Form of Certification required from Principal Executive Officer and Principal Financial Officer in connection with each Form N

Semiconductors Portfolio

Software and IT Services Portfolio

Tech Hardware Portfolio

Technology Portfolio

Enterprise Technology Services Portfolio

Proxy Voting Results

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

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

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

Other third-party marks appearing herein are the property of their respective owners.

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.

Schedule of Investments August 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Visa, Inc. Class A	22.4
MasterCard, Inc. Class A	15.9
Accenture PLC Class A	11.5
MongoDB, Inc. Class A	4.2
Block, Inc. Class A	4.0
ExlService Holdings, Inc.	3.5
Intuit, Inc.	3.5
Fiserv, Inc.	3.4
Global Payments, Inc.	3.0
H&R Block, Inc.	2.5
	73.9

Industries (% of Fund's net assets)

Financial Services	53.8
IT Services	23.3
Professional Services	8.5
Software	7.9
Diversified Consumer Services	2.5
Interactive Media & Services	2.0
Consumer Finance	0.7
Communications Equipment	0.6
Broadline Retail	0.3

Enterprise Technology Services Portfolio

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares	Value ($)
Broadline Retail - 0.3%
Broadline Retail - 0.3%
Global-e Online Ltd. (a)(b)	140,925	5,584,858
Communications Equipment - 0.6%
Communications Equipment - 0.6%
Lumentum Holdings, Inc. (a)	217,300	11,762,449
Consumer Finance - 0.7%
Consumer Finance - 0.7%
NerdWallet, Inc. (a)(b)	1,525,523	13,729,707
Diversified Consumer Services - 2.5%
Specialized Consumer Services - 2.5%
H&R Block, Inc. (b)	1,289,200	51,542,216
Financial Services - 53.8%
Transaction & Payment Processing Services - 53.8%
Block, Inc. Class A (a)	1,391,600	80,225,740
Fiserv, Inc. (a)	562,017	68,223,244
FleetCor Technologies, Inc. (a)	151,600	41,194,268
Global Payments, Inc.	478,400	60,608,496
MasterCard, Inc. Class A	775,100	319,837,264
PayPal Holdings, Inc. (a)	543,440	33,970,434
Remitly Global, Inc. (a)	1,126,100	28,321,415
The Western Union Co.	4,800	59,280
Visa, Inc. Class A (b)	1,840,048	452,062,992
WEX, Inc. (a)	700	137,326
		1,084,640,459
Interactive Media & Services - 2.0%
Interactive Media & Services - 2.0%
Alphabet, Inc. Class A (a)	190,000	25,872,300
Meta Platforms, Inc. Class A (a)	46,100	13,640,529
		39,512,829
IT Services - 23.3%
Internet Services & Infrastructure - 6.4%
Cloudflare, Inc. (a)	107,800	7,010,234
MongoDB, Inc. Class A (a)	220,100	83,924,130
Okta, Inc. (a)	192,600	16,084,026
Snowflake, Inc. (a)(b)	80,900	12,689,165
Twilio, Inc. Class A (a)(b)	136,600	8,702,786
		128,410,341
IT Consulting & Other Services - 16.9%
Accenture PLC Class A	715,180	231,553,829
Amdocs Ltd.	405,900	36,206,280
EPAM Systems, Inc. (a)	83,600	21,651,564
Gartner, Inc. (a)	147,200	51,472,896
		340,884,569
TOTAL IT SERVICES		469,294,910
Professional Services - 8.5%
Data Processing & Outsourced Services - 5.5%
ExlService Holdings, Inc. (a)	2,428,500	70,985,055
WNS Holdings Ltd. sponsored ADR (a)	602,292	39,359,782
		110,344,837
Human Resource & Employment Services - 3.0%
Automatic Data Processing, Inc.	106,175	27,033,217
Manpower, Inc. (b)	220,800	17,414,496
Paycom Software, Inc.	57,300	16,894,332
		61,342,045
TOTAL PROFESSIONAL SERVICES		171,686,882
Software - 7.9%
Application Software - 4.8%
Intuit, Inc.	130,456	70,682,365
Samsara, Inc. (a)	562,900	15,400,944
Workday, Inc. Class A (a)	42,700	10,440,150
		96,523,459
Systems Software - 3.1%
Microsoft Corp.	113,200	37,102,432
UiPath, Inc. Class A (a)(b)	1,640,100	25,929,981
		63,032,413
TOTAL SOFTWARE		159,555,872
TOTAL COMMON STOCKS (Cost $1,029,794,935)		2,007,310,182

Money Market Funds - 4.3%
	Shares	Value ($)
Fidelity Securities Lending Cash Central Fund 5.44% (c)(d) (Cost $87,231,040)	87,222,317	87,231,040

TOTAL INVESTMENT IN SECURITIES - 103.9% (Cost $1,117,025,975)	2,094,541,222
NET OTHER ASSETS (LIABILITIES) - (3.9)%	(77,873,279)
NET ASSETS - 100.0%	2,016,667,943

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 5.43%	1,121,615	136,180,176	137,301,791	109,757	-	-	-	0.0%
Fidelity Securities Lending Cash Central Fund 5.44%	548,084,985	885,114,236	1,345,968,181	112,635	-	-	87,231,040	0.3%
Total	549,206,600	1,021,294,412	1,483,269,972	222,392	-	-	87,231,040

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

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

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2023, 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	2,007,310,182	2,007,310,182	-	-

Money Market Funds	87,231,040	87,231,040	-	-
Total Investments in Securities:	2,094,541,222	2,094,541,222	-	-

Enterprise Technology Services Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				August 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $85,240,600) - See accompanying schedule:
Unaffiliated issuers (cost $1,029,794,935)	$	2,007,310,182
Fidelity Central Funds (cost $87,231,040)		87,231,040


Total Investment in Securities (cost $1,117,025,975)			$	2,094,541,222
Receivable for investments sold				34,181,307
Receivable for fund shares sold				129,952
Dividends receivable				1,045,183
Distributions receivable from Fidelity Central Funds				28,461
Prepaid expenses				7,718
Other receivables				23,548
Total assets				2,129,957,391
Liabilities
Payable to custodian bank	$	71,523
Payable for investments purchased		23,174,949
Payable for fund shares redeemed		1,527,355
Accrued management fee		865,617
Other affiliated payables		336,043
Other payables and accrued expenses		99,011
Collateral on securities loaned		87,214,950
Total Liabilities				113,289,448
Net Assets			$	2,016,667,943
Net Assets consist of:
Paid in capital			$	967,817,942
Total accumulated earnings (loss)				1,048,850,001
Net Assets			$	2,016,667,943
Net Asset Value, offering price and redemption price per share ($2,016,667,943 ÷ 33,696,450 shares)			$	59.85

Statement of Operations
				Six months ended August 31, 2023 (Unaudited)
Investment Income
Dividends			$	6,948,047
Income from Fidelity Central Funds (including $112,635 from security lending)				222,392
Total Income				7,170,439
Expenses
Management fee	$	5,313,533
Transfer agent fees		1,763,600
Accounting fees		271,871
Custodian fees and expenses		19,341
Independent trustees' fees and expenses		7,995
Registration fees		11,459
Audit		19,484
Legal		4,496
Interest		14,316
Miscellaneous		56,614
Total expenses before reductions		7,482,709
Expense reductions		(63,461)
Total expenses after reductions				7,419,248
Net Investment income (loss)				(248,809)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		81,931,519
Total net realized gain (loss)				81,931,519
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		82,332,944
Assets and liabilities in foreign currencies		18
Total change in net unrealized appreciation (depreciation)				82,332,962
Net gain (loss)				164,264,481
Net increase (decrease) in net assets resulting from operations			$	164,015,672

Statement of Changes in Net Assets

		Six months ended August 31, 2023 (Unaudited)		Year ended February 28, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(248,809)	$	659,594
Net realized gain (loss)		81,931,519		1,424,399
Change in net unrealized appreciation (depreciation)		82,332,962		(348,839,323)
Net increase (decrease) in net assets resulting from operations		164,015,672		(346,755,330)
Distributions to shareholders		(148,388)		(302,562,844)

Share transactions
Proceeds from sales of shares		26,835,985		102,221,072
Reinvestment of distributions		138,310		284,601,905
Cost of shares redeemed		(260,641,530)		(524,875,862)

Net increase (decrease) in net assets resulting from share transactions		(233,667,235)		(138,052,885)
Total increase (decrease) in net assets		(69,799,951)		(787,371,059)

Net Assets
Beginning of period		2,086,467,894		2,873,838,953
End of period	$	2,016,667,943	$	2,086,467,894

Other Information
Shares
Sold		473,523		1,767,664
Issued in reinvestment of distributions		2,460		4,611,673
Redeemed		(4,603,190)		(9,454,797)
Net increase (decrease)		(4,127,207)		(3,075,460)

Financial Highlights

Enterprise Technology Services Portfolio

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019
Selected Per-Share Data
Net asset value, beginning of period	$	55.16	$	70.27	$	93.94	$	73.62	$	64.96	$	58.69
Income from Investment Operations
Net investment income (loss) B,C		(.01)		.02		(.27)		(.09)		.03		.04
Net realized and unrealized gain (loss)		4.70		(7.56)		(10.44)		25.34		10.36		8.92
Total from investment operations		4.69		(7.54)		(10.71)		25.25		10.39		8.96
Distributions from net investment income		- D		(.01)		-		(.01)		(.03)		(.03)
Distributions from net realized gain		-		(7.55)		(12.96)		(4.93)		(1.70)		(2.66)
Total distributions		- D		(7.57) E		(12.96)		(4.93) E		(1.73)		(2.69)
Net asset value, end of period	$	59.85	$	55.16	$	70.27	$	93.94	$	73.62	$	64.96
Total Return F,G		8.51%		(11.88)%		(13.31)%		34.67%		15.99%		16.04%
Ratios to Average Net Assets C,H,I
Expenses before reductions		.74% J,K		.73%		.70%		.72%		.73%		.74%
Expenses net of fee waivers, if any		.73% J,K		.73%		.70%		.72%		.73%		.74%
Expenses net of all reductions		.73% J,K		.73%		.70%		.72%		.73%		.74%
Net investment income (loss)		(.02)% J,K		.03%		(.29)%		(.11)%		.04%		.06%
Supplemental Data
Net assets, end of period (000 omitted)	$	2,016,668	$	2,086,468	$	2,873,839	$	4,135,311	$	4,099,114	$	2,867,321
Portfolio turnover rate L		35% K		43%		41%		31%		24%		26%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

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

DAmount represents less than $.005 per share.

ETotal distributions per share do not sum due to rounding.

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

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

HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional 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.

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

JProxy expenses are not annualized.

KAnnualized.

LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Semiconductors Portfolio

Schedule of Investments August 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

NVIDIA Corp.	24.8
NXP Semiconductors NV	8.4
ON Semiconductor Corp.	8.0
Marvell Technology, Inc.	7.1
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	5.0
GlobalFoundries, Inc.	4.9
Broadcom, Inc.	4.6
Microchip Technology, Inc.	3.7
Lam Research Corp.	3.6
Teradyne, Inc.	3.5
	73.6

Industries (% of Fund's net assets)

Semiconductors & Semiconductor Equipment	96.6
Electrical Equipment	0.2
Metals & Mining	0.1
Electronic Equipment, Instruments & Components	0.0
Software	0.0
Technology Hardware, Storage & Peripherals	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 adjusted for the effect of derivatives, if applicable.

Semiconductors Portfolio

Showing Percentage of Net Assets

Common Stocks - 96.4%
	Shares	Value ($)
Electrical Equipment - 0.2%
Electrical Components & Equipment - 0.2%
Array Technologies, Inc. (a)	563,300	14,009,271
Electronic Equipment, Instruments & Components - 0.0%
Electronic Equipment & Instruments - 0.0%
Aeva Technologies, Inc. (a)(b)	1,097,800	1,034,786
Semiconductors & Semiconductor Equipment - 96.2%
Semiconductor Materials & Equipment - 13.8%
Applied Materials, Inc.	72,500	11,075,100
ASML Holding NV (depository receipt)	596,400	393,940,092
Enphase Energy, Inc. (a)	1,631,361	206,416,107
KLA Corp.	29,013	14,560,754
Lam Research Corp.	595,273	418,119,755
Nova Ltd. (a)(b)	1,109,328	143,036,752
Teradyne, Inc. (b)	3,692,022	398,258,413
		1,585,406,973
Semiconductors - 82.4%
Advanced Micro Devices, Inc. (a)	3,307,918	349,713,091
Allegro MicroSystems LLC (a)(b)	3,913,000	149,672,250
Alpha & Omega Semiconductor Ltd. (a)	513,296	16,194,489
Ambarella, Inc. (a)	312,589	19,427,406
Analog Devices, Inc.	63,338	11,513,582
Broadcom, Inc.	567,727	523,949,571
Cirrus Logic, Inc. (a)	518,279	42,519,609
GlobalFoundries, Inc. (a)(b)	10,263,797	567,074,784
Impinj, Inc. (a)(b)(c)	1,881,096	125,224,561
Lattice Semiconductor Corp. (a)	2,137,957	207,937,698
MACOM Technology Solutions Holdings, Inc. (a)	2,078,063	175,721,007
Marvell Technology, Inc.	13,916,173	810,617,077
Microchip Technology, Inc.	5,166,661	422,839,536
Micron Technology, Inc.	4,508,900	315,352,466
Monolithic Power Systems, Inc.	502,561	261,939,819
NVIDIA Corp.	5,779,268	2,852,357,721
NXP Semiconductors NV	4,674,214	961,579,304
ON Semiconductor Corp. (a)	9,327,088	918,345,084
Skyworks Solutions, Inc.	1,495,686	162,640,896
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	6,079,300	568,840,101
		9,463,460,052
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		11,048,867,025
TOTAL COMMON STOCKS (Cost $6,502,040,987)		11,063,911,082

Convertible Preferred Stocks - 0.4%
	Shares	Value ($)
Electronic Equipment, Instruments & Components - 0.0%
Electronic Components - 0.0%
Menlo Micro, Inc. Series C (a)(d)(e)	739,500	732,105
Metals & Mining - 0.1%
Precious Metals & Minerals - 0.1%
Diamond Foundry, Inc. Series C (a)(d)(e)	189,999	6,315,567
Semiconductors & Semiconductor Equipment - 0.3%
Semiconductor Materials & Equipment - 0.1%
Astera Labs, Inc.:
Series A (a)(d)(e)	269,049	2,550,585
Series B (a)(d)(e)	45,810	434,279
Series C (a)(d)(e)	185,800	1,761,384
Series D (a)(d)(e)	1,092,759	10,359,355
		15,105,603
Semiconductors - 0.2%
Alif Semiconductor Series C (a)(d)(e)	444,283	8,659,076
GaN Systems, Inc.:
Series F1 (a)(d)(e)	496,628	5,497,672
Series F2 (a)(d)(e)	262,241	2,903,008
Retym, Inc. Series C (d)(e)	458,946	3,556,832
SiMa.ai:
Series B (a)(d)(e)	309,900	1,912,083
Series B1 (a)(d)(e)	163,147	1,174,658
		23,703,329
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		38,808,932
Software - 0.0%
Systems Software - 0.0%
Tenstorrent, Inc. Series C1 (a)(d)(e)	8,800	489,104
Technology Hardware, Storage & Peripherals - 0.0%
Technology Hardware, Storage & Peripherals - 0.0%
Lightmatter, Inc. Series C (d)(e)	271,273	4,454,303
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $47,237,832)		50,800,011

Preferred Securities - 0.1%
	Principal Amount (f)	Value ($)
Semiconductors & Semiconductor Equipment - 0.1%
Semiconductors - 0.1%
GaN Systems, Inc. 0% (d)(e)(g)	11,640,267	14,325,677
Software - 0.0%
Systems Software - 0.0%
Tenstorrent, Inc. 0% (d)(e)(g)	490,000	458,150
TOTAL PREFERRED SECURITIES (Cost $12,130,267)		14,783,827

Money Market Funds - 3.6%
	Shares	Value ($)
Fidelity Cash Central Fund 5.43% (h)	123,998,544	124,023,344
Fidelity Securities Lending Cash Central Fund 5.44% (h)(i)	287,467,793	287,496,540
TOTAL MONEY MARKET FUNDS (Cost $411,519,884)		411,519,884

TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $6,972,928,970)	11,541,014,804
NET OTHER ASSETS (LIABILITIES) - (0.5)%	(57,746,728)
NET ASSETS - 100.0%	11,483,268,076

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 $65,583,838 or 0.6% of net assets.

(e)	Level 3 security

(f)	Amount is stated in United States dollars unless otherwise noted.

(g)	Security is perpetual in nature with no stated maturity date.

(h)

(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 ($)
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

Lightmatter, Inc. Series C	5/19/23	4,464,286

Menlo Micro, Inc. Series C	2/09/22	980,207

Retym, Inc. Series C	5/17/23 - 6/20/23	3,571,426

SiMa.ai Series B	5/10/21	1,588,981

SiMa.ai Series B1	4/25/22 - 10/17/22	1,156,859

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 5.43%	91,823,488	1,773,485,801	1,741,285,945	5,200,236	-	-	124,023,344	0.3%
Fidelity Securities Lending Cash Central Fund 5.44%	119,203,612	1,442,422,437	1,274,129,509	1,532,089	-	-	287,496,540	1.0%
Total	211,027,100	3,215,908,238	3,015,415,454	6,732,325	-	-	411,519,884

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

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)
Impinj, Inc.	8,895,752	176,513,603	-	-	-	(60,184,794)	125,224,561
Total	8,895,752	176,513,603	-	-	-	(60,184,794)	125,224,561

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	11,063,911,082	11,063,911,082	-	-

Convertible Preferred Stocks	50,800,011	-	-	50,800,011

Preferred Securities	14,783,827	-	-	14,783,827

Money Market Funds	411,519,884	411,519,884	-	-
Total Investments in Securities:	11,541,014,804	11,475,430,966	-	65,583,838

Semiconductors Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				August 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $282,703,959) - See accompanying schedule:
Unaffiliated issuers (cost $6,376,458,537)	$	11,004,270,359
Fidelity Central Funds (cost $411,519,884)		411,519,884
Other affiliated issuers (cost $184,950,549)		125,224,561


Total Investment in Securities (cost $6,972,928,970)			$	11,541,014,804
Receivable for investments sold				362,306,411
Receivable for fund shares sold				17,897,390
Dividends receivable				3,603,239
Distributions receivable from Fidelity Central Funds				1,243,571
Prepaid expenses				24,717
Other receivables				238,508
Total assets				11,926,328,640
Liabilities
Payable for investments purchased	$	140,316,770
Payable for fund shares redeemed		8,793,427
Accrued management fee		4,832,432
Other affiliated payables		1,373,563
Other payables and accrued expenses		247,832
Collateral on securities loaned		287,496,540
Total Liabilities				443,060,564
Net Assets			$	11,483,268,076
Net Assets consist of:
Paid in capital			$	6,032,033,592
Total accumulated earnings (loss)				5,451,234,484
Net Assets			$	11,483,268,076
Net Asset Value, offering price and redemption price per share ($11,483,268,076 ÷ 466,185,725 shares)			$	24.63

Statement of Operations
				Six months ended August 31, 2023 (Unaudited)
Investment Income
Dividends			$	30,001,226
Income from Fidelity Central Funds (including $1,532,089 from security lending)				6,732,325
Total Income				36,733,551
Expenses
Management fee	$	25,206,760
Transfer agent fees		6,784,465
Accounting fees		574,016
Custodian fees and expenses		22,820
Independent trustees' fees and expenses		30,132
Registration fees		212,127
Audit		19,910
Legal		2,727
Interest		3,636
Miscellaneous		23,296
Total expenses before reductions		32,879,889
Expense reductions		(290,242)
Total expenses after reductions				32,589,647
Net Investment income (loss)				4,143,904
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		933,148,962
Foreign currency transactions		(181)
Total net realized gain (loss)				933,148,781
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		1,772,667,157
Affiliated issuers		(60,184,794)
Assets and liabilities in foreign currencies		145
Total change in net unrealized appreciation (depreciation)				1,712,482,508
Net gain (loss)				2,645,631,289
Net increase (decrease) in net assets resulting from operations			$	2,649,775,193

Statement of Changes in Net Assets

		Six months ended August 31, 2023 (Unaudited)		Year ended February 28, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,143,904	$	11,921,903
Net realized gain (loss)		933,148,781		102,226,545
Change in net unrealized appreciation (depreciation)		1,712,482,508		(478,501,687)
Net increase (decrease) in net assets resulting from operations		2,649,775,193		(364,353,239)
Distributions to shareholders		(19,318,442)		(401,716,905)

Share transactions
Proceeds from sales of shares		1,980,513,356		1,289,524,725
Reinvestment of distributions		17,971,554		378,004,092
Cost of shares redeemed		(910,126,133)		(1,563,929,144)

Net increase (decrease) in net assets resulting from share transactions		1,088,358,777		103,599,673
Total increase (decrease) in net assets		3,718,815,528		(662,470,471)

Net Assets
Beginning of period		7,764,452,548		8,426,923,019
End of period	$	11,483,268,076	$	7,764,452,548

Other Information
Shares
Sold		88,973,461		74,773,935
Issued in reinvestment of distributions		938,463		22,013,643
Redeemed		(41,877,267)		(95,214,839)
Net increase (decrease)		48,034,657		1,572,739

Financial Highlights

Semiconductors Portfolio

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019 B
Selected Per-Share Data
Net asset value, beginning of period	$	18.57	$	20.23	$	17.59	$	11.47	$	9.41	$	11.77
Income from Investment Operations
Net investment income (loss) C,D		.01		.03		.01		.07		.09		.10
Net realized and unrealized gain (loss)		6.10		(.71)		4.30		7.37		2.39		(.35)
Total from investment operations		6.11		(.68)		4.31		7.44		2.48		(.25)
Distributions from net investment income		-		(.03)		(.01)		(.08)		(.10)		(.06)
Distributions from net realized gain		(.05)		(.95)		(1.66)		(1.24)		(.33)		(2.05)
Total distributions		(.05)		(.98)		(1.67)		(1.32)		(.42) E		(2.11)
Net asset value, end of period	$	24.63	$	18.57	$	20.23	$	17.59	$	11.47	$	9.41
Total Return F,G		32.94%		(2.91)%		24.57%		70.47%		26.01%		.19%
Ratios to Average Net Assets D,H,I
Expenses before reductions		.68% J		.69%		.68%		.70%		.72%		.73%
Expenses net of fee waivers, if any		.68% J		.69%		.67%		.70%		.72%		.73%
Expenses net of all reductions		.68% J		.69%		.67%		.69%		.71%		.72%
Net investment income (loss)		.09% J		.17%		.03%		.53%		.85%		.92%
Supplemental Data
Net assets, end of period (000 omitted)	$	11,483,268	$	7,764,453	$	8,426,923	$	5,717,786	$	3,778,557	$	3,052,506
Portfolio turnover rate K		50% J		35%		33%		87%		114%		130%

AFor the year ended February 29.

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

CCalculated based on average shares outstanding during the period.

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

ETotal distributions per share do not sum due to rounding.

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

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

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Software and IT Services Portfolio

Schedule of Investments August 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	23.4
Adobe, Inc.	7.6
Salesforce, Inc.	6.1
Alphabet, Inc. Class A	3.0
Intuit, Inc.	3.0
Oracle Corp.	2.7
Workday, Inc. Class A	2.6
Autodesk, Inc.	2.5
Palo Alto Networks, Inc.	2.5
Cognizant Technology Solutions Corp. Class A	2.1
	55.5

Industries (% of Fund's net assets)

Software	67.1
IT Services	17.5
Financial Services	5.8
Interactive Media & Services	4.1
Entertainment	1.4
Professional Services	0.9
Health Care Technology	0.2
Ground Transportation	0.2
Media	0.1

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Software and IT Services Portfolio

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares	Value ($)
Entertainment - 1.4%
Interactive Home Entertainment - 1.4%
Activision Blizzard, Inc.	814,900	74,962,651
Electronic Arts, Inc.	655,500	78,646,890
		153,609,541
Financial Services - 5.8%
Transaction & Payment Processing Services - 5.8%
Adyen BV (a)(b)	52,400	43,755,122
Block, Inc. Class A (a)	1,686,600	97,232,490
Fidelity National Information Services, Inc.	547,700	30,594,522
Fiserv, Inc. (a)	263,900	32,034,821
FleetCor Technologies, Inc. (a)	125,200	34,020,596
MasterCard, Inc. Class A	318,100	131,260,784
PayPal Holdings, Inc. (a)	605,300	37,837,303
Toast, Inc. (a)	2,690,900	59,657,253
Visa, Inc. Class A	543,920	133,630,266
WEX, Inc. (a)	80,600	15,812,108
		615,835,265
Ground Transportation - 0.2%
Passenger Ground Transportation - 0.2%
Uber Technologies, Inc. (a)	373,200	17,626,236
Health Care Technology - 0.2%
Health Care Technology - 0.2%
Doximity, Inc. (a)	768,740	18,326,762
Interactive Media & Services - 4.1%
Interactive Media & Services - 4.1%
Alphabet, Inc. Class A (a)	2,376,300	323,580,771
Meta Platforms, Inc. Class A (a)	234,000	69,238,260
Zoominfo Technologies, Inc. (a)	2,495,500	44,968,910
		437,787,941
IT Services - 17.5%
Internet Services & Infrastructure - 8.8%
Akamai Technologies, Inc. (a)	1,026,200	107,843,358
Cloudflare, Inc. (a)	720,349	46,844,295
GoDaddy, Inc. (a)	1,449,500	105,103,245
MongoDB, Inc. Class A (a)	517,200	197,208,360
Okta, Inc. (a)	1,535,291	128,212,151
Snowflake, Inc. (a)	1,255,900	196,987,915
Twilio, Inc. Class A (a)	2,125,529	135,417,453
Wix.com Ltd. (a)	258,300	25,512,291
		943,129,068
IT Consulting & Other Services - 8.7%
Accenture PLC Class A	661,300	214,109,101
Capgemini SA	691,100	128,973,965
Cognizant Technology Solutions Corp. Class A	3,073,300	220,079,013
DXC Technology Co. (a)	658,600	13,659,364
EPAM Systems, Inc. (a)	551,325	142,787,662
Gartner, Inc. (a)	148,800	52,032,384
IBM Corp.	1,028,300	150,985,289
		922,626,778
TOTAL IT SERVICES		1,865,755,846
Media - 0.1%
Publishing - 0.1%
The New York Times Co. Class A	236,500	10,469,855
Professional Services - 0.9%
Data Processing & Outsourced Services - 0.4%
ExlService Holdings, Inc. (a)	1,243,664	36,352,299
Human Resource & Employment Services - 0.5%
Ceridian HCM Holding, Inc. (a)	762,542	55,299,546
TOTAL PROFESSIONAL SERVICES		91,651,845
Software - 67.1%
Application Software - 35.3%
Adobe, Inc. (a)	1,454,100	813,336,294
Alteryx, Inc. Class A (a)	289,700	8,551,944
Amplitude, Inc. (a)	2,755,675	32,186,284
Aspen Technology, Inc. (a)	157,662	30,586,428
Atlassian Corp. PLC (a)	1,026,650	209,498,199
Autodesk, Inc. (a)	1,199,600	266,239,224
Bill Holdings, Inc. (a)	332,500	38,337,250
Blackbaud, Inc. (a)	623,800	47,477,418
BlackLine, Inc. (a)	1,542,542	92,645,073
Confluent, Inc. (a)	1,186,685	39,267,407
Constellation Software, Inc.	25,200	51,762,575
Constellation Software, Inc.:
warrants 8/22/28 (a)(c)	25,200	2
rights (a)	25,200	13,988
Datadog, Inc. Class A (a)	1,319,532	127,308,447
DocuSign, Inc. (a)	129,800	6,528,940
Elastic NV (a)	1,830,259	113,256,427
Everbridge, Inc. (a)	1,496,100	37,118,241
Five9, Inc. (a)	1,285,552	93,035,398
HubSpot, Inc. (a)	311,800	170,404,936
Intuit, Inc.	586,758	317,911,352
New Relic, Inc. (a)	342,000	29,107,620
PTC, Inc. (a)	867,000	127,596,390
RingCentral, Inc. (a)	1,766,677	54,643,320
Salesforce, Inc. (a)	2,928,184	648,475,629
SAP SE	24,200	3,376,007
Workday, Inc. Class A (a)	1,128,000	275,796,000
Workiva, Inc. (a)	728,676	81,502,411
Zoom Video Communications, Inc. Class A (a)	515,245	36,597,852
		3,752,561,056
Systems Software - 31.8%
Crowdstrike Holdings, Inc. (a)	558,386	91,033,670
Gen Digital, Inc.	6,352,418	128,636,465
Microsoft Corp.	7,606,102	2,492,975,987
Oracle Corp.	2,364,027	284,605,211
Palo Alto Networks, Inc. (a)	1,075,800	261,742,140
Tenable Holdings, Inc. (a)	2,737,680	124,208,542
		3,383,202,015
TOTAL SOFTWARE		7,135,763,071
TOTAL COMMON STOCKS (Cost $5,264,895,948)		10,346,826,362

Money Market Funds - 2.7%
	Shares	Value ($)
Fidelity Cash Central Fund 5.43% (d) (Cost $290,995,904)	290,937,716	290,995,904

TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $5,555,891,852)	10,637,822,266
NET OTHER ASSETS (LIABILITIES) - 0.0%	(617,417)
NET ASSETS - 100.0%	10,637,204,849

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 $43,755,122 or 0.4% of net assets.

