
 
(5.99)%
 
19.15%
 
12.50%
 
3.38%
 
(3.76)%
 Ratios to Average Net Assets C,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.81% K
 
.79%
 
.81%
 
.83%
 
.84%
 
.82%
    Expenses net of fee waivers, if any
 
.81% K
 
.79%
 
.81%
 
.82%
 
.83%
 
.82%
    Expenses net of all reductions
 
.81% K
 
.79%
 
.79%
 
.82%
 
.82%
 
.80%
    Net investment income (loss)
 
2.34% K
 
2.57% D
 
1.31%
 
1.82%
 
2.30% E
 
1.92%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
174,338
$
199,560
$
242,284
$
219,854
$
227,438
$
320,908
    Portfolio turnover rate L
 
20% K
 
28%
 
58%
 
58%
 
64% M
 
66%
 
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 such underlying funds 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 $.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%.
 
E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.25 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.85%.
 
F Total distributions per share do not sum due to rounding.
 
G Total returns for periods of less than one year are not annualized.
 
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Annualized
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
M Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Telecommunications Fund Class I
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
54.58
$
66.84
$
60.86
$
55.84
$
55.74
$
69.82
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.62
 
1.74 D
 
.88
 
1.04
 
1.27 E
 
1.26
     Net realized and unrealized gain (loss)
 
(5.55)
 
(5.18)
 
10.66
 
5.91
 
.57
 
(3.39)
  Total from investment operations
 
(4.93)  
 
(3.44)  
 
11.54  
 
6.95  
 
1.84
 
(2.13)
  Distributions from net investment income
 
(.54)
 
(1.87)
 
(.60)
 
(1.08)
 
(1.12)
 
(1.56)
  Distributions from net realized gain
 
(1.49)
 
(6.95)
 
(4.96)
 
(.85)
 
(.62)
 
(10.39)
     Total distributions
 
(2.03)
 
(8.82)
 
(5.56)
 
(1.93)
 
(1.74)
 
(11.95)
  Net asset value, end of period
$
47.62
$
54.58
$
66.84
$
60.86
$
55.84
$
55.74
 Total Return   F,G
 
(9.51)%
 
(5.97)%
 
19.13%
 
12.47%
 
3.35%
 
(3.75)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.78% J
 
.77%
 
.79%
 
.88%
 
.91%
 
.82%
    Expenses net of fee waivers, if any
 
.77% J
 
.77%
 
.79%
 
.88%
 
.90%
 
.82%
    Expenses net of all reductions
 
.77% J
 
.77%
 
.78%
 
.88%
 
.88%
 
.80%
    Net investment income (loss)
 
2.38% J
 
2.59% D
 
1.33%
 
1.76%
 
2.23% E
 
1.91%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
25,887
$
12,038
$
30,622
$
12,428
$
25,181
$
8,332
    Portfolio turnover rate K
 
20% J
 
28%
 
58%
 
58%
 
64% L
 
66%
 
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 such underlying funds 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 $.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%.
 
E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.25 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.79%.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
J Annualized
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
L Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Telecommunications Fund Class Z
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019   B
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
54.46
$
66.75
$
60.75
$
55.84
$
60.97
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
.65
 
1.83 E
 
.95
 
1.20
 
.39 F
     Net realized and unrealized gain (loss)
 
(5.53)
 
(5.20)
 
10.67
 
5.86
 
(4.55)
  Total from investment operations
 
(4.88)  
 
(3.37)  
 
11.62  
 
7.06  
 
(4.16)
  Distributions from net investment income
 
(.56)
 
(1.98)
 
(.67)
 
(1.30)
 
(.97)
  Distributions from net realized gain
 
(1.49)
 
(6.95)
 
(4.96)
 
(.85)
 
-
     Total distributions
 
(2.05)
 
(8.92) G
 
(5.62) G
 
(2.15)
 
(.97)
  Net asset value, end of period
$
47.53
$
54.46
$
66.75
$
60.75
$
55.84
 Total Return   H,I
 
(9.44)%
 
(5.87)%
 
19.31%
 
12.68%
 
(6.80)%
 Ratios to Average Net Assets D,J,K
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.66% L
 
.65%
 
.67%
 
.68%
 
.68% L
    Expenses net of fee waivers, if any
 
.65% L
 
.65%
 
.67%
 
.67%
 
.66% L
    Expenses net of all reductions
 
.65% L
 
.65%
 
.65%
 
.67%
 
.64% L
    Net investment income (loss)
 
2.49% L
 
2.71% E
 
1.45%
 
1.97%
 
1.67% F,L
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,998
$
5,587
$
31,271
$
25,223
$
383
    Portfolio turnover rate M
 
20% L
 
28%
 
58%
 
58%
 
64% N
 
A For the year ended February 29.
 
B For the period October 2, 2018 (commencement of sale of shares) through February 28, 2019.
 
C Calculated based on average shares outstanding during the period.
 
D 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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
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 investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.23%.
 
G Total distributions per share do not sum due to rounding.
 
H Total returns for periods of less than one year are not annualized.
 
I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
J Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
L Annualized
 
M Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
N Portfolio turnover rate excludes securities received or delivered in-kind.
 
 
For the period ended August 31, 2022
 
1.Organization.
Telecommunications Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class M, Class C, Telecommunications, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of 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 Ratio A
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. 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 (ETFs) 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.  
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2022 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. 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.
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 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
$   36,376,685
Gross unrealized depreciation
  (42,268,229)
Net unrealized appreciation (depreciation)
$   (5,891,544)
Tax cost
$   250,641,033
The Fund elected to defer to its next fiscal year approximately $606,780 of capital losses recognized during the period November 1, 2021 to February 28, 2022.
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
  33,857,565
  24,086,159
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .53% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
  - %
  .25%
$   26,505
$   508
Class M
  .25%
  .25%
  19,106
  134
Class C
  .75%
  .25%
  25,111
  2,305
 
 
 
$   70,722
$   2,947
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
$   3,623
Class M
  371
Class C A
  21
 
$   4,015
A   When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets A
Class A
$   27,239
.26
Class M
  10,358
.27
Class C
  6,280
.25
Telecommunications
  187,618
.19
Class I
  21,067
.16
Class Z
  1,128
.04
 
$   253,690
 
A   Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Telecommunications Portfolio
.04
 
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Telecommunications Portfolio
$   796
 
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. 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
  2,557,653
  -
  -
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Telecommunications Portfolio
$   231
 
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, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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
$   1,398
$   -
$-
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 $4,286.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
August 31, 2022
Year ended
February 28, 2022
Telecommunications Portfolio
 
 
Distributions to shareholders
 
 
Class A
$   775,861
  $3,450,435
Class M
  267,698
  1,137,728
Class C
  168,615
  810,598
Telecommunications
  7,295,482
  30,567,586
Class I
  1,018,662
  2,148,608
Class Z
  212,422
  1,113,060
Total   
$   9,738,740
$   39,228,015
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended August 31, 2022
Year ended February 28, 2022
Six months ended August 31, 2022
Year ended February 28, 2022
Telecommunications Portfolio
 
 
 
 
Class A
 
 
 
 
Shares sold
  43,373
  90,188
$   2,299,137
$   6,068,619
Reinvestment of distributions
  13,653
  54,998
  745,823
  3,273,159
Shares redeemed
  (64,278)
  (187,477)
  (3,354,785)
  (12,278,980)
Net increase (decrease)
  (7,252)
  (42,291)
$   (309,825)
$   (2,937,202)
Class M
 
 
 
 
Shares sold
  11,818
  30,229
$   611,697
$   1,999,078
Reinvestment of distributions
  4,926
  19,272
  267,266
  1,135,663
Shares redeemed
  (11,328)
  (42,731)
  (585,211)
  (2,753,637)
Net increase (decrease)
  5,416
  6,770
$   293,752
$   381,104
Class C
 
 
 
 
Shares sold
  7,633
  11,499
$   403,499
$   770,363
Reinvestment of distributions
  3,031
  13,391
  165,405
  796,726
Shares redeemed
  (14,920)
  (45,557)
  (786,740)
  (2,968,982)
Net increase (decrease)
  (4,256)
  (20,667)
$   (217,836)
$   (1,401,893)
Telecommunications
 
 
 
 
Shares sold
  277,412
  360,254
$   14,739,067
$   23,554,030
Reinvestment of distributions
  123,954
  475,371
  6,818,149
  28,443,914
Shares redeemed
  (397,755)
  (803,327)
  (20,833,209)
  (52,542,566)
Net increase (decrease)
  3,611
  32,298
$   724,007
$   (544,622)
Class I
 
 
 
 
Shares sold
  393,325
  96,788
$   21,267,972
$   6,174,851
Reinvestment of distributions
  17,696
  32,650
  970,371
  1,972,758
Shares redeemed
  (87,966)
  (367,007)
  (4,788,047)
  (24,500,148)
Net increase (decrease)
  323,055
  (237,569)
$   17,450,296
$   (16,352,539)
Class Z
 
 
 
 
Shares sold
  9,941
  57,644
$   516,659
$   3,735,025
Reinvestment of distributions
  3,275
  12,790
  179,154
  768,028
Shares redeemed
  (10,638)
  (436,350)
  (554,161)
  (29,982,022)
Net increase (decrease)
  2,578
  (365,916)
$   141,652
$   (25,478,969)
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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.
 
 
 
 
 
Top Holdings (% of Fund's net assets)
 
Apple, Inc.
13.2
 
American Tower Corp.
11.1
 
T-Mobile U.S., Inc.
10.9
 
AT&T, Inc.
6.6
 
Qualcomm, Inc.
4.8
 
Marvell Technology, Inc.
4.5
 
Ericsson (B Shares) sponsored ADR
3.0
 
SBA Communications Corp. Class A
2.7
 
Verizon Communications, Inc.
2.6
 
Amazon.com, Inc.
2.5
 
 
61.9
 
 
Industries (% of Fund's net assets)
 
Diversified Telecommunication Services
16.8
 
Wireless Telecommunication Services
15.4
 
Equity Real Estate Investment Trusts (Reits)
14.5
 
Technology Hardware, Storage & Peripherals
14.5
 
Semiconductors & Semiconductor Equipment
12.7
 
Communications Equipment
10.0
 
Internet & Direct Marketing Retail
4.9
 
Entertainment
4.6
 
Interactive Media & Services
2.7
 
Oil, Gas & Consumable Fuels
2.3
 
Software
0.7
 
Media
0.4
 
IT Services
0.2
 
 
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Wireless Portfolio
Common Stocks - 99.7%
 
 
Shares
Value ($)
 
Communications Equipment - 10.0%
 
 
 
Communications Equipment - 10.0%
 
 
 
CommScope Holding Co., Inc. (a)
 
256,500
2,898,450
Digi International, Inc. (a)
 
49,400
1,635,634
Ericsson:
 
 
 
 (B Shares)
 
172,600
1,290,776
 (B Shares) sponsored ADR
 
1,390,900
10,334,387
Motorola Solutions, Inc.
 
33,868
8,243,810
Nokia Corp. sponsored ADR
 
1,537,300
7,763,365
ViaSat, Inc. (a)(b)
 
63,701
2,419,364
 
 
 
34,585,786
Diversified Telecommunication Services - 16.8%
 
 
 
Alternative Carriers - 3.6%
 
 
 
Iridium Communications, Inc. (a)(b)
 
66,200
2,938,618
Liberty Global PLC Class A (a)
 
387,500
7,827,500
Liberty Latin America Ltd. Class C (a)
 
228,900
1,595,433
 
 
 
12,361,551
Integrated Telecommunication Services - 13.2%
 
 
 
AT&T, Inc.
 
1,306,100
22,908,994
Cellnex Telecom SA (c)
 
82,315
3,205,571
Orange SA ADR (b)
 
768,600
7,755,174
Telefonica SA sponsored ADR (b)
 
680,149
2,775,008
Verizon Communications, Inc.
 
212,401
8,880,486
 
 
 
45,525,233
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES
 
 
57,886,784
Entertainment - 4.6%
 
 
 
Interactive Home Entertainment - 3.3%
 
 
 
Activision Blizzard, Inc.
 
90,900
7,134,741
Electronic Arts, Inc.
 
12,500
1,585,875
Take-Two Interactive Software, Inc. (a)
 
21,501
2,635,163
 
 
 
11,355,779
Movies & Entertainment - 1.3%
 
 
 
Spotify Technology SA (a)
 
10,200
1,103,130
Warner Bros Discovery, Inc. (a)
 
251,637
3,331,674
 
 
 
4,434,804
TOTAL ENTERTAINMENT
 
 
15,790,583
Equity Real Estate Investment Trusts (REITs) - 14.5%
 
 
 
Specialized REITs - 14.5%
 
 
 
American Tower Corp.
 
150,792
38,308,708
Crown Castle International Corp.
 
13,301
2,272,210
SBA Communications Corp. Class A
 
29,100
9,464,775
 
 
 
50,045,693
Interactive Media & Services - 2.7%
 
 
 
Interactive Media & Services - 2.7%
 
 
 
Meta Platforms, Inc. Class A (a)
 
45,300
7,380,729
Snap, Inc. Class A (a)
 
191,700
2,085,696
 
 
 
9,466,425
Internet & Direct Marketing Retail - 4.9%
 
 
 
Internet & Direct Marketing Retail - 4.9%
 
 
 
Amazon.com, Inc. (a)
 
68,100
8,633,037
Uber Technologies, Inc. (a)
 
290,100
8,343,276
 
 
 
16,976,313
IT Services - 0.2%
 
 
 
Internet Services & Infrastructure - 0.2%
 
 
 
Twilio, Inc. Class A (a)
 
11,100
772,338
Media - 0.4%
 
 
 
Cable & Satellite - 0.4%
 
 
 
DISH Network Corp. Class A (a)
 
75,649
1,312,510
Oil, Gas & Consumable Fuels - 2.3%
 
 
 
Oil & Gas Refining & Marketing - 2.3%
 
 
 
Reliance Industries Ltd.
 
236,500
7,744,019
Semiconductors & Semiconductor Equipment - 12.7%
 
 
 
Semiconductor Equipment - 0.7%
 
 
 
Teradyne, Inc.
 
28,600
2,420,704
Semiconductors - 12.0%
 
 
 
Marvell Technology, Inc.
 
329,000
15,403,780
NXP Semiconductors NV
 
28,300
4,657,614
Qorvo, Inc. (a)
 
51,700
4,641,626
Qualcomm, Inc.
 
126,150
16,685,861
 
 
 
41,388,881
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
 
 
43,809,585
Software - 0.7%
 
 
 
Application Software - 0.7%
 
 
 
LivePerson, Inc. (a)
 
84,000
974,400
RingCentral, Inc. (a)
 
33,100
1,424,624
Zoom Video Communications, Inc. Class A (a)
 
300
24,120
 
 
 
2,423,144
Technology Hardware, Storage & Peripherals - 14.5%
 
 
 
Technology Hardware, Storage & Peripherals - 14.5%
 
 
 
Apple, Inc.
 
288,620
45,376,836
Samsung Electronics Co. Ltd.
 
103,800
4,580,254
 
 
 
49,957,090
Wireless Telecommunication Services - 15.4%
 
 
 
Wireless Telecommunication Services - 15.4%
 
 
 
Bharti Airtel Ltd.
 
546,500
4,948,054
Bharti Airtel Ltd.
 
47,900
206,256
Millicom International Cellular SA (a)(b)
 
187,680
2,659,426
Rogers Communications, Inc. Class B (non-vtg.) (b)
 
88,800
3,823,535
Shenandoah Telecommunications Co.
 
300
6,687
Spok Holdings, Inc.
 
1
7
T-Mobile U.S., Inc. (a)
 
261,516
37,647,843
Vodafone Group PLC sponsored ADR
 
293,581
3,939,857
 
 
 
53,231,665
 
TOTAL COMMON STOCKS
  (Cost $272,386,602)
 
 
 
344,001,935
 
 
 
 
Money Market Funds - 4.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (d)
 
1,359,164
1,359,435
Fidelity Securities Lending Cash Central Fund 2.34% (d)(e)
 
15,417,814
15,419,355
 
TOTAL MONEY MARKET FUNDS
  (Cost $16,778,790)
 
 
16,778,790
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 104.6%
  (Cost $289,165,392)
 
 
 
360,780,725
NET OTHER ASSETS (LIABILITIES) - (4.6)%  
(15,907,094)
NET ASSETS - 100.0%
344,873,631
 
 
 
 
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 $3,205,571 or 0.9% of net assets.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
678,387
35,822,364
35,141,316
8,531
-
-
1,359,435
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
11,173,355
72,449,209
68,203,209
104,576
-
-
15,419,355
0.0%
Total
11,851,742
108,271,573
103,344,525
113,107
-
-
16,778,790
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
344,001,935
322,027,005
21,974,930
-
  Money Market Funds
16,778,790
16,778,790
-
-
 Total Investments in Securities:
360,780,725
338,805,795
21,974,930
-
Wireless Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $14,769,212) - See accompanying schedule:
 
$344,001,935
 
 
Unaffiliated issuers (cost $272,386,602)
 
 
 
Fidelity Central Funds (cost $16,778,790)
 
16,778,790
 
 
 
 
 
 
 
Total Investment in Securities (cost $289,165,392)
 
 
$
360,780,725
Foreign currency held at value (cost $90,111)
 
 
 
90,111
Receivable for investments sold
 
 
 
356,262
Receivable for fund shares sold
 
 
 
72,988
Dividends receivable
 
 
 
276,097
Distributions receivable from Fidelity Central Funds
 
 
 
14,036
Prepaid expenses
 
 
 
1,510
Other receivables
 
 
 
14,260
  Total assets
 
 
 
361,605,989
Liabilities
 
 
 
 
Payable for investments purchased
 
70,893
 
 
Payable for fund shares redeemed
 
192,373
 
 
Accrued management fee
 
159,759
 
 
Other affiliated payables
 
68,551
 
 
Other payables and accrued expenses
 
821,357
 
 
Collateral on securities loaned
 
15,419,425
 
 
  Total Liabilities
 
 
 
16,732,358
Net Assets  
 
 
$
344,873,631
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
261,935,236
Total accumulated earnings (loss)
 
 
 
82,938,395
Net Assets
 
 
$
344,873,631
Net Asset Value , offering price and redemption price per share ($344,873,631 ÷ 31,141,751 shares)
 
 
$
11.07
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
2,862,008
Income from Fidelity Central Funds (including $104,576 from security lending)
 
 
 
113,107
 Total Income
 
 
 
2,975,115
Expenses
 
 
 
 
Management fee
$
971,831
 
 
Transfer agent fees
 
353,241
 
 
Accounting fees
 
68,705
 
 
Custodian fees and expenses
 
(17,049)
 
 
Independent trustees' fees and expenses
 
604
 
 
Registration fees
 
26,665
 
 
Audit
 
17,528
 
 
Legal
 
1,088
 
 
Interest
 
164
 
 
Miscellaneous
 
983
 
 
 Total expenses before reductions
 
1,423,760
 
 
 Expense reductions
 
(6,169)
 
 
 Total expenses after reductions
 
 
 
1,417,591
Net Investment income (loss)
 
 
 
1,557,524
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $45,879)
 
12,086,694
 
 
 Foreign currency transactions
 
(1,473)
 
 
Total net realized gain (loss)
 
 
 
12,085,221
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $56,025)
 
(57,155,568)
 
 
 Assets and liabilities in foreign currencies
 
(4,724)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(57,160,292)
Net gain (loss)
 
 
 
(45,075,071)
Net increase (decrease) in net assets resulting from operations
 
 
$
(43,517,547)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
1,557,524
$
3,198,096
Net realized gain (loss)
 
12,085,221
 
 
34,525,197
 
Change in net unrealized appreciation (depreciation)
 
(57,160,292)
 
(15,899,186)
 
Net increase (decrease) in net assets resulting from operations
 
(43,517,547)
 
 
21,824,107
 
Distributions to shareholders
 
(14,643,251)
 
 
(34,390,230)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
23,104,852
 
52,081,537
  Reinvestment of distributions
 
13,724,052
 
 
32,470,195
 
Cost of shares redeemed
 
(37,360,651)
 
(108,715,196)
  Net increase (decrease) in net assets resulting from share transactions
 
(531,747)
 
 
(24,163,464)
 
Total increase (decrease) in net assets
 
(58,692,545)
 
 
(36,729,587)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
403,566,176
 
440,295,763
 
End of period
$
344,873,631
$
403,566,176
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
1,954,975
 
3,719,197
  Issued in reinvestment of distributions
 
1,090,939
 
 
2,345,099
 
Redeemed
 
(3,160,465)
 
(7,824,819)
Net increase (decrease)
 
(114,551)
 
(1,760,523)
 
 
 
 
 
 
 
Wireless Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.91
$
13.34
$
10.69
$
8.93
$
10.29
$
9.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.05
 
.10
 
.10
 
.14
 
.20 D
 
.16
     Net realized and unrealized gain (loss)
 
(1.42)
 
.54
 
3.50
 
1.93
 
(.24) E
 
1.39
  Total from investment operations
 
(1.37)  
 
.64  
 
3.60  
 
2.07  
 
(.04)
 
1.55
  Distributions from net investment income
 
- F
 
(.09)
 
(.10)
 
(.12)
 
(.19)
 
(.14)
  Distributions from net realized gain
 
(.46)
 
(.98)
 
(.86)
 
(.19)
 
(1.13)
 
(.24)
     Total distributions
 
(.47) G
 
(1.07)
 
(.95) G
 
(.31)
 
(1.32)
 
(.37) G
  Redemption fees added to paid in capital B
 
-
 
-
 
-
 
-
 
-
 
- F
  Net asset value, end of period
$
11.07
$
12.91
$
13.34
$
10.69
$
8.93
$
10.29
 Total Return   H,I
 
(11.08)%
 
4.40%
 
36.09%
 
23.01%
 
.21% E
 
17.21%
 Ratios to Average Net Assets C,J,K
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.77% L
 
.77%
 
.79%
 
.81%
 
.83%
 
.83%
    Expenses net of fee waivers, if any
 
.77% L
 
.77%
 
.79%
 
.81%
 
.83%
 
.83%
    Expenses net of all reductions
 
.77% L
 
.77%
 
.78%
 
.81%
 
.82%
 
.82%
    Net investment income (loss)
 
.84% L
 
.69%
 
.80%
 
1.39%
 
2.07% D
 
1.61%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
344,874
$
403,566
$
440,296
$
355,309
$
237,907
$
275,742
    Portfolio turnover rate M
 
16% L
 
30%
 
55%
 
78%
 
54%
 
85%
 
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 such underlying funds 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 $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.74%.
 
E Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been .12%.
 
F Amount represents less than $.005 per share.
 
G Total distributions per share do not sum due to rounding.
 
H Total returns for periods of less than one year are not annualized.
 
I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
J Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
L Annualized
 
M Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
For the period ended August 31, 2022
 
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 Ratio A
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. 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 (ETFs) 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions,   certain foreign taxes 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
$   120,647,438
Gross unrealized depreciation
  (50,286,235)
Net unrealized appreciation (depreciation)
$   70,361,203
Tax cost
$   290,419,522
 
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 ($)
Sales ($)
Wireless Portfolio
  29,455,573
  41,939,760
5. Fees and Other Transactions with Affiliates.
 
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .53% of the Fund's average net assets.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .19% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Wireless Portfolio
.04
 
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Wireless Portfolio
$   517
 
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 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
Wireless Portfolio
  Borrower
$   5,220,000
.57%
$    164
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. 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
  5,959,410
  355,280
  (7,332)
6. Committed Line of Credit.
 
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Wireless Portfolio
$   346
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, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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
$   10,972
$   -
$-
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 $11.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $6,158.
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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2022 to August 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value March 1, 2022
 
Ending Account Value August 31, 2022
 
Expenses Paid During Period- C March 1, 2022 to August 31, 2022
Telecommunications Portfolio
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.12%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 903.40
 
$ 5.37
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.56
 
$ 5.70
Class M
 
 
 
1.38%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 902.10
 
$ 6.62
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.25
 
$ 7.02
Class C
 
 
 
1.86%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 900.10
 
$ 8.91
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,015.83
 
$ 9.45
Telecommunications Portfolio
 
 
 
.81%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 904.70
 
$ 3.89
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.12
 
$ 4.13
Class I
 
 
 
.77%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 904.90
 
$ 3.70
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.32
 
$ 3.92
Class Z
 
 
 
.65%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 905.60
 
$ 3.12
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.93
 
$ 3.31
 
 
 
 
 
 
 
 
 
 
Wireless Portfolio
 
 
 
.77%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 889.20
 
$ 3.67
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.32
 
$ 3.92
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
Telecommunications Portfolio
Wireless Portfolio
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of the management fee and total expense ratio of the fund or a representative class (retail class), as applicable; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.  
 
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance . The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that Telecommunications Portfolio had a portfolio manager change in April 2021. The Board will continue to monitor closely the fund's performance, taking into account the portfolio manager change.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the fund or the representative class, as applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.  
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for each fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below.  
 
Telecommunications Portfolio
 
 
Wireless Portfolio
 
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
 
Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity funds are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.  
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.
 
Telecommunications Portfolio
 
 
Wireless Portfolio
 
 
The Board noted that each fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio . In its review of the total expense ratio of the representative class (retail class) of Telecommunications Portfolio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the total net expense ratio of the retail class of Telecommunications Portfolio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.
 
In its review of Wireless Portfolio's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for the fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
For Wireless Portfolio, the Board noted that the total net expense ratio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.
 
Fees Charged to Other Fidelity Clients . The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.  
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.  
 
Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
 
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contracts). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that each fund's Advisory Contracts should be renewed.
 
1.846053.115
SELTS-SANN-1022
Fidelity® Select Portfolios®
Materials Sector
 
Chemicals Portfolio
Gold Portfolio
Materials Portfolio
 
 
Semi-Annual Report
August 31, 2022
Includes Fidelity and Fidelity Advisor share classes

Contents

Chemicals Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Gold Portfolio

Consolidated Investment Summary

Consolidated Schedule of Investments

Consolidated Financial Statements

Notes to Consolidated Financial Statements

Materials Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

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. © 2022 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.
 
Top Holdings (% of Fund's net assets)
 
Linde PLC
23.7
 
Sherwin-Williams Co.
10.4
 
Corteva, Inc.
7.7
 
Ecolab, Inc.
7.3
 
PPG Industries, Inc.
5.0
 
Air Products & Chemicals, Inc.
4.9
 
CF Industries Holdings, Inc.
4.5
 
DuPont de Nemours, Inc.
3.5
 
Albemarle Corp.
3.3
 
Celanese Corp. Class A
3.0
 
 
73.3
 
 
Industries (% of Fund's net assets)
 
Chemicals
99.5
 
 
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Chemicals Portfolio
Showing Percentage of Net Assets
Common Stocks - 99.5%
 
 
Shares
Value ($)
 
Chemicals - 99.5%
 
 
 
Commodity Chemicals - 7.7%
 
 
 
Cabot Corp.
 
101,500
7,304,955
Dow, Inc.
 
19,100
974,100
Olin Corp.
 
229,500
12,544,470
Orion Engineered Carbons SA
 
318,726
5,373,720
Tronox Holdings PLC
 
759,669
11,113,957
Westlake Corp.
 
149,856
14,780,297
 
 
 
52,091,499
Diversified Chemicals - 2.8%
 
 
 
Huntsman Corp.
 
84,900
2,378,898
The Chemours Co. LLC
 
494,959
16,694,967
 
 
 
19,073,865
Fertilizers & Agricultural Chemicals - 15.4%
 
 
 
CF Industries Holdings, Inc.
 
294,017
30,418,999
Corteva, Inc.
 
846,893
52,024,637
FMC Corp.
 
54,800
5,922,784
The Mosaic Co.
 
293,800
15,827,006
 
 
 
104,193,426
Industrial Gases - 28.6%
 
 
 
Air Products & Chemicals, Inc.
 
131,211
33,124,217
Linde PLC
 
568,016
160,669,005
 
 
 
193,793,222
Specialty Chemicals - 45.0%
 
 
 
Albemarle Corp.
 
84,600
22,669,416
Asian Paints Ltd.
 
223,200
9,391,928
Avient Corp.
 
180,300
7,902,549
Axalta Coating Systems Ltd. (a)
 
512,800
13,204,600
Celanese Corp. Class A
 
181,600
20,132,176
DuPont de Nemours, Inc.
 
425,694
23,685,614
Eastman Chemical Co.
 
214,400
19,510,400
Ecolab, Inc.
 
301,600
49,411,128
Element Solutions, Inc.
 
837,743
15,640,662
International Flavors & Fragrances, Inc.
 
173,716
19,192,144
Livent Corp. (a)
 
200
6,436
PPG Industries, Inc.
 
266,500
33,840,170
Sherwin-Williams Co.
 
303,699
70,488,538
 
 
 
305,075,761
 
TOTAL COMMON STOCKS
  (Cost $464,264,256)
 
 
 
674,227,773
 
 
 
 
Money Market Funds - 0.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (b)
 
  (Cost $2,447,125)
 
 
2,446,635
2,447,125
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.9%
  (Cost $466,711,381)
 
 
 
676,674,898
NET OTHER ASSETS (LIABILITIES) - 0.1%  
751,746
NET ASSETS - 100.0%
677,426,644
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
1,042,443
66,665,277
65,260,595
36,630
-
-
2,447,125
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
2,247,252
32,712,158
34,959,410
852
-
-
-
0.0%
Total
3,289,695
99,377,435
100,220,005
37,482
-
-
2,447,125
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
674,227,773
664,835,845
9,391,928
-
  Money Market Funds
2,447,125
2,447,125
-
-
 Total Investments in Securities:
676,674,898
667,282,970
9,391,928
-
Chemicals Portfolio
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
$674,227,773
 
 
Unaffiliated issuers (cost $464,264,256)
 
 
 
Fidelity Central Funds (cost $2,447,125)
 
2,447,125
 
 
 
 
 
 
 
Total Investment in Securities (cost $466,711,381)
 
 
$
676,674,898
Receivable for fund shares sold
 
 
 
71,185
Dividends receivable
 
 
 
1,402,982
Distributions receivable from Fidelity Central Funds
 
 
 
3,694
Prepaid expenses
 
 
 
6,872
Other receivables
 
 
 
144,404
  Total assets
 
 
 
678,304,035
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
$259,718
 
 
Accrued management fee
 
310,739
 
 
Transfer agent fee payable
 
101,489
 
 
Other affiliated payables
 
18,891
 
 
Other payables and accrued expenses
 
186,554
 
 
  Total Liabilities
 
 
 
877,391
Net Assets  
 
 
$
677,426,644
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
419,372,929
Total accumulated earnings (loss)
 
 
 
258,053,715
Net Assets
 
 
$
677,426,644
Net Asset Value , offering price and redemption price per share ($677,426,644 ÷ 44,176,059 shares)
 
 
$
15.33
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
6,393,399
Income from Fidelity Central Funds (including $852 from security lending)
 
 
 
37,482
 Total Income
 
 
 
6,430,881
Expenses
 
 
 
 
Management fee
$
1,924,300
 
 
Transfer agent fees
 
634,178
 
 
Accounting fees
 
122,887
 
 
Custodian fees and expenses
 
2,937
 
 
Independent trustees' fees and expenses
 
1,189
 
 
Registration fees
 
21,575
 
 
Audit
 
18,117
 
 
Legal
 
207
 
 
Miscellaneous
 
3,095
 
 
 Total expenses before reductions
 
2,728,485
 
 
 Expense reductions
 
(12,087)
 
 
 Total expenses after reductions
 
 
 
2,716,398
Net Investment income (loss)
 
 
 
3,714,483
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
45,362,489
 
 
 Foreign currency transactions
 
5,522
 
 
Total net realized gain (loss)
 
 
 
45,368,011
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $27,633)
 
(94,600,434)
 
 
 Assets and liabilities in foreign currencies
 
(35,772)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(94,636,206)
Net gain (loss)
 
 
 
(49,268,195)
Net increase (decrease) in net assets resulting from operations
 
 
$
(45,553,712)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
3,714,483
$
6,746,277
Net realized gain (loss)
 
45,368,011
 
 
54,079,063
 
Change in net unrealized appreciation (depreciation)
 
(94,636,206)
 
56,407,256
 
Net increase (decrease) in net assets resulting from operations
 
(45,553,712)
 
 
117,232,596
 
Distributions to shareholders
 
(27,413,453)
 
 
(9,969,040)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
18,237,920
 
88,405,055
  Reinvestment of distributions
 
25,823,592
 
 
9,337,590
 
Cost of shares redeemed
 
(52,567,345)
 
(146,786,766)
  Net increase (decrease) in net assets resulting from share transactions
 
(8,505,833)
 
 
(49,044,121)
 
Total increase (decrease) in net assets
 
(81,472,998)
 
 
58,219,435
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
758,899,642
 
700,680,207
 
End of period
$
677,426,644
$
758,899,642
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
1,102,250
 
5,113,175
  Issued in reinvestment of distributions
 
1,512,806
 
 
520,200
 
Redeemed
 
(3,225,513)
 
(8,619,384)
Net increase (decrease)
 
(610,457)
 
(2,986,009)
 
 
 
 
 
 
 
Chemicals Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019   B
 
2018   B  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.94
$
14.67
$
10.47
$
13.57
$
17.34
$
16.24
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
.08
 
.15
 
.15
 
.15
 
.23
 
.19
     Net realized and unrealized gain (loss)
 
(1.07)
 
2.34
 
4.21
 
(2.39)
 
(2.17)
 
2.36
  Total from investment operations
 
(.99)  
 
2.49  
 
4.36  
 
(2.24)  
 
(1.94)
 
2.55
  Distributions from net investment income
 
(.01)
 
(.14)
 
(.16)
 
(.20)
 
(.21)
 
(.16)
  Distributions from net realized gain
 
(.61)
 
(.08)
 
-
 
(.66)
 
(1.62)
 
(1.29)
     Total distributions
 
(.62)
 
(.22)
 
(.16)
 
(.86)
 
(1.83)
 
(1.45)
  Net asset value, end of period
$
15.33
$
16.94
$
14.67
$
10.47
$
13.57
$
17.34
 Total Return   E,F
 
(6.21)%
 
16.90%
 
41.65%
 
(17.63)%
 
(11.10)%
 
16.31%
 Ratios to Average Net Assets D,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.75% I
 
.74%
 
.79%
 
.78%
 
.77%
 
.77%
    Expenses net of fee waivers, if any
 
.74% I
 
.74%
 
.79%
 
.78%
 
.77%
 
.77%
    Expenses net of all reductions
 
.74% I
 
.74%
 
.78%
 
.77%
 
.76%
 
.77%
    Net investment income (loss)
 
1.02% I
 
.85%
 
1.28%
 
1.21%
 
1.50%
 
1.12%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
677,427
$
758,900
$
700,680
$
656,441
$
1,153,379
$
1,790,221
    Portfolio turnover rate J
 
54% I
 
15%
 
50%
 
77%
 
62%
 
62%
 
A For the year ended February 29.
 
B Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that soccurred on August 10, 2018.
 
C Calculated based on average shares outstanding during the period.
 
D 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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
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).
 
 
For the period ended August 31, 2022
 
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 Ratio A
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. 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 (ETFs) 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2022 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
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
$139,423
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, deferred Trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$   221,954,856
Gross unrealized depreciation
      (12,484,635)
Net unrealized appreciation (depreciation)
$    209,470,221
Tax cost
$    467,204,677
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
  195,176,580
  228,697,983
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .53% of the Fund's average net assets.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .17% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Chemicals Portfolio
.03
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Chemicals Portfolio
$   4,164
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. 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
  4,187,107
  15,901,677
  4,783,871
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Chemicals Portfolio
$   670
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, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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
$   82
$   -
$-
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $12,087.
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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.
 
 
The information in the following tables is based on the consolidated investments of the Fund.
Top Holdings (% of Fund's net assets)
 
Newmont Corp.
11.3
 
Franco-Nevada Corp.
10.1
 
Barrick Gold Corp. (Canada)
8.7
 
Agnico Eagle Mines Ltd. (Canada)
7.8
 
Wheaton Precious Metals Corp.
6.4
 
Orla Mining Ltd.
4.6
 
Zijin Mining Group Co. Ltd. (H Shares)
3.8
 
OceanaGold Corp.
3.1
 
Newcrest Mining Ltd.
3.0
 
Osisko Gold Royalties Ltd.
2.5
 
 
61.3
 
 
Industries (% of Fund's net assets)
 
Gold
90.8
 
Silver
4.1
 
Diversified Metals & Mining
2.5
 
Commodities & Related Investments*
0.8
 
Precious Metals & Minerals
0.5
 
 
*Includes gold bullion and/or silver bullion.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Gold Portfolio
Showing Percentage of Net Assets
Common Stocks - 97.9%
 
 
Shares
Value ($)
 
Australia - 5.8%
 
 
 
Metals & Mining - 5.8%
 
 
 
Gold - 5.8%
 
 
 
Evolution Mining Ltd.
 
4,000,000
6,428,213
Newcrest Mining Ltd.
 
3,000,000
36,065,000
Northern Star Resources Ltd.
 
5,000,000
26,426,216
 
 
 
68,919,429
Canada - 67.9%
 
 
 
Metals & Mining - 67.9%
 
 
 
Diversified Metals & Mining - 1.7%
 
 
 
BeMetals Corp. (a)
 
2,000,000
182,739
Foran Mining Corp. (a)(b)
 
5,000,000
9,517,646
Western Copper & Gold Corp. (TSX) (a)(b)(c)
 
8,000,000
10,172,460
 
 
 
19,872,845
Gold - 64.8%
 
 
 
Agnico Eagle Mines Ltd. (Canada) (b)
 
2,250,000
92,785,625
Alamos Gold, Inc.
 
4,000,000
28,842,274
Artemis Gold, Inc. (a)
 
3,500,000
12,258,728
Ascot Resources Ltd. (a)(c)
 
25,000,000
6,852,705
B2Gold Corp.
 
7,000,000
21,479,423
Barrick Gold Corp. (Canada) (b)
 
7,000,000
103,932,691
Bonterra Resources, Inc. (a)(c)
 
7,500,000
3,483,458
Franco-Nevada Corp.
 
1,000,000
120,226,901
Fury Gold Mines Ltd. (c)(d)
 
10,000,000
3,995,127
i-80 Gold Corp. (a)(b)(c)
 
10,000,000
17,893,174
i-80 Gold Corp. (c)(e)
 
2,500,000
4,473,293
i-80 Gold Corp. warrants 9/30/22 (a)(c)
 
625,000
5
Lundin Gold, Inc.
 
2,000,000
13,355,160
Maple Gold Mines Ltd. (a)(c)
 
20,000,000
2,741,082
Marathon Gold Corp. (a)(b)
 
10,000,000
12,867,857
Novagold Resources, Inc. (a)
 
3,000,000
13,248,563
OceanaGold Corp. (a)
 
25,000,000
36,928,465
Orla Mining Ltd. (a)(b)(c)
 
16,500,000
55,152,853
Osisko Development Corp. (a)
 
666,666
3,223,306
Osisko Development Corp. rights (a)
 
666,666
448,462
Osisko Gold Royalties Ltd. (b)
 
3,000,000
29,032,626
Osisko Mining, Inc. (a)
 
5,000,000
9,631,857
Pure Gold Mining, Inc. warrants 3/28/23 (a)
 
1,500,000
11
Rupert Resources Ltd. (a)
 
4,000,000
12,487,151
Sabina Gold & Silver Corp. (a)
 
10,000,000
8,070,964
Seabridge Gold, Inc. (a)
 
1,000,000
12,114,059
Skeena Resources Ltd. (a)(b)
 
2,500,000
11,916,092
Torex Gold Resources, Inc. (a)
 
1,000,000
7,423,764
Triple Flag Precious Metals Corp.
 
1,000,000
12,120,000
Victoria Gold Corp. (a)(b)
 
3,000,000
17,771,348
Wesdome Gold Mines, Inc. (a)
 
3,500,000
20,466,745
Wheaton Precious Metals Corp. (b)
 
2,500,000
76,312,483
 
 
 
771,536,252
Precious Metals & Minerals - 0.5%
 
 
 
SilverCrest Metals, Inc. (a)
 
1,000,000
5,459,322
 
 
 
 
Silver - 0.9%
 
 
 
GoGold Resources, Inc. (a)(b)
 
5,000,000
6,814,634
New Pacific Metals Corp. (a)(b)
 
1,500,000
3,894,621
 
 
 
10,709,255
TOTAL METALS & MINING
 
 
807,577,674
 
 
 
 
China - 3.8%
 
 
 
Metals & Mining - 3.8%
 
 
 
Gold - 3.8%
 
 
 
Zijin Mining Group Co. Ltd. (H Shares)
 
40,000,000
45,198,964
 
 
 
 
South Africa - 2.8%
 
 
 
Metals & Mining - 2.8%
 
 
 
Gold - 2.8%
 
 
 
AngloGold Ashanti Ltd. (b)
 
1,000,000
13,354,675
Gold Fields Ltd.
 
2,500,000
20,190,888
 
 
 
33,545,563
United Kingdom - 0.4%
 
 
 
Metals & Mining - 0.4%
 
 
 
Gold - 0.4%
 
 
 
Solgold PLC (a)
 
20,000,000
4,623,566
 
 
 
 
United States of America - 17.2%
 
 
 
Metals & Mining - 17.2%
 
 
 
Diversified Metals & Mining - 0.8%
 
 
 
Ivanhoe Electric, Inc. (a)
 
1,000,000
9,630,000
 
 
 
 
Gold - 13.2%
 
 
 
Dakota Gold Corp. (a)(b)
 
2,500,000
8,525,000
Newmont Corp.
 
3,250,000
134,420,001
Royal Gold, Inc. (b)
 
150,000
13,785,000
 
 
 
156,730,001
Silver - 3.2%
 
 
 
Gatos Silver, Inc. (a)(b)(c)
 
6,000,000
18,240,000
Hecla Mining Co.
 
5,000,000
19,700,000
 
 
 
37,940,000
TOTAL METALS & MINING
 
 
204,300,001
 
 
 
 
 
TOTAL COMMON STOCKS
  (Cost $1,057,686,424)
 
 
 
1,164,165,197
 
 
 
 
Commodities - 0.8%
 
 
Troy Ounces
Value ($)
 
Gold Bullion
 
  (Cost $4,575,085)
 
 
5,582
9,546,895
 
 
 
 
Money Market Funds - 22.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (f)
 
8,475,988
8,477,683
Fidelity Securities Lending Cash Central Fund 2.34% (f)(g)
 
257,332,840
257,358,573
 
TOTAL MONEY MARKET FUNDS
  (Cost $265,836,256)
 
 
265,836,256
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 121.0%
  (Cost $1,328,097,765)
 
 
 
1,439,548,348
NET OTHER ASSETS (LIABILITIES) - (21.0)%  
(249,823,001)
NET ASSETS - 100.0%
1,189,725,347
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated company
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,995,127 or 0.3% of net assets.
 
(e)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,473,293 or 0.4% of net assets.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Fury Gold Mines Ltd.
4/12/22
6,328,113
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,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
58,603,905
282,408,478
332,534,700
79,051
-
-
8,477,683
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
105,810,777
530,176,661
378,628,865
480,364
-
-
257,358,573
0.7%
Total
164,414,682
812,585,139
711,163,565
559,415
-
-
265,836,256
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Consolidated Subsidiary
 
Fund
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain /loss ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Select Cayman Gold Ltd.
13,353,169
-
2,474,914
-
1,074,938
(2,387,059)
9,566,134
 
 
 
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Ascot Resources Ltd.
17,199,211
3,907,938
-
-
-
(14,254,444)
6,852,705
Bonterra Resources, Inc.
6,011,834
-
-
-
-
(3,950,846)
3,483,458
Bonterra Resources, Inc.
1,352,663
-
-
-
-
69,807
-
Fury Gold Mines Ltd.
-
6,328,113
-
-
-
(2,332,986)
3,995,127
Gatos Silver, Inc.
16,850,000
3,173,371
-
-
-
(1,783,371)
18,240,000
Gold Standard Ventures Corp.
10,256,410
767,541
11,621,826
-
(12,324,901)
12,922,776
-
i-80 Gold Corp.
21,696,252
-
-
-
-
(3,803,078)
17,893,174
i-80 Gold Corp.
-
-
-
-
-
(818,353)
4,473,293
i-80 Gold Corp.
5,369,822
-
-
-
-
(78,176)
-
i-80 Gold Corp. warrants 9/30/22
76,880
-
-
-
-
(76,875)
5
Maple Gold Mines Ltd.
5,285,996
-
-
-
-
(2,544,914)
2,741,082
Orla Mining Ltd.
51,692,308
12,624,098
-
-
-
(9,163,553)
55,152,853
Pure Gold Mining, Inc.
16,173,570
-
4,101,640
-
(24,122,553)
12,050,623
-
Pure Gold Mining, Inc. warrants 3/28/23
58,434
-
-
-
-
(58,423)
-
Western Copper & Gold Corp. (TSX)
14,327,416
-
-
-
-
(4,154,956)
10,172,460
Total
166,350,796
26,801,061
15,723,466
-
(36,447,454)
(17,976,769)
123,004,157
 
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
1,164,165,197
1,012,057,636
152,107,561
-
 Commodities
9,546,895
9,546,895
-
-
  Money Market Funds
265,836,256
265,836,256
-
-
 Total Investments in Securities:
1,439,548,348
1,287,440,787
152,107,561
-
Gold Portfolio
Consolidated Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $240,112,282) - See accompanying schedule:
 
$1,041,161,040
 
 
Unaffiliated issuers (cost $923,156,618)
 
 
 
Fidelity Central Funds (cost $265,836,256)
 
265,836,256
 
 
Commodities (cost $4,575,085)
 
9,546,895
 
 
Other affiliated issuers (cost $134,529,806)
 
123,004,157
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,328,097,765)
 
 
$
1,439,548,348
Cash
 
 
 
19,681
Foreign currency held at value (cost $121,732)
 
 
 
120,382
Receivable for investments sold
 
 
 
4,597,102
Receivable for fund shares sold
 
 
 
1,390,439
Dividends receivable
 
 
 
3,607,695
Distributions receivable from Fidelity Central Funds
 
 
 
98,455
Prepaid expenses
 
 
 
6,242
Other receivables
 
 
 
170,225
  Total assets
 
 
 
1,449,558,569
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
1,412,157
 
 
Accrued management fee
 
570,958
 
 
Distribution and service plan fees payable
 
48,154
 
 
Other affiliated payables
 
259,845
 
 
Other payables and accrued expenses
 
182,829
 
 
Collateral on securities loaned
 
257,359,279
 
 
  Total Liabilities
 
 
 
259,833,222
Net Assets  
 
 
$
1,189,725,347
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,611,848,326
Total accumulated earnings (loss)
 
 
 
(1,422,122,979)
Net Assets
 
 
$
1,189,725,347
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($64,053,539 ÷ 3,534,465 shares) (a)
 
 
$
18.12
Maximum offering price per share (100/94.25 of $18.12)
 
 
$
19.23
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($20,252,635 ÷ 1,146,949 shares) (a)
 
 
$
17.66
Maximum offering price per share (100/96.50 of $17.66)
 
 
$
18.30
Class C :
 
 
 
 
Net Asset Value and offering price per share ($27,010,920 ÷ 1,620,332 shares) (a)
 
 
$
16.67
Gold :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($907,360,823 ÷ 48,399,958 shares)
 
 
$
18.75
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($96,621,032 ÷ 5,153,306 shares)
 
 
$
18.75
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($74,426,398 ÷ 3,965,407 shares)
 
 
$
18.77
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Consolidated Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
16,768,689
Income from Fidelity Central Funds (including $480,364 from security lending)
 
 
 
559,415
 Income before foreign taxes withheld
 
 
 
17,328,104
Less foreign taxes withheld
 
 
 
(1,628,038)
 Total Income
 
 
 
15,700,066
Expenses
 
 
 
 
Management fee
$
4,308,711
 
 
Transfer agent fees
 
1,455,322
 
 
Distribution and service plan fees
 
363,429
 
 
Accounting fees
 
358,436
 
 
Custodian fees and expenses
 
42,682
 
 
Independent trustees' fees and expenses
 
2,698
 
 
Registration fees
 
89,825
 
 
Audit
 
31,192
 
 
Legal
 
491
 
 
Interest
 
749
 
 
Miscellaneous
 
5,297
 
 
 Total expenses before reductions
 
6,658,832
 
 
 Expense reductions
 
(28,161)
 
 
 Total expenses after reductions
 
 
 
6,630,671
Net Investment income (loss)
 
 
 
9,069,395
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investments:
 
 
 
 
   Unaffiliated issuers
 
(34,639,759)
 
 
   Affiliated issuers
 
(36,447,454)
 
 
   Commodities
 
998,453
 
 
 Foreign currency transactions
 
55,356
 
 
Total net realized gain (loss)
 
 
 
(70,033,404)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investments:
 
 
 
 
   Investments
 
(468,304,324)
 
 
   Affiliated issuers
 
(17,976,780)
 
 
 Assets and liabilities in foreign currencies
 
(48,181)
 
 
 Commodities
 
(2,309,700)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(488,638,985)
Net gain (loss)
 
 
 
(558,672,389)
Net increase (decrease) in net assets resulting from operations
 
 
$
(549,602,994)
 
Consolidated Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
9,069,395
$
23,266,597
Net realized gain (loss)
 
(70,033,404)
 
 
68,341,551
 
Change in net unrealized appreciation (depreciation)
 
(488,638,985)
 
70,246,590
 
Net increase (decrease) in net assets resulting from operations
 
(549,602,994)
 
 
161,854,738
 
Distributions to shareholders
 
(5,320,281)
 
 
(27,126,849)
 
Share transactions - net increase (decrease)
 
(4,802,862)
 
 
(106,344,853)
 
Total increase (decrease) in net assets
 
(559,726,137)
 
 
28,383,036
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,749,451,484
 
1,721,068,448
 
End of period
$
1,189,725,347
$
1,749,451,484
 
 
 
 
 
 
 
 
 
 
 
 
Fidelity Advisor® Gold Fund Class A
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
26.27
$
24.15
$
21.67
$
18.52
$
18.30
$
20.54
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.10
 
.27 D
 
(.04)
 
(.01) E
 
(.03)
 
(.12)
     Net realized and unrealized gain (loss)
 
(8.18)
 
2.20
 
3.74
 
3.20
 
.25
 
(2.09)
  Total from investment operations
 
(8.08)  
 
2.47  
 
3.70  
 
3.19  
 
.22
 
(2.21)
  Distributions from net investment income
 
(.07)
 
(.35)
 
(1.22)
 
(.01)
 
-
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
(.03)
 
-
 
(.03)
     Total distributions
 
(.07)
 
(.35)
 
(1.22)
 
(.04)
 
-
 
(.03)
  Net asset value, end of period
$
18.12
$
26.27
$
24.15
$
21.67
$
18.52
$
18.30
 Total Return   F,G,H
 
(30.86)%
 
10.37%
 
16.59%
 
17.23%
 
1.20%
 
(10.77)%
 Ratios to Average Net Assets C,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.08% K
 
1.07%
 
1.08%
 
1.13%
 
1.19%
 
1.18%
    Expenses net of fee waivers, if any
 
1.08% K
 
1.07%
 
1.08%
 
1.13%
 
1.18%
 
1.16%
    Expenses net of all reductions
 
1.08% K
 
1.07%
 
1.07%
 
1.12%
 
1.18%
 
1.16%
    Net investment income (loss)
 
.84% K
 
1.02% D
 
(.12)%
 
(.05)% E
 
(.15)%
 
(.58)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
64,054
$
86,977
$
82,989
$
64,971
$
50,479
$
61,703
    Portfolio turnover rate L
 
50% K
 
38%
 
46%
 
56%
 
37%
 
13%
 
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 such underlying funds 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 Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.26)%.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Total returns do not include the effect of the sales charges.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Annualized
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Gold Fund Class M
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
25.63
$
23.57
$
21.16
$
18.11
$
17.94
$
20.19
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.07
 
.19 D
 
(.12)
 
(.07) E
 
(.07)
 
(.17)
     Net realized and unrealized gain (loss)
 
(7.98)
 
2.16
 
3.67
 
3.12
 
.24
 
(2.05)
  Total from investment operations
 
(7.91)  
 
2.35  
 
3.55  
 
3.05  
 
.17
 
(2.22)
  Distributions from net investment income
 
(.06)
 
(.29)
 
(1.14)
 
-
 
-
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.03)
     Total distributions
 
(.06)
 
(.29)
 
(1.14)
 
-
 
-
 
(.03)
  Net asset value, end of period
$
17.66
$
25.63
$
23.57
$
21.16
$
18.11
$
17.94
 Total Return   F,G,H
 
(30.96)%
 
10.08%
 
16.28%
 
16.84%
 
.95%
 
(11.04)%
 Ratios to Average Net Assets C,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.36% K
 
1.36%
 
1.37%
 
1.42%
 
1.48%
 
1.48%
    Expenses net of fee waivers, if any
 
1.36% K
 
1.35%
 
1.37%
 
1.42%
 
1.46%
 
1.47%
    Expenses net of all reductions
 
1.36% K
 
1.35%
 
1.36%
 
1.41%
 
1.46%
 
1.47%
    Net investment income (loss)
 
.56% K
 
.74% D
 
(.42)%
 
(.34)% E
 
(.43)%
 
(.88)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
20,253
$
26,201
$
24,535
$
19,620
$
17,401
$
19,355
    Portfolio turnover rate L
 
50% K
 
38%
 
46%
 
56%
 
37%
 
13%
 
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 such underlying funds 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 Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.56)%.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Total returns do not include the effect of the sales charges.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Annualized
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Gold Fund Class C
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.24
$
22.30
$
20.07
$
17.24
$
17.15
$
19.36
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.02
 
.08 D
 
(.22)
 
(.14) E
 
(.13)
 
(.24)
     Net realized and unrealized gain (loss)
 
(7.54)
 
2.05
 
3.49
 
2.97
 
.22
 
(1.95)
  Total from investment operations
 
(7.52)  
 
2.13  
 
3.27  
 
2.83  
 
.09
 
(2.19)
  Distributions from net investment income
 
(.05)
 
(.19)
 
(1.04)
 
-
 
-
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.05)
 
(.19)
 
(1.04)
 
-
 
-
 
(.02)
  Net asset value, end of period
$
16.67
$
24.24
$
22.30
$
20.07
$
17.24
$
17.15
 Total Return   F,G,H
 
(31.12)%
 
9.62%
 
15.81%
 
16.42%
 
.52%
 
(11.35)%
 Ratios to Average Net Assets C,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.79% K
 
1.77%
 
1.78%
 
1.80%
 
1.84%
 
1.85%
    Expenses net of fee waivers, if any
 
1.78% K
 
1.77%
 
1.78%
 
1.80%
 
1.83%
 
1.83%
    Expenses net of all reductions
 
1.78% K
 
1.77%
 
1.77%
 
1.79%
 
1.83%
 
1.83%
    Net investment income (loss)
 
.14% K
 
.32% D
 
(.83)%
 
(.72)% E
 
(.80)%
 
(1.25)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
27,011
$
43,031
$
51,195
$
52,375
$
67,760
$
92,724
    Portfolio turnover rate L
 
50% K
 
38%
 
46%
 
56%
 
37%
 
13%
 
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 such underlying funds 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 Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.94)%.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Total returns do not include the effect of the contingent deferred sales charge.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Annualized
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Gold Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.14
$
24.93
$
22.33
$
19.07
$
18.78
$
21.02
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.14
 
.36 D
 
.06
 
.06 E
 
.03
 
(.05)
     Net realized and unrealized gain (loss)
 
(8.45)
 
2.27
 
3.84
 
3.30
 
.26
 
(2.14)
  Total from investment operations
 
(8.31)  
 
2.63  
 
3.90  
 
3.36  
 
.29
 
(2.19)
  Distributions from net investment income
 
(.08)
 
(.42)
 
(1.30)
 
(.06)
 
-
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
(.03)
 
-
 
(.05)
     Total distributions
 
(.08)
 
(.42)
 
(1.30)
 
(.10) F
 
-
 
(.05)
  Net asset value, end of period
$
18.75
$
27.14
$
24.93
$
22.33
$
19.07
$
18.78
 Total Return   G,H
 
(30.73)%
 
10.71%
 
16.96%
 
17.60%
 
1.54%
 
(10.47)%
 Ratios to Average Net Assets C,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.77% K
 
.76%
 
.76%
 
.79%
 
.86%
 
.86%
    Expenses net of fee waivers, if any
 
.77% K
 
.76%
 
.76%
 
.79%
 
.85%
 
.85%
    Expenses net of all reductions
 
.77% K
 
.76%
 
.75%
 
.78%
 
.85%
 
.84%
    Net investment income (loss)
 
1.15% K
 
1.33% D
 
.19%
 
.29% E
 
.18%
 
(.26)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
907,361
$
1,330,602
$
1,319,440
$
1,292,204
$
1,035,697
$
1,011,412
    Portfolio turnover rate L
 
50% K
 
38%
 
46%
 
56%
 
37%
 
13%
 
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 such underlying funds 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 Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .07%.
 
F Total distributions per share do not sum due to rounding.
 
G Total returns for periods of less than one year are not annualized.
 
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Annualized
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Gold Fund Class I
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.15
$
24.93
$
22.33
$
19.07
$
18.78
$
21.02
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.14
 
.36 D
 
.05
 
.06 E
 
.04
 
(.05)
     Net realized and unrealized gain (loss)
 
(8.46)
 
2.27
 
3.85
 
3.30
 
.25
 
(2.14)
  Total from investment operations
 
(8.32)  
 
2.63  
 
3.90  
 
3.36  
 
.29
 
(2.19)
  Distributions from net investment income
 
(.08)
 
(.41)
 
(1.30)
 
(.07)
 
-
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
(.03)
 
-
 
(.05)
     Total distributions
 
(.08)
 
(.41)
 
(1.30)
 
(.10)
 
-
 
(.05)
  Net asset value, end of period
$
18.75
$
27.15
$
24.93
$
22.33
$
19.07
$
18.78
 Total Return   F,G
 
(30.76)%
 
10.74%
 
16.96%
 
17.60%
 
1.54%
 
(10.47)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.78% J
 
.76%
 
.77%
 
.79%
 
.84%
 
.85%
    Expenses net of fee waivers, if any
 
.77% J
 
.76%
 
.77%
 
.79%
 
.82%
 
.83%
    Expenses net of all reductions
 
.77% J
 
.76%
 
.76%
 
.77%
 
.82%
 
.83%
    Net investment income (loss)
 
1.15% J
 
1.33% D
 
.18%
 
.30% E
 
.21%
 
(.24)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
96,621
$
152,799
$
137,617
$
115,699
$
84,956
$
61,677
    Portfolio turnover rate K
 
50% J
 
38%
 
46%
 
56%
 
37%
 
13%
 
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 such underlying funds 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 Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .08%.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
J Annualized
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Gold Fund Class Z
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019   B
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.16
$
24.94
$
22.34
$
19.08
$
16.62
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
.16
 
.40 E
 
.09
 
.10 F
 
.07
     Net realized and unrealized gain (loss)
 
(8.46)
 
2.27
 
3.85
 
3.29
 
2.39
  Total from investment operations
 
(8.30)  
 
2.67  
 
3.94  
 
3.39  
 
2.46
  Distributions from net investment income
 
(.09)
 
(.45)
 
(1.34)
 
(.10)
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
(.03)
 
-
     Total distributions
 
(.09)
 
(.45)
 
(1.34)
 
(.13)
 
-
  Net asset value, end of period
$
18.77
$
27.16
$
24.94
$
22.34
$
19.08
 Total Return   G,H
 
(30.70)%
 
10.88%
 
17.12%
 
17.75%
 
14.80%
 Ratios to Average Net Assets D,I,J
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.63% K
 
.63%
 
.64%
 
.65%
 
.68% K
    Expenses net of fee waivers, if any
 
.63% K
 
.62%
 
.64%
 
.64%
 
.68% K
    Expenses net of all reductions
 
.63% K
 
.62%
 
.62%
 
.63%
 
.67% K
    Net investment income (loss)
 
1.29% K
 
1.47% E
 
.32%
 
.44% F
 
.97% K
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
74,426
$
109,842
$
105,293
$
95,076
$
3,037
    Portfolio turnover rate L
 
50% K
 
38%
 
46%
 
56%
 
37% K
 
A For the year ended February 29.
 
B For the period October 2, 2018 (commencement of sale of shares) through February 28, 2019.
 
C Calculated based on average shares outstanding during the period.
 
D 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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
E 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%.
 
F Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .22%.
 
G Total returns for periods of less than one year are not annualized.
 
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Annualized
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
For the period ended August 31, 2022
 
1. Organization.
Gold Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class M, Class C, Gold, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Consolidated Subsidiary.
The Funds included in the table below hold certain commodity-related investments through a wholly owned subsidiary (the "Subsidiary"). As of period end, the investments in the Subsidiaries, were as follows:
 
 
Subsidiary Name
$ Amount
% of Fund's Net Assets
Gold Portfolio
Fidelity Select Gold Cayman Ltd.
  9,566,134
  .8
 
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 Ratio A
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 financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's   Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in commodities are valued at their last traded price at 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2022 is included at the end of the Fund's Consolidated Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Consolidated Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Gold Portfolio
$129,182
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income.   Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the   consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), controlled foreign corporations, deferred Trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$   297,711,750
Gross unrealized depreciation
   (257,678,332)
Net unrealized appreciation (depreciation)
$       40,033,418
Tax cost
$1,399,514,930
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
Short-term
$(199,931,688)
Long-term
(1,152,157,943)
Total capital loss carryforward
$(1,352,089,631)
 
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
  392,048,020
  397,453,491
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .53% of the Fund's average net assets.
 
The investment adviser, either through itself or through an affiliate provides investment management related services to the Subsidiary. The Subsidiary does not pay the investment adviser a fee for these services. Under the management contract with the subsidiary, the investment adviser pays all other expenses of the Subsidiary, except custodian fees.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
  - %
  .25%
$   104,538
$   1,372
Class M
  .25%
  .25%
  64,643
  -
Class C
  .75%
  .25%
              194,248
                 13,853
 
 
 
$             363,429
$               15,225
 
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
$   28,914
Class M
  1,810
Class C A
                       110
 
$               30,834
 
A   When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets A
Class A
$   100,590
.24
Class M
  34,571
.27
Class C
  37,660
.19
Gold
  1,131,979
.18
Class I
  129,153
.18
Class Z
                 21,369
.04
 
$                  1,455,322
 
 
A   Annualized
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Gold Portfolio
.04
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Gold Portfolio
$   1,467
 
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 period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Gold Portfolio
  Borrower
$   5,253,500
2.57%
$   749
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. 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
  4,222,305
  27,485,584
  2,148,279
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Gold Portfolio
$   1,528
 
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, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. 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
$   50,668
$   -
$-
9. 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 $28,161.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
August 31, 2022
Year ended
February 28, 2022
Gold Portfolio
 
 
Distributions to shareholders
 
 
Class A
$   236,581
  $1,159,197
Class M
  64,063
  296,704
Class C
  82,259
  340,514
Gold
  4,119,368
  21,360,877
Class I
  460,437
  2,173,450
Class Z
              357,573
           1,796,107
Total   
$         5,320,281
$       27,126,849
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
 
Six months ended August 31, 2022
Year ended February 28, 2022
Six months ended August 31, 2022
Year ended February 28, 2022
Gold Portfolio
 
 
 
 
Class A
 
 
 
 
Shares sold
  756,006
  1,096,721
$   19,424,981
$   29,272,417
Reinvestment of distributions
  7,775
  47,654
  230,842
  1,130,833
Shares redeemed
            (539,903)
        (1,270,387)
      (13,408,439)
      (33,037,200)
Net increase (decrease)
              223,878
            (126,012)
$         6,247,384
$       (2,633,950)
Class M
 
 
 
 
Shares sold
  279,813
  261,284
$   6,680,993
$   6,743,876
Reinvestment of distributions
  2,211
  12,798
  64,030
  296,405
Shares redeemed
            (157,479)
            (292,712)
        (3,640,197)
        (7,361,263)
Net increase (decrease)
              124,545
              (18,630)
$         3,104,826
$          (320,982)
Class C
 
 
 
 
Shares sold
  236,936
  196,401
$   5,986,935
$   4,759,229
Reinvestment of distributions
  2,997
  15,464
  82,054
  339,121
Shares redeemed
            (395,166)
            (732,472)
        (8,737,298)
      (17,728,207)
Net increase (decrease)
            (155,233)
            (520,607)
$       (2,668,309)
$    (12,629,857)
Gold
 
 
 
 
Shares sold
  9,461,485
  15,683,398
$   256,055,527
$   428,540,719
Reinvestment of distributions
  128,260
  836,569
  3,933,734
  20,495,942
Shares redeemed
      (10,208,755)
      (20,431,260)
   (261,832,105)
   (537,992,891)
Net increase (decrease)
            (619,010)
        (3,911,293)
$       (1,842,844)
$    (88,956,230)
Class I
 
 
 
 
Shares sold
  946,190
  1,719,405
$   25,039,488
$   46,014,104
Reinvestment of distributions
  14,570
  85,689
  447,009
  2,100,234
Shares redeemed
        (1,435,868)
        (1,696,668)
      (34,896,642)
      (45,357,188)
Net increase (decrease)
            (475,108)
              108,426
$       (9,410,145)
$         2,757,150
Class Z
 
 
 
 
Shares sold
  1,008,904
  1,719,289
$   27,197,539
$   46,800,221
Reinvestment of distributions
  11,475
  72,350
  352,174
  1,773,309
Shares redeemed
        (1,099,047)
        (1,969,124)
      (27,783,487)
      (53,134,514)
Net increase (decrease)
              (78,668)
            (177,485)
$          (233,774)
$       (4,560,984)
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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.
 
 
Top Holdings (% of Fund's net assets)
 
Linde PLC
14.0
 
Air Products & Chemicals, Inc.
5.5
 
CF Industries Holdings, Inc.
5.5
 
Albemarle Corp.
5.3
 
Sherwin-Williams Co.
5.1
 
Corteva, Inc.
4.6
 
Freeport-McMoRan, Inc.
4.3
 
Ecolab, Inc.
4.1
 
First Quantum Minerals Ltd.
2.8
 
The Mosaic Co.
2.8
 
 
54.0
 
 
Industries (% of Fund's net assets)
 
Chemicals
70.1
 
Metals & Mining
15.0
 
Containers & Packaging
6.9
 
Construction Materials
4.8
 
Paper & Forest Products
1.3
 
 
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Materials Portfolio
Showing Percentage of Net Assets
Common Stocks - 98.1%
 
 
Shares
Value ($)
 
Chemicals - 70.1%
 
 
 
Commodity Chemicals - 7.4%
 
 
 
LyondellBasell Industries NV Class A
 
264,400
21,945,200
Olin Corp.
 
447,800
24,476,748
Tronox Holdings PLC
 
1,829,103
26,759,777
 
 
 
73,181,725
Diversified Chemicals - 0.7%
 
 
 
Huntsman Corp.
 
229,200
6,422,184
Fertilizers & Agricultural Chemicals - 16.3%
 
 
 
CF Industries Holdings, Inc.
 
524,700
54,285,462
Corteva, Inc.
 
753,311
46,275,895
FMC Corp.
 
58,517
6,324,517
Nutrien Ltd.
 
269,800
24,768,558
The Mosaic Co.
 
515,100
27,748,437
The Scotts Miracle-Gro Co. Class A (a)
 
41,800
2,798,510
 
 
 
162,201,379
Industrial Gases - 19.5%
 
 
 
Air Products & Chemicals, Inc.
 
217,300
54,857,385
Linde PLC
 
491,886
139,134,875
 
 
 
193,992,260
Specialty Chemicals - 26.2%
 
 
 
Albemarle Corp.
 
196,300
52,600,548
Ashland, Inc.
 
62,500
6,360,000
DuPont de Nemours, Inc.
 
471,017
26,207,386
Eastman Chemical Co.
 
70,400
6,406,400
Ecolab, Inc.
 
250,410
41,024,670
Element Solutions, Inc.
 
377,200
7,042,324
International Flavors & Fragrances, Inc.
 
223,215
24,660,793
Livent Corp. (a)(b)
 
319,297
10,274,977
PPG Industries, Inc.
 
177,900
22,589,742
RPM International, Inc.
 
111,200
10,359,392
Sherwin-Williams Co.
 
217,300
50,435,330
Wacker Chemie AG
 
10,970
1,566,002
 
 
 
259,527,564
TOTAL CHEMICALS
 
 
695,325,112
Construction Materials - 4.8%
 
 
 
Construction Materials - 4.8%
 
 
 
Martin Marietta Materials, Inc.
 
59,800
20,793,058
Summit Materials, Inc. (b)
 
196,400
5,581,688
Vulcan Materials Co.
 
127,300
21,194,177
 
 
 
47,568,923
Containers & Packaging - 6.9%
 
 
 
Metal & Glass Containers - 4.2%
 
 
 
Aptargroup, Inc.
 
87,000
8,944,470
Ball Corp.
 
192,000
10,715,520
Crown Holdings, Inc.
 
191,559
17,353,330
Greif, Inc. Class A
 
67,400
4,519,170
 
 
 
41,532,490
Paper Packaging - 2.7%
 
 
 
Avery Dennison Corp.
 
96,900
17,792,778
Sealed Air Corp.
 
169,200
9,104,652
 
 
 
26,897,430
TOTAL CONTAINERS & PACKAGING
 
 
68,429,920
Metals & Mining - 15.0%
 
 
 
Aluminum - 2.8%
 
 
 
Alcoa Corp.
 
556,600
27,540,568
Copper - 7.1%
 
 
 
First Quantum Minerals Ltd.
 
1,581,600
27,986,739
Freeport-McMoRan, Inc.
 
1,451,900
42,976,240
 
 
 
70,962,979
Gold - 1.1%
 
 
 
Newmont Corp.
 
264,500
10,939,720
Steel - 4.0%
 
 
 
Commercial Metals Co.
 
309,100
12,521,641
Reliance Steel & Aluminum Co.
 
102,200
19,211,556
Steel Dynamics, Inc.
 
98,100
7,918,632
 
 
 
39,651,829
TOTAL METALS & MINING
 
 
149,095,096
Paper & Forest Products - 1.3%
 
 
 
Forest Products - 1.3%
 
 
 
Louisiana-Pacific Corp.
 
157,900
8,562,917
West Fraser Timber Co. Ltd.
 