(c)	Level 3 security

(d)

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 5.43%	182,356,223	863,542,879	754,903,198	8,479,172	-	-	290,995,904	0.7%
Fidelity Securities Lending Cash Central Fund 5.44%	102,925	11,167,483	11,270,408	77	-	-	-	0.0%
Total	182,459,148	874,710,362	766,173,606	8,479,249	-	-	290,995,904

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	10,346,826,362	10,170,721,266	176,105,094	2

Money Market Funds	290,995,904	290,995,904	-	-
Total Investments in Securities:	10,637,822,266	10,461,717,170	176,105,094	2

Software and IT Services Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				August 31, 2023 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $5,264,895,948)	$	10,346,826,362
Fidelity Central Funds (cost $290,995,904)		290,995,904


Total Investment in Securities (cost $5,555,891,852)			$	10,637,822,266
Receivable for investments sold				23,423,759
Receivable for fund shares sold				3,093,947
Dividends receivable				8,326,011
Distributions receivable from Fidelity Central Funds				1,614,435
Prepaid expenses				27,844
Other receivables				507,122
Total assets				10,674,815,384
Liabilities
Payable for investments purchased	$	26,524,362
Payable for fund shares redeemed		4,845,431
Accrued management fee		4,490,685
Other affiliated payables		1,340,900
Other payables and accrued expenses		409,157
Total Liabilities				37,610,535
Net Assets			$	10,637,204,849
Net Assets consist of:
Paid in capital			$	4,831,385,241
Total accumulated earnings (loss)				5,805,819,608
Net Assets			$	10,637,204,849
Net Asset Value, offering price and redemption price per share ($10,637,204,849 ÷ 404,496,873 shares)			$	26.30

Statement of Operations
				Six months ended August 31, 2023 (Unaudited)
Investment Income
Dividends			$	29,423,413
Income from Fidelity Central Funds (including $77 from security lending)				8,479,249
Total Income				37,902,662
Expenses
Management fee	$	25,600,801
Transfer agent fees		7,144,926
Accounting fees		577,080
Custodian fees and expenses		30,084
Independent trustees' fees and expenses		34,848
Registration fees		54,929
Audit		18,709
Legal		3,419
Miscellaneous		29,483
Total expenses before reductions		33,494,279
Expense reductions		(308,535)
Total expenses after reductions				33,185,744
Net Investment income (loss)				4,716,918
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		722,186,965
Foreign currency transactions		(10,462)
Total net realized gain (loss)				722,176,503
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		1,436,267,615
Assets and liabilities in foreign currencies		(612)
Total change in net unrealized appreciation (depreciation)				1,436,267,003
Net gain (loss)				2,158,443,506
Net increase (decrease) in net assets resulting from operations			$	2,163,160,424

Statement of Changes in Net Assets

		Six months ended August 31, 2023 (Unaudited)		Year ended February 28, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,716,918	$	(1,210,231)
Net realized gain (loss)		722,176,503		381,731,719
Change in net unrealized appreciation (depreciation)		1,436,267,003		(1,924,482,707)
Net increase (decrease) in net assets resulting from operations		2,163,160,424		(1,543,961,219)
Distributions to shareholders		(9,414,880)		(738,727,367)

Share transactions
Proceeds from sales of shares		402,901,184		474,830,990
Reinvestment of distributions		8,761,664		691,638,248
Cost of shares redeemed		(603,242,885)		(1,477,032,652)

Net increase (decrease) in net assets resulting from share transactions		(191,580,037)		(310,563,414)
Total increase (decrease) in net assets		1,962,165,507		(2,593,252,000)

Net Assets
Beginning of period		8,675,039,342		11,268,291,342
End of period	$	10,637,204,849	$	8,675,039,342

Other Information
Shares
Sold		16,556,852		21,172,412
Issued in reinvestment of distributions		386,476		30,858,073
Redeemed		(25,246,866)		(67,265,870)
Net increase (decrease)		(8,303,538)		(15,235,385)

Financial Highlights

Software and IT Services Portfolio

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019 B
Selected Per-Share Data
Net asset value, beginning of period	$	21.02	$	26.33	$	27.31	$	19.90	$	18.71	$	17.89
Income from Investment Operations
Net investment income (loss) C,D		.01		- E		(.05)		(.03)		.19 F		.02
Net realized and unrealized gain (loss)		5.29		(3.53)		1.03		8.82		3.52		1.81
Total from investment operations		5.30		(3.53)		.98		8.79		3.71		1.83
Distributions from net investment income		-		-		-		(.15)		(.05)		(.01)
Distributions from net realized gain		(.02)		(1.78)		(1.96)		(1.23)		(2.47)		(1.00)
Total distributions		(.02)		(1.78)		(1.96)		(1.38)		(2.52)		(1.01)
Net asset value, end of period	$	26.30	$	21.02	$	26.33	$	27.31	$	19.90	$	18.71
Total Return G,H		25.25%		(13.67)%		2.98%		45.80%		21.33%		10.90%
Ratios to Average Net Assets D,I,J
Expenses before reductions		.69% K		.69%		.67%		.70%		.70%		.72%
Expenses net of fee waivers, if any		.68% K		.69%		.67%		.70%		.70%		.72%
Expenses net of all reductions		.68% K		.69%		.67%		.69%		.70%		.71%
Net investment income (loss)		.10% K		(.01)%		(.17)%		(.11)%		.98% F		.10%
Supplemental Data
Net assets, end of period (000 omitted)	$	10,637,205	$	8,675,039	$	11,268,291	$	11,894,544	$	8,031,911	$	6,540,896
Portfolio turnover rate L		36% K		4%		10%		22%		23%		48%

AFor the year ended February 29.

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

CCalculated based on average shares outstanding during the period.

EAmount represents less than $.005 per share.

FNet 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%.

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

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

IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional 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.

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

KAnnualized.

LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Tech Hardware Portfolio

Schedule of Investments August 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Cisco Systems, Inc.	12.4
Samsung Electronics Co. Ltd.	11.6
Sony Group Corp.	10.0
Apple, Inc.	9.0
Arista Networks, Inc.	6.0
Palo Alto Networks, Inc.	5.0
Motorola Solutions, Inc.	4.9
FUJIFILM Holdings Corp.	4.6
Dell Technologies, Inc.	3.9
CDW Corp.	3.2
	70.6

Industries (% of Fund's net assets)

Technology Hardware, Storage & Peripherals	36.5
Communications Equipment	26.0
Electronic Equipment, Instruments & Components	10.2
Household Durables	10.0
Software	8.0
Semiconductors & Semiconductor Equipment	4.3
Entertainment	2.0
Electrical Equipment	1.1
Interactive Media & Services	0.7

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are adjusted for the effect of derivatives, if applicable.

Tech Hardware Portfolio

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares	Value ($)
Communications Equipment - 26.0%
Communications Equipment - 26.0%
Arista Networks, Inc. (a)	255,909	49,961,114
Ciena Corp. (a)	207,455	10,368,601
Cisco Systems, Inc.	1,807,567	103,663,966
Extreme Networks, Inc. (a)	307,698	8,446,310
Infinera Corp. (a)(b)	814,923	3,813,840
Motorola Solutions, Inc.	143,636	40,730,861
		216,984,692
Electrical Equipment - 1.1%
Electrical Components & Equipment - 1.1%
Vertiv Holdings Co.	241,493	9,512,409
Electronic Equipment, Instruments & Components - 10.2%
Electronic Equipment & Instruments - 2.1%
Keysight Technologies, Inc. (a)	129,984	17,326,867
Electronic Manufacturing Services - 1.3%
Jabil, Inc.	95,483	10,925,165
Technology Distributors - 6.8%
CDW Corp.	127,036	26,823,651
Insight Enterprises, Inc. (a)	115,159	18,435,804
TD SYNNEX Corp.	115,116	11,713,053
		56,972,508
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS		85,224,540
Entertainment - 2.0%
Interactive Home Entertainment - 2.0%
Nintendo Co. Ltd.	382,819	16,414,088
Household Durables - 10.0%
Consumer Electronics - 10.0%
Sony Group Corp.	997,859	83,014,396
Interactive Media & Services - 0.7%
Interactive Media & Services - 0.7%
Meta Platforms, Inc. Class A (a)	20,107	5,949,460
Semiconductors & Semiconductor Equipment - 4.3%
Semiconductors - 4.3%
MACOM Technology Solutions Holdings, Inc. (a)	67,723	5,726,657
Marvell Technology, Inc.	80,938	4,714,639
NVIDIA Corp.	9,778	4,825,932
Taiwan Semiconductor Manufacturing Co. Ltd.	1,191,814	20,468,285
		35,735,513
Software - 8.0%
Systems Software - 8.0%
Fortinet, Inc. (a)	246,415	14,836,647
Microsoft Corp.	31,556	10,342,795
Palo Alto Networks, Inc. (a)	170,194	41,408,200
		66,587,642
Technology Hardware, Storage & Peripherals - 36.5%
Technology Hardware, Storage & Peripherals - 36.5%
Apple, Inc.	399,575	75,068,155
Dell Technologies, Inc.	583,365	32,808,448
FUJIFILM Holdings Corp.	651,085	38,547,347
HP, Inc.	280,382	8,330,149
Pure Storage, Inc. Class A (a)	598,829	21,911,153
Samsung Electronics Co. Ltd.	1,914,280	96,659,282
Seagate Technology Holdings PLC	258,729	18,315,426
Super Micro Computer, Inc. (a)	10,335	2,842,952
Xiaomi Corp. Class B (a)(c)	6,250,577	9,851,273
		304,334,185
TOTAL COMMON STOCKS (Cost $579,570,264)		823,756,925

Money Market Funds - 0.6%
	Shares	Value ($)
Fidelity Cash Central Fund 5.43% (d)	1,888,263	1,888,641
Fidelity Securities Lending Cash Central Fund 5.44% (d)(e)	3,666,683	3,667,050
TOTAL MONEY MARKET FUNDS (Cost $5,555,691)		5,555,691

TOTAL INVESTMENT IN SECURITIES - 99.4% (Cost $585,125,955)	829,312,616
NET OTHER ASSETS (LIABILITIES) - 0.6%	4,663,049
NET ASSETS - 100.0%	833,975,665

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 $9,851,273 or 1.2% of net assets.

(d)

(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 5.43%	1,157,038	60,698,335	59,966,732	78,428	-	-	1,888,641	0.0%
Fidelity Securities Lending Cash Central Fund 5.44%	7,106,258	106,834,924	110,274,132	4,896	-	-	3,667,050	0.0%
Total	8,263,296	167,533,259	170,240,864	83,324	-	-	5,555,691

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	823,756,925	703,860,156	119,896,769	-

Money Market Funds	5,555,691	5,555,691	-	-
Total Investments in Securities:	829,312,616	709,415,847	119,896,769	-

Tech Hardware Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				August 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $3,813,732) - See accompanying schedule:
Unaffiliated issuers (cost $579,570,264)	$	823,756,925
Fidelity Central Funds (cost $5,555,691)		5,555,691


Total Investment in Securities (cost $585,125,955)			$	829,312,616
Receivable for investments sold				8,286,455
Receivable for fund shares sold				108,025
Dividends receivable				492,636
Distributions receivable from Fidelity Central Funds				6,784
Prepaid expenses				2,423
Other receivables				180,052
Total assets				838,388,991
Liabilities
Payable to custodian bank	$	7
Payable for fund shares redeemed		166,766
Accrued management fee		355,823
Other affiliated payables		129,581
Other payables and accrued expenses		94,099
Collateral on securities loaned		3,667,050
Total Liabilities				4,413,326
Net Assets			$	833,975,665
Net Assets consist of:
Paid in capital			$	605,505,326
Total accumulated earnings (loss)				228,470,339
Net Assets			$	833,975,665
Net Asset Value, offering price and redemption price per share ($833,975,665 ÷ 9,546,812 shares)			$	87.36

Statement of Operations
				Six months ended August 31, 2023 (Unaudited)
Investment Income
Dividends			$	5,494,540
Income from Fidelity Central Funds (including $4,896 from security lending)				83,324
Total Income				5,577,864
Expenses
Management fee	$	2,070,313
Transfer agent fees		625,481
Accounting fees		123,330
Custodian fees and expenses		26,575
Independent trustees' fees and expenses		2,825
Registration fees		29,578
Audit		18,863
Legal		3,004
Miscellaneous		2,510
Total expenses before reductions		2,902,479
Expense reductions		(24,368)
Total expenses after reductions				2,878,111
Net Investment income (loss)				2,699,753
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		17,728,250
Foreign currency transactions		(138,147)
Total net realized gain (loss)				17,590,103
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		83,148,654
Assets and liabilities in foreign currencies		22,693
Total change in net unrealized appreciation (depreciation)				83,171,347
Net gain (loss)				100,761,450
Net increase (decrease) in net assets resulting from operations			$	103,461,203

Statement of Changes in Net Assets

		Six months ended August 31, 2023 (Unaudited)		Year ended February 28, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,699,753	$	5,532,964
Net realized gain (loss)		17,590,103		(33,604,003)
Change in net unrealized appreciation (depreciation)		83,171,347		(97,845,367)
Net increase (decrease) in net assets resulting from operations		103,461,203		(125,916,406)
Distributions to shareholders		(57,420)		(113,303,240)

Share transactions
Proceeds from sales of shares		57,805,074		40,943,701
Reinvestment of distributions		53,583		107,418,146
Cost of shares redeemed		(44,242,332)		(105,835,572)

Net increase (decrease) in net assets resulting from share transactions		13,616,325		42,526,275
Total increase (decrease) in net assets		117,020,108		(196,693,371)

Net Assets
Beginning of period		716,955,557		913,648,928
End of period	$	833,975,665	$	716,955,557

Other Information
Shares
Sold		693,779		520,712
Issued in reinvestment of distributions		657		1,242,912
Redeemed		(530,377)		(1,384,081)
Net increase (decrease)		164,059		379,543

Financial Highlights

Tech Hardware Portfolio

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019
Selected Per-Share Data
Net asset value, beginning of period	$	76.41	$	101.48	$	114.74	$	78.64	$	75.84	$	92.81
Income from Investment Operations
Net investment income (loss) B,C		.28		.57		.42		.93 D		1.51 E		.81
Net realized and unrealized gain (loss)		10.68		(13.00)		5.73		44.83		11.48		(1.67)
Total from investment operations		10.96		(12.43)		6.15		45.76		12.99		(.86)
Distributions from net investment income		(.01)		(.51)		(.73) F		(1.61)		(.77)		(.88) F
Distributions from net realized gain		-		(12.13)		(18.68) F		(8.05)		(9.42)		(15.23) F
Total distributions		(.01)		(12.64)		(19.41)		(9.66)		(10.19)		(16.11)
Net asset value, end of period	$	87.36	$	76.41	$	101.48	$	114.74	$	78.64	$	75.84
Total Return G,H		14.34%		(13.62)%		4.72%		62.60%		17.80%		.54%
Ratios to Average Net Assets C,I,J
Expenses before reductions		.73% K		.73%		.72% L		.74%		.76%		.77%
Expenses net of fee waivers, if any		.73% K		.73%		.72% L		.74%		.76%		.77%
Expenses net of all reductions		.73% K		.73%		.72% L		.73%		.75%		.77%
Net investment income (loss)		.68% K		.74%		.38% L		1.04% D		1.95% E		.90%
Supplemental Data
Net assets, end of period (000 omitted)	$	833,976	$	716,956	$	913,649	$	770,776	$	533,793	$	491,780
Portfolio turnover rate M		37% K		30%		99% N		78%		116%		81%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.44 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .55%.

ENet 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%.

FThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

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

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

KAnnualized.

LProxy expenses are not annualized.

MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

NThe portfolio turnover rate does not include the assets acquired in the merger.

Technology Portfolio

Schedule of Investments August 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	17.3
Apple, Inc.	17.0
NVIDIA Corp.	13.4
Marvell Technology, Inc.	4.4
NXP Semiconductors NV	4.2
ON Semiconductor Corp.	4.0
Cisco Systems, Inc.	3.7
Salesforce, Inc.	3.2
ServiceNow, Inc.	3.1
Okta, Inc.	2.6
	72.9

Industries (% of Fund's net assets)

Semiconductors & Semiconductor Equipment	32.2
Software	30.9
Technology Hardware, Storage & Peripherals	17.5
Communications Equipment	3.8
IT Services	3.8
Financial Services	3.3
Ground Transportation	2.0
Hotels, Restaurants & Leisure	1.0
Interactive Media & Services	0.9
Professional Services	0.9
Entertainment	0.7
Electronic Equipment, Instruments & Components	0.1
Chemicals	0.1
Construction & Engineering	0.1
Aerospace & Defense	0.1
Air Freight & Logistics	0.0
Electrical Equipment	0.0
Pharmaceuticals	0.0
Food Products	0.0
Specialty Retail	0.0
Life Sciences Tools & Services	0.0

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Technology Portfolio

Showing Percentage of Net Assets

Common Stocks - 96.2%
	Shares	Value ($)
Air Freight & Logistics - 0.0%
Air Freight & Logistics - 0.0%
Delhivery Private Ltd. (a)	579,000	3,062,674
Chemicals - 0.1%
Commodity Chemicals - 0.1%
LG Chemical Ltd.	24,257	10,673,765
Communications Equipment - 3.7%
Communications Equipment - 3.7%
Cisco Systems, Inc.	7,720,673	442,780,597
Electrical Equipment - 0.0%
Electrical Components & Equipment - 0.0%
ESS Tech, Inc. Class A (a)	787,286	1,125,819
Electronic Equipment, Instruments & Components - 0.1%
Electronic Equipment & Instruments - 0.1%
Keysight Technologies, Inc. (a)	84,900	11,317,170
Entertainment - 0.7%
Movies & Entertainment - 0.7%
Netflix, Inc. (a)	198,930	86,271,962
Financial Services - 3.2%
Transaction & Payment Processing Services - 3.2%
MasterCard, Inc. Class A	703,380	290,242,723
Visa, Inc. Class A	355,787	87,409,750
		377,652,473
Food Products - 0.0%
Agricultural Products & Services - 0.0%
Local Bounti Corp. (a)	118,993	371,258
Ground Transportation - 2.0%
Passenger Ground Transportation - 2.0%
Lyft, Inc. (a)	1,718,528	20,244,260
Uber Technologies, Inc. (a)	4,548,838	214,841,619
		235,085,879
Hotels, Restaurants & Leisure - 1.0%
Hotels, Resorts & Cruise Lines - 0.9%
Airbnb, Inc. Class A (a)	840,309	110,542,649
Restaurants - 0.1%
Deliveroo PLC Class A (a)(b)	6,252,898	8,958,845
TOTAL HOTELS, RESTAURANTS & LEISURE		119,501,494
Interactive Media & Services - 0.7%
Interactive Media & Services - 0.7%
Epic Games, Inc. (a)(c)(d)	17,917	11,157,991
Snap, Inc. Class A (a)	6,392,110	66,158,339
		77,316,330
IT Services - 3.8%
Internet Services & Infrastructure - 3.7%
MongoDB, Inc. Class A (a)	159,014	60,632,038
Okta, Inc. (a)	3,658,635	305,532,609
Shopify, Inc. Class A (a)	1,122,600	74,641,674
		440,806,321
IT Consulting & Other Services - 0.1%
Thoughtworks Holding, Inc. (a)(e)	1,329,904	6,609,623
TOTAL IT SERVICES		447,415,944
Life Sciences Tools & Services - 0.0%
Life Sciences Tools & Services - 0.0%
Eden Biologics, Inc. (a)(d)	1,015,442	0
Pharmaceuticals - 0.0%
Pharmaceuticals - 0.0%
Chime Biologics Wuhan Co. Ltd. (a)(d)	1,015,442	528,873
Professional Services - 0.8%
Human Resource & Employment Services - 0.8%
Paycom Software, Inc.	312,800	92,225,952
Semiconductors & Semiconductor Equipment - 32.0%
Semiconductor Materials & Equipment - 2.0%
ASML Holding NV (Netherlands)	125,950	82,815,672
Teradyne, Inc.	1,404,428	151,495,648
		234,311,320
Semiconductors - 30.0%
GlobalFoundries, Inc. (a)	5,179,805	286,184,226
Marvell Technology, Inc.	8,837,674	514,794,511
Microchip Technology, Inc.	166,118	13,595,097
NVIDIA Corp.	3,192,057	1,575,439,732
NXP Semiconductors NV	2,395,646	492,832,295
ON Semiconductor Corp. (a)	4,831,047	475,664,888
Renesas Electronics Corp. (a)	1	17
Taiwan Semiconductor Manufacturing Co. Ltd.	10,628,488	182,534,289
		3,541,045,055
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		3,775,356,375
Software - 30.6%
Application Software - 9.5%
Algolia, Inc. (a)(c)(d)	153,503	2,218,118
Bill Holdings, Inc. (a)(e)	1,090,800	125,769,240
CCC Intelligent Solutions Holdings, Inc. (a)(c)	102,045	1,091,882
Convoy, Inc. warrants (a)(c)(d)	13,357	34,995
Dynatrace, Inc. (a)	1,424,100	68,641,620
HashiCorp, Inc. (a)(e)	2,569,494	74,926,445
HubSpot, Inc. (a)(e)	202,976	110,930,444
Intuit, Inc.	66,613	36,091,590
Manhattan Associates, Inc. (a)	320,357	64,910,735
Nutanix, Inc. Class B (a)(b)	72,872	2,266,319
Otonomo Technologies Ltd. (a)	69,867	274,577
Salesforce, Inc. (a)	1,685,152	373,193,762
Splunk, Inc. (a)	2,101,300	254,803,638
Stripe, Inc. Class B (a)(c)(d)	38,600	716,416
Zoom Video Communications, Inc. Class A (a)	50,928	3,617,416
		1,119,487,197
Systems Software - 21.1%
Microsoft Corp.	6,240,886	2,045,512,795
Palo Alto Networks, Inc. (a)	342,900	83,427,570
ServiceNow, Inc. (a)	611,631	360,146,682
		2,489,087,047
TOTAL SOFTWARE		3,608,574,244
Specialty Retail - 0.0%
Automotive Retail - 0.0%
Cazoo Group Ltd. (a)(c)	7,205	8,142
Technology Hardware, Storage & Peripherals - 17.5%
Technology Hardware, Storage & Peripherals - 17.5%
Apple, Inc.	10,682,350	2,006,893,095
Seagate Technology Holdings PLC	447,960	31,711,088
Super Micro Computer, Inc. (a)	85,800	23,601,864
		2,062,206,047
TOTAL COMMON STOCKS (Cost $6,624,139,203)		11,351,474,998

Preferred Stocks - 1.1%
	Shares	Value ($)
Convertible Preferred Stocks - 1.0%
Aerospace & Defense - 0.1%
Aerospace & Defense - 0.1%
ABL Space Systems:
Series B(a)(c)(d)	98,000	2,691,080
Series B2(a)(c)(d)	74,989	2,008,955
		4,700,035
Communications Equipment - 0.1%
Communications Equipment - 0.1%
Astranis Space Technologies Corp. Series C (a)(c)(d)	605,440	10,940,301

Construction & Engineering - 0.1%
Construction & Engineering - 0.1%
Beta Technologies, Inc. Series A (a)(c)(d)	72,591	8,223,834

Hotels, Restaurants & Leisure - 0.0%
Casinos & Gaming - 0.0%
Discord, Inc. Series I (a)(c)(d)	1,300	337,155

Interactive Media & Services - 0.2%
Interactive Media & Services - 0.2%
ByteDance Ltd. Series E1 (a)(c)(d)	70,707	15,986,146
Reddit, Inc.:
Series D(a)(c)(d)	250,861	8,968,281
Series E(a)(c)(d)	14,400	514,800
		25,469,227
Semiconductors & Semiconductor Equipment - 0.2%
Semiconductor Materials & Equipment - 0.2%
Astera Labs, Inc.:
Series A(a)(c)(d)	351,532	3,332,523
Series B(a)(c)(d)	59,853	567,406
Series C(a)(c)(d)	344,200	3,263,016
Series D(a)(c)(d)	1,443,456	13,683,963
		20,846,908
Semiconductors - 0.0%
GaN Systems, Inc.:
Series F1(a)(c)(d)	133,634	1,479,328
Series F2(a)(c)(d)	70,564	781,143
Retym, Inc. Series C (c)(d)	324,475	2,514,681
Xsight Labs Ltd. Series D (a)(c)(d)	281,500	1,618,625
		6,393,777
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		27,240,685

Software - 0.3%
Application Software - 0.3%
Algolia, Inc. Series D (a)(c)(d)	109,867	1,587,578
Bolt Technology OU Series E (a)(c)(d)	40,842	5,272,813
Convoy, Inc. Series D (a)(c)(d)	203,844	1,184,334
Databricks, Inc.:
Series G(a)(c)(d)	45,012	3,308,382
Series H(a)(c)(d)	174,018	12,790,323
Skyryse, Inc. Series B (a)(c)(d)	121,800	2,811,144
Stripe, Inc.:
Series H(a)(c)(d)	17,100	317,376
Series I(c)(d)	487,275	9,043,824
		36,315,774
Technology Hardware, Storage & Peripherals - 0.0%
Technology Hardware, Storage & Peripherals - 0.0%
Lightmatter, Inc. Series C (c)(d)	191,790	3,149,192

TOTAL CONVERTIBLE PREFERRED STOCKS		116,376,203
Nonconvertible Preferred Stocks - 0.1%
IT Services - 0.0%
Internet Services & Infrastructure - 0.0%
Gupshup, Inc. (a)(c)(d)	257,284	3,216,050

Professional Services - 0.1%
Data Processing & Outsourced Services - 0.1%
Checkr, Inc. Series E (a)(d)	711,000	6,861,150

TOTAL NONCONVERTIBLE PREFERRED STOCKS		10,077,200
TOTAL PREFERRED STOCKS (Cost $136,518,394)		126,453,403

Corporate Bonds - 0.1%
	Principal Amount (f)	Value ($)
Convertible Bonds - 0.0%
Software - 0.0%
Application Software - 0.0%
Convoy, Inc. 15% 9/30/26 (c)(d)	88,955	94,737

Nonconvertible Bonds - 0.1%
Financial Services - 0.1%
Diversified Financial Services - 0.1%
Ant International Co. Ltd. 3.55% 8/14/24 (c)(d)	8,859,733	8,815,434

TOTAL CORPORATE BONDS (Cost $8,948,688)		8,910,171

Preferred Securities - 0.0%
	Principal Amount (f)	Value ($)
Semiconductors & Semiconductor Equipment - 0.0%
Semiconductors - 0.0%
GaN Systems, Inc. 0% (c)(d)(g) (Cost $3,132,190)	3,132,190	3,854,786

Money Market Funds - 2.5%
	Shares	Value ($)
Fidelity Cash Central Fund 5.43% (h)	270,170,535	270,224,569
Fidelity Securities Lending Cash Central Fund 5.44% (h)(i)	29,336,759	29,339,692
TOTAL MONEY MARKET FUNDS (Cost $299,564,261)		299,564,261

TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $7,072,302,736)	11,790,257,619
NET OTHER ASSETS (LIABILITIES) - 0.1%	13,810,408
NET ASSETS - 100.0%	11,804,068,027

Legend

(a)	Non-income producing

(b)

(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 $147,584,754 or 1.3% of net assets.

(d)	Level 3 security

(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)

(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, Inc.	10/27/21	4,489,203

Algolia, Inc. Series D	7/23/21	3,213,066

Ant International Co. Ltd. 3.55% 8/14/24	8/14/23	8,859,733

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

Convoy, Inc. warrants	3/24/23	0

Convoy, Inc. 15% 9/30/26	3/24/23	88,955

Databricks, Inc. Series G	2/01/21	2,661,228

Databricks, Inc. Series H	8/31/21	12,787,562

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

Lightmatter, Inc. Series C	5/19/23	3,156,250

Reddit, Inc. Series D	2/04/19	5,440,247

Reddit, Inc. Series E	5/18/21	611,628

Retym, Inc. Series C	5/17/23 - 6/20/23	2,525,000

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

Stripe, Inc. Series I	3/20/23 - 5/12/23	9,810,863

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 5.43%	107,665,457	1,119,962,172	957,403,060	4,076,482	-	-	270,224,569	0.7%
Fidelity Securities Lending Cash Central Fund 5.44%	184,970,192	666,124,513	821,755,013	120,883	-	-	29,339,692	0.1%
Total	292,635,649	1,786,086,685	1,779,158,073	4,197,365	-	-	299,564,261

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	11,351,474,998	11,071,468,627	265,349,978	14,656,393

Preferred Stocks	126,453,403	-	-	126,453,403

Corporate Bonds	8,910,171	-	-	8,910,171

Preferred Securities	3,854,786	-	-	3,854,786

Money Market Funds	299,564,261	299,564,261	-	-
Total Investments in Securities:	11,790,257,619	11,371,032,888	265,349,978	153,874,753

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	$	106,841,035
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		4,120,256
Cost of Purchases		15,492,112
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	126,453,403
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023	$	4,120,256
Other Investments in Securities
Beginning Balance	$	31,053,535
Net Realized Gain (Loss) on Investment Securities		(11,838,681)
Net Unrealized Gain (Loss) on Investment Securities		11,914,570
Cost of Purchases		8,948,688
Proceeds of Sales		(12,656,762)
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	27,421,350
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023	$	(2,876,207)
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Technology Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				August 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $28,809,857) - See accompanying schedule:
Unaffiliated issuers (cost $6,772,738,475)	$	11,490,693,358
Fidelity Central Funds (cost $299,564,261)		299,564,261


Total Investment in Securities (cost $7,072,302,736)			$	11,790,257,619
Receivable for investments sold				37,329,479
Receivable for fund shares sold				12,819,413
Dividends receivable				4,743,802
Interest receivable				17,920
Distributions receivable from Fidelity Central Funds				1,199,748
Prepaid expenses				32,467
Other receivables				392,205
Total assets				11,846,792,653
Liabilities
Payable for investments purchased	$	58,466
Payable for fund shares redeemed		6,431,770
Accrued management fee		4,958,914
Other affiliated payables		1,471,337
Other payables and accrued expenses		479,639
Collateral on securities loaned		29,324,500
Total Liabilities				42,724,626
Net Assets			$	11,804,068,027
Net Assets consist of:
Paid in capital			$	7,799,484,442
Total accumulated earnings (loss)				4,004,583,585
Net Assets			$	11,804,068,027
Net Asset Value, offering price and redemption price per share ($11,804,068,027 ÷ 440,424,718 shares)			$	26.80

Statement of Operations
				Six months ended August 31, 2023 (Unaudited)
Investment Income
Dividends			$	27,599,070
Interest				17,920
Income from Fidelity Central Funds (including $120,883 from security lending)				4,197,365
Total Income				31,814,355
Expenses
Management fee	$	27,117,614
Transfer agent fees		7,603,525
Accounting fees		588,961
Custodian fees and expenses		61,515
Independent trustees' fees and expenses		35,084
Registration fees		125,327
Audit		29,598
Legal		4,076
Miscellaneous		29,939
Total expenses before reductions		35,595,639
Expense reductions		(313,070)
Total expenses after reductions				35,282,569
Net Investment income (loss)				(3,468,214)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(11,264,232)
Foreign currency transactions		(16,973)
Total net realized gain (loss)				(11,281,205)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers(net of increase in deferred foreign taxes of $67,775)		2,711,662,700
Unfunded commitments		1,200,024
Assets and liabilities in foreign currencies		15,726
Total change in net unrealized appreciation (depreciation)				2,712,878,450
Net gain (loss)				2,701,597,245
Net increase (decrease) in net assets resulting from operations			$	2,698,129,031

Statement of Changes in Net Assets

		Six months ended August 31, 2023 (Unaudited)		Year ended February 28, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(3,468,214)	$	2,170,234
Net realized gain (loss)		(11,281,205)		(394,091,769)
Change in net unrealized appreciation (depreciation)		2,712,878,450		(1,344,233,911)
Net increase (decrease) in net assets resulting from operations		2,698,129,031		(1,736,155,446)
Distributions to shareholders		(1,273,314)		(310,416,447)

Share transactions
Proceeds from sales of shares		1,311,945,922		1,126,004,874
Reinvestment of distributions		1,184,140		291,925,397
Cost of shares redeemed		(842,064,087)		(1,789,000,437)

Net increase (decrease) in net assets resulting from share transactions		471,065,975		(371,070,166)
Total increase (decrease) in net assets		3,167,921,692		(2,417,642,059)

Net Assets
Beginning of period		8,636,146,335		11,053,788,394
End of period	$	11,804,068,027	$	8,636,146,335

Other Information
Shares
Sold		53,241,027		54,722,947
Issued in reinvestment of distributions		54,192		12,438,232
Redeemed		(34,870,446)		(88,698,413)
Net increase (decrease)		18,424,773		(21,537,234)

Financial Highlights

Technology Portfolio

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019 B
Selected Per-Share Data
Net asset value, beginning of period	$	20.46	$	24.92	$	27.53	$	19.65	$	15.45	$	19.36
Income from Investment Operations
Net investment income (loss) C,D		(.01)		.01		(.06)		(.03)		.05		.06
Net realized and unrealized gain (loss)		6.35		(3.76)		.83		12.98		4.52		(.78)
Total from investment operations		6.34		(3.75)		.77		12.95		4.57		(.72)
Distributions from net investment income		- E		-		-		(.03)		(.05)		(.02)
Distributions from net realized gain		-		(.71)		(3.38)		(5.04)		(.32)		(3.17)
Total distributions		- E		(.71)		(3.38)		(5.07)		(.37)		(3.19)
Net asset value, end of period	$	26.80	$	20.46	$	24.92	$	27.53	$	19.65	$	15.45
Total Return F,G		31.01%		(15.43)%		1.91%		69.87%		29.57%		(3.03)%
Ratios to Average Net Assets D,H,I
Expenses before reductions		.69% J		.70%		.67%		.69%		.71%		.72%
Expenses net of fee waivers, if any		.68% J		.69%		.67%		.69%		.71%		.72%
Expenses net of all reductions		.68% J		.69%		.67%		.68%		.71%		.71%
Net investment income (loss)		(.07)% J		.02%		(.23)%		(.13)%		.30%		.34%
Supplemental Data
Net assets, end of period (000 omitted)	$	11,804,068	$	8,636,146	$	11,053,788	$	11,986,342	$	6,558,578	$	5,124,121
Portfolio turnover rate K		27% J		24%		87%		107%		32% L		126% L

AFor the year ended February 29.

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

CCalculated based on average shares outstanding during the period.

EAmount represents less than $.005 per share.

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

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

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

LPortfolio turnover rate excludes securities received or delivered in-kind.

Notes to Financial Statements (Unaudited)

For the period ended August 31, 2023

1. Organization.

Enterprise Technology Services Portfolio (formerly 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 RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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 designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

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

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

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

Technology Portfolio:

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in InputA
Equities	$141,109,796	Market comparable	Enterprise value/Revenue multiple (EV/R)	1.4 - 21.2 / 7.6	Increase
		Recovery value	Recovery value	$0.00	Increase
		Market approach	Transaction price	$8.00	Increase
			Discount rate	35.0% - 75.0% / 44.9%	Decrease
		Black scholes	Discount rate	4.5% - 5.0% / 4.6%	Increase
			Volatility	50.0% - 70.0% / 56.2%	Increase
			Term	2.0 - 4.0 / 3.4	Increase
Corporate Bonds	$8,910,171	Market comparable	Enterprise value/Revenue multiple (EV/R)	1.4	Increase
		Discounted cash flow	Discount rate	4.0%	Decrease
		Black scholes	Discount rate	5.0%	Increase
			Volatility	60.0%	Increase
			Term	2.0	Increase
Preferred Securities	$3,854,786	Market comparable	Enterprise value/Revenue multiple (EV/R)	4.5	Increase
		Discounted cash flow	Discount rate	20.0%	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.

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, 2023, as well as a roll forward of Level 3 investments, is included at the end of each Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. 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	$214,478
Software and IT Services Portfolio	372,054
Tech Hardware Portfolio	61,086
Technology Portfolio	351,483

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

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

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

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

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

	Tax cost	Gross unrealized appreciation	Gross unrealized depreciation	Net unrealized appreciation (depreciation)
Enterprise Technology Services Portfolio	$1,120,048,816	$1,012,459,678	$(37,967,272)	$974,492,406
Semiconductors Portfolio	7,019,610,326	4,918,659,032	(397,254,554)	4,521,404,478
Software and IT Services Portfolio	5,558,071,950	5,539,916,783	(460,166,467)	5,079,750,316
Tech Hardware Portfolio	587,980,053	264,474,133	(23,141,570)	241,332,563
Technology Portfolio	7,169,631,217	5,192,171,876	(571,545,474)	4,620,626,402

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
Enterprise Technology Services Portfolio	$(3,381,994)	$-	$ (3,381,994)
Tech Hardware Portfolio	(32,807,843)	-	(32,807,843)
Technology Portfolio	(685,498,878)	-	(685,498,878)

Certain of the Funds elected to defer to the next fiscal year ordinary losses recognized during the period January 1, 2023 to February 28, 2023. Loss deferrals were as follows:

	Ordinary losses
Semiconductors Portfolio	$(1,191,014)

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

New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Enterprise Technology Services Portfolio	354,292,040	588,616,301
Semiconductors Portfolio	3,414,868,453	2,372,446,713
Software and IT Services Portfolio	1,732,677,573	1,925,352,879
Tech Hardware Portfolio	156,666,452	143,462,131
Technology Portfolio	1,648,335,559	1,395,766,572

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
Enterprise Technology Services Portfolio	.30%	.22%	.52%
Semiconductors Portfolio	.30%	.22%	.52%
Software and IT Services Portfolio	.30%	.22%	.52%
Tech Hardware Portfolio	.30%	.22%	.52%
Technology Portfolio	.30%	.22%	.52%

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:

Enterprise Technology Services Portfolio	.17%
Semiconductors Portfolio	.14%
Software and IT Services Portfolio	.15%
Tech Hardware Portfolio	.16%
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
Enterprise Technology Services Portfolio	.03
Semiconductors Portfolio	.01
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
Enterprise Technology Services Portfolio	$ 9,827
Semiconductors Portfolio	19,534
Software and IT Services Portfolio	11,131
Tech Hardware Portfolio	3,975
Technology Portfolio	11,770

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
Enterprise Technology Services Portfolio	Borrower	$ 8,815,455	5.31%	$14,316
Semiconductors Portfolio	Borrower	$ 8,210,000	5.32%	$3,636

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) ($)
Enterprise Technology Services Portfolio	18,633,697	55,051,748	10,329,639
Semiconductors Portfolio	191,674,024	91,600,406	45,099,731
Software and IT Services Portfolio	50,301,378	90,150,898	20,186,063
Tech Hardware Portfolio	8,451,236	2,016,300	272,022
Technology Portfolio	95,806,039	79,727,495	14,780,905

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
Enterprise Technology Services Portfolio	$1,989
Semiconductors Portfolio	7,771
Software and IT Services Portfolio	8,754
Tech Hardware Portfolio	716
Technology Portfolio	8,770

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
Enterprise Technology Services Portfolio	$11,840	$ 1	$ -
Semiconductors Portfolio	$ 160,811	$ 130,143	$ -
Software and IT Services Portfolio	$ 6	$ -	$ -
Tech Hardware Portfolio	$ 500	$ -	$ -
Technology Portfolio	$ 12,307	$ -	$ -

8. Expense Reductions.

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

	Custodian credits
Semiconductors Portfolio	$1,395
Software and IT Services Portfolio	9,672
Technology Portfolio	556

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

	Amount
Enterprise Technology Services Portfolio	$ 63,461
Semiconductors Portfolio	288,847
Software and IT Services Portfolio	298,863
Tech Hardware Portfolio	24,368
Technology Portfolio	312,514

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. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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, 2023 to August 31, 2023).

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, 2023	Ending Account Value August 31, 2023	Expenses Paid During Period- C March 1, 2023 to August 31, 2023

Enterprise Technology Services Portfolio	.73%
Actual		$ 1,000	$ 1,085.10	$ 3.83
Hypothetical-B		$ 1,000	$ 1,021.47	$ 3.71

Semiconductors Portfolio	.68%
Actual		$ 1,000	$ 1,329.40	$ 3.98
Hypothetical-B		$ 1,000	$ 1,021.72	$ 3.46

Software and IT Services Portfolio	.68%
Actual		$ 1,000	$ 1,252.50	$ 3.85
Hypothetical-B		$ 1,000	$ 1,021.72	$ 3.46

Tech Hardware Portfolio	.73%
Actual		$ 1,000	$ 1,143.40	$ 3.93
Hypothetical-B		$ 1,000	$ 1,021.47	$ 3.71

Technology Portfolio	.68%
Actual		$ 1,000	$ 1,310.10	$ 3.95
Hypothetical-B		$ 1,000	$ 1,021.72	$ 3.46

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/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

Board Approval of Investment Advisory Contracts and Management Fees

IT Services Portfolio

Semiconductors Portfolio

Software and IT Services Portfolio

Tech Hardware Portfolio

Technology Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue each fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of each fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of each fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under each fund's Advisory Contracts; or (iv) the day-to-day management of each fund or the persons primarily responsible for such management. The Board also considered that since its last approval of each fund's Advisory Contracts, FMR had provided additional information on each fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that each fund's Advisory Contracts are fair and reasonable, and that each fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.

At its July 2023 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of 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 Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending.

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 fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. For each of IT Services Portfolio and Technology Portfolio, the fund underperformed its benchmark for the one-, three-, and five-year periods ended February 28, 2023, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expenses, 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, 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.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to each fund (referred to as the "asset size peer group"); (iii) total expense comparisons of each fund relative to funds and classes in the mapped group that have a similar sales load structure of each fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of each fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of each fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.

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.

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, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each 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 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 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 and competitor use of performance fees; (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.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through July 31, 2024.

Proxy Voting Results

A special meeting of shareholders was held on June 14, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To modify IT Services Portfolio's fundamental concentration policy.
	# of Votes	% of Votes
Affirmative	1,014,356,876.340	87.783
Against	72,900,611.860	6.309
Abstain	68,266,518.870	5.908
TOTAL	1,155,524,007.070	100.000

1.813673.118

SELTEC-SANN-1023

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, 2023

Contents

Biotechnology Portfolio

Health Care Portfolio

Health Care Services Portfolio

Medical Technology and Devices Portfolio

Pharmaceuticals Portfolio

Consolidated Investment Summary August 31, 2023 (Unaudited)

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.

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Biotechnology Portfolio

Top Holdings (% of Fund's net assets)

AbbVie, Inc.	14.3
Krystal Biotech, Inc.	5.4
Regeneron Pharmaceuticals, Inc.	5.2
Vertex Pharmaceuticals, Inc.	4.4
Biogen, Inc.	3.7
Alnylam Pharmaceuticals, Inc.	3.4
Argenx SE ADR	3.2
Amgen, Inc.	2.3
Moderna, Inc.	1.6
Adimab LLC	1.6
	45.1

Industries (% of Fund's net assets)

Biotechnology	92.2
Pharmaceuticals	6.6
Health Care Technology	0.4
Life Sciences Tools & Services	0.4
Health Care Providers & Services	0.1
Consumer Staples Distribution & Retail	0.0
Health Care Equipment & Supplies	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 adjusted for the effect of derivatives, if applicable.

Biotechnology Portfolio

Consolidated Schedule of Investments August 31, 2023 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares	Value ($)
Biotechnology - 91.0%
Biotechnology - 91.0%
AbbVie, Inc. (a)	4,472,438	657,269,488
Absci Corp. (a)(b)	992,700	1,776,933
Acelyrin, Inc.	8,700	220,371
Acelyrin, Inc.	1,206,226	29,026,019
Acelyrin, Inc. rights (b)(c)	146,574	3,350,730
Adverum Biotechnologies, Inc. (a)(b)(d)	6,902,392	12,010,162
Aerovate Therapeutics, Inc. (a)(b)	345,151	5,484,449
Alector, Inc. (b)	1,962,455	10,695,380
Alkermes PLC (b)	568,636	16,598,485
Allena Pharmaceuticals, Inc. (b)	93,683	9
Allogene Therapeutics, Inc. (a)(b)	2,277,888	8,860,984
Allovir, Inc. (a)(b)	942,101	2,948,776
Alnylam Pharmaceuticals, Inc. (b)	799,548	158,166,585
Alpine Immune Sciences, Inc. (b)	163,100	2,014,285
ALX Oncology Holdings, Inc. (b)	1,136,549	4,841,699
Ambrx Biopharma, Inc. ADR (a)(b)	1,285,349	18,149,128
Amgen, Inc.	412,244	105,674,627
Amicus Therapeutics, Inc. (b)	2,439,801	31,278,249
AnaptysBio, Inc. (a)(b)	289,228	5,692,007
Annexon, Inc. (b)	94,334	259,419
Apellis Pharmaceuticals, Inc. (a)(b)	1,223,079	51,626,165
Apogee Therapeutics, Inc.	265,356	6,087,267
Applied Therapeutics, Inc. (a)(b)	2,639,536	3,510,583
Arcellx, Inc. (a)(b)	1,359,901	48,738,852
Arcturus Therapeutics Holdings, Inc. (a)(b)	904,630	27,455,521
Arcus Biosciences, Inc. (a)(b)	3,193,396	65,464,618
Arcutis Biotherapeutics, Inc. (b)	493,674	4,215,976
Argenx SE ADR (b)	292,447	146,951,693
Arrowhead Pharmaceuticals, Inc. (b)	1,070,432	29,586,740
Ars Pharmaceuticals, Inc. (a)(b)	1,131,518	8,022,463
Ascendis Pharma A/S sponsored ADR (b)	659,409	64,635,270
Astria Therapeutics, Inc. (b)	269,898	2,402,092
aTyr Pharma, Inc. (b)	2,258,063	3,838,707
Aura Biosciences, Inc. (b)	356,492	3,700,387
Avidity Biosciences, Inc. (b)	374,450	2,830,842
Axcella Health, Inc. (a)(b)	1,661,354	383,773
Beam Therapeutics, Inc. (a)(b)	1,112,850	25,795,863
BeiGene Ltd. ADR (b)	37,198	7,720,445
Bicycle Therapeutics PLC ADR (a)(b)	266,347	5,790,384
BioCryst Pharmaceuticals, Inc. (a)(b)	2,806,881	19,956,924
Biogen, Inc. (b)	627,436	167,751,289
Biohaven Ltd. (a)	2,100,257	38,413,701
Biomea Fusion, Inc. (a)(b)	392,829	6,627,025
BioXcel Therapeutics, Inc. (a)(b)	274,527	1,037,712
Blueprint Medicines Corp. (b)	938,308	46,784,037
BridgeBio Pharma, Inc. (a)(b)	1,255,346	37,547,399
Candel Therapeutics, Inc. (a)(b)	452,557	552,120
Celldex Therapeutics, Inc. (b)	755,200	21,070,080
Centessa Pharmaceuticals PLC ADR (a)(b)	2,787,194	21,015,443
Century Therapeutics, Inc. (b)	178,881	443,625
Cerevel Therapeutics Holdings (b)	947,780	22,462,386
Chinook Therapeutics, Inc. rights (b)(c)	115,821	1
Codiak Biosciences, Inc. (a)(b)(c)	448,539	4
Codiak Biosciences, Inc. warrants 9/15/27 (b)(c)	46,000	0
Cogent Biosciences, Inc. (b)	179,470	2,191,329
Compass Therapeutics, Inc. (a)(b)	563,400	1,312,722
Crinetics Pharmaceuticals, Inc. (b)	1,002,783	17,368,202
CRISPR Therapeutics AG (a)(b)	242,822	12,143,528
Cyclerion Therapeutics, Inc. (b)	41,864	148,617
Cyclerion Therapeutics, Inc. (b)(e)	4,740	16,827
Cytokinetics, Inc. (a)(b)	856,371	29,921,603
Day One Biopharmaceuticals, Inc. (b)	446,133	6,018,334
Denali Therapeutics, Inc. (b)	314,169	7,254,162
Disc Medicine, Inc. (a)(b)	314,190	16,636,361
Disc Medicine, Inc. rights (b)(c)	1,555,907	16
Dyne Therapeutics, Inc. (b)	196,013	2,234,548
Entrada Therapeutics, Inc. (a)(b)	581,805	8,564,170
EQRx, Inc. (b)	507,567	1,162,328
EQRx, Inc.:
rights (b)(c)	116,649	30,329
rights (b)(c)	49,993	7,499
Evelo Biosciences, Inc. (e)	432,900	2,861,469
Evelo Biosciences, Inc. (a)(b)	13,449	88,898
Exact Sciences Corp. (b)	60,900	5,095,503
Exelixis, Inc. (b)	774,672	17,344,906
Fate Therapeutics, Inc. (a)(b)	115,887	290,876
Foghorn Therapeutics, Inc. (a)(b)	178,719	1,352,903
Fusion Pharmaceuticals, Inc. (b)	827,370	2,465,563
Fusion Pharmaceuticals, Inc. (e)	1,483,000	4,419,340
Geron Corp. (b)	3,436,606	8,350,953
Geron Corp. warrants 12/31/25 (b)	2,100,000	1,440,233
Gilead Sciences, Inc.	303,121	23,182,694
Gritstone Bio, Inc. (a)(b)	669,785	1,219,009
Halozyme Therapeutics, Inc. (b)	73,200	3,115,392
Icosavax, Inc. (b)	403,331	3,121,782
Ideaya Biosciences, Inc. (a)(b)	1,094,957	32,147,938
Idorsia Ltd. (a)(b)	534,309	2,931,184
IGM Biosciences, Inc. (a)(b)(d)	2,134,682	15,262,976
Immuneering Corp. (a)(b)	611,885	5,513,084
Immunocore Holdings PLC ADR (b)	234,318	13,185,074
ImmunoGen, Inc. (b)	1,516,023	24,013,804
Immunovant, Inc. (b)	361,241	8,203,783
Incyte Corp. (b)	123,300	7,956,549
Inhibrx, Inc. (a)(b)	210,609	4,507,033
Inozyme Pharma, Inc. (b)	2,465,187	12,079,416
Insmed, Inc. (b)	428,592	9,381,879
Intellia Therapeutics, Inc. (b)	823,501	30,864,817
Ionis Pharmaceuticals, Inc. (a)(b)	987,777	39,777,780
iTeos Therapeutics, Inc. (b)	139,700	1,685,481
Janux Therapeutics, Inc. (b)	425,448	4,679,928
Karuna Therapeutics, Inc. (b)	327,042	61,405,406
Keros Therapeutics, Inc. (b)	305,329	10,720,101
Kinnate Biopharma, Inc. (b)	346,880	773,542
Krystal Biotech, Inc. (b)(d)	1,985,122	247,107,987
Kymera Therapeutics, Inc. (a)(b)	869,513	16,590,308
Legend Biotech Corp. ADR (b)	826,116	57,299,406
Lexicon Pharmaceuticals, Inc. (a)(b)	1,087,400	1,870,328
Madrigal Pharmaceuticals, Inc. (b)	189,208	34,057,440
MannKind Corp. (a)(b)	6,449,301	29,731,278
Merus BV (a)(b)	619,953	13,868,349
Mineralys Therapeutics, Inc.	32,500	417,300
Minerva Neurosciences, Inc. (a)(b)(d)	491,746	4,115,914
Mirati Therapeutics, Inc. (b)	213,741	7,951,165
Moderna, Inc. (b)	648,775	73,356,989
Monte Rosa Therapeutics, Inc. (b)	1,257,805	7,383,315
Moonlake Immunotherapeutics (a)(b)	381,585	21,967,848
Morphic Holding, Inc. (b)	857,637	47,238,646
Natera, Inc. (b)	426,932	25,073,716
Nurix Therapeutics, Inc. (a)(b)	366,646	3,116,491
Nuvalent, Inc. Class A (b)	218,574	9,960,417
Omega Therapeutics, Inc. (a)(b)	486,996	1,787,275
Oragenics, Inc. (b)	2,597	9,349
PepGen, Inc. (b)	281,834	1,775,554
Poseida Therapeutics, Inc. (b)	570,083	1,191,473
Prelude Therapeutics, Inc. (b)	748,056	2,790,249
Protagonist Therapeutics, Inc. (b)	459,213	9,101,602
Prothena Corp. PLC (a)(b)	999,717	52,805,052
PTC Therapeutics, Inc. (b)	1,141,944	45,106,788
Rallybio Corp. (a)(b)	1,550,692	8,249,681
RAPT Therapeutics, Inc. (b)	872,800	16,670,480
Recursion Pharmaceuticals, Inc. (a)(b)	149,900	1,304,130
Regeneron Pharmaceuticals, Inc. (b)	286,648	236,911,706
Regulus Therapeutics, Inc. (a)(b)(d)	2,206,600	3,442,296
Replimune Group, Inc. (b)	1,164,814	23,785,502
Revolution Medicines, Inc. (a)(b)	552,835	18,779,805
Rezolute, Inc. (a)(b)	26,700	38,448
Rhythm Pharmaceuticals, Inc. (a)(b)	808,003	21,016,158
Rocket Pharmaceuticals, Inc. (b)	223,736	3,501,468
Roivant Sciences Ltd. (a)(b)	4,662,519	53,945,345
Sage Therapeutics, Inc. (b)	827,452	16,549,040
Sagimet Biosciences, Inc.	145,860	1,761,989
Sana Biotechnology, Inc. (a)(b)	1,024,494	5,481,043
Sarepta Therapeutics, Inc. (b)	228,299	27,626,462
Scholar Rock Holding Corp. (a)(b)	1,693,925	10,587,031
Scholar Rock Holding Corp. warrants 12/31/25 (b)(e)	17,850	31,019
Selecta Biosciences, Inc. (b)	2,421,075	2,977,922
Sensorion SA (a)(b)	1,560,440	1,184,444
Seres Therapeutics, Inc. (a)(b)	854,347	2,947,497
Shattuck Labs, Inc. (b)	110,936	239,622
SpringWorks Therapeutics, Inc. (a)(b)	373,611	10,528,358
SpringWorks Therapeutics, Inc. (e)	54,800	1,389,838
Tango Therapeutics, Inc. (b)	613,088	3,978,941
Tango Therapeutics, Inc. (e)	466,637	2,725,627
Taysha Gene Therapies, Inc. (a)(b)(d)	811,647	2,597,270
Taysha Gene Therapies, Inc. (d)	15,715,577	47,775,354
Tenaya Therapeutics, Inc. (b)	1,477,379	5,717,457
TG Therapeutics, Inc. (b)	1,444,265	15,121,455
Turnstone Biologics Corp.	185,500	2,001,545
Twist Bioscience Corp. (a)(b)	298,525	6,564,565
Tyra Biosciences, Inc. (b)	309,400	4,712,162
Ultragenyx Pharmaceutical, Inc. (b)	953,751	35,088,499
uniQure B.V. (b)	43,708	380,697
United Therapeutics Corp. (b)	274,069	61,490,121
Vaxcyte, Inc. (b)	1,137,580	59,063,154
Vera Therapeutics, Inc. (b)	584,590	10,341,397
Vertex Pharmaceuticals, Inc. (b)	584,109	203,468,529
Verve Therapeutics, Inc. (a)(b)	291,593	3,752,802
Vigil Neuroscience, Inc. (b)	140,325	846,160
Viking Therapeutics, Inc. (b)	417,052	5,759,488
Viridian Therapeutics, Inc. (a)(b)	260,700	4,736,919
Vor Biopharma, Inc. (a)(b)	1,114,702	2,786,755
Werewolf Therapeutics, Inc. (b)	2,100	5,754
X4 Pharmaceuticals, Inc. warrants 4/12/24 (b)	450,000	5
Xencor, Inc. (b)	20,943	460,327
Xenon Pharmaceuticals, Inc. (b)	961,033	37,461,066
Zealand Pharma A/S (b)	718,902	26,860,374
Zentalis Pharmaceuticals, Inc. (b)	745,133	19,790,732
		4,179,297,721
Consumer Staples Distribution & Retail - 0.0%
Drug Retail - 0.0%
MedAvail Holdings, Inc. (b)	2,777	447
Health Care Equipment & Supplies - 0.0%
Health Care Equipment - 0.0%
Aradigm Corp. (b)(c)	11,945	549
Aradigm Corp. (b)(c)	148,009	6,808
Novocure Ltd. (b)	11,113	245,153
		252,510
Health Care Providers & Services - 0.0%
Health Care Services - 0.0%
23andMe Holding Co. Class A (a)(b)	298,674	328,541
Health Care Technology - 0.4%
Health Care Technology - 0.4%
Schrodinger, Inc. (b)	539,101	19,887,436
Life Sciences Tools & Services - 0.4%
Life Sciences Tools & Services - 0.4%
10X Genomics, Inc. (b)	324,600	16,830,510
Pharmaceuticals - 6.5%
Pharmaceuticals - 6.5%
Adimab LLC (b)(c)(e)(f)	1,954,526	71,574,742
Afferent Pharmaceuticals, Inc. rights 12/31/24 (b)(c)	8,274,568	9,102,025
Amylyx Pharmaceuticals, Inc. (b)	136,000	2,932,160
Arvinas Holding Co. LLC (b)	244,716	6,903,438
Atea Pharmaceuticals, Inc. (b)	66,800	224,448
Axsome Therapeutics, Inc. (a)(b)	266,603	21,541,522
Corcept Therapeutics, Inc. (b)	516,336	16,899,677
Edgewise Therapeutics, Inc. (b)	308,185	1,926,156
Enliven Therapeutics, Inc. (b)	197,700	3,088,074
Fulcrum Therapeutics, Inc. (a)(b)	1,777,797	9,831,217
GH Research PLC (a)(b)	539,924	5,739,392
Harmony Biosciences Holdings, Inc. (b)	110,925	4,021,031
Ikena Oncology, Inc. (b)	539,627	2,503,869
Intra-Cellular Therapies, Inc. (b)	95,002	5,274,511
Longboard Pharmaceuticals, Inc. (b)	680,289	3,938,873
Novo Nordisk A/S Series B sponsored ADR	24,500	4,547,690
Nuvation Bio, Inc. (b)	2,927,126	4,800,487
OptiNose, Inc. (a)(b)	794,031	944,897
OptiNose, Inc. warrants (b)	91,712	24,584
Pharvaris BV (b)	353,507	7,246,894
Pliant Therapeutics, Inc. (b)	199,831	3,373,147
Structure Therapeutics, Inc. ADR (a)	275,597	7,769,079
Terns Pharmaceuticals, Inc. (b)	658,996	3,472,909
UCB SA	474,277	42,582,572
Ventyx Biosciences, Inc. (b)	573,852	19,224,042
Verona Pharma PLC ADR (b)	1,430,301	27,790,748
Verrica Pharmaceuticals, Inc. (a)(b)	1,504,676	6,846,276
WAVE Life Sciences (a)(b)	585,633	2,547,504
		296,671,964
TOTAL COMMON STOCKS (Cost $3,316,162,030)		4,513,269,129

Convertible Preferred Stocks - 1.4%
	Shares	Value ($)
Biotechnology - 1.2%
Biotechnology - 1.2%
ElevateBio LLC Series C (b)(c)(e)	216,600	903,222
Korro Bio, Inc.:
Series B1 (b)(c)(e)	957,854	2,385,056
Series B2 (b)(c)(e)	899,280	2,239,207
National Resilience, Inc. Series B (b)(c)(e)	732,064	44,458,247
SalioGen Therapeutics, Inc. Series B (b)(c)(e)	94,461	6,312,829
		56,298,561
Health Care Providers & Services - 0.1%
Health Care Services - 0.1%
Scorpion Therapeutics, Inc. Series B (b)(c)(e)	3,099,905	4,804,853
Pharmaceuticals - 0.1%
Pharmaceuticals - 0.1%
Afferent Pharmaceuticals, Inc. Series C (b)(c)(e)	8,274,568	83
Aristea Therapeutics, Inc. Series B (b)(c)(e)	836,400	4,608,564
		4,608,647
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $38,020,306)		65,712,061

Money Market Funds - 7.2%
	Shares	Value ($)
Fidelity Cash Central Fund 5.43% (g)	6,599,396	6,600,716
Fidelity Securities Lending Cash Central Fund 5.44% (g)(h)	324,221,486	324,253,907
TOTAL MONEY MARKET FUNDS (Cost $330,823,912)		330,854,623

TOTAL INVESTMENT IN SECURITIES - 106.9% (Cost $3,685,006,248)	4,909,835,813
NET OTHER ASSETS (LIABILITIES) - (6.9)%	(318,466,421)
NET ASSETS - 100.0%	4,591,369,392

Legend

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

(b)	Non-income producing

(c)	Level 3 security

(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 $148,730,923 or 3.2% of net assets.