53,900
4,822,210
 
 
 
13,385,127
 
TOTAL COMMON STOCKS
  (Cost $722,001,620)
 
 
 
973,804,178
 
 
 
 
Money Market Funds - 2.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (c)
 
6,817,278
6,818,642
Fidelity Securities Lending Cash Central Fund 2.34% (c)(d)
 
13,123,318
13,124,630
 
TOTAL MONEY MARKET FUNDS
  (Cost $19,943,272)
 
 
19,943,272
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
  (Cost $741,944,892)
 
 
 
993,747,450
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(1,312,060)
NET ASSETS - 100.0%
992,435,390
 
 
 
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
1,212,250
102,978,129
97,371,737
44,877
-
-
6,818,642
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
20,127,155
96,714,684
103,717,209
6,386
-
-
13,124,630
0.0%
Total
21,339,405
199,692,813
201,088,946
51,263
-
-
19,943,272
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
973,804,178
973,804,178
-
-
  Money Market Funds
19,943,272
19,943,272
-
-
 Total Investments in Securities:
993,747,450
993,747,450
-
-
Materials Portfolio
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $12,793,359) - See accompanying schedule:
 
$973,804,178
 
 
Unaffiliated issuers (cost $722,001,620)
 
 
 
Fidelity Central Funds (cost $19,943,272)
 
19,943,272
 
 
 
 
 
 
 
Total Investment in Securities (cost $741,944,892)
 
 
$
993,747,450
Foreign currency held at value (cost $1,615,688)
 
 
 
1,615,578
Receivable for investments sold
 
 
 
43,519,287
Receivable for fund shares sold
 
 
 
604,456
Dividends receivable
 
 
 
1,952,122
Distributions receivable from Fidelity Central Funds
 
 
 
14,876
Prepaid expenses
 
 
 
7,647
Other receivables
 
 
 
169,154
  Total assets
 
 
 
1,041,630,570
Liabilities
 
 
 
 
Payable for investments purchased
 
34,405,434
 
 
Payable for fund shares redeemed
 
802,661
 
 
Accrued management fee
 
455,511
 
 
Distribution and service plan fees payable
 
56,344
 
 
Other affiliated payables
 
175,242
 
 
Other payables and accrued expenses
 
191,863
 
 
Collateral on securities loaned
 
13,108,125
 
 
  Total Liabilities
 
 
 
49,195,180
Net Assets  
 
 
$
992,435,390
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
742,964,575
Total accumulated earnings (loss)
 
 
 
249,470,815
Net Assets
 
 
$
992,435,390
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($119,725,924 ÷ 1,289,195 shares) (a)
 
 
$
92.87
Maximum offering price per share (100/94.25 of $92.87)
 
 
$
98.54
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($34,470,070 ÷ 375,877 shares) (a)
 
 
$
91.71
Maximum offering price per share (100/96.50 of $91.71)
 
 
$
95.04
Class C :
 
 
 
 
Net Asset Value and offering price per share ($17,852,870 ÷ 200,887 shares) (a)
 
 
$
88.87
Materials :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($550,304,954 ÷ 5,882,659 shares)
 
 
$
93.55
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($205,376,131 ÷ 2,200,233 shares)
 
 
$
93.34
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($64,705,441 ÷ 693,695 shares)
 
 
$
93.28
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
11,587,303
Income from Fidelity Central Funds (including $6,386 from security lending)
 
 
 
51,263
 Total Income
 
 
 
11,638,566
Expenses
 
 
 
 
Management fee
$
2,903,813
 
 
Transfer agent fees
 
963,055
 
 
Distribution and service plan fees
 
354,682
 
 
Accounting fees
 
171,161
 
 
Custodian fees and expenses
 
6,312
 
 
Independent trustees' fees and expenses
 
1,794
 
 
Registration fees
 
60,856
 
 
Audit
 
21,630
 
 
Legal
 
317
 
 
Interest
 
201
 
 
Miscellaneous
 
4,325
 
 
 Total expenses before reductions
 
4,488,146
 
 
 Expense reductions
 
(18,264)
 
 
 Total expenses after reductions
 
 
 
4,469,882
Net Investment income (loss)
 
 
 
7,168,684
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
33,137,927
 
 
 Foreign currency transactions
 
(5,157)
 
 
Total net realized gain (loss)
 
 
 
33,132,770
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(151,261,491)
 
 
 Assets and liabilities in foreign currencies
 
(27,714)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(151,289,205)
Net gain (loss)
 
 
 
(118,156,435)
Net increase (decrease) in net assets resulting from operations
 
 
$
(110,987,751)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
7,168,684
$
8,580,339
Net realized gain (loss)
 
33,132,770
 
 
32,188,411
 
Change in net unrealized appreciation (depreciation)
 
(151,289,205)
 
129,763,897
 
Net increase (decrease) in net assets resulting from operations
 
(110,987,751)
 
 
170,532,647
 
Distributions to shareholders
 
-
 
 
(8,437,183)
 
Share transactions - net increase (decrease)
 
(51,000,598)
 
 
72,770,453
 
Total increase (decrease) in net assets
 
(161,988,349)
 
 
234,865,917
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,154,423,739
 
919,557,822
 
End of period
$
992,435,390
$
1,154,423,739
 
 
 
 
 
 
 
 
 
 
 
 
Fidelity Advisor® Materials Fund Class A
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
102.68
$
87.03
$
59.39
$
69.57
$
88.50
$
81.27
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.54
 
.46
 
.33
 
.58
 
.84
 
.55
     Net realized and unrealized gain (loss)
 
(10.35)
 
15.77
 
27.72
 
(10.10)
 
(12.01)
 
11.18
  Total from investment operations
 
(9.81)  
 
16.23  
 
28.05  
 
(9.52)  
 
(11.17)
 
11.73
  Distributions from net investment income
 
-
 
(.58)
 
(.41)
 
(.66)
 
(.67)
 
(.50)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(7.09)
 
(4.00)
     Total distributions
 
-
 
(.58)
 
(.41)
 
(.66)
 
(7.76)
 
(4.50)
  Net asset value, end of period
$
92.87
$
102.68
$
87.03
$
59.39
$
69.57
$
88.50
 Total Return   D,E,F
 
(9.55)%
 
18.64%
 
47.27%
 
(13.81)%
 
(12.59)%
 
14.65%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.03% I
 
1.03%
 
1.08%
 
1.08%
 
1.06%
 
1.07%
    Expenses net of fee waivers, if any
 
1.02% I
 
1.03%
 
1.08%
 
1.08%
 
1.06%
 
1.07%
    Expenses net of all reductions
 
1.02% I
 
1.03%
 
1.08%
 
1.07%
 
1.05%
 
1.06%
    Net investment income (loss)
 
1.09% I
 
.46%
 
.48%
 
.87%
 
1.08%
 
.64%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
119,726
$
138,219
$
101,238
$
76,869
$
126,182
$
201,933
    Portfolio turnover rate J
 
24% I
 
43%
 
36%
 
69%
 
77% K
 
67%
 
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 such underlying funds 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).
 
K Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Materials Fund Class M
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
101.52
$
86.14
$
58.84
$
68.98
$
87.79
$
80.66
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.41
 
.20
 
.14
 
.39
 
.61
 
.30
     Net realized and unrealized gain (loss)
 
(10.22)
 
15.59
 
27.42
 
(10.01)
 
(11.88)
 
11.08
  Total from investment operations
 
(9.81)  
 
15.79  
 
27.56  
 
(9.62)  
 
(11.27)
 
11.38
  Distributions from net investment income
 
-
 
(.41)
 
(.26)
 
(.52)
 
(.45)
 
(.25)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(7.09)
 
(4.00)
     Total distributions
 
-
 
(.41)
 
(.26)
 
(.52)
 
(7.54)
 
(4.25)
  Net asset value, end of period
$
91.71
$
101.52
$
86.14
$
58.84
$
68.98
$
87.79
 Total Return   D,E,F
 
(9.66)%
 
18.32%
 
46.86%
 
(14.05)%
 
(12.84)%
 
14.30%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.28% I
 
1.29%
 
1.36%
 
1.37%
 
1.35%
 
1.36%
    Expenses net of fee waivers, if any
 
1.28% I
 
1.29%
 
1.36%
 
1.36%
 
1.35%
 
1.36%
    Expenses net of all reductions
 
1.28% I
 
1.29%
 
1.36%
 
1.36%
 
1.34%
 
1.35%
    Net investment income (loss)
 
.83% I
 
.20%
 
.21%
 
.58%
 
.79%
 
.35%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
34,470
$
37,100
$
24,768
$
19,423
$
27,436
$
40,107
    Portfolio turnover rate J
 
24% I
 
43%
 
36%
 
69%
 
77% K
 
67%
 
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 such underlying funds 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).
 
K Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Materials Fund Class C
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
98.63
$
83.76
$
57.30
$
67.13
$
85.52
$
78.72
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.16
 
(.28)
 
(.18)
 
.08
 
.25
 
(.09)
     Net realized and unrealized gain (loss)
 
(9.92)
 
15.15
 
26.64
 
(9.76)
 
(11.50)
 
10.80
  Total from investment operations
 
(9.76)  
 
14.87  
 
26.46  
 
(9.68)  
 
(11.25)
 
10.71
  Distributions from net investment income
 
-
 
-
 
-
 
(.15)
 
(.04)
 
(.02)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(7.09)
 
(3.89)
     Total distributions
 
-
 
-
 
-
 
(.15)
 
(7.14) D
 
(3.91)
  Net asset value, end of period
$
88.87
$
98.63
$
83.76
$
57.30
$
67.13
$
85.52
 Total Return   E,F,G
 
(9.90)%
 
17.75%
 
46.18%
 
(14.46)%
 
(13.24)%
 
13.78%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.78% J
 
1.78%
 
1.83%
 
1.82%
 
1.81%
 
1.82%
    Expenses net of fee waivers, if any
 
1.78% J
 
1.78%
 
1.83%
 
1.82%
 
1.81%
 
1.82%
    Expenses net of all reductions
 
1.78% J
 
1.78%
 
1.83%
 
1.81%
 
1.79%
 
1.82%
    Net investment income (loss)
 
.34% J
 
(.29)%
 
(.27)%
 
.12%
 
.33%
 
(.11)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
17,853
$
21,261
$
23,296
$
24,239
$
51,659
$
85,792
    Portfolio turnover rate K
 
24% J
 
43%
 
36%
 
69%
 
77% L
 
67%
 
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
D Total distributions per share do not sum due to rounding.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Total returns do not include the effect of the contingent deferred sales charge.
 
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
J Annualized
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
L Portfolio turnover rate excludes securities received or delivered in-kind.
 
Materials Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
103.29
$
87.46
$
59.63
$
69.84
$
88.90
$
81.64
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.68
 
.75
 
.53
 
.77
 
1.06
 
.79
     Net realized and unrealized gain (loss)
 
(10.42)
 
15.86
 
27.87
 
(10.14)
 
(12.09)
 
11.24
  Total from investment operations
 
(9.74)  
 
16.61  
 
28.40  
 
(9.37)  
 
(11.03)
 
12.03
  Distributions from net investment income
 
-
 
(.78)
 
(.57)
 
(.84)
 
(.93)
 
(.77)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(7.09)
 
(4.00)
     Total distributions
 
-
 
(.78)
 
(.57)
 
(.84)
 
(8.03) D
 
(4.77)
  Net asset value, end of period
$
93.55
$
103.29
$
87.46
$
59.63
$
69.84
$
88.90
 Total Return   E,F
 
(9.43)%
 
18.98%
 
47.68%
 
(13.57)%
 
(12.35)%
 
14.96%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.75% I
 
.75%
 
.80%
 
.80%
 
.79%
 
.79%
    Expenses net of fee waivers, if any
 
.75% I
 
.74%
 
.80%
 
.80%
 
.79%
 
.79%
    Expenses net of all reductions
 
.75% I
 
.74%
 
.80%
 
.79%
 
.78%
 
.79%
    Net investment income (loss)
 
1.36% I
 
.75%
 
.76%
 
1.14%
 
1.35%
 
.91%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
550,305
$
645,773
$
533,073
$
405,668
$
626,759
$
1,043,704
    Portfolio turnover rate J
 
24% I
 
43%
 
36%
 
69%
 
77% K
 
67%
 
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
D Total distributions per share do not sum due to rounding.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
I Annualized
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
K Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Materials Fund Class I
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
103.07
$
87.29
$
59.52
$
69.70
$
88.73
$
81.49
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.68
 
.74
 
.55
 
.78
 
1.07
 
.80
     Net realized and unrealized gain (loss)
 
(10.41)
 
15.83
 
27.80
 
(10.12)
 
(12.08)
 
11.22
  Total from investment operations
 
(9.73)  
 
16.57  
 
28.35  
 
(9.34)  
 
(11.01)
 
12.02
  Distributions from net investment income
 
-
 
(.79)
 
(.58)
 
(.84)
 
(.93)
 
(.78)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(7.09)
 
(4.00)
     Total distributions
 
-
 
(.79)
 
(.58)
 
(.84)
 
(8.02)
 
(4.78)
  Net asset value, end of period
$
93.34
$
103.07
$
87.29
$
59.52
$
69.70
$
88.73
 Total Return   D,E
 
(9.44)%
 
18.97%
 
47.70%
 
(13.55)%
 
(12.34)%
 
14.97%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.76% H
 
.75%
 
.78%
 
.79%
 
.78%
 
.79%
    Expenses net of fee waivers, if any
 
.76% H
 
.75%
 
.78%
 
.79%
 
.78%
 
.79%
    Expenses net of all reductions
 
.76% H
 
.75%
 
.78%
 
.78%
 
.77%
 
.78%
    Net investment income (loss)
 
1.36% H
 
.74%
 
.78%
 
1.16%
 
1.36%
 
.92%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
205,376
$
238,282
$
190,132
$
137,887
$
254,240
$
511,062
    Portfolio turnover rate I
 
24% H
 
43%
 
36%
 
69%
 
77% J
 
67%
 
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 such underlying funds 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).
 
J Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Materials Fund Class Z
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019   B
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
102.92
$
87.14
$
59.40
$
69.58
$
79.81
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
.75
 
.88
 
.67
 
.88
 
.62
     Net realized and unrealized gain (loss)
 
(10.39)
 
15.81
 
27.75
 
(10.10)
 
(6.96)
  Total from investment operations
 
(9.64)  
 
16.69  
 
28.42  
 
(9.22)  
 
(6.34)
  Distributions from net investment income
 
-
 
(.91)
 
(.68)
 
(.96)
 
(.96)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(2.93)
     Total distributions
 
-
 
(.91)
 
(.68)
 
(.96)
 
(3.89)
  Net asset value, end of period
$
93.28
$
102.92
$
87.14
$
59.40
$
69.58
 Total Return   E,F
 
(9.37)%
 
19.14%
 
47.92%
 
(13.43)%
 
(7.35)%
 Ratios to Average Net Assets D,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.62% I
 
.62%
 
.64%
 
.63%
 
.63% I
    Expenses net of fee waivers, if any
 
.61% I
 
.62%
 
.64%
 
.63%
 
.62% I
    Expenses net of all reductions
 
.61% I
 
.62%
 
.63%
 
.62%
 
.61% I
    Net investment income (loss)
 
1.50% I
 
.88%
 
.93%
 
1.31%
 
2.27% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
64,705
$
73,790
$
47,051
$
13,267
$
10,039
    Portfolio turnover rate J
 
24% I
 
43%
 
36%
 
69%
 
77% K
 
A For the year ended February 29.
 
B For the period October 2, 2018 (commencement of sale of shares) through February 28, 2019.
 
C Calculated based on average shares outstanding during the period.
 
D 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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Total returns for periods of less than one year are not annualized.
 
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).
 
K Portfolio turnover rate excludes securities received or delivered in-kind.
 
 
For the period ended August 31, 2022
 
1. Organization.
Materials Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class M, Class C, Materials, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of 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 Ratio A
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. 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 (ETFs) 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Materials Portfolio
$167,781
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, deferred Trustees compensation, 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
$   288,350,104
Gross unrealized depreciation
      (37,794,040)
Net unrealized appreciation (depreciation)
$    250,556,064
Tax cost
$    743,191,386
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
  Short-term
$(40,591,105)
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
  130,292,766
  185,187,527
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .53% of the Fund's average net assets.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
  - %
  .25%
$   162,655
$   1,751
Class M
  .25%
  .25%
  91,976
  -
Class C
  .75%
  .25%
              100,051
                 17,006
 
 
 
$             354,682
$               18,757
 
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
$   12,814
Class M
  1,449
Class C A
                         32
 
$               14,295
 
A   When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets A
Class A
$   130,980
.20
Class M
  37,849
.21
Class C
  20,388
.20
Materials
  546,472
.18
Class I
  212,826
.18
Class Z
                 14,540
.04
 
$                      963,055
 
 
A   Annualized
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Materials Portfolio
.03
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Materials Portfolio
$   1,809
 
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 period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Materials Portfolio
  Borrower
$   7,643,667
.32%
$   201
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. 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
  8,065,967
  8,409,196
  1,027,120
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Materials Portfolio
$   1,012
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, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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
$   618
$   -
$-
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 $18,264.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
August 31, 2022
Year ended
February 28, 2022
Materials Portfolio
 
 
Distributions to shareholders
 
 
Class A
$   -
  $762,533
Class M
  -
  147,448
Materials
  -
  5,007,156
Class I
  -
  1,869,092
Class Z
                             -
              650,954
Total   
$                            -
$         8,437,183
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended August 31, 2022
Year ended February 28, 2022
Six months ended August 31, 2022
Year ended February 28, 2022
Materials Portfolio
 
 
 
 
Class A
 
 
 
 
Shares sold
  112,895
  462,367
$   11,545,535
$   46,208,008
Reinvestment of distributions
  -
  7,168
  -
  745,309
Shares redeemed
            (169,791)
            (286,710)
      (16,967,179)
      (28,650,346)
Net increase (decrease)
              (56,896)
              182,825
$       (5,421,644)
$       18,302,971
Class M
 
 
 
 
Shares sold
  53,288
  179,127
$   5,378,800
$   17,772,580
Reinvestment of distributions
  -
  1,429
  -
  147,010
Shares redeemed
              (42,845)
            (102,671)
        (4,201,188)
      (10,013,298)
Net increase (decrease)
                 10,443
                 77,885
$         1,177,612
$         7,906,292
Class C
 
 
 
 
Shares sold
  23,628
  94,534
$   2,308,802
$   9,060,563
Shares redeemed
              (38,294)
            (157,099)
        (3,625,433)
      (14,767,417)
Net increase (decrease)
              (14,666)
              (62,565)
$       (1,316,631)
$       (5,706,854)
Materials
 
 
 
 
Shares sold
  467,659
  5,001,453
$   48,629,058
$   502,734,189
Reinvestment of distributions
  -
  44,769
  -
  4,680,116
Shares redeemed
            (837,269)
        (4,889,252)
      (82,050,301)
   (485,592,599)
Net increase (decrease)
            (369,610)
              156,970
$    (33,421,243)
$       21,821,706
Class I
 
 
 
 
Shares sold
  442,736
  1,335,457
$   44,935,722
$   132,303,721
Reinvestment of distributions
  -
  16,505
  -
  1,721,641
Shares redeemed
            (554,310)
        (1,218,271)
      (54,493,480)
   (121,416,087)
Net increase (decrease)
            (111,574)
              133,691
$       (9,557,758)
$       12,609,275
Class Z
 
 
 
 
Shares sold
  119,816
  511,529
$   11,817,405
$   50,914,703
Reinvestment of distributions
  -
  5,860
  -
  610,221
Shares redeemed
            (143,077)
            (340,358)
      (14,278,339)
      (33,687,861)
Net increase (decrease)
              (23,261)
              177,031
$       (2,460,934)
$       17,837,063
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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2022 to August 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value March 1, 2022
 
Ending Account Value August 31, 2022
 
Expenses Paid During Period- C March 1, 2022 to August 31, 2022
 
 
 
 
 
 
 
 
 
 
Chemicals Portfolio
 
 
 
.74%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 937.90
 
$ 3.61
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.48
 
$ 3.77
Gold Portfolio
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.08%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 691.40
 
$ 4.60
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.76
 
$ 5.50
Class M
 
 
 
1.36%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 690.40
 
$ 5.79
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.35
 
$ 6.92
Class C
 
 
 
1.78%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 688.80
 
$ 7.58
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.23
 
$ 9.05
Gold Portfolio
 
 
 
.77%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 692.70
 
$ 3.29
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.32
 
$ 3.92
Class I
 
 
 
.77%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 692.40
 
$ 3.28
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.32
 
$ 3.92
Class Z
 
 
 
.63%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 693.00
 
$ 2.69
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.03
 
$ 3.21
Materials Portfolio
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.02%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 904.50
 
$ 4.90
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.06
 
$ 5.19
Class M
 
 
 
1.28%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 903.40
 
$ 6.14
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.75
 
$ 6.51
Class C
 
 
 
1.78%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 901.00
 
$ 8.53
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.23
 
$ 9.05
Materials Portfolio
 
 
 
.75%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 905.70
 
$ 3.60
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.42
 
$ 3.82
Class I
 
 
 
.76%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 905.60
 
$ 3.65
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.37
 
$ 3.87
Class Z
 
 
 
.61%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 906.30
 
$ 2.93
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.13
 
$ 3.11
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
Chemicals Portfolio
Gold Portfolio
Materials Portfolio
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of the management fee and total expense ratio of the fund or a representative class (retail class), as applicable; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided.   The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
 
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that Chemicals Portfolio had a portfolio manager change in August 2019 and July 2020, Gold Portfolio had a portfolio manager change in March 2019, and Materials Portfolio had a portfolio manager change in November 2019 and May 2020. The Board will continue to monitor closely each fund's performance, taking into account the portfolio manager changes.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the fund or representative class, as applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.  
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for each fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below.
 
Chemicals Portfolio
 
Gold Portfolio  
 
The Board considered the fund's underperformance for different time periods ended December 31, 2021 (which periods are not reflected in the chart above). The Board noted that the fund's underperformance has continued since the Board approved the management contract in January 2020 and May 2021. The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; and attribution reports on contributors to the fund's underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance. For a fund with underperformance over longer periods of time, the Board typically monitors the fund's performance more closely.  
 
Materials Portfolio  
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
 
Competitiveness of Management Fee and Total Expense Ratio.   The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity funds are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
 
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.
 
Chemicals Portfolio
 
Gold Portfolio
 
Materials Portfolio  
 
The Board noted that each fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio. In its review of Chemicals Portfolio's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for the fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the total net expense ratio of Chemicals Portfolio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.
 
In its review of the total expense ratio of the representative class (retail class) of each of Gold Portfolio and Materials Portfolio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for each fund, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the total net expense ratio of the retail class of each of Gold Portfolio and Materials Portfolio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.
 
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
   
Costs of the Services and Profitability.   The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
 
Economies of Scale.   The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contracts). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board.   In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that each fund's Advisory Contracts should be renewed.
 
1.846035.115
SELMT-SANN-1022
Fidelity® Select Portfolios®
Information Technology Sector
 
IT Services Portfolio
Semiconductors Portfolio
Software and IT Services Portfolio
Tech Hardware Portfolio
Technology Portfolio
 
 
Semi-Annual Report
August 31, 2022

Contents

IT Services Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Semiconductors Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Software and IT Services Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Tech Hardware Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Technology Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

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. © 2022 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.
 
Top Holdings (% of Fund's net assets)
 
Visa, Inc. Class A
19.4
 
MasterCard, Inc. Class A
16.5
 
Accenture PLC Class A
12.2
 
EPAM Systems, Inc.
5.0
 
Cognizant Technology Solutions Corp. Class A
4.1
 
ExlService Holdings, Inc.
4.0
 
Block, Inc. Class A
3.7
 
H&R Block, Inc.
3.4
 
Paychex, Inc.
3.3
 
Intuit, Inc.
3.3
 
 
74.9
 
 
Industries (% of Fund's net assets)
 
IT Services
88.2
 
Software
5.9
 
Diversified Consumer Services
3.4
 
Internet & Direct Marketing Retail
1.5
 
Consumer Finance
0.4
 
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
Percentages shown as 0.0% reflect amounts less than 0.05%.
 
IT Services Portfolio
Common Stocks - 99.4%
 
 
Shares
Value ($)
 
Consumer Finance - 0.4%
 
 
 
Consumer Finance - 0.4%
 
 
 
NerdWallet, Inc. (a)
 
988,700
10,272,593
Diversified Consumer Services - 3.4%
 
 
 
Specialized Consumer Services - 3.4%
 
 
 
H&R Block, Inc.
 
1,716,500
77,242,500
Internet & Direct Marketing Retail - 1.5%
 
 
 
Internet & Direct Marketing Retail - 1.5%
 
 
 
Global-e Online Ltd. (a)(b)
 
1,096,525
34,639,225
IT Services - 88.2%
 
 
 
Data Processing & Outsourced Services - 58.0%
 
 
 
Automatic Data Processing, Inc.
 
147,575
36,068,806
Block, Inc. Class A (a)(b)
 
1,222,000
84,208,020
ExlService Holdings, Inc. (b)
 
540,500
90,647,255
Fidelity National Information Services, Inc.
 
639,659
58,445,643
Fiserv, Inc. (b)
 
590,117
59,713,939
MasterCard, Inc. Class A
 
1,164,000
377,566,680
Nuvei Corp. (a)(c)
 
201,300
6,157,767
Paychex, Inc.
 
614,000
75,730,760
PayPal Holdings, Inc. (b)
 
191,640
17,906,842
TaskUs, Inc. (a)(b)
 
424,637
6,318,599
The Western Union Co.
 
4,800
71,136
Visa, Inc. Class A (a)
 
2,231,148
443,351,418
WEX, Inc. (b)
 
700
107,975
WNS Holdings Ltd. sponsored ADR (b)
 
816,492
68,789,451
 
 
 
1,325,084,291
Internet Services & Infrastructure - 4.7%
 
 
 
Cloudflare, Inc. (b)
 
272,900
17,075,353
GoDaddy, Inc. (b)
 
54,427
4,126,655
MongoDB, Inc. Class A (a)(b)
 
167,800
54,175,908
Okta, Inc. (b)
 
96,800
8,847,520
Snowflake, Inc. (a)(b)
 
123,000
22,256,850
 
 
 
106,482,286
IT Consulting & Other Services - 25.5%
 
 
 
Accenture PLC Class A
 
963,480
277,925,441
Amdocs Ltd.
 
251,200
21,470,064
CI&T, Inc. Class A (a)
 
101,656
930,152
Cognizant Technology Solutions Corp. Class A
 
1,493,232
94,327,465
DXC Technology Co. (b)
 
447,200
11,081,616
EPAM Systems, Inc. (b)
 
267,200
113,960,800
Gartner, Inc. (b)
 
224,100
63,940,212
 
 
 
583,635,750
TOTAL IT SERVICES
 
 
2,015,202,327
Software - 5.9%
 
 
 
Application Software - 5.9%
 
 
 
Intuit, Inc.
 
174,556
75,369,790
Paycom Software, Inc. (b)
 
168,000
59,001,600
 
 
 
134,371,390
 
TOTAL COMMON STOCKS
  (Cost $1,382,391,580)
 
 
 
2,271,728,035
 
 
 
 
Money Market Funds - 20.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (d)
 
13,521,023
13,523,727
Fidelity Securities Lending Cash Central Fund 2.34% (d)(e)
 
448,448,365
448,493,210
 
TOTAL MONEY MARKET FUNDS
  (Cost $462,016,937)
 
 
462,016,937
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 119.6%
  (Cost $1,844,408,517)
 
 
 
2,733,744,972
NET OTHER ASSETS (LIABILITIES) - (19.6)%  
(448,469,918)
NET ASSETS - 100.0%
2,285,275,054
 
 
 
 
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 $6,157,767 or 0.3% of net assets.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
1,591,416
366,490,804
354,558,493
74,588
-
-
13,523,727
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
84,129,800
1,020,962,541
656,599,131
200,562
-
-
448,493,210
1.3%
Total
85,721,216
1,387,453,345
1,011,157,624
275,150
-
-
462,016,937
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
2,271,728,035
2,271,728,035
-
-
  Money Market Funds
462,016,937
462,016,937
-
-
 Total Investments in Securities:
2,733,744,972
2,733,744,972
-
-
IT Services Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $432,869,824) - See accompanying schedule:
 
$2,271,728,035
 
 
Unaffiliated issuers (cost $1,382,391,580)
 
 
 
Fidelity Central Funds (cost $462,016,937)
 
462,016,937
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,844,408,517)
 
 
$
2,733,744,972
Receivable for investments sold
 
 
 
2,314,116
Receivable for fund shares sold
 
 
 
194,259
Dividends receivable
 
 
 
922,368
Distributions receivable from Fidelity Central Funds
 
 
 
57,265
Prepaid expenses
 
 
 
10,950
Other receivables
 
 
 
39,187
  Total assets
 
 
 
2,737,283,117
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
$2,061,559
 
 
Accrued management fee
 
1,067,216
 
 
Other affiliated payables
 
380,610
 
 
Other payables and accrued expenses
 
21,558
 
 
Collateral on securities loaned
 
448,477,120
 
 
  Total Liabilities
 
 
 
452,008,063
Net Assets  
 
 
$
2,285,275,054
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,394,578,057
Total accumulated earnings (loss)
 
 
 
890,696,997
Net Assets
 
 
$
2,285,275,054
Net Asset Value , offering price and redemption price per share ($2,285,275,054 ÷ 41,517,466 shares)
 
 
$
55.04
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
8,698,191
Income from Fidelity Central Funds (including $200,562 from security lending)
 
 
 
275,150
 Total Income
 
 
 
8,973,341
Expenses
 
 
 
 
Management fee
$
6,442,805
 
 
Transfer agent fees
 
2,044,894
 
 
Accounting fees
 
344,774
 
 
Custodian fees and expenses
 
7,312
 
 
Independent trustees' fees and expenses
 
4,058
 
 
Registration fees
 
13,008
 
 
Audit
 
18,459
 
 
Legal
 
1,390
 
 
Interest
 
1,940
 
 
Miscellaneous
 
10,174
 
 
 Total expenses before reductions
 
8,888,814
 
 
 Expense reductions
 
(41,669)
 
 
 Total expenses after reductions
 
 
 
8,847,145
Net Investment income (loss)
 
 
 
126,196
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
12,994,131
 
 
 Foreign currency transactions
 
(6,366)
 
 
Total net realized gain (loss)
 
 
 
12,987,765
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(354,683,730)
 
 
 Assets and liabilities in foreign currencies
 
(1,352)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(354,685,082)
Net gain (loss)
 
 
 
(341,697,317)
Net increase (decrease) in net assets resulting from operations
 
 
$
(341,571,121)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
126,196
$
(11,605,499)
Net realized gain (loss)
 
12,987,765
 
 
758,484,744
 
Change in net unrealized appreciation (depreciation)
 
(354,685,082)
 
(1,177,179,444)
 
Net increase (decrease) in net assets resulting from operations
 
(341,571,121)
 
 
(430,300,199)
 
Distributions to shareholders
 
(302,093,148)
 
 
(528,547,016)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
69,212,647
 
283,388,277
  Reinvestment of distributions
 
284,162,618
 
 
495,301,813
 
Cost of shares redeemed
 
(298,274,895)
 
(1,081,314,912)
  Net increase (decrease) in net assets resulting from share transactions
 
55,100,370
 
 
(302,624,822)
 
Total increase (decrease) in net assets
 
(588,563,899)
 
 
(1,261,472,037)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,873,838,953
 
4,135,310,990
 
End of period
$
2,285,275,054
$
2,873,838,953
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
1,156,483
 
3,049,821
  Issued in reinvestment of distributions
 
4,603,315
 
 
5,895,522
 
Redeemed
 
(5,141,449)
 
(12,068,264)
Net increase (decrease)
 
618,349
 
(3,122,921)
 
 
 
 
 
 
 
IT Services Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
70.27
$
93.94
$
73.62
$
64.96
$
58.69
$
44.84
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
-
 
(.27)
 
(.09)
 
.03
 
.04
 
.04
     Net realized and unrealized gain (loss)
 
(7.68)
 
(10.44)
 
25.34
 
10.36
 
8.92
 
15.50
  Total from investment operations
 
(7.68)  
 
(10.71)  
 
25.25  
 
10.39  
 
8.96
 
15.54
  Distributions from net investment income
 
-
 
-
 
(.01)
 
(.03)
 
(.03)
 
(.02)
  Distributions from net realized gain
 
(7.55)
 
(12.96)
 
(4.93)
 
(1.70)
 
(2.66)
 
(1.67)
     Total distributions
 
(7.55)
 
(12.96)
 
(4.93) D
 
(1.73)
 
(2.69)
 
(1.69)
  Net asset value, end of period
$
55.04
$
70.27
$
93.94
$
73.62
$
64.96
$
58.69
 Total Return   E,F
 
(12.09)%
 
(13.31)%
 
34.67%
 
15.99%
 
16.04%
 
35.17%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.73% I
 
.70%
 
.72%
 
.73%
 
.74%
 
.77%
    Expenses net of fee waivers, if any
 
.72% I
 
.70%
 
.72%
 
.73%
 
.74%
 
.77%
    Expenses net of all reductions
 
.72% I
 
.70%
 
.72%
 
.73%
 
.74%
 
.77%
    Net investment income (loss)
 
.01% I
 
(.29)%
 
(.11)%
 
.04%
 
.06%
 
.08%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,285,275
$
2,873,839
$
4,135,311
$
4,099,114
$
2,867,321
$
2,284,152
    Portfolio turnover rate J
 
48% I
 
41%
 
31%
 
24%
 
26%
 
26%
 
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
D Total distributions per share do not sum due to rounding.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
I Annualized
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Top Holdings (% of Fund's net assets)
 
NVIDIA Corp.
20.5
 
NXP Semiconductors NV
10.1
 
Marvell Technology, Inc.
9.1
 
onsemi
8.4
 
GlobalFoundries, Inc.
5.2
 
Microchip Technology, Inc.
4.8
 
Advanced Micro Devices, Inc.
4.7
 
Broadcom, Inc.
4.2
 
Teradyne, Inc.
3.5
 
Cadence Design Systems, Inc.
2.9
 
 
73.4
 
 
Industries (% of Fund's net assets)
 
Semiconductors & Semiconductor Equipment
94.0
 
Software
2.9
 
Electronic Equipment & Components
1.6
 
Electrical Equipment
0.3
 
Metals & Mining
0.1
 
Technology Hardware, Storage & Peripherals
0.0
 
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Percentages shown as 0.0% reflect amounts less than 0.05%.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Semiconductors Portfolio
Common Stocks - 98.1%
 
 
Shares
Value ($)
 
Electrical Equipment - 0.3%
 
 
 
Electrical Components & Equipment - 0.3%
 
 
 
Array Technologies, Inc. (a)
 
983,600
20,557,240
Electronic Equipment & Components - 1.6%
 
 
 
Electronic Equipment & Instruments - 0.0%
 
 
 
Aeva Technologies, Inc. (a)(b)
 
1,097,800
3,381,224
Electronic Manufacturing Services - 1.6%
 
 
 
Flex Ltd. (a)
 
1,244,200
22,159,202
Jabil, Inc.
 
1,319,958
79,593,467
 
 
 
101,752,669
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS
 
 
105,133,893
Semiconductors & Semiconductor Equipment - 93.3%
 
 
 
Semiconductor Equipment - 8.6%
 
 
 
Enphase Energy, Inc. (a)
 
57,000
16,327,080
KLA Corp.
 
170,013
58,506,574
Lam Research Corp.
 
356,873
156,278,255
Nova Ltd. (a)(b)
 
1,038,428
103,136,669
Teradyne, Inc. (b)
 
2,677,822
226,650,854
 
 
 
560,899,432
Semiconductors - 84.7%
 
 
 
Advanced Micro Devices, Inc. (a)
 
3,581,218
303,937,972
Allegro MicroSystems LLC (a)
 
2,347,000
54,732,040
Alpha & Omega Semiconductor Ltd. (a)
 
513,296
19,844,023
Analog Devices, Inc.
 
1,186,538
179,796,103
ASE Technology Holding Co. Ltd. ADR (b)
 
1,396,600
8,044,416
Broadcom, Inc.
 
550,950
274,984,655
Cirrus Logic, Inc. (a)
 
1,315,779
100,907,092
Diodes, Inc. (a)
 
809,700
57,626,349
GlobalFoundries, Inc. (b)
 
5,622,293
336,325,567
Lattice Semiconductor Corp. (a)
 
244,000
13,151,600
MACOM Technology Solutions Holdings, Inc. (a)
 
1,691,900
93,308,285
Marvell Technology, Inc.
 
12,731,677
596,097,117
MaxLinear, Inc. Class A (a)
 
1,524,331
54,769,213
Microchip Technology, Inc.
 
4,840,198
315,822,920
Monolithic Power Systems, Inc.
 
239,000
108,310,020
NVIDIA Corp.
 
8,859,568
1,337,263,193
NXP Semiconductors NV
 
4,010,288
660,013,199
onsemi (a)
 
7,998,709
550,071,218
Qualcomm, Inc.
 
911,288
120,536,064
Skyworks Solutions, Inc.
 
459,500
45,283,725
SMART Global Holdings, Inc. (a)(b)
 
760,000
13,946,000
Synaptics, Inc. (a)
 
306,664
35,453,425
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
2,200,100
183,378,335
Texas Instruments, Inc.
 
265,635
43,885,558
Wolfspeed, Inc. (a)(b)
 
195,200
22,149,344
 
 
 
5,529,637,433
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
 
 
6,090,536,865
Software - 2.9%
 
 
 
Application Software - 2.9%
 
 
 
Cadence Design Systems, Inc. (a)
 
1,077,800
187,289,306
Technology Hardware, Storage & Peripherals - 0.0%
 
 
 
Technology Hardware, Storage & Peripherals - 0.0%
 
 
 
IonQ, Inc. (a)(c)
 
155,600
924,264
 
TOTAL COMMON STOCKS
  (Cost $4,778,032,402)
 
 
 
6,404,441,568
 
 
 
 
Convertible Preferred Stocks - 0.6%
 
 
Shares
Value ($)
 
Electronic Equipment & Components - 0.0%
 
 
 
Electronic Components - 0.0%
 
 
 
Menlo Micro, Inc. Series C (c)(d)
 
739,500
778,324
Metals & Mining - 0.1%
 
 
 
Precious Metals & Minerals - 0.1%
 
 
 
Diamond Foundry, Inc. Series C (a)(c)(d)
 
189,999
6,028,668
Semiconductors & Semiconductor Equipment - 0.5%
 
 
 
Semiconductor Equipment - 0.2%
 
 
 
Astera Labs, Inc.:
 
 
 
 Series A (c)(d)
 
269,049
2,736,094
 Series B (c)(d)
 
45,810
465,865
 Series C (c)(d)
 
185,800
1,889,493
 Series D (c)(d)
 
1,092,759
11,112,813
 
 
 
16,204,265
Semiconductors - 0.3%
 
 
 
Alif Semiconductor Series C (c)(d)
 
444,283
9,018,296
GaN Systems, Inc.:
 
 
 
 Series F1 (c)(d)
 
496,628
3,332,374
 Series F2 (c)(d)
 
262,241
1,759,637
SiMa.ai:
 
 
 
 Series B (a)(c)(d)
 
309,900
2,197,470
 Series B1 (c)(d)
 
20,760
147,207
 
 
 
16,454,984
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
 
 
32,659,249
Software - 0.0%
 
 
 
Systems Software - 0.0%
 
 
 
Tenstorrent, Inc. Series C1 (a)(c)(d)
 
8,800
495,264
 
TOTAL CONVERTIBLE PREFERRED STOCKS
  (Cost $38,192,468)
 
 
 
39,961,505
 
 
 
 
Preferred Securities - 0.2%
 
 
Principal
Amount (e)
 
Value ($)
 
Semiconductors & Semiconductor Equipment - 0.2%
 
 
 
Semiconductors - 0.2%
 
 
 
GaN Systems, Inc. 0% (c)(d)(f)
 
11,640,267
11,640,267
Software - 0.0%
 
 
 
Systems Software - 0.0%
 
 
 
Tenstorrent, Inc. 0% (c)(d)(f)
 
490,000
490,000
 
TOTAL PREFERRED SECURITIES
  (Cost $12,130,267)
 
 
 
12,130,267
 
 
 
 
Money Market Funds - 6.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (g)
 
50,110,447
50,120,469
Fidelity Securities Lending Cash Central Fund 2.34% (g)(h)
 
348,071,110
348,105,917
 
TOTAL MONEY MARKET FUNDS
  (Cost $398,226,386)
 
 
398,226,386
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 105.0%
  (Cost $5,226,581,523)
 
 
 
6,854,759,726
NET OTHER ASSETS (LIABILITIES) - (5.0)%  
(325,333,842)
NET ASSETS - 100.0%
6,529,425,884
 
 
 
 
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 $53,016,036 or 0.8% of net assets.
 
(d)
Level 3 security
 
(e)
Amount is stated in United States dollars unless otherwise noted.
 
(f)
Security is perpetual in nature with no stated maturity date.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Alif Semiconductor Series C
3/08/22
9,018,296
Astera Labs, Inc. Series A
5/17/22
2,736,094
Astera Labs, Inc. Series B
5/17/22
465,865
Astera Labs, Inc. Series C
8/24/21
624,622
Astera Labs, Inc. Series D
5/17/22 - 5/27/22
11,112,812
Diamond Foundry, Inc. Series C
3/15/21
4,559,976
GaN Systems, Inc. Series F1
11/30/21
4,211,405
GaN Systems, Inc. Series F2
11/30/21
2,223,804
GaN Systems, Inc. 0%
11/30/21
11,640,267
IonQ, Inc.
3/07/21
1,556,000
Menlo Micro, Inc. Series C
2/09/22
980,207
SiMa.ai Series B
5/10/21
1,588,981
SiMa.ai Series B1
4/25/22
147,207
Tenstorrent, Inc. Series C1
4/23/21
523,198
Tenstorrent, Inc. 0%
4/23/21
490,000
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,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
56,307,633
686,529,507
692,716,671
368,695
-
-
50,120,469
0.1%
Fidelity Securities Lending Cash Central Fund 2.34%
109,291,689
1,130,930,725
892,116,497
1,304,592
-
-
348,105,917
1.0%
Total
165,599,322
1,817,460,232
1,584,833,168
1,673,287
-
-
398,226,386
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
6,404,441,568
6,404,441,568
-
-
 Convertible Preferred Stocks
39,961,505
-
-
39,961,505
 Preferred Securities
12,130,267
-
-
12,130,267
  Money Market Funds
398,226,386
398,226,386
-
-
 Total Investments in Securities:
6,854,759,726
6,802,667,954
-
52,091,772
Semiconductors Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $334,831,813) - See accompanying schedule:
 
$6,456,533,340
 
 
Unaffiliated issuers (cost $4,828,355,137)
 
 
 
Fidelity Central Funds (cost $398,226,386)
 
398,226,386
 
 
 
 
 
 
 
Total Investment in Securities (cost $5,226,581,523)
 
 
$
6,854,759,726
Receivable for investments sold
 
 
 
29,764,292
Receivable for fund shares sold
 
 
 
1,952,878
Dividends receivable
 
 
 
3,978,814
Distributions receivable from Fidelity Central Funds
 
 
 
845,106
Prepaid expenses
 
 
 
24,134
Other receivables
 
 
 
194,636
  Total assets
 
 
 
6,891,519,586
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
9,697,599
 
 
Accrued management fee
 
3,162,561
 
 
Other affiliated payables
 
895,514
 
 
Other payables and accrued expenses
 
232,111
 
 
Collateral on securities loaned
 
348,105,917
 
 
  Total Liabilities
 
 
 
362,093,702
Net Assets  
 
 
$
6,529,425,884
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
4,853,234,435
Total accumulated earnings (loss)
 
 
 
1,676,191,449
Net Assets
 
 
$
6,529,425,884
Net Asset Value , offering price and redemption price per share ($6,529,425,884 ÷ 416,013,220 shares)
 
 
$
15.70
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
26,307,712
Income from Fidelity Central Funds (including $1,304,592 from security lending)
 
 
 
1,673,287
 Total Income
 
 
 
27,980,999
Expenses
 
 
 
 
Management fee
$
18,905,568
 
 
Transfer agent fees
 
5,097,057
 
 
Accounting fees
 
554,574
 
 
Custodian fees and expenses
 
39,418
 
 
Independent trustees' fees and expenses
 
11,784
 
 
Registration fees
 
58,121
 
 
Audit
 
18,459
 
 
Legal
 
2,673
 
 
Interest
 
1,055
 
 
Miscellaneous
 
19,179
 
 
 Total expenses before reductions
 
24,707,888
 
 
 Expense reductions
 
(122,726)
 
 
 Total expenses after reductions
 
 
 
24,585,162
Net Investment income (loss)
 
 
 
3,395,837
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
66,711,714
 
 
 Foreign currency transactions
 
(121,340)
 
 
Total net realized gain (loss)
 
 
 
66,590,374
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(1,705,929,881)
 
 
 Assets and liabilities in foreign currencies
 
2,729
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(1,705,927,152)
Net gain (loss)
 
 
 
(1,639,336,778)
Net increase (decrease) in net assets resulting from operations
 
 
$
(1,635,940,941)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
3,395,837
$
2,075,831
Net realized gain (loss)
 
66,590,374
 
 
704,123,799
 
Change in net unrealized appreciation (depreciation)
 
(1,705,927,152)
 
616,660,274
 
Net increase (decrease) in net assets resulting from operations
 
(1,635,940,941)
 
 
1,322,859,904
 
Distributions to shareholders
 
(287,580,089)
 
 
(613,939,297)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
719,339,001
 
3,146,391,881
  Reinvestment of distributions
 
271,103,279
 
 
580,580,568
 
Cost of shares redeemed
 
(964,418,385)
 
(1,726,756,170)
  Net increase (decrease) in net assets resulting from share transactions
 
26,023,895
 
 
2,000,216,279
 
Total increase (decrease) in net assets
 
(1,897,497,135)
 
 
2,709,136,886
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
8,426,923,019
 
5,717,786,133
 
End of period
$
6,529,425,884
$
8,426,923,019
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
40,504,864
 
150,199,767
  Issued in reinvestment of distributions
 
15,103,244
 
 
28,114,026
 
Redeemed
 
(56,173,217)
 
(86,759,172)
Net increase (decrease)
 
(565,109)
 
91,554,621
 
 
 
 
 
 
 
Semiconductors Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019   B
 
2018   B  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.23
$
17.59
$
11.47
$
9.41
$
11.77
$
10.12
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
.01
 
.01
 
.07
 
.09
 
.10
 
.05
     Net realized and unrealized gain (loss)
 
(3.84)
 
4.30
 
7.37
 
2.39
 
(.35)
 
3.24
  Total from investment operations
 
(3.83)  
 
4.31  
 
7.44  
 
2.48  
 
(.25)
 
3.29
  Distributions from net investment income
 
-
 
(.01)
 
(.08)
 
(.10)
 
(.06)
 
(.12)
  Distributions from net realized gain
 
(.70)
 
(1.66)
 
(1.24)
 
(.33)
 
(2.05)
 
(1.52)
     Total distributions
 
(.70)
 
(1.67)
 
(1.32)
 
(.42) E
 
(2.11)
 
(1.64)
  Redemption fees added to paid in capital C
 
-
 
-
 
-
 
-
 
-
 
- F
  Net asset value, end of period
$
15.70
$
20.23
$
17.59
$
11.47
$
9.41
$
11.77
 Total Return   G,H
 
(19.38)%
 
24.57%
 
70.47%
 
26.01%
 
.19%
 
34.20%
 Ratios to Average Net Assets D,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.69% K
 
.68%
 
.70%
 
.72%
 
.73%
 
.75%
    Expenses net of fee waivers, if any
 
.68% K
 
.67%
 
.70%
 
.72%
 
.73%
 
.75%
    Expenses net of all reductions
 
.68% K
 
.67%
 
.69%
 
.71%
 
.72%
 
.74%
    Net investment income (loss)
 
.09% K
 
.03%
 
.53%
 
.85%
 
.92%
 
.47%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,529,426
$
8,426,923
$
5,717,786
$
3,778,557
$
3,052,506
$
3,652,565
    Portfolio turnover rate L
 
31% K
 
33%
 
87%
 
114%
 
130%
 
110%
 
A For the year ended February 29.
 
B Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.
 
C Calculated based on average shares outstanding during the period.
 
D Net investment income (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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
E Total distributions per share do not sum due to rounding.
 
F Amount represents less than $.005 per share.
 
G Total returns for periods of less than one year are not annualized.
 
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Annualized
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.
24.7
 
Visa, Inc. Class A
7.2
 
MasterCard, Inc. Class A
6.4
 
Adobe, Inc.
5.8
 
Salesforce.com, Inc.
4.9
 
Alphabet, Inc. Class A
2.9
 
Palo Alto Networks, Inc.
2.8
 
PayPal Holdings, Inc.
2.8
 
Autodesk, Inc.
2.5
 
Cognizant Technology Solutions Corp. Class A
2.3
 
 
62.3
 
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Industries (% of Fund's net assets)
 
Software
57.0
 
IT Services
34.1
 
Interactive Media & Services
4.5
 
Entertainment
1.7
 
Internet & Direct Marketing Retail
0.6
 
Professional Services
0.3
 
Media
0.2
 
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Percentages shown as 0.0% reflect amounts less than 0.05%.
 
Software and IT Services Portfolio
Common Stocks - 98.4%
 
 
Shares
Value ($)
 
Entertainment - 1.7%
 
 
 
Interactive Home Entertainment - 1.7%
 
 
 
Activision Blizzard, Inc.
 
814,900
63,961,501
Electronic Arts, Inc.
 
717,300
91,003,851
 
 
 
154,965,352
Interactive Media & Services - 4.5%
 
 
 
Interactive Media & Services - 4.5%
 
 
 
Alphabet, Inc. Class A (a)
 
2,496,000
270,117,120
Meta Platforms, Inc. Class A (a)
 
420,300
68,479,479
Twitter, Inc. (a)
 
2,062,242
79,911,878
 
 
 
418,508,477
Internet & Direct Marketing Retail - 0.6%
 
 
 
Internet & Direct Marketing Retail - 0.6%
 
 
 
Alibaba Group Holding Ltd. sponsored ADR (a)
 
352,800
33,660,648
Uber Technologies, Inc. (a)
 
725,900
20,876,884
 
 
 
54,537,532
IT Services - 34.1%
 
 
 
Data Processing & Outsourced Services - 20.4%
 
 
 
AvidXchange Holdings, Inc.
 
36,300
282,777
Block, Inc. Class A (a)
 
711,400
49,022,574
ExlService Holdings, Inc. (a)
 
216,062
36,235,758
Fidelity National Information Services, Inc.
 
611,200
55,845,344
Fiserv, Inc. (a)
 
272,400
27,564,156
FleetCor Technologies, Inc. (a)
 
153,200
32,559,596
Global Payments, Inc.
 
1,168,870
145,208,720
MasterCard, Inc. Class A
 
1,814,800
588,666,676
PayPal Holdings, Inc. (a)
 
2,706,500
252,895,360
StoneCo Ltd. Class A (a)
 
319,600
3,029,808
Visa, Inc. Class A
 
3,341,920
664,072,923
WEX, Inc. (a)
 
114,700
17,692,475
 
 
 
1,873,076,167
Internet Services & Infrastructure - 5.1%
 
 
 
Akamai Technologies, Inc. (a)
 
1,122,900
101,375,412
GoDaddy, Inc. (a)
 
1,471,200
111,546,384
MongoDB, Inc. Class A (a)
 
346,200
111,774,132
Snowflake, Inc. (a)
 
333,200
60,292,540
Twilio, Inc. Class A (a)
 
748,400
52,073,672
Wix.com Ltd. (a)
 
472,300
29,891,867
 
 
 
466,954,007
IT Consulting & Other Services - 8.6%
 
 
 
Accenture PLC Class A
 
655,900
189,200,914
Capgemini SA
 
691,100
120,152,124
Cognizant Technology Solutions Corp. Class A
 
3,294,200
208,094,614
DXC Technology Co. (a)
 
707,800
17,539,284
Gartner, Inc. (a)
 
301,600
86,052,512
IBM Corp.
 
1,241,200
159,432,140
Kyndryl Holdings, Inc. (a)
 
281,400
2,932,188
Thoughtworks Holding, Inc.
 
46,100
606,676
 
 
 
784,010,452
TOTAL IT SERVICES
 
 
3,124,040,626
Media - 0.2%
 
 
 
Publishing - 0.2%
 
 
 
The New York Times Co. Class A
 
560,000
17,074,400
Professional Services - 0.3%
 
 
 
Research & Consulting Services - 0.3%
 
 
 
CACI International, Inc. Class A (a)
 
88,700
24,913,169
Software - 57.0%
 
 
 
Application Software - 24.8%
 
 
 
Adobe, Inc. (a)
 
1,415,000
528,417,600
Alteryx, Inc. Class A (a)
 
329,700
20,546,904
Aspen Technology, Inc. (a)
 
204,162
42,996,517
Autodesk, Inc. (a)
 
1,125,000
226,957,500
Avalara, Inc. (a)
 
285,100
26,112,309
Blackbaud, Inc. (a)
 
646,300
33,801,490
Braze, Inc.
 
15,500
638,290
Ceridian HCM Holding, Inc. (a)
 
981,542
58,539,165
Citrix Systems, Inc.
 
258,907
26,607,872
Confluent, Inc. (a)
 
148,100
4,052,016
Constellation Software, Inc.
 
25,200
37,934,217
Coupa Software, Inc. (a)
 
424,300
24,779,120
DocuSign, Inc. (a)
 
129,800
7,556,956
Dropbox, Inc. Class A (a)
 
213,000
4,556,070
Elastic NV (a)
 
735,700
61,732,587
Everbridge, Inc. (a)
 
473,000
18,815,940
Five9, Inc. (a)
 
323,000
31,689,530
HashiCorp, Inc.
 
16,900
597,415
HubSpot, Inc. (a)
 
215,000
72,463,600
Intuit, Inc.
 
281,600
121,589,248
Liveramp Holdings, Inc. (a)
 
265,300
5,266,205
Micro Focus International PLC
 
1,263,938
7,609,954
Momentive Global, Inc. (a)
 
850,700
6,031,463
New Relic, Inc. (a)
 
473,100
28,721,901
PTC, Inc. (a)
 
934,400
107,353,216
Qualtrics International, Inc. (a)
 
877,200
10,745,700
Salesforce.com, Inc. (a)
 
2,898,284
452,480,098
Samsara, Inc. (b)
 
69,800
1,037,926
SAP SE
 
73,900
6,294,018
Smartsheet, Inc. (a)
 
313,700
10,436,799
Workday, Inc. Class A (a)
 
872,300
143,545,688
Workiva, Inc. (a)
 
226,100
15,349,929
Zendesk, Inc. (a)
 
1,178,100
90,442,737
Zoom Video Communications, Inc. Class A (a)
 
406,900
32,714,760
 
 
 
2,268,414,740
Systems Software - 32.2%
 
 
 
GitLab, Inc.
 
11,200
670,544
Mandiant, Inc. (a)
 
3,422,300
78,233,778
Microsoft Corp.
 
8,667,500
2,266,291,225
NortonLifeLock, Inc.
 
4,479,100
101,182,869
Oracle Corp.
 
2,364,027
175,292,602
Palo Alto Networks, Inc. (a)
 
465,500
259,195,055
Tenable Holdings, Inc. (a)
 
1,617,600
64,073,136
Zuora, Inc. (a)
 
1,207,700
9,275,136
 
 
 
2,954,214,345
TOTAL SOFTWARE
 
 
5,222,629,085
 
TOTAL COMMON STOCKS
  (Cost $5,272,175,519)
 
 
 
9,016,668,641
 
 
 
 
Money Market Funds - 1.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (c)
 
140,151,290
140,179,320
Fidelity Securities Lending Cash Central Fund 2.34% (c)(d)
 
1,016,898
1,017,000
 
TOTAL MONEY MARKET FUNDS
  (Cost $141,196,320)
 
 
141,196,320
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
  (Cost $5,413,371,839)
 
 
 
9,157,864,961
NET OTHER ASSETS (LIABILITIES) - 0.0%  
2,133,698
NET ASSETS - 100.0%
9,159,998,659
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
46,704,772
410,494,606
317,020,058
423,218
-
-
140,179,320
0.3%
Fidelity Securities Lending Cash Central Fund 2.34%
582,500
108,196,303
107,761,803
22,211
-
-
1,017,000
0.0%
Total
47,287,272
518,690,909
424,781,861
445,429
-
-
141,196,320
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
9,016,668,641
9,002,764,669
13,903,972
-
  Money Market Funds
141,196,320
141,196,320
-
-
 Total Investments in Securities:
9,157,864,961
9,143,960,989
13,903,972
-
Software and IT Services Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $1,008,186) - See accompanying schedule:
 
$9,016,668,641
 
 
Unaffiliated issuers (cost $5,272,175,519)
 
 
 
Fidelity Central Funds (cost $141,196,320)
 
141,196,320
 
 
 
 
 
 
 
Total Investment in Securities (cost $5,413,371,839)
 
 
$
9,157,864,961
Receivable for investments sold
 
 
 
6,898,154
Receivable for fund shares sold
 
 
 
1,141,905
Dividends receivable
 
 
 
9,537,089
Distributions receivable from Fidelity Central Funds
 
 
 
152,164
Prepaid expenses
 
 
 
34,555
Other receivables
 
 
 
458,183
  Total assets
 
 
 
9,176,087,011
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
9,130,560
 
 
Accrued management fee
 
4,312,194
 
 
Transfer agent fee payable
 
1,161,557
 
 
Other affiliated payables
 
96,315
 
 
Other payables and accrued expenses
 
370,726
 
 
Collateral on securities loaned
 
1,017,000
 
 
  Total Liabilities
 
 
 
16,088,352
Net Assets  
 
 
$
9,159,998,659
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
5,131,000,702
Total accumulated earnings (loss)
 
 
 
4,028,997,957
Net Assets
 
 
$
9,159,998,659
Net Asset Value , offering price and redemption price per share ($9,159,998,659 ÷ 418,745,659 shares)
 
 
$
21.87
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
30,217,968
Income from Fidelity Central Funds (including $22,211 from security lending)
 
 
 
445,429
 Total Income
 
 
 
30,663,397
Expenses
 
 
 
 
Management fee
$
26,209,518
 
 
Transfer agent fees
 
7,243,959
 
 
Accounting fees
 
611,439
 
 
Custodian fees and expenses
 
38,546
 
 
Independent trustees' fees and expenses
 
16,329
 
 
Registration fees
 
29,081
 
 
Audit
 
18,003
 
 
Legal
 
4,203
 
 
Interest
 
7,451
 
 
Miscellaneous
 
32,152
 
 
 Total expenses before reductions
 
34,210,681
 
 
 Expense reductions
 
(167,865)
 
 
 Total expenses after reductions
 
 
 
34,042,816
Net Investment income (loss)
 
 
 
(3,379,419)
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
291,914,710
 
 
 Foreign currency transactions
 
716
 
 
Total net realized gain (loss)
 
 
 
291,915,426
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(1,825,642,094)
 
 
 Assets and liabilities in foreign currencies
 
(7,205)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(1,825,649,299)
Net gain (loss)
 
 
 
(1,533,733,873)
Net increase (decrease) in net assets resulting from operations
 
 
$
(1,537,113,292)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
(3,379,419)
$
(21,892,746)
Net realized gain (loss)
 
291,915,426
 
 
1,110,704,960
 
Change in net unrealized appreciation (depreciation)
 
(1,825,649,299)
 
(688,232,505)
 
Net increase (decrease) in net assets resulting from operations
 
(1,537,113,292)
 
 
400,579,709
 
Distributions to shareholders
 
(393,321,116)
 
 
(831,854,738)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
280,131,909
 
1,277,423,928
  Reinvestment of distributions
 
369,715,240
 
 
783,418,638
 
Cost of shares redeemed
 
(827,705,424)
 
(2,255,819,953)
  Net increase (decrease) in net assets resulting from share transactions
 
(177,858,275)
 
 
(194,977,387)
 
Total increase (decrease) in net assets
 
(2,108,292,683)
 
 
(626,252,416)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
11,268,291,342
 
11,894,543,758
 
End of period
$
9,159,998,659
$
11,268,291,342
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
11,837,462
 
42,971,848
  Issued in reinvestment of distributions
 
14,607,456
 
 
26,896,267
 
Redeemed
 
(35,735,055)
 
(77,442,780)
Net increase (decrease)
 
(9,290,137)
 
(7,574,665)
 
 
 
 
 
 
 
Software and IT Services Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019   B
 
2018   B  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
26.33
$
27.31
$
19.90
$
18.71
$
17.89
$
14.09
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
(.01)
 
(.05)
 
(.03)
 
.19 E
 
.02
 
(.02)
     Net realized and unrealized gain (loss)
 
(3.52)
 
1.03
 
8.82
 
3.52
 
1.81
 
5.01
  Total from investment operations
 
(3.53)  
 
.98  
 
8.79  
 
3.71  
 
1.83
 
4.99
  Distributions from net investment income
 
-
 
-
 
(.15)
 
(.05)
 
(.01)
 
-
  Distributions from net realized gain
 
(.93)
 
(1.96)
 
(1.23)
 
(2.47)
 
(1.00)
 
(1.19)
     Total distributions
 
(.93)
 
(1.96)
 
(1.38)
 
(2.52)
 
(1.01)
 
(1.19)
  Net asset value, end of period
$
21.87
$
26.33
$
27.31
$
19.90
$
18.71
$
17.89
 Total Return   F,G
 
(13.89)%
 
2.98%
 
45.80%
 
21.33%
 
10.90%
 
36.76%
 Ratios to Average Net Assets D,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.69% J
 
.67%
 
.70%
 
.70%
 
.72%
 
.73%
    Expenses net of fee waivers, if any
 
.68% J
 
.67%
 
.70%
 
.70%
 
.72%
 
.73%
    Expenses net of all reductions
 
.68% J
 
.67%
 
.69%
 
.70%
 
.71%
 
.73%
    Net investment income (loss)
 
(.07)% J
 
(.17)%
 
(.11)%
 
.98% E
 
.10%
 
(.09)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
9,159,999
$
11,268,291
$
11,894,544
$
8,031,911
$
6,540,896
$
5,539,357
    Portfolio turnover rate K
 
1% J
 
10%
 
22%
 
23%
 
48%
 
31%
 
A For the year ended February 29.
 
B Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.
 
C Calculated based on average shares outstanding during the period.
 
D Net investment income (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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .22%.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
J Annualized
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Top Holdings (% of Fund's net assets)
 
Cisco Systems, Inc.
11.4
 
Apple, Inc.
11.2
 
Sony Group Corp.
10.5
 
Samsung Electronics Co. Ltd.
10.3
 
Palo Alto Networks, Inc.
6.1
 
Motorola Solutions, Inc.
4.9
 
Fortinet, Inc.
3.2
 
FUJIFILM Holdings Corp.
3.1
 
Nintendo Co. Ltd.
3.0
 
CDW Corp.
2.7
 
 
66.4
 
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Industries (% of Fund's net assets)
 
Technology Hardware, Storage & Peripherals
36.5
 
Communications Equipment
27.1
 
Household Durables
12.9
 
Software
10.5
 
Electronic Equipment & Components
8.3
 
Entertainment
3.0
 
IT Services
0.5
 
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Percentages shown as 0.0% reflect amounts less than 0.05%.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Tech Hardware Portfolio
Common Stocks - 98.8%
 
 
Shares
Value ($)
 
Communications Equipment - 27.1%
 
 
 
Communications Equipment - 27.1%
 
 
 
Arista Networks, Inc. (a)
 
146,866
17,606,296
Calix, Inc. (a)
 
136,137
8,011,662
Ciena Corp. (a)
 
191,819
9,732,896
Cisco Systems, Inc.
 
1,868,165
83,544,337
CommScope Holding Co., Inc. (a)
 
396,562
4,481,151
Ericsson (B Shares)
 
2,251,737
16,839,443
Extreme Networks, Inc. (a)
 
616,678
8,836,996
Juniper Networks, Inc.
 
100,404
2,853,482
Motorola Solutions, Inc.
 
147,333
35,862,326
Nokia Corp.
 
2,171,653
10,943,748
 
 
 
198,712,337
Electronic Equipment & Components - 8.3%
 
 
 
Electronic Components - 0.8%
 
 
 
Kyocera Corp.
 
101,994
5,669,212
Electronic Equipment & Instruments - 3.8%
 
 
 
Keysight Technologies, Inc. (a)
 
109,238
17,903,016
Napco Security Technologies, Inc.
 
35,154
1,042,668
Zebra Technologies Corp. Class A (a)
 
28,868
8,707,744
 
 
 
27,653,428
Technology Distributors - 3.7%
 
 
 
CDW Corp.
 
117,257
20,015,770
TD SYNNEX Corp.
 
75,418
7,261,245
 
 
 
27,277,015
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS
 
 
60,599,655
Entertainment - 3.0%
 
 
 
Interactive Home Entertainment - 3.0%
 
 
 
Nintendo Co. Ltd.
 
52,919
21,662,229
Household Durables - 12.9%
 
 
 
Consumer Electronics - 12.9%
 
 
 
Garmin Ltd.
 
72,741
6,436,851
Panasonic Holdings Corp.
 
610,838
4,956,574
Sonos, Inc. (a)(b)
 
412,175
6,199,112
Sony Group Corp.
 
965,949
76,796,140
 
 
 
94,388,677
IT Services - 0.5%
 
 
 
Internet Services & Infrastructure - 0.5%
 
 
 
Cloudflare, Inc. (a)
 
63,138
3,950,545
Software - 10.5%
 
 
 
Application Software - 0.6%
 
 
 
NCR Corp. (a)
 
137,950
4,283,348
Systems Software - 9.9%
 
 
 
Fortinet, Inc. (a)
 
490,102
23,863,066
KnowBe4, Inc. (a)
 
219,060
4,210,333
Palo Alto Networks, Inc. (a)(b)
 
80,093
44,596,583
 
 
 
72,669,982
TOTAL SOFTWARE
 
 
76,953,330
Technology Hardware, Storage & Peripherals - 36.5%
 
 
 
Technology Hardware, Storage & Peripherals - 36.5%
 
 
 
Advantech Co. Ltd.
 
191,434
2,043,798
Apple, Inc.
 
523,074
82,237,694
Canon, Inc.
 
380,586
9,114,772
Dell Technologies, Inc.
 
472,405
18,088,387
FUJIFILM Holdings Corp.
 
453,673
23,031,532
Hewlett Packard Enterprise Co.
 
305,063
4,148,857
HP, Inc.
 
439,310
12,612,590
NetApp, Inc.
 
81,620
5,887,251
Pure Storage, Inc. Class A (a)
 
357,093
10,344,984
Samsung Electronics Co. Ltd.
 
1,710,114
75,460,084
Seagate Technology Holdings PLC
 
212,678
14,240,919
Xiaomi Corp. Class B (a)(c)
 
7,193,805
10,507,694
 
 
 
267,718,562
 
TOTAL COMMON STOCKS
  (Cost $607,629,562)
 
 
 
723,985,335
 
 
 
 
Money Market Funds - 6.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (d)
 
3,322,490
3,323,154
Fidelity Securities Lending Cash Central Fund 2.34% (d)(e)
 
41,126,987
41,131,100
 
TOTAL MONEY MARKET FUNDS
  (Cost $44,454,254)
 
 
44,454,254
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 104.9%
  (Cost $652,083,816)
 
 
 
768,439,589
NET OTHER ASSETS (LIABILITIES) - (4.9)%  
(35,956,106)
NET ASSETS - 100.0%
732,483,483
 
 
 
 
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 $10,507,694 or 1.4% of net assets.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
2,163,365
57,577,550
56,417,761
7,431
-
-
3,323,154
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
13,140,825
119,935,713
91,945,438
13,430
-
-
41,131,100
0.1%
Total
15,304,190
177,513,263
148,363,199
20,861
-
-
44,454,254
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
723,985,335
466,960,109
257,025,226
-
  Money Market Funds
44,454,254
44,454,254
-
-
 Total Investments in Securities:
768,439,589
511,414,363
257,025,226
-
Tech Hardware Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $40,091,216) - See accompanying schedule:
 
$723,985,335
 
 
Unaffiliated issuers (cost $607,629,562)
 
 
 
Fidelity Central Funds (cost $44,454,254)
 
44,454,254
 
 
 
 
 
 
 
Total Investment in Securities (cost $652,083,816)
 
 
$
768,439,589
Receivable for investments sold
 
 
 
17,934,200
Receivable for fund shares sold
 
 
 
90,717
Dividends receivable
 
 
 
336,942
Distributions receivable from Fidelity Central Funds
 
 
 
5,156
Prepaid expenses
 
 
 
3,137
Other receivables
 
 
 
169,352
  Total assets
 
 
 
786,979,093
Liabilities
 
 
 
 
Payable to custodian bank
 
6
 
 
Payable for investments purchased
 
11,166,183
 
 
Payable for fund shares redeemed
 
1,657,871
 
 
Accrued management fee
 
339,693
 
 
Other affiliated payables
 
119,003
 
 
Other payables and accrued expenses
 
81,754
 
 
Collateral on securities loaned
 
41,131,100
 
 
  Total Liabilities
 
 
 
54,495,610
Net Assets  
 
 
$
732,483,483
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
620,116,737
Total accumulated earnings (loss)
 
 
 
112,366,746
Net Assets
 
 
$
732,483,483
Net Asset Value , offering price and redemption price per share ($732,483,483 ÷ 9,787,443 shares)
 
 
$
74.84
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
5,694,957
Income from Fidelity Central Funds (including $13,430 from security lending)
 
 
 
20,861
 Total Income
 
 
 
5,715,818
Expenses
 
 
 
 
Management fee
$
2,100,185
 
 
Transfer agent fees
 
613,852
 
 
Accounting fees
 
131,597
 
 
Custodian fees and expenses
 
16,409
 
 
Independent trustees' fees and expenses
 
1,315
 
 
Registration fees
 
20,085
 
 
Audit
 
23,029
 
 
Legal
 
494
 
 
Interest
 
162
 
 
Miscellaneous
 
(9,243)
 
 
 Total expenses before reductions
 
2,897,885
 
 
 Expense reductions
 
(13,472)
 
 
 Total expenses after reductions
 
 
 
2,884,413
Net Investment income (loss)
 
 
 
2,831,405
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(3,976,786)
 
 
 Foreign currency transactions
 
(97,180)
 
 
Total net realized gain (loss)
 
 
 
(4,073,966)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(142,431,520)
 
 
 Assets and liabilities in foreign currencies
 
(81,022)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(142,512,542)
Net gain (loss)
 
 
 
(146,586,508)
Net increase (decrease) in net assets resulting from operations
 
 
$
(143,755,103)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
2,831,405
$
3,223,590
Net realized gain (loss)
 
(4,073,966)
 
 
173,943,867
 
Change in net unrealized appreciation (depreciation)
 
(142,512,542)
 
(149,735,648)
 
Net increase (decrease) in net assets resulting from operations
 
(143,755,103)
 
 
27,431,809
 
Distributions to shareholders
 
(108,481,985)
 
 
(131,911,413)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
21,830,817
 
125,851,574
  Net asset value of shares issued in exchange for the net assets of the Target Fund(s) (see Merger Information note)
 
-
 
 
189,381,924
 
  Reinvestment of distributions
 
102,874,192
 
 
125,862,871
 
Cost of shares redeemed
 
(53,633,366)
 
(193,743,884)
  Net increase (decrease) in net assets resulting from share transactions
 
71,071,643
 
 
247,352,485
 
Total increase (decrease) in net assets
 
(181,165,445)
 
 
142,872,881
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
913,648,928
 
770,776,047
 
End of period
$
732,483,483
$
913,648,928
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
263,067
 
1,206,665
  Issued in exchange for the shares of the Target Fund(s) (see Merger Information note)
 
-
 
 
1,755,160
 
  Issued in reinvestment of distributions
 
1,180,291
 
 
1,142,875
 
Redeemed
 
(659,125)
 
(1,819,249)
Net increase (decrease)
 
784,233
 
2,285,451
 
 
 
 
 
 
 
Tech Hardware Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
101.48
$
114.74
$
78.64
$
75.84
$
92.81
$
83.01
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.29
 
.42
 
.93 D
 
1.51 E
 
.81
 
.67
     Net realized and unrealized gain (loss)
 
(14.80)
 
5.73
 
44.83
 
11.48
 
(1.67)
 
19.24
  Total from investment operations
 
(14.51)  
 
6.15  
 
45.76  
 
12.99  
 
(.86)
 
19.91
  Distributions from net investment income
 
-
 
(.73) F
 
(1.61)
 
(.77)
 
(.88) F
 
(.73) F
  Distributions from net realized gain
 
(12.13)
 
(18.68) F
 
(8.05)
 
(9.42)
 
(15.23) F
 
(9.38) F
     Total distributions
 
(12.13)
 
(19.41)
 
(9.66)
 
(10.19)
 
(16.11)
 
(10.11)
  Redemption fees added to paid in capital B
 
-
 
-
 
-
 
-
 
-
 
- G
  Net asset value, end of period
$
74.84
$
101.48
$
114.74
$
78.64
$
75.84
$
92.81
 Total Return   H,I
 
(15.99)%
 
4.72%
 
62.60%
 
17.80%
 
.54%
 
24.82%
 Ratios to Average Net Assets C,J,K
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.73% L
 
.72% M
 
.74%
 
.76%
 
.77%
 
.79%
    Expenses net of fee waivers, if any
 
.72% L
 
.72% M
 
.74%
 
.76%
 
.77%
 
.79%
    Expenses net of all reductions
 
.72% L
 
.72% M
 
.73%
 
.75%
 
.77%
 
.78%
    Net investment income (loss)
 
.71% L
 
.38% M
 
1.04% D
 
1.95% E
 
.90%
 
.75%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
732,483
$
913,649
$
770,776
$
533,793
$
491,780
$
538,332
    Portfolio turnover rate N
 
22% L
 
99% O
 
78%
 
116%
 
81%
 
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.44 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .55%.
 
E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.78 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .94%.
 
F The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
G Amount represents less than $.005 per share.
 
H Total returns for periods of less than one year are not annualized.
 
I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
J Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
L Annualized
 
M Proxy expenses are not annualized.
 
N Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
O The portfolio turnover rate does not include the assets acquired in the merger.
 