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

(g)

(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 ($)
Adimab LLC	9/17/14 - 6/05/15	31,091,029

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

Evelo Biosciences, Inc.	7/07/23	999,999

Fusion Pharmaceuticals, Inc.	2/13/23	5,042,200

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

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

SpringWorks Therapeutics, Inc.	9/07/22	1,425,348

Tango Therapeutics, Inc.	8/09/23	2,403,181

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 5.43%	16,575,392	392,495,824	402,470,500	326,443	-	-	6,600,716	0.0%
Fidelity Securities Lending Cash Central Fund 5.44%	353,621,750	812,033,367	841,401,210	2,691,595	2,930	(2,930)	324,253,907	1.2%
Total	370,197,142	1,204,529,191	1,243,871,710	3,018,038	2,930	(2,930)	330,854,623

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.

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

Other Affiliated Issuers

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.	5,380,026	-	1,019,059	-	246,890	7,402,305	12,010,162
Applied Therapeutics, Inc.	2,665,931	-	-	-	-	844,652	-
IGM Biosciences, Inc.	14,514,499	12,882,265	-	-	-	(12,133,788)	15,262,976
Krystal Biotech, Inc.	171,824,409	-	9,387,317	-	942,317	83,728,578	247,107,987
Minerva Neurosciences, Inc.	-	4,240,089	-	-	-	(124,175)	4,115,914
Regulus Therapeutics, Inc.	2,941,300	15,599	-	-	-	485,397	3,442,296
Taysha Gene Therapies, Inc.	819,763	-	-	-	-	1,777,507	2,597,270
Taysha Gene Therapies, Inc.	-	14,144,019	-	-	-	33,631,335	47,775,354
Total	198,145,928	31,281,972	10,406,376	-	1,189,207	115,611,811	332,311,959

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	4,513,269,129	4,346,783,747	82,412,679	84,072,703

Convertible Preferred Stocks	65,712,061	-	-	65,712,061

Money Market Funds	330,854,623	330,854,623	-	-
Total Investments in Securities:	4,909,835,813	4,677,638,370	82,412,679	149,784,764


Net Unrealized Depreciation on Unfunded Commitments	(1,046,689)	-	(116,304)	(930,385)
Total	(1,046,689)	-	(116,304)	(930,385)

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


Investments in Securities:
Common Stocks
Beginning Balance	$	105,758,765
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		(7,273,557)
Cost of Purchases		165,200
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		217,910
Transfers out of Level 3		(14,795,615)
Ending Balance	$	84,072,703
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023	$	(7,273,557)
Convertible Preferred Stocks
Beginning Balance	$	65,646,072
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		65,989
Cost of Purchases		-
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	65,712,061
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023	$	65,989
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations.

Biotechnology Portfolio

Consolidated Investment Summary August 31, 2023 (Unaudited)

Consolidated Statement of Assets and Liabilities
				August 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $312,305,873) - See accompanying schedule:
Unaffiliated issuers (cost $3,204,865,391)	$	4,246,669,231
Fidelity Central Funds (cost $330,823,912)		330,854,623
Other affiliated issuers (cost $149,316,945)		332,311,959


Total Investment in Securities (cost $3,685,006,248)			$	4,909,835,813
Foreign currency held at value (cost $3,196)				3,182
Receivable for investments sold				13,764,968
Receivable for fund shares sold				223,095
Dividends receivable				268,638
Distributions receivable from Fidelity Central Funds				309,247
Prepaid expenses				25,130
Other receivables				1,230,005
Total assets				4,925,660,078
Liabilities
Payable for investments purchased	$	2,169,556
Unrealized depreciation on unfunded commitments		1,046,689
Payable for fund shares redeemed		2,966,319
Accrued management fee		2,003,411
Other affiliated payables		714,781
Other payables and accrued expenses		1,297,089
Collateral on securities loaned		324,092,841
Total Liabilities				334,290,686
Commitments and contingent liabilities (see Commitments note)
Net Assets			$	4,591,369,392
Net Assets consist of:
Paid in capital			$	3,958,432,206
Total accumulated earnings (loss)				632,937,186
Net Assets			$	4,591,369,392
Net Asset Value, offering price and redemption price per share ($4,591,369,392 ÷ 279,884,354 shares)			$	16.40

Consolidated Statement of Operations
				Six months ended August 31, 2023 (Unaudited)
Investment Income
Dividends			$	15,101,466
Income from Fidelity Central Funds (including $2,691,595 from security lending)				3,018,038
Total Income				18,119,504
Expenses
Management fee	$	12,562,079
Transfer agent fees		3,862,978
Accounting fees		475,042
Custodian fees and expenses		137,989
Independent trustees' fees and expenses		18,069
Registration fees		26,302
Audit		49,495
Legal		5,078
Interest		16,712
Miscellaneous		19,520
Total expenses before reductions		17,173,264
Expense reductions		(152,512)
Total expenses after reductions				17,020,752
Net Investment income (loss)				1,098,752
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		87,489,553
Fidelity Central Funds		2,930
Other affiliated issuers		1,189,207
Foreign currency transactions		19,456
Total net realized gain (loss)				88,701,146
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated Issuers		(75,661,614)
Fidelity Central Funds		(2,930)
Other affiliated issuers		115,611,811
Unfunded commitments		(1,046,689)
Assets and liabilities in foreign currencies		3,610
Total change in net unrealized appreciation (depreciation)				38,904,188
Net gain (loss)				127,605,334
Net increase (decrease) in net assets resulting from operations			$	128,704,086

Consolidated Statement of Changes in Net Assets

		Six months ended August 31, 2023 (Unaudited)		Year ended February 28, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,098,752	$	(2,528,380)
Net realized gain (loss)		88,701,146		(546,855,471)
Change in net unrealized appreciation (depreciation)		38,904,188		608,745,968
Net increase (decrease) in net assets resulting from operations		128,704,086		59,362,117

Share transactions
Proceeds from sales of shares		91,588,496		544,996,692
Cost of shares redeemed		(598,030,276)		(915,943,690)

Net increase (decrease) in net assets resulting from share transactions		(506,441,780)		(370,946,998)
Total increase (decrease) in net assets		(377,737,694)		(311,584,881)

Net Assets
Beginning of period		4,969,107,086		5,280,691,967
End of period	$	4,591,369,392	$	4,969,107,086

Other Information
Shares
Sold		5,544,636		35,714,869
Redeemed		(36,964,501)		(58,965,046)
Net increase (decrease)		(31,419,865)		(23,250,177)

Consolidated Financial Highlights

Biotechnology Portfolio

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019 B
Selected Per-Share Data
Net asset value, beginning of period	$	15.96	$	15.78	$	25.52	$	21.02	$	21.14	$	23.45
Income from Investment Operations
Net investment income (loss) C,D		- E		(.01)		(.03)		(.01)		.05		(.04)
Net realized and unrealized gain (loss)		.44		.19		(6.91)		9.41		1.79		(.29) F
Total from investment operations		.44		.18		(6.94)		9.40		1.84		(.33)
Distributions from net investment income		-		-		(.03)		(.07)		(.03)		-
Distributions from net realized gain		-		-		(2.77)		(4.84)		(1.93)		(1.98)
Total distributions		-		-		(2.80)		(4.90) G		(1.96)		(1.98)
Net asset value, end of period	$	16.40	$	15.96	$	15.78	$	25.52	$	21.02	$	21.14
Total Return H,I		2.76%		1.14%		(29.49)%		47.35%		8.57%		(.46)% F
Ratios to Average Net Assets C,J,K
Expenses before reductions		.72% L		.72%		.69%		.70%		.72%		.72%
Expenses net of fee waivers, if any		.71% L		.71%		.69%		.70%		.72%		.72%
Expenses net of all reductions		.71% L		.71%		.69%		.69%		.72%		.72%
Net investment income (loss)		.05% L		(.05)%		(.14)%		(.03)%		.22%		(.20)%
Supplemental Data
Net assets, end of period (000 omitted)	$	4,591,369	$	4,969,107	$	5,280,692	$	8,873,624	$	6,624,752	$	7,583,722
Portfolio turnover rate M		49% L		51%		46%		78%		50%		37%

AFor the year ended February 29.

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

DCalculated based on average shares outstanding during the period.

EAmount represents less than $.005 per share.

FNet 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)%.

GTotal distributions per share do not sum due to rounding.

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

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

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

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

LAnnualized.

MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Health Care Portfolio

Top Holdings (% of Fund's net assets)

UnitedHealth Group, Inc.	10.2
Boston Scientific Corp.	7.8
Danaher Corp.	6.8
Eli Lilly & Co.	6.3
Thermo Fisher Scientific, Inc.	5.3
Cigna Group	4.0
Penumbra, Inc.	3.7
Regeneron Pharmaceuticals, Inc.	3.2
Argenx SE ADR	2.7
agilon health, Inc.	2.4
	52.4

Industries (% of Fund's net assets)

Health Care Providers & Services	28.0
Health Care Equipment & Supplies	19.1
Biotechnology	18.4
Life Sciences Tools & Services	17.7
Pharmaceuticals	14.2
Health Care Technology	2.1
Financial Services	0.2
Personal Care Products	0.2

Health Care Portfolio

Consolidated Schedule of Investments August 31, 2023 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares	Value ($)
Biotechnology - 17.8%
Biotechnology - 17.8%
Acelyrin, Inc. (a)	900,000	22,797,000
Akero Therapeutics, Inc. (b)	1,140,000	56,578,200
Allogene Therapeutics, Inc. (a)(b)	4,000,000	15,560,000
Alnylam Pharmaceuticals, Inc. (b)	130,000	25,716,600
Ambrx Biopharma, Inc. ADR (b)	354,700	5,008,364
Arcellx, Inc. (b)	500,000	17,920,000
Arcus Biosciences, Inc. (b)	540,000	11,070,000
Arcutis Biotherapeutics, Inc. (b)	1,100,000	9,394,000
Argenx SE ADR (b)	425,000	213,558,250
Ascendis Pharma A/S sponsored ADR (b)	900,000	88,218,000
Avidity Biosciences, Inc. (b)	1,400,000	10,584,000
Blueprint Medicines Corp. (b)	720,000	35,899,200
Caris Life Sciences, Inc. (c)(d)	1,420,479	6,846,709
Celldex Therapeutics, Inc. (b)	800,000	22,320,000
Cerevel Therapeutics Holdings (b)	1,389,664	32,935,037
Cytokinetics, Inc. (b)	1,500,000	52,410,000
Generation Bio Co. (b)	509,353	2,434,707
Janux Therapeutics, Inc. (b)	500,000	5,500,000
Karuna Therapeutics, Inc. (b)	294,440	55,284,054
Keros Therapeutics, Inc. (b)	540,000	18,959,400
Legend Biotech Corp. ADR (b)	1,700,000	117,912,000
Morphic Holding, Inc. (b)	400,000	22,032,000
Nuvalent, Inc. Class A (b)	600,000	27,342,000
Poseida Therapeutics, Inc. (a)(b)	1,945,613	4,066,331
PTC Therapeutics, Inc. (b)	580,000	22,910,000
Regeneron Pharmaceuticals, Inc. (b)	310,500	256,625,145
Repligen Corp. (a)(b)	280,000	48,694,800
Sarepta Therapeutics, Inc. (b)	250,000	30,252,500
Shattuck Labs, Inc. (b)	1,162,800	2,511,648
Vaxcyte, Inc. (b)	1,280,000	66,457,600
Vera Therapeutics, Inc. (b)	1,000,000	17,690,000
Vertex Pharmaceuticals, Inc. (b)	45,000	15,675,300
Xencor, Inc. (b)	1,400,000	30,772,000
Xenon Pharmaceuticals, Inc. (b)	800,000	31,184,000
Zentalis Pharmaceuticals, Inc. (b)	1,200,000	31,872,000
		1,434,990,845
Health Care Equipment & Supplies - 19.1%
Health Care Equipment - 19.0%
Boston Scientific Corp. (b)	11,700,000	631,098,000
Glaukos Corp. (b)	367,381	27,605,008
Insulet Corp. (b)	608,700	116,693,877
Intuitive Surgical, Inc. (b)	145,000	45,338,600
iRhythm Technologies, Inc. (b)	400,000	41,348,000
Masimo Corp. (b)	1,280,000	146,278,400
Novocure Ltd. (b)	500,000	11,030,000
Outset Medical, Inc. (a)(b)	1,000,000	13,610,000
Penumbra, Inc. (b)	1,135,000	300,207,500
PROCEPT BioRobotics Corp. (a)(b)	649,500	22,154,445
ResMed, Inc.	475,000	75,805,250
Stryker Corp.	300,000	85,065,000
Tandem Diabetes Care, Inc. (b)	480,900	13,157,424
		1,529,391,504
Health Care Supplies - 0.1%
Lantheus Holdings, Inc. (b)	156,035	10,679,035
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES		1,540,070,539
Health Care Providers & Services - 28.0%
Health Care Facilities - 2.7%
Acadia Healthcare Co., Inc. (b)	950,000	73,245,000
Surgery Partners, Inc. (b)	3,900,000	141,414,000
		214,659,000
Health Care Services - 10.4%
agilon health, Inc. (a)(b)	10,850,600	192,272,632
Cigna Group	1,170,000	323,224,200
CVS Health Corp.	2,850,000	185,734,500
LifeStance Health Group, Inc. (b)	6,000,000	49,260,000
Privia Health Group, Inc. (b)	3,240,000	85,050,000
		835,541,332
Managed Health Care - 14.9%
Alignment Healthcare, Inc. (b)	3,800,000	22,192,000
Centene Corp. (b)	2,320,000	143,028,000
Elevance Health, Inc.	200,000	88,402,000
Humana, Inc.	175,000	80,785,250
Molina Healthcare, Inc. (b)	145,000	44,967,400
UnitedHealth Group, Inc.	1,730,000	824,483,401
		1,203,858,051
TOTAL HEALTH CARE PROVIDERS & SERVICES		2,254,058,383
Health Care Technology - 1.8%
Health Care Technology - 1.8%
Doximity, Inc. (a)(b)	690,000	16,449,600
Evolent Health, Inc. (b)	841,400	21,464,114
Evolent Health, Inc. (c)	1,178,600	28,562,782
Phreesia, Inc. (b)	1,180,000	33,594,600
Veeva Systems, Inc. Class A (b)	228,000	47,583,600
		147,654,696
Life Sciences Tools & Services - 17.7%
Life Sciences Tools & Services - 17.7%
10X Genomics, Inc. (b)	1,800,000	93,330,000
10X Genomics, Inc. Class B (b)(e)	500,000	25,925,000
Bruker Corp.	1,100,000	72,160,000
Danaher Corp.	2,080,000	551,200,000
Fortrea Holdings, Inc.	158,080	4,355,104
IQVIA Holdings, Inc. (b)	560,000	124,672,800
Lonza Group AG	67,000	36,956,615
Olink Holding AB ADR (b)	1,162,612	19,217,976
Thermo Fisher Scientific, Inc.	765,000	426,181,500
West Pharmaceutical Services, Inc.	180,000	73,242,000
		1,427,240,995
Personal Care Products - 0.2%
Personal Care Products - 0.2%
The Beauty Health Co. (a)(b)	600,000	3,696,000
The Beauty Health Co. (b)(c)	1,800,000	11,088,000
		14,784,000
Pharmaceuticals - 14.0%
Pharmaceuticals - 14.0%
Arvinas Holding Co. LLC (b)	690,000	19,464,900
AstraZeneca PLC (United Kingdom)	1,250,000	167,903,413
Eli Lilly & Co.	912,000	505,430,400
Enliven Therapeutics, Inc. (b)	400,000	6,248,000
Merck & Co., Inc.	1,200,000	130,776,000
Novo Nordisk A/S Series B	560,000	103,294,094
Pharvaris BV (b)	620,000	12,710,000
Royalty Pharma PLC	2,800,000	83,496,000
UCB SA	600,000	53,870,508
Ventyx Biosciences, Inc. (b)	860,000	28,810,000
Verona Pharma PLC ADR (b)	600,000	11,658,000
		1,123,661,315
TOTAL COMMON STOCKS (Cost $5,382,914,939)		7,942,460,773

Preferred Stocks - 1.3%
	Shares	Value ($)
Convertible Preferred Stocks - 1.2%
Biotechnology - 0.6%
Biotechnology - 0.6%
Asimov, Inc. Series B (b)(c)(d)	101,438	4,649,918
Caris Life Sciences, Inc. Series D (b)(c)(d)	3,206,021	15,453,021
Cleerly, Inc. Series C (b)(c)(d)	1,285,367	14,897,404
Element Biosciences, Inc. Series C (b)(c)(d)	572,265	8,005,987
ElevateBio LLC Series C (b)(c)(d)	254,900	1,062,933
Inscripta, Inc. Series E (b)(c)(d)	1,282,228	4,885,289
		48,954,552
Financial Services - 0.1%
Specialized Finance - 0.1%
Saluda Medical, Inc. Series E (c)(d)	1,155,359	9,358,408

Health Care Providers & Services - 0.0%
Health Care Services - 0.0%
dMed Biopharmaceutical Co. Ltd. Series C (b)(c)(d)	380,451	2,978,931

Health Care Technology - 0.3%
Health Care Technology - 0.3%
Aledade, Inc.:
Series B1(b)(c)(d)	201,220	10,085,146
Series E1(b)(c)(d)	56,664	2,840,000
Omada Health, Inc. Series E (b)(c)(d)	2,153,073	7,471,163
Wugen, Inc. Series B (b)(c)(d)	454,342	2,267,167
		22,663,476
Pharmaceuticals - 0.2%
Pharmaceuticals - 0.2%
Aristea Therapeutics, Inc. Series B (b)(c)(d)	1,037,400	5,716,074
Galvanize Therapeutics Series B (b)(c)(d)	3,696,429	5,766,429
		11,482,503
TOTAL CONVERTIBLE PREFERRED STOCKS		95,437,870
Nonconvertible Preferred Stocks - 0.1%
Financial Services - 0.1%
Diversified Financial Services - 0.1%
Thriveworks TopCo LLC Series B (b)(c)(d)(f)	473,270	6,318,155

TOTAL PREFERRED STOCKS (Cost $142,112,784)		101,756,025

Money Market Funds - 3.4%
	Shares	Value ($)
Fidelity Securities Lending Cash Central Fund 5.44% (g)(h) (Cost $274,009,982)	273,984,333	274,011,732

TOTAL INVESTMENT IN SECURITIES - 103.3% (Cost $5,799,037,705)	8,318,228,530
NET OTHER ASSETS (LIABILITIES) - (3.3)%	(262,212,240)
NET ASSETS - 100.0%	8,056,016,290

Legend

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

(b)	Non-income producing

(c)	Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $148,253,516 or 1.8% of net assets.

(d)	Level 3 security

(e)

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

(g)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Aledade, Inc. Series B1	5/07/21	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.	10/06/22	7,954,682

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

Evolent Health, Inc.	3/28/23	34,179,400

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

Saluda Medical, Inc. Series E	4/06/23	9,328,137

The Beauty Health Co.	12/08/20	18,000,000

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 5.43%	-	715,510,934	715,510,934	902,484	-	-	-	0.0%
Fidelity Securities Lending Cash Central Fund 5.44%	189,954,325	554,847,067	470,789,660	442,764	-	-	274,011,732	1.0%
Total	189,954,325	1,270,358,001	1,186,300,594	1,345,248	-	-	274,011,732

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

Other Affiliated Issuers

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.	24,532,952	1,003,218	20,418,211	-	(16,658,059)	11,540,100	-
Total	24,532,952	1,003,218	20,418,211	-	(16,658,059)	11,540,100	-

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	7,942,460,773	7,598,897,160	336,716,904	6,846,709

Preferred Stocks	101,756,025	-	-	101,756,025

Money Market Funds	274,011,732	274,011,732	-	-
Total Investments in Securities:	8,318,228,530	7,872,908,892	336,716,904	108,602,734

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


Investments in Securities:
Preferred Stocks
Beginning Balance	$	101,474,951
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		(9,075,287)
Cost of Purchases		9,356,361
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	101,756,025
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023	$	(9,075,287)
Other Investments in Securities
Beginning Balance	$	7,954,682
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		(1,107,973)
Cost of Purchases		-
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	6,846,709
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023	$	(1,107,973)
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations.

Health Care Portfolio

Health Care Services Portfolio

Consolidated Statement of Assets and Liabilities
				August 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $261,178,744) - See accompanying schedule:
Unaffiliated issuers (cost $5,525,027,723)	$	8,044,216,798
Fidelity Central Funds (cost $274,009,982)		274,011,732


Total Investment in Securities (cost $5,799,037,705)			$	8,318,228,530
Foreign currency held at value (cost $109)				109
Receivable for investments sold				16,926,220
Receivable for fund shares sold				974,115
Dividends receivable				3,184,600
Reclaims receivable				6,059,433
Distributions receivable from Fidelity Central Funds				86,985
Prepaid expenses				27,466
Other receivables				817,559
Total assets				8,346,305,017
Liabilities
Payable to custodian bank	$	171,422
Payable for investments purchased		5,170,858
Payable for fund shares redeemed		5,460,385
Accrued management fee		3,530,136
Other affiliated payables		1,091,682
Other payables and accrued expenses		874,338
Collateral on securities loaned		273,989,906
Total Liabilities				290,288,727
Net Assets			$	8,056,016,290
Net Assets consist of:
Paid in capital			$	5,468,292,758
Total accumulated earnings (loss)				2,587,723,532
Net Assets			$	8,056,016,290
Net Asset Value, offering price and redemption price per share ($8,056,016,290 ÷ 289,681,620 shares)			$	27.81

Consolidated Statement of Operations
				Six months ended August 31, 2023 (Unaudited)
Investment Income
Dividends			$	22,478,785
Income from Fidelity Central Funds (including $442,764 from security lending)				1,345,248
Total Income				23,824,033
Expenses
Management fee	$	21,925,237
Transfer agent fees		6,069,146
Accounting fees		548,302
Custodian fees and expenses		135,025
Independent trustees' fees and expenses		30,657
Registration fees		54,003
Audit		26,063
Legal		3,862
Interest		6,876
Miscellaneous		27,530
Total expenses before reductions		28,826,701
Expense reductions		(264,129)
Total expenses after reductions				28,562,572
Net Investment income (loss)				(4,738,539)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		202,396,153
Affiliated issuers		(16,658,059)
Foreign currency transactions		30,079
Total net realized gain (loss)				185,768,173
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated Issuers		(853,575)
Affiliated issuers		11,540,100
Assets and liabilities in foreign currencies		352,353
Total change in net unrealized appreciation (depreciation)				11,038,878
Net gain (loss)				196,807,051
Net increase (decrease) in net assets resulting from operations			$	192,068,512

Consolidated Statement of Changes in Net Assets

		Six months ended August 31, 2023 (Unaudited)		Year ended February 28, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(4,738,539)	$	(8,828,852)
Net realized gain (loss)		185,768,173		(77,062,320)
Change in net unrealized appreciation (depreciation)		11,038,878		(110,386,969)
Net increase (decrease) in net assets resulting from operations		192,068,512		(196,278,141)
Distributions to shareholders		-		(185,553,756)

Share transactions
Proceeds from sales of shares		323,547,118		519,950,859
Reinvestment of distributions		-		171,960,992
Cost of shares redeemed		(613,063,743)		(1,155,824,340)

Net increase (decrease) in net assets resulting from share transactions		(289,516,625)		(463,912,489)
Total increase (decrease) in net assets		(97,448,113)		(845,744,386)

Net Assets
Beginning of period		8,153,464,403		8,999,208,789
End of period	$	8,056,016,290	$	8,153,464,403

Other Information
Shares
Sold		11,557,855		19,098,646
Issued in reinvestment of distributions		-		5,803,593
Redeemed		(21,816,972)		(42,956,929)
Net increase (decrease)		(10,259,117)		(18,054,690)

Consolidated Financial Highlights

Health Care Portfolio

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019 B
Selected Per-Share Data
Net asset value, beginning of period	$	27.18	$	28.30	$	32.18	$	26.53	$	24.48	$	23.56
Income from Investment Operations
Net investment income (loss) C,D		(.02)		(.03)		(.03)		- E		.04		.02
Net realized and unrealized gain (loss)		.65		(.50)		(.92)		9.23		2.40		2.90
Total from investment operations		.63		(.53)		(.95)		9.23		2.44		2.92
Distributions from net investment income		-		-		(.04) F		(.18)		(.03)		(.03)
Distributions from net realized gain		-		(.59)		(2.89) F		(3.40)		(.36)		(1.97)
Total distributions		-		(.59)		(2.93)		(3.58)		(.39)		(2.00)
Net asset value, end of period	$	27.81	$	27.18	$	28.30	$	32.18	$	26.53	$	24.48
Total Return G,H		2.32%		(2.05)%		(3.67)%		36.00%		9.84%		13.30%
Ratios to Average Net Assets D,I,J
Expenses before reductions		.69% K		.69%		.68%		.69%		.70%		.71%
Expenses net of fee waivers, if any		.68% K		.68%		.67%		.69%		.70%		.71%
Expenses net of all reductions		.68% K		.68%		.67%		.69%		.70%		.71%
Net investment income (loss)		(.11)% K		(.10)%		(.10)%		(.01)%		.16%		.10%
Supplemental Data
Net assets, end of period (000 omitted)	$	8,056,016	$	8,153,464	$	8,999,209	$	10,353,077	$	7,220,187	$	7,450,707
Portfolio turnover rate L		44% K		40%		31%		52%		36% M		60% M

AFor the year ended February 29.