 
Top Holdings (% of Fund's net assets)
 
Apple, Inc.
24.9
 
Microsoft Corp.
18.7
 
NVIDIA Corp.
5.5
 
MasterCard, Inc. Class A
4.9
 
Marvell Technology, Inc.
4.4
 
NXP Semiconductors NV
3.2
 
onsemi
2.8
 
Salesforce.com, Inc.
2.7
 
Cisco Systems, Inc.
2.3
 
GlobalFoundries, Inc.
2.0
 
 
71.4
 
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Industries (% of Fund's net assets)
 
Software
29.0
 
Technology Hardware, Storage & Peripherals
24.9
 
Semiconductors & Semiconductor Equipment
22.4
 
IT Services
14.0
 
Communications Equipment
2.4
 
Hotels, Restaurants & Leisure
1.1
 
Internet & Direct Marketing Retail
1.1
 
Electronic Equipment & Components
0.9
 
Interactive Media & Services
0.9
 
Entertainment
0.6
 
Oil, Gas & Consumable Fuels
0.5
 
Chemicals
0.2
 
Aerospace & Defense
0.1
 
Air Freight & Logistics
0.1
 
Construction & Engineering
0.1
 
Diversified Financial Services
0.1
 
Food Products
0.1
 
Capital Markets
0.0
 
Electrical Equipment
0.0
 
Life Sciences Tools & Services
0.0
 
Pharmaceuticals
0.0
 
Road & Rail
0.0
 
Textiles, Apparel & Luxury Goods
0.0
 
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Percentages shown as 0.0% reflect amounts less than 0.05%.
 
Technology Portfolio
Common Stocks - 97.2%
 
 
Shares
Value ($)
 
Air Freight & Logistics - 0.1%
 
 
 
Air Freight & Logistics - 0.1%
 
 
 
Delhivery Private Ltd. (a)
 
579,000
3,936,317
Capital Markets - 0.0%
 
 
 
Financial Exchanges & Data - 0.0%
 
 
 
Coinbase Global, Inc. (b)
 
8,511
568,535
Chemicals - 0.2%
 
 
 
Commodity Chemicals - 0.2%
 
 
 
LG Chemical Ltd.
 
40,787
19,016,832
Communications Equipment - 2.3%
 
 
 
Communications Equipment - 2.3%
 
 
 
Cisco Systems, Inc.
 
4,389,273
196,288,289
Diversified Financial Services - 0.1%
 
 
 
Other Diversified Financial Services - 0.1%
 
 
 
Ant International Co. Ltd. Class C (a)(b)(c)
 
6,426,931
11,504,206
Electrical Equipment - 0.0%
 
 
 
Electrical Components & Equipment - 0.0%
 
 
 
ESS Tech, Inc. Class A (b)
 
787,286
3,495,550
Electronic Equipment & Components - 0.9%
 
 
 
Electronic Manufacturing Services - 0.9%
 
 
 
Jabil, Inc.
 
1,236,625
74,568,488
Entertainment - 0.6%
 
 
 
Movies & Entertainment - 0.6%
 
 
 
Netflix, Inc. (b)
 
226,730
50,687,759
Food Products - 0.1%
 
 
 
Agricultural Products - 0.1%
 
 
 
Local Bounti Corp. (b)
 
1,546,921
5,754,546
Hotels, Restaurants & Leisure - 1.1%
 
 
 
Hotels, Resorts & Cruise Lines - 1.1%
 
 
 
Airbnb, Inc. Class A (b)
 
837,009
94,682,458
Interactive Media & Services - 0.8%
 
 
 
Interactive Media & Services - 0.8%
 
 
 
Snap, Inc. Class A (b)
 
4,135,013
44,988,941
Tongdao Liepin Group (b)
 
21,313,741
26,594,174
 
 
 
71,583,115
Internet & Direct Marketing Retail - 1.1%
 
 
 
Internet & Direct Marketing Retail - 1.1%
 
 
 
Cazoo Group Ltd. (a)(b)
 
144,100
97,253
Deliveroo PLC Class A (b)(d)
 
6,252,898
5,875,116
Lyft, Inc. (b)
 
1,718,528
25,313,917
Uber Technologies, Inc. (b)
 
2,254,238
64,831,885
 
 
 
96,118,171
IT Services - 13.7%
 
 
 
Data Processing & Outsourced Services - 7.5%
 
 
 
Genpact Ltd.
 
1,581,276
74,288,346
MasterCard, Inc. Class A
 
1,306,480
423,782,918
Visa, Inc. Class A (e)
 
794,787
157,932,125
 
 
 
656,003,389
Internet Services & Infrastructure - 5.6%
 
 
 
Cloudflare, Inc. (b)(e)
 
1,239,884
77,579,542
MongoDB, Inc. Class A (b)
 
211,700
68,349,462
Okta, Inc. (b)
 
1,584,535
144,826,499
Shopify, Inc. Class A (b)(e)
 
944,500
29,893,425
Snowflake, Inc. (b)
 
524,790
94,960,751
Twilio, Inc. Class A (b)
 
1,052,165
73,209,641
 
 
 
488,819,320
IT Consulting & Other Services - 0.6%
 
 
 
Cognizant Technology Solutions Corp. Class A
 
510,000
32,216,700
Thoughtworks Holding, Inc. (e)
 
1,329,904
17,501,537
 
 
 
49,718,237
TOTAL IT SERVICES
 
 
1,194,540,946
Life Sciences Tools & Services - 0.0%
 
 
 
Life Sciences Tools & Services - 0.0%
 
 
 
Eden Biologics, Inc. (b)(c)
 
1,015,442
0
Oil, Gas & Consumable Fuels - 0.5%
 
 
 
Oil & Gas Refining & Marketing - 0.5%
 
 
 
Reliance Industries Ltd.
 
1,102,807
36,110,604
Reliance Industries Ltd. sponsored GDR (b)(d)
 
79,100
5,212,690
 
 
 
41,323,294
Pharmaceuticals - 0.0%
 
 
 
Pharmaceuticals - 0.0%
 
 
 
Chime Biologics Wuhan Co. Ltd. (b)(c)
 
1,015,442
528,873
Semiconductors & Semiconductor Equipment - 22.1%
 
 
 
Semiconductor Equipment - 1.8%
 
 
 
ASML Holding NV (Netherlands)
 
104,750
51,130,074
Teradyne, Inc.
 
1,244,228
105,311,458
 
 
 
156,441,532
Semiconductors - 20.3%
 
 
 
Advanced Micro Devices, Inc. (b)
 
526,994
44,725,981
GlobalFoundries, Inc. (e)
 
2,965,674
177,406,619
Marvell Technology, Inc.
 
8,189,681
383,440,864
Microchip Technology, Inc.
 
1,745,340
113,883,435
NVIDIA Corp.
 
3,157,157
476,541,278
NXP Semiconductors NV
 
1,681,018
276,661,942
onsemi (b)
 
3,539,547
243,414,647
Renesas Electronics Corp. (b)
 
1
9
Taiwan Semiconductor Manufacturing Co. Ltd.
 
3,142,488
51,481,636
 
 
 
1,767,556,411
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
 
 
1,923,997,943
Software - 28.7%
 
 
 
Application Software - 7.3%
 
 
 
CCC Intelligent Solutions Holdings, Inc. (a)(b)
 
102,045
975,550
Confluent, Inc. (b)(e)
 
26,842
734,397
Cvent Holding Corp. (a)(b)
 
1,099,667
5,564,315
Epic Games, Inc. (a)(b)(c)
 
17,917
16,662,810
HubSpot, Inc. (b)
 
235,900
79,507,736
Intuit, Inc.
 
378,813
163,563,877
Nutanix, Inc. Class B (b)(d)
 
72,872
1,260,686
Otonomo Technologies Ltd. (b)
 
1,048,000
450,535
Procore Technologies, Inc. (b)(e)
 
10,475
571,935
Qualtrics International, Inc. (b)
 
1,459,293
17,876,339
Salesforce.com, Inc. (b)
 
1,502,552
234,578,418
Splunk, Inc. (b)
 
904,300
81,414,129
Stripe, Inc. Class B (a)(b)(c)
 
38,600
1,090,836
Zoom Video Communications, Inc. Class A (b)
 
370,328
29,774,371
 
 
 
634,025,934
Systems Software - 21.4%
 
 
 
Microsoft Corp.
 
6,221,586
1,626,758,091
Palo Alto Networks, Inc. (b)(e)
 
114,300
63,643,383
Rapid7, Inc. (b)
 
682,836
39,263,070
ServiceNow, Inc. (b)
 
197,800
85,967,836
Tenable Holdings, Inc. (b)
 
1,161,072
45,990,062
UiPath, Inc. Class A (b)
 
88,382
1,453,884
 
 
 
1,863,076,326
TOTAL SOFTWARE
 
 
2,497,102,260
Technology Hardware, Storage & Peripherals - 24.9%
 
 
 
Technology Hardware, Storage & Peripherals - 24.9%
 
 
 
Apple, Inc.
 
13,765,450
2,164,204,050
IonQ, Inc. (a)(b)
 
8,400
49,896
 
 
 
2,164,253,946
Textiles, Apparel & Luxury Goods - 0.0%
 
 
 
Textiles - 0.0%
 
 
 
Algolia, Inc. (a)(c)
 
153,503
2,985,633
 
TOTAL COMMON STOCKS
  (Cost $6,749,191,825)
 
 
 
8,452,937,161
 
 
 
 
Preferred Stocks - 1.3%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 1.1%
 
 
 
Aerospace & Defense - 0.1%
 
 
 
Aerospace & Defense - 0.1%
 
 
 
ABL Space Systems:
 
 
 
  Series B(a)(b)(c)
 
98,000
5,485,060
  Series B2(a)(c)
 
74,989
4,197,134
 
 
 
9,682,194
Communications Equipment - 0.1%
 
 
 
Communications Equipment - 0.1%
 
 
 
Astranis Space Technologies Corp. Series C (a)(b)(c)
 
605,440
9,335,885
Xsight Labs Ltd. Series D (a)(b)(c)
 
281,500
2,105,620
 
 
 
11,441,505
Construction & Engineering - 0.1%
 
 
 
Construction & Engineering - 0.1%
 
 
 
Beta Technologies, Inc. Series A (a)(b)(c)
 
72,591
7,489,213
 
 
 
 
Hotels, Restaurants & Leisure - 0.0%
 
 
 
Casinos & Gaming - 0.0%
 
 
 
Discord, Inc. Series I (a)(c)
 
1,300
522,184
 
 
 
 
Interactive Media & Services - 0.1%
 
 
 
Interactive Media & Services - 0.1%
 
 
 
Reddit, Inc.:
 
 
 
  Series D(a)(b)(c)
 
250,861
9,868,872
  Series E(a)(b)(c)
 
14,400
566,496
 
 
 
10,435,368
IT Services - 0.1%
 
 
 
Internet Services & Infrastructure - 0.1%
 
 
 
ByteDance Ltd. Series E1 (a)(b)(c)
 
70,707
10,402,414
 
 
 
 
Road & Rail - 0.0%
 
 
 
Trucking - 0.0%
 
 
 
Convoy, Inc. Series D (a)(b)(c)
 
203,844
2,348,283
 
 
 
 
Semiconductors & Semiconductor Equipment - 0.3%
 
 
 
Semiconductor Equipment - 0.3%
 
 
 
Astera Labs, Inc.:
 
 
 
  Series A(a)(c)
 
351,532
3,574,905
  Series B(a)(c)
 
59,853
608,675
  Series C(a)(c)
 
344,200
3,500,342
  Series D(a)(c)
 
1,443,456
14,679,226
 
 
 
22,363,148
Semiconductors - 0.0%
 
 
 
GaN Systems, Inc.:
 
 
 
  Series F1(a)(c)
 
133,634
896,684
  Series F2(a)(c)
 
70,564
473,484
 
 
 
1,370,168
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
 
 
23,733,316
 
 
 
 
Software - 0.3%
 
 
 
Application Software - 0.3%
 
 
 
Bolt Technology OU Series E (a)(c)
 
40,842
6,342,555
Databricks, Inc.:
 
 
 
  Series G(a)(b)(c)
 
45,012
2,465,307
  Series H(a)(c)
 
174,018
9,530,966
Skyryse, Inc. Series B (a)(c)
 
121,800
2,943,906
Stripe, Inc. Series H (a)(b)(c)
 
17,100
483,246
 
 
 
21,765,980
Textiles, Apparel & Luxury Goods - 0.0%
 
 
 
Textiles - 0.0%
 
 
 
Algolia SAS Series D (a)(b)(c)
 
109,867
2,136,913
 
 
 
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
99,957,370
Nonconvertible Preferred Stocks - 0.2%
 
 
 
IT Services - 0.2%
 
 
 
Data Processing & Outsourced Services - 0.1%
 
 
 
Checkr, Inc. Series E (c)
 
711,000
13,231,710
 
 
 
 
Internet Services & Infrastructure - 0.1%
 
 
 
Gupshup, Inc. (a)(b)(c)
 
257,284
5,019,611
 
 
 
 
TOTAL IT SERVICES
 
 
18,251,321
 
 
 
 
 
TOTAL PREFERRED STOCKS
  (Cost $121,026,281)
 
 
 
118,208,691
 
 
 
 
Preferred Securities - 0.0%
 
 
Principal
Amount (f)
 
Value ($)
 
Semiconductors & Semiconductor Equipment - 0.0%
 
 
 
Semiconductors - 0.0%
 
 
 
GaN Systems, Inc. 0% (a)(c)(g)
 
  (Cost $3,132,190)
 
 
3,132,190
3,132,190
 
 
 
 
Money Market Funds - 3.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (h)
 
109,126,763
109,148,589
Fidelity Securities Lending Cash Central Fund 2.34% (h)(i)
 
183,364,330
183,382,666
 
TOTAL MONEY MARKET FUNDS
  (Cost $292,531,255)
 
 
292,531,255
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.9%
  (Cost $7,165,881,551)
 
 
 
8,866,809,297
NET OTHER ASSETS (LIABILITIES) - (1.9)%  
(166,940,972)
NET ASSETS - 100.0%
8,699,868,325
 
 
 
 
Legend
 
(a)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $150,975,987 or 1.7% of net assets.
 
(b)
Non-income producing
 
(c)
Level 3 security
 
(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 $12,348,492 or 0.1% of net assets.
 
(e)
Security or a portion of the security is on loan at period end.
 
(f)
Amount is stated in United States dollars unless otherwise noted.
 
(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 are available on the SEC's website or upon request.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ABL Space Systems Series B
3/24/21
4,413,489
ABL Space Systems Series B2
10/22/21
5,098,960
Algolia SAS Series D
7/23/21
3,213,066
Algolia, Inc.
10/27/21
4,489,203
Ant International Co. Ltd. Class C
5/16/18
24,495,442
Astera Labs, Inc. Series A
5/17/22
3,574,905
Astera Labs, Inc. Series B
5/17/22
608,675
Astera Labs, Inc. Series C
8/24/21
1,157,132
Astera Labs, Inc. Series D
5/17/22 - 5/27/22
14,679,226
Astranis Space Technologies Corp. Series C
3/19/21
13,271,808
Beta Technologies, Inc. Series A
4/09/21
5,318,743
Bolt Technology OU Series E
1/03/22
10,610,609
ByteDance Ltd. Series E1
11/18/20
7,747,662
Cazoo Group Ltd.
3/28/21
1,441,000
CCC Intelligent Solutions Holdings, Inc.
2/02/21
1,020,450
Convoy, Inc. Series D
10/30/19
2,760,048
Cvent Holding Corp.
7/23/21
10,996,670
Databricks, Inc. Series G
2/01/21
2,661,228
Databricks, Inc. Series H
8/31/21
12,787,562
Delhivery Private Ltd.
5/20/21
2,826,237
Discord, Inc. Series I
9/15/21
715,812
Epic Games, Inc.
3/29/21
15,856,545
GaN Systems, Inc. Series F1
11/30/21
1,133,216
GaN Systems, Inc. Series F2
11/30/21
598,383
GaN Systems, Inc. 0%
11/30/21
3,132,190
Gupshup, Inc.
6/08/21
5,882,850
IonQ, Inc.
3/07/21
84,000
Reddit, Inc. Series D
2/04/19
5,440,247
Reddit, Inc. Series E
5/18/21
611,628
Skyryse, Inc. Series B
10/21/21
3,006,020
Stripe, Inc. Class B
5/18/21
1,548,955
Stripe, Inc. Series H
3/15/21
686,138
Xsight Labs Ltd. Series D
2/16/21
2,250,874
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,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
49,633,884
898,474,774
838,960,069
471,540
-
-
109,148,589
0.2%
Fidelity Securities Lending Cash Central Fund 2.34%
122,541,953
694,915,154
634,074,441
363,776
-
-
183,382,666
0.5%
Total
172,175,837
1,593,389,928
1,473,034,510
835,316
-
-
292,531,255
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
8,452,937,161
8,231,895,157
188,269,646
32,772,358
 Preferred Stocks
118,208,691
-
-
118,208,691
 Preferred Securities
3,132,190
-
-
3,132,190
  Money Market Funds
292,531,255
292,531,255
-
-
 Total Investments in Securities:
8,866,809,297
8,524,426,412
188,269,646
154,113,239
 
 
 
 
 
  Net Unrealized Depreciation on Unfunded Commitments
(1,070,220)
-
-
(1,070,220)
 Total
(1,070,220)
-
-
(1,070,220)
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
Preferred Stocks
 
 
 
  Beginning Balance
$
124,004,300
 
  Net Realized Gain (Loss) on Investment Securities
 
-
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(24,658,415)
 
  Cost of Purchases
 
18,862,806
 
  Proceeds of Sales
 
-
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
118,208,691
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2022
$
(24,658,415)
 
Other Investments in Securities
 
 
 
  Beginning Balance
$
39,422,488
 
  Net Realized Gain (Loss) on Investment Securities
 
-
 
  Net Unrealized Gain (Loss) on Investment Securities
 
984,384
 
  Cost of Purchases
 
-
 
  Proceeds of Sales
 
-
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
(4,502,324)
 
  Ending Balance
$
35,904,548
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2022
$
984,384
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
Technology Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $177,864,165) - See accompanying schedule:
 
$8,574,278,042
 
 
Unaffiliated issuers (cost $6,873,350,296)
 
 
 
Fidelity Central Funds (cost $292,531,255)
 
292,531,255
 
 
 
 
 
 
 
Total Investment in Securities (cost $7,165,881,551)
 
 
$
8,866,809,297
Foreign currency held at value (cost $85,587)
 
 
 
85,587
Receivable for investments sold
 
 
 
21,897,204
Receivable for fund shares sold
 
 
 
3,289,476
Dividends receivable
 
 
 
5,010,704
Distributions receivable from Fidelity Central Funds
 
 
 
440,591
Prepaid expenses
 
 
 
38,572
Other receivables
 
 
 
381,253
  Total assets
 
 
 
8,897,952,684
Liabilities
 
 
 
 
Unrealized depreciation on unfunded commitments
 
1,070,220
 
 
Payable for fund shares redeemed
 
7,290,704
 
 
Accrued management fee
 
4,126,358
 
 
Other affiliated payables
 
1,211,074
 
 
Other payables and accrued expenses
 
1,018,529
 
 
Collateral on securities loaned
 
183,367,474
 
 
  Total Liabilities
 
 
 
198,084,359
Net Assets  
 
 
$
8,699,868,325
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
7,627,993,660
Total accumulated earnings (loss)
 
 
 
1,071,874,665
Net Assets
 
 
$
8,699,868,325
Net Asset Value , offering price and redemption price per share ($8,699,868,325 ÷ 438,583,950 shares)
 
 
$
19.84
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
30,745,191
Income from Fidelity Central Funds (including $363,776 from security lending)
 
 
 
835,316
 Total Income
 
 
 
31,580,507
Expenses
 
 
 
 
Management fee
$
24,887,613
 
 
Transfer agent fees
 
7,003,814
 
 
Accounting fees
 
601,153
 
 
Custodian fees and expenses
 
59,470
 
 
Independent trustees' fees and expenses
 
15,553
 
 
Registration fees
 
39,081
 
 
Audit
 
22,283
 
 
Legal
 
7,835
 
 
Interest
 
7,757
 
 
Miscellaneous
 
32,066
 
 
 Total expenses before reductions
 
32,676,625
 
 
 Expense reductions
 
(160,055)
 
 
 Total expenses after reductions
 
 
 
32,516,570
Net Investment income (loss)
 
 
 
(936,063)
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $605,902)
 
(320,955,073)
 
 
 Foreign currency transactions
 
(83,383)
 
 
Total net realized gain (loss)
 
 
 
(321,038,456)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $201,218)
 
(1,648,937,362)
 
 
 Unfunded commitments
 
(1,070,220)
 
 
 Assets and liabilities in foreign currencies
 
(20,582)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(1,650,028,164)
Net gain (loss)
 
 
 
(1,971,066,620)
Net increase (decrease) in net assets resulting from operations
 
 
$
(1,972,002,683)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
(936,063)
$
(28,034,349)
Net realized gain (loss)
 
(321,038,456)
 
 
942,930,071
 
Change in net unrealized appreciation (depreciation)
 
(1,650,028,164)
 
(674,451,714)
 
Net increase (decrease) in net assets resulting from operations
 
(1,972,002,683)
 
 
240,444,008
 
Distributions to shareholders
 
(310,416,447)
 
 
(1,453,950,149)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
675,920,618
 
2,156,919,710
  Reinvestment of distributions
 
291,937,258
 
 
1,378,760,437
 
Cost of shares redeemed
 
(1,039,358,815)
 
(3,254,727,729)
  Net increase (decrease) in net assets resulting from share transactions
 
(71,500,939)
 
 
280,952,418
 
Total increase (decrease) in net assets
 
(2,353,920,069)
 
 
(932,553,723)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
11,053,788,394
 
11,986,342,117
 
End of period
$
8,699,868,325
$
11,053,788,394
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
31,307,467
 
76,869,741
  Issued in reinvestment of distributions
 
12,438,737
 
 
49,764,669
 
Redeemed
 
(48,699,433)
 
(118,513,597)
Net increase (decrease)
 
(4,953,229)
 
8,120,813
 
 
 
 
 
 
 
Technology Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019   B
 
2018   B  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.92
$
27.53
$
19.65
$
15.45
$
19.36
$
14.70
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
-
 
(.06)
 
(.03)
 
.05
 
.06
 
-
     Net realized and unrealized gain (loss)
 
(4.37)
 
.83
 
12.98
 
4.52
 
(.78)
 
6.15
  Total from investment operations
 
(4.37)  
 
.77  
 
12.95  
 
4.57  
 
(.72)
 
6.15
  Distributions from net investment income
 
-
 
-
 
(.03)
 
(.05)
 
(.02)
 
-
  Distributions from net realized gain
 
(.71)
 
(3.38)
 
(5.04)
 
(.32)
 
(3.17)
 
(1.49)
     Total distributions
 
(.71)
 
(3.38)
 
(5.07)
 
(.37)
 
(3.19)
 
(1.49)
  Net asset value, end of period
$
19.84
$
24.92
$
27.53
$
19.65
$
15.45
$
19.36
 Total Return   E,F
 
(17.99)%
 
1.91%
 
69.87%
 
29.57%
 
(3.03)%
 
43.71%
 Ratios to Average Net Assets D,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.69% I
 
.67%
 
.69%
 
.71%
 
.72%
 
.75%
    Expenses net of fee waivers, if any
 
.69% I
 
.67%
 
.69%
 
.71%
 
.72%
 
.75%
    Expenses net of all reductions
 
.69% I
 
.67%
 
.68%
 
.71%
 
.71%
 
.74%
    Net investment income (loss)
 
(.02)% I
 
(.23)%
 
(.13)%
 
.30%
 
.34%
 
.01%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
8,699,868
$
11,053,788
$
11,986,342
$
6,558,578
$
5,124,121
$
7,242,300
    Portfolio turnover rate J
 
23% I
 
87%
 
107%
 
32% K
 
126% K
 
71%
 
A For the year ended February 29.
 
B Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that soccurred on August 10, 2018.
 
C Calculated based on average shares outstanding during the period.
 
D 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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
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).
 
K Portfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended August 31, 2022
 
1. Organization.
 
IT Services Portfolio, Semiconductors Portfolio, Software and IT Services Portfolio, Tech Hardware Portfolio and Technology Portfolio (the Funds) are non-diversified funds of Fidelity Select Portfolios (the Trust).   The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. Each Fund is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. Certain Funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
 
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
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. 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 (ETFs) 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 delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.  
 
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in Input A
Equities
$150,981,049
Market approach
Discount rate
6.5%-75.0%/20.4%
Decrease
 
 
 
Transaction price
$8.00-$103.17/$30.86
Increase
 
 
Recovery value
Recovery value
$0.00
Increase
 
 
Book value
Book value multiple
1.6
Increase
 
 
Market comparable
Enterprise value/Revenue multiple (EV/R)
1.5-27.0/8.6
Increase
 
 
Black scholes
Volatility
75.0%
Increase
 
 
 
Probability rate
50.0%
Increase
Preferred Securities
$3,132,190
Market approach
Transaction price
$100.00
Increase
 
A   Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2022, as well as a roll forward of Level 3 investments, is included at the end of each Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Semiconductors Portfolio
$194,636
 
Software and IT Services Portfolio
  333,759
 
Tech Hardware Portfolio
  54,234
 
Technology Portfolio
  317,581
 
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on each applicable Fund's Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.  
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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)
IT Services Portfolio
$1,847,976,919
$1,060,980,633
$   (175,212,580)
$   885,768,053
 
Semiconductors Portfolio
 
5,251,330,875
 
2,164,998,278
  
(561,569,427)
 
1,603,428,851
 
Software and IT Services Portfolio
 
5,415,610,334
 
4,559,791,009
  
(817,536,382)
 
  3,742,254,627
 
Tech Hardware Portfolio
 
654,347,156
 
198,710,779
  
(84,618,346)
 
114,092,433
 
Technology Portfolio
 
7,178,028,419
 
2,926,858,207
 
(1,238,077,329)
 
1,688,780,878
 
Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2021 to February 28, 2022, and ordinary losses recognized during the period January 1, 2022 to February 28, 2022 Loss deferrals were as follows:
 
 
 
Ordinary losses
Capital losses
IT Services Portfolio
$-
$   (5,864,158)
 
Semiconductors Portfolio
 
(2,480,569)
 
(12,926,652)
 
Technology Portfolio
 
-
 
(301,751,401)
 
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 Statements 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)
Technology Portfolio
Stripe, Inc.
$1,070,220
$(1,070,220)
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 ($)
Sales ($)
IT Services Portfolio
  599,230,603
  865,020,097
 
Semiconductors Portfolio
 
1,125,919,414
 
  1,394,086,516
 
Software and IT Services Portfolio
 
65,737,686
 
551,133,455
 
Tech Hardware Portfolio
 
87,928,898
 
122,369,980
 
Technology Portfolio
 
1,088,148,851
 
1,572,737,638
5. Fees and Other Transactions with Affiliates.
 
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:
 
 
Individual Rate
Group Rate
Total
IT Services Portfolio
.30%
.23%
.53%
 
Semiconductors Portfolio
 
.30%
 
.23%
 
.53%
 
Software and IT Services Portfolio
 
.30%
 
.23%
 
.53%
 
Tech Hardware Portfolio
 
.30%
 
.23%
 
.53%
 
Technology Portfolio
 
.30%
 
.23%
 
.53%
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
 
IT Services Portfolio
.17%
 
Semiconductors Portfolio
 
.14%
 
Software and IT Services Portfolio
 
.15%
 
Tech Hardware Portfolio
 
.15%
 
Technology Portfolio
 
.15%
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
IT Services Portfolio
.03
 
Semiconductors Portfolio
 
.02
 
Software and IT Services Portfolio
 
.01
 
Tech Hardware Portfolio
 
.03
 
Technology Portfolio
 
.01
 
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
IT Services Portfolio
$   12,041
 
Semiconductors Portfolio
 
  15,187
 
Software and IT Services Portfolio
 
  1,625
 
Tech Hardware Portfolio
 
  2,089
 
Technology Portfolio
 
  21,568
 
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 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
IT Services Portfolio
  Borrower
$   6,840,143
.73%
$   1,940
 
Semiconductors Portfolio
 
  Borrower
 
$   8,964,125
 
.53%
 
$   1,055
 
Software and IT Services Portfolio
 
  Borrower
 
$8,520,838
 
.83%
 
$   7,257
 
Tech Hardware Portfolio
 
  Borrower
 
$   3,430,333
 
.57%
 
$   162
 
Technology Portfolio
 
  Borrower
 
$   17,458,500
 
.80%
 
$   7,757
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. 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) ($)
IT Services Portfolio
  18,712,243
  24,112,911
  (1,675,297)
 
Semiconductors Portfolio
 
53,271,583
 
54,615,703
 
  584,325
 
Software and IT Services Portfolio
 
  2,637,490
 
  10,773,991
 
  375,667
 
Tech Hardware Portfolio
 
  5,838,573
 
  793,358
 
  18,704
 
Technology Portfolio
 
67,526,529
 
37,023,421
 
  (6,879,432)
 
6. Committed Line of Credit.
 
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
IT Services Portfolio
$   2,388
 
Semiconductors Portfolio
 
  6,863
 
Software and IT Services Portfolio
 
   9,399
 
Tech Hardware Portfolio
 
  758
 
Technology Portfolio
 
  9,076
 
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, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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
IT Services Portfolio
$   20,288
$   26,152
$2,399,051
 
Semiconductors Portfolio
 
$   139,077
 
$   29,720
 
$   -
 
Software and IT Services Portfolio
 
$   2,316
 
$   -
 
$   -
 
Tech Hardware Portfolio
 
$   1,381
 
$   -
 
$   -
 
Technology Portfolio
 
$   38,119
 
$   75
 
$   -
 
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
Software and IT Services Portfolio
$   2,098,500
.83%
$   194
 
9. Expense Reductions.
 
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
 
 
Custodian credits
Software and IT Services Portfolio
  664
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:
 
 
Amount
IT Services Portfolio
$   41,669
 
Semiconductors Portfolio
 
  122,726
 
Software and IT Services Portfolio
 
  167,201
 
Tech Hardware Portfolio
 
  13,472
 
Technology Portfolio
 
  160,055
 
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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.
12. Prior Fiscal Year Merger Information.
 
On November 12, 2021, Tech Hardware Portfolio acquired all of the assets and assumed all of the liabilities of Communications Equipment Portfolio ("Target Fund") pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board").   The securities held by the Target Fund were the primary assets acquired by the Fund. The acquisition was accomplished by an exchange of shares of the Fund for shares then outstanding of the Target Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Target 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 Target Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Target 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.
 
Target Fund
Investments ($)
Unrealized appreciation (depreciation) ($)
Net Assets ($)
Shares Exchanged
Shares Exchanged Ratio
Communications Equipment Portfolio
  187,085,638
75,879,300
  189,381,924
1,755,160
.4176867470
 
Surviving Fund
Net Assets ($)
Total net assets after the acquisition ($)
Tech Hardware Portfolio
  798,971,790
  988,353,714
 
Pro forma results of operations of the combined entity for the entire period ended February 28, 2022, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
 
 
Amount
Net investment income (loss)
$   3,770,342
 
Total net realized gain (loss)
 
191,061,539
 
Total change in net unrealized appreciation (depreciation)
 
(130,804,365)
 
Net increase (decrease) in net assets resulting from operations
 
$64,027,516
 
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 have been included in the Tech Hardware Portfolio's Statement of Operations since November 12, 2021.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2022 to August 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value March 1, 2022
 
Ending Account Value August 31, 2022
 
Expenses Paid During Period- C March 1, 2022 to August 31, 2022
 
 
 
 
 
 
 
 
 
 
IT Services Portfolio
 
 
 
.72%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 879.10
 
$ 3.41
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.58
 
$ 3.67
 
 
 
 
 
 
 
 
 
 
Semiconductors Portfolio
 
 
 
.68%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 806.20
 
$ 3.10
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.78
 
$ 3.47
 
 
 
 
 
 
 
 
 
 
Software and IT Services Portfolio
 
 
 
.68%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 861.10
 
$ 3.19
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.78
 
$ 3.47
 
 
 
 
 
 
 
 
 
 
Tech Hardware Portfolio
 
 
 
.72%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 840.10
 
$ 3.34
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.58
 
$ 3.67
 
 
 
 
 
 
 
 
 
 
Technology Portfolio
 
 
 
.69%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 820.10
 
$ 3.17
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.73
 
$ 3.52
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
IT Services Portfolio
Semiconductors Portfolio
Software and IT Services Portfolio
Tech Hardware Portfolio (formerly, Computers Portfolio)
Technology Portfolio
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.  
 
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided . The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.  
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance . The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that: (i) IT Services Portfolio had a portfolio manager change in April 2019, October 2019, and January 2021; (ii) Semiconductors Portfolio had a portfolio manager change in July 2020; (iii) Tech Hardware had a portfolio manager change in January 2022; and (iv) Technology Portfolio had a portfolio manager change in July 2020, January 2021, and January 2022. The Board will continue to monitor closely each fund's performance, taking into account the portfolio manager changes.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the fund compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for each fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below.  
 
IT Services Portfolio  
 
 
Semiconductors Portfolio
 
 
Software and IT Services Portfolio  
 
 
Tech Hardware Portfolio
 
 
Technology Portfolio  
 
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
 
Competitiveness of Management Fee and Total Expense Ratio.   The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity funds are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.
 
IT Services Portfolio  
 
 
Semiconductors Portfolio  
 
 
Software and IT Services Portfolio  
 
 
Tech Hardware Portfolio  
 
 
Technology Portfolio
 
 
The Board noted that each fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio . In its review of each fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for each fund, which focuses on the total expenses of each fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that each fund's total net expense ratio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.  
 
Fees Charged to Other Fidelity Clients . The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.  
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.  
 
Costs of the Services and Profitability.   The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
 
Economies of Scale.   The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contracts). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that each fund's Advisory Contracts should be renewed.
 
1.813673.117
SELTEC-SANN-1022
Fidelity® Select Portfolios®
Industrials Sector
 
Defense and Aerospace Portfolio
Industrials Portfolio
Transportation Portfolio
 
 
Semi-Annual Report
August 31, 2022

Contents

Defense and Aerospace Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Industrials Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Transportation Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

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. © 2022 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.
 
Top Holdings (% of Fund's net assets)
 
Lockheed Martin Corp.
15.8
 
The Boeing Co.
15.3
 
Raytheon Technologies Corp.
13.3
 
TransDigm Group, Inc.
5.1
 
Northrop Grumman Corp.
4.9
 
Howmet Aerospace, Inc.
4.8
 
HEICO Corp. Class A
4.6
 
L3Harris Technologies, Inc.
3.9
 
General Dynamics Corp.
3.1
 
Huntington Ingalls Industries, Inc.
2.8
 
 
73.6
 
 
Industries (% of Fund's net assets)
 
Aerospace & Defense
91.8
 
Professional Services
4.3
 
Electronic Equipment & Components
2.3
 
 
 
Defense and Aerospace Portfolio
Common Stocks - 98.4%
 
 
Shares
Value ($)
 
Aerospace & Defense - 91.8%
 
 
 
Aerospace & Defense - 91.8%
 
 
 
AerSale Corp. (a)(b)
 
418,900
8,076,392
Airbus Group NV
 
265,300
25,997,582
Axon Enterprise, Inc. (a)
 
64,600
7,537,528
BWX Technologies, Inc.
 
547,700
28,551,601
Curtiss-Wright Corp.
 
104,800
15,425,512
Elbit Systems Ltd. (b)
 
85,700
18,037,279
General Dynamics Corp.
 
183,700
42,054,441
HEICO Corp. Class A
 
519,600
63,692,568
Howmet Aerospace, Inc.
 
1,850,200
65,552,586
Huntington Ingalls Industries, Inc.
 
164,000
37,762,640
Kratos Defense & Security Solutions, Inc. (a)
 
953,100
11,951,874
L3Harris Technologies, Inc.
 
235,500
53,738,745
Lockheed Martin Corp.
 
517,200
217,280,892
Maxar Technologies, Inc. (b)
 
690,300
16,449,849
Mercury Systems, Inc. (a)
 
413,300
19,892,129
Northrop Grumman Corp.
 
140,400
67,109,796
Raytheon Technologies Corp.
 
2,033,000
182,461,750
Spirit AeroSystems Holdings, Inc. Class A
 
680,000
20,468,000
Textron, Inc.
 
566,000
35,307,080
The Boeing Co. (a)
 
1,309,200
209,799,300
TransDigm Group, Inc.
 
117,600
70,605,864
Triumph Group, Inc. (a)
 
1,433,300
18,618,567
Woodward, Inc.
 
257,000
23,918,990
 
 
 
1,260,290,965
Electronic Equipment & Components - 2.3%
 
 
 
Electronic Equipment & Instruments - 2.3%
 
 
 
Teledyne Technologies, Inc. (a)
 
86,700
31,936,812
Professional Services - 4.3%
 
 
 
Research & Consulting Services - 4.3%
 
 
 
Booz Allen Hamilton Holding Corp. Class A
 
326,200
31,217,340
CACI International, Inc. Class A (a)
 
100,500
28,227,435
 
 
 
59,444,775
 
TOTAL COMMON STOCKS
  (Cost $1,038,410,828)
 
 
 
1,351,672,552
 
 
 
 
Money Market Funds - 1.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (c)
 
17,819,413
17,822,977
Fidelity Securities Lending Cash Central Fund 2.34% (c)(d)
 
8,604,398
8,605,258
 
TOTAL MONEY MARKET FUNDS
  (Cost $26,428,235)
 
 
26,428,235
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.3%
  (Cost $1,064,839,063)
 
 
 
1,378,100,787
NET OTHER ASSETS (LIABILITIES) - (0.3)%  
(4,575,887)
NET ASSETS - 100.0%
1,373,524,900
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
10,252,211
174,809,822
167,239,056
73,097
-
-
17,822,977
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
19,275,358
98,948,236
109,618,336
9,175
-
-
8,605,258
0.0%
Total
29,527,569
273,758,058
276,857,392
82,272
-
-
26,428,235
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
1,351,672,552
1,325,674,970
25,997,582
-
  Money Market Funds
26,428,235
26,428,235
-
-
 Total Investments in Securities:
1,378,100,787
1,352,103,205
25,997,582
-
Defense and Aerospace Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $8,417,807) - See accompanying schedule:
 
$1,351,672,552
 
 
Unaffiliated issuers (cost $1,038,410,828)
 
 
 
Fidelity Central Funds (cost $26,428,235)
 
26,428,235
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,064,839,063)
 
 
$
1,378,100,787
Receivable for investments sold
 
 
 
2,061,071
Receivable for fund shares sold
 
 
 
266,724
Dividends receivable
 
 
 
3,115,871
Distributions receivable from Fidelity Central Funds
 
 
 
33,502
Prepaid expenses
 
 
 
12,121
Other receivables
 
 
 
111,788
  Total assets
 
 
 
1,383,701,864
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
$562,250
 
 
Accrued management fee
 
630,019
 
 
Other affiliated payables
 
247,418
 
 
Other payables and accrued expenses
 
131,877
 
 
Collateral on securities loaned
 
8,605,400
 
 
  Total Liabilities
 
 
 
10,176,964
Net Assets  
 
 
$
1,373,524,900
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,056,454,586
Total accumulated earnings (loss)
 
 
 
317,070,314
Net Assets
 
 
$
1,373,524,900
Net Asset Value , offering price and redemption price per share ($1,373,524,900 ÷ 97,766,475 shares)
 
 
$
14.05
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
10,669,632
Income from Fidelity Central Funds (including $9,175 from security lending)
 
 
 
82,272
 Total Income
 
 
 
10,751,904
Expenses
 
 
 
 
Management fee
$
3,820,554
 
 
Transfer agent fees
 
1,329,579
 
 
Accounting fees
 
215,899
 
 
Custodian fees and expenses
 
6,612
 
 
Independent trustees' fees and expenses
 
2,320
 
 
Registration fees
 
43,591
 
 
Audit
 
17,704
 
 
Legal
 
404
 
 
Miscellaneous
 
5,852
 
 
 Total expenses before reductions
 
5,442,515
 
 
 Expense reductions
 
(23,568)
 
 
 Total expenses after reductions
 
 
 
5,418,947
Net Investment income (loss)
 
 
 
5,332,957
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
1,569,835
 
 
 Foreign currency transactions
 
19,410
 
 
Total net realized gain (loss)
 
 
 
1,589,245
Change in net unrealized appreciation (depreciation) on investment securities
 
 
 
(179,052,674)
Net gain (loss)
 
 
 
(177,463,429)
Net increase (decrease) in net assets resulting from operations
 
 
$
(172,130,472)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
5,332,957
$
932,889
Net realized gain (loss)
 
1,589,245
 
 
353,125,938
 
Change in net unrealized appreciation (depreciation)
 
(179,052,674)
 
(141,504,262)
 
Net increase (decrease) in net assets resulting from operations
 
(172,130,472)
 
 
212,554,565
 
Distributions to shareholders
 
(125,091,433)
 
 
(114,456,735)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
187,330,963
 
116,915,674
  Reinvestment of distributions
 
118,053,929
 
 
107,992,135
 
Cost of shares redeemed
 
(171,169,216)
 
(424,668,107)
  Net increase (decrease) in net assets resulting from share transactions
 
134,215,676
 
 
(199,760,298)
 
Total increase (decrease) in net assets
 
(163,006,229)
 
 
(101,662,468)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,536,531,129
 
1,638,193,597
 
End of period
$
1,373,524,900
$
1,536,531,129
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
11,783,205
 
6,800,815
  Issued in reinvestment of distributions
 
7,675,809
 
 
7,086,098
 
Redeemed
 
(11,667,690)
 
(24,520,122)
Net increase (decrease)
 
7,791,324
 
(10,633,209)
 
 
 
 
 
 
 
Defense and Aerospace Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019   B
 
2018   B  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.08
$
16.28
$
16.61
$
17.27
$
18.45
$
13.83
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
.05
 
.01
 
(.04)
 
.27 E
 
.11
 
.09 F
     Net realized and unrealized gain (loss)
 
(1.77)
 
2.12
 
.06 G
 
(.45)
 
.33
 
5.14
  Total from investment operations
 
(1.72)  
 
2.13  
 
.02  
 
(.18)  
 
.44
 
5.23
  Distributions from net investment income
 
-
 
-
 
(.05)
 
(.22)
 
(.10)
 
(.07)
  Distributions from net realized gain
 
(1.31)
 
(1.33)
 
(.30)
 
(.26)
 
(1.52)
 
(.54)
     Total distributions
 
(1.31)
 
(1.33)
 
(.35)
 
(.48)
 
(1.62)
 
(.61)
  Net asset value, end of period
$
14.05
$
17.08
$
16.28
$
16.61
$
17.27
$
18.45
 Total Return   H,I
 
(10.71)%
 
14.06%
 
.69%
 
(1.32)%
 
3.57%
 
38.46%
 Ratios to Average Net Assets D,J,K
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.75% L
 
.74%
 
.77%
 
.75%
 
.75%
 
.76%
    Expenses net of fee waivers, if any
 
.75% L
 
.74%
 
.77%
 
.74%
 
.75%
 
.76%
    Expenses net of all reductions
 
.75% L
 
.74%
 
.76%
 
.74%
 
.75%
 
.76%
    Net investment income (loss)
 
.74% L
 
.06%
 
(.29)%
 
1.49% E
 
.66%
 
.58% F
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,373,525
$
1,536,531
$
1,638,194
$
2,728,959
$
2,795,259
$
3,073,789
    Portfolio turnover rate M
 
14% L
 
52%
 
30%
 
40%
 
44%
 
32%
 
A For the year ended February 29.
 
B Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that soccurred on August 10, 2018.
 
C Calculated based on average shares outstanding during the period.
 
D 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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.18 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .48%.
 
F Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .14%.
 
G The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
 
H Total returns for periods of less than one year are not annualized.
 
I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
J Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
L Annualized
 
M Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Top Holdings (% of Fund's net assets)
 
Roper Technologies, Inc.
12.0
 
Willscot Mobile Mini Holdings
6.9
 
FTI Consulting, Inc.
5.8
 
Fortive Corp.
5.8
 
AMETEK, Inc.
5.5
 
Teledyne Technologies, Inc.
5.2
 
Crane Holdings Co.
4.8
 
Howmet Aerospace, Inc.
4.8
 
TransDigm Group, Inc.
4.4
 
Raytheon Technologies Corp.
4.4
 
 
59.6
 
 
Industries (% of Fund's net assets)
 
Aerospace & Defense
28.7
 
Machinery
19.0
 
Software
12.0
 
Construction & Engineering
10.5
 
Electrical Equipment
6.0
 
Professional Services
5.8
 
Road & Rail
5.3
 
Electronic Equipment & Components
5.2
 
Industrial Conglomerates
4.3
 
Commercial Services & Supplies
2.9
 
Building Products
0.1
 
 
 
Industrials Portfolio
Common Stocks - 99.8%
 
 
Shares
Value ($)
 
Aerospace & Defense - 28.7%
 
 
 
Aerospace & Defense - 28.7%
 
 
 
General Dynamics Corp.
 
10,900
2,495,337
HEICO Corp. (a)
 
44,900
6,838,270
HEICO Corp. Class A
 
69,300
8,494,794
Hexcel Corp.
 
19,100
1,120,597
Howmet Aerospace, Inc.
 
403,400
14,292,462
Lockheed Martin Corp.
 
20,800
8,738,288
Raytheon Technologies Corp.
 
148,500
13,327,875
Spirit AeroSystems Holdings, Inc. Class A
 
93,100
2,802,310
The Boeing Co. (b)
 
74,860
11,996,315
TransDigm Group, Inc.
 
22,237
13,350,872
Triumph Group, Inc. (b)
 
218,522
2,838,601
 
 
 
86,295,721
Building Products - 0.1%
 
 
 
Building Products - 0.1%
 
 
 
Builders FirstSource, Inc. (b)
 
7,470
437,817
Commercial Services & Supplies - 2.9%
 
 
 
Diversified Support Services - 0.1%
 
 
 
Copart, Inc. (b)
 
3,600
430,740
Environmental & Facility Services - 2.8%
 
 
 
Tetra Tech, Inc.
 
500
67,905
Waste Connections, Inc. (United States)
 
59,200
8,239,456
 
 
 
8,307,361
TOTAL COMMERCIAL SERVICES & SUPPLIES
 
 
8,738,101
Construction & Engineering - 10.5%
 
 
 
Construction & Engineering - 10.5%
 
 
 
AECOM
 
7,700
563,255
Quanta Services, Inc.
 
71,700
10,131,210
Willscot Mobile Mini Holdings (b)
 
521,900
20,949,066
 
 
 
31,643,531
Electrical Equipment - 6.0%
 
 
 
Electrical Components & Equipment - 6.0%
 
 
 
Acuity Brands, Inc.
 
3,016
494,413
AMETEK, Inc.
 
137,020
16,464,323
nVent Electric PLC
 
34,652
1,142,130
 
 
 
18,100,866
Electronic Equipment & Components - 5.2%
 
 
 
Electronic Equipment & Instruments - 5.2%
 
 
 
Teledyne Technologies, Inc. (b)
 
42,300
15,581,628
Industrial Conglomerates - 4.3%
 
 
 
Industrial Conglomerates - 4.3%
 
 
 
Honeywell International, Inc.
 
68,998
13,064,771
Machinery - 19.0%
 
 
 
Industrial Machinery - 19.0%
 
 
 
Chart Industries, Inc. (a)(b)
 
58,200
11,282,652
Crane Holdings Co.
 
151,700
14,314,412
Flowserve Corp.
 
296,073
9,021,344
Fortive Corp.
 
274,000
17,352,420
Ingersoll Rand, Inc.
 
106,300
5,035,431
 
 
 
57,006,259
Professional Services - 5.8%
 
 
 
Research & Consulting Services - 5.8%
 
 
 
Clarivate Analytics PLC (b)
 
13,600
158,712
FTI Consulting, Inc. (b)
 
108,300
17,392,980
 
 
 
17,551,692
Road & Rail - 5.3%
 
 
 
Railroads - 4.6%
 
 
 
CSX Corp.
 
217,700
6,890,205
Norfolk Southern Corp.
 
11,709
2,846,809
Union Pacific Corp.
 
17,421
3,911,189
 
 
 
13,648,203
Trucking - 0.7%
 
 
 
J.B. Hunt Transport Services, Inc.
 
11,752
2,045,083
Old Dominion Freight Lines, Inc.
 
323
87,665
 
 
 
2,132,748
TOTAL ROAD & RAIL
 
 
15,780,951
Software - 12.0%
 
 
 
Application Software - 12.0%
 
 
 
Roper Technologies, Inc.
 
89,604
36,072,779
 
TOTAL COMMON STOCKS
  (Cost $276,339,647)
 
 
 
300,274,116
 
 
 
 
Money Market Funds - 5.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (c)
 
495,176
495,275
Fidelity Securities Lending Cash Central Fund 2.34% (c)(d)
 
15,377,662
15,379,200
 
TOTAL MONEY MARKET FUNDS
  (Cost $15,874,475)
 
 
15,874,475
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 105.1%
  (Cost $292,214,122)
 
 
 
316,148,591
NET OTHER ASSETS (LIABILITIES) - (5.1)%  
(15,334,284)
NET ASSETS - 100.0%
300,814,307
 
 
 
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
1,945,359
32,748,485
34,198,569
4,613
-
-
495,275
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
1,593,775
106,588,121
92,802,696
4,641
-
-
15,379,200
0.0%
Total
3,539,134
139,336,606
127,001,265
9,254
-
-
15,874,475
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
300,274,116
300,274,116
-
-
  Money Market Funds
15,874,475
15,874,475
-
-
 Total Investments in Securities:
316,148,591
316,148,591
-
-
Industrials Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $15,135,608) - See accompanying schedule:
 
$300,274,116
 
 
Unaffiliated issuers (cost $276,339,647)
 
 
 
Fidelity Central Funds (cost $15,874,475)
 
15,874,475
 
 
 
 
 
 
 
Total Investment in Securities (cost $292,214,122)
 
 
$
316,148,591
Receivable for fund shares sold
 
 
 
23,507
Dividends receivable
 
 
 
356,130
Distributions receivable from Fidelity Central Funds
 
 
 
2,529
Prepaid expenses
 
 
 
3,881
Other receivables
 
 
 
108,128
  Total assets
 
 
 
316,642,766
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
133,894
 
 
Accrued management fee
 
139,153
 
 
Other affiliated payables
 
53,005
 
 
Other payables and accrued expenses
 
123,207
 
 
Collateral on securities loaned
 
15,379,200
 
 
  Total Liabilities
 
 
 
15,828,459
Net Assets  
 
 
$
300,814,307
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
278,901,958
Total accumulated earnings (loss)
 
 
 
21,912,349
Net Assets
 
 
$
300,814,307
Net Asset Value , offering price and redemption price per share ($300,814,307 ÷ 10,826,887 shares)
 
 
$
27.78
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
1,171,776
Special dividends
 
 
 
411,385
Income from Fidelity Central Funds (including $4,641 from security lending)
 
 
 
9,254
 Total Income
 
 
 
1,592,415
Expenses
 
 
 
 
Management fee
$
841,241
 
 
Transfer agent fees
 
273,204
 
 
Accounting fees
 
59,507
 
 
Custodian fees and expenses
 
3,588
 
 
Independent trustees' fees and expenses
 
522
 
 
Registration fees
 
16,106
 
 
Audit
 
17,360
 
 
Legal
 
1,825
 
 
Miscellaneous
 
1,426
 
 
 Total expenses before reductions
 
1,214,779
 
 
 Expense reductions
 
(5,335)
 
 
 Total expenses after reductions
 
 
 
1,209,444
Net Investment income (loss)
 
 
 
382,971
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(952,238)
 
 
 Foreign currency transactions
 
1,065
 
 
Total net realized gain (loss)
 
 
 
(951,173)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(28,425,680)
 
 
 Assets and liabilities in foreign currencies
 
(10)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(28,425,690)
Net gain (loss)
 
 
 
(29,376,863)
Net increase (decrease) in net assets resulting from operations
 
 
$
(28,993,892)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
382,971
$
(443,437)
Net realized gain (loss)
 
(951,173)
 
 
100,676,384
 
Change in net unrealized appreciation (depreciation)
 
(28,425,690)
 
(46,229,650)
 
Net increase (decrease) in net assets resulting from operations
 
(28,993,892)
 
 
54,003,297
 
Distributions to shareholders
 
(12,727,975)
 
 
(115,424,416)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
11,880,614
 
116,900,003
  Reinvestment of distributions
 
12,013,988
 
 
108,515,761
 
Cost of shares redeemed
 
(41,123,413)
 
(368,438,524)
  Net increase (decrease) in net assets resulting from share transactions
 
(17,228,811)
 
 
(143,022,760)
 
Total increase (decrease) in net assets
 
(58,950,678)
 
 
(204,443,879)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
359,764,985
 
564,208,864
 
End of period
$
300,814,307
$
359,764,985
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
410,650
 
3,139,766
  Issued in reinvestment of distributions
 
402,884
 
 
3,143,897
 
Redeemed
 
(1,442,030)
 
(10,008,148)
Net increase (decrease)
 
(628,496)
 
(3,724,485)
 
 
 
 
 
 
 
Industrials Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
31.41
$
37.17
$
31.90
$
33.84
$
36.96
$
33.72
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.03 D
 
(.04)
 
(.02)
 
.28 E
 
.32
 
.21
     Net realized and unrealized gain (loss)
 
(2.53)
 
3.70
 
6.38
 
(.76)
 
(.70)
 
4.95
  Total from investment operations
 
(2.50)  
 
3.66  
 
6.36  
 
(.48)  
 
(.38)
 
5.16
  Distributions from net investment income
 
-
 
-
 
(.07) F
 
(.24)
 
(.25)
 
(.22)
  Distributions from net realized gain
 
(1.13)
 
(9.42)
 
(1.02) F
 
(1.23)
 
(2.49)
 
(1.71)
     Total distributions
 
(1.13)
 
(9.42)
 
(1.09)
 
(1.46) G
 
(2.74)
 
(1.92) G
  Net asset value, end of period
$
27.78
$
31.41
$
37.17
$
31.90
$
33.84
$
36.96
 Total Return   H,I
 
(8.21)%
 
9.33%
 
21.41%
 
(1.82)%
 
(.45)%
 
15.73%
 Ratios to Average Net Assets C,J,K
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.76% L
 
.74%
 
.76%
 
.76%
 
.76%
 
.77%
    Expenses net of fee waivers, if any
 
.76% L
 
.74%
 
.76%
 
.76%
 
.76%
 
.77%
    Expenses net of all reductions
 
.76% L
 
.74%
 
.74%
 
.75%
 
.75%
 
.77%
    Net investment income (loss)
 
.11% D,L
 
(.10)%
 
(.05)%
 
.81% E
 
.92%
 
.60%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
300,814
$
359,765
$
564,209
$
529,023
$
632,470
$
1,076,950
    Portfolio turnover rate M
 
65% L
 
151%
 
272%
 
143% N
 
88% N
 
64% O
 
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been (.02)%.
 
E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .64%.
 
F The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
G Total distributions per share do not sum due to rounding.
 
H Total returns for periods of less than one year are not annualized.
 
I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
J Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
L Annualized
 
M Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
N Portfolio turnover rate excludes securities received or delivered in-kind.
 
O The portfolio turnover rate does not include the assets acquired in the merger.
 
 
Top Holdings (% of Fund's net assets)
 
United Parcel Service, Inc. Class B
16.0
 
Union Pacific Corp.
13.7
 
CSX Corp.
8.0
 
Air Transport Services Group, Inc.
6.8
 
Scorpio Tankers, Inc.
5.3
 
Uber Technologies, Inc.
4.4
 
FedEx Corp.
4.1
 
Alaska Air Group, Inc.
3.6
 
Kirby Corp.
3.3
 
C.H. Robinson Worldwide, Inc.
2.9
 
 
68.1
 
 
Industries (% of Fund's net assets)
 
Air Freight & Logistics
34.6
 
Road & Rail
33.3
 
Airlines
11.3
 
Oil, Gas & Consumable Fuels
8.2
 
Internet & Direct Marketing Retail
5.0
 
Marine
3.9
 
Electrical Equipment
1.2
 
Energy Equipment & Services
0.1
 
 
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Transportation Portfolio
Common Stocks - 97.6%
 
 
Shares
Value ($)
 
Air Freight & Logistics - 34.6%
 
 
 
Air Freight & Logistics - 34.6%
 
 
 
Air Transport Services Group, Inc. (a)
 
1,406,262
42,370,674
Atlas Air Worldwide Holdings, Inc. (a)
 
66,700
6,664,664
C.H. Robinson Worldwide, Inc. (b)
 
157,796
18,012,413
Expeditors International of Washington, Inc.
 
135,438
13,935,216
FedEx Corp.
 
119,241
25,137,195
Forward Air Corp.
 
35,400
3,435,216
GXO Logistics, Inc. (a)
 
21,522
955,146
Hub Group, Inc. Class A (a)
 
54,949
4,385,480
United Parcel Service, Inc. Class B
 
509,941
99,188,626
 
 
 
214,084,630
Airlines - 11.3%
 
 
 
Airlines - 11.3%
 
 
 
Alaska Air Group, Inc. (a)
 
516,200
22,485,672
Allegiant Travel Co. (a)
 
17,000
1,640,500
Canada Jetlines Ltd. (a)
 
1,250
266
Copa Holdings SA Class A (a)(b)
 
169,200
12,047,040
Delta Air Lines, Inc. (a)
 
449,261
13,958,539
Frontier Group Holdings, Inc. (a)(b)
 
597,600
7,709,040
Spirit Airlines, Inc. (a)
 
75,000
1,701,000
Sun Country Airlines Holdings, Inc. (a)(b)
 
418,900
8,344,488
United Airlines Holdings, Inc. (a)
 
54,379
1,903,809
 
 
 
69,790,354
Electrical Equipment - 1.2%
 
 
 
Electrical Components & Equipment - 1.2%
 
 
 
Sensata Technologies, Inc. PLC
 
180,600
7,274,568
Energy Equipment & Services - 0.1%
 
 
 
Oil & Gas Drilling - 0.1%
 
 
 
Valaris Ltd. (a)(b)
 
15,000
764,700
Internet & Direct Marketing Retail - 5.0%
 
 
 
Internet & Direct Marketing Retail - 5.0%
 
 
 
Lyft, Inc. (a)
 
268,700
3,957,951
Uber Technologies, Inc. (a)
 
953,704
27,428,527
 
 
 
31,386,478
Marine - 3.9%
 
 
 
Marine - 3.9%
 
 
 
Eagle Bulk Shipping, Inc. (b)
 
20,230
878,791
Kirby Corp. (a)
 
306,200
20,533,772
Matson, Inc.
 
34,995
2,577,732
 
 
 
23,990,295
Oil, Gas & Consumable Fuels - 8.2%
 
 
 
Coal & Consumable Fuels - 0.8%
 
 
 
Peabody Energy Corp. (a)(b)
 
209,100
5,156,406
Oil & Gas Exploration & Production - 0.3%
 
 
 
Canadian Natural Resources Ltd.
 
33,000
1,808,730
Oil & Gas Storage & Transport - 7.1%
 
 
 
Ardmore Shipping Corp. (a)
 
125,000
1,205,000
Cool Co. Ltd. (a)
 
168,700
1,833,354
DHT Holdings, Inc.
 
380,000
2,967,800
International Seaways, Inc.
 
160,800
4,748,424
Scorpio Tankers, Inc.
 
792,300
32,959,680
 
 
 
43,714,258
TOTAL OIL, GAS & CONSUMABLE FUELS
 
 
50,679,394
Road & Rail - 33.3%
 
 
 
Railroads - 24.2%
 
 
 
CSX Corp.
 
1,553,101
49,155,647
Norfolk Southern Corp.
 
63,936
15,544,760
Union Pacific Corp.
 
377,737
84,805,734
 
 
 
149,506,141
Trucking - 9.1%
 
 
 
AMERCO
 
11,369
5,976,342
ArcBest Corp.
 
29,200
2,351,476
Hertz Global Holdings, Inc.
 
85,000
1,569,100
J.B. Hunt Transport Services, Inc.
 
102,911
17,908,572
Knight-Swift Transportation Holdings, Inc. Class A
 
116,200
5,869,262
Ryder System, Inc.
 
68,207
5,213,743
Saia, Inc. (a)
 
20,874
4,317,369
TFI International, Inc.
 
37,300
3,722,167
TFI International, Inc. (Canada)
 
27,700
2,763,567
Werner Enterprises, Inc.
 
23,783
946,326
XPO Logistics, Inc. (a)(b)
 
110,322
5,783,079
 
 
 
56,421,003
TOTAL ROAD & RAIL
 
 
205,927,144
 
TOTAL COMMON STOCKS
  (Cost $444,851,026)
 
 
 
603,897,563
 
 
 
 
Money Market Funds - 8.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (c)
 
11,548,858
11,551,167
Fidelity Securities Lending Cash Central Fund 2.34% (c)(d)
 
41,362,188
41,366,324
 
TOTAL MONEY MARKET FUNDS
  (Cost $52,917,491)
 
 
52,917,491
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 106.2%
  (Cost $497,768,517)
 
 
 
656,815,054
NET OTHER ASSETS (LIABILITIES) - (6.2)%  
(38,418,711)
NET ASSETS - 100.0%
618,396,343
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
10,409,172
75,517,640
74,375,645
66,115
-
-
11,551,167
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
71,035,353
251,883,270
281,552,299
22,403
-
-
41,366,324
0.1%
Total
81,444,525
327,400,910
355,927,944
88,518
-
-
52,917,491
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
603,897,563
603,897,563
-
-
  Money Market Funds
52,917,491
52,917,491
-
-
 Total Investments in Securities:
656,815,054
656,815,054
-
-
Transportation Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $40,107,820) - See accompanying schedule:
 
$603,897,563
 
 
Unaffiliated issuers (cost $444,851,026)
 
 
 
Fidelity Central Funds (cost $52,917,491)
 
52,917,491
 
 
 
 
 
 
 
Total Investment in Securities (cost $497,768,517)
 
 
$
656,815,054
Foreign currency held at value (cost $17)
 
 
 
17
Receivable for investments sold
 
 
 
4,466,804
Receivable for fund shares sold
 
 
 
834,129
Dividends receivable
 
 
 
1,589,656
Distributions receivable from Fidelity Central Funds
 
 
 
26,105
Prepaid expenses
 
 
 
2,820
Other receivables
 
 
 
5,805
  Total assets
 
 
 
663,740,390
Liabilities
 
 
 
 
Payable to custodian bank
 
331
 
 
Payable for investments purchased
 
2,008,054
 
 
Payable for fund shares redeemed
 
1,554,013
 
 
Accrued management fee
 
282,834
 
 
Other affiliated payables
 
112,248
 
 
Other payables and accrued expenses
 
20,243
 
 
Collateral on securities loaned
 
41,366,324
 
 
  Total Liabilities
 
 
 
45,344,047
Net Assets  
 
 
$
618,396,343
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
430,886,024
Total accumulated earnings (loss)
 
 
 
187,510,319
Net Assets
 
 
$
618,396,343
Net Asset Value , offering price and redemption price per share ($618,396,343 ÷ 6,257,545 shares)
 
 
$
98.82
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
7,319,359
Income from Fidelity Central Funds (including $22,403 from security lending)
 
 
 
88,518
 Total Income
 
 
 
7,407,877
Expenses
 
 
 
 
Management fee
$
1,669,404
 
 
Transfer agent fees
 
586,372
 
 
Accounting fees
 
110,343
 
 
Custodian fees and expenses
 
4,171
 
 
Independent trustees' fees and expenses
 
1,023
 
 
Registration fees
 
27,590
 
 
Audit
 
22,575
 
 
Legal
 
953
 
 
Miscellaneous
 
(1,192)
 
 
 Total expenses before reductions
 
2,421,239
 
 
 Expense reductions
 
(10,495)
 
 
 Total expenses after reductions
 
 
 
2,410,744
Net Investment income (loss)
 
 
 
4,997,133
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
25,986,852
 
 
 Foreign currency transactions
 
(2,596)
 
 
Total net realized gain (loss)
 
 
 
25,984,256
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(59,174,164)
 
 
 Assets and liabilities in foreign currencies
 
(255)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(59,174,419)
Net gain (loss)
 
 
 
(33,190,163)
Net increase (decrease) in net assets resulting from operations
 
 
$
(28,193,030)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
4,997,133
$
2,903,332
Net realized gain (loss)
 
25,984,256
 
 
53,873,633
 
Change in net unrealized appreciation (depreciation)
 
(59,174,419)
 
9,800,484
 
Net increase (decrease) in net assets resulting from operations
 
(28,193,030)
 
 
66,577,449
 
Distributions to shareholders
 
(18,141,440)
 
 
(47,428,580)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
49,872,348
 
148,678,513
  Net asset value of shares issued in exchange for the net assets of the Target Fund(s) (see Merger Information note)
 
-
 
 
322,796,887
 
  Reinvestment of distributions
 
17,275,549
 
 
44,843,850
 
Cost of shares redeemed
 
(81,719,793)
 
(191,945,005)
  Net increase (decrease) in net assets resulting from share transactions
 
(14,571,896)
 
 
324,374,245
 
Total increase (decrease) in net assets
 
(60,906,366)
 
 
343,523,114
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
679,302,709
 
335,779,595
 
End of period
$
618,396,343
$
679,302,709
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
488,115
 
1,386,810
  Issued in exchange for the shares of the Target Fund(s) (see Merger Information note)
 
-
 
 
3,028,967
 
  Issued in reinvestment of distributions
 
175,368
 
 
421,380
 
Redeemed
 
(825,151)
 
(1,810,854)
Net increase (decrease)
 
(161,668)
 
3,026,303
 
 
 
 
 
 
 
Transportation Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
105.82
$
98.97
$
82.12
$
95.41
$
99.07
$
92.98
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.78
 
.64
 
1.06 D
 
.93
 
.85
 
.78
     Net realized and unrealized gain (loss)
 
(4.95)
 
19.26
 
23.43
 
(10.43)
 
5.05
 
10.83
  Total from investment operations
 
(4.17)  
 
19.90  
 
24.49  
 
(9.50)  
 
5.90
 
11.61
  Distributions from net investment income
 
(.01)
 
(1.03)
 
(.76)
 
(1.10)
 
(.78)
 
(.67)
  Distributions from net realized gain
 
(2.82)
 
(12.03)
 
(6.88)
 
(2.70)
 
(8.78)
 
(4.85)
     Total distributions
 
(2.83)
 
(13.05) E
 
(7.64)
 
(3.79) E
 
(9.56)
 
(5.52)
  Redemption fees added to paid in capital B
 
-
 
-
 
-
 
-
 
-
 
- F
  Net asset value, end of period
$
98.82
$
105.82
$
98.97
$
82.12
$
95.41
$
99.07
 Total Return   G,H
 
(3.93)%
 
20.35%
 
34.62%
 
(10.49)%
 
6.85%
 
12.48%
 Ratios to Average Net Assets C,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.76% K
 
.77%
 
.80%
 
.79%
 
.79%
 
.80%
    Expenses net of fee waivers, if any
 
.76% K
 
.77%
 
.80%
 
.79%
 
.79%
 
.80%
    Expenses net of all reductions
 
.76% K
 
.77%
 
.80%
 
.79%
 
.78%
 
.80%
    Net investment income (loss)
 
1.57% K
 
.60%
 
1.29% D
 
1.00%
 
.87%
 
.80%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
618,396
$
679,303
$
335,780
$
310,441
$
451,192
$
512,155
    Portfolio turnover rate L
 
28% K
 
66% M
 
52%
 
78%
 
58%
 
47%
 
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.34 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .88%.
 
E Total distributions per share do not sum due to rounding.
 
F Amount represents less than $.005 per share.
 
G Total returns for periods of less than one year are not annualized.
 
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Annualized
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
M The portfolio turnover rate does not include the assets acquired in the merger.
 
For the period ended August 31, 2022
 
1. Organization.
Defense and Aerospace Portfolio, Industrials Portfolio and Transportation Portfolio (the Funds) are non-diversified funds of Fidelity Select Portfolios (the Trust).   The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. Each Fund is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
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. 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 (ETFs) 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 delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.  
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2022 is included at the end of each Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. 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. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
Defense and Aerospace Portfolio  
$110,897
Industrials Portfolio  
103,928
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to   foreign currency transactions, passive foreign investment companies (PFIC), certain deemed dividend, 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:
 
Tax cost
Gross unrealized appreciation
Gross unrealized depreciation
Net unrealized appreciation (depreciation)
Defense and Aerospace Portfolio
$   1,066,633,928
$   387,326,754
$   (75,859,895)
$   311,466,859
Industrials Portfolio
  293,153,978
  41,410,632
  (18,416,019)
  22,994,613
Transportation Portfolio
  499,387,514
  202,892,503
  (45,464,963)
  157,427,540
Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2021 to February 28, 2022. Loss deferrals were as follows:
 
 
Capital losses
Transportation Portfolio
$   (725,683)
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
  114,623,893
  100,936,228
Industrials Portfolio
  104,535,596
  132,365,094
Transportation Portfolio
  86,816,674
  124,247,186
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:
 
Individual Rate
Group Rate
Total
Defense and Aerospace Portfolio
.30%
.23%
.53%
Industrials Portfolio
.30%
.23%
.53%
Transportation Portfolio
.30%
.23%
.53%
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Defense and Aerospace Portfolio
.18%
Industrials Portfolio
.17%
Transportation Portfolio
.18%
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
 
% of Average Net Assets
Defense and Aerospace Portfolio
.03
Industrials Portfolio
.04
Transportation Portfolio
.03
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
Amount
Defense and Aerospace Portfolio
$   1,850
Industrials Portfolio
  1,416
Transportation Portfolio
  2,675
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. 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
  5,272,054
  9,912,676
  942,880
Industrials Portfolio
  2,817,818
  6,021,916
  173,808
Transportation Portfolio
  5,578,387
  2,881,867
  219,887
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
Amount
Defense and Aerospace Portfolio
$   1,280
Industrials Portfolio
  300
Transportation Portfolio
575
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, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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
$   927
$   -
$-
Industrials Portfolio
$   464
$   1
$-
Transportation Portfolio
$   2,208
$   159
$   4,663,350
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:
 
Amount
Defense and Aerospace Portfolio
$   23,568
Industrials Portfolio
  5,335
Transportation Portfolio
  10,495
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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.
11. Prior Fiscal Year Merger Information.
On November 12, 2021, Transportation Portfolio acquired all of the assets and assumed all of the liabilities of Air Transportation Portfolio ("Target Fund") pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board").   The securities held by the Target Fund were the primary assets acquired by the Fund. The acquisition was accomplished by an exchange of shares of the Fund for shares then outstanding of the Target Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Target 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 Target Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Target 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.
Target Fund
Investments $
Unrealized appreciation (depreciation) $
Net Assets $
Shares Exchanged
Shares Exchanged Ratio
Air Transportation Portfolio
320,705,550
 
47,927,461
322,796,887
3,028,967
.5404138125
 
 
Surviving Fund
Net Assets $
Total net assets after the acquisition $
Transportation Portfolio
411,872,847
734,669,734
Pro forma results of operations of the combined entity for the entire period ended February 28, 2022, 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)
$2,600,527
Total net realized gain (loss)
134,920,339
Total change in net unrealized appreciation (depreciation)
(53,851,879)
Net increase (decrease) in net assets resulting from operations
$83,668,987
 
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 have been included in the Transportation Portfolio's Statement of Operations since November 12, 2021.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2022 to August 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value March 1, 2022
 
Ending Account Value August 31, 2022
 
Expenses Paid During Period- C March 1, 2022 to August 31, 2022
 
 
 
 
 
 
 
 
 
 
Defense and Aerospace Portfolio
 
 
 
.75%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 892.90
 
$ 3.58
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.42
 
$ 3.82
 
 
 
 
 
 
 
 
 
 
Industrials Portfolio
 
 
 
.76%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 917.90
 
$ 3.67
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.37
 
$ 3.87
 
 
 
 
 
 
 
 
 
 
Transportation Portfolio
 
 
 
.76%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 960.70
 
$ 3.76
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.37
 
$ 3.87
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
Defense and Aerospace Portfolio
Industrials Portfolio
Transportation Portfolio
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and  whether  any economies of scale are appropriately shared with fund shareholders.  
 
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided.   The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians,  subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.  
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that Defense and Aerospace Portfolio had a portfolio manager change in December 2021. The Board will continue to monitor closely the fund's performance, taking into account the portfolio manager change.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the fund compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for each fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below.   
 
Defense and Aerospace Portfolio  
 
 
The Board considered the fund's underperformance for different time periods ended September 30, 2021 and for different time periods ended December 31, 2021 (which periods are not reflected in the charts above). The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; and attribution reports on contributors to the fund's underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance.
 