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

CCalculated based on average shares outstanding during the period.

EAmount represents less than $.005 per share.

FThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

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

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

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

KAnnualized.

LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

MPortfolio turnover rate excludes securities received or delivered in-kind.

Consolidated Investment Summary August 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

UnitedHealth Group, Inc.	24.5
CVS Health Corp.	9.9
Cigna Group	8.9
Centene Corp.	6.0
Humana, Inc.	4.8
McKesson Corp.	4.8
Molina Healthcare, Inc.	4.7
Cencora, Inc.	4.7
Acadia Healthcare Co., Inc.	3.3
agilon health, Inc.	3.1
	74.7

Industries (% of Fund's net assets)

Health Care Providers & Services	96.4
Health Care Technology	1.8
Financial Services	0.1

Health Care Services Portfolio

Consolidated Schedule of Investments August 31, 2023 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares	Value ($)
Health Care Providers & Services - 96.4%
Health Care Distributors - 9.5%
Cencora, Inc.	406,800	71,588,664
McKesson Corp.	175,200	72,238,464
		143,827,128
Health Care Facilities - 14.4%
Acadia Healthcare Co., Inc. (a)	645,000	49,729,500
Encompass Health Corp.	556,700	39,547,968
HCA Holdings, Inc.	158,700	44,007,510
Surgery Partners, Inc. (a)	1,111,757	40,312,309
U.S. Physical Therapy, Inc. (b)	180,300	18,179,649
Universal Health Services, Inc. Class B	207,700	27,977,190
		219,754,126
Health Care Services - 27.5%
agilon health, Inc. (a)(b)	2,649,100	46,942,052
Andlauer Healthcare Group, Inc.	184,939	6,022,288
Chemed Corp.	52,200	26,697,168
Cigna Group	488,672	135,000,527
CVS Health Corp.	2,302,470	150,051,970
LifeStance Health Group, Inc. (a)(b)	2,746,450	22,548,355
Privia Health Group, Inc. (a)(b)	1,154,800	30,313,500
		417,575,860
Managed Health Care - 45.0%
Alignment Healthcare, Inc. (a)	829,296	4,843,089
Centene Corp. (a)	1,467,684	90,482,719
Elevance Health, Inc.	91,302	40,356,397
HealthEquity, Inc. (a)	460,900	31,133,795
Humana, Inc.	157,600	72,752,888
Molina Healthcare, Inc. (a)	231,900	71,916,828
UnitedHealth Group, Inc.	780,850	372,137,491
		683,623,207
TOTAL HEALTH CARE PROVIDERS & SERVICES		1,464,780,321
Health Care Technology - 1.3%
Health Care Technology - 1.3%
Evolent Health, Inc. (a)	380,100	9,696,351
Evolent Health, Inc. (c)	120,300	2,915,410
Phreesia, Inc. (a)	239,335	6,813,867
		19,425,628
TOTAL COMMON STOCKS (Cost $928,566,178)		1,484,205,949

Preferred Stocks - 0.6%
	Shares	Value ($)
Convertible Preferred Stocks - 0.5%
Health Care Technology - 0.5%
Health Care Technology - 0.5%
Aledade, Inc.:
Series B1(a)(c)(d)	52,232	2,617,868
Series E1(a)(c)(d)	40,149	2,012,268
Series F(c)(d)	59,859	3,000,133
		7,630,269
Nonconvertible Preferred Stocks - 0.1%
Financial Services - 0.1%
Diversified Financial Services - 0.1%
Thriveworks TopCo LLC Series B (a)(c)(d)(e)	69,639	929,681

TOTAL PREFERRED STOCKS (Cost $9,049,251)		8,559,950

Money Market Funds - 6.4%
	Shares	Value ($)
Fidelity Cash Central Fund 5.43% (f)	21,665,723	21,670,056
Fidelity Securities Lending Cash Central Fund 5.44% (f)(g)	74,837,045	74,844,529
TOTAL MONEY MARKET FUNDS (Cost $96,514,585)		96,514,585

TOTAL INVESTMENT IN SECURITIES - 104.7% (Cost $1,034,130,014)	1,589,280,484
NET OTHER ASSETS (LIABILITIES) - (4.7)%	(70,685,597)
NET ASSETS - 100.0%	1,518,594,887

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 $11,475,360 or 0.8% 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)

(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

Aledade, Inc. Series F	6/07/23	2,999,983

Evolent Health, Inc.	3/28/23	3,488,700

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 5.43%	18,116,844	177,363,411	173,810,199	219,873	-	-	21,670,056	0.1%
Fidelity Securities Lending Cash Central Fund 5.44%	63,170,610	272,563,761	260,889,842	57,834	-	-	74,844,529	0.3%
Total	81,287,454	449,927,172	434,700,041	277,707	-	-	96,514,585

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	1,484,205,949	1,481,290,539	2,915,410	-

Preferred Stocks	8,559,950	-	-	8,559,950

Money Market Funds	96,514,585	96,514,585	-	-
Total Investments in Securities:	1,589,280,484	1,577,805,124	2,915,410	8,559,950

Health Care Services Portfolio

Medical Technology and Devices Portfolio

Consolidated Statement of Assets and Liabilities
				August 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $70,685,196) - See accompanying schedule:
Unaffiliated issuers (cost $937,615,429)	$	1,492,765,899
Fidelity Central Funds (cost $96,514,585)		96,514,585


Total Investment in Securities (cost $1,034,130,014)			$	1,589,280,484
Receivable for investments sold				5,525,643
Receivable for fund shares sold				937,358
Dividends receivable				248,574
Distributions receivable from Fidelity Central Funds				63,044
Prepaid expenses				4,332
Other receivables				152,348
Total assets				1,596,211,783
Liabilities
Payable for investments purchased	$	16,093
Payable for fund shares redeemed		1,692,248
Accrued management fee		690,047
Other affiliated payables		267,795
Other payables and accrued expenses		109,613
Collateral on securities loaned		74,841,100
Total Liabilities				77,616,896
Net Assets			$	1,518,594,887
Net Assets consist of:
Paid in capital			$	977,949,826
Total accumulated earnings (loss)				540,645,061
Net Assets			$	1,518,594,887
Net Asset Value, offering price and redemption price per share ($1,518,594,887 ÷ 12,279,689 shares)			$	123.67

Consolidated Statement of Operations
				Six months ended August 31, 2023 (Unaudited)
Investment Income
Dividends			$	8,643,854
Income from Fidelity Central Funds (including $57,834 from security lending)				277,707
Total Income				8,921,561
Expenses
Management fee	$	4,288,301
Transfer agent fees		1,419,201
Accounting fees		224,908
Custodian fees and expenses		8,138
Independent trustees' fees and expenses		5,701
Registration fees		43,619
Audit		18,416
Legal		1,545
Interest		710
Miscellaneous		4,793
Total expenses before reductions		6,015,332
Expense reductions		(51,575)
Total expenses after reductions				5,963,757
Net Investment income (loss)				2,957,804
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		23,033,580
Foreign currency transactions		139
Total net realized gain (loss)				23,033,719
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated Issuers		(38,448,898)
Assets and liabilities in foreign currencies		(1)
Total change in net unrealized appreciation (depreciation)				(38,448,899)
Net gain (loss)				(15,415,180)
Net increase (decrease) in net assets resulting from operations			$	(12,457,376)

Consolidated Statement of Changes in Net Assets

		Six months ended August 31, 2023 (Unaudited)		Year ended February 28, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,957,804	$	3,245,186
Net realized gain (loss)		23,033,719		(18,501,064)
Change in net unrealized appreciation (depreciation)		(38,448,899)		(28,481,459)
Net increase (decrease) in net assets resulting from operations		(12,457,376)		(43,737,337)
Distributions to shareholders		-		(70,592,721)

Share transactions
Proceeds from sales of shares		134,029,446		1,010,359,737
Reinvestment of distributions		-		65,526,668
Cost of shares redeemed		(311,679,350)		(466,886,272)

Net increase (decrease) in net assets resulting from share transactions		(177,649,904)		609,000,133
Total increase (decrease) in net assets		(190,107,280)		494,670,075

Net Assets
Beginning of period		1,708,702,167		1,214,032,092
End of period	$	1,518,594,887	$	1,708,702,167

Other Information
Shares
Sold		1,062,663		7,599,624
Issued in reinvestment of distributions		-		474,418
Redeemed		(2,477,689)		(3,577,704)
Net increase (decrease)		(1,415,026)		4,496,338

Consolidated Financial Highlights

Health Care Services Portfolio

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019
Selected Per-Share Data
Net asset value, beginning of period	$	124.77	$	131.98	$	121.44	$	94.72	$	89.28	$	92.21
Income from Investment Operations
Net investment income (loss) B,C		.23		.28		.29		.06		.23		.13
Net realized and unrealized gain (loss)		(1.33)		(.47)		20.01		27.59		5.50		8.27
Total from investment operations		(1.10)		(.19)		20.30		27.65		5.73		8.40
Distributions from net investment income		-		(.31)		(.22) D		(.93)		(.29)		(.10)
Distributions from net realized gain		-		(6.71)		(9.55) D		-		-		(11.23)
Total distributions		-		(7.02)		(9.76) E		(.93)		(.29)		(11.33)
Net asset value, end of period	$	123.67	$	124.77	$	131.98	$	121.44	$	94.72	$	89.28
Total Return F,G		(.88)%		(.64)%		16.85%		29.43%		6.39%		9.61%
Ratios to Average Net Assets C,H,I
Expenses before reductions		.74% J		.73%		.71%		.73%		.75%		.76%
Expenses net of fee waivers, if any		.73% J		.73%		.71%		.73%		.75%		.76%
Expenses net of all reductions		.73% J		.73%		.71%		.73%		.75%		.76%
Net investment income (loss)		.36% J		.21%		.22%		.05%		.25%		.14%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,518,595	$	1,708,702	$	1,214,032	$	1,100,913	$	1,003,206	$	1,343,070
Portfolio turnover rate K		28% J		30%		35%		34%		37%		60%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

ETotal distributions per share do not sum due to rounding.

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

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

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

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Schedule of Investments August 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Thermo Fisher Scientific, Inc.	15.1
Danaher Corp.	13.9
Boston Scientific Corp.	12.7
Stryker Corp.	5.6
Penumbra, Inc.	4.5
Intuitive Surgical, Inc.	4.0
IQVIA Holdings, Inc.	3.7
Veeva Systems, Inc. Class A	2.8
Abbott Laboratories	2.7
Masimo Corp.	2.6
	67.6

Industries (% of Fund's net assets)

Health Care Equipment & Supplies	45.2
Life Sciences Tools & Services	41.9
Health Care Technology	5.5
Health Care Providers & Services	3.3
Biotechnology	2.7
Textiles, Apparel & Luxury Goods	0.4
Financial Services	0.3
Personal Care Products	0.3
Pharmaceuticals	0.1

Medical Technology and Devices Portfolio

Showing Percentage of Net Assets

Common Stocks - 96.4%
	Shares	Value ($)
Biotechnology - 1.7%
Biotechnology - 1.7%
Natera, Inc. (a)(b)	600,000	35,238,000
Oxford BioMedica PLC (a)	4,000,000	16,341,720
Repligen Corp. (a)(b)	340,000	59,129,400
		110,709,120
Financial Services - 0.0%
Specialized Finance - 0.0%
Saluda Medical, Inc. warrants 1/20/27 (a)(c)(d)	235,185	623,240
Health Care Equipment & Supplies - 44.7%
Health Care Equipment - 43.8%
Abbott Laboratories	1,670,000	171,843,000
Boston Scientific Corp. (a)	15,280,000	824,203,200
DexCom, Inc. (a)	600,000	60,588,000
GE Healthcare Holding LLC	600,000	42,270,000
Glaukos Corp. (a)	746,100	56,061,954
Inspire Medical Systems, Inc. (a)	460,000	104,364,800
Insulet Corp. (a)	697,000	133,621,870
Intuitive Surgical, Inc. (a)	820,000	256,397,600
iRhythm Technologies, Inc. (a)(b)	500,000	51,685,000
Masimo Corp. (a)	1,450,000	165,706,000
Nevro Corp. (a)	1,000,000	20,040,000
Novocure Ltd. (a)(b)	807,700	17,817,862
Outset Medical, Inc. (a)(b)	1,000,000	13,610,000
Penumbra, Inc. (a)(b)	1,100,000	290,950,000
PROCEPT BioRobotics Corp. (a)(b)	1,180,000	40,249,800
ResMed, Inc.	900,000	143,631,000
Shockwave Medical, Inc. (a)(b)	185,000	40,772,150
Stryker Corp.	1,280,000	362,944,000
Tandem Diabetes Care, Inc. (a)(b)	1,450,700	39,691,152
		2,836,447,388
Health Care Supplies - 0.9%
ICU Medical, Inc. (a)(b)	326,065	47,289,207
Lantheus Holdings, Inc. (a)	142,241	9,734,974
		57,024,181
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES		2,893,471,569
Health Care Providers & Services - 3.0%
Health Care Services - 3.0%
agilon health, Inc. (a)	3,723,856	65,986,728
Guardant Health, Inc. (a)	430,000	16,804,400
LifeStance Health Group, Inc. (a)(b)	6,400,000	52,544,000
Privia Health Group, Inc. (a)	2,156,600	56,610,750
		191,945,878
Health Care Technology - 4.8%
Health Care Technology - 4.8%
DNA Script (a)(c)(d)	1,220	770,302
DNA Script (a)(c)(d)	4,668	2,947,353
Doximity, Inc. (a)(b)	840,000	20,025,600
Evolent Health, Inc. (c)	1,003,500	24,319,321
Evolent Health, Inc. (a)	1,256,500	32,053,315
Phreesia, Inc. (a)	1,760,000	50,107,200
Veeva Systems, Inc. Class A (a)	860,000	179,482,000
		309,705,091
Life Sciences Tools & Services - 41.9%
Life Sciences Tools & Services - 41.9%
10X Genomics, Inc. (a)	1,826,466	94,702,262
10X Genomics, Inc. Class B (a)(e)	392,772	20,365,228
Bio-Techne Corp.	831,200	65,166,080
Bruker Corp.	1,600,000	104,960,000
Danaher Corp.	3,400,000	901,000,000
Eurofins Scientific SA (b)	500,000	30,817,227
Fortrea Holdings, Inc.	600,000	16,530,000
IQVIA Holdings, Inc. (a)	1,080,000	240,440,400
Lonza Group AG	75,000	41,369,346
Olink Holding AB ADR (a)(b)	1,233,000	20,381,490
Pacific Biosciences of California, Inc. (a)	1,900,000	21,432,000
Sartorius Stedim Biotech	100,000	28,420,814
Seer, Inc. (a)	2,800,000	7,364,000
Thermo Fisher Scientific, Inc.	1,760,000	980,496,001
West Pharmaceutical Services, Inc.	345,000	140,380,500
		2,713,825,348
Personal Care Products - 0.3%
Personal Care Products - 0.3%
The Beauty Health Co. (a)(b)	535,900	3,301,144
The Beauty Health Co. (a)(c)	3,000,000	18,480,000
		21,781,144
TOTAL COMMON STOCKS (Cost $3,809,207,906)		6,242,061,390

Convertible Preferred Stocks - 3.0%
	Shares	Value ($)
Biotechnology - 1.0%
Biotechnology - 1.0%
Asimov, Inc. Series B (a)(c)(d)	97,985	4,491,632
Caris Life Sciences, Inc. Series D (a)(c)(d)	2,803,935	13,514,967
Element Biosciences, Inc. Series B (a)(c)(d)	2,385,223	33,369,270
ElevateBio LLC Series C (a)(c)(d)	214,700	895,299
Inscripta, Inc. Series D (a)(c)(d)	3,938,731	15,006,565
		67,277,733
Financial Services - 0.3%
Specialized Finance - 0.3%
Saluda Medical, Inc. Series D (c)(d)	1,567,904	18,250,403
Health Care Equipment & Supplies - 0.2%
Health Care Supplies - 0.2%
Kardium, Inc. Series D6 (a)(c)(d)	13,783,189	13,645,357
Health Care Providers & Services - 0.3%
Health Care Services - 0.3%
Conformal Medical, Inc.:
Series C (a)(c)(d)	2,605,625	11,412,638
Series D (c)(d)	525,299	2,658,013
dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(d)	309,255	2,421,467
		16,492,118
Health Care Technology - 0.7%
Health Care Technology - 0.7%
Aledade, Inc.:
Series B1 (a)(c)(d)	175,232	8,782,628
Series E1 (a)(c)(d)	58,567	2,935,378
DNA Script:
Series B (a)(c)(d)	59	37,252
Series C (a)(c)(d)	28,249	17,836,286
Omada Health, Inc. Series E (a)(c)(d)	2,182,939	7,574,798
PrognomIQ, Inc.:
Series A5 (a)(c)(d)	833,333	1,374,999
Series B (a)(c)(d)	2,735,093	6,372,767
Series C (a)(c)(d)	752,098	2,000,581
		46,914,689
Pharmaceuticals - 0.1%
Pharmaceuticals - 0.1%
Galvanize Therapeutics Series B (a)(c)(d)	3,641,139	5,680,177
Textiles, Apparel & Luxury Goods - 0.4%
Textiles - 0.4%
Freenome, Inc.:
Series C (a)(c)(d)	2,268,156	17,646,254
Series D (a)(c)(d)	1,325,855	10,832,235
		28,478,489
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $201,503,739)		196,738,966

Preferred Securities - 0.3%
	Principal Amount (f)	Value ($)
Health Care Equipment & Supplies - 0.3%
Health Care Supplies - 0.3%
Kardium, Inc. 0% (c)(d)(g) (Cost $19,551,861)	19,551,861	19,063,064

Money Market Funds - 2.5%
	Shares	Value ($)
Fidelity Cash Central Fund 5.43% (h)	14,891,786	14,894,764
Fidelity Securities Lending Cash Central Fund 5.44% (h)(i)	144,015,183	144,029,584
TOTAL MONEY MARKET FUNDS (Cost $158,924,348)		158,924,348

TOTAL INVESTMENT IN SECURITIES - 102.2% (Cost $4,189,187,854)	6,616,787,768
NET OTHER ASSETS (LIABILITIES) - (2.2)%	(139,945,998)
NET ASSETS - 100.0%	6,476,841,770

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 $262,942,246 or 4.1% of net assets.

(d)	Level 3 security

(e)

(f)	Amount is stated in United States dollars unless otherwise noted.

(g)	Security is perpetual in nature with no stated maturity date.

(h)

(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	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

Conformal Medical, Inc. Series D	5/26/23	2,668,340

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

Evolent Health, Inc.	3/28/23	29,101,500

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, Inc. warrants 1/20/27	1/20/22	0

Saluda Medical, Inc. Series D	1/20/22	20,000,011

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 5.43%	12,569,252	593,411,663	591,086,151	567,601	-	-	14,894,764	0.0%
Fidelity Securities Lending Cash Central Fund 5.44%	104,979,490	831,717,909	792,667,815	198,712	-	-	144,029,584	0.5%
Total	117,548,742	1,425,129,572	1,383,753,966	766,313	-	-	158,924,348

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

Other Affiliated Issuers

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)
Nevro Corp.	62,880,000	3,049,788	29,080,318	-	(46,817,463)	30,007,993	-
Total	62,880,000	3,049,788	29,080,318	-	(46,817,463)	30,007,993	-

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	6,242,061,390	6,172,031,828	65,688,667	4,340,895

Convertible Preferred Stocks	196,738,966	-	-	196,738,966

Preferred Securities	19,063,064	-	-	19,063,064

Money Market Funds	158,924,348	158,924,348	-	-
Total Investments in Securities:	6,616,787,768	6,330,956,176	65,688,667	220,142,925

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	$	205,989,012
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		(11,918,386)
Cost of Purchases		2,668,340
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		18,140,649
Transfers out of Level 3		(18,140,649)
Ending Balance	$	196,738,966
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023	$	(11,918,386)
Other Investments in Securities
Beginning Balance	$	23,709,662
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		(305,703)
Cost of Purchases		-
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		585,611
Transfers out of Level 3		(585,611)
Ending Balance	$	23,403,959
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023	$	(305,703)
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Medical Technology and Devices Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				August 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $140,431,344) - See accompanying schedule:
Unaffiliated issuers (cost $4,030,263,506)	$	6,457,863,420
Fidelity Central Funds (cost $158,924,348)		158,924,348


Total Investment in Securities (cost $4,189,187,854)			$	6,616,787,768
Foreign currency held at value (cost $106)				106
Receivable for investments sold				27,428,090
Receivable for fund shares sold				578,944
Dividends receivable				954,796
Distributions receivable from Fidelity Central Funds				46,349
Prepaid expenses				19,600
Other receivables				293,362
Total assets				6,646,109,015
Liabilities
Payable for investments purchased	$	15,279,604
Payable for fund shares redeemed		5,783,654
Accrued management fee		2,827,279
Other affiliated payables		990,576
Other payables and accrued expenses		365,113
Collateral on securities loaned		144,021,019
Total Liabilities				169,267,245
Net Assets			$	6,476,841,770
Net Assets consist of:
Paid in capital			$	4,148,622,449
Total accumulated earnings (loss)				2,328,219,321
Net Assets			$	6,476,841,770
Net Asset Value, offering price and redemption price per share ($6,476,841,770 ÷ 104,010,204 shares)			$	62.27

Statement of Operations
				Six months ended August 31, 2023 (Unaudited)
Investment Income
Dividends			$	9,979,816
Income from Fidelity Central Funds (including $198,712 from security lending)				766,313
Total Income				10,746,129
Expenses
Management fee	$	18,243,225
Transfer agent fees		5,509,207
Accounting fees		519,489
Custodian fees and expenses		105,635
Independent trustees' fees and expenses		26,594
Registration fees		27,579
Audit		18,794
Legal		2,297
Interest		6,994
Miscellaneous		22,550
Total expenses before reductions		24,482,364
Expense reductions		(219,409)
Total expenses after reductions				24,262,955
Net Investment income (loss)				(13,516,826)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		310,747,049
Affiliated issuers		(46,817,463)
Foreign currency transactions		193,795
Total net realized gain (loss)				264,123,381
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(199,272,850)
Affiliated issuers		30,007,993
Assets and liabilities in foreign currencies		22,925
Total change in net unrealized appreciation (depreciation)				(169,241,932)
Net gain (loss)				94,881,449
Net increase (decrease) in net assets resulting from operations			$	81,364,623

Statement of Changes in Net Assets

		Six months ended August 31, 2023 (Unaudited)		Year ended February 28, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(13,516,826)	$	(28,170,066)
Net realized gain (loss)		264,123,381		(246,035,026)
Change in net unrealized appreciation (depreciation)		(169,241,932)		(771,561,689)
Net increase (decrease) in net assets resulting from operations		81,364,623		(1,045,766,781)
Distributions to shareholders		-		(137,786,409)

Share transactions
Proceeds from sales of shares		191,300,594		418,873,849
Reinvestment of distributions		-		128,702,740
Cost of shares redeemed		(707,308,116)		(1,358,373,047)

Net increase (decrease) in net assets resulting from share transactions		(516,007,522)		(810,796,458)
Total increase (decrease) in net assets		(434,642,899)		(1,994,349,648)

Net Assets
Beginning of period		6,911,484,669		8,905,834,317
End of period	$	6,476,841,770	$	6,911,484,669

Other Information
Shares
Sold		2,976,904		6,616,291
Issued in reinvestment of distributions		-		1,786,046
Redeemed		(11,100,431)		(22,012,597)
Net increase (decrease)		(8,123,527)		(13,610,260)

Financial Highlights

Medical Technology and Devices Portfolio

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019
Selected Per-Share Data
Net asset value, beginning of period	$	61.64	$	70.83	$	74.99	$	55.88	$	52.92	$	46.09
Income from Investment Operations
Net investment income (loss) B,C		(.12)		(.24)		(.37)		(.24)		(.08)		(.04)
Net realized and unrealized gain (loss)		.75		(7.84)		2.97		24.19		4.10		10.40
Total from investment operations		.63		(8.08)		2.60		23.95		4.02		10.36
Distributions from net realized gain		-		(1.11)		(6.76)		(4.84)		(1.06)		(3.53)
Total distributions		-		(1.11)		(6.76)		(4.84)		(1.06)		(3.53)
Net asset value, end of period	$	62.27	$	61.64	$	70.83	$	74.99	$	55.88	$	52.92
Total Return D,E		1.02%		(11.64)%		2.95%		44.20%		7.46%		23.85%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.70% H		.70%		.68%		.70%		.71%		.73%
Expenses net of fee waivers, if any		.70% H		.70%		.68%		.70%		.71%		.73%
Expenses net of all reductions		.70% H		.70%		.68%		.70%		.71%		.73%
Net investment income (loss)		(.39)% H		(.38)%		(.46)%		(.36)%		(.15)%		(.07)%
Supplemental Data
Net assets, end of period (000 omitted)	$	6,476,842	$	6,911,485	$	8,905,834	$	8,673,299	$	6,058,766	$	6,787,645
Portfolio turnover rate I		47% H		37%		32%		58%		35%		43%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

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

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

FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional 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.

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

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Pharmaceuticals Portfolio

Schedule of Investments August 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Eli Lilly & Co.	21.3
Novo Nordisk A/S Series B sponsored ADR	11.9
AstraZeneca PLC sponsored ADR	9.5
Sanofi SA sponsored ADR	7.0
Merck & Co., Inc.	4.8
GSK PLC sponsored ADR	4.2
UCB SA	3.2
Royalty Pharma PLC	3.2
Gilead Sciences, Inc.	3.2
Roche Holding AG (participation certificate)	2.7
	71.0

Industries (% of Fund's net assets)

Pharmaceuticals	76.5
Biotechnology	18.3
Life Sciences Tools & Services	2.5
Health Care Equipment & Supplies	1.9
Financial Services	0.3
Consumer Staples Distribution & Retail	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 adjusted for the effect of derivatives, if applicable.