Industrials Portfolio  
 
 
 
The Board considered the fund's underperformance for different time periods ended September 30, 2021 and for different time periods ended December 31, 2021 (which periods are not reflected in the charts above). The Board noted that the fund's underperformance has continued since the Board approved the management contract in January 2020 and May 2021. The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; and attribution reports on contributors to the fund's underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance. For a fund with underperformance over longer periods of time, the Board typically monitors the fund's performance more closely.
 
Transportation Portfolio  
 
 
The Board considered the fund's underperformance for different time periods ended September 30, 2021 (which periods are reflected in the charts above). The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; attribution reports on contributors to the fund's underperformance; and the applicable portfolio manager's explanation of his or her underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
 
Competitiveness of Management Fee and Total Expense Ratio.   The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity funds are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.  
 
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.
 
Defense and Aerospace Portfolio
 
 
Industrials Portfolio
 
 
Transportation Portfolio  
 
 
The Board noted that each fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.  
 
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio. In its review of each fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for each fund, which focuses on the total expenses of each fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that each fund's total net expense ratio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.  
 
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.  
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability.   The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
 
Economies of Scale.   The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contracts). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board.   In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that each fund's Advisory Contracts should be renewed.
 
1.813660.117
SELCI-SANN-1022
Fidelity® Select Portfolios®
Health Care Sector
 
Biotechnology Portfolio
Health Care Portfolio
Health Care Services Portfolio
Medical Technology and Devices Portfolio
Pharmaceuticals Portfolio
 
 
Semi-Annual Report
August 31, 2022

Contents

Biotechnology Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Health Care Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Health Care Services Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Medical Technology and Devices Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Pharmaceuticals Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

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. © 2022 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.
 
Top Holdings (% of Fund's net assets)
 
AbbVie, Inc.
9.5
 
Vertex Pharmaceuticals, Inc.
5.7
 
Alnylam Pharmaceuticals, Inc.
4.8
 
Argenx SE ADR
3.3
 
Krystal Biotech, Inc.
2.8
 
Biogen, Inc.
2.6
 
Seagen, Inc.
2.5
 
Cytokinetics, Inc.
2.4
 
Blueprint Medicines Corp.
2.3
 
PTC Therapeutics, Inc.
2.2
 
 
38.1
 
 
Industries (% of Fund's net assets)
 
Biotechnology
91.1
 
Pharmaceuticals
7.3
 
Health Care Providers & Services
0.4
 
Health Care Technology
0.2
 
Life Sciences Tools & Services
0.2
 
Health Care Equipment & Supplies
0.1
 
Chemicals
0.0
 
Food & Staples Retailing
0.0
 
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Biotechnology Portfolio
Common Stocks - 97.8%
 
 
Shares
Value ($)
 
Biotechnology - 89.8%
 
 
 
Biotechnology - 89.8%
 
 
 
2seventy bio, Inc. (a)
 
103,752
1,528,267
4D Molecular Therapeutics, Inc. (a)(b)
 
197,868
1,555,242
AbbVie, Inc.
 
3,672,903
493,858,537
Adagio Therapeutics, Inc.
 
326,216
1,487,545
ADC Therapeutics SA (a)(b)
 
755,238
5,150,723
Adicet Bio, Inc. (a)
 
807,861
11,439,312
Adverum Biotechnologies, Inc. (a)(b)(c)
 
10,597,366
12,292,945
Aerovate Therapeutics, Inc. (a)(b)
 
201,551
3,996,756
Agios Pharmaceuticals, Inc. (a)
 
12,371
315,461
Akouos, Inc. (a)(b)
 
1,103,186
3,695,673
Aldeyra Therapeutics, Inc. (a)(b)
 
1,045,737
7,361,988
Alector, Inc. (a)
 
914,318
9,463,191
Alkermes PLC (a)
 
893,536
21,149,997
Allena Pharmaceuticals, Inc. (a)(b)
 
106,183
11,160
Allogene Therapeutics, Inc. (a)(b)
 
1,318,870
18,081,708
Allovir, Inc. (a)(b)
 
1,067,983
8,020,552
Alnylam Pharmaceuticals, Inc. (a)
 
1,215,739
251,256,779
Altimmune, Inc. (a)
 
40,469
893,556
ALX Oncology Holdings, Inc. (a)
 
478,804
6,224,452
Ambrx Biopharma, Inc. ADR (a)
 
1,361,508
2,246,488
Amgen, Inc.
 
5,590
1,343,277
Amicus Therapeutics, Inc. (a)
 
2,265,461
25,441,127
AnaptysBio, Inc. (a)(b)
 
82,196
1,908,591
Apellis Pharmaceuticals, Inc. (a)
 
1,363,284
82,492,315
Applied Therapeutics, Inc. (a)(c)
 
3,331,325
4,563,915
Arcellx, Inc.
 
605,400
10,879,038
Arcturus Therapeutics Holdings, Inc. (a)(b)
 
920,424
12,922,753
Arcus Biosciences, Inc. (a)(b)
 
3,193,396
76,896,976
Arcutis Biotherapeutics, Inc. (a)
 
948,574
25,564,069
Argenx SE ADR (a)
 
456,947
172,666,563
Arrowhead Pharmaceuticals, Inc. (a)
 
2,336,532
92,783,686
Ascendis Pharma A/S sponsored ADR (a)(b)
 
659,409
59,063,264
Atara Biotherapeutics, Inc. (a)
 
82,240
329,782
aTyr Pharma, Inc. (a)
 
1,146,952
3,922,576
Aura Biosciences, Inc. (b)
 
603,459
8,062,212
Aurinia Pharmaceuticals, Inc. (a)
 
255,886
1,883,321
Autolus Therapeutics PLC ADR (a)(b)
 
380,185
1,254,611
Avidity Biosciences, Inc. (a)(b)
 
279,484
5,483,476
Axcella Health, Inc. (a)(b)
 
1,051,598
2,586,931
Beam Therapeutics, Inc. (a)(b)
 
220,992
12,066,163
BELLUS Health, Inc. (a)
 
2,726,464
31,081,690
Bicycle Therapeutics PLC ADR (a)(b)
 
449,847
11,898,453
BioAtla, Inc. (a)(b)
 
258,572
2,252,162
BioCryst Pharmaceuticals, Inc. (a)(b)
 
4,397,219
61,121,344
Biogen, Inc. (a)
 
683,036
133,451,574
BioInvent International AB (a)
 
929,048
4,043,886
BioMarin Pharmaceutical, Inc. (a)
 
459,787
41,013,000
Biomea Fusion, Inc. (a)(b)
 
650,324
7,478,726
BioNTech SE ADR
 
195,228
28,237,778
BioXcel Therapeutics, Inc. (a)(b)
 
351,727
4,811,625
Blueprint Medicines Corp. (a)
 
1,670,708
122,329,240
BridgeBio Pharma, Inc. (a)(b)
 
893,742
9,384,291
Candel Therapeutics, Inc. (a)(b)
 
899,399
3,120,915
Celldex Therapeutics, Inc. (a)
 
849,200
25,815,680
Centessa Pharmaceuticals PLC ADR (a)(b)
 
132,047
574,404
Century Therapeutics, Inc. (a)(b)
 
834,618
8,780,181
Cerevel Therapeutics Holdings (a)(b)
 
1,100,980
32,038,518
Chinook Therapeutics, Inc. (a)
 
352,081
7,323,285
Chinook Therapeutics, Inc. rights (a)(d)
 
115,821
1
Codiak Biosciences, Inc. (a)(b)
 
402,539
865,459
Cogent Biosciences, Inc. (a)
 
1,253,967
20,677,916
Compass Therapeutics, Inc.
 
2,750,000
7,562,500
ContraFect Corp. (a)(b)
 
374,609
99,646
Crinetics Pharmaceuticals, Inc. (a)
 
1,815,587
34,278,283
CRISPR Therapeutics AG (a)(b)
 
305,022
19,853,882
Cullinan Oncology, Inc. (a)
 
124,940
1,684,191
Cyclerion Therapeutics, Inc. (a)
 
837,285
703,319
Cyclerion Therapeutics, Inc. (a)(e)
 
94,809
79,640
Cyteir Therapeutics, Inc. (a)
 
484,023
1,045,490
Cytokinetics, Inc. (a)(b)
 
2,338,471
123,845,424
Day One Biopharmaceuticals, Inc. (a)(b)
 
1,496,135
35,144,211
Denali Therapeutics, Inc. (a)
 
605,951
16,766,664
Design Therapeutics, Inc. (a)(b)
 
1,024,935
20,765,183
Dyne Therapeutics, Inc. (a)
 
72,200
707,560
Enanta Pharmaceuticals, Inc. (a)
 
349,846
21,298,624
Entrada Therapeutics, Inc. (b)
 
885,461
11,183,372
EQRx, Inc. (a)
 
507,567
2,482,003
EQRx, Inc.:
 
 
 
 rights (a)(d)
 
116,649
390,774
 rights (a)(d)
 
49,993
132,981
Erasca, Inc. (a)
 
810,023
7,306,407
Evelo Biosciences, Inc. (a)(b)
 
1,098,999
2,406,808
Exelixis, Inc. (a)
 
2,835,934
50,309,469
Fate Therapeutics, Inc. (a)(b)
 
690,487
18,049,330
Foghorn Therapeutics, Inc. (a)(b)
 
544,119
5,408,543
Forma Therapeutics Holdings, Inc. (a)
 
20,460
274,164
Fusion Pharmaceuticals, Inc. (a)
 
1,491,202
3,295,556
G1 Therapeutics, Inc. (a)(b)
 
532,104
7,720,829
Galapagos NV sponsored ADR (a)
 
53,743
2,690,375
Generation Bio Co. (a)
 
137,100
701,952
Geron Corp. (a)(b)
 
189,606
500,560
Geron Corp. warrants 12/31/25 (a)
 
2,100,000
1,708,552
Gilead Sciences, Inc.
 
1,204
76,418
Gossamer Bio, Inc. (a)
 
97,759
1,363,738
Graphite Bio, Inc. (a)
 
1,312,653
4,344,881
Gritstone Bio, Inc. (a)(b)
 
469,480
1,544,589
Halozyme Therapeutics, Inc. (a)
 
616,300
25,101,899
Homology Medicines, Inc. (a)
 
600,351
1,404,821
Hookipa Pharma, Inc. (a)(b)
 
1,610,100
2,399,049
Horizon Therapeutics PLC (a)
 
1,387,953
82,180,697
Icosavax, Inc. (a)
 
490,857
2,316,845
Ideaya Biosciences, Inc. (a)(b)
 
467,904
4,599,496
Idorsia Ltd. (a)(b)
 
1,371,271
21,519,486
Imago BioSciences, Inc. (a)
 
284,600
4,135,238
Immuneering Corp. (a)(b)
 
222,971
1,244,178
Immunic, Inc. (a)(b)
 
509,372
2,266,705
Immunocore Holdings PLC ADR (a)
 
324,318
17,127,234
ImmunoGen, Inc. (a)
 
804,623
4,674,860
Incyte Corp. (a)
 
327,400
23,058,782
Inhibikase Therapeutics, Inc. (a)
 
433,300
415,795
Inhibrx, Inc. (a)(b)
 
198,726
3,525,399
Inozyme Pharma, Inc. (a)
 
609,380
1,828,140
Insmed, Inc. (a)
 
266,820
6,569,108
Instil Bio, Inc. (a)
 
1,445,074
7,514,385
Intellia Therapeutics, Inc. (a)
 
885,001
53,153,160
Ionis Pharmaceuticals, Inc. (a)
 
1,246,677
53,008,706
Iovance Biotherapeutics, Inc. (a)
 
58,579
627,967
iTeos Therapeutics, Inc. (a)
 
238,000
5,278,840
Iveric Bio, Inc. (a)
 
451,988
4,447,562
Janux Therapeutics, Inc. (a)(b)
 
742,948
8,038,697
Jounce Therapeutics, Inc. (a)
 
769,979
2,818,123
Karuna Therapeutics, Inc. (a)
 
404,412
103,149,325
Keros Therapeutics, Inc. (a)
 
378,977
13,404,416
Kezar Life Sciences, Inc. (a)(b)
 
27,452
282,207
Kiniksa Pharmaceuticals Ltd. (a)(b)
 
192,666
2,258,046
Kinnate Biopharma, Inc. (a)(b)
 
1,512,823
21,905,677
Kronos Bio, Inc. (a)(b)
 
744,460
2,977,840
Krystal Biotech, Inc. (a)(b)(c)
 
2,105,960
147,648,856
Kymera Therapeutics, Inc. (a)(b)
 
318,054
8,991,387
Legend Biotech Corp. ADR (a)(b)
 
1,207,675
56,144,811
Lyell Immunopharma, Inc. (a)(b)
 
362,253
2,427,095
Macrogenics, Inc. (a)
 
223,616
887,756
Madrigal Pharmaceuticals, Inc. (a)(b)
 
153,140
11,044,457
MannKind Corp. (a)(b)
 
6,582,901
24,027,589
Merus BV (a)(b)
 
630,486
14,929,908
Minerva Neurosciences, Inc. (a)(b)
 
28,272
318,908
Mirati Therapeutics, Inc. (a)
 
659,256
53,419,514
Moderna, Inc. (a)
 
292,793
38,727,730
Monte Rosa Therapeutics, Inc. (a)(b)
 
1,257,805
9,961,816
Morphic Holding, Inc. (a)(b)
 
805,337
22,162,874
Morphosys AG sponsored ADR (a)
 
131,228
574,779
Natera, Inc. (a)
 
387,433
19,084,950
Neximmune, Inc. (a)(b)
 
525,000
603,750
Nkarta, Inc. (a)(b)
 
769,266
11,069,738
Nurix Therapeutics, Inc. (a)(b)
 
1,726,213
27,153,330
Nuvalent, Inc. Class A (a)(b)
 
204,174
3,446,457
Omega Therapeutics, Inc. (a)
 
915,541
4,092,468
Oragenics, Inc. (a)
 
155,806
48,658
ORIC Pharmaceuticals, Inc. (a)
 
318,846
1,103,207
PMV Pharmaceuticals, Inc. (a)(b)
 
772,700
10,755,984
Poseida Therapeutics, Inc. (a)
 
570,083
1,886,975
Prelude Therapeutics, Inc. (a)
 
359,156
2,585,923
Prometheus Biosciences, Inc. (a)(b)
 
391,755
20,492,704
Protagonist Therapeutics, Inc. (a)
 
784,378
6,839,776
Prothena Corp. PLC (a)
 
834,489
23,006,862
PTC Therapeutics, Inc. (a)
 
2,267,944
113,261,123
Rallybio Corp. (a)(b)
 
1,199,143
13,250,530
RAPT Therapeutics, Inc. (a)(b)
 
1,024,677
27,369,123
Recursion Pharmaceuticals, Inc. (a)(b)
 
89,200
937,492
Regeneron Pharmaceuticals, Inc. (a)
 
102,025
59,282,647
Relay Therapeutics, Inc. (a)(b)
 
928,789
21,334,283
Repare Therapeutics, Inc. (a)(b)
 
174,960
2,085,523
Replimune Group, Inc. (a)(b)
 
1,080,217
20,588,936
Revolution Medicines, Inc. (a)(b)
 
579,072
12,062,070
Rhythm Pharmaceuticals, Inc. (a)(b)
 
1,368,703
30,932,688
Rocket Pharmaceuticals, Inc. (a)(b)
 
223,736
3,447,772
Rubius Therapeutics, Inc. (a)(b)
 
595,229
416,660
Sage Therapeutics, Inc. (a)
 
699,553
26,345,166
Sana Biotechnology, Inc. (a)(b)
 
27,690
188,569
Sarepta Therapeutics, Inc. (a)
 
590,804
64,622,142
Scholar Rock Holding Corp. (a)(b)
 
1,693,925
14,127,335
Scholar Rock Holding Corp. warrants 12/31/25 (a)(e)
 
17,850
63,999
Seagen, Inc. (a)
 
830,539
128,143,862
Selecta Biosciences, Inc. (a)(b)
 
1,032,715
1,941,504
Sensorion SA (a)(b)
 
2,378,022
1,173,388
Seres Therapeutics, Inc. (a)(b)
 
854,347
4,391,344
Shattuck Labs, Inc. (a)
 
110,936
360,542
Silverback Therapeutics, Inc. (a)
 
285,209
1,551,537
Springworks Therapeutics, Inc. (a)(b)
 
443,611
12,319,077
Stoke Therapeutics, Inc. (a)
 
526,536
7,929,632
Surface Oncology, Inc. (a)
 
144,645
196,717
Surrozen, Inc. (a)(b)
 
252,900
649,953
Sutro Biopharma, Inc. (a)
 
663,300
3,754,278
Syndax Pharmaceuticals, Inc. (a)
 
124,200
2,932,362
Syros Pharmaceuticals, Inc. (a)
 
1,045,057
836,673
Syros Pharmaceuticals, Inc. warrants 10/10/22 (a)
 
21,625
0
Tango Therapeutics, Inc. (a)
 
927,488
3,802,701
Taysha Gene Therapies, Inc. (a)(b)
 
882,847
2,789,797
Tenaya Therapeutics, Inc. (a)
 
1,263,918
5,548,600
TG Therapeutics, Inc. (a)
 
2,066,920
14,737,140
Travere Therapeutics, Inc. (a)
 
393,328
10,525,457
Twist Bioscience Corp. (a)(b)
 
825,632
33,124,356
Tyra Biosciences, Inc. (b)
 
472,301
3,121,910
Ultragenyx Pharmaceutical, Inc. (a)
 
978,351
46,657,559
uniQure B.V. (a)
 
255,608
4,994,580
United Therapeutics Corp. (a)
 
409,109
92,712,282
Vaxcyte, Inc. (a)
 
580,989
15,198,672
Vera Therapeutics, Inc. (a)
 
779,768
16,944,359
Vertex Pharmaceuticals, Inc. (a)
 
1,063,775
299,729,244
Verve Therapeutics, Inc. (a)(b)
 
549,067
21,062,210
Vigil Neuroscience, Inc.
 
4,075
34,678
Vor Biopharma, Inc. (a)(b)
 
696,659
3,573,861
Werewolf Therapeutics, Inc. (a)(b)
 
336,930
1,704,866
X4 Pharmaceuticals, Inc. warrants 4/12/24 (a)
 
450,000
7
Xencor, Inc. (a)
 
250,843
6,619,747
Xenon Pharmaceuticals, Inc. (a)
 
1,076,233
41,768,603
Xilio Therapeutics, Inc. (b)
 
612,462
1,371,915
Y-mAbs Therapeutics, Inc. (a)(b)
 
1,740,751
27,991,276
Yumanity Therapeutics, Inc. (a)
 
260,182
444,911
Zai Lab Ltd. ADR (a)
 
35,572
1,643,782
Zealand Pharma A/S (a)
 
361,200
6,452,135
Zentalis Pharmaceuticals, Inc. (a)
 
638,433
17,116,389
 
 
 
4,687,009,933
Chemicals - 0.0%
 
 
 
Specialty Chemicals - 0.0%
 
 
 
Ginkgo Bioworks Holdings, Inc. Class A (a)(b)
 
358,700
964,903
Food & Staples Retailing - 0.0%
 
 
 
Drug Retail - 0.0%
 
 
 
MedAvail Holdings, Inc. (a)
 
2,777
3,221
Health Care Equipment & Supplies - 0.1%
 
 
 
Health Care Equipment - 0.1%
 
 
 
Alpha Tau Medical Ltd. Class A (a)(b)
 
308,578
2,428,509
Novocure Ltd. (a)
 
11,113
912,711
 
 
 
3,341,220
Health Care Supplies - 0.0%
 
 
 
Pulmonx Corp. (a)(b)
 
8,300
152,471
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES
 
 
3,493,691
Health Care Providers & Services - 0.3%
 
 
 
Health Care Services - 0.3%
 
 
 
23andMe Holding Co. Class B (f)
 
3,206,519
10,805,969
Guardant Health, Inc. (a)
 
82,500
4,129,950
Precipio, Inc. (a)(b)
 
525
620
 
 
 
14,936,539
Health Care Technology - 0.2%
 
 
 
Health Care Technology - 0.2%
 
 
 
Schrodinger, Inc. (a)
 
387,827
10,641,973
Life Sciences Tools & Services - 0.2%
 
 
 
Life Sciences Tools & Services - 0.2%
 
 
 
10X Genomics, Inc. (a)
 
15,719
518,570
Absci Corp. (a)(b)
 
997,900
3,362,923
Evotec OAI AG (a)
 
153,400
3,382,256
Olink Holding AB ADR (a)
 
57,100
864,494
Pacific Biosciences of California, Inc. (a)(b)
 
23,312
136,608
Quanterix Corp. (a)
 
256,200
2,395,470
Seer, Inc. (a)
 
304,058
3,070,986
 
 
 
13,731,307
Pharmaceuticals - 7.2%
 
 
 
Pharmaceuticals - 7.2%
 
 
 
Aclaris Therapeutics, Inc. (a)
 
435,589
6,930,221
Adimab LLC (a)(d)(e)(g)
 
1,954,526
84,762,124
Afferent Pharmaceuticals, Inc. rights 12/31/24 (a)(d)
 
8,274,568
8,605,551
Amylyx Pharmaceuticals, Inc. (b)
 
122,300
3,086,852
Antengene Corp. (a)(f)
 
318,671
168,126
Aradigm Corp. (a)(d)
 
11,945
549
Aradigm Corp. (a)(d)
 
148,009
6,808
Arvinas Holding Co. LLC (a)
 
742,119
31,421,318
Atea Pharmaceuticals, Inc. (a)
 
66,800
501,000
Axsome Therapeutics, Inc. (a)(b)
 
191,902
12,243,348
Chiasma, Inc. warrants 12/16/24 (a)(d)
 
382,683
4
CinCor Pharma, Inc. (b)
 
390,789
13,196,945
Corcept Therapeutics, Inc. (a)
 
102,243
2,639,914
DICE Therapeutics, Inc.
 
294,700
4,626,790
Edgewise Therapeutics, Inc. (a)
 
724,054
7,298,464
Fulcrum Therapeutics, Inc. (a)
 
1,784,376
13,204,382
GH Research PLC (a)(b)
 
1,388,224
21,586,883
Harmony Biosciences Holdings, Inc. (a)(b)
 
247,725
10,877,605
Ikena Oncology, Inc. (a)
 
453,147
2,152,448
Intra-Cellular Therapies, Inc. (a)
 
312,876
15,725,148
Kaleido Biosciences, Inc. (a)
 
84,860
93
Longboard Pharmaceuticals, Inc. (a)
 
371,100
1,243,185
Marinus Pharmaceuticals, Inc. (a)(b)
 
249,965
1,739,756
NGM Biopharmaceuticals, Inc. (a)
 
183,700
2,592,007
Nuvation Bio, Inc. (a)(b)
 
1,483,691
4,154,335
OptiNose, Inc. (a)(b)
 
702,319
2,563,464
Pharvaris BV (a)
 
353,507
3,213,379
Pliant Therapeutics, Inc. (a)
 
1,434,131
27,650,046
Rain Therapeutics, Inc. (a)(b)
 
346,004
2,051,804
Reata Pharmaceuticals, Inc. (a)(b)
 
699,412
16,722,941
Roivant Sciences Ltd. (a)(e)
 
2,500,000
8,900,000
Royalty Pharma PLC
 
361,320
15,106,789
Terns Pharmaceuticals, Inc. (a)(b)
 
101,009
393,935
Theseus Pharmaceuticals, Inc.
 
1,645,528
11,222,501
Trevi Therapeutics, Inc. (a)(b)
 
41,053
130,549
Tricida, Inc. (a)(b)
 
178,300
2,232,316
UCB SA
 
138,977
9,790,512
Ventyx Biosciences, Inc. (b)
 
524,405
10,697,862
Verona Pharma PLC ADR (a)(b)
 
413,400
4,307,628
Verrica Pharmaceuticals, Inc. (a)(b)
 
1,597,876
6,263,674
WAVE Life Sciences (a)
 
2,043,033
6,067,808
 
 
 
376,079,064
 
TOTAL COMMON STOCKS
  (Cost $4,349,886,543)
 
 
 
5,106,860,631
 
 
 
 
Convertible Preferred Stocks - 1.5%
 
 
Shares
Value ($)
 
Biotechnology - 1.3%
 
 
 
Biotechnology - 1.3%
 
 
 
ElevateBio LLC Series C (a)(d)(e)
 
216,600
990,512
Korro Bio, Inc.:
 
 
 
 Series B1 (d)(e)
 
957,854
1,829,501
 Series B2 (d)(e)
 
899,280
1,717,625
National Resilience, Inc. Series B (a)(d)(e)
 
732,064
44,458,247
SalioGen Therapeutics, Inc. Series B (d)(e)
 
94,461
7,043,957
ValenzaBio, Inc. Series A (a)(d)(e)
 
1,685,311
9,993,894
 
 
 
66,033,736
Health Care Providers & Services - 0.1%
 
 
 
Health Care Services - 0.1%
 
 
 
Scorpion Therapeutics, Inc. Series B (a)(d)(e)
 
3,099,905
3,874,881
Pharmaceuticals - 0.1%
 
 
 
Pharmaceuticals - 0.1%
 
 
 
Afferent Pharmaceuticals, Inc. Series C (a)(d)(e)
 
8,274,568
83
Aristea Therapeutics, Inc. Series B (a)(d)(e)
 
836,400
7,351,956
 
 
 
7,352,039
 
TOTAL CONVERTIBLE PREFERRED STOCKS
  (Cost $53,020,299)
 
 
 
77,260,656
 
 
 
 
Money Market Funds - 11.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (h)
 
35,533,876
35,540,982
Fidelity Securities Lending Cash Central Fund 2.34% (h)(i)
 
541,473,101
541,527,248
 
TOTAL MONEY MARKET FUNDS
  (Cost $577,034,589)
 
 
577,068,230
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 110.4%
  (Cost $4,979,941,431)
 
 
 
5,761,189,517
NET OTHER ASSETS (LIABILITIES) - (10.4)%  
(541,343,598)
NET ASSETS - 100.0%
5,219,845,919
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated company
 
(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 $171,066,419 or 3.3% of net assets.
 
(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 $10,974,095 or 0.2% of net assets.
 
(g)
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Adimab LLC
9/17/14 - 6/05/15
31,094,459
Afferent Pharmaceuticals, Inc. Series C
7/01/15
0
Aristea Therapeutics, Inc. Series B
10/06/20
4,611,659
Cyclerion Therapeutics, Inc.
4/02/19
1,404,026
ElevateBio LLC Series C
3/09/21
908,637
Korro Bio, Inc. Series B1
12/17/21
2,499,999
Korro Bio, Inc. Series B2
12/17/21
2,499,998
National Resilience, Inc. Series B
12/01/20
9,999,994
Roivant Sciences Ltd.
5/01/21
25,000,000
SalioGen Therapeutics, Inc. Series B
12/10/21
10,000,019
Scholar Rock Holding Corp. warrants 12/31/25
6/17/22
0
Scorpion Therapeutics, Inc. Series B
1/08/21
7,500,000
ValenzaBio, Inc. Series A
3/25/21
14,999,993
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,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
42,446,755
638,114,195
645,019,968
250,403
3,258
(3,258)
35,540,982
0.1%
Fidelity Securities Lending Cash Central Fund 2.34%
492,109,261
1,302,003,479
1,252,585,492
4,586,360
-
-
541,527,248
1.6%
Total
534,556,016
1,940,117,674
1,897,605,460
4,836,763
3,258
(3,258)
577,068,230
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Adverum Biotechnologies, Inc.
-
14,311,389
-
-
-
(2,018,444)
12,292,945
Applied Therapeutics, Inc.
1,070,923
2,575,660
482,432
-
(12,512,034)
13,911,798
4,563,915
Candel Therapeutics, Inc.
8,593,545
-
5,825,729
-
(3,665,574)
4,018,673
-
Krystal Biotech, Inc.
126,760,516
6,531,326
-
-
-
14,357,014
147,648,856
Total
136,424,984
23,418,375
6,308,161
-
(16,177,608)
30,269,041
164,505,716
 
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
5,106,860,631
5,011,021,155
1,940,684
93,898,792
 Convertible Preferred Stocks
77,260,656
-
-
77,260,656
  Money Market Funds
577,068,230
577,068,230
-
-
 Total Investments in Securities:
5,761,189,517
5,588,089,385
1,940,684
171,159,448
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
Common Stocks
 
 
 
  Beginning Balance
$
90,662,671
 
  Net Realized Gain (Loss) on Investment Securities
 
109,876
 
  Net Unrealized Gain (Loss) on Investment Securities
 
3,213,621
 
  Cost of Purchases
 
22,500
 
  Proceeds of Sales
 
(109,876)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
93,898,792
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2022
$
3,213,621
 
Convertible Preferred Stocks
 
 
 
  Beginning Balance
$
80,070,979
 
  Net Realized Gain (Loss) on Investment Securities
 
-
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(2,810,323)
 
  Cost of Purchases
 
-
 
  Proceeds of Sales
 
-
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
77,260,656
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2022
$
(2,810,323)
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
Biotechnology Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $534,128,736) - See accompanying schedule:
 
$5,019,615,571
 
 
Unaffiliated issuers (cost $4,296,995,867)
 
 
 
Fidelity Central Funds (cost $577,034,589)
 
577,068,230
 
 
Other affiliated issuers (cost $105,910,975)
 
164,505,716
 
 
 
 
 
 
 
Total Investment in Securities (cost $4,979,941,431)
 
 
$
5,761,189,517
Foreign currency held at value (cost $14)
 
 
 
14
Receivable for investments sold
 
 
 
11,627,931
Receivable for fund shares sold
 
 
 
429,389
Dividends receivable
 
 
 
256,837
Distributions receivable from Fidelity Central Funds
 
 
 
1,028,248
Prepaid expenses
 
 
 
37,202
Other receivables
 
 
 
1,100,330
  Total assets
 
 
 
5,775,669,468
Liabilities
 
 
 
 
Payable for investments purchased
 
$7,280,198
 
 
Payable for fund shares redeemed
 
2,844,639
 
 
Accrued management fee
 
2,388,335
 
 
Other affiliated payables
 
778,508
 
 
Other payables and accrued expenses
 
1,165,689
 
 
Collateral on securities loaned
 
541,366,180
 
 
  Total Liabilities
 
 
 
555,823,549
Net Assets  
 
 
$
5,219,845,919
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
4,775,141,366
Total accumulated earnings (loss)
 
 
 
444,704,553
Net Assets
 
 
$
5,219,845,919
Net Asset Value , offering price and redemption price per share ($5,219,845,919 ÷ 329,846,378 shares)
 
 
$
15.83
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
14,421,322
Income from Fidelity Central Funds (including $4,586,360 from security lending)
 
 
 
4,836,763
 Total Income
 
 
 
19,258,085
Expenses
 
 
 
 
Management fee
$
13,282,380
 
 
Transfer agent fees
 
4,098,926
 
 
Accounting fees
 
510,782
 
 
Custodian fees and expenses
 
117,677
 
 
Independent trustees' fees and expenses
 
8,068
 
 
Registration fees
 
53,174
 
 
Audit
 
59,757
 
 
Legal
 
2,393
 
 
Miscellaneous
 
22,228
 
 
 Total expenses before reductions
 
18,155,385
 
 
 Expense reductions
 
(82,625)
 
 
 Total expenses after reductions
 
 
 
18,072,760
Net Investment income (loss)
 
 
 
1,185,325
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(179,022,791)
 
 
   Fidelity Central Funds
 
3,258
 
 
   Other affiliated issuers
 
(16,177,608)
 
 
 Foreign currency transactions
 
(18,820)
 
 
Total net realized gain (loss)
 
 
 
(195,215,961)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
174,854,862
 
 
   Fidelity Central Funds
 
(3,258)
 
 
   Other affiliated issuers
 
30,269,041
 
 
 Assets and liabilities in foreign currencies
 
(17,190)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
205,103,455
Net gain (loss)
 
 
 
9,887,494
Net increase (decrease) in net assets resulting from operations
 
 
$
11,072,819
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
1,185,325
$
(10,105,462)
Net realized gain (loss)
 
(195,215,961)
 
 
288,016,862
 
Change in net unrealized appreciation (depreciation)
 
205,103,455
 
(2,639,724,294)
 
Net increase (decrease) in net assets resulting from operations
 
11,072,819
 
 
(2,361,812,894)
 
Distributions to shareholders
 
-
 
 
(951,630,731)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
402,117,956
 
514,676,797
  Reinvestment of distributions
 
-
 
 
898,472,847
 
Cost of shares redeemed
 
(474,036,823)
 
(1,692,638,148)
  Net increase (decrease) in net assets resulting from share transactions
 
(71,918,867)
 
 
(279,488,504)
 
Total increase (decrease) in net assets
 
(60,846,048)
 
 
(3,592,932,129)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
5,280,691,967
 
8,873,624,096
 
End of period
$
5,219,845,919
$
5,280,691,967
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
26,763,029
 
24,447,337
  Issued in reinvestment of distributions
 
-
 
 
43,520,026
 
Redeemed
 
(31,471,047)
 
(81,104,304)
Net increase (decrease)
 
(4,708,018)
 
(13,136,941)
 
 
 
 
 
 
 
Biotechnology Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019   B
 
2018   B  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.78
$
25.52
$
21.02
$
21.14
$
23.45
$
20.32
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
-
 
(.03)
 
(.01)
 
.05
 
(.04)
 
(.05)
     Net realized and unrealized gain (loss)
 
.05
 
(6.91)
 
9.41
 
1.79
 
(.29) E
 
3.49
  Total from investment operations
 
.05  
 
(6.94)  
 
9.40  
 
1.84  
 
(.33)
 
3.44
  Distributions from net investment income
 
-
 
(.03)
 
(.07)
 
(.03)
 
-
 
-
  Distributions from net realized gain
 
-
 
(2.77)
 
(4.84)
 
(1.93)
 
(1.98)
 
(.31)
     Total distributions
 
-
 
(2.80)
 
(4.90) F
 
(1.96)
 
(1.98)
 
(.31)
  Net asset value, end of period
$
15.83
$
15.78
$
25.52
$
21.02
$
21.14
$
23.45
 Total Return   G,H
 
.32%
 
(29.49)%
 
47.35%
 
8.57%
 
(.46)% E
 
17.04%
 Ratios to Average Net Assets D,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.72% K
 
.69%
 
.70%
 
.72%
 
.72%
 
.74%
    Expenses net of fee waivers, if any
 
.72% K
 
.69%
 
.70%
 
.72%
 
.72%
 
.74%
    Expenses net of all reductions
 
.72% K
 
.69%
 
.69%
 
.72%
 
.72%
 
.73%
    Net investment income (loss)
 
.05% K
 
(.14)%
 
(.03)%
 
.22%
 
(.20)%
 
(.25)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,219,846
$
5,280,692
$
8,873,624
$
6,624,752
$
7,583,722
$
8,940,767
    Portfolio turnover rate L
 
51% K
 
46%
 
78%
 
50%
 
37%
 
26%
 
A For the year ended February 29.
 
B Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that soccurred on August 10, 2018.
 
C Calculated based on average shares outstanding during the period.
 
D 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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
E Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.53)%.
 
F Total distributions per share do not sum due to rounding.
 
G Total returns for periods of less than one year are not annualized.
 
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Annualized
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Top Holdings (% of Fund's net assets)
 
UnitedHealth Group, Inc.
11.5
 
Danaher Corp.
5.8
 
Eli Lilly & Co.
5.5
 
Boston Scientific Corp.
5.1
 
Thermo Fisher Scientific, Inc.
4.9
 
Humana, Inc.
4.9
 
Cigna Corp.
4.0
 
Insulet Corp.
3.0
 
Penumbra, Inc.
2.8
 
Royalty Pharma PLC
2.5
 
 
50.0
 
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Industries (% of Fund's net assets)
 
Health Care Providers & Services
32.4
 
Biotechnology
19.1
 
Health Care Equipment & Supplies
17.2
 
Life Sciences Tools & Services
15.8
 
Pharmaceuticals
13.4
 
Health Care Technology
1.1
 
Personal Products
0.4
 
Specialty Retail
0.2
 
Diversified Financial Services
0.1
 
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
 
Health Care Portfolio
Common Stocks - 98.4%
 
 
Shares
Value ($)
 
Biotechnology - 18.4%
 
 
 
Biotechnology - 18.4%
 
 
 
ADC Therapeutics SA (a)(b)
 
988,800
6,743,616
Agios Pharmaceuticals, Inc. (a)(b)
 
360,000
9,180,000
Alnylam Pharmaceuticals, Inc. (a)
 
500,000
103,335,000
Ambrx Biopharma, Inc. ADR (a)
 
354,700
585,255
Arcutis Biotherapeutics, Inc. (a)
 
830,121
22,371,761
Argenx SE ADR (a)
 
485,000
183,266,950
Ascendis Pharma A/S sponsored ADR (a)
 
954,412
85,486,683
Avid Bioservices, Inc. (a)
 
1,000,000
17,220,000
Beam Therapeutics, Inc. (a)(b)
 
400,000
21,840,000
Blueprint Medicines Corp. (a)
 
830,974
60,843,916
Celldex Therapeutics, Inc. (a)
 
647,699
19,690,050
Century Therapeutics, Inc. (a)
 
815,000
8,573,800
Cerevel Therapeutics Holdings (a)
 
1,342,000
39,052,200
Cytokinetics, Inc. (a)
 
1,700,000
90,032,000
Denali Therapeutics, Inc. (a)
 
500,000
13,835,000
Erasca, Inc. (a)
 
2,571,600
23,195,832
Exelixis, Inc. (a)
 
1,500,000
26,610,000
Fate Therapeutics, Inc. (a)(b)
 
350,000
9,149,000
Generation Bio Co. (a)
 
509,353
2,607,887
Graphite Bio, Inc. (a)
 
800,000
2,648,000
Imago BioSciences, Inc. (a)
 
200,000
2,906,000
Innovent Biologics, Inc. (a)(c)
 
7,800,000
32,881,119
Instil Bio, Inc. (a)(b)
 
1,500,000
7,800,000
Janux Therapeutics, Inc. (a)(b)
 
500,000
5,410,000
Keros Therapeutics, Inc. (a)
 
400,000
14,148,000
Legend Biotech Corp. ADR (a)
 
1,400,000
65,086,000
Mirati Therapeutics, Inc. (a)
 
200,000
16,206,000
Morphic Holding, Inc. (a)
 
320,000
8,806,400
Nuvalent, Inc. Class A (a)(b)
 
351,130
5,927,074
Poseida Therapeutics, Inc. (a)
 
1,890,825
6,258,631
PTC Therapeutics, Inc. (a)
 
1,150,000
57,431,000
Regeneron Pharmaceuticals, Inc. (a)
 
310,000
180,128,600
Relay Therapeutics, Inc. (a)(b)
 
1,200,000
27,564,000
Sarepta Therapeutics, Inc. (a)
 
740,000
80,941,200
Scholar Rock Holding Corp. (a)(b)
 
155,315
1,295,327
Shattuck Labs, Inc. (a)
 
1,162,800
3,779,100
Stoke Therapeutics, Inc. (a)
 
500,000
7,530,000
uniQure B.V. (a)
 
670,000
13,091,800
Vaxcyte, Inc. (a)
 
750,000
19,620,000
Vertex Pharmaceuticals, Inc. (a)
 
340,000
95,798,400
Verve Therapeutics, Inc. (a)
 
280,000
10,740,800
Xencor, Inc. (a)
 
1,400,000
36,946,000
Xenon Pharmaceuticals, Inc. (a)
 
483,795
18,776,084
Zai Lab Ltd. (a)(d)
 
6,900,000
30,590,619
Zentalis Pharmaceuticals, Inc. (a)
 
850,000
22,788,500
 
 
 
1,518,717,604
Health Care Equipment & Supplies - 17.2%
 
 
 
Health Care Equipment - 17.2%
 
 
 
Boston Scientific Corp. (a)
 
10,450,000
421,239,500
Envista Holdings Corp. (a)
 
1,600,000
59,344,000
Inspire Medical Systems, Inc. (a)
 
240,000
45,957,600
Insulet Corp. (a)
 
980,000
250,360,600
Masimo Corp. (a)
 
690,000
101,354,100
Nevro Corp. (a)
 
700,000
31,724,000
Novocure Ltd. (a)
 
431,840
35,467,019
Outset Medical, Inc. (a)(b)
 
1,080,000
19,753,200
Penumbra, Inc. (a)
 
1,416,900
232,612,473
PROCEPT BioRobotics Corp.
 
600,000
24,288,000
ResMed, Inc.
 
600,000
131,952,000
Tandem Diabetes Care, Inc. (a)
 
1,450,000
66,323,000
 
 
 
1,420,375,492
Health Care Providers & Services - 32.4%
 
 
 
Health Care Facilities - 3.4%
 
 
 
Cano Health, Inc. (a)
 
8,600,000
53,062,000
HCA Holdings, Inc.
 
800,000
158,296,000
Surgery Partners, Inc. (a)
 
2,100,000
57,813,000
The Oncology Institute, Inc. (a)(e)
 
2,232,581
14,176,889
 
 
 
283,347,889
Health Care Services - 8.0%
 
 
 
agilon health, Inc. (a)(b)
 
5,750,000
119,485,000
Cigna Corp.
 
1,160,000
328,802,000
Guardant Health, Inc. (a)
 
618,385
30,956,353
LifeStance Health Group, Inc. (a)
 
4,250,000
26,732,500
Oak Street Health, Inc. (a)(b)
 
6,000,000
157,200,000
 
 
 
663,175,853
Managed Health Care - 21.0%
 
 
 
Alignment Healthcare, Inc. (a)
 
3,600,000
54,756,000
Centene Corp. (a)
 
2,280,000
204,607,200
Humana, Inc.
 
835,000
402,286,300
Molina Healthcare, Inc. (a)
 
340,000
114,705,800
UnitedHealth Group, Inc.
 
1,840,000
955,567,202
 
 
 
1,731,922,502
TOTAL HEALTH CARE PROVIDERS & SERVICES
 
 
2,678,446,244
Health Care Technology - 0.8%
 
 
 
Health Care Technology - 0.8%
 
 
 
Definitive Healthcare Corp. (b)
 
500,000
10,040,000
Doximity, Inc. (a)(b)
 
1,080,000
35,845,200
Medlive Technology Co. Ltd. (c)
 
3,000,000
4,768,942
Phreesia, Inc. (a)
 
700,000
17,962,000
 
 
 
68,616,142
Life Sciences Tools & Services - 15.8%
 
 
 
Life Sciences Tools & Services - 15.8%
 
 
 
10X Genomics, Inc. Class B (a)(c)
 
500,000
16,495,000
Agilent Technologies, Inc.
 
280,000
35,910,000
Avantor, Inc. (a)
 
400,000
9,964,000
Bio-Rad Laboratories, Inc. Class A (a)
 
100,000
48,504,000
Bruker Corp.
 
1,350,000
75,600,000
Danaher Corp.
 
1,760,000
475,041,600
Lonza Group AG
 
108,000
57,598,562
Nanostring Technologies, Inc. (a)
 
417,366
5,659,483
Olink Holding AB ADR (a)(b)
 
1,200,000
18,168,000
Sartorius Stedim Biotech
 
90,000
33,075,919
Seer, Inc. (a)
 
1,023,900
10,341,390
Stevanato Group SpA
 
1,080,000
17,928,000
Thermo Fisher Scientific, Inc.
 
740,000
403,536,800
West Pharmaceutical Services, Inc.
 
325,000
96,424,250
 
 
 
1,304,247,004
Personal Products - 0.4%
 
 
 
Personal Products - 0.4%
 
 
 
The Beauty Health Co. (a)(b)
 
801,005
9,291,658
The Beauty Health Co. (a)(e)
 
1,800,000
20,880,000
 
 
 
30,171,658
Pharmaceuticals - 13.2%
 
 
 
Pharmaceuticals - 13.2%
 
 
 
Arvinas Holding Co. LLC (a)
 
500,000
21,170,000
AstraZeneca PLC (United Kingdom)
 
1,420,000
175,643,120
Bristol-Myers Squibb Co.
 
1,200,000
80,892,000
Eli Lilly & Co.
 
1,500,000
451,845,000
Merck & Co., Inc.
 
450,000
38,412,000
Pharvaris BV (a)
 
620,000
5,635,800
Roche Holding AG (participation certificate)
 
280,000
90,227,661
Royalty Pharma PLC
 
5,000,000
209,050,000
Theseus Pharmaceuticals, Inc.
 
600,000
4,092,000
UCB SA
 
280,000
19,725,159
 
 
 
1,096,692,740
Specialty Retail - 0.2%
 
 
 
Specialty Stores - 0.2%
 
 
 
Warby Parker, Inc. (a)(b)
 
1,280,000
16,089,600
 
TOTAL COMMON STOCKS
  (Cost $5,688,579,933)
 
 
 
8,133,356,484
 
 
 
 
Preferred Stocks - 1.3%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 1.2%
 
 
 
Biotechnology - 0.7%
 
 
 
Biotechnology - 0.7%
 
 
 
Asimov, Inc. Series B (e)(f)
 
101,438
6,977,920
Caris Life Sciences, Inc. Series D (a)(e)(f)
 
3,206,021
17,761,356
Cleerly, Inc. Series C (e)(f)
 
1,285,367
15,142,394
Element Biosciences, Inc. Series C (a)(e)(f)
 
572,265
7,817,140
ElevateBio LLC Series C (a)(e)(f)
 
254,900
1,165,658
Inscripta, Inc. Series E (a)(e)(f)
 
1,282,228
7,795,946
 
 
 
56,660,414
Health Care Providers & Services - 0.0%
 
 
 
Health Care Services - 0.0%
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C (a)(e)(f)
 
380,451
3,412,645
 
 
 
 
Health Care Technology - 0.3%
 
 
 
Health Care Technology - 0.3%
 
 
 
Aledade, Inc.:
 
 
 
  Series B1(a)(e)(f)
 
201,220
10,022,768
  Series E1(e)(f)
 
56,664
2,822,434
Omada Health, Inc. Series E (e)(f)
 
2,153,073
5,942,481
Wugen, Inc. Series B (a)(e)(f)
 
454,342
2,371,665
 
 
 
21,159,348
Pharmaceuticals - 0.2%
 
 
 
Pharmaceuticals - 0.2%
 
 
 
Aristea Therapeutics, Inc. Series B (a)(e)(f)
 
1,037,400
9,118,746
Galvanize Therapeutics Series B (e)(f)
 
3,696,429
6,320,894
 
 
 
15,439,640
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
96,672,047
Nonconvertible Preferred Stocks - 0.1%
 
 
 
Diversified Financial Services - 0.1%
 
 
 
Other Diversified Financial Services - 0.1%
 
 
 
Thriveworks TopCo LLC Series B (a)(e)(f)(g)
 
473,270
9,735,164
 
 
 
 
 
TOTAL PREFERRED STOCKS
  (Cost $132,756,273)
 
 
 
106,407,211
 
 
 
 
Money Market Funds - 2.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (h)
 
24,228,781
24,233,627
Fidelity Securities Lending Cash Central Fund 2.34% (h)(i)
 
193,698,233
193,717,603
 
TOTAL MONEY MARKET FUNDS
  (Cost $217,949,480)
 
 
217,951,230
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.3%
  (Cost $6,039,285,686)
 
 
 
8,457,714,925
NET OTHER ASSETS (LIABILITIES) - (2.3)%  
(189,922,025)
NET ASSETS - 100.0%
8,267,792,900
 
 
 
 
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 $54,145,061 or 0.7% of net assets.
 
(d)
Affiliated company
 
(e)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $141,464,100 or 1.7% of net assets.
 
(f)
Level 3 security
 
(g)
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Aledade, Inc. Series B1
5/07/21
7,704,855
Aledade, Inc. Series E1
5/20/22
2,822,683
Aristea Therapeutics, Inc. Series B
10/06/20
5,719,912
Asimov, Inc. Series B
10/29/21
9,401,345
Caris Life Sciences, Inc. Series D
5/11/21
25,968,770
Cleerly, Inc. Series C
7/08/22
15,142,394
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
5,403,602
Element Biosciences, Inc. Series C
6/21/21
11,763,880
ElevateBio LLC Series C
3/09/21
1,069,306
Galvanize Therapeutics Series B
3/29/22
6,399,572
Inscripta, Inc. Series E
3/30/21
11,322,073
Omada Health, Inc. Series E
12/22/21
12,908,103
The Beauty Health Co.
12/08/20
18,000,000
The Oncology Institute, Inc.
6/28/21
22,325,810
Thriveworks TopCo LLC Series B
7/23/21 - 2/25/22
13,584,368
Wugen, Inc. Series B
7/09/21
3,523,377
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,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
36,264,694
509,009,622
521,040,689
248,078
-
-
24,233,627
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
202,861,851
693,538,460
702,682,708
1,224,172
-
-
193,717,603
0.6%
Total
239,126,545
1,202,548,082
1,223,723,397
1,472,250
-
-
217,951,230
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Zai Lab Ltd.
26,625,199
7,708,621
-
-
-
(3,743,201)
30,590,619
Total
26,625,199
7,708,621
-
-
-
(3,743,201)
30,590,619
 
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
8,133,356,484
7,741,646,461
391,710,023
-
 Preferred Stocks
106,407,211
-
-
106,407,211
  Money Market Funds
217,951,230
217,951,230
-
-
 Total Investments in Securities:
8,457,714,925
7,959,597,691
391,710,023
106,407,211
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
  Beginning Balance
$
99,854,613
 
  Net Realized Gain (Loss) on Investment Securities
 
-
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(17,834,085)
 
  Cost of Purchases
 
24,386,683
 
  Proceeds of Sales
 
-
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
106,407,211
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2022
$
(17,834,085)
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
Health Care Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $190,952,470) - See accompanying schedule:
 
$8,209,173,076
 
 
Unaffiliated issuers (cost $5,765,781,878)
 
 
 
Fidelity Central Funds (cost $217,949,480)
 
217,951,230
 
 
Other affiliated issuers (cost $55,554,328)
 
30,590,619
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,039,285,686)
 
 
$
8,457,714,925
Receivable for investments sold
 
 
 
12,986,399
Receivable for fund shares sold
 
 
 
916,679
Dividends receivable
 
 
 
4,049,977
Reclaims receivable
 
 
 
7,242,155
Distributions receivable from Fidelity Central Funds
 
 
 
208,517
Prepaid expenses
 
 
 
37,349
Other receivables
 
 
 
740,457
  Total assets
 
 
 
8,483,896,458
Liabilities
 
 
 
 
Payable for investments purchased
 
12,486,528
 
 
Payable for fund shares redeemed
 
4,260,337
 
 
Accrued management fee
 
3,807,646
 
 
Other affiliated payables
 
1,099,560
 
 
Other payables and accrued expenses
 
753,710
 
 
Collateral on securities loaned
 
193,695,777
 
 
  Total Liabilities
 
 
 
216,103,558
Net Assets  
 
 
$
8,267,792,900
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
6,041,264,216
Total accumulated earnings (loss)
 
 
 
2,226,528,684
Net Assets
 
 
$
8,267,792,900
Net Asset Value , offering price and redemption price per share ($8,267,792,900 ÷ 310,261,217 shares)
 
 
$
26.65
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
24,907,800
Income from Fidelity Central Funds (including $1,224,172 from security lending)
 
 
 
1,472,250
 Total Income
 
 
 
26,380,050
Expenses
 
 
 
 
Management fee
$
22,307,407
 
 
Transfer agent fees
 
6,083,752
 
 
Accounting fees
 
581,053
 
 
Custodian fees and expenses
 
49,236
 
 
Independent trustees' fees and expenses
 
13,633
 
 
Registration fees
 
48,072
 
 
Audit
 
24,306
 
 
Legal
 
4,322
 
 
Interest
 
958
 
 
Miscellaneous
 
28,271
 
 
 Total expenses before reductions
 
29,141,010
 
 
 Expense reductions
 
(138,308)
 
 
 Total expenses after reductions
 
 
 
29,002,702
Net Investment income (loss)
 
 
 
(2,622,652)
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(159,282,508)
 
 
 Foreign currency transactions
 
(102,074)
 
 
Total net realized gain (loss)
 
 
 
(159,384,582)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(196,383,440)
 
 
   Affiliated issuers
 
(3,743,201)
 
 
 Assets and liabilities in foreign currencies
 
(464,887)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(200,591,528)
Net gain (loss)
 
 
 
(359,976,110)
Net increase (decrease) in net assets resulting from operations
 
 
$
(362,598,762)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
(2,622,652)
$
(10,700,587)
Net realized gain (loss)
 
(159,384,582)
 
 
831,099,766
 
Change in net unrealized appreciation (depreciation)
 
(200,591,528)
 
(1,151,771,898)
 
Net increase (decrease) in net assets resulting from operations
 
(362,598,762)
 
 
(331,372,719)
 
Distributions to shareholders
 
(185,553,756)
 
 
(929,859,235)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
272,514,789
 
1,043,831,682
  Reinvestment of distributions
 
171,968,812
 
 
861,023,255
 
Cost of shares redeemed
 
(627,746,972)
 
(1,997,490,811)
  Net increase (decrease) in net assets resulting from share transactions
 
(183,263,371)
 
 
(92,635,874)
 
Total increase (decrease) in net assets
 
(731,415,889)
 
 
(1,353,867,828)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
8,999,208,789
 
10,353,076,617
 
End of period
$
8,267,792,900
$
8,999,208,789
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
10,073,809
 
32,480,198
  Issued in reinvestment of distributions
 
5,803,857
 
 
27,447,935
 
Redeemed
 
(23,611,876)
 
(63,667,769)
Net increase (decrease)
 
(7,734,210)
 
(3,739,636)
 
 
 
 
 
 
 
Health Care Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019   B
 
2018   B  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
28.30
$
32.18
$
26.53
$
24.48
$
23.56
$
20.89
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
(.01)
 
(.03)
 
- E
 
.04
 
.02
 
.05
     Net realized and unrealized gain (loss)
 
(1.05)
 
(.92)
 
9.23
 
2.40
 
2.90
 
3.17
  Total from investment operations
 
(1.06)  
 
(.95)  
 
9.23  
 
2.44  
 
2.92
 
3.22
  Distributions from net investment income
 
-
 
(.04) F
 
(.18)
 
(.03)
 
(.03)
 
(.04)
  Distributions from net realized gain
 
(.59)
 
(2.89) F
 
(3.40)
 
(.36)
 
(1.97)
 
(.51)
     Total distributions
 
(.59)
 
(2.93)
 
(3.58)
 
(.39)
 
(2.00)
 
(.55)
  Net asset value, end of period
$
26.65
$
28.30
$
32.18
$
26.53
$
24.48
$
23.56
 Total Return   G,H
 
(3.96)%
 
(3.67)%
 
36.00%
 
9.84%
 
13.30%
 
15.49%
 Ratios to Average Net Assets D,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.69% K
 
.68%
 
.69%
 
.70%
 
.71%
 
.73%
    Expenses net of fee waivers, if any
 
.68% K
 
.67%
 
.69%
 
.70%
 
.71%
 
.73%
    Expenses net of all reductions
 
.68% K
 
.67%
 
.69%
 
.70%
 
.71%
 
.72%
    Net investment income (loss)
 
(.06)% K
 
(.10)%
 
(.01)%
 
.16%
 
.10%
 
.23%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
8,267,793
$
8,999,209
$
10,353,077
$
7,220,187
$
7,450,707
$
6,923,404
    Portfolio turnover rate L
 
34% K
 
31%
 
52%
 
36% M
 
60% M
 
75%
 
A For the year ended February 29.
 
B Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that soccurred on August 10, 2018.
 
C Calculated based on average shares outstanding during the period.
 
D 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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
E Amount represents less than $.005 per share.
 
F The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
G Total returns for periods of less than one year are not annualized.
 
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Annualized
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
M Portfolio turnover rate excludes securities received or delivered in-kind.
 
 
Top Holdings (% of Fund's net assets)
 
UnitedHealth Group, Inc.
23.8
 
Cigna Corp.
7.9
 
Humana, Inc.
7.8
 
Centene Corp.
6.3
 
Elevance Health, Inc.
4.9
 
Molina Healthcare, Inc.
4.8
 
CVS Health Corp.
4.7
 
HCA Holdings, Inc.
4.3
 
AmerisourceBergen Corp.
3.9
 
McKesson Corp.
2.9
 
 
71.3
 
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Industries (% of Fund's net assets)
 
Health Care Providers & Services
93.6
 
Health Care Technology
2.4
 
Diversified Financial Services
0.1
 
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
 
Health Care Services Portfolio
Common Stocks - 95.7%
 
 
Shares
Value ($)
 
Health Care Providers & Services - 93.6%
 
 
 
Health Care Distributors & Services - 6.8%
 
 
 
AmerisourceBergen Corp.
 
420,300
61,599,168
McKesson Corp.
 
127,800
46,902,600
 
 
 
108,501,768
Health Care Facilities - 11.3%
 
 
 
Brookdale Senior Living, Inc. (a)
 
2,899,600
12,758,240
Cano Health, Inc. (a)(b)
 
3,086,329
19,042,650
Encompass Health Corp.
 
262,100
12,730,197
HCA Holdings, Inc.
 
344,400
68,146,428
Surgery Partners, Inc. (a)(b)
 
967,800
26,643,534
Tenet Healthcare Corp. (a)
 
469,700
26,538,050
U.S. Physical Therapy, Inc. (b)
 
159,600
13,184,556
 
 
 
179,043,655
Health Care Services - 26.4%
 
 
 
agilon health, Inc. (a)(b)
 
1,108,700
23,038,786
Amedisys, Inc. (a)
 
24,300
2,878,335
Andlauer Healthcare Group, Inc.
 
184,939
7,346,303
CareMax, Inc. (a)(c)
 
379,900
2,598,516
CareMax, Inc. Class A (a)(b)
 
1,356,800
9,280,512
Chemed Corp.
 
59,800
28,476,162
Cigna Corp.
 
445,372
126,240,693
CVS Health Corp.
 
760,070
74,600,871
DaVita HealthCare Partners, Inc. (a)
 
75,500
6,439,395
Enhabit Home Health & Hospice (a)(b)
 
131,050
2,175,430
Guardant Health, Inc. (a)
 
138,700
6,943,322
Laboratory Corp. of America Holdings
 
34,700
7,816,869
LHC Group, Inc. (a)
 
115,596
18,665,286
LifeStance Health Group, Inc. (a)(b)
 
3,139,300
19,746,197
Oak Street Health, Inc. (a)(b)
 
911,527
23,882,007
Option Care Health, Inc. (a)
 
1,191,232
36,880,543
P3 Health Partners, Inc. (a)(c)
 
250,000
1,168,500
Privia Health Group, Inc. (a)(b)
 
536,700
21,355,293
 
 
 
419,533,020
Managed Health Care - 49.1%
 
 
 
Alignment Healthcare, Inc. (a)
 
738,996
11,240,129
Centene Corp. (a)
 
1,122,984
100,776,584
Elevance Health, Inc.
 
158,902
77,084,949
HealthEquity, Inc. (a)
 
191,400
12,647,712
Humana, Inc.
 
256,800
123,721,104
Molina Healthcare, Inc. (a)
 
227,300
76,684,201
UnitedHealth Group, Inc.
 
729,650
378,929,136
 
 
 
781,083,815
TOTAL HEALTH CARE PROVIDERS & SERVICES
 
 
1,488,162,258
Health Care Technology - 2.1%
 
 
 
Health Care Technology - 2.1%
 
 
 
Change Healthcare, Inc. (a)
 
717,100
17,619,147
Evolent Health, Inc. (a)
 
277,200
10,187,100
Phreesia, Inc. (a)
 
250,335
6,423,596
 
 
 
34,229,843
 
TOTAL COMMON STOCKS
  (Cost $833,072,972)
 
 
 
1,522,392,101
 
 
 
 
Preferred Stocks - 0.4%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.3%
 
 
 
Health Care Technology - 0.3%
 
 
 
Health Care Technology - 0.3%
 
 
 
Aledade, Inc.:
 
 
 
  Series B1(a)(c)(d)
 
52,232
2,601,676
  Series E1(c)(d)
 
40,149
1,999,822
 
 
 
4,601,498
Nonconvertible Preferred Stocks - 0.1%
 
 
 
Diversified Financial Services - 0.1%
 
 
 
Other Diversified Financial Services - 0.1%
 
 
 
Thriveworks TopCo LLC Series B (a)(c)(d)(e)
 
69,639
1,432,474
 
 
 
 
 
TOTAL PREFERRED STOCKS
  (Cost $6,020,894)
 
 
 
6,033,972
 
 
 
 
Money Market Funds - 6.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (f)
 
62,055,811
62,068,222
Fidelity Securities Lending Cash Central Fund 2.34% (f)(g)
 
45,858,111
45,862,696
 
TOTAL MONEY MARKET FUNDS
  (Cost $107,930,918)
 
 
107,930,918
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.9%
  (Cost $947,024,784)
 
 
 
1,636,356,991
NET OTHER ASSETS (LIABILITIES) - (2.9)%  
(45,817,321)
NET ASSETS - 100.0%
1,590,539,670
 
 
 
 
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 $9,800,988 or 0.6% of net assets.
 
(d)
Level 3 security
 
(e)
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Aledade, Inc. Series B1
5/07/21
2,000,000
Aledade, Inc. Series E1
5/20/22
1,999,998
CareMax, Inc.
12/18/20
3,799,000
P3 Health Partners, Inc.
5/25/21
2,500,000
Thriveworks TopCo LLC Series B
7/23/21 - 2/25/22
1,998,863
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,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
1,067,186
272,660,870
211,659,834
253,039
-
-
62,068,222
0.1%
Fidelity Securities Lending Cash Central Fund 2.34%
47,754,630
222,064,700
223,956,634
182,666
-
-
45,862,696
0.1%
Total
48,821,816
494,725,570
435,616,468
435,705
-
-
107,930,918
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
1,522,392,101
1,521,223,601
1,168,500
-
 Preferred Stocks
6,033,972
-
-
6,033,972
  Money Market Funds
107,930,918
107,930,918
-
-
 Total Investments in Securities:
1,636,356,991
1,629,154,519
1,168,500
6,033,972
Health Care Services Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $45,410,183) - See accompanying schedule:
 
$1,528,426,073
 
 
Unaffiliated issuers (cost $839,093,866)
 
 
 
Fidelity Central Funds (cost $107,930,918)
 
107,930,918
 
 
 
 
 
 
 
Total Investment in Securities (cost $947,024,784)
 
 
$
1,636,356,991
Receivable for investments sold
 
 
 
3,161,066
Receivable for fund shares sold
 
 
 
3,439,091
Dividends receivable
 
 
 
157,172
Distributions receivable from Fidelity Central Funds
 
 
 
160,064
Prepaid expenses
 
 
 
5,437
Other receivables
 
 
 
84,700
  Total assets
 
 
 
1,643,364,521
Liabilities
 
 
 
 
Payable for investments purchased
 
3,573,260
 
 
Payable for fund shares redeemed
 
2,377,953
 
 
Accrued management fee
 
697,917
 
 
Other affiliated payables
 
218,029
 
 
Other payables and accrued expenses
 
98,424
 
 
Collateral on securities loaned
 
45,859,268
 
 
  Total Liabilities
 
 
 
52,824,851
Net Assets  
 
 
$
1,590,539,670
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
921,975,325
Total accumulated earnings (loss)
 
 
 
668,564,345
Net Assets
 
 
$
1,590,539,670
Net Asset Value , offering price and redemption price per share ($1,590,539,670 ÷ 11,972,700 shares)
 
 
$
132.85
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
5,544,409
Income from Fidelity Central Funds (including $182,666 from security lending)
 
 
 
435,705
 Total Income
 
 
 
5,980,114
Expenses
 
 
 
 
Management fee
$
3,607,217
 
 
Transfer agent fees
 
1,016,673
 
 
Accounting fees
 
204,394
 
 
Custodian fees and expenses
 
5,507
 
 
Independent trustees' fees and expenses
 
2,100
 
 
Registration fees
 
54,069
 
 
Audit
 
17,475
 
 
Legal
 
1,123
 
 
Miscellaneous
 
3,575
 
 
 Total expenses before reductions
 
4,912,133
 
 
 Expense reductions
 
(20,790)
 
 
 Total expenses after reductions
 
 
 
4,891,343
Net Investment income (loss)
 
 
 
1,088,771
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(9,409,690)
 
 
 Foreign currency transactions
 
(1,223)
 
 
Total net realized gain (loss)
 
 
 
(9,410,913)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
67,251,560
 
 
 Assets and liabilities in foreign currencies
 
(86)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
67,251,474
Net gain (loss)
 
 
 
57,840,561
Net increase (decrease) in net assets resulting from operations
 
 
$
58,929,332
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
1,088,771
$
2,679,968
Net realized gain (loss)
 
(9,410,913)
 
 
122,701,804
 
Change in net unrealized appreciation (depreciation)
 
67,251,474
 
56,927,180
 
Net increase (decrease) in net assets resulting from operations
 
58,929,332
 
 
182,308,952
 
Distributions to shareholders
 
(58,203,664)
 
 
(87,625,390)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
438,771,390
 
148,662,940
  Reinvestment of distributions
 
54,395,336
 
 
81,964,453
 
Cost of shares redeemed
 
(117,384,816)
 
(212,192,301)
  Net increase (decrease) in net assets resulting from share transactions
 
375,781,910
 
 
18,435,092
 
Total increase (decrease) in net assets
 
376,507,578
 
 
113,118,654
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,214,032,092
 
1,100,913,438
 
End of period
$
1,590,539,670
$
1,214,032,092
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
3,285,170
 
1,120,061
  Issued in reinvestment of distributions
 
389,651
 
 
621,521
 
Redeemed
 
(900,498)
 
(1,608,688)
Net increase (decrease)
 
2,774,323
 
132,894
 
 
 
 
 
 
 
Health Care Services Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
131.98
$
121.44
$
94.72
$
89.28
$
92.21
$
89.93
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.10
 
.29
 
.06
 
.23
 
.13
 
.11
     Net realized and unrealized gain (loss)
 
6.87
 
20.01
 
27.59
 
5.50
 
8.27
 
14.23
  Total from investment operations
 
6.97  
 
20.30  
 
27.65  
 
5.73  
 
8.40
 
14.34
  Distributions from net investment income
 
-
 
(.22) D
 
(.93)
 
(.29)
 
(.10)
 
(.10)
  Distributions from net realized gain
 
(6.10)
 
(9.55) D
 
-
 
-
 
(11.23)
 
(11.96)
     Total distributions
 
(6.10)
 
(9.76) E
 
(.93)
 
(.29)
 
(11.33)
 
(12.06)
  Redemption fees added to paid in capital B
 
-
 
-
 
-
 
-
 
-
 
- F
  Net asset value, end of period
$
132.85
$
131.98
$
121.44
$
94.72
$
89.28
$
92.21
 Total Return   G,H
 
5.06%
 
16.85%
 
29.43%
 
6.39%
 
9.61%
 
17.03%
 Ratios to Average Net Assets C,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.72% K
 
.71%
 
.73%
 
.75%
 
.76%
 
.77%
    Expenses net of fee waivers, if any
 
.71% K
 
.71%
 
.73%
 
.75%
 
.76%
 
.77%
    Expenses net of all reductions
 
.71% K
 
.71%
 
.73%
 
.75%
 
.76%
 
.76%
    Net investment income (loss)
 
.16% K
 
.22%
 
.05%
 
.25%
 
.14%
 
.12%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,590,540
$
1,214,032
$
1,100,913
$
1,003,206
$
1,343,070
$
829,692
    Portfolio turnover rate L
 
17% K
 
35%
 
34%
 
37%
 
60%
 
65%
 
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
E Total distributions per share do not sum due to rounding.
 
F Amount represents less than $.005 per share.
 
G Total returns for periods of less than one year are not annualized.
 
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Annualized
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Top Holdings (% of Fund's net assets)
 
Thermo Fisher Scientific, Inc.
15.4
 
Danaher Corp.
14.5
 
Boston Scientific Corp.
10.0
 
Abbott Laboratories
5.1
 
ResMed, Inc.
4.7
 
Insulet Corp.
4.3
 
Penumbra, Inc.
3.5
 
West Pharmaceutical Services, Inc.
3.1
 
Masimo Corp.
2.8
 
Sartorius Stedim Biotech
2.1
 
 
65.5
 
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Industries (% of Fund's net assets)
 
Life Sciences Tools & Services
45.4
 
Health Care Equipment & Supplies
45.1
 
Health Care Technology
4.0
 
Biotechnology
2.6
 
Health Care Providers & Services
0.9
 
Personal Products
0.6
 
Textiles, Apparel & Luxury Goods
0.5
 
Specialty Retail
0.3
 
Pharmaceuticals
0.1
 
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
 
Medical Technology and Devices Portfolio
Common Stocks - 96.3%
 
 
Shares
Value ($)
 
Biotechnology - 1.3%
 
 
 
Biotechnology - 1.3%
 
 
 
Abcam PLC (a)
 
2,650,000
39,102,846
Avid Bioservices, Inc. (a)
 
1,280,000
22,041,600
Natera, Inc. (a)
 
600,000
29,556,000
Saluda Medical Pty Ltd. warrants (a)(b)(c)
 
470,371
1,349,965
 
 
 
92,050,411
Health Care Equipment & Supplies - 44.7%
 
 
 
Health Care Equipment - 44.0%
 
 
 
Abbott Laboratories
 
3,500,000
359,275,000
Angiodynamics, Inc. (a)
 
1,600,000
35,424,000
Boston Scientific Corp. (a)
 
17,600,000
709,456,000
DexCom, Inc. (a)
 
700,000
57,547,000
Envista Holdings Corp. (a)
 
2,800,000
103,852,000
Hologic, Inc. (a)
 
1,280,000
86,476,800
Inspire Medical Systems, Inc. (a)
 
400,000
76,596,000
Insulet Corp. (a)(d)
 
1,200,000
306,564,000
Intuitive Surgical, Inc. (a)
 
528,000
108,630,720
Masimo Corp. (a)
 
1,350,000
198,301,500
Nevro Corp. (a)
 
1,750,000
79,310,000
Novocure Ltd. (a)
 
751,000
61,679,630
Outset Medical, Inc. (a)(d)
 
1,001,809
18,323,087
Penumbra, Inc. (a)(d)
 
1,500,000
246,255,000
PROCEPT BioRobotics Corp. (d)
 
1,500,000
60,720,000
ResMed, Inc.
 
1,500,000
329,880,000
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
500,000
21,573,758
Stryker Corp.
 
670,000
137,484,000
Tandem Diabetes Care, Inc. (a)(d)
 
2,520,000
115,264,800
 
 
 
3,112,613,295
Health Care Supplies - 0.7%
 
 
 
Nanosonics Ltd. (a)(e)
 
16,701,000
46,592,817
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES
 
 
3,159,206,112
Health Care Providers & Services - 0.7%
 
 
 
Health Care Services - 0.7%
 
 
 
Guardant Health, Inc. (a)
 
515,642
25,813,039
LifeStance Health Group, Inc. (a)
 
4,250,000
26,732,500
 
 
 
52,545,539
Health Care Technology - 3.3%
 
 
 
Health Care Technology - 3.3%
 
 
 
Change Healthcare, Inc. (a)
 
2,100,000
51,597,000
Definitive Healthcare Corp. (d)
 
750,000
15,060,000
DNA Script (b)(c)
 
1,220
893,868
DNA Script (b)(c)
 
4,668
3,420,145
Doximity, Inc. (a)(d)
 
1,400,000
46,466,000
Medlive Technology Co. Ltd. (f)
 
4,295,500
6,828,330
Phreesia, Inc. (a)
 
1,650,000
42,339,000
Veeva Systems, Inc. Class A (a)
 
340,000
67,768,800
 
 
 
234,373,143
Life Sciences Tools & Services - 45.4%
 
 
 
Life Sciences Tools & Services - 45.4%
 
 
 
10X Genomics, Inc. Class B (a)(f)
 
392,772
12,957,548
Agilent Technologies, Inc.
 
750,000
96,187,500
Avantor, Inc. (a)
 
3,300,000
82,203,000
Bio-Rad Laboratories, Inc. Class A (a)
 
170,000
82,456,800
Bio-Techne Corp.
 
165,000
54,748,650
Bruker Corp.
 
2,200,000
123,200,000
Charles River Laboratories International, Inc. (a)
 
200,000
41,050,000
Danaher Corp.
 