Pharmaceuticals Portfolio

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares	Value ($)
Biotechnology - 18.1%
Biotechnology - 18.1%
Acelyrin, Inc.	160,830	3,870,131
Acelyrin, Inc. rights (a)(b)	19,543	446,759
Allovir, Inc. (a)(c)	661,100	2,069,243
Alnylam Pharmaceuticals, Inc. (a)	14,671	2,902,217
Arcus Biosciences, Inc. (a)	244,400	5,010,200
Argenx SE (a)	6,300	3,166,280
Ascendis Pharma A/S sponsored ADR (a)	36,100	3,538,522
Avidity Biosciences, Inc. (a)	507,400	3,835,944
Beam Therapeutics, Inc. (a)(c)	134,700	3,122,346
Biogen, Inc. (a)	68,800	18,394,368
Blueprint Medicines Corp. (a)	200,800	10,011,888
Cytokinetics, Inc. (a)	85,900	3,001,346
Dyne Therapeutics, Inc. (a)	478,500	5,454,900
Galapagos NV sponsored ADR (a)	36,900	1,398,141
Generation Bio Co. (a)	394,176	1,884,161
Gilead Sciences, Inc.	353,200	27,012,736
Intellia Therapeutics, Inc. (a)	133,200	4,992,336
Karuna Therapeutics, Inc. (a)	2,300	431,848
Leap Therapeutics, Inc. warrants 1/31/26 (a)	60,600	358
Legend Biotech Corp. ADR (a)(c)	237,400	16,466,064
Monte Rosa Therapeutics, Inc. (a)(c)	367,700	2,158,399
Prothena Corp. PLC (a)	83,800	4,426,316
PTC Therapeutics, Inc. (a)	295,600	11,676,200
Sarepta Therapeutics, Inc. (a)	97,000	11,737,970
uniQure B.V. (a)	150,300	1,309,113
Xenon Pharmaceuticals, Inc. (a)	175,900	6,856,582
		155,174,368
Consumer Staples Distribution & Retail - 0.0%
Drug Retail - 0.0%
MedAvail Holdings, Inc. (a)	3,333	536
Health Care Equipment & Supplies - 1.9%
Health Care Equipment - 0.9%
Inspire Medical Systems, Inc. (a)	21,800	4,945,984
Pulmonx Corp. (a)	288,700	3,019,802
		7,965,786
Health Care Supplies - 1.0%
Lantheus Holdings, Inc. (a)	119,700	8,192,268
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES		16,158,054
Life Sciences Tools & Services - 2.5%
Life Sciences Tools & Services - 2.5%
Gerresheimer AG	167,800	21,816,276
Pharmaceuticals - 76.5%
Pharmaceuticals - 76.5%
Arvinas Holding Co. LLC (a)	26,300	741,923
AstraZeneca PLC sponsored ADR	1,199,200	81,329,744
Axsome Therapeutics, Inc. (a)(c)	43,400	3,506,720
Bristol-Myers Squibb Co.	143,980	8,876,367
Catalent, Inc. (a)	77,600	3,877,672
Edgewise Therapeutics, Inc. (a)	436,300	2,726,875
Eli Lilly & Co.	328,761	182,199,349
Fulcrum Therapeutics, Inc. (a)	762,000	4,213,860
GSK PLC sponsored ADR	1,020,860	35,862,812
Harmony Biosciences Holdings, Inc. (a)	144,577	5,240,916
Indivior PLC (a)	303,000	6,985,895
Merck & Co., Inc.	372,636	40,609,871
Merck KGaA	128,900	23,202,271
Novartis AG sponsored ADR	24,896	2,501,550
Novo Nordisk A/S Series B sponsored ADR	549,900	102,072,438
Reata Pharmaceuticals, Inc. (a)	30,000	5,070,000
Roche Holding AG (participation certificate)	79,746	23,404,527
Royalty Pharma PLC	912,300	27,204,786
Sanofi SA sponsored ADR	1,133,122	60,259,428
Structure Therapeutics, Inc. ADR	98,000	2,762,620
UCB SA	309,000	27,743,312
Ventyx Biosciences, Inc. (a)	141,000	4,723,500
		655,116,436
TOTAL COMMON STOCKS (Cost $602,926,363)		848,265,670

Convertible Preferred Stocks - 0.5%
	Shares	Value ($)
Biotechnology - 0.2%
Biotechnology - 0.2%
Aeglea BioTherapeutics, Inc. Series A (d)	304	166,060
Castle Creek Biosciences, Inc.:
Series D1 (a)(b)(d)	6,308	1,227,852
Series D2 (a)(b)(d)	85	14,596
		1,408,508
Financial Services - 0.3%
Diversified Financial Services - 0.3%
Paragon Biosciences Emalex Capital, Inc.:
Series C (a)(b)(d)	158,879	1,714,304
Series D1 (b)(d)	14,400	155,808
Series D2 (b)(d)	22,477	230,164
		2,100,276
Pharmaceuticals - 0.0%
Pharmaceuticals - 0.0%
Castle Creek Pharmaceutical Holdings, Inc. Series C (a)(b)(d)	200	42,284
Software - 0.0%
Systems Software - 0.0%
Evozyne LLC Series A (a)(b)(d)	5,900	80,004
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $3,724,244)		3,631,072

Money Market Funds - 1.4%
	Shares	Value ($)
Fidelity Cash Central Fund 5.43% (e)	2,494,533	2,495,031
Fidelity Securities Lending Cash Central Fund 5.44% (e)(f)	9,640,594	9,641,560
TOTAL MONEY MARKET FUNDS (Cost $12,136,590)		12,136,591

TOTAL INVESTMENT IN SECURITIES - 100.9% (Cost $618,787,197)	864,033,333
NET OTHER ASSETS (LIABILITIES) - (0.9)%	(7,330,501)
NET ASSETS - 100.0%	856,702,832

Legend

(a)	Non-income producing

(b)	Level 3 security

(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 $3,631,072 or 0.4% of net assets.

(e)

(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 ($)
Aeglea BioTherapeutics, Inc. Series A	6/22/23	88,488

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. Series D1	10/21/22	155,952

Paragon Biosciences Emalex Capital, Inc. Series D2	5/18/22	193,747

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 5.43%	16,717,912	95,225,193	109,448,074	176,088	-	-	2,495,031	0.0%
Fidelity Securities Lending Cash Central Fund 5.44%	7,206,158	99,587,867	97,152,466	27,606	-	1	9,641,560	0.0%
Total	23,924,070	194,813,060	206,600,540	203,694	-	1	12,136,591

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	848,265,670	817,377,615	30,441,296	446,759

Convertible Preferred Stocks	3,631,072	-	166,060	3,465,012

Money Market Funds	12,136,591	12,136,591	-	-
Total Investments in Securities:	864,033,333	829,514,206	30,607,356	3,911,771

Pharmaceuticals Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				August 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $9,340,736) - See accompanying schedule:
Unaffiliated issuers (cost $606,650,607)	$	851,896,742
Fidelity Central Funds (cost $12,136,590)		12,136,591


Total Investment in Securities (cost $618,787,197)			$	864,033,333
Cash				8,146
Foreign currency held at value (cost $421)				416
Receivable for investments sold				38,305,908
Receivable for fund shares sold				201,183
Dividends receivable				1,480,380
Reclaims receivable				1,987,942
Distributions receivable from Fidelity Central Funds				24,011
Prepaid expenses				2,878
Other receivables				167,776
Total assets				906,211,973
Liabilities
Payable for investments purchased	$	38,530,238
Payable for fund shares redeemed		636,706
Accrued management fee		367,576
Other affiliated payables		142,740
Other payables and accrued expenses		191,031
Collateral on securities loaned		9,640,850
Total Liabilities				49,509,141
Net Assets			$	856,702,832
Net Assets consist of:
Paid in capital			$	585,259,121
Total accumulated earnings (loss)				271,443,711
Net Assets			$	856,702,832
Net Asset Value, offering price and redemption price per share ($856,702,832 ÷ 35,673,758 shares)			$	24.01

Statement of Operations
				Six months ended August 31, 2023 (Unaudited)
Investment Income
Dividends			$	9,354,919
Foreign Tax Reclaims				469,765
Income from Fidelity Central Funds (including $27,606 from security lending)				203,694
Income before foreign taxes withheld			$	10,028,378
Less foreign taxes withheld				(1,283,765)
Total Income				8,744,613
Expenses
Management fee	$	2,172,285
Transfer agent fees		719,851
Accounting fees		127,998
Custodian fees and expenses		(29,878)
Independent trustees' fees and expenses		2,980
Registration fees		34,271
Audit		18,940
Legal		1,982
Interest		10,357
Miscellaneous		2,808
Total expenses before reductions		3,061,594
Expense reductions		(25,727)
Total expenses after reductions				3,035,867
Net Investment income (loss)				5,708,746
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		22,423,587
Foreign currency transactions		16,623
Total net realized gain (loss)				22,440,210
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		86,402,599
Fidelity Central Funds		1
Assets and liabilities in foreign currencies		78,972
Total change in net unrealized appreciation (depreciation)				86,481,572
Net gain (loss)				108,921,782
Net increase (decrease) in net assets resulting from operations			$	114,630,528

Statement of Changes in Net Assets

		Six months ended August 31, 2023 (Unaudited)		Year ended February 28, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	5,708,746	$	8,244,064
Net realized gain (loss)		22,440,210		68,024,817
Change in net unrealized appreciation (depreciation)		86,481,572		(60,969,551)
Net increase (decrease) in net assets resulting from operations		114,630,528		15,299,330
Distributions to shareholders		(35,689,983)		(41,990,940)

Share transactions
Proceeds from sales of shares		91,676,393		164,880,948
Reinvestment of distributions		33,293,102		39,396,332
Cost of shares redeemed		(108,386,207)		(351,154,587)

Net increase (decrease) in net assets resulting from share transactions		16,583,288		(146,877,307)
Total increase (decrease) in net assets		95,523,833		(173,568,917)

Net Assets
Beginning of period		761,178,999		934,747,916
End of period	$	856,702,832	$	761,178,999

Other Information
Shares
Sold		3,933,319		7,124,169
Issued in reinvestment of distributions		1,473,798		1,698,146
Redeemed		(4,700,986)		(15,341,002)
Net increase (decrease)		706,131		(6,518,687)

Financial Highlights

Pharmaceuticals Portfolio

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019
Selected Per-Share Data
Net asset value, beginning of period	$	21.77	$	22.53	$	23.92	$	21.71	$	21.07	$	18.82
Income from Investment Operations
Net investment income (loss) B,C		.16		.23		.27		.27		.29		.29
Net realized and unrealized gain (loss)		3.12		.19		.97		4.04		2.29		2.34
Total from investment operations		3.28		.42		1.24		4.31		2.58		2.63
Distributions from net investment income		-		(.30)		(.28)		(.31)		(.31)		(.28)
Distributions from net realized gain		(1.04)		(.88)		(2.35)		(1.79)		(1.64)		(.10)
Total distributions		(1.04)		(1.18)		(2.63)		(2.10)		(1.94) D		(.38)
Net asset value, end of period	$	24.01	$	21.77	$	22.53	$	23.92	$	21.71	$	21.07
Total Return E,F		15.34%		1.60%		5.15%		20.46%		12.06%		14.15%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.74% I		.76%		.75%		.77%		.78%		.80%
Expenses net of fee waivers, if any		.73% I		.76%		.75%		.77%		.78%		.79%
Expenses net of all reductions		.73% I		.76%		.75%		.76%		.77%		.79%
Net investment income (loss)		1.38% I		.99%		1.10%		1.13%		1.36%		1.48%
Supplemental Data
Net assets, end of period (000 omitted)	$	856,703	$	761,179	$	934,748	$	833,380	$	764,285	$	747,604
Portfolio turnover rate J		62% I		45%		29%		32%		52%		55%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

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

GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional 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.

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Financial Statements (Unaudited)

For the period ended August 31, 2023

1. Organization.

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

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

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:

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

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

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

Biotechnology Portfolio:

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in InputA
Equities	$149,784,764	Market comparable	Enterprise value/Revenue multiple (EV/R)	24.9	Increase
		Recovery value	Recovery value	$0.00 - $5.51 / $5.50	Increase
		Market Approach	Transaction price	$2.42 - $105.86 / $56.36	Increase
			Discount rate	4.6% - 50.0% / 28.4%	Decrease
			Volatility	85.0%	Increase
			Discount for lack of marketability (DLOM)	5.0% - 8.8% / 7.2%	Decrease
			Term	3.0	Increase
		Discounted cash flow	Discount rate	5.2% - 15.5% / 10.8%	Decrease
			Probability rate	0.0% - 90.0% / 39.0%	Increase
			Term	0.3 - 7.7 / 4.4	Increase
		Black scholes	Discount rate	4.6% - 5.0% / 4.6%	Increase
			Volatility	80.0% - 85.0% / 82.1%	Increase
			Term	2.0 - 3.0 / 1.8	Increase

Health Care Portfolio:

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in InputA
Equities	$108,602,734	Market comparable	Enterprise value/Revenue multiple (EV/R)	3.0 - 24.9/6.5	Increase
		Recovery Value	Recovery Value	$5.51	Increase
		Market Approach	Transaction price Discount rate	$7.75 - $20.56 / $13.34 30.0% - 55.0% / 39.6%	Increase Decrease
		Black scholes	Discount rate	4.5% - 5.2% / 4.8%	Increase
			Volatility	45.0% - 90.0% / 52.8%	Increase
			Term	1.5 - 4.0/2.9	Increase

Medical Technology and Devices Portfolio:

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in InputA
Equities	$201,079,861	Market comparable	Enterprise value/Revenue multiple (EV/R)	3.0 - 24.9/6.7	Increase
		Market Approach	Transaction price Discount rate	$1.02 - $20.56 / $11.08 15.0% - 55.0% / 27.7%	Increase Decrease
		Discounted cash flow	Weighted average cost of capital (WACC)	30.7%	Decrease
			Exit multiple	1.5	Increase
		Black scholes	Discount rate	4.5% - 5.2% / 4.8%	Increase
			Volatility	55.0% - 80.0% / 68.0%	Increase
			Term	1.5 - 4.0/2.5	Increase
Preferred Securities	$19,063,064	Market Approach	Transaction price	$100.00	Increase
		Black scholes	Discount rate	4.7%	Increase
			Volatility	70.0%	Increase
			Term	3.0	Increase

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, 2023 as well as a roll forward of Level 3 investments, is included at the end of each Fund's Schedule of Investments.

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.

Biotechnology Portfolio	$1,176,106
Health Care Portfolio	773,106
Health Care Services Portfolio	87,047
Medical Technology and Devices Portfolio	251,944
Pharmaceuticals Portfolio	159,668

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.

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

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

	Tax cost	Gross unrealized appreciation	Gross unrealized depreciation	Net unrealized appreciation (depreciation)
Biotechnology Portfolio	$3,707,697,619	$1,676,339,755	$(474,201,561)	$1,202,138,194
Health Care Portfolio	5,828,322,391	2,986,346,233	(496,440,094)	2,489,906,139
Health Care Services Portfolio	1,046,115,880	620,327,558	(77,162,954)	543,164,604
Medical Technology and Devices Portfolio	4,195,033,635	2,737,694,585	(315,940,452)	2,421,754,133
Pharmaceuticals Portfolio	619,573,969	299,811,989	(55,352,625)	244,459,364

	Short-term	Long-term	Total capital loss carryforward
Biotechnology Portfolio	$(486,419,734)	$(161,948,980)	$(648,368,714)
Health Care Portfolio	(82,842,812)	-	(82,842,812)
Medical Technology and Devices Portfolio	(323,788,266)	(7,106,193)	(330,894,459)

Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2022 to February 28, 2023, and ordinary losses recognized during the period January 1, 2023 to February 28, 2023. Loss deferrals were as follows:

	Capital losses	Ordinary losses
Biotechnology Portfolio	$-	$(2,587,831)
Health Care Portfolio	-	(12,417,992)
Health Care Services Portfolio	(23,317,441)	(854,077)

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)
Biotechnology Portfolio	Dianthus Therapeutics, Inc.	$2,290,822	$ (408,802)
Biotechnology Portfolio	Korro Bio, Inc.	$5,000,000	$ (521,583)
Biotechnology Portfolio	Morphimmune, Inc.	$2,499,997	$ (116,304)

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	71,574,742	1.56
Health Care Portfolio	6,318,155	.08
Health Care Services Portfolio	929,681	.06

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

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

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	1,163,928,835	1,667,079,890
Health Care Portfolio	1,810,288,941	2,106,737,664
Health Care Services Portfolio	228,595,832	405,003,291
Medical Technology and Devices Portfolio	1,621,679,647	2,180,735,594
Pharmaceuticals Portfolio	251,330,065	249,874,254

5. Fees and Other Transactions with Affiliates.

	Individual Rate	Group Rate	Total
Biotechnology Portfolio	.30%	.22%	.52%
Health Care Portfolio	.30%	.22%	.52%
Health Care Services Portfolio	.30%	.22%	.52%
Medical Technology and Devices Portfolio	.30%	.22%	.52%
Pharmaceuticals Portfolio	.30%	.22%	.52%

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

	% 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

	Amount
Biotechnology Portfolio	$ 64,129
Health Care Portfolio	30,203
Health Care Services Portfolio	3,696
Medical Technology and Devices Portfolio	24,427
Pharmaceuticals Portfolio	6,395

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Biotechnology Portfolio	Borrower	$19,402,167	5.17%	$16,712
Health Care Portfolio	Borrower	$9,133,600	5.42%	$6,876
Health Care Services Portfolio	Borrower	$5,040,000	5.07%	$710
Medical Technology and Devices Portfolio	Borrower	$12,151,750	5.18%	$6,994
Pharmaceuticals Portfolio	Borrower	$5,645,417	5.11%	$9,621

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Biotechnology Portfolio	14,306,458	94,004,310	(3,216,031)
Health Care Portfolio	144,750,801	116,483,075	29,772,365
Health Care Services Portfolio	9,264,956	21,782,867	1,126,648
Medical Technology and Devices Portfolio	141,266,663	114,815,797	2,736,597
Pharmaceuticals Portfolio	10,695,715	12,866,027	3,338,062

6. Committed Line of Credit.

	Amount
Biotechnology Portfolio	$4,759
Health Care Portfolio	8,053
Health Care Services Portfolio	1,625
Medical Technology and Devices Portfolio	6,805
Pharmaceuticals Portfolio	778

7. Security Lending.

	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	$283,199	$57,110	$2,826,998
Health Care Portfolio	$46,905	$-	$-
Health Care Services Portfolio	$6,070	$181	$-
Medical Technology and Devices Portfolio	$20,888	$-	$-
Pharmaceuticals Portfolio	$2,881	$2,269	$-

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
Pharmaceuticals Portfolio	$ 1,015,000	5.22%	$ 736

8. Expense Reductions.

Through arrangements with each applicable Fund's custodian credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

	Custodian credits
Health Care Portfolio	$3,256
Health Care Services Portfolio	97
Medical Technology and Devices Portfolio	744

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	$152,512
Health Care Portfolio	260,873
Health Care Services Portfolio	51,478
Medical Technology and Devices Portfolio	218,665
Pharmaceuticals Portfolio	25,727

9. Other.

10. Risk and Uncertainties.

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, 2023 to August 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value March 1, 2023	Ending Account Value August 31, 2023	Expenses Paid During Period- C March 1, 2023 to August 31, 2023

Biotechnology Portfolio	.71%
Actual		$ 1,000	$ 1,027.60	$ 3.62
Hypothetical-B		$ 1,000	$ 1,021.57	$ 3.61

Health Care Portfolio	.68%
Actual		$ 1,000	$ 1,023.20	$ 3.46
Hypothetical-B		$ 1,000	$ 1,021.72	$ 3.46

Health Care Services Portfolio	.73%
Actual		$ 1,000	$ 991.20	$ 3.65
Hypothetical-B		$ 1,000	$ 1,021.47	$ 3.71

Medical Technology and Devices Portfolio	.70%
Actual		$ 1,000	$ 1,010.20	$ 3.54
Hypothetical-B		$ 1,000	$ 1,021.62	$ 3.56

Pharmaceuticals Portfolio	.73%
Actual		$ 1,000	$ 1,153.40	$ 3.95
Hypothetical-B		$ 1,000	$ 1,021.47	$ 3.71

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

B 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Biotechnology Portfolio

Health Care Portfolio

Health Care Services Portfolio

Medical Technology and Devices Portfolio

Pharmaceuticals Portfolio

At its July 2023 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in that fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. For each of Biotechnology Portfolio, Health Care Portfolio, and Health Care Services Portfolio, the fund underperformed its benchmark for the one-, three-, and five-year periods ended February 28, 2023, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expenses, the Board considered each fund's management fee rate as well as other fund or class expenses, as applicable, 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.

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.

1.813645.118

SELHC-SANN-1023

Fidelity® Select Portfolios®

Financials Sector

Banking Portfolio

Brokerage and Investment Management Portfolio

Financials Portfolio

FinTech Portfolio

Insurance Portfolio

(Financials Portfolio formerly named Financial Services Portfolio)

Semi-Annual Report

August 31, 2023

Contents

Banking Portfolio

Brokerage and Investment Management Portfolio

Financials Portfolio

FinTech Portfolio

Insurance Portfolio

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.

Banking Portfolio

Schedule of Investments August 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Wells Fargo & Co.	9.6
U.S. Bancorp	8.0
Bank of America Corp.	7.0
Citigroup, Inc.	4.9
PNC Financial Services Group, Inc.	4.9
Truist Financial Corp.	4.8
Essent Group Ltd.	4.4
Popular, Inc.	4.2
KeyCorp	4.1
East West Bancorp, Inc.	4.0
	55.9

Industries (% of Fund's net assets)

Banks	89.6
Financial Services	4.8
Consumer Finance	2.7
Capital Markets	2.4

Banking Portfolio

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares	Value ($)
Banks - 89.6%
Diversified Banks - 39.5%
Bank of America Corp.	863,376	24,752,990
Citigroup, Inc.	416,300	17,189,027
JPMorgan Chase & Co.	23,700	3,468,021
KeyCorp	1,278,100	14,480,873
PNC Financial Services Group, Inc.	142,200	17,167,806
U.S. Bancorp	772,300	28,212,119
Wells Fargo & Co.	821,992	33,940,051
		139,210,887
Regional Banks - 50.1%
1st Source Corp.	99,181	4,432,399
American National Bankshares, Inc.	83,386	3,268,731
Associated Banc-Corp.	524,900	9,096,517
Cadence Bank	363,139	8,308,620
Community Trust Bancorp, Inc.	108,576	3,854,448
ConnectOne Bancorp, Inc.	240,500	4,598,360
East West Bancorp, Inc.	251,800	13,934,612
Eastern Bankshares, Inc.	420,800	5,663,968
First Hawaiian, Inc.	366,200	6,924,842
First Interstate Bancsystem, Inc.	355,434	9,209,295
Heartland Financial U.S.A., Inc.	200,500	6,143,320
Independent Bank Group, Inc.	128,100	5,405,820
M&T Bank Corp.	108,860	13,612,943
Old National Bancorp, Indiana	197,954	3,020,778
Popular, Inc.	218,405	14,912,693
Preferred Bank, Los Angeles	54,595	3,390,895
Sierra Bancorp (a)	131,200	2,608,256
Southern Missouri Bancorp, Inc. (a)	23,700	1,002,510
Trico Bancshares	96,987	3,330,534
Truist Financial Corp.	553,100	16,897,205
UMB Financial Corp.	123,766	7,823,249
Univest Corp. of Pennsylvania	241,900	4,351,781
Wintrust Financial Corp.	148,200	11,501,802
Zions Bancorp NA	367,450	13,044,475
		176,338,053
TOTAL BANKS		315,548,940
Capital Markets - 2.4%
Asset Management & Custody Banks - 2.4%
Phoenix Vega Mezz PLC	330,200	19,800
State Street Corp.	124,300	8,544,382
		8,564,182
Consumer Finance - 2.7%
Consumer Finance - 2.7%
Capital One Financial Corp.	34,500	3,532,455
OneMain Holdings, Inc.	142,300	5,906,873
		9,439,328
Financial Services - 4.4%
Commercial & Residential Mortgage Finance - 4.4%
Essent Group Ltd.	310,829	15,609,832
Diversified Financial Services - 0.0%
Sunrisemezz Ltd.	47,171	12,660
TOTAL FINANCIAL SERVICES		15,622,492
TOTAL COMMON STOCKS (Cost $342,953,807)		349,174,942

Convertible Bonds - 0.4%
	Principal Amount (b)	Value ($)
Financial Services - 0.4%
Transaction & Payment Processing Services - 0.4%
Affirm Holdings, Inc. 0% 11/15/26 (Cost $1,255,566)	1,881,000	1,428,431

Money Market Funds - 0.3%
	Shares	Value ($)
Fidelity Cash Central Fund 5.43% (c)	1,092,266	1,092,485
Fidelity Securities Lending Cash Central Fund 5.44% (c)(d)	48,559	48,564
TOTAL MONEY MARKET FUNDS (Cost $1,141,049)		1,141,049

TOTAL INVESTMENT IN SECURITIES - 99.8% (Cost $345,350,422)	351,744,422
NET OTHER ASSETS (LIABILITIES) - 0.2%	622,814
NET ASSETS - 100.0%	352,367,236

Legend

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

(b)	Amount is stated in United States dollars unless otherwise noted.

(c)

(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 5.43%	1,487,061	38,173,143	38,567,719	29,686	-	-	1,092,485	0.0%
Fidelity Securities Lending Cash Central Fund 5.44%	4,037,193	89,652,854	93,641,483	10,689	-	-	48,564	0.0%
Total	5,524,254	127,825,997	132,209,202	40,375	-	-	1,141,049

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	349,174,942	349,174,942	-	-

Convertible Bonds	1,428,431	-	1,428,431	-

Money Market Funds	1,141,049	1,141,049	-	-
Total Investments in Securities:	351,744,422	350,315,991	1,428,431	-

Banking Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				August 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $47,544) - See accompanying schedule:
Unaffiliated issuers (cost $344,209,373)	$	350,603,373
Fidelity Central Funds (cost $1,141,049)		1,141,049


Total Investment in Securities (cost $345,350,422)			$	351,744,422
Receivable for investments sold				7,675,148
Receivable for fund shares sold				278,000
Dividends receivable				1,647,920
Distributions receivable from Fidelity Central Funds				4,319
Prepaid expenses				2,146
Other receivables				2,012
Total assets				361,353,967
Liabilities
Payable for investments purchased	$	8,047,095
Payable for fund shares redeemed		644,611
Accrued management fee		161,327
Other affiliated payables		64,472
Other payables and accrued expenses		20,662
Collateral on securities loaned		48,564
Total Liabilities				8,986,731
Net Assets			$	352,367,236
Net Assets consist of:
Paid in capital			$	352,014,346
Total accumulated earnings (loss)				352,890
Net Assets			$	352,367,236
Net Asset Value, offering price and redemption price per share ($352,367,236 ÷ 16,710,564 shares)			$	21.09

Statement of Operations
				Six months ended August 31, 2023 (Unaudited)
Investment Income
Dividends			$	8,074,754
Interest				105,692
Income from Fidelity Central Funds (including $10,689 from security lending)				40,375
Total Income				8,220,821
Expenses
Management fee	$	930,731
Transfer agent fees		319,896
Accounting fees		62,883
Custodian fees and expenses		8,700
Independent trustees' fees and expenses		1,532
Registration fees		33,950
Audit		18,439
Legal		2,214
Miscellaneous		1,679
Total expenses before reductions		1,380,024
Expense reductions		(11,256)
Total expenses after reductions				1,368,768
Net Investment income (loss)				6,852,053
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(10,479,876)
Foreign currency transactions		409
Total net realized gain (loss)				(10,479,467)
Change in net unrealized appreciation (depreciation) on investment securities				(68,457,973)
Net gain (loss)				(78,937,440)
Net increase (decrease) in net assets resulting from operations			$	(72,085,387)

Statement of Changes in Net Assets

		Six months ended August 31, 2023 (Unaudited)		Year ended February 28, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	6,852,053	$	11,328,231
Net realized gain (loss)		(10,479,467)		20,549,966
Change in net unrealized appreciation (depreciation)		(68,457,973)		(115,880,770)
Net increase (decrease) in net assets resulting from operations		(72,085,387)		(84,002,573)
Distributions to shareholders		(11,939,985)		(27,365,238)

Share transactions
Proceeds from sales of shares		90,646,260		86,486,325
Reinvestment of distributions		10,993,445		25,505,449
Cost of shares redeemed		(95,131,136)		(287,573,573)

Net increase (decrease) in net assets resulting from share transactions		6,508,569		(175,581,799)
Total increase (decrease) in net assets		(77,516,803)		(286,949,610)

Net Assets
Beginning of period		429,884,039		716,833,649
End of period	$	352,367,236	$	429,884,039

Other Information
Shares
Sold		4,436,590		3,179,002
Issued in reinvestment of distributions		542,350		1,010,981
Redeemed		(4,651,665)		(10,660,796)
Net increase (decrease)		327,275		(6,470,813)

Financial Highlights

Banking Portfolio

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019
Selected Per-Share Data
Net asset value, beginning of period	$	26.24	$	31.37	$	26.31	$	23.37	$	26.42	$	36.82
Income from Investment Operations
Net investment income (loss) B,C		.40		.61		.58		.54		.58		.49
Net realized and unrealized gain (loss)		(4.85)		(4.24)		5.48		4.32		(1.96)		(3.62)
Total from investment operations		(4.45)		(3.63)		6.06		4.86		(1.38)		(3.13)
Distributions from net investment income		(.10)		(.67)		(.54)		(.55)		(.53)		(.54)
Distributions from net realized gain		(.60)		(.83)		(.46)		(1.37)		(1.14)		(6.73)
Total distributions		(.70)		(1.50)		(1.00)		(1.92)		(1.67)		(7.27)
Net asset value, end of period	$	21.09	$	26.24	$	31.37	$	26.31	$	23.37	$	26.42
Total Return D,E		(16.86)%		(11.27)%		23.37%		25.90%		(6.05)%		(6.57)%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.78% H		.75%		.73%		.79%		.77%		.77%
Expenses net of fee waivers, if any		.77% H		.74%		.73%		.79%		.77%		.77%
Expenses net of all reductions		.77% H		.74%		.73%		.79%		.77%		.76%
Net investment income (loss)		3.86% H		2.29%		1.93%		2.84%		2.21%		1.54%
Supplemental Data
Net assets, end of period (000 omitted)	$	352,367	$	429,884	$	716,834	$	537,860	$	361,696	$	514,650
Portfolio turnover rate I		52% H		21%		34%		32%		31%		44%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

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

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

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Brokerage and Investment Management Portfolio

Schedule of Investments August 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Moody's Corp.	7.8
S&P Global, Inc.	6.3
BlackRock, Inc. Class A	5.8
Ameriprise Financial, Inc.	5.7
Blackstone, Inc.	5.6
Intercontinental Exchange, Inc.	5.5
KKR & Co. LP	4.7
Morgan Stanley	4.6
Charles Schwab Corp.	4.4
CME Group, Inc.	4.4
	54.8

Industries (% of Fund's net assets)

Capital Markets	96.3
Financial Services	3.4

Brokerage and Investment Management Portfolio

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares	Value ($)
Capital Markets - 96.3%
Asset Management & Custody Banks - 33.9%
Ameriprise Financial, Inc.	119,600	40,374,568
Ares Management Corp.	283,400	29,314,896
Avantax, Inc. (a)	16,900	353,548
Bank of New York Mellon Corp.	304,900	13,680,863
BlackRock, Inc. Class A	58,200	40,771,428
Blackstone, Inc.	373,300	39,707,921
Blue Owl Capital, Inc. Class A (b)	864,200	10,327,190
Bridge Investment Group Holdings, Inc. (b)	85,800	864,864
Carlyle Group LP (b)	284,400	9,200,340
Focus Financial Partners, Inc. Class A (a)	100	5,300
Hamilton Lane, Inc. Class A (b)	45,000	4,175,550
Intermediate Capital Group PLC	195,700	3,353,020
KKR & Co. LP	522,600	32,824,506
Northern Trust Corp.	600	45,642
P10, Inc.	94,200	1,135,110
Patria Investments Ltd.	390,072	5,624,838
Petershill Partners PLC (c)	21,100	46,777
State Street Corp.	400	27,496
StepStone Group, Inc. Class A	108,700	3,355,569
TPG, Inc. (b)	122,900	3,455,948
		238,645,374
Financial Exchanges & Data - 36.9%
Cboe Global Markets, Inc.	81,138	12,147,170
CME Group, Inc.	153,500	31,111,380
Coinbase Global, Inc. (a)(b)	143,900	11,454,440
FactSet Research Systems, Inc.	23,800	10,386,558
Intercontinental Exchange, Inc.	324,700	38,311,353
MarketAxess Holdings, Inc.	24,200	5,830,506
Moody's Corp.	163,900	55,201,521
MSCI, Inc.	44,800	24,354,176
NASDAQ, Inc.	325,300	17,071,744
Open Lending Corp. (a)	171,300	1,413,225
S&P Global, Inc.	112,700	44,049,922
Tradeweb Markets, Inc. Class A	100,900	8,720,787
		260,052,782
Investment Banking & Brokerage - 25.5%
BGC Group, Inc. Class A	354,200	1,749,748
Charles Schwab Corp.	526,461	31,140,168
Evercore, Inc. Class A	68,200	9,551,410
Goldman Sachs Group, Inc.	2,900	950,359
Houlihan Lokey	135,200	14,241,968
Interactive Brokers Group, Inc. (b)	139,500	12,705,660
Jefferies Financial Group, Inc.	301,800	10,771,242
LPL Financial	84,700	19,530,973
Moelis & Co. Class A (b)	118,600	5,622,826
Morgan Stanley	378,216	32,205,092
Piper Jaffray Companies	20,300	3,024,294
PJT Partners, Inc. (b)	131,412	10,380,234
Raymond James Financial, Inc.	188,600	19,725,674
Robinhood Markets, Inc. (a)	310,800	3,384,612
Virtu Financial, Inc. Class A	223,800	4,194,012
		179,178,272
TOTAL CAPITAL MARKETS		677,876,428
Financial Services - 3.4%
Diversified Financial Services - 3.4%
Apollo Global Management, Inc.	276,700	24,166,978
Transaction & Payment Processing Services - 0.0%
PayPal Holdings, Inc. (a)	100	6,251
TOTAL FINANCIAL SERVICES		24,173,229
TOTAL COMMON STOCKS (Cost $479,806,963)		702,049,657

Money Market Funds - 6.3%
	Shares	Value ($)
Fidelity Cash Central Fund 5.43% (d)	888,200	888,378
Fidelity Securities Lending Cash Central Fund 5.44% (d)(e)	43,095,198	43,099,507
TOTAL MONEY MARKET FUNDS (Cost $43,987,885)		43,987,885

TOTAL INVESTMENT IN SECURITIES - 106.0% (Cost $523,794,848)	746,037,542
NET OTHER ASSETS (LIABILITIES) - (6.0)%	(41,963,394)
NET ASSETS - 100.0%	704,074,148

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 $46,777 or 0.0% of net assets.