3,800,000
1,025,658,000
IQVIA Holdings, Inc. (a)
 
210,000
44,658,600
Lonza Group AG
 
175,000
93,331,004
Nanostring Technologies, Inc. (a)
 
2,180,000
29,560,800
Olink Holding AB ADR (a)(d)
 
1,280,000
19,379,200
Sartorius Stedim Biotech
 
400,000
147,004,086
Seer, Inc. (a)(d)
 
2,021,692
20,419,089
Stevanato Group SpA
 
1,400,000
23,240,000
Thermo Fisher Scientific, Inc.
 
2,000,000
1,090,640,001
West Pharmaceutical Services, Inc.
 
750,000
222,517,500
 
 
 
3,209,211,778
Personal Products - 0.6%
 
 
 
Personal Products - 0.6%
 
 
 
The Beauty Health Co. (a)(d)
 
600,939
6,970,892
The Beauty Health Co. (a)(b)
 
3,000,000
34,800,000
 
 
 
41,770,892
Specialty Retail - 0.3%
 
 
 
Specialty Stores - 0.3%
 
 
 
Warby Parker, Inc. (a)(d)
 
1,750,000
21,997,500
 
TOTAL COMMON STOCKS
  (Cost $4,610,116,687)
 
 
 
6,811,155,375
 
 
 
 
Convertible Preferred Stocks - 2.9%
 
 
Shares
Value ($)
 
Biotechnology - 1.3%
 
 
 
Biotechnology - 1.3%
 
 
 
Asimov, Inc. Series B (b)(c)
 
97,985
6,740,388
Caris Life Sciences, Inc. Series D (a)(b)(c)
 
2,803,935
15,533,800
Element Biosciences, Inc. Series B (a)(b)(c)
 
2,385,223
32,582,146
ElevateBio LLC Series C (a)(b)(c)
 
214,700
981,823
Inscripta, Inc. Series D (a)(b)(c)
 
3,938,731
23,947,484
Saluda Medical Pty Ltd. Series D (b)(c)
 
1,567,904
15,754,832
 
 
 
95,540,473
Health Care Equipment & Supplies - 0.1%
 
 
 
Health Care Supplies - 0.1%
 
 
 
Kardium, Inc. Series D6 (a)(b)(c)
 
13,783,189
10,258,552
Health Care Providers & Services - 0.2%
 
 
 
Health Care Services - 0.2%
 
 
 
Conformal Medical, Inc. Series C (a)(b)(c)
 
2,605,625
8,572,506
dMed Biopharmaceutical Co. Ltd. Series C (a)(b)(c)
 
309,255
2,774,017
 
 
 
11,346,523
Health Care Technology - 0.7%
 
 
 
Health Care Technology - 0.7%
 
 
 
Aledade, Inc.:
 
 
 
 Series B1 (a)(b)(c)
 
175,232
8,728,306
 Series E1 (b)(c)
 
58,567
2,917,222
DNA Script:
 
 
 
 Series B (b)(c)
 
59
43,228
 Series C (b)(c)
 
28,249
20,697,446
Omada Health, Inc. Series E (b)(c)
 
2,182,939
6,024,912
PrognomIQ, Inc.:
 
 
 
 Series A5 (a)(b)(c)
 
833,333
2,166,666
 Series B (a)(b)(c)
 
2,735,093
7,111,242
 Series C (b)(c)
 
752,098
1,955,455
 
 
 
49,644,477
Pharmaceuticals - 0.1%
 
 
 
Pharmaceuticals - 0.1%
 
 
 
Galvanize Therapeutics Series B (b)(c)
 
3,641,139
6,226,348
Textiles, Apparel & Luxury Goods - 0.5%
 
 
 
Textiles - 0.5%
 
 
 
Freenome, Inc.:
 
 
 
 Series C (a)(b)(c)
 
2,268,156
20,776,309
 Series D (b)(c)
 
1,325,855
12,144,832
 
 
 
32,921,141
 
TOTAL CONVERTIBLE PREFERRED STOCKS
  (Cost $198,835,399)
 
 
 
205,937,514
 
 
 
 
Preferred Securities - 0.3%
 
 
Principal
Amount (g)
 
Value ($)
 
Health Care Equipment & Supplies - 0.3%
 
 
 
Health Care Supplies - 0.3%
 
 
 
Kardium, Inc. 0% (b)(c)(h)
 
  (Cost $19,551,861)
 
 
19,551,861
19,551,861
 
 
 
 
Money Market Funds - 2.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (i)
 
40,985,545
40,993,742
Fidelity Securities Lending Cash Central Fund 2.34% (i)(j)
 
139,862,258
139,876,245
 
TOTAL MONEY MARKET FUNDS
  (Cost $180,869,986)
 
 
180,869,987
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.1%
  (Cost $5,009,373,933)
 
 
 
7,217,514,737
NET OTHER ASSETS (LIABILITIES) - (2.1)%  
(146,088,421)
NET ASSETS - 100.0%
7,071,426,316
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $265,953,353 or 3.8% of net assets.
 
(c)
Level 3 security
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Affiliated company
 
(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 $19,785,878 or 0.3% of net assets.
 
(g)
Amount is stated in United States dollars unless otherwise noted.
 
(h)
Security is perpetual in nature with no stated maturity date.
 
(i)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(j)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Aledade, Inc. Series B1
5/07/21
6,709,756
Aledade, Inc. Series E1
5/20/22
2,917,480
Asimov, Inc. Series B
10/29/21
9,081,318
Caris Life Sciences, Inc. Series D
5/11/21
22,711,874
Conformal Medical, Inc. Series C
7/24/20
9,554,996
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
4,392,395
DNA Script
12/17/21
4,714,776
DNA Script Series B
12/17/21
47,244
DNA Script Series C
10/01/21
24,572,393
Element Biosciences, Inc. Series B
12/13/19
12,500,000
ElevateBio LLC Series C
3/09/21
900,667
Freenome, Inc. Series C
8/14/20
14,999,996
Freenome, Inc. Series D
11/22/21
9,999,996
Galvanize Therapeutics Series B
3/29/22
6,303,849
Inscripta, Inc. Series D
11/13/20
18,000,001
Kardium, Inc. Series D6
12/30/20
14,001,515
Kardium, Inc. 0%
12/30/20
19,551,861
Omada Health, Inc. Series E
12/22/21
13,087,156
PrognomIQ, Inc. Series A5
8/20/20
503,333
PrognomIQ, Inc. Series B
9/11/20
6,249,999
PrognomIQ, Inc. Series C
2/16/22
2,301,420
Saluda Medical Pty Ltd. Series D
1/20/22
20,000,011
Saluda Medical Pty Ltd. warrants
1/20/22
0
The Beauty Health Co.
12/08/20
30,000,000
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,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
21,433,102
570,997,918
551,437,279
603,850
-
1
40,993,742
0.1%
Fidelity Securities Lending Cash Central Fund 2.34%
73,452,626
541,550,704
475,127,085
960,644
-
-
139,876,245
0.4%
Total
94,885,728
1,112,548,622
1,026,564,364
1,564,494
-
1
180,869,987
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Nanosonics Ltd.
63,907,137
-
12,591,867
-
(302,332)
(4,420,121)
46,592,817
Total
63,907,137
-
12,591,867
-
(302,332)
(4,420,121)
46,592,817
 
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
6,811,155,375
6,598,062,642
207,428,755
5,663,978
 Convertible Preferred Stocks
205,937,514
-
-
205,937,514
 Preferred Securities
19,551,861
-
-
19,551,861
  Money Market Funds
180,869,987
180,869,987
-
-
 Total Investments in Securities:
7,217,514,737
6,778,932,629
207,428,755
231,153,353
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
Convertible Preferred Stocks
 
 
 
  Beginning Balance
$
240,783,918
 
  Net Realized Gain (Loss) on Investment Securities
 
-
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(44,067,733)
 
  Cost of Purchases
 
9,221,329
 
  Proceeds of Sales
 
-
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
205,937,514
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2022
$
(44,067,733)
 
Other Investments in Securities
 
 
 
  Beginning Balance
$
25,605,694
 
  Net Realized Gain (Loss) on Investment Securities
 
-
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(389,855)
 
  Cost of Purchases
 
-
 
  Proceeds of Sales
 
-
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
25,215,839
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2022
$
(389,855)
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
Medical Technology and Devices Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $138,672,972) - See accompanying schedule:
 
$6,990,051,933
 
 
Unaffiliated issuers (cost $4,793,205,266)
 
 
 
Fidelity Central Funds (cost $180,869,986)
 
180,869,987
 
 
Other affiliated issuers (cost $35,298,681)
 
46,592,817
 
 
 
 
 
 
 
Total Investment in Securities (cost $5,009,373,933)
 
 
$
7,217,514,737
Foreign currency held at value (cost $42,484)
 
 
 
42,484
Receivable for investments sold
 
 
 
9,918,096
Receivable for fund shares sold
 
 
 
679,669
Dividends receivable
 
 
 
1,103,983
Distributions receivable from Fidelity Central Funds
 
 
 
462,148
Prepaid expenses
 
 
 
26,402
Other receivables
 
 
 
264,473
  Total assets
 
 
 
7,230,011,992
Liabilities
 
 
 
 
Payable for investments purchased
 
9,631,425
 
 
Payable for fund shares redeemed
 
4,457,866
 
 
Accrued management fee
 
3,315,220
 
 
Other affiliated payables
 
1,046,013
 
 
Other payables and accrued expenses
 
267,472
 
 
Collateral on securities loaned
 
139,867,680
 
 
  Total Liabilities
 
 
 
158,585,676
Net Assets  
 
 
$
7,071,426,316
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
5,125,594,707
Total accumulated earnings (loss)
 
 
 
1,945,831,609
Net Assets
 
 
$
7,071,426,316
Net Asset Value , offering price and redemption price per share ($7,071,426,316 ÷ 119,190,299 shares)
 
 
$
59.33
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
10,383,852
Income from Fidelity Central Funds (including $960,644 from security lending)
 
 
 
1,564,494
 Total Income
 
 
 
11,948,346
Expenses
 
 
 
 
Management fee
$
20,369,355
 
 
Transfer agent fees
 
5,964,273
 
 
Accounting fees
 
565,973
 
 
Custodian fees and expenses
 
38,903
 
 
Independent trustees' fees and expenses
 
12,704
 
 
Registration fees
 
16,422
 
 
Audit
 
17,572
 
 
Legal
 
2,816
 
 
Interest
 
814
 
 
Miscellaneous
 
24,232
 
 
 Total expenses before reductions
 
27,013,064
 
 
 Expense reductions
 
(130,112)
 
 
 Total expenses after reductions
 
 
 
26,882,952
Net Investment income (loss)
 
 
 
(14,934,606)
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(136,202,778)
 
 
   Affiliated issuers
 
(302,332)
 
 
 Foreign currency transactions
 
15,515
 
 
Total net realized gain (loss)
 
 
 
(136,489,595)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(1,155,858,467)
 
 
   Fidelity Central Funds
 
1
 
 
   Other affiliated issuers
 
(4,420,121)
 
 
 Assets and liabilities in foreign currencies
 
34,352
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(1,160,244,235)
Net gain (loss)
 
 
 
(1,296,733,830)
Net increase (decrease) in net assets resulting from operations
 
 
$
(1,311,668,436)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
(14,934,606)
$
(44,939,672)
Net realized gain (loss)
 
(136,489,595)
 
 
498,712,415
 
Change in net unrealized appreciation (depreciation)
 
(1,160,244,235)
 
(241,663,649)
 
Net increase (decrease) in net assets resulting from operations
 
(1,311,668,436)
 
 
212,109,094
 
Distributions to shareholders
 
(137,785,975)
 
 
(808,325,364)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
271,156,218
 
1,949,163,820
  Reinvestment of distributions
 
128,703,751
 
 
757,192,690
 
Cost of shares redeemed
 
(784,813,559)
 
(1,877,605,232)
  Net increase (decrease) in net assets resulting from share transactions
 
(384,953,590)
 
 
828,751,278
 
Total increase (decrease) in net assets
 
(1,834,408,001)
 
 
232,535,008
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
8,905,834,317
 
8,673,299,309
 
End of period
$
7,071,426,316
$
8,905,834,317
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
4,207,619
 
24,345,738
  Issued in reinvestment of distributions
 
1,786,060
 
 
9,855,790
 
Redeemed
 
(12,547,371)
 
(24,120,700)
Net increase (decrease)
 
(6,553,692)
 
10,080,828
 
 
 
 
 
 
 
Medical Technology and Devices Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
70.83
$
74.99
$
55.88
$
52.92
$
46.09
$
41.48
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
(.12)
 
(.37)
 
(.24)
 
(.08)
 
(.04)
 
.05
     Net realized and unrealized gain (loss)
 
(10.27)
 
2.97
 
24.19
 
4.10
 
10.40
 
7.31
  Total from investment operations
 
(10.39)  
 
2.60  
 
23.95  
 
4.02  
 
10.36
 
7.36
  Distributions from net investment income
 
-
 
-
 
-
 
-
 
-
 
(.08)
  Distributions from net realized gain
 
(1.11)
 
(6.76)
 
(4.84)
 
(1.06)
 
(3.53)
 
(2.67)
     Total distributions
 
(1.11)
 
(6.76)
 
(4.84)
 
(1.06)
 
(3.53)
 
(2.75)
  Net asset value, end of period
$
59.33
$
70.83
$
74.99
$
55.88
$
52.92
$
46.09
 Total Return   D,E
 
(14.95)%
 
2.95%
 
44.20%
 
7.46%
 
23.85%
 
18.01%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.70% H
 
.68%
 
.70%
 
.71%
 
.73%
 
.76%
    Expenses net of fee waivers, if any
 
.69% H
 
.68%
 
.70%
 
.71%
 
.73%
 
.76%
    Expenses net of all reductions
 
.69% H
 
.68%
 
.70%
 
.71%
 
.73%
 
.75%
    Net investment income (loss)
 
(.39)% H
 
(.46)%
 
(.36)%
 
(.15)%
 
(.07)%
 
.11%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
7,071,426
$
8,905,834
$
8,673,299
$
6,058,766
$
6,787,645
$
4,063,926
    Portfolio turnover rate I
 
27% H
 
32%
 
58%
 
35%
 
43%
 
77%
 
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 such underlying funds 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).
 
 
Top Holdings (% of Fund's net assets)
 
Eli Lilly & Co.
13.1
 
AstraZeneca PLC sponsored ADR
11.7
 
Sanofi SA sponsored ADR
8.9
 
Bristol-Myers Squibb Co.
6.5
 
Roche Holding AG (participation certificate)
5.2
 
Royalty Pharma PLC
4.9
 
Novartis AG sponsored ADR
4.1
 
Merck & Co., Inc.
3.4
 
Merck KGaA
3.0
 
Johnson & Johnson
2.6
 
 
63.4
 
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Industries (% of Fund's net assets)
 
Pharmaceuticals
75.4
 
Biotechnology
18.6
 
Health Care Providers & Services
3.2
 
Life Sciences Tools & Services
1.1
 
Health Care Equipment & Supplies
0.8
 
Diversified Financial Services
0.1
 
Food & Staples Retailing
0.0
 
Software
0.0
 
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Pharmaceuticals Portfolio
Common Stocks - 98.7%
 
 
Shares
Value ($)
 
Biotechnology - 18.2%
 
 
 
Biotechnology - 18.2%
 
 
 
2seventy bio, Inc. (a)
 
209,200
3,081,516
ADC Therapeutics SA (a)(b)
 
419,700
2,862,354
Alnylam Pharmaceuticals, Inc. (a)
 
36,571
7,558,129
Amicus Therapeutics, Inc. (a)
 
295,700
3,320,711
Arcellx, Inc.
 
157,100
2,823,087
Arcus Biosciences, Inc. (a)
 
126,600
3,048,528
Argenx SE (a)
 
17,400
6,552,171
Argenx SE ADR (a)
 
11,000
4,156,570
Ascendis Pharma A/S sponsored ADR (a)
 
51,300
4,594,941
Beam Therapeutics, Inc. (a)(b)
 
87,200
4,761,120
Biogen, Inc. (a)
 
42,200
8,245,036
BioInvent International AB (a)
 
1,648,418
7,175,103
BioNTech SE ADR (b)
 
48,200
6,971,648
Blueprint Medicines Corp. (a)
 
150,700
11,034,254
Celldex Therapeutics, Inc. (a)
 
73,400
2,231,360
Cullinan Oncology, Inc. (a)
 
88,100
1,187,588
Cytokinetics, Inc. (a)
 
75,100
3,977,296
Galapagos NV sponsored ADR (a)
 
36,900
1,847,214
Generation Bio Co. (a)
 
250,176
1,280,901
Horizon Therapeutics PLC (a)
 
74,500
4,411,145
Intellia Therapeutics, Inc. (a)
 
15,400
924,924
iTeos Therapeutics, Inc. (a)
 
183,800
4,076,684
Kalvista Pharmaceuticals, Inc. (a)
 
374,800
6,172,956
Leap Therapeutics, Inc. warrants 1/31/26 (a)
 
606,000
251,951
Legend Biotech Corp. ADR (a)
 
259,400
12,059,506
NextCure, Inc. (a)(b)
 
336,900
1,381,290
Oxurion NV (a)(b)(c)
 
3,128,819
701,180
PTC Therapeutics, Inc. (a)
 
157,700
7,875,538
Sarepta Therapeutics, Inc. (a)
 
118,500
12,961,530
Springworks Therapeutics, Inc. (a)(b)
 
44,300
1,230,211
Synlogic, Inc. (a)
 
520,700
520,700
uniQure B.V. (a)
 
170,500
3,331,570
Xencor, Inc. (a)
 
123,168
3,250,404
XOMA Corp. (a)(b)
 
53,300
1,059,604
 
 
 
146,918,720
Food & Staples Retailing - 0.0%
 
 
 
Drug Retail - 0.0%
 
 
 
MedAvail Holdings, Inc. (a)
 
3,333
3,866
Health Care Equipment & Supplies - 0.8%
 
 
 
Health Care Equipment - 0.8%
 
 
 
Angiodynamics, Inc. (a)
 
282,000
6,243,480
Health Care Providers & Services - 3.2%
 
 
 
Health Care Services - 3.2%
 
 
 
23andMe Holding Co. Class B (d)
 
396,606
1,336,562
Cigna Corp.
 
55,200
15,646,440
Guardant Health, Inc. (a)
 
172,000
8,610,320
 
 
 
25,593,322
Life Sciences Tools & Services - 1.1%
 
 
 
Life Sciences Tools & Services - 1.1%
 
 
 
Maravai LifeSciences Holdings, Inc. (a)
 
193,500
4,038,345
Sartorius Stedim Biotech
 
13,900
5,108,392
 
 
 
9,146,737
Pharmaceuticals - 75.4%
 
 
 
Pharmaceuticals - 75.4%
 
 
 
Arvinas Holding Co. LLC (a)
 
55,600
2,354,104
AstraZeneca PLC sponsored ADR
 
1,517,900
94,686,602
Axsome Therapeutics, Inc. (a)(b)
 
43,400
2,768,920
Bristol-Myers Squibb Co.
 
779,080
52,517,783
Edgewise Therapeutics, Inc. (a)
 
455,400
4,590,432
Eli Lilly & Co.
 
350,761
105,659,735
Euroapi SASU (a)
 
163,500
2,555,832
GSK PLC sponsored ADR
 
515,160
16,732,397
Harmony Biosciences Holdings, Inc. (a)(b)
 
73,077
3,208,811
Intra-Cellular Therapies, Inc. (a)
 
91,200
4,583,712
Jazz Pharmaceuticals PLC (a)
 
53,700
8,335,314
Johnson & Johnson
 
131,950
21,288,813
Merck & Co., Inc.
 
317,936
27,139,017
Merck KGaA
 
140,800
24,186,619
NGM Biopharmaceuticals, Inc. (a)
 
108,600
1,532,346
Novartis AG sponsored ADR
 
411,596
33,141,710
Pharvaris BV (a)
 
60,939
553,936
Pliant Therapeutics, Inc. (a)(b)
 
488,000
9,408,640
Roche Holding AG (participation certificate)
 
131,086
42,241,369
Royalty Pharma PLC
 
944,700
39,497,907
Sanofi SA sponsored ADR
 
1,759,322
72,184,982
UCB SA
 
282,900
19,929,455
Zoetis, Inc. Class A
 
121,800
19,065,354
Zogenix, Inc. rights (a)(e)
 
800
544
 
 
 
608,164,334
 
TOTAL COMMON STOCKS
  (Cost $614,743,413)
 
 
 
796,070,459
 
 
 
 
Convertible Preferred Stocks - 0.5%
 
 
Shares
Value ($)
 
Biotechnology - 0.4%
 
 
 
Biotechnology - 0.4%
 
 
 
Castle Creek Biosciences, Inc.:
 
 
 
 Series D1 (e)(f)
 
6,308
1,285,192
 Series D2 (e)(f)
 
85
17,318
ValenzaBio, Inc. Series A (a)(e)(f)
 
224,708
1,332,518
 
 
 
2,635,028
Diversified Financial Services - 0.1%
 
 
 
Other Diversified Financial Services - 0.1%
 
 
 
Paragon Biosciences Emalex Capital, Inc. Series C (a)(e)(f)
 
158,879
891,311
Pharmaceuticals - 0.0%
 
 
 
Pharmaceuticals - 0.0%
 
 
 
Castle Creek Pharmaceutical Holdings, Inc. Series C (a)(e)(f)
 
200
44,304
Software - 0.0%
 
 
 
Systems Software - 0.0%
 
 
 
Evozyne LLC Series A (a)(e)(f)
 
5,900
91,981
 
TOTAL CONVERTIBLE PREFERRED STOCKS
  (Cost $5,286,055)
 
 
 
3,662,624
 
 
 
 
Convertible Bonds - 0.0%
 
 
Principal
Amount (g)
 
Value ($)
 
Diversified Financial Services - 0.0%
 
 
 
Other Diversified Financial Services - 0.0%
 
 
 
Paragon Biosciences Emalex Capital, Inc. 1.26% (e)(f)(h)
 
  (Cost $193,747)
 
 
193,747
193,747
 
 
 
 
Money Market Funds - 3.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (i)
 
4,238,327
4,239,174
Fidelity Securities Lending Cash Central Fund 2.34% (i)(j)
 
23,347,209
23,349,544
 
TOTAL MONEY MARKET FUNDS
  (Cost $27,588,718)
 
 
27,588,718
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.6%
  (Cost $647,811,933)
 
 
 
827,515,548
NET OTHER ASSETS (LIABILITIES) - (2.6)%  
(21,067,983)
NET ASSETS - 100.0%
806,447,565
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated company
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,336,562 or 0.2% 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 $3,856,371 or 0.5% of net assets.
 
(g)
Amount is stated in United States dollars unless otherwise noted.
 
(h)
Security is perpetual in nature with no stated maturity date.
 
(i)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(j)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Castle Creek Biosciences, Inc. Series D1
4/19/22
1,356,409
Castle Creek Biosciences, Inc. Series D2
6/28/21
14,700
Castle Creek Pharmaceutical Holdings, Inc. Series C
12/09/19
82,370
Evozyne LLC Series A
4/09/21
132,573
Paragon Biosciences Emalex Capital, Inc. Series C
2/26/21
1,700,005
Paragon Biosciences Emalex Capital, Inc. 1.26%
5/18/22
193,747
ValenzaBio, Inc. Series A
3/25/21
1,999,998
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,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
10,726,575
193,886,427
200,373,828
50,126
-
-
4,239,174
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
7,039,136
249,322,951
233,012,543
23,027
-
-
23,349,544
0.1%
Total
17,765,711
443,209,378
433,386,371
73,153
-
-
27,588,718
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Oxurion NV
-
4,984,659
-
-
-
(4,283,479)
701,180
Total
-
4,984,659
-
-
-
(4,283,479)
701,180
 
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
796,070,459
722,837,805
73,232,110
544
 Convertible Preferred Stocks
3,662,624
-
-
3,662,624
 Convertible Bonds
193,747
-
-
193,747
  Money Market Funds
27,588,718
27,588,718
-
-
 Total Investments in Securities:
827,515,548
750,426,523
73,232,110
3,856,915
Pharmaceuticals Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $23,170,174) - See accompanying schedule:
 
$799,225,650
 
 
Unaffiliated issuers (cost $615,238,556)
 
 
 
Fidelity Central Funds (cost $27,588,718)
 
27,588,718
 
 
Other affiliated issuers (cost $4,984,659)
 
701,180
 
 
 
 
 
 
 
Total Investment in Securities (cost $647,811,933)
 
 
$
827,515,548
Foreign currency held at value (cost $289)
 
 
 
291
Receivable for fund shares sold
 
 
 
162,492
Dividends receivable
 
 
 
1,633,404
Reclaims receivable
 
 
 
2,092,992
Interest receivable
 
 
 
705
Distributions receivable from Fidelity Central Funds
 
 
 
15,585
Prepaid expenses
 
 
 
4,036
Other receivables
 
 
 
154,116
  Total assets
 
 
 
831,579,169
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
1,092,702
 
 
Accrued management fee
 
375,946
 
 
Other affiliated payables
 
146,674
 
 
Other payables and accrued expenses
 
167,446
 
 
Collateral on securities loaned
 
23,348,836
 
 
  Total Liabilities
 
 
 
25,131,604
Net Assets  
 
 
$
806,447,565
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
595,295,688
Total accumulated earnings (loss)
 
 
 
211,151,877
Net Assets
 
 
$
806,447,565
Net Asset Value , offering price and redemption price per share ($806,447,565 ÷ 36,569,363 shares)
 
 
$
22.05
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
10,870,012
Foreign Tax Reclaims
 
 
 
1,218,788
Interest  
 
 
1,003
Income from Fidelity Central Funds (including $23,027 from security lending)
 
 
 
73,153
 Income before foreign taxes withheld
 
 
 
12,162,956
Less foreign taxes withheld
 
 
 
(1,894,498)
 Total Income
 
 
 
10,268,458
Expenses
 
 
 
 
Management fee
$
2,287,380
 
 
Transfer agent fees
 
750,756
 
 
Accounting fees
 
140,662
 
 
Custodian fees and expenses
 
13,734
 
 
Independent trustees' fees and expenses
 
1,406
 
 
Registration fees
 
37,978
 
 
Audit
 
18,117
 
 
Legal
 
2,262
 
 
Interest
 
400
 
 
Miscellaneous
 
2,578
 
 
 Total expenses before reductions
 
3,255,273
 
 
 Expense reductions
 
(13,861)
 
 
 Total expenses after reductions
 
 
 
3,241,412
Net Investment income (loss)
 
 
 
7,027,046
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
27,700,579
 
 
 Foreign currency transactions
 
5,990
 
 
Total net realized gain (loss)
 
 
 
27,706,569
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(35,754,428)
 
 
   Affiliated issuers
 
(4,283,479)
 
 
 Assets and liabilities in foreign currencies
 
(105,170)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(40,143,077)
Net gain (loss)
 
 
 
(12,436,508)
Net increase (decrease) in net assets resulting from operations
 
 
$
(5,409,462)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
7,027,046
$
9,312,735
Net realized gain (loss)
 
27,706,569
 
 
66,607,987
 
Change in net unrealized appreciation (depreciation)
 
(40,143,077)
 
(29,793,616)
 
Net increase (decrease) in net assets resulting from operations
 
(5,409,462)
 
 
46,127,106
 
Distributions to shareholders
 
(10,339,389)
 
 
(87,692,898)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
110,455,465
 
223,427,519
  Reinvestment of distributions
 
9,823,096
 
 
83,261,883
 
Cost of shares redeemed
 
(232,830,061)
 
(163,755,378)
  Net increase (decrease) in net assets resulting from share transactions
 
(112,551,500)
 
 
142,934,024
 
Total increase (decrease) in net assets
 
(128,300,351)
 
 
101,368,232
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
934,747,916
 
833,379,684
 
End of period
$
806,447,565
$
934,747,916
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
4,740,589
 
9,855,327
  Issued in reinvestment of distributions
 
395,933
 
 
3,596,826
 
Redeemed
 
(10,053,473)
 
(6,801,557)
Net increase (decrease)
 
(4,916,951)
 
6,650,596
 
 
 
 
 
 
 
Pharmaceuticals Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
22.53
$
23.92
$
21.71
$
21.07
$
18.82
$
18.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.19
 
.27
 
.27
 
.29
 
.29
 
.27
     Net realized and unrealized gain (loss)
 
(.41)
 
.97
 
4.04
 
2.29
 
2.34
 
.74
  Total from investment operations
 
(.22)  
 
1.24  
 
4.31  
 
2.58  
 
2.63
 
1.01
  Distributions from net investment income
 
(.06)
 
(.28)
 
(.31)
 
(.31)
 
(.28)
 
(.25)
  Distributions from net realized gain
 
(.20)
 
(2.35)
 
(1.79)
 
(1.64)
 
(.10)
 
(.05)
     Total distributions
 
(.26)
 
(2.63)
 
(2.10)
 
(1.94) D
 
(.38)
 
(.30)
  Net asset value, end of period
$
22.05
$
22.53
$
23.92
$
21.71
$
21.07
$
18.82
 Total Return   E,F
 
(1.12)%
 
5.15%
 
20.46%
 
12.06%
 
14.15%
 
5.61%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.75% I
 
.75%
 
.77%
 
.78%
 
.80%
 
.81%
    Expenses net of fee waivers, if any
 
.75% I
 
.75%
 
.77%
 
.78%
 
.79%
 
.81%
    Expenses net of all reductions
 
.75% I
 
.75%
 
.76%
 
.77%
 
.79%
 
.80%
    Net investment income (loss)
 
1.62% I
 
1.10%
 
1.13%
 
1.36%
 
1.48%
 
1.44%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
806,448
$
934,748
$
833,380
$
764,285
$
747,604
$
744,563
    Portfolio turnover rate J
 
42% I
 
29%
 
32%
 
52%
 
55%
 
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
D Total distributions per share do not sum due to rounding.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
I Annualized
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended August 31, 2022
 
1. Organization.
Biotechnology Portfolio, Health Care Portfolio, Health Care Services Portfolio, Medical Technology and Devices Portfolio, and Pharmaceuticals Portfolio (the Funds) are non-diversified funds of Fidelity Select Portfolios (the Trust).   The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. Each Fund is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds.
2. Investments in Fidelity Central Funds.
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 Ratio A
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. 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 (ETFs) 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 delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Biotechnology Portfolio:
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in Input A
Equities
  $   171,159,448
Market approach
Discount rate
29.0% - 48.3% / 34.0%
Decrease
 
 
 
Transaction price
$2.42 - $105.86 / $50.90
Increase
 
 
Recovery value
Recovery value
$0.00 - $3.35 / $3.13
  Increase
 
 
 
Discount for lack of marketablitly
5.0%
Decrease
 
 
Discounted cash flow
Discount rate
8.0% - 13.0% / 12.3%
Decrease
 
 
 
Probability rate
0.6% - 90.0% / 26.4%
Increase
 
 
 
Growth rate
3.5%
Increase
 
 
 
Discount for lack of marketablitly
10.0%
Decrease
 
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.
 
Health Care Portfolio:
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in Input A
Equities
  $   106,407,211
Market approach
Discount rate
31.1% - 49.5% / 33.5%
Decrease
 
 
 
Transaction price
$4.57 - $20.56 / $11.47
Increase
 
 
Market comparable
Enterprise value/Revenue multiple (EV/R)
3.6 - 6.8 / 5.9
  Increase
 
 
Discounted cash flow
Discount rate
10.0%
Decrease
 
 
 
Probability rate
0.6% - 37.3% / 16.3%
Increase
 
 
Black scholes
Term
1.5
Increase
 
 
 
Volatility
55.0%
Increase
 
A   Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
 
Medical Technology and Devices Portfolio:
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in Input A
Equities
  $   211,601,492
Market approach
Discount rate
10.3% - 49.5% / 26.3%
Decrease
 
 
 
Transaction price
$1.02 - $20.56 / $11.14
Increase
 
 
Recovery value
Recovery value
$2.87
  Increase
 
 
 
Transaction price
$12.76
Increase
 
 
 
Probability rate
15.0% - 70.0% / 42.5%
Increase
 
 
Market comparable
Enterprise value/Revenue multiple (EV/R)
  3.6 - 6.8 / 5.7
Increase
 
 
Discounted cash flow
Weighted average cost of capital (WACC)
25.0%
Decrease
 
 
 
Exit multiple
2.0
Increase
 
 
Black scholes
Term
1.5
Increase
 
 
 
Volatility
55.0%
Increase
Preferred Securities
  $   19,551,861
Market approach
Transaction price
$100.00
Increase
 
A   Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2022, as well as a roll forward of Level 3 investments, is included at the end of each Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends or foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Biotechnology Portfolio
$1,047,684
Health Care Portfolio
689,724
Health Care Services Portfolio
77,584
Medical Technology and Devices Portfolio
227,384
Pharmaceuticals Portfolio
141,259
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences resulted in distribution reclassifications for the period ended February 28, 2022.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to   foreign currency transactions, passive foreign investment companies (PFIC), deferred Trustee compensation, 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)
Biotechnology Portfolio
$5,011,141,067
$1,642,440,509
$(892,392,059)
$   750,048,450
Health Care Portfolio
  6,048,498,494
  3,117,473,378
  (708,256,947)
  2,409,216,431
Health Care Services Portfolio
  966,056,787
  742,236,199
  (71,935,995)
  670,300,204
Medical Technology and Devices Portfolio  
  5,021,771,678
  2,649,935,561
  (454,192,502)
  2,195,743,059
Pharmaceuticals Portfolio
  649,773,778
  241,045,499
  (63,303,729)
  177,741,770
Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2021 to February 28, 2022, and ordinary losses recognized during the period January 1, 2022 to February 28, 2022. Loss deferrals were as follows:
 
 
 
Capital losses
 
Ordinary losses
Biotechnology Portfolio
$   (98,907,002)
$   (11,118,831)
Health Care Portfolio
  -
  (4,977,672)
Medical Technology and Devices Portfolio  
  (87,545,004)
  (8,394,767)
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
 
 
$ Amount
% of Net Assets
Biotechnology Portfolio
  84,762,124
  1.62
Health Care Portfolio
  9,735,164
  .12
Health Care Services Portfolio
  1,432,474
  .09
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Biotechnology Portfolio
  1,252,665,977
  1,313,437,936
Health Care Portfolio
  1,426,332,655
  1,744,088,858
Health Care Services Portfolio
  380,039,659
  112,701,814
Medical Technology and Devices Portfolio
  1,065,879,812
  1,567,716,549
Pharmaceuticals Portfolio
  179,757,703
  286,934,715
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:
 
 
Individual Rate
Group Rate
Total
Biotechnology Portfolio
.30%
.23%
.53%
Health Care Portfolio
.30%
.23%
.53%
Health Care Services Portfolio
.30%
.23%
.53%
Medical Technology and Devices Portfolio
.30%
.23%
.53%
Pharmaceuticals Portfolio
.30%
.23%
.53%
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
 
Biotechnology Portfolio
.16%
Health Care Portfolio
.14%
Health Care Services Portfolio
.15%
Medical Technology and Devices Portfolio
.15%
Pharmaceuticals Portfolio
.17%
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Biotechnology Portfolio
.02
Health Care Portfolio
.01
Health Care Services Portfolio
.03
Medical Technology and Devices Portfolio
.01
Pharmaceuticals Portfolio
.03
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Biotechnology Portfolio
$   85,075
Health Care Portfolio
  36,907
Health Care Services Portfolio
  5,536
Medical Technology and Devices Portfolio
  26,883
Pharmaceuticals Portfolio
  4,438
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 period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Health Care Portfolio
  Borrower
$   6,882,364
.46%
$   958
Medical Technology and Devices Portfolio  
  Borrower
$   9,169,800
.64%
$   814
Pharmaceuticals Portfolio
  Borrower
$   25,482,000
.57%
$   400
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. 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
  38,833,406
  60,204,210
  (14,662,883)
Health Care Portfolio
  90,415,639
  182,300,791
  26,623,108
Health Care Services Portfolio
  39,842,765
  10,707,722
  (197,048)
Medical Technology and Devices Portfolio
  64,764,230
  36,279,772
  (5,286,051)
Pharmaceuticals Portfolio
  25,537,279
  24,228,189
  5,001,382
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Biotechnology Portfolio
$   4,524
Health Care Portfolio
  7,638
Health Care Services Portfolio
  1,103
Medical Technology and Devices Portfolio
  7,316
Pharmaceuticals Portfolio
  764
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, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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
$   478,578
$   31,811
$5,485,701
Health Care Portfolio
$   128,144
$   49,017
$-
Health Care Services Portfolio
$   18,936
$   4,499
$   1,653,228
Medical Technology and Devices Portfolio
$   101,289
$   8,978
$   -
Pharmaceuticals Portfolio
$   2,325
$   1,926
$479,108
8. Expense Reductions.
Through arrangements with each applicable Fund's custodian and transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
 
 
Custodian credits
Biotechnology Portfolio
$   395
Health Care Services Portfolio
  67
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:
 
 
Amount
Biotechnology Portfolio
$   82,230
Health Care Portfolio
  138,308
Health Care Services Portfolio
  20,723
Medical Technology and Devices Portfolio
  130,112
Pharmaceuticals Portfolio
  13,861
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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2022 to August 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value March 1, 2022
 
Ending Account Value August 31, 2022
 
Expenses Paid During Period- C March 1, 2022 to August 31, 2022
 
 
 
 
 
 
 
 
 
 
Biotechnology Portfolio
 
 
 
.72%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,003.20
 
$ 3.64
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.58
 
$ 3.67
 
 
 
 
 
 
 
 
 
 
Health Care Portfolio
 
 
 
.68%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 960.40
 
$ 3.36
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.78
 
$ 3.47
 
 
 
 
 
 
 
 
 
 
Health Care Services Portfolio
 
 
 
.71%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,050.60
 
$ 3.67
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.63
 
$ 3.62
 
 
 
 
 
 
 
 
 
 
Medical Technology and Devices Portfolio
 
 
 
.69%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 850.50
 
$ 3.22
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.73
 
$ 3.52
 
 
 
 
 
 
 
 
 
 
Pharmaceuticals Portfolio
 
 
 
.75%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 988.80
 
$ 3.76
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.42
 
$ 3.82
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
Biotechnology Portfolio
Health Care Portfolio
Health Care Services Portfolio
Medical Technology and Devices Portfolio
Pharmaceuticals Portfolio
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians,  subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance . The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the fund compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for each fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below.
 
Biotechnology Portfolio
 
Health Care Portfolio
 
Health Care Services Portfolio
 
The Board considered the fund's underperformance for different time periods ended September 30, 2021 and for different time periods ended December 31, 2021 (which periods are not reflected in the chart above). The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; and attribution reports on contributors to the fund's underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance.
 
Medical Technology and Devices Portfolio
 
Pharmaceuticals Portfolio
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity funds are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.
 
Biotechnology Portfolio
 
Health Care Portfolio
Health Care Services Portfolio
 
Medical Technology and Devices Portfolio
 
Pharmaceuticals Portfolio
 
The Board noted that each fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio . In its review of each fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for each fund, which focuses on the total expenses of each fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that each fund's total net expense ratio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.
 
Fees Charged to Other Fidelity Clients . The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
 
Economies of Scale . The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contracts). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that each fund's Advisory Contracts should be renewed.
 
1.813645.117
SELHC-SANN-1022
Fidelity® Select Portfolios®
Financials Sector
 
Banking Portfolio
Brokerage and Investment Management Portfolio
Financial Services Portfolio
FinTech Portfolio
Insurance Portfolio
 
 
Semi-Annual Report
August 31, 2022

Contents

Banking Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Brokerage and Investment Management Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Financial Services Portfolio

Investment Summary

Schedule of Investments

Financial Statements

FinTech Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Insurance Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

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. © 2022 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.
 
Top Holdings (% of Fund's net assets)
 
Wells Fargo & Co.
7.4
 
M&T Bank Corp.
6.6
 
Bank of America Corp.
6.0
 
U.S. Bancorp
5.8
 
Citigroup, Inc.
4.9
 
Truist Financial Corp.
4.6
 
Huntington Bancshares, Inc.
3.9
 
First Citizens Bancshares, Inc.
3.1
 
East West Bancorp, Inc.
3.0
 
First Interstate Bancsystem, Inc.
2.9
 
 
48.2
 
 
Industries (% of Fund's net assets)
 
Banks
85.6
 
Thrifts & Mortgage Finance
8.6
 
Capital Markets
3.0
 
Consumer Finance
1.8
 
IT Services
0.5
 
 
Percentages shown as 0.0% reflect amounts less than 0.05%.
 
Banking Portfolio
Common Stocks - 99.0%
 
 
Shares
Value ($)
 
Banks - 85.6%
 
 
 
Diversified Banks - 25.4%
 
 
 
Bank of America Corp.
 
863,376
29,018,067
Citigroup, Inc.
 
480,000
23,428,800
JPMorgan Chase & Co.
 
49,971
5,683,202
Piraeus Financial Holdings SA (a)
 
330,200
347,763
U.S. Bancorp
 
615,300
28,063,833
Wells Fargo & Co.
 
821,992
35,929,271
 
 
 
122,470,936
Regional Banks - 60.2%
 
 
 
1st Source Corp.
 
119,281
5,628,870
American National Bankshares, Inc.
 
153,286
5,047,708
Associated Banc-Corp.
 
563,900
11,300,556
Bank OZK
 
151,200
6,128,136
BankUnited, Inc.
 
111,769
4,141,041
BOK Financial Corp. (b)
 
123,400
10,966,558
Cadence Bank
 
384,539
9,798,054
Camden National Corp.
 
9,532
431,132
Comerica, Inc.
 
146,500
11,763,950
Community Trust Bancorp, Inc. (b)
 
147,076
6,213,961
ConnectOne Bancorp, Inc.
 
125,200
3,133,756
East West Bancorp, Inc.
 
198,300
14,311,311
Eastern Bankshares, Inc.
 
143,400
2,781,960
First Citizens Bancshares, Inc. (b)
 
18,400
14,940,064
First Interstate Bancsystem, Inc.
 
351,834
14,164,837
Heartland Financial U.S.A., Inc.
 
223,700
9,992,679
Huntington Bancshares, Inc.
 
1,403,400
18,805,560
Independent Bank Group, Inc.
 
71,900
4,843,184
M&T Bank Corp.
 
175,160
31,840,585
Old National Bancorp, Indiana
 
238,754
3,984,804
PacWest Bancorp
 
321,036
8,452,878
PNC Financial Services Group, Inc.
 
43,000
6,794,000
Popular, Inc.
 
157,900
12,193,038
Preferred Bank, Los Angeles
 
107,095
7,265,325
Sierra Bancorp
 
156,400
3,240,608
Signature Bank
 
39,890
6,955,220
Trico Bancshares
 
96,087
4,534,346
Truist Financial Corp.
 
468,200
21,930,488
UMB Financial Corp.
 
60,866
5,445,681
Univest Corp. of Pennsylvania
 
243,300
6,033,840
Wintrust Financial Corp.
 
109,900
9,268,966
Zions Bancorp NA
 
136,450
7,508,844
 
 
 
289,841,940
TOTAL BANKS
 
 
412,312,876
Capital Markets - 3.0%
 
 
 
Asset Management & Custody Banks - 3.0%
 
 
 
Bank of New York Mellon Corp.
 
93,000
3,862,290
Phoenix Vega Mezz PLC (a)
 
330,200
21,569
State Street Corp.
 
155,900
10,655,765
 
 
 
14,539,624
Consumer Finance - 1.8%
 
 
 
Consumer Finance - 1.8%
 
 
 
Capital One Financial Corp.
 
55,400
5,862,428
OneMain Holdings, Inc.
 
81,600
2,850,288
 
 
 
8,712,716
Thrifts & Mortgage Finance - 8.6%
 
 
 
Thrifts & Mortgage Finance - 8.6%
 
 
 
Essent Group Ltd.
 
308,229
12,326,078
MGIC Investment Corp.
 
380,249
5,433,758
NMI Holdings, Inc. (a)
 
526,402
10,807,033
Radian Group, Inc.
 
289,836
6,118,438
Southern Missouri Bancorp, Inc.
 
26,700
1,407,891
Walker & Dunlop, Inc.
 
52,100
5,233,966
 
 
 
41,327,164
 
TOTAL COMMON STOCKS
  (Cost $405,655,059)
 
 
 
476,892,380
 
 
 
 
Convertible Bonds - 0.5%
 
 
Principal
Amount (c)
 
Value ($)
 
IT Services - 0.5%
 
 
 
Data Processing & Outsourced Services - 0.5%
 
 
 
Affirm Holdings, Inc. 0% 11/15/26 (d)
 
  (Cost $2,422,103)
 
 
4,117,000
2,600,947
 
 
 
 
Money Market Funds - 3.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (e)
 
1,745,142
1,745,491
Fidelity Securities Lending Cash Central Fund 2.34% (e)(f)
 
16,425,607
16,427,250
 
TOTAL MONEY MARKET FUNDS
  (Cost $18,172,741)
 
 
18,172,741
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.3%
  (Cost $426,249,903)
 
 
 
497,666,068
NET OTHER ASSETS (LIABILITIES) - (3.3)%  
(16,082,681)
NET ASSETS - 100.0%
481,583,387
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Amount is stated in United States dollars unless otherwise noted.
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,600,947 or 0.5% of net assets.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated 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,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
70,784
48,495,455
46,820,748
3,284
-
-
1,745,491
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
39,878,125
221,414,616
244,865,491
9,897
-
-
16,427,250
0.0%
Total
39,948,909
269,910,071
291,686,239
13,181
-
-
18,172,741
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
476,892,380
476,892,380
-
-
 Convertible Bonds
2,600,947
-
2,600,947
-
  Money Market Funds
18,172,741
18,172,741
-
-
 Total Investments in Securities:
497,666,068
495,065,121
2,600,947
-
Banking Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $16,043,753) - See accompanying schedule:
 
$479,493,327
 
 
Unaffiliated issuers (cost $408,077,162)
 
 
 
Fidelity Central Funds (cost $18,172,741)
 
18,172,741
 
 
 
 
 
 
 
Total Investment in Securities (cost $426,249,903)
 
 
$
497,666,068
Receivable for investments sold
 
 
 
6,024,219
Receivable for fund shares sold
 
 
 
44,535
Dividends receivable
 
 
 
1,039,481
Distributions receivable from Fidelity Central Funds
 
 
 
2,279
Prepaid expenses
 
 
 
3,462
Other receivables
 
 
 
2,649
  Total assets
 
 
 
504,782,693
Liabilities
 
 
 
 
Payable for investments purchased
 
$5,690,185
 
 
Payable for fund shares redeemed
 
757,390
 
 
Accrued management fee
 
223,419
 
 
Other affiliated payables
 
81,301
 
 
Other payables and accrued expenses
 
19,761
 
 
Collateral on securities loaned
 
16,427,250
 
 
  Total Liabilities
 
 
 
23,199,306
Net Assets  
 
 
$
481,583,387
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
396,488,697
Total accumulated earnings (loss)
 
 
 
85,094,690
Net Assets
 
 
$
481,583,387
Net Asset Value , offering price and redemption price per share ($481,583,387 ÷ 18,528,589 shares)
 
 
$
25.99
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
7,896,066
Interest  
 
 
54,202
Income from Fidelity Central Funds (including $9,897 from security lending)
 
 
 
13,181
 Total Income
 
 
 
7,963,449
Expenses
 
 
 
 
Management fee
$
1,415,463
 
 
Transfer agent fees
 
433,542
 
 
Accounting fees
 
97,796
 
 
Custodian fees and expenses
 
5,067
 
 
Independent trustees' fees and expenses
 
910
 
 
Registration fees
 
35,241
 
 
Audit
 
17,629
 
 
Legal
 
161
 
 
Miscellaneous
 
2,052
 
 
 Total expenses before reductions
 
2,007,861
 
 
 Expense reductions
 
(9,217)
 
 
 Total expenses after reductions
 
 
 
1,998,644
Net Investment income (loss)
 
 
 
5,964,805
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
9,350,563
 
 
Total net realized gain (loss)
 
 
 
9,350,563
Change in net unrealized appreciation (depreciation) on investment securities
 
 
 
(119,316,578)
Net gain (loss)
 
 
 
(109,966,015)
Net increase (decrease) in net assets resulting from operations
 
 
$
(104,001,210)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
5,964,805
$
12,596,370
Net realized gain (loss)
 
9,350,563
 
 
29,218,859
 
Change in net unrealized appreciation (depreciation)
 
(119,316,578)
 
75,273,957
 
Net increase (decrease) in net assets resulting from operations
 
(104,001,210)
 
 
117,089,186
 
Distributions to shareholders
 
(12,053,747)
 
 
(20,298,948)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
62,184,327
 
519,785,682
  Reinvestment of distributions
 
11,319,007
 
 
19,052,468
 
Cost of shares redeemed
 
(192,698,639)
 
(456,654,461)
  Net increase (decrease) in net assets resulting from share transactions
 
(119,195,305)
 
 
82,183,689
 
Total increase (decrease) in net assets
 
(235,250,262)
 
 
178,973,927
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
716,833,649
 
537,859,722
 
End of period
$
481,583,387
$
716,833,649
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
2,239,568
 
17,252,319
  Issued in reinvestment of distributions
 
413,403
 
 
659,756
 
Redeemed
 
(6,978,484)
 
(15,503,674)
Net increase (decrease)
 
(4,325,513)
 
2,408,401
 
 
 
 
 
 
 
Banking Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
31.37
$
26.31
$
23.37
$
26.42
$
36.82
$
33.63
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.30
 
.58
 
.54
 
.58
 
.49
 
.42
     Net realized and unrealized gain (loss)
 
(5.10)
 
5.48
 
4.32
 
(1.96)
 
(3.62)
 
3.68
  Total from investment operations
 
(4.80)  
 
6.06  
 
4.86  
 
(1.38)  
 
(3.13)
 
4.10
  Distributions from net investment income
 
(.09)
 
(.54)
 
(.55)
 
(.53)
 
(.54)
 
(.33)
  Distributions from net realized gain
 
(.49)
 
(.46)
 
(1.37)
 
(1.14)
 
(6.73)
 
(.58)
     Total distributions
 
(.58)
 
(1.00)
 
(1.92)
 
(1.67)
 
(7.27)
 
(.91)
  Redemption fees added to paid in capital B
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
25.99
$
31.37
$
26.31
$
23.37
$
26.42
$
36.82
 Total Return   E,F
 
(15.40)%
 
23.37%
 
25.90%
 
(6.05)%
 
(6.57)%
 
12.31%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.74% I
 
.73%
 
.79%
 
.77%
 
.77%
 
.77%
    Expenses net of fee waivers, if any
 
.74% I
 
.73%
 
.79%
 
.77%
 
.77%
 
.77%
    Expenses net of all reductions
 
.74% I
 
.73%
 
.79%
 
.77%
 
.76%
 
.77%
    Net investment income (loss)
 
2.21% I
 
1.93%
 
2.84%
 
2.21%
 
1.54%
 
1.26%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
481,583
$
716,834
$
537,860
$
361,696
$
514,650
$
830,245
    Portfolio turnover rate J
 
12% I
 
34%
 
32%
 
31%
 
44%
 
35%
 
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
D Amount represents less than $.005 per share.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
I Annualized
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Top Holdings (% of Fund's net assets)
 
S&P Global, Inc.
6.0
 
BlackRock, Inc. Class A
5.8
 
LPL Financial
5.7
 
Morgan Stanley
5.7
 
Ameriprise Financial, Inc.
5.4
 
Charles Schwab Corp.
5.3
 
Intercontinental Exchange, Inc.
5.1
 
Bank of New York Mellon Corp.
4.0
 
NASDAQ, Inc.
3.9
 
KKR & Co. LP
3.9
 
 
50.8
 
 
Industries (% of Fund's net assets)
 
Capital Markets
96.2
 
Diversified Financial Services
2.4
 
Banks
0.6
 
IT Services
0.3
 
 
Percentages shown as 0.0% reflect amounts less than 0.05%.
 
Brokerage and Investment Management Portfolio
Common Stocks - 99.5%
 
 
Shares
Value ($)
 
Banks - 0.6%
 
 
 
Diversified Banks - 0.6%
 
 
 
Wells Fargo & Co.
 
125,200
5,472,492
Capital Markets - 96.2%
 
 
 
Asset Management & Custody Banks - 39.8%
 
 
 
Affiliated Managers Group, Inc.
 
44,700
5,692,992
Ameriprise Financial, Inc.
 
181,200
48,563,412
Ares Management Corp. (a)
 
427,600
31,702,264
Artisan Partners Asset Management, Inc. (a)
 
67,500
2,278,800
Bank of New York Mellon Corp.
 
881,300
36,600,389
BlackRock, Inc. Class A
 
79,100
52,711,449
Blackstone, Inc.
 
252,000
23,672,880
Blucora, Inc. (b)
 
22,800
457,824
Blue Owl Capital, Inc. Class A (a)
 
950,400
10,549,440
Bridge Investment Group Holdings, Inc.
 
113,400
1,849,554
Carlyle Group LP
 
404,500
13,158,385
Cohen & Steers, Inc.
 
12,228
872,835
Focus Financial Partners, Inc. Class A (b)
 
10,900
426,735
Franklin Resources, Inc. (a)
 
366,100
9,544,227
Invesco Ltd.
 
424,200
6,986,574
Janus Henderson Group PLC (a)
 
164,100
3,839,940
KKR & Co. LP
 
689,200
34,845,952
Northern Trust Corp.
 
126,000
11,981,340
P10, Inc.
 
173,600
2,166,528
Patria Investments Ltd.
 
474,072
6,850,340
Petershill Partners PLC (c)
 
313,800
822,041
State Street Corp.
 
360,800
24,660,680
T. Rowe Price Group, Inc.
 
186,500
22,380,000
Virtus Investment Partners, Inc.
 
39,000
7,458,750
 
 
 
360,073,331
Financial Exchanges & Data - 28.9%
 
 
 
Cboe Global Markets, Inc.
 
108,938
12,851,416
CME Group, Inc.
 
167,500
32,764,675
Coinbase Global, Inc. (a)(b)
 
93,500
6,245,800
FactSet Research Systems, Inc.
 
2,400
1,040,016
Intercontinental Exchange, Inc.
 
458,500
46,239,725
MarketAxess Holdings, Inc.
 
29,200
7,258,828
Moody's Corp.
 
93,700
26,659,524
MSCI, Inc.
 
65,600
29,470,144
NASDAQ, Inc. (a)
 
593,700
35,342,961
Open Lending Corp. (a)(b)
 
252,500
2,451,775
S&P Global, Inc.
 
153,700
54,130,065
Tradeweb Markets, Inc. Class A
 
100,400
6,986,836
 
 
 
261,441,765
Investment Banking & Brokerage - 27.5%
 
 
 
BGC Partners, Inc. Class A
 
468,000
1,881,360
Charles Schwab Corp.
 
671,861
47,668,538
Goldman Sachs Group, Inc.
 
98,700
32,834,529
Interactive Brokers Group, Inc.
 
124,800
7,686,432
LPL Financial
 
232,000
51,348,560
Moelis & Co. Class A (a)
 
117,700
4,903,382
Morgan Stanley
 
601,416
51,252,672
Piper Jaffray Companies (a)
 
3,800
435,366
PJT Partners, Inc.
 
172,312
11,927,437
Raymond James Financial, Inc.
 
260,500
27,188,385
Robinhood Markets, Inc. (a)(b)
 
380,900
3,637,595
Virtu Financial, Inc. Class A
 
327,400
7,517,104
 
 
 
248,281,360
TOTAL CAPITAL MARKETS
 
 
869,796,456
Diversified Financial Services - 2.4%
 
 
 
Other Diversified Financial Services - 2.4%
 
 
 
Apollo Global Management, Inc. (a)
 
399,500
22,204,210
IT Services - 0.3%
 
 
 
Data Processing & Outsourced Services - 0.3%
 
 
 
PayPal Holdings, Inc. (b)
 
28,300
2,644,352
 
TOTAL COMMON STOCKS
  (Cost $785,204,535)
 
 
 
900,117,510
 
 
 
 
Money Market Funds - 5.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (d)
 
4,125,431
4,126,256
Fidelity Securities Lending Cash Central Fund 2.34% (d)(e)
 
44,178,024
44,182,442
 
TOTAL MONEY MARKET FUNDS
  (Cost $48,308,698)
 
 
48,308,698
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 104.9%
  (Cost $833,513,233)
 
 
 
948,426,208
NET OTHER ASSETS (LIABILITIES) - (4.9)%  
(43,974,837)
NET ASSETS - 100.0%
904,451,371
 
 
 
 
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 $822,041 or 0.1% of net assets.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
8,617,943
45,591,112
50,082,799
16,402
-
-
4,126,256
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
47,542,900
331,685,535
335,045,993
67,558
-
-
44,182,442
0.1%
Total
56,160,843
377,276,647
385,128,792
83,960
-
-
48,308,698
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
900,117,510
900,117,510
-
-
  Money Market Funds
48,308,698
48,308,698
-
-
 Total Investments in Securities:
948,426,208
948,426,208
-
-
Brokerage and Investment Management Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $43,039,269) - See accompanying schedule:
 
$900,117,510
 
 
Unaffiliated issuers (cost $785,204,535)
 
 
 
Fidelity Central Funds (cost $48,308,698)
 
48,308,698
 
 
 
 
 
 
 
Total Investment in Securities (cost $833,513,233)
 
 
$
948,426,208
Receivable for investments sold
 
 
 
445,160
Receivable for fund shares sold
 
 
 
218,465
Dividends receivable
 
 
 
752,202
Distributions receivable from Fidelity Central Funds
 
 
 
29,704
Prepaid expenses
 
 
 
3,266
Other receivables
 
 
 
52,199
  Total assets
 
 
 
949,927,204
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
649,756
 
 
Accrued management fee
 
418,043
 
 
Other affiliated payables
 
154,672
 
 
Other payables and accrued expenses
 
70,920
 
 
Collateral on securities loaned
 
44,182,442
 
 
  Total Liabilities
 
 
 
45,475,833
Net Assets  
 
 
$
904,451,371
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
818,859,818
Total accumulated earnings (loss)
 
 
 
85,591,553
Net Assets
 
 
$
904,451,371
Net Asset Value , offering price and redemption price per share ($904,451,371 ÷ 8,483,353 shares)
 
 
$
106.61
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
10,297,309
Income from Fidelity Central Funds (including $67,558 from security lending)
 
 
 
83,960
 Total Income
 
 
 
10,381,269
Expenses
 
 
 
 
Management fee
$
2,576,678
 
 
Transfer agent fees
 
843,215
 
 
Accounting fees
 
155,209
 
 
Custodian fees and expenses
 
7,476
 
 
Independent trustees' fees and expenses
 
1,635
 
 
Registration fees
 
49,586
 
 
Audit
 
17,704
 
 
Legal
 
296
 
 
Interest
 
1,404
 
 
Miscellaneous
 
2,201
 
 
 Total expenses before reductions
 
3,655,404
 
 
 Expense reductions
 
(16,448)
 
 
 Total expenses after reductions
 
 
 
3,638,956
Net Investment income (loss)
 
 
 
6,742,313
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(35,550,693)
 
 
 Foreign currency transactions
 
575
 
 
Total net realized gain (loss)
 
 
 
(35,550,118)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(106,222,205)
 
 
 Assets and liabilities in foreign currencies
 
(2,807)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(106,225,012)
Net gain (loss)
 
 
 
(141,775,130)
Net increase (decrease) in net assets resulting from operations
 
 
$
(135,032,817)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
6,742,313
$
8,497,410
Net realized gain (loss)
 
(35,550,118)
 
 
5,615,492
 
Change in net unrealized appreciation (depreciation)
 
(106,225,012)
 
42,391,470
 
Net increase (decrease) in net assets resulting from operations
 
(135,032,817)
 
 
56,504,372
 
Distributions to shareholders
 
(5,342,806)
 
 
(11,958,952)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
97,855,743
 
1,076,173,907
  Reinvestment of distributions
 
4,921,795
 
 
11,131,114
 
Cost of shares redeemed
 
(267,672,352)
 
(351,448,797)
  Net increase (decrease) in net assets resulting from share transactions
 
(164,894,814)
 
 
735,856,224
 
Total increase (decrease) in net assets
 
(305,270,437)
 
 
780,401,644
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,209,721,808
 
429,320,164
 
End of period
$
904,451,371
$
1,209,721,808
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
868,879
 
8,446,490
  Issued in reinvestment of distributions
 
41,381
 
 
92,249
 
Redeemed
 
(2,424,028)
 
(2,792,832)
Net increase (decrease)
 
(1,513,768)
 
5,745,907
 
 
 
 
 
 
 
Brokerage and Investment Management Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
121.01
$
100.99
$
74.99
$
71.71
$
84.47
$
71.13
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.75
 
1.31
 
.93
 
1.01
 
.77
 
1.15
     Net realized and unrealized gain (loss)
 
(14.59)
 
20.54
 
28.01
 
5.70
 
(7.60)
 
17.88
  Total from investment operations
 
(13.84)  
 
21.85  
 
28.94  
 
6.71  
 
(6.83)
 
19.03
  Distributions from net investment income
 
(.16)
 
(.83)
 
(1.06)
 
(.98)
 
(.96)
 
(.82)
  Distributions from net realized gain
 
(.41)
 
(1.01)
 
(1.88)
 
(2.45)
 
(4.96)
 
(4.87)
     Total distributions
 
(.56) D
 
(1.83) D
 
(2.94)
 
(3.43)
 
(5.93) D
 
(5.69)
  Redemption fees added to paid in capital B
 
-
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
106.61
$
121.01
$
100.99
$
74.99
$
71.71
$
84.47
 Total Return   F,G
 
(11.48)%
 
21.70%
 
39.69%
 
9.28%
 
(8.04)%
 
27.51%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.75% J
 
.74%
 
.76%
 
.77%
 
.78%
 
.79%
    Expenses net of fee waivers, if any
 
.74% J
 
.74%
 
.76%
 
.77%
 
.77%
 
.79%
    Expenses net of all reductions
 
.74% J
 
.74%
 
.76%
 
.77%
 
.77%
 
.78%
    Net investment income (loss)
 
1.37% J
 
1.06%
 
1.14%
 
1.33%
 
1.01%
 
1.49%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
904,451
$
1,209,722
$
429,320
$
309,088
$
327,128
$
461,981
    Portfolio turnover rate K
 
6% J
 
3%
 
11%
 
9%
 
30%
 
75%
 
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
D Total distributions per share do not sum due to rounding.
 
E Amount represents less than $.005 per share.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
J Annualized
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Top Holdings (% of Fund's net assets)
 
Wells Fargo & Co.
7.4
 
Bank of America Corp.
5.2
 
M&T Bank Corp.
4.1
 
Morgan Stanley
3.8
 
Citigroup, Inc.
3.3
 
Arthur J. Gallagher & Co.
3.0
 
State Street Corp.
2.8
 
Marsh & McLennan Companies, Inc.
2.8
 
Reinsurance Group of America, Inc.
2.8
 
U.S. Bancorp
2.7
 
 
37.9
 
 
Industries (% of Fund's net assets)
 
Banks
39.9
 
Insurance
25.5
 
Capital Markets
17.9
 
Thrifts & Mortgage Finance
4.8
 
Consumer Finance
4.4
 
IT Services
3.5
 
Diversified Financial Services
2.1
 
Professional Services
1.5
 
Software
0.6
 
 
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
Percentages shown as 0.0% reflect amounts less than 0.05%.
 
Financial Services Portfolio
Common Stocks - 99.7%
 
 
Shares
Value ($)
 
Banks - 39.9%
 
 
 
Diversified Banks - 21.2%
 
 
 
Bank of America Corp.
 
923,800
31,048,918
Citigroup, Inc.
 
398,500
19,450,785
JPMorgan Chase & Co.
 
130,100
14,796,273
Piraeus Financial Holdings SA (a)
 
380,900
401,159
U.S. Bancorp
 
358,000
16,328,380
Wells Fargo & Co.
 
1,009,090
44,107,324
 
 
 
126,132,839
Regional Banks - 18.7%
 
 
 
Associated Banc-Corp.
 
227,100
4,551,084
Bank OZK (b)
 
102,600
4,158,378
BankUnited, Inc.
 
83,700
3,101,085
BOK Financial Corp.
 
41,000
3,643,670
Cadence Bank
 
173,330
4,416,448
Comerica, Inc.
 
58,700
4,713,610
East West Bancorp, Inc.
 
92,000
6,639,640
First Citizens Bancshares, Inc. (b)
 
10,000
8,119,600
First Interstate Bancsystem, Inc.
 
141,721
5,705,687
Heartland Financial U.S.A., Inc.
 
89,300
3,989,031
Huntington Bancshares, Inc.
 
666,300
8,928,420
M&T Bank Corp.
 
133,737
24,310,712
PacWest Bancorp
 
136,200
3,586,146
Popular, Inc.
 
67,500
5,212,350
Signature Bank
 
26,300
4,585,668
Truist Financial Corp.
 
243,800
11,419,592
Wintrust Financial Corp.
 
53,400
4,503,756
 
 
 
111,584,877
TOTAL BANKS
 
 
237,717,716
Capital Markets - 17.9%
 
 
 
Asset Management & Custody Banks - 8.6%
 
 
 
Affiliated Managers Group, Inc.
 
28,300
3,604,288
AllianceBernstein Holding LP
 
273
11,761
Bank of New York Mellon Corp.
 
232,400
9,651,572
Brookfield Asset Management, Inc. Class A
 
108,715
5,230,279
Carlyle Group LP
 
186,100
6,053,833
Northern Trust Corp.
 
43,400
4,126,906
Patria Investments Ltd. (b)
 
391,600
5,658,620
Phoenix Vega Mezz PLC (a)
 
380,900
24,881
State Street Corp.
 
246,800
16,868,780
 
 
 
51,230,920
Financial Exchanges & Data - 1.6%
 
 
 
Bolsa Mexicana de Valores S.A.B. de CV
 
1,884,700
3,404,275
Cboe Global Markets, Inc.
 
55,100
6,500,147
 
 
 
9,904,422
Investment Banking & Brokerage - 7.7%
 
 
 
Lazard Ltd. Class A
 
241,792
8,789,139
Morgan Stanley
 
262,400
22,361,728
Raymond James Financial, Inc.
 
97,500
10,176,075
Virtu Financial, Inc. Class A
 
193,800
4,449,648
 
 
 
45,776,590
TOTAL CAPITAL MARKETS
 
 
106,911,932
Consumer Finance - 4.4%
 
 
 
Consumer Finance - 4.4%
 
 
 
Capital One Financial Corp.
 
139,800
14,793,636
FirstCash Holdings, Inc.
 
85,611
6,674,234
OneMain Holdings, Inc.
 
133,300
4,656,169
 
 
 
26,124,039
Diversified Financial Services - 2.1%
 
 
 
Multi-Sector Holdings - 0.8%
 
 
 
Cannae Holdings, Inc. (a)
 
220,690
4,769,111
Other Diversified Financial Services - 1.3%
 
 
 
Apollo Global Management, Inc. (b)
 
139,100
7,731,178
TOTAL DIVERSIFIED FINANCIAL SERVICES
 
 
12,500,289
Insurance - 25.5%
 
 
 
Insurance Brokers - 5.8%
 
 
 
Arthur J. Gallagher & Co.
 
97,700
17,739,389
Marsh & McLennan Companies, Inc.
 
104,500
16,863,165
 
 
 
34,602,554
Life & Health Insurance - 2.7%
 
 
 
Globe Life, Inc.
 
100,500
9,767,595
Primerica, Inc.
 
50,300
6,375,525
 
 
 
16,143,120
Multi-Line Insurance - 2.6%
 
 
 
Assurant, Inc.
 
43,900
6,957,711
Hartford Financial Services Group, Inc.
 
134,200
8,630,402
 
 
 
15,588,113
Property & Casualty Insurance - 11.6%
 
 
 
American Financial Group, Inc.
 
40,900
5,222,112
Beazley PLC
 
741,200
5,019,933
Chubb Ltd.
 
84,100
15,899,105
Fidelity National Financial, Inc.
 
190,100
7,432,910
First American Financial Corp.
 
169,100
9,046,850
Hiscox Ltd.
 
573,700
5,983,543
Old Republic International Corp.
 
176,300
3,850,392
Selective Insurance Group, Inc.
 
47,000
3,732,740
The Travelers Companies, Inc.
 
81,400
13,157,496
 
 
 
69,345,081
Reinsurance - 2.8%
 
 
 
Reinsurance Group of America, Inc.
 
133,100
16,685,416
TOTAL INSURANCE
 
 
152,364,284
IT Services - 3.0%
 
 
 
Data Processing & Outsourced Services - 3.0%
 
 
 
Global Payments, Inc.
 
68,500
8,509,755
MasterCard, Inc. Class A
 
28,200
9,147,234
 
 
 
17,656,989
Professional Services - 1.5%
 
 
 
Research & Consulting Services - 1.5%
 
 
 
Dun & Bradstreet Holdings, Inc. (a)(b)
 
306,000
4,360,500
Equifax, Inc.
 
24,000
4,530,000
 
 
 
8,890,500
Software - 0.6%
 
 
 
Application Software - 0.6%
 
 
 
Black Knight, Inc. (a)
 
56,500
3,738,040
Thrifts & Mortgage Finance - 4.8%
 
 
 
Thrifts & Mortgage Finance - 4.8%
 
 
 
Essent Group Ltd.
 
315,138
12,602,369
MGIC Investment Corp.
 
204,409
2,921,005
NMI Holdings, Inc. (a)
 
475,443
9,760,845
Walker & Dunlop, Inc.
 
31,400
3,154,444
 
 
 
28,438,663
 
TOTAL COMMON STOCKS
  (Cost $518,018,416)
 
 
 
594,342,452
 
 
 
 
Convertible Bonds - 0.5%
 
 
Principal
Amount (c)
 
Value ($)
 
IT Services - 0.5%
 
 
 
Data Processing & Outsourced Services - 0.5%
 
 
 
Affirm Holdings, Inc. 0% 11/15/26 (d)
 
  (Cost $3,124,880)
 
 
5,175,000
3,269,347
 
 
 
 
Money Market Funds - 3.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (e)
 
1,841,844
1,842,212
Fidelity Securities Lending Cash Central Fund 2.34% (e)(f)
 
20,717,928
20,720,000
 
TOTAL MONEY MARKET FUNDS
  (Cost $22,562,212)
 
 
22,562,212
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 104.0%
  (Cost $543,705,508)
 
 
 
620,174,011
NET OTHER ASSETS (LIABILITIES) - (4.0)%  
(23,739,838)
NET ASSETS - 100.0%
596,434,173
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Amount is stated in United States dollars unless otherwise noted.
 
(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 $3,269,347 or 0.5% of net assets.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated 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,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
3,554,184
56,125,788
57,837,760
4,778
-
-
1,842,212
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
19,553,600
124,515,904
123,349,504
8,769
-
-
20,720,000
0.1%
Total
23,107,784
180,641,692
181,187,264
13,547
-
-
22,562,212
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
594,342,452
594,342,452
-
-
 Convertible Bonds
3,269,347
-
3,269,347
-
  Money Market Funds
22,562,212
22,562,212
-
-
 Total Investments in Securities:
620,174,011
616,904,664
3,269,347
-
Financial Services Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $20,303,894) - See accompanying schedule:
 
$597,611,799
 
 
Unaffiliated issuers (cost $521,143,296)
 
 
 
Fidelity Central Funds (cost $22,562,212)
 
22,562,212
 
 
 
 
 
 
 
Total Investment in Securities (cost $543,705,508)
 
 
$
620,174,011
Receivable for investments sold
 
 
 
5,586,462
Receivable for fund shares sold
 
 
 
653,050
Dividends receivable
 
 
 
1,247,099
Distributions receivable from Fidelity Central Funds
 
 
 
2,665
Prepaid expenses
 
 
 
5,150
Other receivables
 
 
 
4,696
  Total assets
 
 
 
627,673,133
Liabilities
 
 
 
 
Payable for investments purchased
 
8,698,403
 
 
Payable for fund shares redeemed
 
1,421,234
 
 
Accrued management fee
 
273,389
 
 
Other affiliated payables
 
104,283
 
 
Other payables and accrued expenses
 
21,651
 
 
Collateral on securities loaned
 
20,720,000
 
 
  Total Liabilities
 
 
 
31,238,960
Net Assets  
 
 
$
596,434,173
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
491,632,316
Total accumulated earnings (loss)
 
 
 
104,801,857
Net Assets
 
 
$
596,434,173
Net Asset Value , offering price and redemption price per share ($596,434,173 ÷ 53,614,322 shares)
 
 
$
11.12
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
9,098,236
Interest  
 
 
76,632
Income from Fidelity Central Funds (including $8,769 from security lending)
 
 
 
13,547
 Total Income
 
 
 
9,188,415
Expenses
 
 
 
 
Management fee
$
1,729,058
 
 
Transfer agent fees
 
565,049
 
 
Accounting fees
 
113,496
 
 
Custodian fees and expenses
 
6,822
 
 
Independent trustees' fees and expenses
 
1,098
 
 
Registration fees
 
37,933
 
 
Audit
 
17,929
 
 
Legal
 
194
 
 
Interest
 
239
 
 
Miscellaneous
 
2,834
 
 
 Total expenses before reductions
 
2,474,652
 
 
 Expense reductions
 
(11,053)
 
 
 Total expenses after reductions
 
 
 
2,463,599
Net Investment income (loss)
 
 
 
6,724,816
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
23,928,169
 
 
 Foreign currency transactions
 
(2,324)
 
 
Total net realized gain (loss)
 
 
 
23,925,845
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(121,633,101)
 
 
 Assets and liabilities in foreign currencies
 
(3,302)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(121,636,403)
Net gain (loss)
 
 
 
(97,710,558)
Net increase (decrease) in net assets resulting from operations
 
 
$
(90,985,742)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
6,724,816
$
15,691,678
Net realized gain (loss)
 
23,925,845
 
 
64,214,173
 
Change in net unrealized appreciation (depreciation)
 
(121,636,403)
 
59,571,315
 
Net increase (decrease) in net assets resulting from operations
 
(90,985,742)
 
 
139,477,166
 
Distributions to shareholders
 
(36,261,794)
 
 
(29,541,664)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
67,251,122
 
634,993,625
  Reinvestment of distributions
 
33,493,073
 
 
27,204,727
 
Cost of shares redeemed
 
(196,972,218)
 
(558,271,824)
  Net increase (decrease) in net assets resulting from share transactions
 
(96,228,023)
 
 
103,926,528
 
Total increase (decrease) in net assets
 
(223,475,559)
 
 
213,862,030
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
819,909,732
 
606,047,702
 
End of period
$
596,434,173
$
819,909,732
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
5,615,051
 
48,475,233
  Issued in reinvestment of distributions
 
2,802,767
 
 
2,146,844
 
Redeemed
 
(16,756,282)
 
(42,497,145)
Net increase (decrease)
 
(8,338,464)
 
8,124,932
 
 
 
 
 
 
 
Financial Services Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019   B
 
2018   B  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.23
$
11.26
$
9.49
$
9.65
$
11.67
$
10.31
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
.12
 
.25
 
.20
 
.19
 
.14
 
.09
     Net realized and unrealized gain (loss)
 
(1.61)
 
2.26
 
2.17
 
.26
 
(1.04)
 
1.76
  Total from investment operations
 
(1.49)  
 
2.51  
 
2.37  
 
.45  
 
(.90)
 
1.85
  Distributions from net investment income
 
(.04)
 
(.26)
 
(.21)
 
(.16)
 
(.14)
 
(.07)
  Distributions from net realized gain
 
(.59)
 
(.28)
 
(.39)
 
(.45)
 
(.98)
 
(.42)
     Total distributions
 
(.62) E
 
(.54)
 
(.60)
 
(.61)
 
(1.12)
 
(.49)
  Net asset value, end of period
$
11.12
$
13.23
$
11.26
$
9.49
$
9.65
$
11.67
 Total Return   F,G
 
(11.56)%
 
22.47%
 
27.89%
 
3.81%
 
(6.91)%
 
18.33%
 Ratios to Average Net Assets D,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.75% J
 
.73%
 
.77%
 
.77%
 
.76%
 
.77%
    Expenses net of fee waivers, if any
 
.75% J
 
.72%
 
.77%
 
.77%
 
.76%
 
.77%
    Expenses net of all reductions
 
.75% J
 
.72%
 
.77%
 
.76%
 
.75%
 
.76%
    Net investment income (loss)
 
2.04% J
 
1.89%
 
2.36%
 
1.81%
 
1.28%
 
.87%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
596,434
$
819,910
$
606,048
$
483,337
$
558,429
$
1,308,254
    Portfolio turnover rate K
 
29% J
 
53%
 
63%
 
61% L
 
49% L
 
54%
 
A For the year ended February 29.
 
B Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that soccurred on August 10, 2018.
 
C Calculated based on average shares outstanding during the period.
 
D 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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
E Total distributions per share do not sum due to rounding.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
J Annualized
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
L Portfolio turnover rate excludes securities received or delivered in-kind.
 
 
Top Holdings (% of Fund's net assets)
 
MasterCard, Inc. Class A
13.6
 
Intuit, Inc.
12.3
 
Visa, Inc. Class A
12.3
 
PayPal Holdings, Inc.
5.6
 
American Express Co.
5.3
 
Fiserv, Inc.
4.9
 
Global Payments, Inc.
4.9
 
Fidelity National Information Services, Inc.
4.7
 
Discover Financial Services
4.7
 
Adyen BV
4.5
 
 
72.8
 
 
Industries (% of Fund's net assets)
 
IT Services
64.1
 
Software
19.5
 
Consumer Finance
15.4
 
Banks
0.7
 
 
Percentages shown as 0.0% reflect amounts less than 0.05%.
 
FinTech Portfolio
Common Stocks - 99.7%
 
 
Shares
Value ($)
 
Banks - 0.7%
 
 
 
Diversified Banks - 0.5%
 
 
 
Wells Fargo & Co.
 
14,966
654,164
Regional Banks - 0.2%
 
 
 
Signature Bank
 
1,147
199,991
TOTAL BANKS
 
 
854,155
Consumer Finance - 15.4%
 
 
 
Consumer Finance - 15.4%
 
 
 
American Express Co.
 
43,329
6,586,008
Capital One Financial Corp.
 
52,092
5,512,375
Discover Financial Services
 
58,156
5,844,096
OneMain Holdings, Inc.
 
33,192
1,159,397
 
 
 
19,101,876
IT Services - 64.1%
 
 
 
Data Processing & Outsourced Services - 64.1%
 
 
 
Adyen BV (a)(b)
 
3,632
5,604,703
Affirm Holdings, Inc. (a)(c)
 
13,359
313,001
Block, Inc. Class A (a)
 
62,018
4,273,660
Dlocal Ltd. (a)
 
34,631
861,273
Edenred SA
 
50,520
2,563,889
EVO Payments, Inc. Class A (a)
 
10,863
361,955
Fidelity National Information Services, Inc.
 
64,407
5,884,868
Fiserv, Inc. (a)
 
60,639
6,136,060
FleetCor Technologies, Inc. (a)
 
20,222
4,297,782
Flywire Corp. (a)
 
66,967
1,664,800
Global Payments, Inc.
 
49,337
6,129,136
MasterCard, Inc. Class A
 
52,193
16,929,844
Nuvei Corp. (a)(b)
 
10,943
334,868
PagSeguro Digital Ltd. (a)
 
60,492
940,046
PayPal Holdings, Inc. (a)
 
73,987
6,913,345
Repay Holdings Corp. (a)
 
49,025
455,442
Shift4 Payments, Inc. (a)(c)
 
14,100
638,589
Visa, Inc. Class A
 
76,573
15,215,821
 
 
 
79,519,082
Software - 19.5%
 
 
 
Application Software - 19.5%
 
 
 
Bill.Com Holdings, Inc. (a)
 
15,702
2,541,840
Black Knight, Inc. (a)
 
48,550
3,212,068
EngageSmart, Inc.
 
63,051
1,259,128
Guidewire Software, Inc. (a)
 
11,559
828,896
Intuit, Inc.
 
35,401
15,285,444
Lightspeed Commerce, Inc. (Canada) (a)
 
10,719
205,100
Workiva, Inc. (a)
 
12,153
825,067
 
 
 
24,157,543
 
TOTAL COMMON STOCKS
  (Cost $146,635,882)
 
 
 
123,632,656
 
 
 
 
Money Market Funds - 1.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (d)
 
481,095
481,191
Fidelity Securities Lending Cash Central Fund 2.34% (d)(e)
 
979,766
979,864
 
TOTAL MONEY MARKET FUNDS
  (Cost $1,461,055)
 
 
1,461,055
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.9%
  (Cost $148,096,937)
 
 
 
125,093,711
NET OTHER ASSETS (LIABILITIES) - (0.9)%  
(1,081,636)
NET ASSETS - 100.0%
124,012,075
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,939,571 or 4.8% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
870,270
13,040,599
13,429,678
2,306
-
-
481,191
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
8,602,318
24,971,028
32,593,482
5,399
-
-
979,864
0.0%
Total
9,472,588
38,011,627
46,023,160
7,705
-
-
1,461,055
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
123,632,656
118,027,953
5,604,703
-
  Money Market Funds
1,461,055
1,461,055
-
-
 Total Investments in Securities:
125,093,711
119,489,008
5,604,703
-
FinTech Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $944,226) - See accompanying schedule:
 
$123,632,656
 
 
Unaffiliated issuers (cost $146,635,882)
 
 
 
Fidelity Central Funds (cost $1,461,055)
 
1,461,055
 
 
 
 
 
 
 
Total Investment in Securities (cost $148,096,937)
 
 
$
125,093,711
Receivable for fund shares sold
 
 
 
15,779
Dividends receivable
 
 
 
68,098
Distributions receivable from Fidelity Central Funds
 
 
 
1,100
Prepaid expenses
 
 
 
517
Other receivables
 
 
 
415
  Total assets
 
 
 
125,179,620
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
80,176
 
 
Accrued management fee
 
58,137
 
 
Other affiliated payables
 
30,593
 
 
Other payables and accrued expenses
 
19,617
 
 
Collateral on securities loaned
 
979,022
 
 
  Total Liabilities
 
 
 
1,167,545
Net Assets  
 
 
$
124,012,075
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
160,190,352
Total accumulated earnings (loss)
 
 
 
(36,178,277)
Net Assets
 
 
$
124,012,075
Net Asset Value , offering price and redemption price per share ($124,012,075 ÷ 9,042,665 shares)
 
 
$
13.71
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
570,271
Income from Fidelity Central Funds (including $5,399 from security lending)
 
 
 
7,705
 Total Income
 
 
 
577,976
Expenses
 
 
 
 
Management fee
$
358,662
 
 
Transfer agent fees
 
168,313
 
 
Accounting fees
 
25,387
 
 
Custodian fees and expenses
 
1,157
 
 
Independent trustees' fees and expenses
 
227
 
 
Registration fees
 
26,318
 
 
Audit
 
17,704
 
 
Legal
 
327
 
 
Miscellaneous
 
(1,651)
 
 
 Total expenses before reductions
 
596,444
 
 
 Expense reductions
 
(2,349)
 
 
 Total expenses after reductions
 
 
 
594,095
Net Investment income (loss)
 
 
 
(16,119)
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(5,944,355)
 
 
 Foreign currency transactions
 
4,849
 
 
Total net realized gain (loss)
 
 
 
(5,939,506)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(17,095,128)
 
 
 Assets and liabilities in foreign currencies
 
(380)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(17,095,508)
Net gain (loss)
 
 
 
(23,035,014)
Net increase (decrease) in net assets resulting from operations
 
 
$
(23,051,133)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
(16,119)
$
1,580,188
Net realized gain (loss)
 
(5,939,506)
 
 
42,675,935
 
Change in net unrealized appreciation (depreciation)
 
(17,095,508)
 
(51,830,285)
 
Net increase (decrease) in net assets resulting from operations
 
(23,051,133)
 
 
(7,574,162)
 
Distributions to shareholders
 
-
 
 
(37,026,602)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
9,979,350
 
281,706,628
  Reinvestment of distributions
 
-
 
 
33,727,405
 
Cost of shares redeemed
 
(24,767,421)
 
(253,862,105)
  Net increase (decrease) in net assets resulting from share transactions
 
(14,788,071)
 
 
61,571,928
 
Total increase (decrease) in net assets
 
(37,839,204)
 
 
16,971,164
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
161,851,279
 
144,880,115
 
End of period
$
124,012,075
$
161,851,279
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
674,587
 
12,489,588
  Issued in reinvestment of distributions
 
43
 
 
1,901,219
 
Redeemed
 
(1,706,757)
 
(11,797,499)
Net increase (decrease)
 
(1,032,127)
 
2,593,308
 
 
 
 
 
 
 
FinTech Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.06
$
19.37
$
16.23
$
15.80
$
16.29
$
14.02
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
- D
 
.14 E
 
.34 F
 
.39
 
.24
 
.20
     Net realized and unrealized gain (loss)
 
(2.35)
 
.04 G,H
 
3.14
 
.35
 
.43
 
2.33 I
  Total from investment operations
 
(2.35)  
 
.18  
 
3.48  
 
.74  
 
.67
 
2.53
  Distributions from net investment income
 
-
 
(.25)
 
(.34)
 
(.31)
 
(.20)
 
(.26)
  Distributions from net realized gain
 
-
 
(3.24)
 
-
 
(.01)
 
(.95)
 
-
     Total distributions
 
-
 
(3.49)
 
(.34)
 
(.31) J
 
(1.16) J
 
(.26)
  Redemption fees added to paid in capital B
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
13.71
$
16.06
$
19.37
$
16.23
$
15.80
$
16.29
 Total Return   K,L
 
(14.63)%
 
(.75)% H
 
21.94%
 
4.54%
 
4.83%
 
18.07% I
 Ratios to Average Net Assets C,M,N
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.87% O
 
.81%
 
.89%
 
.86%
 
.87%
 
.90%
    Expenses net of fee waivers, if any
 
.87% O
 
.81%
 
.89%
 
.86%
 
.87%
 
.89%
    Expenses net of all reductions
 
.87% O
 
.81%
 
.89%
 
.85%
 
.86%
 
.89%
    Net investment income (loss)
 
(.02)% O
 
.63% E
 
2.35% F
 
2.29%
 
1.57%
 
1.38%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
124,012
$
161,851
$
144,880
$
148,247
$
102,334
$
104,105
    Portfolio turnover rate P
 
12% O
 
164%
 
25%
 
20%
 
32%
 
81%
 
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
D Amount represents less than $.005 per share.
 
E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .40%.
 
F Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.89%.
 
G The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
 
H Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.78)%.
 
I Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.28 per share. Excluding these litigation proceeds, the total return would have been 16.18%.
 
J Total distributions per share do not sum due to rounding.
 
K Total returns for periods of less than one year are not annualized.
 
L Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
M 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.
 
N 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.
 
O Annualized
 
P Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Top Holdings (% of Fund's net assets)
 
Marsh & McLennan Companies, Inc.
10.9
 
The Travelers Companies, Inc.
8.7
 
Chubb Ltd.
7.5
 
American International Group, Inc.
7.0
 
Arthur J. Gallagher & Co.
6.0
 
Progressive Corp.
5.7
 
MetLife, Inc.
4.9
 
Aon PLC
4.4
 
Hartford Financial Services Group, Inc.
4.2
 
Allstate Corp.
3.9
 
 
63.2
 
 
Industries (% of Fund's net assets)
 
Insurance
91.2
 
Diversified Financial Services
5.2
 
Capital Markets
2.4
 
Consumer Finance
0.2
 
 
Percentages shown as 0.0% reflect amounts less than 0.05%.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Insurance Portfolio
Common Stocks - 99.0%
 
 
Shares
Value ($)
 
Capital Markets - 2.4%
 
 
 
Asset Management & Custody Banks - 2.3%
 
 
 
Ares Management Corp.
 
73,914
5,479,984
BlackRock, Inc. Class A
 
1,400
932,946
 
 
 
6,412,930
Financial Exchanges & Data - 0.1%
 
 
 
Moody's Corp.
 
1,300
369,876
TOTAL CAPITAL MARKETS
 
 
6,782,806
Consumer Finance - 0.2%
 
 
 
Consumer Finance - 0.2%
 
 
 
OneMain Holdings, Inc.
 
20,900
730,037
Diversified Financial Services - 5.2%
 
 
 
Multi-Sector Holdings - 2.6%
 
 
 
Berkshire Hathaway, Inc. Class B (a)
 
26,600
7,469,280
Other Diversified Financial Services - 2.6%
 
 
 
Apollo Global Management, Inc.
 
130,537
7,255,246
Jackson Financial, Inc.
 
895
27,978
 
 
 
7,283,224
TOTAL DIVERSIFIED FINANCIAL SERVICES
 
 
14,752,504
Insurance - 91.2%
 
 
 
Insurance Brokers - 26.5%
 
 
 
Aon PLC
 
45,000
12,566,700
Arthur J. Gallagher & Co.
 
93,700
17,013,109
Brown & Brown, Inc.
 
135,800
8,560,832
Marsh & McLennan Companies, Inc.
 
192,700
31,095,999
Willis Towers Watson PLC
 
30,928
6,396,838
 
 
 
75,633,478
Life & Health Insurance - 14.3%
 
 
 
AFLAC, Inc.
 
51,000
3,030,420
CNO Financial Group, Inc.
 
169,200
3,114,972
Globe Life, Inc.
 
41,100
3,994,509
MetLife, Inc.
 
216,275
13,912,971
Primerica, Inc.
 
22,200
2,813,850
Principal Financial Group, Inc.
 
89,400
6,683,544
Prudential Financial, Inc.
 
70,589
6,758,897
Prudential PLC
 
33,900
355,786
 
 
 
40,664,949
Multi-Line Insurance - 13.3%
 
 
 
American International Group, Inc.
 
387,050
20,029,838
Assurant, Inc.
 
25,800
4,089,042
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
177,400
375,790
Hartford Financial Services Group, Inc.
 
187,600
12,064,556
Zurich Insurance Group Ltd.
 
3,156
1,400,947
 
 
 
37,960,173
Property & Casualty Insurance - 34.0%
 
 
 
Allstate Corp.
 
93,100
11,218,550
American Financial Group, Inc.
 
200
25,536
Arch Capital Group Ltd. (a)
 
148,400
6,784,848
Assured Guaranty Ltd.
 
38,200
1,950,874
Chubb Ltd.
 
113,305
21,420,310
Cincinnati Financial Corp.
 
16,900
1,638,624
Fidelity National Financial, Inc.
 
57,900
2,263,890
First American Financial Corp.
 
54,800
2,931,800
Loews Corp.
 
83,500
4,618,385
Markel Corp. (a)
 
2,520
3,009,157
Mercury General Corp.
 
200
6,380
Progressive Corp.
 
131,700
16,153,005
The Travelers Companies, Inc.
 
153,700
24,844,068
 
 
 
96,865,427
Reinsurance - 3.1%
 
 
 
Everest Re Group Ltd.
 
3,400
914,770
Maiden Holdings Ltd. (a)(b)
 
400
912
Reinsurance Group of America, Inc.
 
62,200
7,797,392
 
 
 
8,713,074
TOTAL INSURANCE
 
 
259,837,101
 
TOTAL COMMON STOCKS
  (Cost $174,890,233)
 
 
 
282,102,448
 
 
 
 
Money Market Funds - 0.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (c)
 
2,609,289
2,609,811
Fidelity Securities Lending Cash Central Fund 2.34% (c)(d)
 
750
750
 
TOTAL MONEY MARKET FUNDS
  (Cost $2,610,561)
 
 
2,610,561
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.9%
  (Cost $177,500,794)
 
 
 
284,713,009
NET OTHER ASSETS (LIABILITIES) - 0.1%  
241,431
NET ASSETS - 100.0%
284,954,440
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
1,824,492
74,775,177
73,989,858
11,373
-
-
2,609,811
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
550
11,922,730
11,922,530
455
-
-
750
0.0%
Total
1,825,042
86,697,907
85,912,388
11,828
-
-
2,610,561
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
282,102,448
279,969,925
2,132,523
-
  Money Market Funds
2,610,561
2,610,561
-
-
 Total Investments in Securities:
284,713,009
282,580,486
2,132,523
-
Insurance Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $684) - See accompanying schedule:
 
$282,102,448
 
 
Unaffiliated issuers (cost $174,890,233)
 
 
 
Fidelity Central Funds (cost $2,610,561)
 
2,610,561
 
 
 
 
 
 
 
Total Investment in Securities (cost $177,500,794)
 
 
$
284,713,009
Receivable for fund shares sold
 
 
 
449,080
Dividends receivable
 
 
 
447,430
Distributions receivable from Fidelity Central Funds
 
 
 
4,818
Prepaid expenses
 
 
 
1,666
Other receivables
 
 
 
1,158
  Total assets
 
 
 
285,617,161
Liabilities
 
 
 
 
Payable for investments purchased
 
16,290
 
 
Payable for fund shares redeemed
 
441,396
 
 
Accrued management fee
 
127,986
 
 
Transfer agent fee payable
 
47,899
 
 
Other affiliated payables
 
8,591
 
 
Other payables and accrued expenses
 
19,809
 
 
Collateral on securities loaned
 
750
 
 
  Total Liabilities
 
 
 
662,721
Net Assets  
 
 
$
284,954,440
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
179,400,786
Total accumulated earnings (loss)
 
 
 
105,553,654
Net Assets
 
 
$
284,954,440
Net Asset Value , offering price and redemption price per share ($284,954,440 ÷ 4,250,899 shares)
 
 
$
67.03
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
2,739,132
Income from Fidelity Central Funds (including $455 from security lending)
 
 
 
11,828
 Total Income
 
 
 
2,750,960
Expenses
 
 
 
 
Management fee
$
770,148
 
 
Transfer agent fees
 
289,266
 
 
Accounting fees
 
54,340
 
 
Custodian fees and expenses
 
3,861
 
 
Independent trustees' fees and expenses
 
458
 
 
Registration fees
 
49,719
 
 
Audit
 
17,704
 
 
Legal
 
75
 
 
Interest
 
1,125
 
 
Miscellaneous
 
651
 
 
 Total expenses before reductions
 
1,187,347
 
 
 Expense reductions
 
(4,446)
 
 
 Total expenses after reductions
 
 
 
1,182,901
Net Investment income (loss)
 
 
 
1,568,059
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(2,805,110)
 
 
 Foreign currency transactions
 
(1,278)
 
 
Total net realized gain (loss)
 
 
 
(2,806,388)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(15,799,911)
 
 
 Assets and liabilities in foreign currencies
 
(4,710)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(15,804,621)
Net gain (loss)
 
 
 
(18,611,009)
Net increase (decrease) in net assets resulting from operations
 
 
$
(17,042,950)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
1,568,059
$
2,475,589
Net realized gain (loss)
 
(2,806,388)
 
 
6,591,336
 
Change in net unrealized appreciation (depreciation)
 
(15,804,621)
 
35,822,023
 
Net increase (decrease) in net assets resulting from operations
 
(17,042,950)
 
 
44,888,948
 
Distributions to shareholders
 
-
 
 
(17,750,181)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
142,330,586
 
71,913,727
  Reinvestment of distributions
 
-
 
 
16,623,368
 
Cost of shares redeemed
 
(86,263,699)
 
(54,446,500)
  Net increase (decrease) in net assets resulting from share transactions
 
56,066,887
 
 
34,090,595
 
Total increase (decrease) in net assets
 
39,023,937
 
 
61,229,362
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
245,930,503
 
184,701,141
 
End of period
$
284,954,440
$
245,930,503
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
2,013,299
 
1,054,727
  Issued in reinvestment of distributions
 
17
 
 
256,213
 
Redeemed
 
(1,282,674)
 
(810,083)
Net increase (decrease)
 
730,642
 
500,857
 
 
 
 
 
 
 
Insurance Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
69.86
$
61.17
$
58.44
$
59.27
$
78.49
$
80.60
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.37
 
.78
 
.88
 
.87
 
.98
 
1.08
     Net realized and unrealized gain (loss)
 
(3.20)
 
13.73
 
6.99
 
2.77
 
(2.40)
 
6.76
  Total from investment operations
 
(2.83)  
 
14.51  
 
7.87  
 
3.64  
 
(1.42)
 
7.84
  Distributions from net investment income
 
-
 
(.89)
 
(.94)
 
(.91)
 
(1.16)
 
(.96)
  Distributions from net realized gain
 
-
 
(4.93)
 
(4.20)
 
(3.56)
 
(16.63)
 
(8.99)
     Total distributions
 
-
 
(5.82)
 
(5.14)
 
(4.47)
 
(17.80) D
 
(9.95)
  Redemption fees added to paid in capital B
 
-
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
67.03
$
69.86
$
61.17
$
58.44
$
59.27
$
78.49
 Total Return   F,G
 
(4.05)%
 
24.68%
 
15.54%
 
5.95%
 
(.29)%
 
9.62%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.81% J
 
.78%
 
.83%
 
.81%
 
.82%
 
.79%
    Expenses net of fee waivers, if any
 
.81% J
 
.78%
 
.83%
 
.81%
 
.81%
 
.79%
    Expenses net of all reductions
 
.81% J
 
.78%
 
.83%
 
.80%
 
.81%
 
.79%
    Net investment income (loss)
 
1.08% J
 
1.16%
 
1.68%
 
1.37%
 
1.48%
 
1.30%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
284,954
$
245,931
$
184,701
$
219,539
$
223,081
$
341,743
    Portfolio turnover rate K
 
24% J
 
15%
 
18%
 
28%
 
9%
 
21%
 
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
D Total distributions per share do not sum due to rounding.
 
E Amount represents less than $.005 per share.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
J Annualized
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended August 31, 2022
 
1. Organization.
Banking Portfolio, Brokerage and Investment Management Portfolio, Financial Services Portfolio, FinTech Portfolio and Insurance Portfolio (the Funds) are non-diversified funds of Fidelity Select Portfolios (the Trust).   The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. Each Fund is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
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. 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 (ETFs) 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 delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.  
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2022 is included at the end of each Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Brokerage and Investment Management Portfolio
$49,216
 
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to   foreign currency transactions, passive foreign investment companies (PFIC), partnerships, equity-debt classifications,   deferred Trustee compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
 
 
Tax cost
Gross unrealized appreciation
Gross unrealized depreciation
Net unrealized appreciation (depreciation)
Banking Portfolio
$   426,883,505
$   96,392,067
$(25,609,504)
$   70,782,563
Brokerage and Investment Management Portfolio  
  834,412,943
  222,374,669
(108,361,404)
  114,013,265
Financial Services Portfolio
  544,661,382
  110,359,686
  (34,847,057)
  75,512,629
FinTech Portfolio
  148,717,415
  21,070,682
  (44,694,386)
  (23,623,704)
Insurance Portfolio
  179,616,766
  114,174,697
  (9,078,454)
  105,096,243
 
Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2021 to February 2022, and ordinary losses recognized during the period January 1, 2022 to February 28, 2022. Loss deferrals were as follows:
 
 
 
Capital losses
 
Ordinary losses
FinTech Portfolio
  $(5,474,286)
  $(985,815)
Insurance Portfolio
  (83,589)
  -
 
 
 
 
 
 
 
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 ($)
Sales ($)
Banking Portfolio
  32,853,431
  154,095,592
Brokerage and Investment Management Portfolio
  30,973,906
  192,502,188
Financial Services Portfolio
  95,015,406
  214,757,641
FinTech Portfolio
  8,218,094
  20,965,527
Insurance Portfolio
  91,247,673
  33,700,540
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:
 
 
Individual Rate
Group Rate
Total
Banking Portfolio
.30%
.23%
.53%
Brokerage and Investment Management Portfolio
.30%
.23%
.53%
Financial Services Portfolio
.30%
.23%
.53%
FinTech Portfolio
.30%
.23%
.53%
Insurance Portfolio
.30%
.23%
.53%
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
 
Banking Portfolio
.16%
Brokerage and Investment Management Portfolio
.17%
Financial Services Portfolio
.17%
FinTech Portfolio
.25%
Insurance Portfolio
.20%
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Banking Portfolio
.04
Brokerage and Investment Management Portfolio
.03
Financial Services Portfolio
.03
FinTech Portfolio
.04
Insurance Portfolio
.04
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Banking Portfolio
$   2,177
Brokerage and Investment Management Portfolio
  1,345
Financial Services Portfolio
  2,917
FinTech Portfolio
  78
Insurance Portfolio
  306
 
 
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 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
Brokerage and Investment Management Portfolio  
  Borrower
$   2,655,650
.55%
$   817
Financial Services Portfolio
  Borrower
$6,833,250
.32%
$    239
Insurance Portfolio
  Borrower
$   10,400,000
1.81%
$   525
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Banking Portfolio
  1,267,896
  4,668,597
  (733,983)
Brokerage and Investment Management Portfolio
  356,760
  7,714,058
  (188,068)
Financial Services Portfolio
  4,538,940
  12,044,664
  2,705,189
FinTech Portfolio
  324,688
  25,378
  11,484
Insurance Portfolio
  1,224,423
  -
  -
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Banking Portfolio
$   535
Brokerage and Investment Management Portfolio
  953
Financial Services Portfolio
632
FinTech Portfolio
  135
Insurance Portfolio
  235
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, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Banking Portfolio
$   977
$   4
$-
Brokerage and Investment Management Portfolio
$   6,956
$   1,586
$-
Financial Services Portfolio
$   862
$   -
$   -
FinTech Portfolio
$   542
$   -
$   -
Insurance Portfolio
$   48
$   -
$-
 
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
Brokerage and Investment Management Portfolio
$   656,179
1.15%
$   587
Insurance Portfolio
$   10,389,000
2.08%
$   600
9. Expense Reductions.
 
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:
 
 
Amount
Banking Portfolio
$   9,217
Brokerage and Investment Management Portfolio
  16,448
Financial Services Portfolio
  11,053
FinTech Portfolio
  2,349
Insurance Portfolio
  4,446
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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2022 to August 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value March 1, 2022
 
Ending Account Value August 31, 2022
 
Expenses Paid During Period- C March 1, 2022 to August 31, 2022
 
 
 
 
 
 
 
 
 
 
Banking Portfolio
 
 
 
.74%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 846.00
 
$ 3.44
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.48
 
$ 3.77
 
 
 
 
 
 
 
 
 
 
Brokerage and Investment Management Portfolio
 
 
 
.74%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 885.20
 
$ 3.52
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.48
 
$ 3.77
 
 
 
 
 
 
 
 
 
 
Financial Services Portfolio
 
 
 
.75%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 884.40
 
$ 3.56
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.42
 
$ 3.82
 
 
 
 
 
 
 
 
 
 
FinTech Portfolio
 
 
 
.87%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 853.70
 
$ 4.06
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.82
 
$ 4.43
 
 
 
 
 
 
 
 
 
 
Insurance Portfolio
 
 
 
.81%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 959.50
 
$ 4.00
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.12
 
$ 4.13
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
Banking Portfolio
Brokerage and Investment Management Portfolio
Fintech Portfolio (formerly, Consumer Finance Portfolio)
Financial Services Portfolio
Insurance Portfolio
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.  
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance . The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that Fintech Portfolio had a portfolio manager change in February 2022 and Financial Services Portfolio had a portfolio manager change in May 2019 and October 2019. The Board will continue to monitor closely each fund's performance, taking into account the portfolio manager changes.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the fund compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.  
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for each fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below.
 
  Banking Portfolio  
 
 
Brokerage and Investment Management Portfolio  
 
The Board considered the fund's underperformance for different time periods ended December 31, 2021 (which periods are not reflected in the chart above). The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; and attribution reports on contributors to the fund's underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance.
 
FinTech Portfolio
 
Financial Services Portfolio
 
Insurance Portfolio  
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
 
Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity funds are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.
 
Banking Portfolio
 
Brokerage and Investment Management Portfolio
 
FinTech Portfolio
 
Financial Services Portfolio
 
Insurance Portfolio  
 
The Board noted that each fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio . In its review of each fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for each fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that each fund's total net expense ratio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.
 
Fees Charged to Other Fidelity Clients . The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability.   The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
 
Economies of Scale.   The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contracts). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board.   In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that each fund's Advisory Contracts should be renewed.
 
1.813666.117
SELFIN-SANN-1022
Fidelity® Select Portfolios®
Energy Sector
 
Energy Portfolio
 
 
Semi-Annual Report
August 31, 2022

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

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. © 2022 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.
 
Top Holdings (% of Fund's net assets)
 
Exxon Mobil Corp.
20.9
 
Chevron Corp.
6.8
 
ConocoPhillips Co.
5.0
 
Cenovus Energy, Inc. (Canada)
4.5
 
Hess Corp.
4.4
 
Valero Energy Corp.
3.8
 
Occidental Petroleum Corp.
3.7
 
Devon Energy Corp.
3.7
 
Cheniere Energy, Inc.
3.5
 
Canadian Natural Resources Ltd.
3.5
 
 
59.8
 
 
Industries (% of Fund's net assets)
 
Oil, Gas & Consumable Fuels
88.7
 
Energy Equipment & Services
9.9
 
Independent Power and Renewable Electricity Producers
0.7
 
 
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 99.3%
 
 
Shares
Value ($)
 
Energy Equipment & Services - 9.9%
 
 
 
Oil & Gas Drilling - 0.5%
 
 
 
Nabors Industries Ltd. (a)
 
16,199
2,146,529
Nabors Industries Ltd. warrants 6/11/26 (a)
 
36,999
1,267,216
Odfjell Drilling Ltd. (a)
 
1,596,418
4,345,317
Odfjell Technology Ltd. (a)
 
266,069
661,568
Shelf Drilling Ltd. (a)(b)
 
1,404,689
2,216,327
Valaris Ltd. (a)
 
80,800
4,119,184
 
 
 
14,756,141
Oil & Gas Equipment & Services - 9.4%
 
 
 
Baker Hughes Co. Class A
 
331,278
8,368,082
Cactus, Inc.
 
72,286
2,887,826
Halliburton Co.
 
2,085,200
62,827,076
Nextier Oilfield Solutions, Inc. (a)
 
3,496,600
32,763,142
NOV, Inc.
 
772,000
13,641,240
Oceaneering International, Inc. (a)
 
974,530
8,624,591
ProPetro Holding Corp. (a)
 
1,369,901
12,548,293
Schlumberger Ltd.
 
2,156,569
82,273,107
Technip Energies NV
 
225,834
2,831,225
TechnipFMC PLC (a)
 
4,084,772
33,413,435
 
 
 
260,178,017
TOTAL ENERGY EQUIPMENT & SERVICES
 
 
274,934,158
Independent Power and Renewable Electricity Producers - 0.7%
 
 
 
Independent Power Producers & Energy Traders - 0.7%
 
 
 
The AES Corp.
 
46,700
1,188,515
Vistra Corp.
 
735,100
18,193,725
 
 
 
19,382,240
Oil, Gas & Consumable Fuels - 88.7%
 
 
 
Coal & Consumable Fuels - 0.8%
 
 
 
Arch Resources, Inc. (c)
 
63,500
9,244,330
Enviva, Inc.
 
27,500
1,911,800
Peabody Energy Corp. (a)(c)
 
393,700
9,708,642
 
 
 
20,864,772
Integrated Oil & Gas - 38.4%
 
 
 
Cenovus Energy, Inc.:
 
 
 
 warrants (a)
 
97,500
1,371,825
 (Canada)
 
6,566,106
123,187,918
Chevron Corp.
 
1,181,903
186,811,588
Exxon Mobil Corp.
 
6,059,146
579,193,765
Imperial Oil Ltd.
 
518,700
25,458,105
Occidental Petroleum Corp.
 
1,446,515
102,702,565
Occidental Petroleum Corp. warrants 8/3/27 (a)
 
99,550
4,870,982
Suncor Energy, Inc.
 
1,151,600
37,257,002
 
 
 
1,060,853,750
Oil & Gas Exploration & Production - 35.7%
 
 
 
Antero Resources Corp. (a)
 
1,418,000
56,833,440
APA Corp.
 
1,023,800
40,040,818
Callon Petroleum Co. (a)
 
138,300
5,886,048
Canadian Natural Resources Ltd.
 
25,780
1,413,002
Canadian Natural Resources Ltd. (c)
 
1,780,100
97,588,000
Chesapeake Energy Corp. (c)
 
156,500
15,726,685
Chord Energy Corp.
 
85,552
12,109,886
Civitas Resources, Inc.
 
231,754
15,571,551
ConocoPhillips Co.
 
1,266,666
138,636,594
Coterra Energy, Inc.
 
1,203,198
37,190,850
Devon Energy Corp.
 
1,430,600
101,028,972
Diamondback Energy, Inc.
 
176,700
23,550,576
EOG Resources, Inc.
 
421,864
51,172,103
Hess Corp.
 
1,014,300
122,507,154
Magnolia Oil & Gas Corp. Class A
 
500,700
11,951,709
National Energy Services Reunited Corp. (a)
 
1,659,518
11,649,816
Northern Oil & Gas, Inc.
 
173,860
5,500,930
Ovintiv, Inc.
 
747,700
39,732,778
PDC Energy, Inc.
 
1,034,107
70,226,206
Pioneer Natural Resources Co.
 
365,966
92,669,911
Range Resources Corp.
 
631,100
20,737,946
SM Energy Co.
 
286,200
12,612,834
Viper Energy Partners LP
 
126,159
3,850,373
 
 
 
988,188,182
Oil & Gas Refining & Marketing - 8.5%
 
 
 
Marathon Petroleum Corp.
 
815,192
82,130,594
Phillips 66 Co.
 
526,373
47,089,329
Valero Energy Corp.
 
896,000
104,939,520
 
 
 
234,159,443
Oil & Gas Storage & Transport - 5.3%
 
 
 
Cheniere Energy, Inc.
 
610,312
97,759,776
Energy Transfer LP
 
3,070,900
35,960,239
Golar LNG Ltd. (a)
 
341,133
9,302,697
Targa Resources Corp.
 
73,400
5,008,082
 
 
 
148,030,794
TOTAL OIL, GAS & CONSUMABLE FUELS
 
 
2,452,096,941
 
TOTAL COMMON STOCKS
  (Cost $1,682,899,047)
 
 
 
2,746,413,339
 
 
 
 
Money Market Funds - 5.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (d)
 
4,941,634
4,942,622
Fidelity Securities Lending Cash Central Fund 2.34% (d)(e)
 
132,630,195
132,643,458
 
TOTAL MONEY MARKET FUNDS
  (Cost $137,586,080)
 
 
137,586,080
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 104.3%
  (Cost $1,820,485,127)
 
 
 
2,883,999,419
NET OTHER ASSETS (LIABILITIES) - (4.3)%  
(118,242,576)
NET ASSETS - 100.0%
2,765,756,843
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,216,327 or 0.1% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
7,528,525
232,058,455
234,644,358
24,262
-
-
4,942,622
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
23,406,482
667,518,628
558,281,652
82,114
-
-
132,643,458
0.4%
Total
30,935,007
899,577,083
792,926,010
106,376
-
-
137,586,080
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
2,746,413,339
2,746,413,339
-
-
  Money Market Funds
137,586,080
137,586,080
-
-
 Total Investments in Securities:
2,883,999,419
2,883,999,419
-
-
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $126,143,603) - See accompanying schedule:
 
$2,746,413,339
 
 
Unaffiliated issuers (cost $1,682,899,047)
 
 
 
Fidelity Central Funds (cost $137,586,080)
 
137,586,080
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,820,485,127)
 
 
$
2,883,999,419
Foreign currency held at value (cost $1,633,954)
 
 
 
1,633,954
Receivable for fund shares sold
 
 
 
8,478,961
Dividends receivable
 
 
 
10,214,454
Distributions receivable from Fidelity Central Funds
 
 
 
35,339
Prepaid expenses
 
 
 
10,900
Other receivables
 
 
 
408,302
  Total assets
 
 
 
2,904,781,329
Liabilities
 
 
 
 
Payable to custodian bank
 
$259
 
 
Payable for fund shares redeemed
 
4,440,643
 
 
Accrued management fee
 
1,166,577
 
 
Other affiliated payables
 
407,500
 
 
Other payables and accrued expenses
 
366,657
 
 
Collateral on securities loaned
 
132,642,850
 
 
  Total Liabilities
 
 
 
139,024,486
Net Assets  
 
 
$
2,765,756,843
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,950,227,402
Total accumulated earnings (loss)
 
 
 
(184,470,559)
Net Assets
 
 
$
2,765,756,843
Net Asset Value , offering price and redemption price per share ($2,765,756,843 ÷ 52,232,967 shares)
 
 
$
52.95
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
49,919,519
Income from Fidelity Central Funds (including $82,114 from security lending)
 
 
 
106,376
 Total Income
 
 
 
50,025,895
Expenses
 
 
 
 
Management fee
$
7,355,550
 
 
Transfer agent fees
 
2,262,035
 
 
Accounting fees
 
388,481
 
 
Custodian fees and expenses
 
25,046
 
 
Independent trustees' fees and expenses
 
4,388
 
 
Registration fees
 
175,064
 
 
Audit
 
25,358
 
 
Legal
 
714
 
 
Interest
 
40,866
 
 
Miscellaneous
 
1,546
 
 
 Total expenses before reductions
 
10,279,048
 
 
 Expense reductions
 
(45,606)
 
 
 Total expenses after reductions
 
 
 
10,233,442
Net Investment income (loss)
 
 
 
39,792,453
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(10,797,591)
 
 
 Foreign currency transactions
 
(9,818)
 
 
Total net realized gain (loss)
 
 
 
(10,807,409)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
323,798,640
 
 
 Assets and liabilities in foreign currencies
 
(2,106)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
323,796,534
Net gain (loss)
 
 
 
312,989,125
Net increase (decrease) in net assets resulting from operations
 
 
$
352,781,578
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
39,792,453
$
37,737,303
Net realized gain (loss)
 
(10,807,409)
 
 
(5,935,534)
 
Change in net unrealized appreciation (depreciation)
 
323,796,534
 
661,757,391
 
Net increase (decrease) in net assets resulting from operations
 
352,781,578
 
 
693,559,160
 
Distributions to shareholders
 
(6,252,155)
 
 
(31,460,812)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,284,965,443
 
1,435,953,793
  Net asset value of shares issued in exchange for the net assets of the Target Fund(s) (see Merger Information note)
 
-
 
 
388,960,944
 
  Reinvestment of distributions
 
5,906,535
 
 
29,620,722
 
Cost of shares redeemed
 
(1,279,285,289)
 
(1,089,636,722)
  Net increase (decrease) in net assets resulting from share transactions
 
11,586,689
 
 
764,898,737
 
Total increase (decrease) in net assets
 
358,116,112
 
 
1,426,997,085
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,407,640,731
 
980,643,646
 
End of period
$
2,765,756,843
$
2,407,640,731
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
25,140,727
 
39,603,793
  Issued in exchange for the shares of the Target Fund(s) (see Merger Information note)
 
-
 
 
11,161,009
 
  Issued in reinvestment of distributions
 
114,801
 
 
884,794
 
Redeemed
 
(26,243,094)
 
(31,953,761)
Net increase (decrease)
 
(987,566)
 
19,695,835
 
 
 
 
 
 
 
Energy Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
45.24
$
29.25
$
26.79
$
37.50
$
41.01
$
44.10
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.72
 
.96
 
.99 D
 
.71
 
.49
 
.75 E
     Net realized and unrealized gain (loss)
 
7.10
 
15.82
 
2.27
 
(10.76)
 
(3.51)
 
(3.06)
  Total from investment operations
 
7.82  
 
16.78  
 
3.26  
 
(10.05)  
 
(3.02)
 
(2.31)
  Distributions from net investment income
 
(.11)
 
(.79)
 
(.80)
 
(.64)
 
(.48)
 
(.68)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.02)
 
(.01)
 
(.10)
     Total distributions
 
(.11)
 
(.79)
 
(.80)
 
(.66)
 
(.49)
 
(.78)
  Net asset value, end of period
$
52.95
$
45.24
$
29.25
$
26.79
$
37.50
$
41.01
 Total Return   F,G
 
17.30%
 
58.37%
 
13.03%
 
(27.24)%
 
(7.30)%
 
(5.27)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.74% J
 
.77%
 
.85%
 
.81%
 
.78%
 
.79%
    Expenses net of fee waivers, if any
 
.73% J
 
.77%
 
.85%
 
.81%
 
.78%
 
.79%
    Expenses net of all reductions
 
.73% J
 
.77%
 
.84%
 
.80%
 
.77%
 
.78%
    Net investment income (loss)
 
2.85% J
 
2.79%
 
4.50% D
 
2.00%
 
1.12%
 
1.82% E
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,765,757
$
2,407,641
$
980,644
$
676,312
$
1,152,173
$
1,778,436
    Portfolio turnover rate K
 
51% J
 
56% L
 
31%
 
79% M
 
59% M
 
59%
 
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 3.82%.
 
E 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 .66%.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
J Annualized
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
L The portfolio turnover rate does not include the assets acquired in the merger.
 
M Portfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended August 31, 2022
 
1. Organization.
Energy Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
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. 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 (ETFs) 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2022, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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
$329,706
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to   foreign currency transactions, partnerships, deferred trustees compensation, 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
$1,083,746,137
Gross unrealized depreciation
  (39,978,645)
Net unrealized appreciation (depreciation)
$1,043,767,492
Tax cost
$1,840,231,927
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
Short-term
$(433,155,172)
Long-term
  (824,729,052)
Total capital loss carryforward
$(1,257,884,224)
Due to a merger in the prior period, approximately $392,837,894 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 the prior period, approximately $323,278,709 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.
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 ($)
Sales ($)
Energy Portfolio
  747,070,947
  699,067,612
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .53% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .16% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Energy Portfolio
.03
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Energy Portfolio
$   20,724
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 period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Energy Portfolio
  Borrower
$   11,905,244
1.53%
$    39,476
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Energy Portfolio
  32,992,309
  104,465,757
  (1,608,400)
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Energy Portfolio
$   2,264
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, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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
$   8,444
$   -
$-
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the 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
Energy Portfolio
$   6,501,250
1.92%
$   1,390
9. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $45,606.
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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.
12. Prior Fiscal Year Merger Information.
On November 19, 2021, the Fund acquired all of the assets and assumed all of the liabilities of each Target Fund listed in the below table pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board").   The securities held by each Target Fund were the primary assets acquired by the Fund. The acquisition was accomplished by an exchange of shares of the Fund for shares then outstanding of each Target Fund at their respective net asset value on the acquisition date. The reorganization provides shareholders of each Target Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of each Target Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from each Target 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.
 
Target Fund
Investments $
Unrealized appreciation (depreciation) $
Net Assets $
Shares Exchanged
Shares Exchanged Ratio
Energy Service Portfolio
239,225,585
(29,042,821)
240,539,236
6,902,147
.5578794835
Natural Gas Portfolio
148,458,051
3,907,464
148,421,708
4,258,862
.4453142037
 
Surviving Fund
Net Assets $
Total net assets after the acquisition $
Energy Portfolio
1,269,646,810
1,658,607,754
Pro forma results of operations of the combined entity for the entire period ended February 28, 2022, 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)
$41,213,855
Total net realized gain (loss)
  31,547,962
Total change in net unrealized appreciation (depreciation)
  637,928,213
Net increase (decrease) in net assets resulting from operations
$710,690,030
Because the combined investment portfolios have been managed as a single portfolio since the acquisitions were completed, it is not practicable to separate the amounts of revenue and earnings of the acquired funds that have been included in the Fund's Statement of Operations since November 19, 2021.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2022 to August 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value March 1, 2022
 
Ending Account Value August 31, 2022
 
Expenses Paid During Period- C March 1, 2022 to August 31, 2022
 
 
 
 
 
 
 
 
 
 
Energy Portfolio
 
 
 
.73%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,173.00
 
$ 4.00
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.53
 
$ 3.72
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
Energy Portfolio
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians,  subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that the fund had a portfolio manager change in January 2020. The Board will continue to monitor closely the fund's performance, taking into account the portfolio manager change.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the fund compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below.
 
Energy Portfolio
 
The Board considered the fund's underperformance for different time periods ended September 30, 2021 (which periods are reflected in the chart above). The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; attribution reports on contributors to the fund's underperformance; and the applicable portfolio manager's explanation of his or her underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity funds are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
 
Energy Portfolio  
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio . In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for the fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the fund's total net expense ratio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.
 
Fees Charged to Other Fidelity Clients . The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
 
1.813654.117
SELNR-SANN-1022
Fidelity® Select Portfolios®
Consumer Staples Sector
 
Consumer Staples Portfolio
 
 
Semi-Annual Report
August 31, 2022
Includes Fidelity and Fidelity Advisor share classes

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

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.
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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.
 
Top Holdings (% of Fund's net assets)
 
The Coca-Cola Co.
15.3
 
Procter & Gamble Co.
14.1
 
Walmart, Inc.
8.0
 
Mondelez International, Inc.
5.6
 
Philip Morris International, Inc.
4.3
 
Monster Beverage Corp.
4.3
 
Altria Group, Inc.
3.8
 
Boston Beer Co., Inc. Class A
3.5
 
Constellation Brands, Inc. Class A (sub. vtg.)
3.4
 
Keurig Dr. Pepper, Inc.
3.2
 
 
65.5
 
 
Industries (% of Fund's net assets)
 
Beverages
33.6
 
Household Products
21.5
 
Food Products
17.5
 
Food & Staples Retailing
12.8
 
Tobacco
8.3
 
Personal Products
4.7
 
Media
0.8
 
Household Durables
0.4
 
Hotels, Restaurants & Leisure
0.0
 
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
 
 
Showing Percentage of Net Assets
Common Stocks - 99.6%
 
 
Shares
Value ($)
 
Beverages - 33.6%
 
 
 
Brewers - 3.8%
 
 
 
Boston Beer Co., Inc. Class A (a)(b)
 
159,900
53,899,092
Molson Coors Beverage Co. Class B
 
98,300
5,079,161
 
 
 
58,978,253
Distillers & Vintners - 3.8%
 
 
 
Constellation Brands, Inc. Class A (sub. vtg.)
 
215,584
53,044,443
Diageo PLC
 
151,993
6,603,548
 
 
 
59,647,991
Soft Drinks - 26.0%
 
 
 
Celsius Holdings, Inc. (a)
 
15,000
1,552,350
Keurig Dr. Pepper, Inc.
 
1,303,327
49,682,825
Monster Beverage Corp. (a)
 
758,313
67,360,944
PepsiCo, Inc.
 
258,004
44,446,349
Primo Water Corp.
 
394,200
5,179,788
The Coca-Cola Co.
 
3,866,818
238,621,339
The Vita Coco Co., Inc.
 
8,800
131,912
 
 
 
406,975,507
TOTAL BEVERAGES
 
 
525,601,751
Food & Staples Retailing - 12.8%
 
 
 
Drug Retail - 0.1%
 
 
 
Walgreens Boots Alliance, Inc.
 
59,100
2,072,046
Food Distributors - 3.8%
 
 
 
Performance Food Group Co. (a)
 
282,000
14,094,360
Sysco Corp.
 
118,656
9,755,896
U.S. Foods Holding Corp. (a)
 
1,176,674
36,029,758
 
 
 
59,880,014
Food Retail - 0.8%
 
 
 
Albertsons Companies, Inc.
 
254,100
6,990,291
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
14,400
618,827
Grocery Outlet Holding Corp. (a)
 
75,450
3,027,054
Sprouts Farmers Market LLC (a)
 
35,000
1,011,500
 
 
 
11,647,672
Hypermarkets & Super Centers - 8.1%
 
 
 
BJ's Wholesale Club Holdings, Inc. (a)
 
24,900
1,854,801
Walmart, Inc.
 
944,600
125,206,730
 
 
 
127,061,531
TOTAL FOOD & STAPLES RETAILING
 
 
200,661,263
Food Products - 17.5%
 
 
 
Agricultural Products - 3.6%
 
 
 
Archer Daniels Midland Co.
 
86,000
7,558,540
Bunge Ltd.
 
320,893
31,822,959
Darling Ingredients, Inc. (a)
 
214,500
16,314,870
Ingredion, Inc.
 
12,900
1,123,203
 
 
 
56,819,572
Packaged Foods & Meats - 13.9%
 
 
 
Conagra Brands, Inc.
 
384,841
13,230,834
Freshpet, Inc. (a)(b)
 
355,800
15,487,974
Laird Superfood, Inc. (a)
 
220,582
555,867
Lamb Weston Holdings, Inc.
 
498,327
39,631,946
McCormick & Co., Inc. (non-vtg.)
 
39,000
3,278,730
Mondelez International, Inc.
 
1,421,097
87,909,060
Nomad Foods Ltd. (a)
 
505,759
8,946,877
Pilgrim's Pride Corp. (a)
 
32,200
916,734
Sovos Brands, Inc.
 
6,398
97,697
The Hain Celestial Group, Inc. (a)
 
148,200
3,002,532
The Real Good Food Co. LLC:
 
 
 
 Class B (c)
 
58,667
1
 Class B unit (d)
 
58,667
418,296
The Simply Good Foods Co. (a)
 
104,100
3,180,255
TreeHouse Foods, Inc. (a)
 
546,685
25,475,521
Tyson Foods, Inc. Class A
 
203,666
15,352,343
 
 
 
217,484,667
TOTAL FOOD PRODUCTS
 
 
274,304,239
Hotels, Restaurants & Leisure - 0.0%
 
 
 
Restaurants - 0.0%
 
 
 
Compass Group PLC
 
4
86
Household Durables - 0.4%
 
 
 
Household Appliances - 0.2%
 
 
 
Helen of Troy Ltd. (a)
 
29,500
3,647,085
Housewares & Specialties - 0.2%
 
 
 
Tupperware Brands Corp. (a)(b)
 
276,662
3,109,681
TOTAL HOUSEHOLD DURABLES
 
 
6,756,766
Household Products - 21.5%
 
 
 
Household Products - 21.5%
 
 
 
Energizer Holdings, Inc.
 
711,344
19,988,766
Kimberly-Clark Corp.
 
329,933
42,073,056
Procter & Gamble Co.
 
1,594,882
219,998,023
Reynolds Consumer Products, Inc. (b)
 
845,454
23,613,530
Spectrum Brands Holdings, Inc.
 
224,300
14,128,657
The Clorox Co.
 
111,674
16,119,025
 
 
 
335,921,057
Media - 0.8%
 
 
 
Advertising - 0.8%
 
 
 
Advantage Solutions, Inc. Class A (a)(b)
 
3,487,067
12,692,924
Personal Products - 4.7%
 
 
 
Personal Products - 4.7%
 
 
 
BellRing Brands, Inc. (a)
 
80,200
1,899,938
Edgewell Personal Care Co. (b)
 
402,500
15,681,400
Estee Lauder Companies, Inc. Class A
 
98,255
24,994,107
Herbalife Nutrition Ltd. (a)
 
903,150
23,563,184
Olaplex Holdings, Inc. (b)
 
379,600
5,056,272
Shiseido Co. Ltd.
 
70,975
2,680,996
Unilever PLC
 
31
1,406
 
 
 
73,877,303
Tobacco - 8.3%
 
 
 
Tobacco - 8.3%
 
 
 
Altria Group, Inc.
 
1,329,017
59,965,247
Philip Morris International, Inc.
 
706,482
67,461,966
RLX Technology, Inc. ADR (a)(b)
 
1,588,169
2,271,082
 
 
 
129,698,295
 
TOTAL COMMON STOCKS
  (Cost $1,260,439,722)
 
 
 
1,559,513,684
 
 
 
 
Money Market Funds - 3.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (e)
 
2,467,280
2,467,774
Fidelity Securities Lending Cash Central Fund 2.34% (e)(f)
 
46,392,267
46,396,906
 
TOTAL MONEY MARKET FUNDS
  (Cost $48,864,680)
 
 
48,864,680
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.7%
  (Cost $1,309,304,402)
 
 
 
1,608,378,364
NET OTHER ASSETS (LIABILITIES) - (2.7)%  
(42,555,406)
NET ASSETS - 100.0%
1,565,822,958
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Level 3 security
 
(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 $418,296 or 0.0% of net assets.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
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,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
14,588,277
144,531,057
156,651,560
30,801
-
-
2,467,774
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
13,163,424
174,174,075
140,940,593
16,696
-
-
46,396,906
0.1%
Total
27,751,701
318,705,132
297,592,153
47,497
-
-
48,864,680
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
1,559,513,684
1,550,227,647
9,286,036
1
  Money Market Funds
48,864,680
48,864,680
-
-
 Total Investments in Securities:
1,608,378,364
1,599,092,327
9,286,036
1
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $44,722,396) - See accompanying schedule:
 
$1,559,513,684
 
 
Unaffiliated issuers (cost $1,260,439,722)
 
 
 
Fidelity Central Funds (cost $48,864,680)
 
48,864,680
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,309,304,402)
 
 
$
1,608,378,364
Receivable for investments sold
 
 
 
3,512,127
Receivable for fund shares sold
 
 
 
4,011,592
Dividends receivable
 
 
 
1,737,155
Distributions receivable from Fidelity Central Funds
 
 
 
16,305
Prepaid expenses
 
 
 
9,982
Other receivables
 
 
 
278,447
  Total assets
 
 
 
1,617,943,972
Liabilities
 
 
 
 
Payable to custodian bank
 
$2
 
 
Payable for investments purchased
 
2,840,837
 
 
Payable for fund shares redeemed
 
1,465,987
 
 
Distributions payable
 
10
 
 
Accrued management fee
 
712,954
 
 
Distribution and service plan fees payable
 
159,953
 
 
Other affiliated payables
 
253,227
 
 
Other payables and accrued expenses
 
291,366
 
 
Collateral on securities loaned
 
46,396,678
 
 
  Total Liabilities
 
 
 
52,121,014
Net Assets  
 
 
$
1,565,822,958
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,277,700,505
Total accumulated earnings (loss)
 
 
 
288,122,453
Net Assets
 
 
$
1,565,822,958
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($289,177,978 ÷ 3,215,395 shares) (a)
 
 
$
89.94
Maximum offering price per share (100/94.25 of $89.94)
 
 
$
95.43
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($62,224,231 ÷ 700,615 shares) (a)
 
 
$
88.81
Maximum offering price per share (100/96.50 of $88.81)
 
 
$
92.03
Class C :
 
 
 
 
Net Asset Value and offering price per share ($81,161,640 ÷ 933,354 shares) (a)
 
 
$
86.96
Consumer Staples :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($888,814,165 ÷ 9,756,513 shares)
 
 
$
91.10
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($163,460,402 ÷ 1,799,427 shares)
 
 
$
90.84
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($80,984,542 ÷ 892,611 shares)
 
 
$
90.73
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
19,303,334
Income from Fidelity Central Funds (including $16,696 from security lending)
 
 
 
47,497
 Total Income
 
 
 
19,350,831
Expenses
 
 
 
 
Management fee
$
4,305,737
 
 
Transfer agent fees
 
1,333,992
 
 
Distribution and service plan fees
 
946,093
 
 
Accounting fees
 
239,569
 
 
Custodian fees and expenses
 
10,516
 
 
Independent trustees' fees and expenses
 
2,640
 
 
Registration fees
 
82,052
 
 
Audit
 
20,776
 
 
Legal
 
3,371
 
 
Interest
 
2,586
 
 
Miscellaneous
 
5,069
 
 
 Total expenses before reductions
 
6,952,401
 
 
 Expense reductions
 
(25,592)
 
 
 Total expenses after reductions
 
 
 
6,926,809
Net Investment income (loss)
 
 
 
12,424,022
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(7,180,609)
 
 
 Foreign currency transactions
 
(50,267)
 
 
Total net realized gain (loss)
 
 
 
(7,230,876)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(73,831,446)
 
 
 Assets and liabilities in foreign currencies
 
(11,171)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(73,842,617)
Net gain (loss)
 
 
 
(81,073,493)
Net increase (decrease) in net assets resulting from operations
 
 
$
(68,649,471)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
12,424,022
$
23,869,410
Net realized gain (loss)
 
(7,230,876)
 
 
117,808,690
 
Change in net unrealized appreciation (depreciation)
 
(73,842,617)
 
106,519,256
 
Net increase (decrease) in net assets resulting from operations
 
(68,649,471)
 
 
248,197,356
 
Distributions to shareholders
 
(36,946,846)
 
 
(153,414,832)
 
Share transactions - net increase (decrease)
 
(35,151,083)
 
 
254,802,169
 
Total increase (decrease) in net assets
 
(140,747,400)
 
 
349,584,693
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,706,570,358
 
1,356,985,665
 
End of period
$
1,565,822,958
$
1,706,570,358
 
 
 
 
 
 
 
 
 
 
 
 
Fidelity Advisor® Consumer Staples Fund Class A
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
95.55
$
89.40
$
79.57
$
76.88
$
87.07
$
96.18
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.63
 
1.40
 
1.34
 
1.40
 
2.08 D
 
1.54
     Net realized and unrealized gain (loss)
 
(4.21)
 
14.98
 
11.24
 
3.54
 
(2.64)
 
(2.80)
  Total from investment operations
 
(3.58)  
 
16.38  
 
12.58  
 
4.94  
 
(.56)
 
(1.26)
  Distributions from net investment income
 
(.50)
 
(1.55)
 
(1.42)
 
(1.35)
 
(2.11)
 
(1.55)
  Distributions from net realized gain
 
(1.53)
 
(8.68)
 
(1.33)
 
(.90)
 
(7.53)
 
(6.30)
     Total distributions
 
(2.03)
 
(10.23)
 
(2.75)
 
(2.25)
 
(9.63) E
 
(7.85)
  Net asset value, end of period
$
89.94
$
95.55
$
89.40
$
79.57
$
76.88
$
87.07
 Total Return   F,G,H
 
(3.84)%
 
18.83%
 
16.00%
 
6.17%
 
(.32)%
 
(1.68)%
 Ratios to Average Net Assets C,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.01% K
 
1.01%
 
1.04%
 
1.04%
 
1.05%
 
1.05%
    Expenses net of fee waivers, if any
 
1.01% K
 
1.01%
 
1.04%
 
1.04%
 
1.05%
 
1.05%
    Expenses net of all reductions
 
1.01% K
 
1.01%
 
1.03%
 
1.04%
 
1.04%
 
1.04%
    Net investment income (loss)
 
1.36% K
 
1.45%
 
1.57%
 
1.67%
 
2.65% D
 
1.60%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
289,178
$
293,276
$
248,234
$
239,067
$
232,020
$
317,366
    Portfolio turnover rate L
 
48% K
 
61%
 
51%
 
40%
 
41% M
 
76%
 
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 such underlying funds 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 $.69 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.78%.
 
E Total distributions per share do not sum due to rounding.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Total returns do not include the effect of the sales charges.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Annualized
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
M Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Consumer Staples Fund Class M
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
94.39
$
88.43
$
78.74
$
76.13
$
86.30
$
95.42
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.50
 
1.13
 
1.10
 
1.16
 
1.85 D
 
1.27
     Net realized and unrealized gain (loss)
 
(4.16)
 
14.81
 
11.11
 
3.50
 
(2.61)
 
(2.78)
  Total from investment operations
 
(3.66)  
 
15.94  
 
12.21  
 
4.66  
 
(.76)
 
(1.51)
  Distributions from net investment income
 
(.39)
 
(1.30)
 
(1.19)
 
(1.15)
 
(1.88)
 
(1.31)
  Distributions from net realized gain
 
(1.53)
 
(8.68)
 
(1.33)
 
(.90)
 
(7.53)
 
(6.30)
     Total distributions
 
(1.92)
 
(9.98)
 
(2.52)
 
(2.05)
 
(9.41)
 
(7.61)
  Net asset value, end of period
$
88.81
$
94.39
$
88.43
$
78.74
$
76.13
$
86.30
 Total Return   E,F,G
 
(3.97)%
 
18.51%
 
15.69%
 
5.88%
 
(.59)%
 
(1.94)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.28% J
 
1.28%
 
1.31%
 
1.31%
 
1.33%
 
1.32%
    Expenses net of fee waivers, if any
 
1.27% J
 
1.28%
 
1.31%
 
1.31%
 
1.32%
 
1.32%
    Expenses net of all reductions
 
1.27% J
 
1.28%
 
1.30%
 
1.31%
 
1.31%
 
1.31%
    Net investment income (loss)
 
1.09% J
 
1.18%
 
1.30%
 
1.40%
 
2.37% D
 
1.33%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
62,224
$
64,707
$
56,664
$
55,954
$
60,069
$
76,572
    Portfolio turnover rate K
 
48% J
 
61%
 
51%
 
40%
 
41% L
 
76%
 
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 such underlying funds 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 $.68 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.50%.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Total returns for periods of less than one year are not annualized.
 
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).
 
L Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Consumer Staples Fund Class C
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
92.48
$
86.73
$
77.27
$
74.79
$
84.85
$
93.89
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.27
 
.65
 
.68
 
.75
 
1.46 D
 
.81
     Net realized and unrealized gain (loss)
 
(4.06)
 
14.51
 
10.87
 
3.44
 
(2.57)
 
(2.73)
  Total from investment operations
 
(3.79)  
 
15.16  
 
11.55  
 
4.19  
 
(1.11)
 
(1.92)
  Distributions from net investment income
 
(.20)
 
(.79)
 
(.80)
 
(.81)
 
(1.43)
 
(.82)
  Distributions from net realized gain
 
(1.53)
 
(8.62)
 
(1.30)
 
(.90)
 
(7.53)
 
(6.30)
     Total distributions
 
(1.73)
 
(9.41)
 
(2.09) E
 
(1.71)
 
(8.95) E
 
(7.12)
  Net asset value, end of period
$
86.96
$
92.48
$
86.73
$
77.27
$
74.79
$
84.85
 Total Return   F,G,H
 
(4.20)%
 
17.92%
 
15.14%
 
5.39%
 
(1.05)%
 
(2.41)%
 Ratios to Average Net Assets C,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.77% K
 
1.77%
 
1.79%
 
1.79%
 
1.79%
 
1.79%
    Expenses net of fee waivers, if any
 
1.76% K
 
1.76%
 
1.79%
 
1.79%
 
1.79%
 
1.79%
    Expenses net of all reductions
 
1.76% K
 
1.76%
 
1.78%
 
1.79%
 
1.78%
 
1.78%
    Net investment income (loss)
 
.61% K
 
.70%
 
.83%
 
.92%
 
1.91% D
 
.86%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
81,162
$
88,645
$
104,955
$
117,328
$
150,822
$
228,874
    Portfolio turnover rate L
 
48% K
 
61%
 
51%
 
40%
 
41% M
 
76%
 
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 such underlying funds 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 $.67 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.04%.
 
E Total distributions per share do not sum due to rounding.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Total returns do not include the effect of the contingent deferred sales charge.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Annualized
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
M Portfolio turnover rate excludes securities received or delivered in-kind.
 
Consumer Staples Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
96.75
$
90.40
$
80.42
$
77.63
$
87.85
$
97.01
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.77
 
1.69
 
1.60
 
1.66
 
2.34 D
 
1.82
     Net realized and unrealized gain (loss)
 
(4.27)
 
15.16
 
11.39
 
3.59
 
(2.67)
 
(2.82)
  Total from investment operations
 
(3.50)  
 
16.85  
 
12.99  
 
5.25  
 
(.33)
 
(1.00)
  Distributions from net investment income
 
(.62)
 
(1.81)
 
(1.68)
 
(1.55)
 
(2.36)
 
(1.86)
  Distributions from net realized gain
 
(1.53)
 
(8.68)
 
(1.33)
 
(.90)
 
(7.53)
 
(6.30)
     Total distributions
 
(2.15)
 
(10.50) E
 
(3.01)
 
(2.46) E
 
(9.89)
 
(8.16)
  Net asset value, end of period
$
91.10
$
96.75
$
90.40
$
80.42
$
77.63
$
87.85
 Total Return   F,G
 
(3.71)%
 
19.16%
 
16.34%
 
6.48%
 
(.03)%
 
(1.40)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.73% J
 
.73%
 
.75%
 
.75%
 
.77%
 
.76%
    Expenses net of fee waivers, if any
 
.73% J
 
.73%
 
.75%
 
.75%
 
.76%
 
.76%
    Expenses net of all reductions
 
.73% J
 
.73%
 
.74%
 
.75%
 
.75%
 
.76%
    Net investment income (loss)
 
1.64% J
 
1.74%
 
1.86%
 
1.96%
 
2.94% D
 
1.89%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
888,814
$
1,032,956
$
770,644
$
773,437
$
814,350
$
1,328,696
    Portfolio turnover rate K
 
48% J
 
61%
 
51%
 
40%
 
41% L
 
76%
 
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 such underlying funds 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 $.69 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.07%.
 
E Total distributions per share do not sum due to rounding.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
J Annualized
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
L Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Consumer Staples Fund Class I
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
96.48
$
90.17
$
80.23
$
77.45
$
87.68
$
96.82
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.76
 
1.67
 
1.60
 
1.65
 
2.33 D
 
1.81
     Net realized and unrealized gain (loss)
 
(4.25)
 
15.13
 
11.34
 
3.58
 
(2.68)
 
(2.82)
  Total from investment operations
 
(3.49)  
 
16.80  
 
12.94  
 
5.23  
 
(.35)
 
(1.01)
  Distributions from net investment income
 
(.62)
 
(1.80)
 
(1.67)
 
(1.55)
 
(2.36)
 
(1.83)
  Distributions from net realized gain
 
(1.53)
 
(8.68)
 
(1.33)
 
(.90)
 
(7.53)
 
(6.30)
     Total distributions
 
(2.15)
 
(10.49) E
 
(3.00)
 
(2.45)
 
(9.88) E
 
(8.13)
  Net asset value, end of period
$
90.84
$
96.48
$
90.17
$
80.23
$
77.45
$
87.68
 Total Return   F,G
 
(3.71)%
 
19.15%
 
16.32%
 
6.48%
 
(.04)%
 
(1.41)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.74% J
 
.74%
 
.76%
 
.76%
 
.77%
 
.78%
    Expenses net of fee waivers, if any
 
.74% J
 
.74%
 
.75%
 
.76%
 
.77%
 
.78%
    Expenses net of all reductions
 
.74% J
 
.74%
 
.75%
 
.76%
 
.76%
 
.77%
    Net investment income (loss)
 
1.63% J
 
1.72%
 
1.86%
 
1.95%
 
2.93% D
 
1.88%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
163,460
$
149,160
$
132,898
$
149,514
$
159,614
$
240,605
    Portfolio turnover rate K
 
48% J
 
61%
 
51%
 
40%
 
41% L
 
76%
 
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 such underlying funds 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 $.69 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.06%.
 
E Total distributions per share do not sum due to rounding.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
J Annualized
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
L Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Consumer Staples Fund Class Z
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019   B
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
96.36
$
90.08
$
80.14
$
77.36
$
81.61
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
.82
 
1.79
 
1.71
 
1.78
 
.05 E
     Net realized and unrealized gain (loss)
 
(4.24)
 
15.10
 
11.35
 
3.56
 
.33 F
  Total from investment operations
 
(3.42)  
 
16.89  
 
13.06  
 
5.34  
 
.38
  Distributions from net investment income
 
(.68)
 
(1.93)
 
(1.79)
 
(1.66)
 
(2.23)
  Distributions from net realized gain
 
(1.53)
 
(8.68)
 
(1.33)
 
(.90)
 
(2.40)
     Total distributions
 
(2.21)
 
(10.61)
 
(3.12)
 
(2.56)
 
(4.63)
  Net asset value, end of period
$
90.73
$
96.36
$
90.08
$
80.14
$
77.36
 Total Return   G,H
 
(3.65)%
 
19.29%
 
16.49%
 
6.61%
 
.79%
 Ratios to Average Net Assets D,I,J
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.61% K
 
.61%
 
.62%
 
.63%
 
.63% K
    Expenses net of fee waivers, if any
 
.61% K
 
.61%
 
.62%
 
.63%
 
.62% K
    Expenses net of all reductions
 
.61% K
 
.61%
 
.62%
 
.62%
 
.61% K
    Net investment income (loss)
 
1.76% K
 
1.85%
 
1.99%
 
2.08%
 
.16% E,K
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
80,985
$
77,826
$
43,591
$
41,629
$
8,052
    Portfolio turnover rate L
 
48% K
 
61%
 
51%
 
40%
 
41% K,M
 
A For the year ended February 29.
 
B For the period October 2, 2018 (commencement of sale of shares) through February 28, 2019.
 
C Calculated based on average shares outstanding during the period.
 
D 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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.26 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.69)%.
 
F 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.
 
G Total returns for periods of less than one year are not annualized.
 