(d)

(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 5.43%	16,326,467	57,629,750	73,067,839	76,034	-	-	888,378	0.0%
Fidelity Securities Lending Cash Central Fund 5.44%	38,919,225	288,747,539	284,567,257	56,263	-	-	43,099,507	0.2%
Total	55,245,692	346,377,289	357,635,096	132,297	-	-	43,987,885

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	702,049,657	702,049,657	-	-

Money Market Funds	43,987,885	43,987,885	-	-
Total Investments in Securities:	746,037,542	746,037,542	-	-

Brokerage and Investment Management Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				August 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $41,747,987) - See accompanying schedule:
Unaffiliated issuers (cost $479,806,963)	$	702,049,657
Fidelity Central Funds (cost $43,987,885)		43,987,885


Total Investment in Securities (cost $523,794,848)			$	746,037,542
Receivable for investments sold				2,630,428
Receivable for fund shares sold				145,373
Dividends receivable				997,198
Distributions receivable from Fidelity Central Funds				6,602
Prepaid expenses				2,062
Other receivables				61,189
Total assets				749,880,394
Liabilities
Payable to custodian bank	$	210,637
Payable for investments purchased		1,416,099
Payable for fund shares redeemed		565,557
Accrued management fee		306,426
Other affiliated payables		128,489
Other payables and accrued expenses		79,530
Collateral on securities loaned		43,099,508
Total Liabilities				45,806,246
Net Assets			$	704,074,148
Net Assets consist of:
Paid in capital			$	558,759,379
Total accumulated earnings (loss)				145,314,769
Net Assets			$	704,074,148
Net Asset Value, offering price and redemption price per share ($704,074,148 ÷ 5,981,874 shares)			$	117.70

Statement of Operations
				Six months ended August 31, 2023 (Unaudited)
Investment Income
Dividends			$	8,425,951
Income from Fidelity Central Funds (including $56,263 from security lending)				132,297
Total Income				8,558,248
Expenses
Management fee	$	1,883,056
Transfer agent fees		677,920
Accounting fees		114,747
Custodian fees and expenses		9,897
Independent trustees' fees and expenses		2,962
Registration fees		27,417
Audit		18,578
Legal		871
Interest		7,560
Miscellaneous		2,632
Total expenses before reductions		2,745,640
Expense reductions		(22,792)
Total expenses after reductions				2,722,848
Net Investment income (loss)				5,835,400
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(7,377,222)
Foreign currency transactions		3,922
Total net realized gain (loss)				(7,373,300)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		10,026,715
Assets and liabilities in foreign currencies		644
Total change in net unrealized appreciation (depreciation)				10,027,359
Net gain (loss)				2,654,059
Net increase (decrease) in net assets resulting from operations			$	8,489,459

Statement of Changes in Net Assets

		Six months ended August 31, 2023 (Unaudited)		Year ended February 28, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	5,835,400	$	11,960,949
Net realized gain (loss)		(7,373,300)		(74,754,629)
Change in net unrealized appreciation (depreciation)		10,027,359		(8,920,735)
Net increase (decrease) in net assets resulting from operations		8,489,459		(71,714,415)
Distributions to shareholders		-		(17,226,958)

Share transactions
Proceeds from sales of shares		44,205,585		189,388,454
Reinvestment of distributions		-		15,606,994
Cost of shares redeemed		(161,593,841)		(512,802,938)

Net increase (decrease) in net assets resulting from share transactions		(117,388,256)		(307,807,490)
Total increase (decrease) in net assets		(108,898,797)		(396,748,863)

Net Assets
Beginning of period		812,972,945		1,209,721,808
End of period	$	704,074,148	$	812,972,945

Other Information
Shares
Sold		397,774		1,678,022
Issued in reinvestment of distributions		-		142,147
Redeemed		(1,482,900)		(4,750,290)
Net increase (decrease)		(1,085,126)		(2,930,121)

Financial Highlights

Brokerage and Investment Management Portfolio

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019
Selected Per-Share Data
Net asset value, beginning of period	$	115.04	$	121.01	$	100.99	$	74.99	$	71.71	$	84.47
Income from Investment Operations
Net investment income (loss) B,C		.89		1.45		1.31		.93		1.01		.77
Net realized and unrealized gain (loss)		1.77		(5.19)		20.54		28.01		5.70		(7.60)
Total from investment operations		2.66		(3.74)		21.85		28.94		6.71		(6.83)
Distributions from net investment income		-		(1.83)		(.83)		(1.06)		(.98)		(.96)
Distributions from net realized gain		-		(.41)		(1.01)		(1.88)		(2.45)		(4.96)
Total distributions		-		(2.23) D		(1.83) D		(2.94)		(3.43)		(5.93) D
Net asset value, end of period	$	117.70	$	115.04	$	121.01	$	100.99	$	74.99	$	71.71
Total Return E,F		2.31%		(2.98)%		21.70%		39.69%		9.28%		(8.04)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.76% I		.75%		.74%		.76%		.77%		.78%
Expenses net of fee waivers, if any		.76% I		.74%		.74%		.76%		.77%		.77%
Expenses net of all reductions		.76% I		.74%		.74%		.76%		.77%		.77%
Net investment income (loss)		1.62% I		1.33%		1.06%		1.14%		1.33%		1.01%
Supplemental Data
Net assets, end of period (000 omitted)	$	704,074	$	812,973	$	1,209,722	$	429,320	$	309,088	$	327,128
Portfolio turnover rate J		42% I		4%		3%		11%		9%		30%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Financials Portfolio

Schedule of Investments August 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

MasterCard, Inc. Class A	10.3
Wells Fargo & Co.	8.2
Bank of America Corp.	6.3
Reinsurance Group of America, Inc.	3.6
Essent Group Ltd.	2.9
U.S. Bancorp	2.7
Morgan Stanley	2.6
Chubb Ltd.	2.6
Marsh & McLennan Companies, Inc.	2.5
Citigroup, Inc.	2.4
	44.1

Industries (% of Fund's net assets)

Banks	34.3
Insurance	24.2
Financial Services	22.1
Capital Markets	14.5
Consumer Finance	3.8
Professional Services	0.9

Financials Portfolio

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares	Value ($)
Banks - 34.3%
Diversified Banks - 21.7%
Bank of America Corp.	1,105,600	31,697,552
Citigroup, Inc.	299,100	12,349,839
KeyCorp	686,100	7,773,513
PNC Financial Services Group, Inc.	25,300	3,054,469
U.S. Bancorp	379,300	13,855,829
Wells Fargo & Co.	1,009,090	41,665,326
		110,396,528
Regional Banks - 12.6%
Associated Banc-Corp.	257,900	4,469,407
Cadence Bank	135,730	3,105,502
East West Bancorp, Inc.	137,200	7,592,648
First Hawaiian, Inc.	158,000	2,987,780
First Interstate Bancsystem, Inc.	188,621	4,887,170
Heartland Financial U.S.A., Inc.	98,300	3,011,912
M&T Bank Corp.	56,237	7,032,437
Popular, Inc.	135,800	9,272,424
Truist Financial Corp.	251,300	7,677,215
UMB Financial Corp.	48,200	3,046,722
Wintrust Financial Corp.	76,200	5,913,882
Zions Bancorp NA	140,700	4,994,850
		63,991,949
TOTAL BANKS		174,388,477
Capital Markets - 14.5%
Asset Management & Custody Banks - 7.5%
Bank of New York Mellon Corp.	184,300	8,269,541
Brookfield Corp. Class A	130,115	4,438,223
Carlyle Group LP (a)	147,700	4,778,095
Northern Trust Corp.	57,200	4,351,204
Patria Investments Ltd.	391,600	5,646,872
State Street Corp.	152,700	10,496,598
		37,980,533
Financial Exchanges & Data - 0.9%
Bolsa Mexicana de Valores S.A.B. de CV	2,197,800	4,387,737
Investment Banking & Brokerage - 6.1%
Lazard Ltd. Class A	145,492	5,054,392
Morgan Stanley	159,200	13,555,880
Raymond James Financial, Inc. (a)	58,400	6,108,056
Stifel Financial Corp.	54,900	3,569,598
Virtu Financial, Inc. Class A	156,200	2,927,188
		31,215,114
TOTAL CAPITAL MARKETS		73,583,384
Consumer Finance - 3.8%
Consumer Finance - 3.8%
Capital One Financial Corp.	64,400	6,593,916
FirstCash Holdings, Inc.	71,311	6,369,499
OneMain Holdings, Inc.	155,600	6,458,956
		19,422,371
Financial Services - 21.7%
Commercial & Residential Mortgage Finance - 3.6%
Essent Group Ltd.	294,838	14,806,764
Walker & Dunlop, Inc.	41,700	3,558,678
		18,365,442
Diversified Financial Services - 2.7%
Apollo Global Management, Inc.	124,500	10,873,830
Corebridge Financial, Inc. (a)	166,000	2,959,780
		13,833,610
Multi-Sector Holdings - 0.6%
Cannae Holdings, Inc. (b)	161,690	3,173,975
Transaction & Payment Processing Services - 14.8%
Fiserv, Inc. (b)	78,500	9,529,115
FleetCor Technologies, Inc. (b)	20,500	5,570,465
Global Payments, Inc.	58,600	7,424,034
MasterCard, Inc. Class A	127,200	52,487,808
		75,011,422
TOTAL FINANCIAL SERVICES		110,384,449
Insurance - 24.2%
Insurance Brokers - 5.5%
Arthur J. Gallagher & Co.	35,700	8,228,136
BRP Group, Inc. (b)	257,311	6,841,899
Marsh & McLennan Companies, Inc.	65,100	12,693,849
		27,763,884
Life & Health Insurance - 2.3%
Globe Life, Inc.	64,700	7,218,579
Primerica, Inc.	23,000	4,622,080
		11,840,659
Multi-Line Insurance - 1.6%
Hartford Financial Services Group, Inc.	112,000	8,043,840
Property & Casualty Insurance - 11.1%
American Financial Group, Inc.	43,900	5,088,888
Beazley PLC	555,600	3,842,934
Chubb Ltd.	66,300	13,317,681
Direct Line Insurance Group PLC	2,210,700	4,541,035
Fidelity National Financial, Inc.	109,100	4,516,740
First American Financial Corp.	105,900	6,531,912
Hiscox Ltd.	573,700	7,249,463
Lancashire Holdings Ltd.	690,100	5,004,902
Selective Insurance Group, Inc.	34,000	3,373,140
The Travelers Companies, Inc.	17,400	2,805,402
		56,272,097
Reinsurance - 3.7%
Enstar Group Ltd. (b)	1,673	423,754
Reinsurance Group of America, Inc.	131,700	18,256,254
		18,680,008
TOTAL INSURANCE		122,600,488
Professional Services - 0.9%
Research & Consulting Services - 0.9%
Dun & Bradstreet Holdings, Inc.	417,300	4,548,570
TOTAL COMMON STOCKS (Cost $441,222,365)		504,927,739

Convertible Bonds - 0.4%
	Principal Amount (c)	Value ($)
Financial Services - 0.4%
Transaction & Payment Processing Services - 0.4%
Affirm Holdings, Inc. 0% 11/15/26 (Cost $1,830,897)	2,718,000	2,064,049

Money Market Funds - 1.5%
	Shares	Value ($)
Fidelity Cash Central Fund 5.43% (d)	190,477	190,516
Fidelity Securities Lending Cash Central Fund 5.44% (d)(e)	7,239,751	7,240,475
TOTAL MONEY MARKET FUNDS (Cost $7,430,991)		7,430,991

TOTAL INVESTMENT IN SECURITIES - 101.3% (Cost $450,484,253)	514,422,779
NET OTHER ASSETS (LIABILITIES) - (1.3)%	(6,468,924)
NET ASSETS - 100.0%	507,953,855

Legend

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

(b)	Non-income producing

(c)	Amount is stated in United States dollars unless otherwise noted.

(d)

(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 5.43%	2,743,668	37,774,725	40,327,877	15,486	-	-	190,516	0.0%
Fidelity Securities Lending Cash Central Fund 5.44%	7,671,775	183,007,908	183,439,208	13,642	-	-	7,240,475	0.0%
Total	10,415,443	220,782,633	223,767,085	29,128	-	-	7,430,991

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	504,927,739	504,927,739	-	-

Convertible Bonds	2,064,049	-	2,064,049	-

Money Market Funds	7,430,991	7,430,991	-	-
Total Investments in Securities:	514,422,779	512,358,730	2,064,049	-

Financials Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				August 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $7,089,137) - See accompanying schedule:
Unaffiliated issuers (cost $443,053,262)	$	506,991,788
Fidelity Central Funds (cost $7,430,991)		7,430,991


Total Investment in Securities (cost $450,484,253)			$	514,422,779
Receivable for investments sold				6,062,745
Receivable for fund shares sold				84,769
Dividends receivable				1,594,010
Distributions receivable from Fidelity Central Funds				6,757
Prepaid expenses				3,327
Other receivables				7,810
Total assets				522,182,197
Liabilities
Payable to custodian bank	$	54,396
Payable for investments purchased		5,686,433
Payable for fund shares redeemed		902,249
Accrued management fee		226,474
Other affiliated payables		92,813
Other payables and accrued expenses		25,502
Collateral on securities loaned		7,240,475
Total Liabilities				14,228,342
Net Assets			$	507,953,855
Net Assets consist of:
Paid in capital			$	450,390,534
Total accumulated earnings (loss)				57,563,321
Net Assets			$	507,953,855
Net Asset Value, offering price and redemption price per share ($507,953,855 ÷ 47,806,133 shares)			$	10.63

Statement of Operations
				Six months ended August 31, 2023 (Unaudited)
Investment Income
Dividends			$	9,558,721
Interest				162,606
Income from Fidelity Central Funds (including $13,642 from security lending)				29,128
Total Income				9,750,455
Expenses
Management fee	$	1,475,568
Transfer agent fees		498,476
Accounting fees		96,079
Custodian fees and expenses		14,600
Independent trustees' fees and expenses		2,278
Registration fees		26,016
Audit		18,855
Legal		839
Interest		18,409
Miscellaneous		2,573
Total expenses before reductions		2,153,693
Expense reductions		(18,105)
Total expenses after reductions				2,135,588
Net Investment income (loss)				7,614,867
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(10,772,333)
Foreign currency transactions		7,566
Total net realized gain (loss)				(10,764,767)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(54,769,956)
Assets and liabilities in foreign currencies		(644)
Total change in net unrealized appreciation (depreciation)				(54,770,600)
Net gain (loss)				(65,535,367)
Net increase (decrease) in net assets resulting from operations			$	(57,920,500)

Statement of Changes in Net Assets

		Six months ended August 31, 2023 (Unaudited)		Year ended February 28, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	7,614,867	$	14,198,847
Net realized gain (loss)		(10,764,767)		36,728,777
Change in net unrealized appreciation (depreciation)		(54,770,600)		(79,393,252)
Net increase (decrease) in net assets resulting from operations		(57,920,500)		(28,465,628)
Distributions to shareholders		(8,942,831)		(73,318,860)

Share transactions
Proceeds from sales of shares		48,753,158		247,678,669
Reinvestment of distributions		8,246,591		67,840,973
Cost of shares redeemed		(213,342,002)		(302,485,447)

Net increase (decrease) in net assets resulting from share transactions		(156,342,253)		13,034,195
Total increase (decrease) in net assets		(223,205,584)		(88,750,293)

Net Assets
Beginning of period		731,159,439		819,909,732
End of period	$	507,953,855	$	731,159,439

Other Information
Shares
Sold		4,747,747		21,744,109
Issued in reinvestment of distributions		814,881		6,070,885
Redeemed		(21,269,360)		(26,254,915)
Net increase (decrease)		(15,706,732)		1,560,079

Financial Highlights

Financials Portfolio

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019 B
Selected Per-Share Data
Net asset value, beginning of period	$	11.51	$	13.23	$	11.26	$	9.49	$	9.65	$	11.67
Income from Investment Operations
Net investment income (loss) C,D		.14		.24		.25		.20		.19		.14
Net realized and unrealized gain (loss)		(.87)		(.74)		2.26		2.17		.26		(1.04)
Total from investment operations		(.73)		(.50)		2.51		2.37		.45		(.90)
Distributions from net investment income		(.04)		(.23)		(.26)		(.21)		(.16)		(.14)
Distributions from net realized gain		(.11)		(.98)		(.28)		(.39)		(.45)		(.98)
Total distributions		(.15)		(1.22) E		(.54)		(.60)		(.61)		(1.12)
Net asset value, end of period	$	10.63	$	11.51	$	13.23	$	11.26	$	9.49	$	9.65
Total Return F,G		(6.30)%		(3.30)%		22.47%		27.89%		3.81%		(6.91)%
Ratios to Average Net Assets D,H,I
Expenses before reductions		.76% J		.75%		.73%		.77%		.77%		.76%
Expenses net of fee waivers, if any		.76% J		.75%		.72%		.77%		.77%		.76%
Expenses net of all reductions		.76% J		.75%		.72%		.77%		.76%		.75%
Net investment income (loss)		2.70% J		2.12%		1.89%		2.36%		1.81%		1.28%
Supplemental Data
Net assets, end of period (000 omitted)	$	507,954	$	731,159	$	819,910	$	606,048	$	483,337	$	558,429
Portfolio turnover rate K		56% J		46%		53%		63%		61% L		49% L

AFor the year ended February 29.

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

CCalculated based on average shares outstanding during the period.

ETotal distributions per share do not sum due to rounding.

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

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

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

LPortfolio turnover rate excludes securities received or delivered in-kind.

FinTech Portfolio

Schedule of Investments August 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

MasterCard, Inc. Class A	13.7
Visa, Inc. Class A	13.5
Intuit, Inc.	12.6
Global Payments, Inc.	5.8
American Express Co.	4.9
Capital One Financial Corp.	4.8
Fiserv, Inc.	4.8
Shopify, Inc. Class A	4.5
Discover Financial Services	3.5
FleetCor Technologies, Inc.	3.3
	71.4

Industries (% of Fund's net assets)

Financial Services	61.5
Software	18.7
Consumer Finance	14.2
IT Services	4.5

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are adjusted for the effect of derivatives, if applicable.

FinTech Portfolio

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares	Value ($)
Consumer Finance - 14.2%
Consumer Finance - 14.2%
American Express Co.	33,422	5,280,342
Capital One Financial Corp.	51,321	5,254,757
Discover Financial Services	41,904	3,774,293
NerdWallet, Inc. (a)	15,200	136,800
OneMain Holdings, Inc.	22,774	945,349
		15,391,541
Financial Services - 61.5%
Transaction & Payment Processing Services - 61.5%
Adyen BV (a)(b)	3,018	2,520,095
Block, Inc. Class A (a)	53,447	3,081,220
Dlocal Ltd. (a)	31,523	675,853
Edenred SA	41,684	2,659,571
Fidelity National Information Services, Inc.	24,866	1,389,015
Fiserv, Inc. (a)	42,564	5,166,844
FleetCor Technologies, Inc. (a)	13,309	3,616,455
Flywire Corp. (a)	92,723	3,206,361
Global Payments, Inc.	49,227	6,236,569
Marqeta, Inc. Class A (a)	77,000	473,550
MasterCard, Inc. Class A	36,112	14,901,252
Nuvei Corp. (Canada) (b)	10,046	181,337
PagSeguro Digital Ltd. (a)	58,605	526,273
PayPal Holdings, Inc. (a)	56,277	3,517,875
Repay Holdings Corp. (a)	47,276	435,885
Shift4 Payments, Inc. (a)(c)	17,201	976,845
Visa, Inc. Class A	59,591	14,640,317
WEX, Inc. (a)	5,938	1,164,917
Worldline SA (a)(b)	41,195	1,343,668
		66,713,902
IT Services - 4.5%
Internet Services & Infrastructure - 4.5%
Shopify, Inc. Class A (a)	73,119	4,861,682
Software - 18.7%
Application Software - 18.7%
Bill Holdings, Inc. (a)	16,405	1,891,497
Black Knight, Inc. (a)	39,559	2,996,990
EngageSmart, Inc. (a)	24,657	436,675
Intuit, Inc.	25,206	13,656,863
Lightspeed Commerce, Inc. (Canada) (a)	10,765	175,752
Workiva, Inc. (a)	9,700	1,084,945
		20,242,722
TOTAL COMMON STOCKS (Cost $107,152,103)		107,209,847

Money Market Funds - 0.2%
	Shares	Value ($)
Fidelity Securities Lending Cash Central Fund 5.44% (d)(e) (Cost $216,368)	216,346	216,368

TOTAL INVESTMENT IN SECURITIES - 99.1% (Cost $107,368,471)	107,426,215
NET OTHER ASSETS (LIABILITIES) - 0.9%	956,756
NET ASSETS - 100.0%	108,382,971

Legend

(a)	Non-income producing

(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,045,100 or 3.7% of net assets.

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

(d)

(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 5.43%	355,543	8,234,581	8,590,124	8,884	-	-	-	0.0%
Fidelity Securities Lending Cash Central Fund 5.44%	376,993	12,740,571	12,901,196	678	-	-	216,368	0.0%
Total	732,536	20,975,152	21,491,320	9,562	-	-	216,368

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	107,209,847	104,689,752	2,520,095	-

Money Market Funds	216,368	216,368	-	-
Total Investments in Securities:	107,426,215	104,906,120	2,520,095	-

FinTech Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				August 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $210,123) - See accompanying schedule:
Unaffiliated issuers (cost $107,152,103)	$	107,209,847
Fidelity Central Funds (cost $216,368)		216,368


Total Investment in Securities (cost $107,368,471)			$	107,426,215
Receivable for investments sold				3,134,904
Receivable for fund shares sold				27,636
Dividends receivable				57,341
Distributions receivable from Fidelity Central Funds				1,682
Prepaid expenses				379
Other receivables				256
Total assets				110,648,413
Liabilities
Payable to custodian bank	$	67,591
Payable for investments purchased		1,835,180
Payable for fund shares redeemed		52,254
Accrued management fee		47,209
Other affiliated payables		26,755
Other payables and accrued expenses		20,928
Collateral on securities loaned		215,525
Total Liabilities				2,265,442
Net Assets			$	108,382,971
Net Assets consist of:
Paid in capital			$	136,917,564
Total accumulated earnings (loss)				(28,534,593)
Net Assets			$	108,382,971
Net Asset Value, offering price and redemption price per share ($108,382,971 ÷ 7,337,634 shares)			$	14.77

Statement of Operations
				Six months ended August 31, 2023 (Unaudited)
Investment Income
Dividends			$	452,336
Income from Fidelity Central Funds (including $678 from security lending)				9,562
Total Income				461,898
Expenses
Management fee	$	280,382
Transfer agent fees		138,303
Accounting fees		18,943
Custodian fees and expenses		5,713
Independent trustees' fees and expenses		429
Registration fees		14,968
Audit		18,533
Legal		986
Miscellaneous		301
Total expenses before reductions		478,558
Expense reductions		(3,321)
Total expenses after reductions				475,237
Net Investment income (loss)				(13,339)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(6,145,695)
Foreign currency transactions		32
Total net realized gain (loss)				(6,145,663)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		13,858,542
Assets and liabilities in foreign currencies		22
Total change in net unrealized appreciation (depreciation)				13,858,564
Net gain (loss)				7,712,901
Net increase (decrease) in net assets resulting from operations			$	7,699,562

Statement of Changes in Net Assets

		Six months ended August 31, 2023 (Unaudited)		Year ended February 28, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(13,339)	$	(42,077)
Net realized gain (loss)		(6,145,663)		(16,193,543)
Change in net unrealized appreciation (depreciation)		13,858,564		(7,893,080)
Net increase (decrease) in net assets resulting from operations		7,699,562		(24,128,700)

Share transactions
Proceeds from sales of shares		8,483,639		14,085,599
Cost of shares redeemed		(15,378,562)		(44,229,846)

Net increase (decrease) in net assets resulting from share transactions		(6,894,923)		(30,144,247)
Total increase (decrease) in net assets		804,639		(54,272,947)

Net Assets
Beginning of period		107,578,332		161,851,279
End of period	$	108,382,971	$	107,578,332

Other Information
Shares
Sold		586,260		980,123
Redeemed		(1,084,929)		(3,218,612)
Net increase (decrease)		(498,669)		(2,238,489)

Financial Highlights

FinTech Portfolio

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019
Selected Per-Share Data
Net asset value, beginning of period	$	13.73	$	16.06	$	19.37	$	16.23	$	15.80	$	16.29
Income from Investment Operations
Net investment income (loss) B,C		- D		- D		.14 E		.34 F		.39		.24
Net realized and unrealized gain (loss)		1.04		(2.33)		.04 G,H		3.14		.35		.43
Total from investment operations		1.04		(2.33)		.18		3.48		.74		.67
Distributions from net investment income		-		-		(.25)		(.34)		(.31)		(.20)
Distributions from net realized gain		-		-		(3.24)		-		(.01)		(.95)
Total distributions		-		-		(3.49)		(.34)		(.31) I		(1.16) I
Net asset value, end of period	$	14.77	$	13.73	$	16.06	$	19.37	$	16.23	$	15.80
Total Return J,K		7.57%		(14.51)%		(.75)% H		21.94%		4.54%		4.83%
Ratios to Average Net Assets C,L,M
Expenses before reductions		.89% N		.87%		.81%		.89%		.86%		.87%
Expenses net of fee waivers, if any		.89% N		.87%		.81%		.89%		.86%		.87%
Expenses net of all reductions		.89% N		.87%		.81%		.89%		.85%		.86%
Net investment income (loss)		(.02)% N		(.03)%		.63% E		2.35% F		2.29%		1.57%
Supplemental Data
Net assets, end of period (000 omitted)	$	108,383	$	107,578	$	161,851	$	144,880	$	148,247	$	102,334
Portfolio turnover rate O		43% N		15%		164%		25%		20%		32%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

DAmount represents less than $.005 per share.