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Annualized
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
M Portfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended August 31, 2022
 
1. Organization.
Consumer Staples Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class M, Class C, Consumer Staples, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of 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 Ratio A
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. 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 (ETFs) 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2022, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in   dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Consumer Staples Portfolio
$265,233
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, deferred Trustee compensation and   losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$   371,893,975
Gross unrealized depreciation
  (81,734,801)
Net unrealized appreciation (depreciation)
$   290,159,174
Tax cost
$1,318,219,190
 
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
  392,540,895
  436,244,303
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .53% of the Fund's average net assets.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
  - %
  .25%
$   364,590
$   2,111
Class M
  .25%
  .25%
  158,438
  -
Class C
  .75%
  .25%
  423,065
  25,719
 
 
 
$   946,093
$   27,830
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
$   52,247
Class M
  5,888
Class C A
  397
 
$   58,532
A   When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets A
Class A
$   278,361
.19
Class M
  64,717
.20
Class C
  82,060
.19
Consumer Staples
  760,980
.16
Class I
  131,720
.17
Class Z
  16,154
.04
 
$   1,333,992
 
A   Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Consumer Staples Portfolio
.03
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
 
Amount
Consumer Staples Portfolio
$   11,391
 
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 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
Consumer Staples Portfolio
  Borrower
$   7,946,818
1.06%
$    2,586
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. 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
  40,514,132
  41,868,297
  (636,516)
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Consumer Staples Portfolio
$   1,438
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, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Consumer Staples Portfolio
$   1,642
$   -
$-
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 $17.
 
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 $25,575.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
August 31, 2022
Year ended
February 28, 2022
Consumer Staples Portfolio
 
 
Distributions to shareholders
 
 
Class A
$   6,291,135
  $28,728,133
Class M
  1,312,252
  6,378,016
Class C
  1,630,664
  9,724,881
Consumer Staples
  22,510,952
  88,326,666
Class I
  3,440,575
  14,778,169
Class Z
  1,761,268
  5,478,967
Total   
$   36,946,846
$   153,414,832
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended August 31, 2022
Year ended February 28, 2022
Six months ended August 31, 2022
Year ended February 28, 2022
Consumer Staples Portfolio
 
 
 
 
Class A
 
 
 
 
Shares sold
  305,580
  512,430
$   28,236,826
$   49,258,142
Reinvestment of distributions
  64,640
  295,095
  6,094,871
  27,710,518
Shares redeemed
  (224,239)
  (514,641)
  (20,667,513)
  (49,392,846)
Net increase (decrease)
  145,981
  292,884
$   13,664,184
$   27,575,814
Class M
 
 
 
 
Shares sold
  42,814
  69,762
$   3,887,131
$   6,632,101
Reinvestment of distributions
  13,993
  68,289
  1,305,149
  6,339,502
Shares redeemed
  (41,744)
  (93,262)
  (3,790,659)
  (8,856,119)
Net increase (decrease)
  15,063
  44,789
$   1,401,621
$   4,115,484
Class C
 
 
 
 
Shares sold
  78,223
  80,488
$   6,995,287
$   7,503,197
Reinvestment of distributions
  17,604
  105,499
  1,613,732
  9,608,492
Shares redeemed
  (120,976)
  (437,630)
  (10,752,756)
  (40,618,649)
Net increase (decrease)
  (25,149)
  (251,643)
$   (2,143,737)
$   (23,506,960)
Consumer Staples
 
 
 
 
Shares sold
  1,427,689
  3,003,388
$   134,099,466
$   293,188,867
Reinvestment of distributions
  218,881
  851,019
  20,900,039
  80,858,070
Shares redeemed
  (2,567,039)
  (1,702,337)
  (235,464,693)
  (165,649,882)
Net increase (decrease)
  (920,469)
  2,152,070
$   (80,465,188)
$   208,397,055
Class I
 
 
 
 
Shares sold
  510,125
  366,907
$   47,490,526
$   35,605,195
Reinvestment of distributions
  34,078
  144,626
  3,237,605
  13,704,710
Shares redeemed
  (290,742)
  (439,361)
  (26,910,943)
  (42,622,622)
Net increase (decrease)
  253,461
  72,172
$   23,817,188
$   6,687,283
Class Z
 
 
 
 
Shares sold
  351,460
  567,361
$   33,000,383
$   55,256,648
Reinvestment of distributions
  17,481
  53,280
  1,659,504
  5,041,341
Shares redeemed
  (283,987)
  (296,902)
  (26,085,038)
  (28,764,496)
Net increase (decrease)
  84,954
  323,739
$   8,574,849
$   31,533,493
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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2022 to August 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value March 1, 2022
 
Ending Account Value August 31, 2022
 
Expenses Paid During Period- C March 1, 2022 to August 31, 2022
Consumer Staples Portfolio
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 961.60
 
$ 4.99
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.11
 
$ 5.14
Class M
 
 
 
1.27%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 960.30
 
$ 6.28
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.80
 
$ 6.46
Class C
 
 
 
1.76%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 958.00
 
$ 8.69
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.33
 
$ 8.94
Consumer Staples Portfolio
 
 
 
.73%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 962.90
 
$ 3.61
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.53
 
$ 3.72
Class I
 
 
 
.74%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 962.90
 
$ 3.66
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.48
 
$ 3.77
Class Z
 
 
 
.61%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 963.50
 
$ 3.02
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.13
 
$ 3.11
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
Consumer Staples Portfolio  
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (retail class); (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.  
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided.   The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians,  subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.  
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that the fund had a portfolio manager change in November 2019 and July 2020. The Board will continue to monitor closely the fund's performance, taking into account the portfolio manager change.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the representative class, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.  
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below.
 
Consumer Staples Portfolio  
 
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio .   The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity funds are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.  
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
 
Consumer Staples Portfolio  
 
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio . In its review of the total expense ratio of the representative class (retail class), the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.  
 
The Board noted that the total net expense ratio of the retail class ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.
 
Fees Charged to Other Fidelity Clients . The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability.   The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
Economies of Scale .   The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.
 
1.846045.115
SELCS-SANN-1022
Fidelity® Select Portfolios®
Utilities Sector
 
Utilities Portfolio
 
 
Semi-Annual Report
August 31, 2022

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

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. © 2022 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.
 
Top Holdings (% of Fund's net assets)
 
NextEra Energy, Inc.
14.3
 
Southern Co.
11.4
 
Sempra Energy
6.3
 
Constellation Energy Corp.
4.4
 
Exelon Corp.
4.4
 
PPL Corp.
4.0
 
PG&E Corp.
4.0
 
American Electric Power Co., Inc.
3.9
 
Edison International
3.5
 
NiSource, Inc.
3.4
 
 
59.6
 
 
Industries (% of Fund's net assets)
 
Electric Utilities
66.8
 
Multi-Utilities
19.1
 
Independent Power and Renewable Electricity Producers
7.5
 
Diversified Telecommunication Services
1.0
 
Gas Utilities
0.7
 
 
 
 
Showing Percentage of Net Assets
Common Stocks - 95.1%
 
 
Shares
Value ($)
 
Diversified Telecommunication Services - 1.0%
 
 
 
Integrated Telecommunication Services - 1.0%
 
 
 
AT&T, Inc.
 
880,400
15,442,216
Electric Utilities - 66.8%
 
 
 
Electric Utilities - 66.8%
 
 
 
American Electric Power Co., Inc.
 
612,350
61,357,470
Avangrid, Inc. (a)
 
239,925
11,852,295
Constellation Energy Corp.
 
847,090
69,114,073
Duke Energy Corp.
 
499,547
53,406,570
Edison International
 
797,110
54,020,145
Entergy Corp.
 
396,800
45,751,040
Evergy, Inc.
 
44,804
3,070,418
Eversource Energy
 
567,784
50,924,547
Exelon Corp.
 
1,553,389
68,209,311
FirstEnergy Corp.
 
912,384
36,084,787
NextEra Energy, Inc.
 
2,620,489
222,898,792
OGE Energy Corp. (a)
 
423,648
17,174,690
PG&E Corp. (a)(b)
 
4,991,766
61,548,475
PNM Resources, Inc.
 
24,727
1,172,802
PPL Corp.
 
2,153,900
62,635,412
Southern Co.
 
2,307,965
177,874,863
Xcel Energy, Inc.
 
586,800
43,569,900
 
 
 
1,040,665,590
Gas Utilities - 0.7%
 
 
 
Gas Utilities - 0.7%
 
 
 
Southwest Gas Corp.
 
146,000
11,366,100
Independent Power and Renewable Electricity Producers - 7.5%
 
 
 
Independent Power Producers & Energy Traders - 5.4%
 
 
 
Clearway Energy, Inc.:
 
 
 
 Class A
 
166,124
5,727,956
 Class C
 
65,958
2,447,042
Energy Harbor Corp. (b)
 
118,500
9,065,250
The AES Corp.
 
1,598,515
40,682,207
Vistra Corp.
 
1,074,597
26,596,276
 
 
 
84,518,731
Renewable Electricity - 2.1%
 
 
 
NextEra Energy Partners LP (a)
 
322,575
26,480,182
Sunnova Energy International, Inc. (a)(b)
 
210,300
5,303,766
 
 
 
31,783,948
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS
 
 
116,302,679
Multi-Utilities - 19.1%
 
 
 
Multi-Utilities - 19.1%
 
 
 
CenterPoint Energy, Inc.
 
1,204,708
37,984,443
Consolidated Edison, Inc.
 
127,200
12,432,528
Dominion Energy, Inc.
 
622,560
50,925,408
NiSource, Inc.
 
1,826,419
53,897,625
Public Service Enterprise Group, Inc.
 
706,903
45,496,277
Sempra Energy
 
592,171
97,690,450
 
 
 
298,426,731
 
TOTAL COMMON STOCKS
  (Cost $1,138,101,812)
 
 
 
1,482,203,316
 
 
 
 
Money Market Funds - 8.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (c)
 
85,507,854
85,524,955
Fidelity Securities Lending Cash Central Fund 2.34% (c)(d)
 
50,770,298
50,775,375
 
TOTAL MONEY MARKET FUNDS
  (Cost $136,300,330)
 
 
136,300,330
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.9%
  (Cost $1,274,402,142)
 
 
 
1,618,503,646
NET OTHER ASSETS (LIABILITIES) - (3.9)%  
(60,340,810)
NET ASSETS - 100.0%
1,558,162,836
 
 
 
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
15,713,381
371,729,772
301,918,198
220,794
-
-
85,524,955
0.2%
Fidelity Securities Lending Cash Central Fund 2.34%
21,483,975
362,589,480
333,298,080
20,070
-
-
50,775,375
0.1%
Total
37,197,356
734,319,252
635,216,278
240,864
-
-
136,300,330
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
1,482,203,316
1,482,203,316
-
-
  Money Market Funds
136,300,330
136,300,330
-
-
 Total Investments in Securities:
1,618,503,646
1,618,503,646
-
-
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $49,535,181) - See accompanying schedule:
 
$1,482,203,316
 
 
Unaffiliated issuers (cost $1,138,101,812)
 
 
 
Fidelity Central Funds (cost $136,300,330)
 
136,300,330
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,274,402,142)
 
 
$
1,618,503,646
Receivable for investments sold
 
 
 
16,560,656
Receivable for fund shares sold
 
 
 
6,775,693
Dividends receivable
 
 
 
5,605,913
Distributions receivable from Fidelity Central Funds
 
 
 
142,213
Prepaid expenses
 
 
 
5,035
Other receivables
 
 
 
19,944
  Total assets
 
 
 
1,647,613,100
Liabilities
 
 
 
 
Payable for investments purchased
 
$36,122,963
 
 
Payable for fund shares redeemed
 
1,636,600
 
 
Accrued management fee
 
671,583
 
 
Other affiliated payables
 
223,158
 
 
Other payables and accrued expenses
 
20,585
 
 
Collateral on securities loaned
 
50,775,375
 
 
  Total Liabilities
 
 
 
89,450,264
Net Assets  
 
 
$
1,558,162,836
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,199,009,150
Total accumulated earnings (loss)
 
 
 
359,153,686
Net Assets
 
 
$
1,558,162,836
Net Asset Value , offering price and redemption price per share ($1,558,162,836 ÷ 14,187,740 shares)
 
 
$
109.82
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
17,065,542
Income from Fidelity Central Funds (including $20,070 from security lending)
 
 
 
240,864
 Total Income
 
 
 
17,306,406
Expenses
 
 
 
 
Management fee
$
3,487,832
 
 
Transfer agent fees
 
1,075,294
 
 
Accounting fees
 
198,410
 
 
Custodian fees and expenses
 
4,542
 
 
Independent trustees' fees and expenses
 
2,013
 
 
Registration fees
 
75,142
 
 
Audit
 
17,704
 
 
Legal
 
552
 
 
Miscellaneous
 
3,052
 
 
 Total expenses before reductions
 
4,864,541
 
 
 Expense reductions
 
(20,147)
 
 
 Total expenses after reductions
 
 
 
4,844,394
Net Investment income (loss)
 
 
 
12,462,012
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
12,429,563
 
 
Total net realized gain (loss)
 
 
 
12,429,563
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
110,031,940
 
 
 Assets and liabilities in foreign currencies
 
(1,840)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
110,030,100
Net gain (loss)
 
 
 
122,459,663
Net increase (decrease) in net assets resulting from operations
 
 
$
134,921,675
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
12,462,012
$
19,728,195
Net realized gain (loss)
 
12,429,563
 
 
38,512,444
 
Change in net unrealized appreciation (depreciation)
 
110,030,100
 
110,781,817
 
Net increase (decrease) in net assets resulting from operations
 
134,921,675
 
 
169,022,456
 
Distributions to shareholders
 
(32,357,737)
 
 
(28,337,938)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
563,745,433
 
248,500,596
  Reinvestment of distributions
 
30,059,487
 
 
26,334,666
 
Cost of shares redeemed
 
(210,261,618)
 
(239,748,839)
  Net increase (decrease) in net assets resulting from share transactions
 
383,543,302
 
 
35,086,423
 
Total increase (decrease) in net assets
 
486,107,240
 
 
175,770,941
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,072,055,596
 
896,284,655
 
End of period
$
1,558,162,836
$
1,072,055,596
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
5,260,483
 
2,524,118
  Issued in reinvestment of distributions
 
270,802
 
 
259,200
 
Redeemed
 
(2,023,074)
 
(2,459,097)
Net increase (decrease)
 
3,508,211
 
324,221
 
 
 
 
 
 
 
Utilities Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
100.38
$
86.55
$
91.20
$
85.32
$
76.75
$
77.05
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
1.00
 
1.92
 
1.61
 
2.09
 
2.06
 
1.62
     Net realized and unrealized gain (loss)
 
11.25
 
14.72
 
(1.81)
 
5.99
 
13.35
 
2.56
  Total from investment operations
 
12.25  
 
16.64  
 
(.20)  
 
8.08  
 
15.41
 
4.18
  Distributions from net investment income
 
(.58)
 
(1.71)
 
(2.12)
 
(1.94)
 
(1.37)
 
(1.29)
  Distributions from net realized gain
 
(2.23)
 
(1.10)
 
(2.34)
 
(.26)
 
(5.46)
 
(3.19)
     Total distributions
 
(2.81)
 
(2.81)
 
(4.45) D
 
(2.20)
 
(6.84) D
 
(4.48)
  Redemption fees added to paid in capital B
 
-
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
109.82
$
100.38
$
86.55
$
91.20
$
85.32
$
76.75
 Total Return   F,G
 
12.18%
 
19.19%
 
(.05)%
 
9.34%
 
20.17%
 
4.99%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.73% J
 
.74%
 
.76%
 
.75%
 
.78%
 
.78%
    Expenses net of fee waivers, if any
 
.73% J
 
.73%
 
.76%
 
.75%
 
.78%
 
.78%
    Expenses net of all reductions
 
.73% J
 
.73%
 
.75%
 
.74%
 
.76%
 
.77%
    Net investment income (loss)
 
1.88% J
 
1.96%
 
1.88%
 
2.25%
 
2.45%
 
2.00%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,558,163
$
1,072,056
$
896,285
$
1,247,009
$
1,040,763
$
716,979
    Portfolio turnover rate K
 
40% J
 
37%
 
64%
 
65% L
 
97% L
 
66% L
 
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
D Total distributions per share do not sum due to rounding.
 
E Amount represents less than $.005 per share.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
J Annualized
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
L Portfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended August 31, 2022
 
1. Organization.
Utilities Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
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. 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 (ETFs) 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2022 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   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
$   347,814,239
Gross unrealized depreciation
  (7,034,958)
Net unrealized appreciation (depreciation)
$   340,779,281
Tax cost
$1,277,724,365
 
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Utilities Portfolio
  573,448,178
  258,210,292
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .53% of the Fund's average net assets.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .16% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Utilities Portfolio
.03
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
Amount
Utilities Portfolio
$   8,582
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. 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
  8,926,678
  3,863,389
  (547,743)
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Utilities Portfolio
$   1,041
 
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, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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
$   2,040
$   -
$-
 
8. Expense Reductions.
Through arrangements with the Fund's custodian and, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $245.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $19,902.
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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2022 to August 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value March 1, 2022
 
Ending Account Value August 31, 2022
 
Expenses Paid During Period- C March 1, 2022 to August 31, 2022
 
 
 
 
 
 
 
 
 
 
Utilities Portfolio
 
 
 
.73%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,121.80
 
$ 3.90
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.53
 
$ 3.72
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
Utilities Portfolio
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided.   The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
 
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.  
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the fund compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.  
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below.    
 
Utilities Portfolio
 
 
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio.   The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity funds are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.  
 
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
 
Utilities Portfolio
 
 
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for the fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the fund's total net expense ratio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.  
 
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.  
 
Costs of the Services and Profitability . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
Economies of Scale.   The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity .  
 
Additional Information Requested by the Board.   In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.
 
1.813630.117
SELUTL-SANN-1022
Fidelity® Select Portfolios®
Consumer Discretionary Sector
 
Automotive Portfolio
Communication Services Portfolio
Construction and Housing Portfolio
Consumer Discretionary Portfolio
Leisure Portfolio
Retailing Portfolio
 
 
Semi-Annual Report
August 31, 2022
Includes Fidelity and Fidelity Advisor share classes

Contents

Automotive Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Communication Services Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Construction and Housing Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Consumer Discretionary Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Leisure Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Retailing Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

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. © 2022 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.
 
Top Holdings (% of Fund's net assets)
 
Tesla, Inc.
11.8
 
Toyota Motor Corp. sponsored ADR
10.4
 
General Motors Co.
8.3
 
O'Reilly Automotive, Inc.
6.7
 
Ford Motor Co.
5.6
 
Copart, Inc.
4.7
 
AutoZone, Inc.
4.4
 
Aptiv PLC
4.0
 
Li Auto, Inc. ADR
3.6
 
Ferrari NV
3.5
 
 
63.0
 
 
Industries (% of Fund's net assets)
 
Automobiles
59.2
 
Specialty Retail
15.0
 
Auto Components
14.1
 
Distributors
4.9
 
Commercial Services & Supplies
4.7
 
Internet & Direct Marketing Retail
1.4
 
Electrical Equipment
0.4
 
Textiles, Apparel & Luxury Goods
0.1
 
 
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Automotive Portfolio
Common Stocks - 99.7%
 
 
Shares
Value ($)
 
Auto Components - 14.1%
 
 
 
Auto Parts & Equipment - 14.1%
 
 
 
Adient PLC (a)
 
44,548
1,478,994
Aptiv PLC (a)
 
54,047
5,049,611
Autoliv, Inc.
 
21,900
1,703,601
DENSO Corp.
 
48,785
2,662,721
Lear Corp.
 
20,551
2,849,191
Magna International, Inc. Class A (sub. vtg.)
 
56,641
3,272,054
Novem Group SA
 
77,600
653,507
 
 
 
17,669,679
Automobiles - 59.2%
 
 
 
Automobile Manufacturers - 59.2%
 
 
 
Ferrari NV
 
22,718
4,422,286
Ford Motor Co.
 
465,909
7,100,453
General Motors Co.
 
274,337
10,482,417
Honda Motor Co. Ltd. sponsored ADR
 
130,495
3,460,727
Li Auto, Inc. ADR (a)
 
156,342
4,497,959
Lucid Group, Inc. Class A (a)(b)
 
41,222
632,345
Mercedes-Benz Group AG (Germany)
 
17,278
968,703
NIO, Inc. sponsored ADR (a)
 
124,653
2,481,841
Rivian Automotive, Inc.
 
61,178
2,001,132
Stellantis NV (b)
 
169,101
2,265,953
Suzuki Motor Corp.
 
61,772
2,159,002
Tata Motors Ltd. sponsored ADR (a)(b)
 
71,359
2,069,411
Tesla, Inc. (a)
 
53,997
14,882,114
Toyota Motor Corp. sponsored ADR (b)
 
87,091
13,008,783
XPeng, Inc. ADR (a)
 
217,573
4,029,452
 
 
 
74,462,578
Commercial Services & Supplies - 4.7%
 
 
 
Diversified Support Services - 4.7%
 
 
 
Copart, Inc. (a)
 
49,564
5,930,333
Distributors - 4.9%
 
 
 
Distributors - 4.9%
 
 
 
Central Automotive Products Ltd.
 
300
4,913
Genuine Parts Co.
 
19,628
3,062,164
LKQ Corp.
 
57,415
3,055,626
 
 
 
6,122,703
Electrical Equipment - 0.4%
 
 
 
Electrical Components & Equipment - 0.4%
 
 
 
Sensata Technologies, Inc. PLC
 
11,644
469,020
Internet & Direct Marketing Retail - 1.4%
 
 
 
Internet & Direct Marketing Retail - 1.4%
 
 
 
Uber Technologies, Inc. (a)
 
61,281
1,762,442
Specialty Retail - 15.0%
 
 
 
Automotive Retail - 15.0%
 
 
 
Advance Auto Parts, Inc.
 
3,275
552,296
AutoZone, Inc. (a)
 
2,584
5,476,039
CarMax, Inc. (a)(b)
 
16,531
1,462,002
Carvana Co. Class A (a)
 
23,318
769,261
Lithia Motors, Inc. Class A (sub. vtg.)
 
7,903
2,097,772
O'Reilly Automotive, Inc. (a)
 
12,149
8,469,311
 
 
 
18,826,681
 
TOTAL COMMON STOCKS
  (Cost $96,433,634)
 
 
 
125,243,436
 
 
 
 
Convertible Preferred Stocks - 0.1%
 
 
Shares
Value ($)
 
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
Textiles - 0.1%
 
 
 
CelLink Corp. Series D (c)(d)
 
  (Cost $77,048)
 
 
3,700
68,672
 
 
 
 
Money Market Funds - 9.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (e)
 
636,650
636,777
Fidelity Securities Lending Cash Central Fund 2.34% (e)(f)
 
11,113,173
11,114,285
 
TOTAL MONEY MARKET FUNDS
  (Cost $11,751,062)
 
 
11,751,062
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 109.1%
  (Cost $108,261,744)
 
 
 
137,063,170
NET OTHER ASSETS (LIABILITIES) - (9.1)%  
(11,394,273)
NET ASSETS - 100.0%
125,668,897
 
 
 
 
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 $68,672 or 0.1% of net assets.
 
(d)
Level 3 security
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
CelLink Corp. Series D
1/20/22
77,048
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,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
252,289
21,116,792
20,732,304
3,723
-
-
636,777
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
18,145,010
113,025,907
120,056,632
158,429
-
-
11,114,285
0.0%
Total
18,397,299
134,142,699
140,788,936
162,152
-
-
11,751,062
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
125,243,436
119,448,097
5,795,339
-
 Convertible Preferred Stocks
68,672
-
-
68,672
  Money Market Funds
11,751,062
11,751,062
-
-
 Total Investments in Securities:
137,063,170
131,199,159
5,795,339
68,672
Automotive Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $10,802,101) - See accompanying schedule:
 
$125,312,108
 
 
Unaffiliated issuers (cost $96,510,682)
 
 
 
Fidelity Central Funds (cost $11,751,062)
 
11,751,062
 
 
 
 
 
 
 
Total Investment in Securities (cost $108,261,744)
 
 
$
137,063,170
Cash
 
 
 
29,356
Receivable for fund shares sold
 
 
 
100,927
Dividends receivable
 
 
 
130,851
Distributions receivable from Fidelity Central Funds
 
 
 
22,127
Prepaid expenses
 
 
 
381
Other receivables
 
 
 
5,450
  Total assets
 
 
 
137,352,262
Liabilities
 
 
 
 
Payable for investments purchased
 
$324,580
 
 
Payable for fund shares redeemed
 
134,170
 
 
Accrued management fee
 
60,176
 
 
Other affiliated payables
 
28,816
 
 
Other payables and accrued expenses
 
21,748
 
 
Collateral on securities loaned
 
11,113,875
 
 
  Total Liabilities
 
 
 
11,683,365
Net Assets  
 
 
$
125,668,897
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
107,014,416
Total accumulated earnings (loss)
 
 
 
18,654,481
Net Assets
 
 
$
125,668,897
Net Asset Value , offering price and redemption price per share ($125,668,897 ÷ 2,670,955 shares)
 
 
$
47.05
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
914,730
Income from Fidelity Central Funds (including $158,429 from security lending)
 
 
 
162,152
 Income before foreign taxes withheld
 
 
 
1,076,882
Less foreign taxes withheld
 
 
 
(82,217)
 Total Income
 
 
 
994,665
Expenses
 
 
 
 
Management fee
$
336,442
 
 
Transfer agent fees
 
155,582
 
 
Accounting fees
 
23,801
 
 
Custodian fees and expenses
 
8,280
 
 
Independent trustees' fees and expenses
 
215
 
 
Registration fees
 
22,061
 
 
Audit
 
18,231
 
 
Legal
 
445
 
 
Miscellaneous
 
358
 
 
 Total expenses before reductions
 
565,415
 
 
 Expense reductions
 
(2,537)
 
 
 Total expenses after reductions
 
 
 
562,878
Net Investment income (loss)
 
 
 
431,787
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(10,238,707)
 
 
 Foreign currency transactions
 
(3,579)
 
 
Total net realized gain (loss)
 
 
 
(10,242,286)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(15,516,791)
 
 
 Assets and liabilities in foreign currencies
 
(1,227)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(15,518,018)
Net gain (loss)
 
 
 
(25,760,304)
Net increase (decrease) in net assets resulting from operations
 
 
$
(25,328,517)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
431,787
$
753,430
Net realized gain (loss)
 
(10,242,286)
 
 
10,793,755
 
Change in net unrealized appreciation (depreciation)
 
(15,518,018)
 
607,122
 
Net increase (decrease) in net assets resulting from operations
 
(25,328,517)
 
 
12,154,307
 
Distributions to shareholders
 
(2,066,777)
 
 
(6,137,128)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
28,288,696
 
189,559,902
  Reinvestment of distributions
 
1,948,844
 
 
5,872,623
 
Cost of shares redeemed
 
(42,348,936)
 
(234,498,841)
  Net increase (decrease) in net assets resulting from share transactions
 
(12,111,396)
 
 
(39,066,316)
 
Total increase (decrease) in net assets
 
(39,506,690)
 
 
(33,049,137)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
165,175,587
 
198,224,724
 
End of period
$
125,668,897
$
165,175,587
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
571,191
 
3,055,146
  Issued in reinvestment of distributions
 
37,864
 
 
95,061
 
Redeemed
 
(858,339)
 
(3,886,592)
Net increase (decrease)
 
(249,284)
 
(736,385)
 
 
 
 
 
 
 
Automotive Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
56.56
$
54.21
$
34.91
$
33.29
$
37.52
$
36.78
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.16
 
.23 D
 
.05 E
 
.46 F
 
.36
 
.39 G
     Net realized and unrealized gain (loss)
 
(8.90)
 
3.82
 
23.73
 
2.67 H
 
(2.15)
 
6.11
  Total from investment operations
 
(8.74)  
 
4.05  
 
23.78  
 
3.13  
 
(1.79)
 
6.50
  Distributions from net investment income
 
-
 
(.29)
 
(.01)
 
(.49) I
 
(.38)
 
(.20)
  Distributions from net realized gain
 
(.77)
 
(1.40)
 
(4.47)
 
(1.02) I
 
(2.06)
 
(5.56)
     Total distributions
 
(.77)
 
(1.70) J
 
(4.48)
 
(1.51)
 
(2.44)
 
(5.76)
  Redemption fees added to paid in capital B
 
-
 
-
 
-
 
-
 
-
 
- K
  Net asset value, end of period
$
47.05
$
56.56
$
54.21
$
34.91
$
33.29
$
37.52
 Total Return   L,M
 
(15.58)%
 
7.20%
 
78.19%
 
9.14% H
 
(4.66)%
 
19.08%
 Ratios to Average Net Assets C,N,O
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.88% P
 
.80%
 
.88%
 
1.00%
 
.97%
 
.97%
    Expenses net of fee waivers, if any
 
.88% P
 
.80%
 
.88%
 
1.00%
 
.97%
 
.96%
    Expenses net of all reductions
 
.88% P
 
.80%
 
.87%
 
.99%
 
.97%
 
.96%
    Net investment income (loss)
 
.67% P
 
.37% D
 
.10% E
 
1.33% F
 
1.04%
 
1.04% G
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
125,669
$
165,176
$
198,225
$
36,480
$
40,781
$
56,139
    Portfolio turnover rate Q
 
66% P
 
69%
 
56%
 
45%
 
31%
 
117%
 
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 such underlying funds 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 $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .20%.
 
E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.14 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.21)%.
 
F 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 1.07%.
 
G Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .83%.
 
H Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.19 per share. Excluding these litigation proceeds, the total return would have been 8.58%.
 
I The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
J Total distributions per share do not sum due to rounding.
 
K Amount represents less than $.005 per share.
 
L Total returns for periods of less than one year are not annualized.
 
M Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
N 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.
 
O 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.
 
P Annualized
 
Q Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Top Holdings (% of Fund's net assets)
 
Alphabet, Inc. Class A
21.6
 
Meta Platforms, Inc. Class A
16.2
 
T-Mobile U.S., Inc.
9.4
 
The Walt Disney Co.
4.9
 
Netflix, Inc.
4.7
 
Activision Blizzard, Inc.
4.4
 
Uber Technologies, Inc.
3.3
 
Liberty Global PLC Class C
2.9
 
Liberty Media Corp. Liberty Media Class A
2.7
 
Liberty Broadband Corp. Class A
2.6
 
 
72.7
 
 
Industries (% of Fund's net assets)
 
Interactive Media & Services
42.3
 
Entertainment
22.8
 
Media
11.1
 
Wireless Telecommunication Services
9.4
 
Diversified Telecommunication Services
6.6
 
Internet & Direct Marketing Retail
5.3
 
Hotels, Restaurants & Leisure
1.2
 
Equity Real Estate Investment Trusts (Reits)
0.8
 
Real Estate Management & Development
0.2
 
Software
0.2
 
 
 
Communication Services Portfolio
Common Stocks - 99.6%
 
 
Shares
Value ($)
 
Diversified Telecommunication Services - 6.6%
 
 
 
Alternative Carriers - 4.3%
 
 
 
EchoStar Holding Corp. Class A (a)(b)
 
121,900
2,244,179
Iridium Communications, Inc. (a)
 
28,600
1,269,554
Liberty Global PLC Class C (a)
 
1,043,500
22,236,985
Liberty Latin America Ltd. Class C (a)
 
1,020,386
7,112,090
 
 
 
32,862,808
Integrated Telecommunication Services - 2.3%
 
 
 
AT&T, Inc.
 
1,015,500
17,811,870
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES
 
 
50,674,678
Entertainment - 22.8%
 
 
 
Interactive Home Entertainment - 7.5%
 
 
 
Activision Blizzard, Inc.
 
428,900
33,664,361
Electronic Arts, Inc.
 
105,900
13,435,533
Motorsport Games, Inc. Class A (a)
 
4,300
2,746
Skillz, Inc. (a)(b)
 
26,600
35,378
Take-Two Interactive Software, Inc. (a)
 
83,900
10,282,784
 
 
 
57,420,802
Movies & Entertainment - 15.3%
 
 
 
Cinemark Holdings, Inc. (a)(b)
 
437,600
6,161,408
Endeavor Group Holdings, Inc. (a)
 
190,900
4,318,158
Lions Gate Entertainment Corp.:
 
 
 
 Class A (a)(b)
 
34,500
339,825
 Class B (a)(b)
 
486,834
4,542,161
Marcus Corp. (b)
 
256,300
4,123,867
Netflix, Inc. (a)
 
159,600
35,680,176
The Walt Disney Co. (a)
 
335,271
37,577,174
Warner Bros Discovery, Inc. (a)
 
322,814
4,274,057
Warner Music Group Corp. Class A
 
412,400
11,039,948
World Wrestling Entertainment, Inc. Class A (b)
 
131,500
8,943,315
 
 
 
117,000,089
TOTAL ENTERTAINMENT
 
 
174,420,891
Equity Real Estate Investment Trusts (REITs) - 0.8%
 
 
 
Specialized REITs - 0.8%
 
 
 
Lamar Advertising Co. Class A
 
61,100
5,736,679
Hotels, Restaurants & Leisure - 1.2%
 
 
 
Casinos & Gaming - 1.2%
 
 
 
Flutter Entertainment PLC (a)
 
76,000
9,504,332
Interactive Media & Services - 42.0%
 
 
 
Interactive Media & Services - 42.0%
 
 
 
Alphabet, Inc. Class A (a)
 
1,528,900
165,457,559
Angi, Inc. (a)(b)
 
864,600
3,510,276
Match Group, Inc. (a)
 
48,170
2,723,050
Meta Platforms, Inc. Class A (a)
 
759,600
123,761,628
Snap, Inc. Class A (a)
 
1,076,200
11,709,056
Twitter, Inc. (a)
 
208,100
8,063,875
Vimeo, Inc. (a)
 
51,464
304,667
Zoominfo Technologies, Inc. (a)
 
143,000
6,495,060
 
 
 
322,025,171
Internet & Direct Marketing Retail - 5.3%
 
 
 
Internet & Direct Marketing Retail - 5.3%
 
 
 
Amazon.com, Inc. (a)
 
122,300
15,503,971
Uber Technologies, Inc. (a)
 
872,500
25,093,100
 
 
 
40,597,071
Media - 11.1%
 
 
 
Advertising - 0.2%
 
 
 
S4 Capital PLC (a)
 
427,000
659,245
TechTarget, Inc. (a)
 
12,100
785,290
 
 
 
1,444,535
Broadcasting - 4.3%
 
 
 
Fox Corp. Class A
 
54,400
1,859,392
Liberty Media Corp.:
 
 
 
 Liberty Media Class A (a)
 
361,362
21,005,973
 Liberty SiriusXM Series A (a)(b)
 
250,970
10,425,294
 
 
 
33,290,659
Cable & Satellite - 6.6%
 
 
 
Altice U.S.A., Inc. Class A (a)
 
724,700
7,247,000
Comcast Corp. Class A
 
376,300
13,618,297
DISH Network Corp. Class A (a)
 
44,539
772,752
Liberty Broadband Corp.:
 
 
 
 Class A (a)(b)
 
195,323
19,692,465
 Class C (a)
 
88,500
9,000,450
 
 
 
50,330,964
TOTAL MEDIA
 
 
85,066,158
Real Estate Management & Development - 0.2%
 
 
 
Real Estate Services - 0.2%
 
 
 
Zillow Group, Inc. Class A (a)(b)
 
55,600
1,857,040
Software - 0.2%
 
 
 
Application Software - 0.2%
 
 
 
Viant Technology, Inc. (a)
 
257,200
1,162,544
Wireless Telecommunication Services - 9.4%
 
 
 
Wireless Telecommunication Services - 9.4%
 
 
 
T-Mobile U.S., Inc. (a)
 
498,450
71,756,862
 
TOTAL COMMON STOCKS
  (Cost $702,842,084)
 
 
 
762,801,426
 
 
 
 
Convertible Preferred Stocks - 0.3%
 
 
Shares
Value ($)
 
Interactive Media & Services - 0.3%
 
 
 
Interactive Media & Services - 0.3%
 
 
 
Reddit, Inc. Series F (c)(d)
 
  (Cost $3,584,075)
 
 
58,000
2,281,720
 
 
 
 
Money Market Funds - 7.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (e)
 
8,820,319
8,822,083
Fidelity Securities Lending Cash Central Fund 2.34% (e)(f)
 
47,765,643
47,770,419
 
TOTAL MONEY MARKET FUNDS
  (Cost $56,592,502)
 
 
56,592,502
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 107.3%
  (Cost $763,018,661)
 
 
 
821,675,648
NET OTHER ASSETS (LIABILITIES) - (7.3)%  
(55,781,967)
NET ASSETS - 100.0%
765,893,681
 
 
 
 
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 $2,281,720 or 0.3% of net assets.
 
(d)
Level 3 security
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Reddit, Inc. Series F
8/11/21
3,584,075
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,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
605
98,540,723
89,719,245
23,519
-
-
8,822,083
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
30,567,219
172,658,450
155,455,250
15,998
-
-
47,770,419
0.1%
Total
30,567,824
271,199,173
245,174,495
39,517
-
-
56,592,502
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
762,801,426
762,801,426
-
-
 Convertible Preferred Stocks
2,281,720
-
-
2,281,720
  Money Market Funds
56,592,502
56,592,502
-
-
 Total Investments in Securities:
821,675,648
819,393,928
-
2,281,720
Communication Services Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $46,175,773) - See accompanying schedule:
 
$765,083,146
 
 
Unaffiliated issuers (cost $706,426,159)
 
 
 
Fidelity Central Funds (cost $56,592,502)
 
56,592,502
 
 
 
 
 
 
 
Total Investment in Securities (cost $763,018,661)
 
 
$
821,675,648
Receivable for investments sold
 
 
 
7,816,810
Receivable for fund shares sold
 
 
 
2,322,346
Dividends receivable
 
 
 
112,007
Distributions receivable from Fidelity Central Funds
 
 
 
16,093
Prepaid expenses
 
 
 
2,981
Other receivables
 
 
 
4,398
  Total assets
 
 
 
831,950,283
Liabilities
 
 
 
 
Payable for investments purchased
 
10,723,795
 
 
Payable for fund shares redeemed
 
7,007,866
 
 
Accrued management fee
 
355,974
 
 
Distribution and service plan fees payable
 
13,801
 
 
Other affiliated payables
 
162,871
 
 
Other payables and accrued expenses
 
22,770
 
 
Collateral on securities loaned
 
47,769,525
 
 
  Total Liabilities
 
 
 
66,056,602
Net Assets  
 
 
$
765,893,681
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
728,913,051
Total accumulated earnings (loss)
 
 
 
36,980,630
Net Assets
 
 
$
765,893,681
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($26,069,177 ÷ 413,750 shares) (a)
 
 
$
63.01
Maximum offering price per share (100/94.25 of $63.01)
 
 
$
66.85
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($4,573,445 ÷ 73,073 shares) (a)
 
 
$
62.59
Maximum offering price per share (100/96.50 of $62.59)
 
 
$
64.86
Class C :
 
 
 
 
Net Asset Value and offering price per share ($7,580,905 ÷ 123,205 shares) (a)
 
 
$
61.53
Communication Services :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($709,556,412 ÷ 11,158,881 shares)
 
 
$
63.59
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($14,470,512 ÷ 227,687 shares)
 
 
$
63.55
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($3,643,230 ÷ 57,093 shares)
 
 
$
63.81
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
1,475,262
Income from Fidelity Central Funds (including $15,998 from security lending)
 
 
 
39,517
 Total Income
 
 
 
1,514,779
Expenses
 
 
 
 
Management fee
$
2,268,788
 
 
Transfer agent fees
 
890,984
 
 
Distribution and service plan fees
 
85,590
 
 
Accounting fees
 
140,080
 
 
Custodian fees and expenses
 
4,109
 
 
Independent trustees' fees and expenses
 
1,442
 
 
Registration fees
 
54,839
 
 
Audit
 
20,603
 
 
Legal
 
1,116
 
 
Miscellaneous
 
3,097
 
 
 Total expenses before reductions
 
3,470,648
 
 
 Expense reductions
 
(14,885)
 
 
 Total expenses after reductions
 
 
 
3,455,763
Net Investment income (loss)
 
 
 
(1,940,984)
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(2,393,324)
 
 
 Foreign currency transactions
 
6,429
 
 
Total net realized gain (loss)
 
 
 
(2,386,895)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(192,739,005)
 
 
 Assets and liabilities in foreign currencies
 
(122)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(192,739,127)
Net gain (loss)
 
 
 
(195,126,022)
Net increase (decrease) in net assets resulting from operations
 
 
$
(197,067,006)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
(1,940,984)
$
(4,780,267)
Net realized gain (loss)
 
(2,386,895)
 
 
19,842,720
 
Change in net unrealized appreciation (depreciation)
 
(192,739,127)
 
(98,753,641)
 
Net increase (decrease) in net assets resulting from operations
 
(197,067,006)
 
 
(83,691,188)
 
Distributions to shareholders
 
-
 
 
(63,905,764)
 
Share transactions - net increase (decrease)
 
(82,342,124)
 
 
267,487,210
 
Total increase (decrease) in net assets
 
(279,409,130)
 
 
119,890,258
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,045,302,811
 
925,412,553
 
End of period
$
765,893,681
$
1,045,302,811
 
 
 
 
 
 
 
 
 
 
 
 
Fidelity Advisor® Communication Services Fund Class A
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019   B
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
78.37
$
87.31
$
60.63
$
74.85
$
78.20
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
(.24)
 
(.60)
 
(.59)
 
(.30)
 
(.12)
     Net realized and unrealized gain (loss)
 
(15.12)
 
(3.18)
 
30.37
 
8.77
 
2.68
  Total from investment operations
 
(15.36)  
 
(3.78)  
 
29.78  
 
8.47  
 
2.56
  Distributions from net investment income
 
-
 
-
 
-
 
-
 
(.14)
  Distributions from net realized gain
 
-
 
(5.16)
 
(3.10)
 
(22.69)
 
(5.77)
     Total distributions
 
-
 
(5.16)
 
(3.10)
 
(22.69)
 
(5.91)
  Net asset value, end of period
$
63.01
$
78.37
$
87.31
$
60.63
$
74.85
 Total Return   E,F,G
 
(19.60)%
 
(5.05)%
 
50.81%
 
11.90%
 
3.83%
 Ratios to Average Net Assets D,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.06% J
 
1.03%
 
1.08%
 
1.07%
 
1.13% J
    Expenses net of fee waivers, if any
 
1.06% J
 
1.03%
 
1.08%
 
1.07%
 
1.12% J
    Expenses net of all reductions
 
1.06% J
 
1.03%
 
1.07%
 
1.06%
 
1.11% J
    Net investment income (loss)
 
(.71)% J
 
(.65)%
 
(.81)%
 
(.47)%
 
(.68)% J
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
26,069
$
33,679
$
22,962
$
9,947
$
715
    Portfolio turnover rate K
 
22% J
 
57%
 
63%
 
73%
 
107%
 
A For the year ended February 29.
 
B For the period November 30, 2018 (commencement of sale of shares) through February 28, 2019.
 
C Calculated based on average shares outstanding during the period.
 
D 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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
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).
 
Fidelity Advisor® Communication Services Fund Class M
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019   B
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
77.94
$
86.94
$
60.52
$
74.82
$
78.20
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
(.32)
 
(.82)
 
(.77)
 
(.48)
 
(.16)
     Net realized and unrealized gain (loss)
 
(15.03)
 
(3.15)
 
30.29
 
8.75
 
2.67
  Total from investment operations
 
(15.35)  
 
(3.97)  
 
29.52  
 
8.27  
 
2.51
  Distributions from net investment income
 
-
 
-
 
-
 
-
 
(.12)
  Distributions from net realized gain
 
-
 
(5.03)
 
(3.10)
 
(22.57)
 
(5.77)
     Total distributions
 
-
 
(5.03)
 
(3.10)
 
(22.57)
 
(5.89)
  Net asset value, end of period
$
62.59
$
77.94
$
86.94
$
60.52
$
74.82
 Total Return   E,F,G
 
(19.69)%
 
(5.28)%
 
50.47%
 
11.58%
 
3.76%
 Ratios to Average Net Assets D,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.30% J
 
1.27%
 
1.32%
 
1.35%
 
1.36% J
    Expenses net of fee waivers, if any
 
1.30% J
 
1.27%
 
1.32%
 
1.35%
 
1.35% J
    Expenses net of all reductions
 
1.30% J
 
1.27%
 
1.32%
 
1.34%
 
1.34% J
    Net investment income (loss)
 
(.95)% J
 
(.88)%
 
(1.06)%
 
(.75)%
 
(.90)% J
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,573
$
5,817
$
5,386
$
2,264
$
485
    Portfolio turnover rate K
 
22% J
 
57%
 
63%
 
73%
 
107%
 
A For the year ended February 29.
 
B For the period November 30, 2018 (commencement of sale of shares) through February 28, 2019.
 
C Calculated based on average shares outstanding during the period.
 
D 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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
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).
 
Fidelity Advisor® Communication Services Fund Class C
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019   B
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
76.81
$
86.05
$
60.20
$
74.76
$
78.20
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
(.48)
 
(1.27)
 
(1.12)
 
(.81)
 
(.25)
     Net realized and unrealized gain (loss)
 
(14.80)
 
(3.07)
 
30.07
 
8.74
 
2.67
  Total from investment operations
 
(15.28)  
 
(4.34)  
 
28.95  
 
7.93  
 
2.42
  Distributions from net investment income
 
-
 
-
 
-
 
-
 
(.09)
  Distributions from net realized gain
 
-
 
(4.90)
 
(3.10)
 
(22.49)
 
(5.77)
     Total distributions
 
-
 
(4.90)
 
(3.10)
 
(22.49)
 
(5.86)
  Net asset value, end of period
$
61.53
$
76.81
$
86.05
$
60.20
$
74.76
 Total Return   E,F,G
 
(19.89)%
 
(5.76)%
 
49.77%
 
11.01%
 
3.63%
 Ratios to Average Net Assets D,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.78% J
 
1.78%
 
1.80%
 
1.86%
 
1.87% J
    Expenses net of fee waivers, if any
 
1.78% J
 
1.78%
 
1.80%
 
1.86%
 
1.85% J
    Expenses net of all reductions
 
1.78% J
 
1.78%
 
1.79%
 
1.85%
 
1.84% J
    Net investment income (loss)
 
(1.43)% J
 
(1.39)%
 
(1.53)%
 
(1.26)%
 
(1.37)% J
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
7,581
$
8,938
$
6,856
$
1,982
$
377
    Portfolio turnover rate K
 
22% J
 
57%
 
63%
 
73%
 
107%
 
A For the year ended February 29.
 
B For the period November 30, 2018 (commencement of sale of shares) through February 28, 2019.
 
C Calculated based on average shares outstanding during the period.
 
D 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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
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).
 
Communication Services Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
78.98
$
87.88
$
60.82
$
74.88
$
79.70
$
80.75
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
(.15)
 
(.34)
 
(.36)
 
(.12)
 
.13
 
.21
     Net realized and unrealized gain (loss)
 
(15.24)
 
(3.22)
 
30.52
 
8.79
 
5.31
 
3.14
  Total from investment operations
 
(15.39)  
 
(3.56)  
 
30.16  
 
8.67  
 
5.44
 
3.35
  Distributions from net investment income
 
-
 
-
 
-
 
-
 
(.20)
 
(.16)
  Distributions from net realized gain
 
-
 
(5.34)
 
(3.10)
 
(22.73)
 
(10.06)
 
(4.23)
     Total distributions
 
-
 
(5.34)
 
(3.10)
 
(22.73)
 
(10.26)
 
(4.40) D
  Redemption fees added to paid in capital B
 
-
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
63.59
$
78.98
$
87.88
$
60.82
$
74.88
$
79.70
 Total Return   F,G
 
(19.49)%
 
(4.79)%
 
51.29%
 
12.22%
 
8.12%
 
4.16%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.79% J
 
.75%
 
.77%
 
.78%
 
.82%
 
.80%
    Expenses net of fee waivers, if any
 
.78% J
 
.74%
 
.77%
 
.78%
 
.81%
 
.80%
    Expenses net of all reductions
 
.78% J
 
.74%
 
.76%
 
.77%
 
.80%
 
.79%
    Net investment income (loss)
 
(.43)% J
 
(.36)%
 
(.51)%
 
(.18)%
 
.17%
 
.26%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
709,556
$
958,304
$
859,871
$
577,157
$
562,422
$
509,375
    Portfolio turnover rate K
 
22% J
 
57%
 
63%
 
73%
 
107%
 
22%
 
A For the year ended February 29.
 
B Calculated based on average shares outstanding during the period.
 
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
D Total distributions per share do not sum due to rounding.
 
E Amount represents less than $.005 per share.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
J Annualized
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Communication Services Fund Class I
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019   B
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
78.93
$
87.86
$
60.80
$
74.89
$
78.20
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
(.14)
 
(.34)
 
(.39)
 
(.11)
 
(.06)
     Net realized and unrealized gain (loss)
 
(15.24)
 
(3.22)
 
30.55
 
8.78
 
2.67
  Total from investment operations
 
(15.38)  
 
(3.56)  
 
30.16  
 
8.67  
 
2.61
  Distributions from net investment income
 
-
 
-
 
-
 
-
 
(.15)
  Distributions from net realized gain
 
-
 
(5.37)
 
(3.10)
 
(22.76)
 
(5.77)
     Total distributions
 
-
 
(5.37)
 
(3.10)
 
(22.76)
 
(5.92)
  Net asset value, end of period
$
63.55
$
78.93
$
87.86
$
60.80
$
74.89
 Total Return   E,F
 
(19.49)%
 
(4.79)%
 
51.31%
 
12.22%
 
3.91%
 Ratios to Average Net Assets D,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.76% I
 
.75%
 
.78%
 
.77%
 
.70% I
    Expenses net of fee waivers, if any
 
.76% I
 
.75%
 
.77%
 
.77%
 
.69% I
    Expenses net of all reductions
 
.76% I
 
.75%
 
.77%
 
.76%
 
.68% I
    Net investment income (loss)
 
(.41)% I
 
(.37)%
 
(.51)%
 
(.17)%
 
(.30)% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
14,471
$
32,089
$
26,521
$
2,493
$
452
    Portfolio turnover rate J
 
22% I
 
57%
 
63%
 
73%
 
107%
 
A For the year ended February 29.
 
B For the period November 30, 2018 (commencement of sale of shares) through February 28, 2019.
 
C Calculated based on average shares outstanding during the period.
 
D 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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
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).
 
Fidelity Advisor® Communication Services Fund Class Z
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019   B
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
79.20
$
88.04
$
60.85
$
74.89
$
78.20
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
(.09)
 
(.22)
 
(.28)
 
(.03)
 
(.03)
     Net realized and unrealized gain (loss)
 
(15.30)
 
(3.23)
 
30.57
 
8.80
 
2.65
  Total from investment operations
 
(15.39)  
 
(3.45)  
 
30.29  
 
8.77  
 
2.62
  Distributions from net investment income
 
-
 
-
 
-
 
-
 
(.16)
  Distributions from net realized gain
 
-
 
(5.39)
 
(3.10)
 
(22.81)
 
(5.77)
     Total distributions
 
-
 
(5.39)
 
(3.10)
 
(22.81)
 
(5.93)
  Net asset value, end of period
$
63.81
$
79.20
$
88.04
$
60.85
$
74.89
 Total Return   E,F
 
(19.43)%
 
(4.65)%
 
51.48%
 
12.38%
 
3.92%
 Ratios to Average Net Assets D,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.62% I
 
.62%
 
.64%
 
.65%
 
.64% I
    Expenses net of fee waivers, if any
 
.62% I
 
.61%
 
.64%
 
.65%
 
.62% I
    Expenses net of all reductions
 
.62% I
 
.61%
 
.63%
 
.64%
 
.61% I
    Net investment income (loss)
 
(.26)% I
 
(.23)%
 
(.38)%
 
(.05)%
 
(.16)% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,643
$
6,477
$
3,817
$
1,833
$
529
    Portfolio turnover rate J
 
22% I
 
57%
 
63%
 
73%
 
107%
 
A For the year ended February 29.
 
B For the period November 30, 2018 (commencement of sale of shares) through February 28, 2019.
 
C Calculated based on average shares outstanding during the period.
 
D 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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
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).
 
 
Top Holdings (% of Fund's net assets)
 
The Home Depot, Inc.
17.5
 
Lowe's Companies, Inc.
16.2
 
Johnson Controls International PLC
5.8
 
Invitation Homes, Inc.
4.2
 
Vulcan Materials Co.
3.5
 
Equity Residential (SBI)
3.4
 
Mid-America Apartment Communities, Inc.
3.3
 
Willscot Mobile Mini Holdings
3.2
 
Trane Technologies PLC
3.2
 
Floor & Decor Holdings, Inc. Class A
3.1
 
 
63.4
 
 
Industries (% of Fund's net assets)
 
Specialty Retail
38.1
 
Building Products
19.6
 
Equity Real Estate Investment Trusts (Reits)
15.0
 
Household Durables
10.5
 
Construction & Engineering
7.6
 
Construction Materials
4.0
 
Trading Companies & Distributors
2.1
 
Chemicals
1.2
 
Real Estate Management & Development
0.9
 
IT Services
0.3
 
 
 
Construction and Housing Portfolio
Common Stocks - 99.3%
 
 
Shares
Value ($)
 
Building Products - 19.6%
 
 
 
Building Products - 19.6%
 
 
 
Apogee Enterprises, Inc.
 
116,300
4,749,692
Armstrong World Industries, Inc.
 
57,000
4,787,430
Builders FirstSource, Inc. (a)
 
234,635
13,751,957
Carrier Global Corp.
 
168,300
6,583,896
Fortune Brands Home & Security, Inc.
 
91,100
5,596,273
Johnson Controls International PLC
 
520,751
28,193,459
Resideo Technologies, Inc. (a)
 
92,600
1,927,932
Simpson Manufacturing Co. Ltd.
 
59,300
5,493,552
The AZEK Co., Inc. (a)
 
181,600
3,314,200
Trane Technologies PLC
 
100,900
15,545,663
UFP Industries, Inc.
 
66,826
5,305,316
 
 
 
95,249,370
Chemicals - 1.2%
 
 
 
Specialty Chemicals - 1.2%
 
 
 
PPG Industries, Inc.
 
23,300
2,958,634
Sherwin-Williams Co.
 
12,600
2,924,460
 
 
 
5,883,094
Construction & Engineering - 7.6%
 
 
 
Construction & Engineering - 7.6%
 
 
 
Comfort Systems U.S.A., Inc.
 
28,229
2,832,498
EMCOR Group, Inc.
 
25,870
3,076,460
Fluor Corp. (a)
 
95,800
2,532,952
Granite Construction, Inc. (b)
 
112,018
3,358,300
Quanta Services, Inc.
 
68,899
9,735,429
Willscot Mobile Mini Holdings (a)
 
389,350
15,628,509
 
 
 
37,164,148
Construction Materials - 4.0%
 
 
 
Construction Materials - 4.0%
 
 
 
Summit Materials, Inc. (a)
 
90,814
2,580,934
Vulcan Materials Co.
 
101,576
16,911,388
 
 
 
19,492,322
Equity Real Estate Investment Trusts (REITs) - 15.0%
 
 
 
Residential REITs - 15.0%
 
 
 
Equity Lifestyle Properties, Inc.
 
124,600
8,734,460
Equity Residential (SBI)
 
223,900
16,385,002
Invitation Homes, Inc.
 
570,100
20,683,228
Mid-America Apartment Communities, Inc.
 
97,700
16,185,959
Washington REIT (SBI)
 
563,200
11,044,352
 
 
 
73,033,001
Household Durables - 10.5%
 
 
 
Home Furnishings - 1.8%
 
 
 
Tempur Sealy International, Inc.
 
344,000
8,603,440
Homebuilding - 8.3%
 
 
 
Blu Investments LLC (a)(c)(d)
 
11,990,913
3,717
D.R. Horton, Inc.
 
45,156
3,212,849
Installed Building Products, Inc. (b)
 
68,838
6,233,969
KB Home
 
147,200
4,217,280
NVR, Inc. (a)
 
2,403
9,948,564
PulteGroup, Inc.
 
232,185
9,440,642
Toll Brothers, Inc.
 
169,500
7,422,405
 
 
 
40,479,426
Household Appliances - 0.4%
 
 
 
Whirlpool Corp. (b)
 
11,800
1,847,880
TOTAL HOUSEHOLD DURABLES
 
 
50,930,746
IT Services - 0.3%
 
 
 
Internet Services & Infrastructure - 0.3%
 
 
 
Cyxtera Technologies, Inc. (a)(c)
 
200,000
1,268,000
Real Estate Management & Development - 0.9%
 
 
 
Diversified Real Estate Activities - 0.4%
 
 
 
The RMR Group, Inc.
 
65,260
1,699,370
Real Estate Services - 0.5%
 
 
 
Cushman & Wakefield PLC (a)
 
177,595
2,656,821
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
 
 
4,356,191
Specialty Retail - 38.1%
 
 
 
Home Improvement Retail - 36.8%
 
 
 
Floor & Decor Holdings, Inc. Class A (a)(b)
 
186,600
15,181,776
Lowe's Companies, Inc.
 
406,695
78,955,767
The Home Depot, Inc.
 
294,790
85,023,334
 
 
 
179,160,877
Homefurnishing Retail - 1.3%
 
 
 
Williams-Sonoma, Inc. (b)
 
42,300
6,292,125
TOTAL SPECIALTY RETAIL
 
 
185,453,002
Trading Companies & Distributors - 2.1%
 
 
 
Trading Companies & Distributors - 2.1%
 
 
 
Beacon Roofing Supply, Inc. (a)
 
190,503
10,460,520
 
TOTAL COMMON STOCKS
  (Cost $360,832,227)
 
 
 
483,290,394
 
 
 
 
Money Market Funds - 6.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (e)
 
3,484,515
3,485,212
Fidelity Securities Lending Cash Central Fund 2.34% (e)(f)
 
29,118,794
29,121,706
 
TOTAL MONEY MARKET FUNDS
  (Cost $32,606,918)
 
 
32,606,918
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 106.0%
  (Cost $393,439,145)
 
 
 
515,897,312
NET OTHER ASSETS (LIABILITIES) - (6.0)%  
(29,164,046)
NET ASSETS - 100.0%
486,733,266
 
 
 
 
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 $1,271,717 or 0.3% of net assets.
 
(d)
Level 3 security
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Blu Investments LLC
5/21/20
20,739
Cyxtera Technologies, Inc.
2/21/21
2,000,000
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,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
5,377,678
94,532,234
96,424,700
9,124
-
-
3,485,212
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
2,014,150
68,677,119
41,569,563
6,689
-
-
29,121,706
0.1%
Total
7,391,828
163,209,353
137,994,263
15,813
-
-
32,606,918
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
483,290,394
483,286,677
-
3,717
  Money Market Funds
32,606,918
32,606,918
-
-
 Total Investments in Securities:
515,897,312
515,893,595
-
3,717
Construction and Housing Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $27,923,504) - See accompanying schedule:
 
$483,290,394
 
 
Unaffiliated issuers (cost $360,832,227)
 
 
 
Fidelity Central Funds (cost $32,606,918)
 
32,606,918
 
 
 
 
 
 
 
Total Investment in Securities (cost $393,439,145)
 
 
$
515,897,312
Receivable for fund shares sold
 
 
 
266,439
Dividends receivable
 
 
 
686,002
Distributions receivable from Fidelity Central Funds
 
 
 
4,937
Prepaid expenses
 
 
 
1,979
Other receivables
 
 
 
2,495
  Total assets
 
 
 
516,859,164
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
662,387
 
 
Accrued management fee
 
228,409
 
 
Other affiliated payables
 
93,528
 
 
Other payables and accrued expenses
 
19,868
 
 
Collateral on securities loaned
 
29,121,706
 
 
  Total Liabilities
 
 
 
30,125,898
Net Assets  
 
 
$
486,733,266
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
379,277,221
Total accumulated earnings (loss)
 
 
 
107,456,045
Net Assets
 
 
$
486,733,266
Net Asset Value , offering price and redemption price per share ($486,733,266 ÷ 6,049,091 shares)
 
 
$
80.46
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
5,132,588
Income from Fidelity Central Funds (including $6,689 from security lending)
 
 
 
15,813
 Total Income
 
 
 
5,148,401
Expenses
 
 
 
 
Management fee
$
1,440,006
 
 
Transfer agent fees
 
496,370
 
 
Accounting fees
 
99,098
 
 
Custodian fees and expenses
 
5,794
 
 
Independent trustees' fees and expenses
 
935
 
 
Registration fees
 
36,598
 
 
Audit
 
17,247
 
 
Legal
 
450
 
 
Interest
 
72
 
 
Miscellaneous
 
1,639
 
 
 Total expenses before reductions
 
2,098,209
 
 
 Expense reductions
 
(9,574)
 
 
 Total expenses after reductions
 
 
 
2,088,635
Net Investment income (loss)
 
 
 
3,059,766
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(13,252,430)
 
 
Total net realized gain (loss)
 
 
 
(13,252,430)
Change in net unrealized appreciation (depreciation) on investment securities
 
 
 
(54,392,499)
Net gain (loss)
 
 
 
(67,644,929)
Net increase (decrease) in net assets resulting from operations
 
 
$
(64,585,163)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
3,059,766
$
3,741,270
Net realized gain (loss)
 
(13,252,430)
 
 
26,178,157
 
Change in net unrealized appreciation (depreciation)
 
(54,392,499)
 
24,955,718
 
Net increase (decrease) in net assets resulting from operations
 
(64,585,163)
 
 
54,875,145
 
Distributions to shareholders
 
-
 
 
(39,900,442)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
36,785,821
 
712,970,980
  Reinvestment of distributions
 
-
 
 
37,862,407
 
Cost of shares redeemed
 
(198,805,690)
 
(395,931,225)
  Net increase (decrease) in net assets resulting from share transactions
 
(162,019,869)
 
 
354,902,162
 
Total increase (decrease) in net assets
 
(226,605,032)
 
 
369,876,865
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
713,338,298
 
343,461,433
 
End of period
$
486,733,266
$
713,338,298
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
430,363
 
7,347,600
  Issued in reinvestment of distributions
 
-
 
 
384,753
 
Redeemed
 
(2,324,624)
 
(4,219,107)
Net increase (decrease)
 
(1,894,261)
 
3,513,246
 
 
 
 
 
 
 
Construction and Housing Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
89.80
$
77.53
$
58.56
$
54.22
$
59.88
$
61.70
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.47
 
.57
 
.59
 
.53
 
.49
 
.44
     Net realized and unrealized gain (loss)
 
(9.81)
 
17.59
 
21.82
 
8.71
 
1.32
 
6.58
  Total from investment operations
 
(9.34)  
 
18.16  
 
22.41  
 
9.24  
 
1.81
 
7.02
  Distributions from net investment income
 
-
 
(.53)
 
(.61)
 
(.60)
 
(.55)
 
(.30)
  Distributions from net realized gain
 
-
 
(5.36)
 
(2.83)
 
(4.31)
 
(6.92)
 
(8.53)
     Total distributions
 
-
 
(5.89)
 
(3.44)
 
(4.90) D
 
(7.47)
 
(8.84) D
  Redemption fees added to paid in capital B
 
-
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
80.46
$
89.80
$
77.53
$
58.56
$
54.22
$
59.88
 Total Return   F,G
 
(10.40)%
 
22.95%
 
41.70%
 
17.10%
 
4.03%
 
11.07%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.76% J
 
.75%
 
.78%
 
.79%
 
.80%
 
.80%
    Expenses net of fee waivers, if any
 
.76% J
 
.75%
 
.78%
 
.79%
 
.80%
 
.80%
    Expenses net of all reductions
 
.76% J
 
.75%
 
.77%
 
.79%
 
.79%
 
.79%
    Net investment income (loss)
 
1.11% J
 
.60%
 
.94%
 
.88%
 
.86%
 
.69%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
486,733
$
713,338
$
343,461
$
318,905
$
225,255
$
331,418
    Portfolio turnover rate K
 
14% J
 
70%
 
93%
 
161%
 
90%
 
56%
 
A For the year ended February 29.
 
B Calculated based on average shares outstanding during the period.
 
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
D Total distributions per share do not sum due to rounding.
 
E Amount represents less than $.005 per share.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
J Annualized
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Top Holdings (% of Fund's net assets)
 
Amazon.com, Inc.
23.6
 
Tesla, Inc.
15.0
 
The Home Depot, Inc.
4.8
 
Lowe's Companies, Inc.
4.8
 
TJX Companies, Inc.
3.5
 
NIKE, Inc. Class B
3.5
 
Hilton Worldwide Holdings, Inc.
2.7
 
Booking Holdings, Inc.
2.3
 
Marriott International, Inc. Class A
2.1
 
Capri Holdings Ltd.
2.0
 
 
64.3
 
 
Industries (% of Fund's net assets)
 
Internet & Direct Marketing Retail
24.4
 
Specialty Retail
19.8
 
Hotels, Restaurants & Leisure
17.7
 
Automobiles
15.4
 
Textiles, Apparel & Luxury Goods
12.0
 
Multiline Retail
6.0
 
Household Durables
1.9
 
Food & Staples Retailing
0.9
 
Commercial Services & Supplies
0.4
 
Auto Components
0.3
 
Building Products
0.3
 
Distributors
0.1
 
 
 
Consumer Discretionary Portfolio
Common Stocks - 99.2%
 
 
Shares
Value ($)
 
Auto Components - 0.3%
 
 
 
Auto Parts & Equipment - 0.3%
 
 
 
Adient PLC (a)
 
44,600
1,480,720
Automobiles - 15.4%
 
 
 
Automobile Manufacturers - 15.4%
 
 
 
Ferrari NV
 
8,547
1,663,759
Tesla, Inc. (a)
 
235,771
64,980,845
 
 
 
66,644,604
Building Products - 0.3%
 
 
 
Building Products - 0.3%
 
 
 
The AZEK Co., Inc. (a)
 
66,406
1,211,910
Commercial Services & Supplies - 0.4%
 
 
 
Diversified Support Services - 0.4%
 
 
 
Copart, Inc. (a)
 
14,328
1,714,345
Distributors - 0.1%
 
 
 
Distributors - 0.1%
 
 
 
Pool Corp.
 
1,688
572,553
Food & Staples Retailing - 0.9%
 
 
 
Food Distributors - 0.9%
 
 
 
Performance Food Group Co. (a)
 
78,978
3,947,320
Hotels, Restaurants & Leisure - 17.7%
 
 
 
Casinos & Gaming - 2.7%
 
 
 
Caesars Entertainment, Inc. (a)
 
76,308
3,290,401
Churchill Downs, Inc.
 
28,691
5,654,709
Penn Entertainment, Inc. (a)
 
88,794
2,773,037
 
 
 
11,718,147
Hotels, Resorts & Cruise Lines - 7.6%
 
 
 
Airbnb, Inc. Class A (a)
 
10,663
1,206,199
Booking Holdings, Inc. (a)
 
5,235
9,819,865
Hilton Worldwide Holdings, Inc.
 
92,331
11,759,276
Lindblad Expeditions Holdings (a)
 
111,731
863,681
Marriott International, Inc. Class A
 
60,679
9,328,789
 
 
 
32,977,810
Leisure Facilities - 1.0%
 
 
 
Planet Fitness, Inc. (a)
 
41,333
2,800,311
Vail Resorts, Inc.
 
5,481
1,231,471
 
 
 
4,031,782
Restaurants - 6.4%
 
 
 
ARAMARK Holdings Corp.
 
157,044
5,608,041
Brinker International, Inc. (a)
 
29,430
721,329
Chipotle Mexican Grill, Inc. (a)
 
4,735
7,560,848
Domino's Pizza, Inc.
 
12,574
4,675,768
Dutch Bros, Inc. (b)
 
29,371
1,072,042
McDonald's Corp.
 
22,865
5,768,382
Wingstop, Inc. (b)
 
21,121
2,404,837
 
 
 
27,811,247
TOTAL HOTELS, RESTAURANTS & LEISURE
 
 
76,538,986
Household Durables - 1.9%
 
 
 
Home Furnishings - 0.7%
 
 
 
Tempur Sealy International, Inc.
 
117,887
2,948,354
Homebuilding - 1.2%
 
 
 
KB Home
 
65,600
1,879,440
PulteGroup, Inc.
 
87,400
3,553,684
 
 
 
5,433,124
TOTAL HOUSEHOLD DURABLES
 
 
8,381,478
Internet & Direct Marketing Retail - 24.4%
 
 
 
Internet & Direct Marketing Retail - 24.4%
 
 
 
Amazon.com, Inc. (a)
 
805,115
102,064,429
eBay, Inc.
 
79,916
3,526,693
 
 
 
105,591,122
Multiline Retail - 6.0%
 
 
 
General Merchandise Stores - 6.0%
 
 
 
Dollar General Corp.
 
34,424
8,172,946
Dollar Tree, Inc. (a)
 
52,470
7,119,130
Ollie's Bargain Outlet Holdings, Inc. (a)
 
55,682
3,079,771
Target Corp.
 
46,125
7,395,683
 
 
 
25,767,530
Specialty Retail - 19.8%
 
 
 
Apparel Retail - 5.3%
 
 
 
Burlington Stores, Inc. (a)
 
45,017
6,310,933
TJX Companies, Inc.
 
246,187
15,349,759
Victoria's Secret & Co. (a)
 
40,749
1,362,647
 
 
 
23,023,339
Automotive Retail - 0.2%
 
 
 
O'Reilly Automotive, Inc. (a)
 
1,500
1,045,680
Home Improvement Retail - 11.1%
 
 
 
Floor & Decor Holdings, Inc. Class A (a)(b)
 
79,857
6,497,166
Lowe's Companies, Inc.
 
105,591
20,499,437
The Home Depot, Inc.
 
72,541
20,922,275
 
 
 
47,918,878
Specialty Stores - 3.2%
 
 
 
Bath & Body Works, Inc.
 
39,528
1,475,580
Dick's Sporting Goods, Inc. (b)
 
62,247
6,621,213
Five Below, Inc. (a)
 
38,772
4,958,163
Sally Beauty Holdings, Inc. (a)
 
53,100
790,128
 
 
 
13,845,084
TOTAL SPECIALTY RETAIL
 
 
85,832,981
Textiles, Apparel & Luxury Goods - 12.0%
 
 
 
Apparel, Accessories & Luxury Goods - 6.2%
 
 
 
Capri Holdings Ltd. (a)
 
182,518
8,611,199
lululemon athletica, Inc. (a)
 
20,030
6,008,199
LVMH Moet Hennessy Louis Vuitton SE
 
3,173
2,047,432
PVH Corp.
 
53,368
3,001,950
Tapestry, Inc.
 
210,688
7,317,194
 
 
 
26,985,974
Footwear - 5.8%
 
 
 
Crocs, Inc. (a)
 
18,608
1,371,410
Deckers Outdoor Corp. (a)
 
21,727
6,986,751
NIKE, Inc. Class B
 
143,262
15,250,240
On Holding AG
 
41,093
821,449
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)
 
20,600
778,680
 
 
 
25,208,530
TOTAL TEXTILES, APPAREL & LUXURY GOODS
 
 
52,194,504
 
TOTAL COMMON STOCKS
  (Cost $291,343,022)
 
 
 
429,878,053
 
 
 
 
Money Market Funds - 4.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (c)
 
2,697,270
2,697,809
Fidelity Securities Lending Cash Central Fund 2.34% (c)(d)
 
15,158,898
15,160,414
 
TOTAL MONEY MARKET FUNDS
  (Cost $17,858,223)
 
 
17,858,223
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.3%
  (Cost $309,201,245)
 
 
 
447,736,276
NET OTHER ASSETS (LIABILITIES) - (3.3)%  
(14,200,752)
NET ASSETS - 100.0%
433,535,524
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
-
47,446,101
44,748,292
13,714
-
-
2,697,809
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
6,819,964
53,133,269
44,792,819
206,017
-
-
15,160,414
0.0%
Total
6,819,964
100,579,370
89,541,111
219,731
-
-
17,858,223
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
429,878,053
427,830,621
2,047,432
-
  Money Market Funds
17,858,223
17,858,223
-
-
 Total Investments in Securities:
447,736,276
445,688,844
2,047,432
-
Consumer Discretionary Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $14,669,114) - See accompanying schedule:
 
$429,878,053
 
 
Unaffiliated issuers (cost $291,343,022)
 
 
 
Fidelity Central Funds (cost $17,858,223)
 
17,858,223
 
 
 
 
 
 
 
Total Investment in Securities (cost $309,201,245)
 
 
$
447,736,276
Receivable for investments sold
 
 
 
5,610,155
Receivable for fund shares sold
 
 
 
676,772
Dividends receivable
 
 
 
357,229
Distributions receivable from Fidelity Central Funds
 
 
 
52,008
Prepaid expenses
 
 
 
3,274
Other receivables
 
 
 
18,283
  Total assets
 
 
 
454,453,997
Liabilities
 
 
 
 
Payable for investments purchased
 
4,881,708
 
 
Payable for fund shares redeemed
 
585,473
 
 
Accrued management fee
 
202,206
 
 
Other affiliated payables
 
71,893
 
 
Other payables and accrued expenses
 
21,068
 
 
Collateral on securities loaned
 
15,156,125
 
 
  Total Liabilities
 
 
 
20,918,473
Net Assets  
 
 
$
433,535,524
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
296,913,877
Total accumulated earnings (loss)
 
 
 
136,621,647
Net Assets
 
 
$
433,535,524
Net Asset Value , offering price and redemption price per share ($433,535,524 ÷ 9,009,185 shares)
 
 
$
48.12
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
1,522,999
Income from Fidelity Central Funds (including $206,017 from security lending)
 
 
 
219,731
 Total Income
 
 
 
1,742,730
Expenses
 
 
 
 
Management fee
$
1,041,046
 
 
Transfer agent fees
 
329,506
 
 
Accounting fees
 
73,206
 
 
Custodian fees and expenses
 
7,617
 
 
Independent trustees' fees and expenses
 
626
 
 
Registration fees
 
44,530
 
 
Audit
 
18,117
 
 
Legal
 
1,296
 
 
Interest
 
966
 
 
Miscellaneous
 
1,814
 
 
 Total expenses before reductions
 
1,518,724
 
 
 Expense reductions
 
(6,882)
 
 
 Total expenses after reductions
 
 
 
1,511,842
Net Investment income (loss)
 
 
 
230,888
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
9,855,521
 
 
 Foreign currency transactions
 
4,289
 
 
Total net realized gain (loss)
 
 
 
9,859,810
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(66,011,127)
 
 
 Assets and liabilities in foreign currencies
 
(1,580)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(66,012,707)
Net gain (loss)
 
 
 
(56,152,897)
Net increase (decrease) in net assets resulting from operations
 
 
$
(55,922,009)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
230,888
$
(1,380,277)
Net realized gain (loss)
 
9,859,810
 
 
69,875,616
 
Change in net unrealized appreciation (depreciation)
 
(66,012,707)
 
(55,774,464)
 
Net increase (decrease) in net assets resulting from operations
 
(55,922,009)
 
 
12,720,875
 
Distributions to shareholders
 
(36,774,708)
 
 
(57,919,716)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
155,370,794
 
211,466,743
  Reinvestment of distributions
 
34,045,259
 
 
54,428,730
 
Cost of shares redeemed
 
(81,858,376)
 
(385,959,972)
  Net increase (decrease) in net assets resulting from share transactions
 
107,557,677
 
 
(120,064,499)
 
Total increase (decrease) in net assets
 
14,860,960
 
 
(165,263,340)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
418,674,564
 
583,937,904
 
End of period
$
433,535,524
$
418,674,564
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
3,373,508
 
2,966,018
  Issued in reinvestment of distributions
 
613,871
 
 
780,014
 
Redeemed
 
(1,600,113)
 
(5,710,596)
Net increase (decrease)
 
2,387,266
 
(1,964,564)
 
 
 
 
 
 
 
Consumer Discretionary Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
63.23
$
68.01
$
45.58
$
44.31
$
43.65
$
37.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.03
 
(.16)
 
(.03)
 
.11
 
.12
 
.16
     Net realized and unrealized gain (loss)
 
(9.31)
 
1.92
 
23.23
 
2.26
 
1.87
 
8.17
  Total from investment operations
 
(9.28)  
 
1.76  
 
23.20  
 
2.37  
 
1.99
 
8.33
  Distributions from net investment income
 
-
 
-
 
-
 
(.11)
 
(.15)
 
(.14)
  Distributions from net realized gain
 
(5.83)
 
(6.54)
 
(.77)
 
(.99)
 
(1.18)
 
(1.54)
     Total distributions
 
(5.83)
 
(6.54)
 
(.77)
 
(1.10)
 
(1.33)
 
(1.68)
  Net asset value, end of period
$
48.12
$
63.23
$
68.01
$
45.58
$
44.31
$
43.65
 Total Return   D,E
 
(15.90)%
 
1.88%
 
50.96%
 
5.30%
 
4.81%
 
22.79%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.77% H
 
.73%
 
.76%
 
.76%
 
.78%
 
.78%
    Expenses net of fee waivers, if any
 
.76% H
 
.73%
 
.76%
 
.76%
 
.77%
 
.78%
    Expenses net of all reductions
 
.76% H
 
.73%
 
.75%
 
.76%
 
.77%
 
.77%
    Net investment income (loss)
 
.12% H
 
(.22)%
 
(.06)%
 
.23%
 
.27%
 
.40%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
433,536
$
418,675
$
583,938
$
402,403
$
433,188
$
819,937
    Portfolio turnover rate I
 
57% H
 
38%
 
55%
 
41% J
 
46% J
 
74%
 
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 such underlying funds 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).
 
J Portfolio turnover rate excludes securities received or delivered in-kind.
 
 
Top Holdings (% of Fund's net assets)
 
McDonald's Corp.
17.4
 
Booking Holdings, Inc.
12.8
 
Marriott International, Inc. Class A
7.9
 
Hilton Worldwide Holdings, Inc.
7.3
 
Airbnb, Inc. Class A
4.9
 
Chipotle Mexican Grill, Inc.
4.8
 
Domino's Pizza, Inc.
4.8
 
Yum! Brands, Inc.
4.4
 
Restaurant Brands International, Inc.
3.7
 
Caesars Entertainment, Inc.
3.6
 
 
71.6
 
 
Industries (% of Fund's net assets)
 
Hotels, Restaurants & Leisure
87.0
 
Food & Staples Retailing
3.6
 
Beverages
2.3
 
IT Services
1.8
 
Media
1.7
 
Diversified Consumer Services
1.0
 
Textiles, Apparel & Luxury Goods
1.0
 
Specialty Retail
0.3
 
Entertainment
0.2
 
 
 
Leisure Portfolio
Common Stocks - 98.9%
 
 
Shares
Value ($)
 
Beverages - 2.3%
 
 
 
Soft Drinks - 2.3%
 
 
 
The Coca-Cola Co.
 
193,400
11,934,714
Diversified Consumer Services - 1.0%
 
 
 
Specialized Consumer Services - 1.0%
 
 
 
OneSpaWorld Holdings Ltd. (a)(b)
 
498,100
4,388,261
Rover Group, Inc. Class A (a)
 
203,700
776,097
 
 
 
5,164,358
Entertainment - 0.2%
 
 
 
Interactive Home Entertainment - 0.2%
 
 
 
Playstudios, Inc. Class A (a)(b)
 
324,500
1,174,690
Food & Staples Retailing - 3.6%
 
 
 
Food Distributors - 2.7%
 
 
 
U.S. Foods Holding Corp. (a)
 
467,600
14,317,912
Food Retail - 0.9%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
106,500
4,576,739
TOTAL FOOD & STAPLES RETAILING
 
 
18,894,651
Hotels, Restaurants & Leisure - 87.0%
 
 
 
Casinos & Gaming - 7.8%
 
 
 
Bally's Corp. (a)(b)
 
133,700
3,167,353
Caesars Entertainment, Inc. (a)
 
435,949
18,798,121
Churchill Downs, Inc.
 
59,448
11,716,606
Flutter Entertainment PLC (a)
 
42,500
5,314,923
Penn Entertainment, Inc. (a)
 
63,000
1,967,490
 
 
 
40,964,493
Hotels, Resorts & Cruise Lines - 33.7%
 
 
 
Airbnb, Inc. Class A (a)
 
228,100
25,802,672
Booking Holdings, Inc. (a)
 
35,976
67,484,141
Hilton Worldwide Holdings, Inc.
 
303,332
38,632,364
Lindblad Expeditions Holdings (a)(b)
 
524,900
4,057,477
Marriott International, Inc. Class A
 
273,825
42,097,856
 
 
 
178,074,510
Leisure Facilities - 1.6%
 
 
 
Vail Resorts, Inc.
 
37,182
8,354,052
Restaurants - 43.9%
 
 
 
Brinker International, Inc. (a)
 
222,400
5,451,024
Chipotle Mexican Grill, Inc. (a)
 
16,009
25,563,171
Domino's Pizza, Inc.
 
68,142
25,339,284
Dutch Bros, Inc. (b)
 
78,700
2,872,550
First Watch Restaurant Group, Inc. (b)
 
217,000
3,639,090
McDonald's Corp.
 
364,993
92,080,431
Noodles & Co. (a)
 
544,100
2,584,475
Restaurant Brands International, Inc.
 
334,174
19,727,042
Ruth's Hospitality Group, Inc.
 
318,000
5,793,960
Starbucks Corp.
 
212,956
17,903,211
Wingstop, Inc. (b)
 
72,400
8,243,464
Yum! Brands, Inc.
 
207,300
23,060,052
 
 
 
232,257,754
TOTAL HOTELS, RESTAURANTS & LEISURE
 
 
459,650,809
IT Services - 1.8%
 
 
 
Data Processing & Outsourced Services - 1.8%
 
 
 
Flywire Corp. (a)
 
245,300
6,098,158
Toast, Inc.
 
188,800
3,573,984
 
 
 
9,672,142
Media - 1.7%
 
 
 
Broadcasting - 1.7%
 
 
 
Liberty Media Corp. Liberty Media Class A (a)
 
155,700
9,050,841
Specialty Retail - 0.3%
 
 
 
Automotive Retail - 0.3%
 
 
 
Diversified Royalty Corp. (b)
 
834,100
1,784,613
Textiles, Apparel & Luxury Goods - 1.0%
 
 
 
Apparel, Accessories & Luxury Goods - 1.0%
 
 
 
LVMH Moet Hennessy Louis Vuitton SE
 
8,400
5,420,242
 
TOTAL COMMON STOCKS
  (Cost $424,518,169)
 
 
 
522,747,060
 
 
 
 
Money Market Funds - 4.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (c)
 
3,701,089
3,701,830
Fidelity Securities Lending Cash Central Fund 2.34% (c)(d)
 
17,979,542
17,981,340
 
TOTAL MONEY MARKET FUNDS
  (Cost $21,683,170)
 
 
21,683,170
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.0%
  (Cost $446,201,339)
 
 
 
544,430,230
NET OTHER ASSETS (LIABILITIES) - (3.0)%  
(15,858,460)
NET ASSETS - 100.0%
528,571,770
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
1,262,544
26,204,504
23,765,218
8,260
-
-
3,701,830
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
19,544,251
154,391,873
155,954,784
656,353
-
-
17,981,340
0.1%
Total
20,806,795
180,596,377
179,720,002
664,613
-
-
21,683,170
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
522,747,060
517,326,818
5,420,242
-
  Money Market Funds
21,683,170
21,683,170
-
-
 Total Investments in Securities:
544,430,230
539,009,988
5,420,242
-
Leisure Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $17,447,513) - See accompanying schedule:
 
$522,747,060
 
 
Unaffiliated issuers (cost $424,518,169)
 
 
 
Fidelity Central Funds (cost $21,683,170)
 
21,683,170
 
 
 
 
 
 
 
Total Investment in Securities (cost $446,201,339)
 
 
$
544,430,230
Foreign currency held at value (cost $6,846)
 
 
 
6,755
Receivable for investments sold
 
 
 
2,038,336
Receivable for fund shares sold
 
 
 
89,284
Dividends receivable
 
 
 
816,732
Distributions receivable from Fidelity Central Funds
 
 
 
99,708
Prepaid expenses
 
 
 
2,637
Other receivables
 
 
 
3,571
  Total assets
 
 
 
547,487,253
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
580,487
 
 
Accrued management fee
 
244,618
 
 
Other affiliated payables
 
88,821
 
 
Other payables and accrued expenses
 
20,217
 
 
Collateral on securities loaned
 
17,981,340
 
 
  Total Liabilities
 
 
 
18,915,483
Net Assets  
 
 
$
528,571,770
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
433,560,826
Total accumulated earnings (loss)
 
 
 
95,010,944
Net Assets
 
 
$
528,571,770
Net Asset Value , offering price and redemption price per share ($528,571,770 ÷ 37,456,808 shares)
 
 
$
14.11
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
2,761,453
Income from Fidelity Central Funds (including $656,353 from security lending)
 
 
 
664,613
 Total Income
 
 
 
3,426,066
Expenses
 
 
 
 
Management fee
$
1,484,709
 
 
Transfer agent fees
 
463,888
 
 
Accounting fees
 
101,387
 
 
Custodian fees and expenses
 
3,415
 
 
Independent trustees' fees and expenses
 
928
 
 
Registration fees
 
24,078
 
 
Audit
 
17,704
 
 
Legal
 
1,299
 
 
Miscellaneous
 
2,021
 
 
 Total expenses before reductions
 
2,099,429
 
 
 Expense reductions
 
(9,337)
 
 
 Total expenses after reductions
 
 
 
2,090,092
Net Investment income (loss)
 
 
 
1,335,974
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(2,239,628)
 
 
 Foreign currency transactions
 
256
 
 
Total net realized gain (loss)
 
 
 
(2,239,372)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(72,131,702)
 
 
 Assets and liabilities in foreign currencies
 
(1,705)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(72,133,407)
Net gain (loss)
 
 
 
(74,372,779)
Net increase (decrease) in net assets resulting from operations
 
 
$
(73,036,805)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
1,335,974
$
336,640
Net realized gain (loss)
 
(2,239,372)
 
 
141,336,647
 
Change in net unrealized appreciation (depreciation)
 
(72,133,407)
 
(91,223,907)
 
Net increase (decrease) in net assets resulting from operations
 
(73,036,805)
 
 
50,449,380
 
Distributions to shareholders
 
(16,564,419)
 
 
(140,839,314)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
25,133,200
 
249,737,495
  Reinvestment of distributions
 
15,579,357
 
 
130,602,409
 
Cost of shares redeemed
 
(69,339,825)
 
(296,858,478)
  Net increase (decrease) in net assets resulting from share transactions
 
(28,627,268)
 
 
83,481,426
 
Total increase (decrease) in net assets
 
(118,228,492)
 
 
(6,908,508)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
646,800,262
 
653,708,770
 
End of period
$
528,571,770
$
646,800,262
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
1,692,062
 
13,101,449
  Issued in reinvestment of distributions
 
1,011,647
 
 
7,680,514
 
Redeemed
 
(4,744,914)
 
(15,791,115)
Net increase (decrease)
 
(2,041,205)
 
4,990,848
 
 
 
 
 
 
 
Leisure Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019   B
 
2018   B  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.38
$
18.94
$
13.89
$
14.53
$
16.58
$
14.14
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
.03
 
.01
 
.07
 
.12
 
.16
 
.18
     Net realized and unrealized gain (loss)
 
(1.87)
 
1.41
 
5.40
 
.25
 
.39
 
3.31
  Total from investment operations
 
(1.84)  
 
1.42  
 
5.47  
 
.37  
 
.55
 
3.49
  Distributions from net investment income
 
(.01)
 
(.02)
 
(.08)
 
(.11)
 
(.16)
 
(.14)
  Distributions from net realized gain
 
(.42)
 
(3.96)
 
(.34)
 
(.89)
 
(2.44)
 
(.91)
     Total distributions
 
(.43)
 
(3.98)
 
(.42)
 
(1.01) E
 
(2.60)
 
(1.05)
  Redemption fees added to paid in capital C
 
-
 
-
 
-
 
-
 
- F
 
- F
  Net asset value, end of period
$
14.11
$
16.38
$
18.94
$
13.89
$
14.53
$
16.58
 Total Return   G,H
 
(11.45)%
 
7.53%
 
41.30%
 
1.76%
 
4.48%
 
24.75%
 Ratios to Average Net Assets D,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.74% K
 
.73%
 
.77%
 
.76%
 
.76%
 
.77%
    Expenses net of fee waivers, if any
 
.74% K
 
.73%
 
.77%
 
.75%
 
.76%
 
.77%
    Expenses net of all reductions
 
.74% K
 
.73%
 
.76%
 
.75%
 
.76%
 
.77%
    Net investment income (loss)
 
.47% K
 
.05%
 
.48%
 
.79%
 
1.05%
 
1.09%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
528,572
$
646,800
$
653,709
$
431,146
$
472,923
$
544,540
    Portfolio turnover rate L
 
32% K
 
79%
 
72%
 
53%
 
41%
 
56%
 
A For the year ended February 29.
 
B Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that soccurred on August 10, 2018.
 
C Calculated based on average shares outstanding during the period.
 
D 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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
E Total distributions per share do not sum due to rounding.
 
F Amount represents less than $.005 per share.
 
G Total returns for periods of less than one year are not annualized.
 
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Annualized
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Top Holdings (% of Fund's net assets)
 
Amazon.com, Inc.
24.5
 
The Home Depot, Inc.
10.9
 
Lowe's Companies, Inc.
7.9
 
Target Corp.
5.8
 
Dollar General Corp.
4.9
 
TJX Companies, Inc.
4.8
 
Dollar Tree, Inc.
3.8
 
O'Reilly Automotive, Inc.
3.8
 
eBay, Inc.
3.8
 
Five Below, Inc.
3.3
 
 
73.5
 
 
Industries (% of Fund's net assets)
 
Specialty Retail
43.6
 
Internet & Direct Marketing Retail
31.6
 
Multiline Retail
17.5
 
Textiles, Apparel & Luxury Goods
5.3
 
Food & Staples Retailing
0.5
 
 
 
Retailing Portfolio
Common Stocks - 98.5%
 
 
Shares
Value ($)
 
Food & Staples Retailing - 0.5%
 
 
 
Hypermarkets & Super Centers - 0.5%
 
 
 
BJ's Wholesale Club Holdings, Inc. (a)
 
191,640
14,275,264
Internet & Direct Marketing Retail - 31.6%
 
 
 
Internet & Direct Marketing Retail - 31.6%
 
 
 
Amazon.com, Inc. (a)
 
5,541,400
702,483,276
eBay, Inc. (b)
 
2,440,100
107,681,613
Etsy, Inc. (a)
 
290,860
30,717,725
MercadoLibre, Inc. (a)
 
65,400
55,940,544
The RealReal, Inc. (a)(b)
 
2,040,833
4,367,383
thredUP, Inc. (a)
 
677,862
1,633,647
Wayfair LLC Class A (a)
 
37,600
1,981,896
 
 
 
904,806,084
Multiline Retail - 17.5%
 
 
 
Department Stores - 0.8%
 
 
 
Nordstrom, Inc. (b)
 
1,310,100
22,415,811
General Merchandise Stores - 16.7%
 
 
 
Dollar General Corp.
 
597,500
141,858,450
Dollar Tree, Inc. (a)
 
807,800
109,602,304
Franchise Group, Inc.
 
53,774
1,822,401
Ollie's Bargain Outlet Holdings, Inc. (a)
 
1,082,959
59,898,462
Target Corp.
 
1,036,600
166,208,444
 
 
 
479,390,061
TOTAL MULTILINE RETAIL
 
 
501,805,872
Specialty Retail - 43.6%
 
 
 
Apparel Retail - 8.7%
 
 
 
American Eagle Outfitters, Inc. (b)
 
1,485,400
16,725,604
Burlington Stores, Inc. (a)
 
401,694
56,313,482
TJX Companies, Inc.
 
2,208,832
137,720,675
Victoria's Secret & Co. (a)(b)
 
1,108,633
37,072,688
 
 
 
247,832,449
Automotive Retail - 3.8%
 
 
 
O'Reilly Automotive, Inc. (a)
 
154,900
107,983,888
Home Improvement Retail - 21.8%
 
 
 
Floor & Decor Holdings, Inc. Class A (a)(b)
 
1,046,737
85,162,522
Lowe's Companies, Inc.
 
1,172,800
227,687,392
The Home Depot, Inc.
 
1,083,700
312,560,754
 
 
 
625,410,668
Homefurnishing Retail - 1.2%
 
 
 
RH (a)
 
135,000
34,547,850
Specialty Stores - 8.1%
 
 
 
Bath & Body Works, Inc.
 
1,077,800
40,234,274
Dick's Sporting Goods, Inc. (b)
 
125,000
13,296,250
Five Below, Inc. (a)(b)
 
728,900
93,211,732
Ulta Beauty, Inc. (a)
 
200,500
84,183,935
 
 
 
230,926,191
TOTAL SPECIALTY RETAIL
 
 
1,246,701,046
Textiles, Apparel & Luxury Goods - 5.3%
 
 
 
Apparel, Accessories & Luxury Goods - 4.4%
 
 
 
Canada Goose Holdings, Inc. (a)(b)
 
278,600
5,018,979
Capri Holdings Ltd. (a)
 
1,340,200
63,230,636
lululemon athletica, Inc. (a)
 
80,657
24,193,874
Tapestry, Inc.
 
988,200
34,320,186
 
 
 
126,763,675
Footwear - 0.9%
 
 
 
Deckers Outdoor Corp. (a)
 
79,400
25,532,658
TOTAL TEXTILES, APPAREL & LUXURY GOODS
 
 
152,296,333
 
TOTAL COMMON STOCKS
  (Cost $1,702,877,266)
 
 
 
2,819,884,599
 
 
 
 
Money Market Funds - 7.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (c)
 
12,951,696
12,954,287
Fidelity Securities Lending Cash Central Fund 2.34% (c)(d)
 
186,593,022
186,611,682
 
TOTAL MONEY MARKET FUNDS
  (Cost $199,565,969)
 
 
199,565,969
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 105.5%
  (Cost $1,902,443,235)
 
 
 
3,019,450,568
NET OTHER ASSETS (LIABILITIES) - (5.5)%  
(156,801,426)
NET ASSETS - 100.0%
2,862,649,142
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
-
284,926,971
271,972,684
216,866
-
-
12,954,287
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
262,083,095
896,038,423
971,509,836
91,557
-
-
186,611,682
0.5%
Total
262,083,095
1,180,965,394
1,243,482,520
308,423
-
-
199,565,969
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
2,819,884,599
2,819,884,599
-
-
  Money Market Funds
199,565,969
199,565,969
-
-
 Total Investments in Securities:
3,019,450,568
3,019,450,568
-
-
Retailing Portfolio
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $178,483,080) - See accompanying schedule:
 
$2,819,884,599
 
 
Unaffiliated issuers (cost $1,702,877,266)
 
 
 
Fidelity Central Funds (cost $199,565,969)
 
199,565,969
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,902,443,235)
 
 
$
3,019,450,568
Receivable for investments sold
 
 
 
28,673,462
Receivable for fund shares sold
 
 
 
390,023
Dividends receivable
 
 
 
5,063,132
Distributions receivable from Fidelity Central Funds
 
 
 
59,120
Prepaid expenses
 
 
 
12,359
Other receivables
 
 
 
18,093
  Total assets
 
 
 
3,053,666,757
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
2,561,244
 
 
Accrued management fee
 
1,355,229
 
 
Other affiliated payables
 
471,475
 
 
Other payables and accrued expenses
 
22,320
 
 
Collateral on securities loaned
 
186,607,347
 
 
  Total Liabilities
 
 
 
191,017,615
Net Assets  
 
 
$
2,862,649,142
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,776,081,898
Total accumulated earnings (loss)
 
 
 
1,086,567,244
Net Assets
 
 
$
2,862,649,142
Net Asset Value , offering price and redemption price per share ($2,862,649,142 ÷ 174,268,556 shares)
 
 
$
16.43
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
18,705,659
Income from Fidelity Central Funds (including $91,557 from security lending)
 
 
 
308,423
 Total Income
 
 
 
19,014,082
Expenses
 
 
 
 
Management fee
$
8,317,896
 
 
Transfer agent fees
 
2,562,043
 
 
Accounting fees
 
432,806
 
 
Custodian fees and expenses
 
8,490
 
 
Independent trustees' fees and expenses
 
5,219
 
 
Registration fees
 
22,731
 
 
Audit
 
17,704
 
 
Legal
 
1,385
 
 
Interest
 
3,488
 
 
Miscellaneous
 
11,331
 
 
 Total expenses before reductions
 
11,383,093
 
 
 Expense reductions
 
(53,349)
 
 
 Total expenses after reductions
 
 
 
11,329,744
Net Investment income (loss)
 
 
 
7,684,338
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(35,650,121)
 
 
 Foreign currency transactions
 
1,437
 
 
Total net realized gain (loss)
 
 
 
(35,648,684)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(546,638,583)
 
 
 Unfunded commitments
 
1,090,000
 
 
 Assets and liabilities in foreign currencies
 
(2,792)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(545,551,375)
Net gain (loss)
 
 
 
(581,200,059)
Net increase (decrease) in net assets resulting from operations
 
 
$
(573,515,721)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
7,684,338
$
(3,062,137)
Net realized gain (loss)
 
(35,648,684)
 
 
530,772,015
 
Change in net unrealized appreciation (depreciation)
 
(545,551,375)
 
(548,230,610)
 
Net increase (decrease) in net assets resulting from operations
 
(573,515,721)
 
 
(20,520,732)
 
Distributions to shareholders
 
(73,979,629)
 
 
(645,718,415)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
87,168,320
 
589,399,734
  Reinvestment of distributions
 
69,737,425
 
 
608,923,199
 
Cost of shares redeemed
 
(350,952,082)
 
(883,831,786)
  Net increase (decrease) in net assets resulting from share transactions
 
(194,046,337)
 
 
314,491,147
 
Total increase (decrease) in net assets
 
(841,541,687)
 
 
(351,748,000)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,704,190,829
 
4,055,938,829
 
End of period
$
2,862,649,142
$
3,704,190,829
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
4,905,945
 
24,397,911
  Issued in reinvestment of distributions
 
3,587,316
 
 
26,457,673
 
Redeemed
 
(20,173,527)
 
(37,526,804)
Net increase (decrease)
 
(11,680,266)
 
13,328,780
 
 
 
 
 
 
 
Retailing Portfolio
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019   B
 
2018   B  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.92
$
23.50
$
15.71
$
15.01
$
14.35
$
11.56
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
.04
 
(.02)
 
(.01)
 
.04
 
.03
 
.04
     Net realized and unrealized gain (loss)
 
(3.12)
 
.11
 
9.35
 
1.02
 
.93
 
3.23
  Total from investment operations
 
(3.08)  
 
.09  
 
9.34  
 
1.06  
 
.96
 
3.27
  Distributions from net investment income
 
-
 
-
 
-
 
(.05)
 
(.02)
 
(.03)
  Distributions from net realized gain
 
(.41)
 
(3.67)
 
(1.55)
 
(.31)
 
(.27)
 
(.45)
     Total distributions
 
(.41)
 
(3.67)
 
(1.55)
 
(.36)
 
(.30) E
 
(.48)
  Net asset value, end of period
$
16.43
$
19.92
$
23.50
$
15.71
$
15.01
$
14.35
 Total Return   F,G
 
(15.80)%
 
(1.23)%
 
59.90%
 
7.02%
 
6.83%
 
28.66%
 Ratios to Average Net Assets D,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.72% J
 
.70%
 
.73%
 
.74%
 
.76%
 
.78%
    Expenses net of fee waivers, if any
 
.72% J
 
.70%
 
.73%
 
.74%
 
.75%
 
.77%
    Expenses net of all reductions
 
.72% J
 
.70%
 
.73%
 
.74%
 
.75%
 
.77%
    Net investment income (loss)
 
.49% J
 
(.07)%
 
(.07)%
 
.26%
 
.20%
 
.29%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,862,649
$
3,704,191
$
4,055,939
$
2,698,998
$
3,035,591
$
2,329,366
    Portfolio turnover rate K
 
34% J
 
33%
 
46%
 
17%
 
34%
 
24%
 
A For the year ended February 29.
 
B Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.
 
C Calculated based on average shares outstanding during the period.
 
D Net investment income (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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
E Total distributions per share do not sum due to rounding.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
J Annualized
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended August 31, 2022
 
1. Organization.
 
Automotive Portfolio, Communication Services Portfolio, Construction and Housing Portfolio, Consumer Discretionary Portfolio, Leisure Portfolio, and Retailing Portfolio (the Funds) are non-diversified funds of Fidelity Select Portfolios (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Each Fund offers a single class of shares, with the exception of Communication Services Portfolio. Communication Services Portfolio offers Class A, Class M, Class C, Communication Services, Class I and Class Z shares. Each class of Communication Services Portfolio has equal rights as to assets and voting privileges, and each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. Share transactions on the Statement of Changes in Net Assets and Share Transactions note may contain exchanges between affiliated funds.
2. Investments in Fidelity Central Funds.
 
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
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. 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 (ETFs) 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 delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.
 
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2022 is included at the end of each Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
For Communication Services Portfolio, investment income, realized and unrealized capital gains and losses, common expenses, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes.
 
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
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, 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
$   109,645,877
$   36,389,789
$   (8,972,496)
$   27,417,293
 
Communication Services Portfolio
  776,436,055
  195,675,659
  (150,436,066)
  45,239,593
 
Construction and Housing Portfolio
  395,542,441
  167,539,809
  (47,184,938)
  120,354,871
 
Consumer Discretionary Portfolio
  311,271,010
  149,311,645
  (12,846,379)
  136,465,266
 
Leisure Portfolio
  447,838,718
  148,324,958
  (51,733,446)
  96,591,512
 
Retailing Portfolio
  1,904,664,933
  1,332,852,163
  (218,066,528)
  1,114,785,635
 
 
 
Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2021 to February 28, 2022. Loss deferrals were as follows:
 
 
Capital losses
Communication Services Portfolio
  $(5,076,729)
 
Construction and Housing Portfolio
  (79,816)
 
Consumer Discretionary Portfolio
  (9,825,218)
 
 
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 Statements 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)
Communication Services Portfolio
Twitter, Inc.
$1,724,102
--
 
 
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 merger, 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, Retailing 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 Statements 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.
4. Purchases and Sales of Investments.
 
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Automotive Portfolio
  43,453,927
  58,029,664
 
Communication Services Portfolio
  95,840,034
  177,199,915
 
Construction and Housing Portfolio
  37,519,244
  199,079,520
 
Consumer Discretionary Portfolio
  179,401,853
  115,709,471
 
Leisure Portfolio
  90,257,687
  138,749,736
 
Retailing Portfolio
  522,825,616
  809,036,571
 
5. Fees and Other Transactions with Affiliates.
 
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:
 
 
Individual Rate
Group Rate
Total
Automotive Portfolio
.30%
.23%
.52%
 
Communication Services Portfolio
.30%
.23%
.53%
 
Construction and Housing Portfolio
.30%
.23%
.52%
 
Consumer Discretionary Portfolio
.30%
.23%
.53%
 
Leisure Portfolio
.30%
.23%
.53%
 
Retailing Portfolio
.30%
.23%
.53%
 
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, Communication Services Portfolio has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of each Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Communication Services Portfolio
 
 
 
 
 
Class A
-%
.25%
$   34,192
$   918
 
Class M
.25%
.25%
  12,350
  -
 
Class C
.75%
.25%
  39,048
  9,895
 
 
 
 
$   85,590
$   10,813
 
 
Sales Load. For Communication Services Portfolio, FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
 
 
 
Retained by FDC
 
Communication Services Portfolio
 
Class A
$   5,863
 
Class M
  401
 
Class C A
  379
 
$   6,643
 
A   When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class (Communication Services Portfolio) or Fund (all other Funds). FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective class or Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were as follows:
 
 
 
Amount
% of Average Net Assets A
 
Automotive Portfolio
$155,582
.24
 
Communication Services Portfolio
 
 
Class A
  31,820
.23
 
Class M
  5,571
.23
 
Class C
  8,032
.21
 
Communication Services
  825,432
.21
 
Class I
  19,112
.18
 
Class Z
  1,017
.04
 
 
  890,984
 
 
Construction and Housing Portfolio
496,370
.18
 
Consumer Discretionary Portfolio
329,506
.17
 
Leisure Portfolio
463,888
.16
 
Retailing Portfolio
2,562,043
.16
 
A   Annualized.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
 
% of Average Net Assets
 
Automotive Portfolio
.04
 
Communication Services Portfolio
.03
 
Construction and Housing Portfolio
.04
 
Consumer Discretionary Portfolio
.04
 
Leisure Portfolio
.04
 
Retailing Portfolio
.03
 
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
 
Automotive Portfolio
$   1,590
 
Communication Services Portfolio
  3,174
 
Construction and Housing Portfolio
  1,279
 
Consumer Discretionary Portfolio
  1,803
 
Leisure Portfolio
  2,497
 
Retailing Portfolio
  6,844
 
 
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 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
 
Construction and Housing Portfolio
  Borrower
$8,206,000
.32%
$72
 
Consumer Discretionary Portfolio
  Borrower
$   3,766,000
.75%
$866
 
Retailing Portfolio
  Borrower
$   6,545,864
.87%
$3,488
 
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. 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
  13,173
  547,464
  (147,225)
 
Communication Services Portfolio
  1,825,396
  3,799,821
  615,355
 
Construction and Housing Portfolio
  2,651,753
  8,020,386
  (92,961)
 
Consumer Discretionary Portfolio
  14,177,689
  7,367,526
  (5,043,737)
 
Leisure Portfolio
  6,850,092
  8,333,248
  (3,087,269)
 
Retailing Portfolio
  48,798,865
  48,105,815
  (2,306,505)
 
6. Committed Line of Credit.
 
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
 
Amount
 
Automotive Portfolio
$   134
 
Communication Services Portfolio
  858
 
Construction and Housing Portfolio
  579
 
Consumer Discretionary Portfolio
  369
 
Leisure Portfolio
  532
 
Retailing Portfolio
  3,059
 
 
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, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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
$   16,571
$   3
$-
 
Communication Services Portfolio
$   1,530
$   55
$-
 
Construction and Housing Portfolio
$   671
$   -
$   -
 
Consumer Discretionary Portfolio
$   21,539
$   23,071
$   -
 
Leisure Portfolio
$   67,903
$   126,839
$-
 
Retailing Portfolio
$   9,123
$   -
$   -
 
 
8. Bank Borrowings.
 
Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
 
Consumer Discretionary Portfolio
$   288,000
.83%
$   100
 
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
 
Automotive Portfolio
$   275
 
 
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:
 
 
 
Amount
 
Automotive Portfolio
$   2,262
 
Construction and Housing Portfolio
  9,574
 
Consumer Discretionary Portfolio
  6,882
 
Leisure Portfolio
  9,337
 
Retailing Portfolio
  53,349
 
 
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses as follows:
 
 
 
Fund-Level Amount
 
Communication Services Portfolio
  $14,885
 
10. Distributions to Shareholders.
 
Distributions to shareholders of each class were as follows:
 
 
Six months ended
August 31, 2022
Year ended
February 28, 2022
 
Communication Services Portfolio
 
 
Distributions to shareholders
 
 
Class A
$   -
$   1,776,273
 
Class M
  -
  363,201
 
Class C
  -
  474,822
 
Communication Services
  -
  59,014,431
 
Class I
  -
  1,922,707
 
Class Z
  -
  354,330
 
Total   
$   -
$   63,905,764
 
 
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
 
Six months ended August 31, 2022
Year ended   February 28, 2022
Six months ended August 31, 2022
Year ended   February 28, 2022
 
Communication Services Portfolio
 
 
 
 
Class A
 
 
 
 
Shares sold
  67,287
  288,312
$   4,448,593
$   27,200,334
 
Reinvestment of distributions
  -
  19,346
  -
  1,740,757
 
Shares redeemed
  (83,267)
  (140,910)
  (5,640,573)
  (12,635,364)
 
Net increase (decrease)
  (15,980)
  166,748
$   (1,191,980)
$   16,305,727
 
Class M
 
 
 
 
Shares sold
  6,670
  38,436
$   436,486
$   3,599,648
 
Reinvestment of distributions
  -
  3,956
  -
  355,421
 
Shares redeemed
  (8,224)
  (29,716)
  (569,652)
  (2,591,005)
 
Net increase (decrease)
  (1,554)
  12,676
$   (133,166)
$   1,364,064
 
Class C
 
 
 
 
Shares sold
  25,013
  59,277
$   1,627,983
$   5,482,069
 
Reinvestment of distributions
  -
  5,320
  -
  471,861
 
Shares redeemed
  (18,167)
  (27,914)
  (1,213,588)
  (2,486,600)
 
Net increase (decrease)
  6,846
  36,683
$   414,395
$   3,467,330
 
Communication Services
 
 
 
 
Shares sold
  582,671
  6,404,833
$   40,395,880
$   608,572,415
 
Reinvestment of distributions
  -
  621,227
  -
  56,410,302
 
Shares redeemed
  (1,556,642)
  (4,677,647)
  (107,674,662)
  (433,498,431)
 
Net increase (decrease)
  (973,971)
  2,348,413
$   (67,278,782)
$   231,484,286
 
Class I
 
 
 
 
Shares sold
  37,374
  316,400
$   2,599,501
$   30,080,975
 
Reinvestment of distributions
  -
  19,631
  -
  1,780,227
 
Shares redeemed
  (216,214)
  (231,351)
  (15,083,741)
  (20,888,532)
 
Net increase (decrease)
  (178,840)
  104,680
$   (12,484,240)
$   10,972,670
 
Class Z
 
 
 
 
Shares sold
  12,504
  98,916
$   873,915
$   9,255,551
 
Reinvestment of distributions
  -
  3,767
  -
  340,659
 
Shares redeemed
  (37,190)
  (64,255)
  (2,542,266)
  (5,703,077)
 
Net increase (decrease)
  (24,686)
  38,428
$   (1,668,351)
$   3,893,133
 
 
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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2022 to August 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value March 1, 2022
 
Ending Account Value August 31, 2022
 
Expenses Paid During Period- C March 1, 2022 to August 31, 2022
 
 
 
 
 
 
 
 
 
 
Automotive Portfolio
 
 
 
.88%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 844.20
 
$ 4.09
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.77
 
$ 4.48
Communication Services Portfolio
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.06%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 804.00
 
$ 4.82
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.86
 
$ 5.40
Class M
 
 
 
1.30%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 803.10
 
$ 5.91
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.65
 
$ 6.61
Class C
 
 
 
1.78%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 801.10
 
$ 8.08
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.23
 
$ 9.05
Communication Services Portfolio
 
 
 
.78%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 805.10
 
$ 3.55
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.27
 
$ 3.97
Class I
 
 
 
.76%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 805.10
 
$ 3.46
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.37
 
$ 3.87
Class Z
 
 
 
.62%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 805.70
 
$ 2.82
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.08
 
$ 3.16
 
 
 
 
 
 
 
 
 
 
Construction and Housing Portfolio
 
 
 
.76%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 896.00
 
$ 3.63
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.37
 
$ 3.87
 
 
 
 
 
 
 
 
 
 
Consumer Discretionary Portfolio
 
 
 
.76%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 841.00
 
$ 3.53
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.37
 
$ 3.87
 
 
 
 
 
 
 
 
 
 
Leisure Portfolio
 
 
 
.74%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 885.50
 
$ 3.52
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.48
 
$ 3.77
 
 
 
 
 
 
 
 
 
 
Retailing Portfolio
 
 
 
.72%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 842.00
 
$ 3.34
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.58
 
$ 3.67
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
Automotive Portfolio
Communication Services Portfolio  
Construction and Housing Portfolio
Consumer Discretionary Portfolio
Leisure Portfolio
Retailing Portfolio
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of the management fee and total expense ratio of the fund or a representative class (retail class), as applicable; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.  
 
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.  
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that Automotive Portfolio had a portfolio manager change in February 2022, Construction and Housing Portfolio had a portfolio manager change in September 2021 and January 2022, and Leisure Portfolio had a portfolio manager change in February 2021. The Board will continue to monitor closely the applicable fund's performance, taking into account the portfolio manager changes.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the fund or representative class, as applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.  
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for each fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below.  
 
Automotive Portfolio
 
Communication Services Portfolio
 
Construction and Housing Portfolio
Consumer Discretionary Portfolio
The Board considered the fund's underperformance for different time periods ended September 30, 2021 and for different time periods ended December 31, 2021 (which periods are not reflected in the charts above). The Board noted that the fund's underperformance has continued since the Board approved the management contract in May 2021. The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; and attribution reports on contributors to the fund's underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance. For a fund with underperformance over longer periods of time, the Board typically monitors the fund's performance more closely.
 
Leisure Portfolio
 
Retailing Portfolio  
The Board considered the fund's underperformance for different time periods ended September 30, 2021 and for different time periods ended December 31, 2021 (which periods are not reflected in the charts above). The Board noted that the fund's underperformance has continued since the Board approved the management contract in May 2021. The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; and attribution reports on contributors to the fund's underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance. For a fund with underperformance over longer periods of time, the Board typically monitors the fund's performance more closely.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
 
Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity funds are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
 
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.
 
Automotive Portfolio
 
Communication Services Portfolio
 
Construction and Housing Portfolio
 
Consumer Discretionary Portfolio
 
Leisure Portfolio
 
Retailing Portfolio
 
 
The Board noted that each fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.  
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio. In its review of the total expense ratio of each of Automotive Portfolio, Construction and Housing Portfolio, Consumer Discretionary Portfolio, Leisure Portfolio, and Retailing Portfolio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for each fund, which focuses on the total expenses of each fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the total net expense ratio of each of Automotive Portfolio, Construction and Housing Portfolio, Consumer Discretionary Portfolio, Leisure Portfolio, and Retailing Portfolio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.
 
In its review of the total expense ratio of the representative class (retail class) of Communication Services Portfolio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. The Fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for each fund, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the total net expense ratio of the retail class of Communication Services Portfolio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.
 
The Board considered that Fidelity has contractually agreed to reimburse the Automotive Portfolio to the extent that total operating expenses to the extent that total operating expenses, with certain exceptions, exceed 0.95% through June 30, 2023.
 
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.  
 
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contracts). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that each fund's Advisory Contracts should be renewed.
 
1.813637.117
SELCON-SANN-1022
Fidelity® Environment and Alternative Energy Fund
Fidelity® Natural Resources Fund
 
 
Semi-Annual Report
August 31, 2022

Contents

Fidelity® Environment and Alternative Energy Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Natural Resources Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

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. © 2022 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.
 
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.
12.3
 
Tesla, Inc.
10.5
 
Danaher Corp.
7.2
 
Linde PLC
6.0
 
Prologis (REIT), Inc.
4.7
 
Analog Devices, Inc.
3.8
 
IBM Corp.
3.8
 
NextEra Energy, Inc.
3.3
 
Eaton Corp. PLC
3.2
 
Xcel Energy, Inc.
2.6
 
 
57.4
 
 
Industries (% of Fund's net assets)
 
Software
12.3
 
Automobiles
10.9
 
Semiconductors & Semiconductor Equipment
10.1
 
Chemicals
9.2
 
Electric Utilities
9.1
 
Life Sciences Tools & Services
8.2
 
Electrical Equipment
6.8
 
Equity Real Estate Investment Trusts (Reits)
6.2
 
Building Products
5.0
 
Independent Power and Renewable Electricity Producers
4.4
 
Machinery
3.9
 
IT Services
3.8
 
Containers & Packaging
1.6
 
Commercial Services & Supplies
1.0
 
Electronic Equipment & Components
1.0
 
Professional Services
0.9
 
Construction & Engineering
0.8
 
Metals & Mining
0.8
 
Oil, Gas & Consumable Fuels
0.8
 
Capital Markets
0.6
 
Communications Equipment
0.5
 
Energy Equipment & Services
0.5
 
Textiles, Apparel & Luxury Goods
0.1
 
 
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Environment and Alternative Energy Fund
Common Stocks - 98.4%
 
 
Shares
Value ($)
 
Automobiles - 10.9%
 
 
 
Automobile Manufacturers - 10.9%
 
 
 
Tesla, Inc. (a)
 
255,120
70,313,623
XPeng, Inc. ADR (a)
 
158,450
2,934,494
 
 
 
73,248,117
Building Products - 5.0%
 
 
 
Building Products - 5.0%
 
 
 
Johnson Controls International PLC
 
187,460
10,149,084
Owens Corning
 
89,220
7,291,951
The AZEK Co., Inc. (a)
 
130,780
2,386,735
Trane Technologies PLC
 
89,100
13,727,637
 
 
 
33,555,407
Capital Markets - 0.6%
 
 
 
Financial Exchanges & Data - 0.6%
 
 
 
Intercontinental Exchange, Inc.
 
37,090
3,740,527
Chemicals - 9.2%
 
 
 
Industrial Gases - 6.0%
 
 
 
Linde PLC
 
142,390
40,276,435
Specialty Chemicals - 3.2%
 
 
 
Eastman Chemical Co.
 
29,240
2,660,840
Ecolab, Inc.
 
56,530
9,261,310
Koninklijke DSM NV
 
73,923
9,426,344
 
 
 
21,348,494
TOTAL CHEMICALS
 
 
61,624,929
Commercial Services & Supplies - 1.0%
 
 
 
Environmental & Facility Services - 1.0%
 
 
 
Aker Carbon Capture A/S (a)
 
762,830
1,648,806
Tetra Tech, Inc.
 
38,200
5,187,942
 
 
 
6,836,748
Communications Equipment - 0.5%
 
 
 
Communications Equipment - 0.5%
 
 
 
Cisco Systems, Inc.
 
75,840
3,391,565
Construction & Engineering - 0.8%
 
 
 
Construction & Engineering - 0.8%
 
 
 
Quanta Services, Inc.
 
39,200
5,538,960
Containers & Packaging - 1.6%
 
 
 
Metal & Glass Containers - 1.6%
 
 
 
Ball Corp.
 
193,160
10,780,260
Electric Utilities - 9.1%
 
 
 
Electric Utilities - 9.1%
 
 
 
NextEra Energy, Inc.
 
263,730
22,432,874
ORSTED A/S (b)
 
86,900
8,481,659
PG&E Corp. (a)
 
690,590
8,514,975
Verbund AG
 
41,680
3,993,860
Xcel Energy, Inc.
 
235,230
17,465,828
 
 
 
60,889,196
Electrical Equipment - 6.8%
 
 
 
Electrical Components & Equipment - 5.8%
 
 
 
Acuity Brands, Inc.
 
61,140
10,022,680
Ceres Power Holdings PLC (a)(c)
 
214,290
1,616,123
Eaton Corp. PLC
 
155,010
21,180,566
Sunrun, Inc. (a)
 
184,950
6,108,899
 
 
 
38,928,268
Heavy Electrical Equipment - 1.0%
 
 
 
Vestas Wind Systems A/S
 
275,410
6,891,065
TOTAL ELECTRICAL EQUIPMENT
 
 
45,819,333
Electronic Equipment & Components - 1.0%
 
 
 
Electronic Equipment & Instruments - 1.0%
 
 
 
Teledyne Technologies, Inc. (a)
 
18,140
6,682,050
Energy Equipment & Services - 0.5%
 
 
 
Oil & Gas Equipment & Services - 0.5%
 
 
 
Baker Hughes Co. Class A
 
123,200
3,112,032
Equity Real Estate Investment Trusts (REITs) - 6.2%
 
 
 
Industrial REITs - 4.7%
 
 
 
Prologis (REIT), Inc.
 
254,380
31,672,854
Specialized REITs - 1.5%
 
 
 
Weyerhaeuser Co.
 
286,360
9,782,058
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
 
 
41,454,912
Independent Power and Renewable Electricity Producers - 4.4%
 
 
 
Independent Power Producers & Energy Traders - 2.7%
 
 
 
RWE AG
 
156,100
5,973,712
The AES Corp.
 
472,220
12,017,999
 
 
 
17,991,711
Renewable Electricity - 1.7%
 
 
 
Adani Green Energy Ltd. (a)
 
126,470
3,819,554
Brookfield Renewable Corp.
 
167,920
6,446,449
Energy Absolute PCL NVDR
 
652,340
1,518,537
 
 
 
11,784,540
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS
 
 
29,776,251
IT Services - 3.8%
 
 
 
IT Consulting & Other Services - 3.8%
 
 
 
IBM Corp.
 
199,230
25,591,094
Life Sciences Tools & Services - 8.2%
 
 
 
Life Sciences Tools & Services - 8.2%
 
 
 
Agilent Technologies, Inc.
 
54,540
6,994,755
Danaher Corp.
 
177,610
47,938,715
 
 
 
54,933,470
Machinery - 3.9%
 
 
 
Agricultural & Farm Machinery - 1.8%
 
 
 
Deere & Co.
 
32,520
11,877,930
Construction Machinery & Heavy Trucks - 1.8%
 
 
 
Cummins, Inc.
 
54,922
11,828,551
Industrial Machinery - 0.3%
 
 
 
Xylem, Inc.
 
23,110
2,105,321
TOTAL MACHINERY
 
 
25,811,802
Metals & Mining - 0.8%
 
 
 
Aluminum - 0.3%
 
 
 
Alcoa Corp.
 
45,070
2,230,064
Diversified Metals & Mining - 0.5%
 
 
 
Lynas Rare Earths Ltd. (a)
 
624,972
3,733,628
TOTAL METALS & MINING
 
 
5,963,692
Oil, Gas & Consumable Fuels - 0.8%
 
 
 
Oil & Gas Exploration & Production - 0.8%
 
 
 
Denbury, Inc. (a)
 
57,650
5,126,815
Professional Services - 0.9%
 
 
 
Research & Consulting Services - 0.9%
 
 
 
Jacobs Solutions, Inc.
 
49,090
6,115,632
Semiconductors & Semiconductor Equipment - 10.1%
 
 
 
Semiconductor Equipment - 4.0%
 
 
 
Enphase Energy, Inc. (a)
 
46,940
13,445,494
SolarEdge Technologies, Inc. (a)
 
35,950
9,921,122
Xinyi Solar Holdings Ltd.
 
2,316,000
3,185,008
 
 
 
26,551,624
Semiconductors - 6.1%
 
 
 
Allegro MicroSystems LLC (a)
 
146,410
3,414,281
Analog Devices, Inc.
 
169,910
25,746,462
onsemi (a)
 
172,600
11,869,702
 
 
 
41,030,445
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
 
 
67,582,069
Software - 12.3%
 
 
 
Systems Software - 12.3%
 
 
 
Microsoft Corp.
 
316,980
82,880,758
 
TOTAL COMMON STOCKS
  (Cost $652,796,085)
 
 
 
660,455,619
 
 
 
 
Convertible Preferred Stocks - 0.1%
 
 
Shares
Value ($)
 
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
Textiles - 0.1%
 
 
 
CelLink Corp. Series D (d)(e)
 
  (Cost $295,699)
 
 
14,200
263,552
 
 
 
 
Money Market Funds - 1.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (f)
 
9,899,645
9,901,625
Fidelity Securities Lending Cash Central Fund 2.34% (f)(g)
 
373,110
373,148
 
TOTAL MONEY MARKET FUNDS
  (Cost $10,274,773)
 
 
10,274,773
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
  (Cost $663,366,557)
 
 
 
670,993,944
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(17,930)
NET ASSETS - 100.0%
670,976,014
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $8,481,659 or 1.3% of net assets.
 
(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 $263,552 or 0.0% of net assets.
 
(e)
Level 3 security
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
CelLink Corp. Series D
1/20/22
295,699
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,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
620,575
39,579,985
30,298,935
17,083
-
-
9,901,625
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
1,297,050
43,525,883
44,449,785
1,734
-
-
373,148
0.0%
Total
1,917,625
83,105,868
74,748,720
18,817
-
-
10,274,773
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
660,455,619
623,399,824
37,055,795
-
 Convertible Preferred Stocks
263,552
-
-
263,552
  Money Market Funds
10,274,773
10,274,773
-
-
 Total Investments in Securities:
670,993,944
633,674,597
37,055,795
263,552
Fidelity® Environment and Alternative Energy Fund
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $341,671) - See accompanying schedule:
 
$660,719,171
 
 
Unaffiliated issuers (cost $653,091,784)
 
 
 
Fidelity Central Funds (cost $10,274,773)
 
10,274,773
 
 
 
 
 
 
 
Total Investment in Securities (cost $663,366,557)
 
 
$
670,993,944
Receivable for fund shares sold
 
 
 
773,684
Dividends receivable
 
 
 
1,057,532
Distributions receivable from Fidelity Central Funds
 
 
 
13,967
Prepaid expenses
 
 
 
1,932
Other receivables
 
 
 
4,987
  Total assets
 
 
 
672,846,046
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
$851,757
 
 
Accrued management fee
 
310,479
 
 
Transfer agent fee payable
 
115,202
 
 
Other affiliated payables
 
18,879
 
 
Deferred taxes
 
178,392
 
 
Other payables and accrued expenses
 
22,175
 
 
Collateral on securities loaned
 
373,148
 
 
  Total Liabilities
 
 
 
1,870,032
Net Assets  
 
 
$
670,976,014
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
724,593,335
Total accumulated earnings (loss)
 
 
 
(53,617,321)
Net Assets
 
 
$
670,976,014
Net Asset Value , offering price and redemption price per share ($670,976,014 ÷ 23,778,417 shares)
 
 
$
28.22
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
4,935,180
Income from Fidelity Central Funds (including $1,734 from security lending)
 
 
 
18,817
 Total Income
 
 
 
4,953,997
Expenses
 
 
 
 
Management fee
$
1,842,028
 
 
Transfer agent fees
 
705,338
 
 
Accounting fees
 
118,848
 
 
Custodian fees and expenses
 
7,774
 
 
Independent trustees' fees and expenses
 
1,132
 
 
Registration fees
 
28,405
 
 
Audit
 
18,254
 
 
Legal
 
2,332
 
 
Miscellaneous
 
1,552
 
 
 Total expenses before reductions
 
2,725,663
 
 
 Expense reductions
 
(11,599)
 
 
 Total expenses after reductions
 
 
 
2,714,064
Net Investment income (loss)
 
 
 
2,239,933
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(37,156,663)
 
 
 Foreign currency transactions
 
25,393
 
 
Total net realized gain (loss)
 
 
 
(37,131,270)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $168,703)
 
(33,583,423)
 
 
 Assets and liabilities in foreign currencies
 
(9,493)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(33,592,916)
Net gain (loss)
 
 
 
(70,724,186)
Net increase (decrease) in net assets resulting from operations
 
 
$
(68,484,253)
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
2,239,933
$
2,066,511
Net realized gain (loss)
 
(37,131,270)
 
 
45,207,872
 
Change in net unrealized appreciation (depreciation)
 
(33,592,916)
 
(30,454,510)
 
Net increase (decrease) in net assets resulting from operations
 
(68,484,253)
 
 
16,819,873
 
Distributions to shareholders
 
-
 
 
(64,644,758)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
77,519,098
 
631,087,095
  Reinvestment of distributions
 
-
 
 
61,338,201
 
Cost of shares redeemed
 
(93,800,531)
 
(262,840,215)
  Net increase (decrease) in net assets resulting from share transactions
 
(16,281,433)
 
 
429,585,081
 
Total increase (decrease) in net assets
 
(84,765,686)
 
 
381,760,196
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
755,741,700
 
373,981,504
 
End of period
$
670,976,014
$
755,741,700
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
2,587,070
 
18,010,951
  Issued in reinvestment of distributions
 
-
 
 
1,802,725
 
Redeemed
 
(3,209,173)
 
(7,814,961)
Net increase (decrease)
 
(622,103)
 
11,998,715
 
 
 
 
 
 
 
Fidelity® Environment and Alternative Energy Fund
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
30.97
$
30.16
$
23.80
$
24.92
$
26.31
$
23.89
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.09
 
.11
 
.24
 
.27
 
.24
 
.27
     Net realized and unrealized gain (loss)
 
(2.84)
 
3.46
 
8.02
 
(.81)
 
(.25)
 
3.83
  Total from investment operations
 
(2.75)  
 
3.57  
 
8.26  
 
(.54)  
 
(.01)
 
4.10
  Distributions from net investment income
 
-
 
(.10)
 
(.26)
 
(.23)
 
(.22)
 
(.22)
  Distributions from net realized gain
 
-
 
(2.66)
 
(1.64)
 
(.35)
 
(1.16)
 
(1.46)
     Total distributions
 
-
 
(2.76)
 
(1.90)
 
(.58)
 
(1.38)
 
(1.68)
  Redemption fees added to paid in capital B
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
28.22
$
30.97
$
30.16
$
23.80
$
24.92
$
26.31
 Total Return   E,F
 
(8.88)%
 
11.02%
 
38.97%
 
(2.35)%
 
.39%
 
17.73%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.78% I
 
.79%
 
.85%
 
.85%
 
.87%
 
.87%
    Expenses net of fee waivers, if any
 
.78% I
 
.79%
 
.85%
 
.85%
 
.87%
 
.87%
    Expenses net of all reductions
 
.78% I
 
.79%
 
.85%
 
.85%
 
.87%
 
.86%
    Net investment income (loss)
 
.64% I
 
.33%
 
.95%
 
1.08%
 
.96%
 
1.07%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
670,976
$
755,742
$
373,982
$
181,456
$
160,960
$
188,383
    Portfolio turnover rate J
 
24% I
 
89%
 
28%
 
49%
 
62%
 
47%
 
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
D Amount represents less than $.005 per share.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
I Annualized
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Top Holdings (% of Fund's net assets)
 
Exxon Mobil Corp.
18.4
 
Hess Corp.
9.2
 
Canadian Natural Resources Ltd.
8.9
 
Imperial Oil Ltd.
7.2
 
MEG Energy Corp.
4.4
 
Valero Energy Corp.
4.3
 
Tourmaline Oil Corp.
4.2
 
Schlumberger Ltd.
4.1
 
Glencore Xstrata PLC
3.9
 
Freeport-McMoRan, Inc.
3.7
 
 
68.3
 
 
Industries (% of Fund's net assets)
 
Oil, Gas & Consumable Fuels
73.0
 
Metals & Mining
11.8
 
Energy Equipment & Services
9.0
 
Containers & Packaging
4.7
 
 
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Natural Resources Fund
Common Stocks - 98.5%
 
 
Shares
Value ($)
 
Containers & Packaging - 4.7%
 
 
 
Metal & Glass Containers - 2.0%
 
 
 
Aptargroup, Inc.
 
75,300
7,741,593
Greif, Inc. Class A
 
92,900
6,228,945
 
 
 
13,970,538
Paper Packaging - 2.7%
 
 
 
Avery Dennison Corp.
 
55,100
10,117,462
Sealed Air Corp.
 
150,000
8,071,500
 
 
 
18,188,962
TOTAL CONTAINERS & PACKAGING
 
 
32,159,500
Energy Equipment & Services - 9.0%
 
 
 
Oil & Gas Drilling - 0.3%
 
 
 
Helmerich & Payne, Inc.
 
48,100
2,056,275
Oil & Gas Equipment & Services - 8.7%
 
 
 
Expro Group Holdings NV (a)
 
226,600
3,063,632
Halliburton Co.
 
499,800
15,058,974
Liberty Oilfield Services, Inc. Class A (a)
 
189,235
2,838,525
Schlumberger Ltd.
 
739,400
28,208,110
TechnipFMC PLC (a)
 
896,100
7,330,098
Weatherford International PLC (a)
 
133,427
3,754,636
 
 
 
60,253,975
TOTAL ENERGY EQUIPMENT & SERVICES
 
 
62,310,250
Metals & Mining - 11.8%
 
 
 
Copper - 5.9%
 
 
 
First Quantum Minerals Ltd.
 
849,600
15,033,848
Freeport-McMoRan, Inc.
 
873,900
25,867,440
 
 
 
40,901,288
Diversified Metals & Mining - 4.5%
 
 
 
E3 Lithium Ltd. (a)
 
436,700
884,473
Glencore Xstrata PLC
 
4,912,200
26,857,744
Ivanhoe Mines Ltd. (a)
 
523,854
3,366,451
 
 
 
31,108,668
Gold - 1.4%
 
 
 
Franco-Nevada Corp.
 
77,900
9,365,676
TOTAL METALS & MINING
 
 
81,375,632
Oil, Gas & Consumable Fuels - 73.0%
 
 
 
Coal & Consumable Fuels - 1.2%
 
 
 
Cameco Corp.
 
11,700
341,055
Whitehaven Coal Ltd.
 
1,460,272
7,778,300
 
 
 
8,119,355
Integrated Oil & Gas - 28.6%
 
 
 
Equinor ASA sponsored ADR
 
537,700
20,857,383
Exxon Mobil Corp.
 
1,329,700
127,106,021
Imperial Oil Ltd.
 
1,008,200
49,483,056
 
 
 
197,446,460
Oil & Gas Exploration & Production - 34.4%
 
 
 
Africa Oil Corp.
 
1,359,400
2,660,112
Antero Resources Corp. (a)
 
467,800
18,749,424
Canadian Natural Resources Ltd.
 
1,117,000
61,222,770
Deltic Energy PLC (a)
 
15,835,400
706,406
Hess Corp.
 
526,000
63,530,280
Kosmos Energy Ltd. (a)
 
3,452,500
24,409,175
MEG Energy Corp. (a)
 
2,191,312
30,633,486
Range Resources Corp.
 
199,500
6,555,570
Tourmaline Oil Corp.
 
484,600
28,651,304
 
 
 
237,118,527
Oil & Gas Refining & Marketing - 7.4%
 
 
 
CVR Energy, Inc.
 
107,800
3,520,748
Delek U.S. Holdings, Inc.
 
156,000
4,407,000
Phillips 66 Co.
 
148,016
13,241,511
Valero Energy Corp.
 
252,800
29,607,936
 
 
 
50,777,195
Oil & Gas Storage & Transport - 1.4%
 
 
 
Genesis Energy LP
 
820,548
9,501,946
TOTAL OIL, GAS & CONSUMABLE FUELS
 
 
502,963,483
 
TOTAL COMMON STOCKS
  (Cost $512,393,205)
 
 
 
678,808,865
 
 
 
 
Money Market Funds - 1.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 2.33% (b)
 
  (Cost $8,716,656)
 
 
8,714,913
8,716,656
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.7%
  (Cost $521,109,861)
 
 
 
687,525,521
NET OTHER ASSETS (LIABILITIES) - 0.3%  
1,856,918
NET ASSETS - 100.0%
689,382,439
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.33%
5,185,303
125,838,265
122,306,912
18,114
-
-
8,716,656
0.0%
Fidelity Securities Lending Cash Central Fund 2.34%
18,439,385
74,563,572
93,002,957
29,952
-
-
-
0.0%
Total
23,624,688
200,401,837
215,309,869
48,066
-
-
8,716,656
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
678,808,865
644,172,821
34,636,044
-
  Money Market Funds
8,716,656
8,716,656
-
-
 Total Investments in Securities:
687,525,521
652,889,477
34,636,044
-
Fidelity® Natural Resources Fund
Statement of Assets and Liabilities
 
 
 
August 31, 2022
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
$678,808,865
 
 
Unaffiliated issuers (cost $512,393,205)
 
 
 
Fidelity Central Funds (cost $8,716,656)
 
8,716,656
 
 
 
 
 
 
 
Total Investment in Securities (cost $521,109,861)
 
 
$
687,525,521
Foreign currency held at value (cost $19)
 
 
 
25
Receivable for investments sold
 
 
 
6,179,740
Receivable for fund shares sold
 
 
 
1,694,793
Dividends receivable
 
 
 
1,709,673
Distributions receivable from Fidelity Central Funds
 
 
 
12,810
Prepaid expenses
 
 
 
4,220
Other receivables
 
 
 
106,290
  Total assets
 
 
 
697,233,072
Liabilities
 
 
 
 
Payable to custodian bank
 
11,959
 
 
Payable for investments purchased
 
5,895,990
 
 
Payable for fund shares redeemed
 
1,415,384
 
 
Accrued management fee
 
296,456
 
 
Other affiliated payables
 
122,242
 
 
Other payables and accrued expenses
 
108,602
 
 
  Total Liabilities
 
 
 
7,850,633
Net Assets  
 
 
$
689,382,439
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
802,501,560
Total accumulated earnings (loss)
 
 
 
(113,119,121)
Net Assets
 
 
$
689,382,439
Net Asset Value , offering price and redemption price per share ($689,382,439 ÷ 19,207,125 shares)
 
 
$
35.89
 
 
 
 
 
 
Statement of Operations
 
 
 
Six months ended
August 31, 2022
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
11,048,966
Interest  
 
 
19
Income from Fidelity Central Funds (including $29,952 from security lending)
 
 
 
48,066
 Total Income
 
 
 
11,097,051
Expenses
 
 
 
 
Management fee
$
1,955,812
 
 
Transfer agent fees
 
678,114
 
 
Accounting fees
 
124,310
 
 
Custodian fees and expenses
 
22,970
 
 
Independent trustees' fees and expenses
 
1,164
 
 
Registration fees
 
65,748
 
 
Audit
 
17,136
 
 
Legal
 
186
 
 
Interest
 
8,330
 
 
Miscellaneous
 
1,564
 
 
 Total expenses before reductions
 
2,875,334
 
 
 Expense reductions
 
(12,038)
 
 
 Total expenses after reductions
 
 
 
2,863,296
Net Investment income (loss)
 
 
 
8,233,755
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
2,021,484
 
 
 Foreign currency transactions
 
(82,258)
 
 
Total net realized gain (loss)
 
 
 
1,939,226
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(441,691)
 
 
 Assets and liabilities in foreign currencies
 
(1,521)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(443,212)
Net gain (loss)
 
 
 
1,496,014
Net increase (decrease) in net assets resulting from operations
 
 
$
9,729,769
 
Statement of Changes in Net Assets
 
 
Six months ended
August 31, 2022
(Unaudited)
 
Year ended
February 28, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
8,233,755
$
7,161,576
Net realized gain (loss)
 
1,939,226
 
 
22,873,313
 
Change in net unrealized appreciation (depreciation)
 
(443,212)
 
124,171,738
 
Net increase (decrease) in net assets resulting from operations
 
9,729,769
 
 
154,206,627
 
Distributions to shareholders
 
(3,884,661)
 
 
(5,734,164)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
414,666,657
 
383,163,467
  Reinvestment of distributions
 
3,662,049
 
 
5,352,192
 
Cost of shares redeemed
 
(332,824,905)
 
(231,841,612)
  Net increase (decrease) in net assets resulting from share transactions
 
85,503,801
 
 
156,674,047
 
Total increase (decrease) in net assets
 
91,348,909
 
 
305,146,510
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
598,033,530
 
292,887,020
 
End of period
$
689,382,439
$
598,033,530
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
11,247,110
 
13,086,738
  Issued in reinvestment of distributions
 
95,416
 
 
199,634
 
Redeemed
 
(9,610,172)
 
(8,430,799)
Net increase (decrease)
 
1,732,354
 
4,855,573
 
 
 
 
 
 
 
Fidelity® Natural Resources Fund
 
 
Six months ended
(Unaudited) August 31, 2022  
 
Years ended February 28, 2022  
 
2021    
 
2020   A
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
34.22
$
23.21
$
20.59
$
25.55
$
27.51
$
29.13
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.40
 
.51
 
.30
 
.30
 
.29
 
.43 D
     Net realized and unrealized gain (loss)
 
1.46
 
10.91
 
2.69
 
(4.88)
 
(1.97)
 
(1.64)
  Total from investment operations
 
1.86  
 
11.42  
 
2.99  
 
(4.58)  
 
(1.68)
 
(1.21)
  Distributions from net investment income
 
(.19)
 
(.41)
 
(.37)
 
(.30)
 
(.28)
 
(.39)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.08)
 
- E
 
(.02)
     Total distributions
 
(.19)
 
(.41)
 
(.37)
 
(.38)
 
(.28)
 
(.41)
  Redemption fees added to paid in capital B
 
-
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
35.89
$
34.22
$
23.21
$
20.59
$
25.55
$
27.51
 Total Return   F,G
 
5.41%
 
49.71%
 
14.76%
 
(18.25)%
 
(6.06)%
 
(4.16)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.78% J
 
.82%
 
.89%
 
.84%
 
.81%
 
.83%
    Expenses net of fee waivers, if any
 
.77% J
 
.81%
 
.89%
 
.84%
 
.81%
 
.83%
    Expenses net of all reductions
 
.77% J
 
.81%
 
.88%
 
.84%
 
.80%
 
.82%
    Net investment income (loss)
 
2.22% J
 
1.84%
 
1.62%
 
1.18%
 
1.02%
 
1.54% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
689,382
$
598,034
$
292,887
$
315,533
$
424,167
$
910,733
    Portfolio turnover rate K
 
103% J
 
98%
 
90%
 
8%
 
26%
 
78%
 
A For the year ended February 29.
 
B Calculated based on average shares outstanding during the period.
 
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds 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 $.31 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .41%.
 
E Amount represents less than $.005 per share.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
J Annualized
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended August 31, 2022
 
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 Ratio A
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. 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 (ETFs) 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 delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.  
 
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2022 is included at the end of each Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Fidelity Natural Resources Fund
$ 80,977
 
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity Environment and Alternative Energy Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, partnerships, passive foreign investment companies (PFIC), deferred Trustee compensation, capital loss carryforwards and   losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
 
 
 
Tax cost
Gross unrealized appreciation
Gross unrealized depreciation
Net unrealized appreciation (depreciation)
Fidelity Environment and Alternative Energy Fund  
$   663,578,371
$   73,754,124
$   (66,338,551)
$   7,415,573
Fidelity Natural Resources Fund
  524,629,042
  182,582,493
  (19,686,014)
  162,896,479
 
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 
Short-term
Long-term
Total capital loss carryforward
Fidelity Natural Resources Fund
  $(81,832,559)
  $(201,972,245)
   $(283,804,804)
 
Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2021 to February 28, 2022. Loss deferrals were as follows:
 
 
Capital losses
Fidelity Environment and Alternative Energy Fund  
$   (25,207,903)
 
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
  84,393,101
  106,918,841
Fidelity Natural Resources Fund
  457,042,356
  372,274,003
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:
 
 
Individual Rate
Group Rate
Total
Fidelity Environment and Alternative Energy Fund
.30%
.23%
.53%
Fidelity Natural Resources Fund
.30%
.23%
.53%
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
 
Fidelity Environment and Alternative Energy Fund
.20%
Fidelity Natural Resources Fund
.18%
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Environment and Alternative Energy Fund
.03
Fidelity Natural Resources Fund
.03
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Environment and Alternative Energy Fund
$   2,133
Fidelity Natural Resources Fund
  15,786
 
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 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
Fidelity Natural Resources Fund
  Borrower
$   5,089,618
1.56%
$   7,487
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Environment and Alternative Energy Fund
  1,690,788
  10,206,653
  (3,515,641)
Fidelity Natural Resources Fund
  33,517,115
  30,130,409
  (2,255,377)
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Environment and Alternative Energy Fund
$   646
Fidelity Natural Resources Fund
  592
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, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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
$   171
$   1
$-
Fidelity Natural Resources Fund
$   3,058
$   -
$-
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
Fidelity Natural Resources Fund
$   1,824,000
2.08%
$   843
9. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:
 
 
Amount
Fidelity Environment and Alternative Energy Fund
$   11,599
Fidelity Natural Resources Fund
  12,038
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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.
 
 
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2022 to August 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value March 1, 2022
 
Ending Account Value August 31, 2022
 
Expenses Paid During Period- C March 1, 2022 to August 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® Environment and Alternative Energy Fund
 
 
 
.78%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 911.20
 
$ 3.76
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.27
 
$ 3.97
 
 
 
 
 
 
 
 
 
 
Fidelity® Natural Resources Fund
 
 
 
.77%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,054.10
 
$ 3.99
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.32
 
$ 3.92
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
Fidelity Environment and Alternative Energy Fund
Fidelity Natural Resources Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and the total expense ratio of each fund; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.  
 
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided.   The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians,  subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that the Fidelity Environment and Alternative Energy Fund had portfolio manager changes in July 2021 and August 2021 and the Fidelity Natural Resources Fund had a portfolio manager change in January 2021. The Board will continue to monitor closely the funds' performance, taking into account the portfolio manager changes.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the fund compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.  
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for each fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below.    
 
Fidelity Environment and Alternative Energy Fund
 
 
Fidelity Natural Resources Fund
 
 
The Board considered the fund's underperformance for different time periods ended September 30, 2021 and for different time periods ended December 31, 2021 (which periods are not reflected in the chart above). The Board noted that the fund's underperformance has continued since the Board approved the management contract in January 2020 and May 2021. The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; and attribution reports on contributors to the fund's underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance. For a fund with underperformance over longer periods of time, the Board typically monitors the fund's performance more closely.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
 
Competitiveness of Management Fee and Total Expense Ratio.   The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity funds are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.  
 
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.
 
Fidelity Environment and Alternative Energy Fund
 
 
Fidelity Natural Resources Fund
 
 
The Board noted that each fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio. In its review of each fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for each fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that each fund's total net expense ratio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.
 
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
 
Economies of Scale.   The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contracts). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that each fund's Advisory Contracts should be renewed.
 
1.9901476.101
EAE-NRF-SANN-1022


Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Select Portfolioss Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Select Portfolioss (the Trust) disclosure controls and procedures (as



defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(a)(ii)  There was no change in the Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Select Portfolios



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

October 20, 2022


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

October 20, 2022



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

October 20, 2022