ENet 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%.

FNet 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%.

GThe 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.

HNet 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)%.

ITotal distributions per share do not sum due to rounding.

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

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

LFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional 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.

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

NAnnualized.

OAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Insurance Portfolio

Schedule of Investments August 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Marsh & McLennan Companies, Inc.	11.0
Chubb Ltd.	10.5
Aon PLC	8.7
Progressive Corp.	8.0
Hartford Financial Services Group, Inc.	7.7
The Travelers Companies, Inc.	4.6
Unum Group	4.2
Globe Life, Inc.	3.9
Reinsurance Group of America, Inc.	3.9
Arch Capital Group Ltd.	3.7
	66.2

Industries (% of Fund's net assets)

Insurance	95.4
Financial Services	4.3

Insurance Portfolio

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares	Value ($)
Financial Services - 4.3%
Diversified Financial Services - 4.3%
Corebridge Financial, Inc.	624,100	11,127,703
Voya Financial, Inc.	61,700	4,299,256
		15,426,959
Insurance - 95.4%
Insurance Brokers - 25.7%
Aon PLC	94,900	31,638,711
Brown & Brown, Inc.	161,000	11,930,100
BRP Group, Inc. (a)	166,200	4,419,258
Marsh & McLennan Companies, Inc.	204,800	39,933,953
Willis Towers Watson PLC	26,628	5,505,605
		93,427,627
Life & Health Insurance - 16.2%
Globe Life, Inc.	127,000	14,169,390
MetLife, Inc.	158,800	10,058,392
Primerica, Inc.	56,700	11,394,432
Principal Financial Group, Inc.	103,200	8,019,672
Unum Group	305,800	15,042,302
		58,684,188
Multi-Line Insurance - 8.7%
Assurant, Inc.	25,600	3,566,848
Hartford Financial Services Group, Inc.	388,300	27,887,706
		31,454,554
Property & Casualty Insurance - 38.9%
Allstate Corp.	79,300	8,549,333
American Financial Group, Inc.	74,900	8,682,408
Arch Capital Group Ltd. (a)	177,200	13,619,592
Chubb Ltd.	189,105	37,985,521
Direct Line Insurance Group PLC	1,878,800	3,859,274
Fidelity National Financial, Inc.	84,000	3,477,600
First American Financial Corp.	76,200	4,700,016
Loews Corp.	97,200	6,035,148
Markel Group, Inc. (a)	3,120	4,614,230
Mercury General Corp.	200	5,722
Progressive Corp.	218,100	29,109,807
Selective Insurance Group, Inc.	39,500	3,918,795
The Travelers Companies, Inc.	103,100	16,622,813
		141,180,259
Reinsurance - 5.9%
Everest Re Group Ltd.	12,100	4,364,228
Reinsurance Group of America, Inc.	101,200	14,028,344
RenaissanceRe Holdings Ltd.	15,500	2,912,295
		21,304,867
TOTAL INSURANCE		346,051,495
TOTAL COMMON STOCKS (Cost $252,172,387)		361,478,454

Money Market Funds - 0.2%
	Shares	Value ($)
Fidelity Cash Central Fund 5.43% (b) (Cost $876,048)	875,873	876,048

TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $253,048,435)	362,354,502
NET OTHER ASSETS (LIABILITIES) - 0.1%	219,455
NET ASSETS - 100.0%	362,573,957

Legend

(a)	Non-income producing

(b)

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 5.43%	4,180,255	43,869,589	47,173,796	28,179	-	-	876,048	0.0%
Fidelity Securities Lending Cash Central Fund 5.44%	3,211,000	33,003,977	36,214,977	1,569	-	-	-	0.0%
Total	7,391,255	76,873,566	83,388,773	29,748	-	-	876,048

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	361,478,454	361,478,454	-	-

Money Market Funds	876,048	876,048	-	-
Total Investments in Securities:	362,354,502	362,354,502	-	-

Insurance Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				August 31, 2023 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $252,172,387)	$	361,478,454
Fidelity Central Funds (cost $876,048)		876,048


Total Investment in Securities (cost $253,048,435)			$	362,354,502
Receivable for fund shares sold				242,320
Dividends receivable				459,428
Distributions receivable from Fidelity Central Funds				8,111
Prepaid expenses				1,281
Other receivables				4,273
Total assets				363,069,915
Liabilities
Payable for fund shares redeemed	$	243,166
Accrued management fee		157,871
Transfer agent fee payable		62,718
Other affiliated payables		10,684
Other payables and accrued expenses		21,519
Total Liabilities				495,958
Net Assets			$	362,573,957
Net Assets consist of:
Paid in capital			$	233,393,746
Total accumulated earnings (loss)				129,180,211
Net Assets			$	362,573,957
Net Asset Value, offering price and redemption price per share ($362,573,957 ÷ 4,897,720 shares)			$	74.03

Statement of Operations
				Six months ended August 31, 2023 (Unaudited)
Investment Income
Dividends			$	4,063,466
Income from Fidelity Central Funds (including $1,569 from security lending)				29,748
Total Income				4,093,214
Expenses
Management fee	$	1,023,194
Transfer agent fees		398,501
Accounting fees		69,120
Custodian fees and expenses		12,210
Independent trustees' fees and expenses		1,344
Registration fees		32,359
Audit		18,555
Legal		525
Interest		24,217
Miscellaneous		980
Total expenses before reductions		1,581,005
Expense reductions		(12,510)
Total expenses after reductions				1,568,495
Net Investment income (loss)				2,524,719
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		19,287,537
Foreign currency transactions		5,140
Total net realized gain (loss)				19,292,677
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(18,879,315)
Assets and liabilities in foreign currencies		2,475
Total change in net unrealized appreciation (depreciation)				(18,876,840)
Net gain (loss)				415,837
Net increase (decrease) in net assets resulting from operations			$	2,940,556

Statement of Changes in Net Assets

		Six months ended August 31, 2023 (Unaudited)		Year ended February 28, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,524,719	$	2,968,793
Net realized gain (loss)		19,292,677		14,736,358
Change in net unrealized appreciation (depreciation)		(18,876,840)		5,170,511
Net increase (decrease) in net assets resulting from operations		2,940,556		22,875,662
Distributions to shareholders		(15,239,936)		(2,977,551)

Share transactions
Proceeds from sales of shares		67,718,938		393,392,705
Reinvestment of distributions		13,845,928		2,747,103
Cost of shares redeemed		(181,152,900)		(187,507,051)

Net increase (decrease) in net assets resulting from share transactions		(99,588,034)		208,632,757
Total increase (decrease) in net assets		(111,887,414)		228,530,868

Net Assets
Beginning of period		474,461,371		245,930,503
End of period	$	362,573,957	$	474,461,371

Other Information
Shares
Sold		942,003		5,401,580
Issued in reinvestment of distributions		199,970		37,851
Redeemed		(2,536,495)		(2,667,446)
Net increase (decrease)		(1,394,522)		2,771,985

Financial Highlights

Insurance Portfolio

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019
Selected Per-Share Data
Net asset value, beginning of period	$	75.40	$	69.86	$	61.17	$	58.44	$	59.27	$	78.49
Income from Investment Operations
Net investment income (loss) B,C		.46		.63		.78		.88		.87		.98
Net realized and unrealized gain (loss)		.92		5.46		13.73		6.99		2.77		(2.40)
Total from investment operations		1.38		6.09		14.51		7.87		3.64		(1.42)
Distributions from net investment income		-		(.55)		(.89)		(.94)		(.91)		(1.16)
Distributions from net realized gain		(2.75)		-		(4.93)		(4.20)		(3.56)		(16.63)
Total distributions		(2.75)		(.55)		(5.82)		(5.14)		(4.47)		(17.80) D
Net asset value, end of period	$	74.03	$	75.40	$	69.86	$	61.17	$	58.44	$	59.27
Total Return E,F		2.08%		8.75%		24.68%		15.54%		5.95%		(.29)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.81% I		.81%		.78%		.83%		.81%		.82%
Expenses net of fee waivers, if any		.80% I		.81%		.78%		.83%		.81%		.81%
Expenses net of all reductions		.80% I		.81%		.78%		.83%		.80%		.81%
Net investment income (loss)		1.29% I		.90%		1.16%		1.68%		1.37%		1.48%
Supplemental Data
Net assets, end of period (000 omitted)	$	362,574	$	474,461	$	245,931	$	184,701	$	219,539	$	223,081
Portfolio turnover rate J		45% I		48%		15%		18%		28%		9%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Financial Statements (Unaudited)

For the period ended August 31, 2023

1. Organization.

Banking Portfolio, Brokerage and Investment Management Portfolio, Financials Portfolio (formerly 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.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

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:

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

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

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, 2023 is included at the end of each Fund's Schedule of Investments.

Brokerage and Investment Management Portfolio	$55,576

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.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred Trustee compensation, net operating losses, capital loss carryforwards and losses deferred due to wash sales 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	$347,717,661	$43,209,168	$(39,182,407)	$4,026,761
Brokerage and Investment Management Portfolio	525,654,234	236,747,199	(16,363,891)	220,383,308
Financials Portfolio	455,295,289	86,030,850	(26,903,360)	59,127,490
FinTech Portfolio	108,717,756	26,702,574	(27,994,115)	(1,291,541)
Insurance Portfolio	253,531,360	112,722,453	(3,899,311)	108,823,142

	Short-term	Long-term	Total capital loss carryforward
Brokerage and Investment Management Portfolio	$(74,446,146)	$-	$(74,446,146)
FinTech Portfolio	(21,997,614)	-	(21,997,614)

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	96,161,359	94,564,010
Brokerage and Investment Management Portfolio	151,454,534	248,423,001
Financials Portfolio	161,367,775	316,849,635
FinTech Portfolio	22,991,508	30,535,672
Insurance Portfolio	88,769,740	198,339,209

5. Fees and Other Transactions with Affiliates.

	Individual Rate	Group Rate	Total
Banking Portfolio	.30%	.22%	.52%
Brokerage and Investment Management Portfolio	.30%	.22%	.52%
Financials Portfolio	.30%	.22%	.52%
FinTech Portfolio	.30%	.22%	.52%
Insurance Portfolio	.30%	.22%	.52%

Banking Portfolio	.18%
Brokerage and Investment Management Portfolio	.19%
Financials Portfolio	.18%
FinTech Portfolio	.26%
Insurance Portfolio	.20%

	% of Average Net Assets
Banking Portfolio	.04
Brokerage and Investment Management Portfolio	.03
Financials Portfolio	.03
FinTech Portfolio	.04
Insurance Portfolio	.04

	Amount
Banking Portfolio	$2,409
Brokerage and Investment Management Portfolio	1,856
Financials Portfolio	4,110
FinTech Portfolio	594
Insurance Portfolio	994

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Brokerage and Investment Management Portfolio	Borrower	$ 5,243,900	5.19%	$7,560
Financials Portfolio	Borrower	$6,885,000	5.23%	$16,017
Insurance Portfolio	Borrower	$ 16,704,000	5.22%	$24,217

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Banking Portfolio	5,326,160	221,719	(1,521)
Brokerage and Investment Management Portfolio	4,246,079	5,382,693	(227,347)
Financials Portfolio	3,856,292	13,362,350	(1,499,940)
FinTech Portfolio	11,302	2,517,861	(484,860)
Insurance Portfolio	12,950,883	4,358,883	(33,786)

6. Committed Line of Credit.

	Amount
Banking Portfolio	$371
Brokerage and Investment Management Portfolio	732
Financials Portfolio	621
FinTech Portfolio	103
Insurance Portfolio	414

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Banking Portfolio	$1,118	$5	$-
Brokerage and Investment Management Portfolio	$5,911	$1,512	$-
Financials Portfolio	$1,433	$2	$-
FinTech Portfolio	$70	$-	$-
Insurance Portfolio	$157	$-	$-

8. Bank Borrowings.

	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Financials Portfolio	$ 1,187,000	5.58%	$2,392

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	$11,256
Brokerage and Investment Management Portfolio	22,792
Financials Portfolio	18,105
FinTech Portfolio	3,321
Insurance Portfolio	12,510

10. Other.

11. Risk and Uncertainties.

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, 2023 to August 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value March 1, 2023	Ending Account Value August 31, 2023	Expenses Paid During Period- C March 1, 2023 to August 31, 2023

Banking Portfolio	.77%
Actual		$ 1,000	$ 831.40	$ 3.54
Hypothetical-B		$ 1,000	$ 1,021.27	$ 3.91

Brokerage and Investment Management Portfolio	.76%
Actual		$ 1,000	$ 1,023.10	$ 3.86
Hypothetical-B		$ 1,000	$ 1,021.32	$ 3.86

Financials Portfolio	.76%
Actual		$ 1,000	$ 937.00	$ 3.70
Hypothetical-B		$ 1,000	$ 1,021.32	$ 3.86

FinTech Portfolio	.89%
Actual		$ 1,000	$ 1,075.70	$ 4.64
Hypothetical-B		$ 1,000	$ 1,020.66	$ 4.52

Insurance Portfolio	.80%
Actual		$ 1,000	$ 1,020.80	$ 4.06
Hypothetical-B		$ 1,000	$ 1,021.11	$ 4.06

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

B 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Banking Portfolio

Brokerage and Investment Management Portfolio

Fintech Portfolio

Financials Portfolio (formerly, 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.

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.

1.813666.118

SELFIN-SANN-1023

Fidelity® Select Portfolios®

Materials Sector

Chemicals Portfolio

Gold Portfolio

Materials Portfolio

Semi-Annual Report

August 31, 2023

Includes Fidelity and Fidelity Advisor share classes

Contents

Chemicals Portfolio

Gold Portfolio

Notes to Consolidated Financial Statements

Materials Portfolio

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.

Chemicals Portfolio

Schedule of Investments August 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Linde PLC	24.8
Air Products & Chemicals, Inc.	8.1
Sherwin-Williams Co.	8.0
Celanese Corp. Class A	6.4
DuPont de Nemours, Inc.	4.9
Westlake Corp.	4.9
LyondellBasell Industries NV Class A	4.5
The Chemours Co. LLC	4.3
Ecolab, Inc.	4.3
Olin Corp.	4.2
	74.4

Industries (% of Fund's net assets)

Chemicals	99.0

Chemicals Portfolio

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares	Value ($)
Chemicals - 99.0%
Commodity Chemicals - 21.0%
Cabot Corp.	262,700	19,035,242
LyondellBasell Industries NV Class A	297,100	29,344,567
Olin Corp.	470,800	27,315,816
Orion SA	794,726	17,976,702
Tronox Holdings PLC	828,269	11,297,589
Westlake Corp. (a)	240,056	31,442,535
		136,412,451
Diversified Chemicals - 4.3%
The Chemours Co. LLC	824,059	28,034,487
Fertilizers & Agricultural Chemicals - 6.7%
CF Industries Holdings, Inc.	25,317	1,951,181
Corteva, Inc.	474,393	23,961,590
FMC Corp.	204,700	17,651,281
		43,564,052
Industrial Gases - 32.9%
Air Products & Chemicals, Inc.	176,911	52,275,431
Linde PLC	416,516	161,208,354
		213,483,785
Specialty Chemicals - 34.1%
Albemarle Corp. (a)	73,600	14,625,056
Axalta Coating Systems Ltd. (b)	807,700	22,857,910
Celanese Corp. Class A (a)	329,300	41,610,348
DuPont de Nemours, Inc.	417,194	32,078,047
Ecolab, Inc.	152,200	27,975,882
Element Solutions, Inc.	1,105,443	22,794,235
International Flavors & Fragrances, Inc.	31,716	2,234,392
Livent Corp. (b)	200	4,294
PPG Industries, Inc.	38,900	5,514,464
Sherwin-Williams Co.	191,099	51,925,420
		221,620,048
TOTAL COMMON STOCKS (Cost $414,286,166)		643,114,823

Money Market Funds - 7.5%
	Shares	Value ($)
Fidelity Cash Central Fund 5.43% (c)	5,400,847	5,401,927
Fidelity Securities Lending Cash Central Fund 5.44% (c)(d)	43,451,300	43,455,645
TOTAL MONEY MARKET FUNDS (Cost $48,857,572)		48,857,572

TOTAL INVESTMENT IN SECURITIES - 106.5% (Cost $463,143,738)	691,972,395
NET OTHER ASSETS (LIABILITIES) - (6.5)%	(42,267,815)
NET ASSETS - 100.0%	649,704,580

Legend

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

(b)	Non-income producing

(c)

(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 5.43%	2,631,570	62,610,894	59,840,537	104,978	-	-	5,401,927	0.0%
Fidelity Securities Lending Cash Central Fund 5.44%	41,326,325	155,339,265	153,209,945	11,878	-	-	43,455,645	0.2%
Total	43,957,895	217,950,159	213,050,482	116,856	-	-	48,857,572

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	643,114,823	643,114,823	-	-

Money Market Funds	48,857,572	48,857,572	-	-
Total Investments in Securities:	691,972,395	691,972,395	-	-

Chemicals Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				August 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $42,121,402) - See accompanying schedule:
Unaffiliated issuers (cost $414,286,166)	$	643,114,823
Fidelity Central Funds (cost $48,857,572)		48,857,572


Total Investment in Securities (cost $463,143,738)			$	691,972,395
Receivable for fund shares sold				23,595
Dividends receivable				1,453,726
Reclaims receivable				333,531
Distributions receivable from Fidelity Central Funds				15,812
Prepaid expenses				4,454
Other receivables				157,910
Total assets				693,961,423
Liabilities
Payable for fund shares redeemed	$	229,947
Accrued management fee		280,892
Other affiliated payables		113,928
Other payables and accrued expenses		176,431
Collateral on securities loaned		43,455,645
Total Liabilities				44,256,843
Net Assets			$	649,704,580
Net Assets consist of:
Paid in capital			$	390,385,067
Total accumulated earnings (loss)				259,319,513
Net Assets			$	649,704,580
Net Asset Value, offering price and redemption price per share ($649,704,580 ÷ 41,938,059 shares)			$	15.49

Statement of Operations
				Six months ended August 31, 2023 (Unaudited)
Investment Income
Dividends			$	6,463,227
Income from Fidelity Central Funds (including $11,878 from security lending)				116,856
Total Income				6,580,083
Expenses
Management fee	$	1,695,948
Transfer agent fees		578,272
Accounting fees		106,178
Custodian fees and expenses		5,304
Independent trustees' fees and expenses		2,439
Registration fees		15,963
Audit		19,419
Legal		206
Miscellaneous		2,989
Total expenses before reductions		2,426,718
Expense reductions		(20,229)
Total expenses after reductions				2,406,489
Net Investment income (loss)				4,173,594
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		27,067,206
Total net realized gain (loss)				27,067,206
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(23,141,121)
Assets and liabilities in foreign currencies		8,198
Total change in net unrealized appreciation (depreciation)				(23,132,923)
Net gain (loss)				3,934,283
Net increase (decrease) in net assets resulting from operations			$	8,107,877

Statement of Changes in Net Assets

		Six months ended August 31, 2023 (Unaudited)		Year ended February 28, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,173,594	$	6,689,344
Net realized gain (loss)		27,067,206		48,415,100
Change in net unrealized appreciation (depreciation)		(23,132,923)		(52,586,087)
Net increase (decrease) in net assets resulting from operations		8,107,877		2,518,357
Distributions to shareholders		(6,435,545)		(71,422,793)

Share transactions
Proceeds from sales of shares		9,411,200		27,760,569
Reinvestment of distributions		6,056,139		67,243,473
Cost of shares redeemed		(45,544,185)		(106,890,154)

Net increase (decrease) in net assets resulting from share transactions		(30,076,846)		(11,886,112)
Total increase (decrease) in net assets		(28,404,514)		(80,790,548)

Net Assets
Beginning of period		678,109,094		758,899,642
End of period	$	649,704,580	$	678,109,094

Other Information
Shares
Sold		624,624		1,728,193
Issued in reinvestment of distributions		402,401		4,320,957
Redeemed		(3,037,555)		(6,887,077)
Net increase (decrease)		(2,010,530)		(837,927)

Financial Highlights

Chemicals Portfolio

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019 B
Selected Per-Share Data
Net asset value, beginning of period	$	15.43	$	16.94	$	14.67	$	10.47	$	13.57	$	17.34
Income from Investment Operations
Net investment income (loss) C,D		.10		.15		.15		.15		.15		.23
Net realized and unrealized gain (loss)		.11		.01		2.34		4.21		(2.39)		(2.17)
Total from investment operations		.21		.16		2.49		4.36		(2.24)		(1.94)
Distributions from net investment income		(.01)		(.16)		(.14)		(.16)		(.20)		(.21)
Distributions from net realized gain		(.14)		(1.51)		(.08)		-		(.66)		(1.62)
Total distributions		(.15)		(1.67)		(.22)		(.16)		(.86)		(1.83)
Net asset value, end of period	$	15.49	$	15.43	$	16.94	$	14.67	$	10.47	$	13.57
Total Return E,F		1.38%		1.09%		16.90%		41.65%		(17.63)%		(11.10)%
Ratios to Average Net Assets D,G,H
Expenses before reductions		.75% I		.75%		.74%		.79%		.78%		.77%
Expenses net of fee waivers, if any		.74% I		.75%		.74%		.79%		.78%		.77%
Expenses net of all reductions		.74% I		.75%		.74%		.78%		.77%		.76%
Net investment income (loss)		1.29% I		.96%		.85%		1.28%		1.21%		1.50%
Supplemental Data
Net assets, end of period (000 omitted)	$	649,705	$	678,109	$	758,900	$	700,680	$	656,441	$	1,153,379
Portfolio turnover rate J		19% I		54%		15%		50%		77%		62%

AFor the year ended February 29.

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

CCalculated based on average shares outstanding during the period.

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Financial Statements (Unaudited)

For the period ended August 31, 2023

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.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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, 2023 is included at the end of the Fund's Schedule of Investments.

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 reclaims receivable.

Chemicals Portfolio

$155,915

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.

Book-tax differences are primarily due to foreign currency transactions, deferred Trustees compensation and losses deferred due to wash sales.

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

Gross unrealized appreciation	$240,630,522
Gross unrealized depreciation	(12,945,127)
Net unrealized appreciation (depreciation)	$227,685,395
Tax cost	$464,287,000

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	62,314,660	94,098,388

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 .22% 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 .52% 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 .18% 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

	Amount
Chemicals Portfolio	$1,183

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Chemicals Portfolio	681,949	4,988,852	2,520,643

6. Committed Line of Credit.

	Amount
Chemicals Portfolio	$632

7. Security Lending.

	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	$1,287	$-	$-

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 $15.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $20,214.

9. Other.

10. Risk and Uncertainties.

Gold Portfolio

Consolidated Investment Summary August 31, 2023 (Unaudited)

The information in the following tables is based on the consolidated investments of the Fund.

Top Holdings (% of Fund's net assets)

Franco-Nevada Corp.	10.4
Agnico Eagle Mines Ltd. (Canada)	9.8
Newmont Corp.	9.0
Wheaton Precious Metals Corp.	7.9
Orla Mining Ltd.	5.0
Barrick Gold Corp. (Canada)	4.6
Lundin Gold, Inc.	3.0
Osisko Gold Royalties Ltd.	2.8
Alamos Gold, Inc.	2.8
SSR Mining, Inc.	2.7
	58.0

Industries (% of Fund's net assets)

Gold	87.5
Silver	4.9
Diversified Metals & Mining	4.0
Precious Metals & Minerals	1.1
Commodities & Related Investments*	0.8
Copper	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 adjusted for the effect of derivatives, if applicable.

Gold Portfolio

Consolidated Schedule of Investments August 31, 2023 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares	Value ($)
Australia - 4.7%
Metals & Mining - 4.7%
Gold - 4.7%
AngloGold Ashanti Ltd.	124,600	2,121,058
Gold Road Resources Ltd.	12,500,000	14,376,391
Northern Star Resources Ltd.	3,000,000	23,151,254
OceanaGold Corp.	12,000,000	25,932,504
		65,581,207
Brazil - 7.9%
Metals & Mining - 7.9%
Gold - 7.9%
Wheaton Precious Metals Corp. (a)	2,546,306	111,071,104

Burkina Faso - 1.2%
Metals & Mining - 1.2%
Gold - 1.2%
IAMGOLD Corp. (b)	7,000,000	17,354,944

Canada - 68.1%
Metals & Mining - 68.1%
Copper - 0.5%
Faraday Copper Corp. (b)(c)	11,959,966	6,461,497

Diversified Metals & Mining - 3.3%
Foran Mining Corp. (b)	6,613,381	18,696,799
Solaris Resources, Inc. (a)(b)	1,767,654	7,757,688
Vizsla Silver Corp. (b)	5,000,000	5,439,609
Western Copper & Gold Corp. (TSX) (a)(b)(c)	9,988,500	14,784,636
		46,678,732
Gold - 61.4%
Agnico Eagle Mines Ltd. (Canada) (a)	2,831,250	137,476,549
Alamos Gold, Inc.	3,000,000	38,587,922
Artemis Gold, Inc. (a)(b)	5,925,218	26,793,282
Ascot Resources Ltd. (b)(c)	37,965,500	13,486,856
Atex Resources, Inc. (b)(c)	9,990,000	6,062,611
B2Gold Corp.	5,000,000	15,393,724
Banyan Gold Corp. (b)(c)	21,000,000	4,895,648
Barrick Gold Corp. (Canada) (a)	4,000,000	64,831,261
Bonterra Resources, Inc. (b)(c)	7,458,507	1,103,983
Dundee Precious Metals, Inc.	2,000,000	12,907,046
Franco-Nevada Corp.	1,009,950	145,497,975
Fury Gold Mines Ltd. (b)(c)	800,000	319,716
Fury Gold Mines Ltd. (c)(d)	10,000,000	3,996,448
i-80 Gold Corp. (a)(b)	12,432,558	24,751,022
i-80 Gold Corp. (b)	500,000	895,870
Lundin Gold, Inc.	3,463,900	41,529,885
Maple Gold Mines Ltd. (b)(c)	19,981,000	1,035,132
Marathon Gold Corp. (a)(b)(c)	24,927,995	14,205,563
Marathon Gold Corp. warrants 9/20/24 (b)(c)	5,000,000	159,261
Novagold Resources, Inc. (b)	3,900,000	16,134,547
Orla Mining Ltd. (b)	14,626,832	69,713,438
Osisko Development Corp. (b)	3,999,000	13,022,202
Osisko Development Corp.:
rights(b)	666,666	26,730
warrants(b)	1,144,505	330,341
Osisko Gold Royalties Ltd.	2,922,902	39,067,207
Osisko Mining, Inc. warrants 8/6/24 (b)	1,350,000	191,722
Rupert Resources Ltd. (b)	2,481,200	6,702,472
Seabridge Gold, Inc. (b)	1,000,000	11,737,715
Skeena Resources Ltd. (a)(b)	3,499,000	17,375,881
SSR Mining, Inc.	2,500,000	37,078,153
Torex Gold Resources, Inc. (b)	1,500,000	17,329,041
Triple Flag Precious Metals Corp.	1,976,431	27,440,679
Victoria Gold Corp. (b)(c)	3,986,907	20,182,389
Wesdome Gold Mines, Inc. (b)	4,422,589	27,657,547
		857,919,818
Precious Metals & Minerals - 1.1%
Dolly Varden Silver Corp. (b)(c)	17,000,000	9,058,615
Guanajuato Silver Co. Ltd. (b)(c)	23,965,000	5,054,785
Guanajuato Silver Co. Ltd. (c)	8,500,000	1,613,566
Guanajuato Silver Co. Ltd. warrants 2/10/25 (b)(c)	7,396,381	97,985
		15,824,951
Silver - 1.8%
Aya Gold & Silver, Inc. (a)(b)	2,473,000	15,135,961
GoGold Resources, Inc. (a)(b)	8,955,575	9,809,244
		24,945,205
TOTAL METALS & MINING		951,830,203

China - 0.1%
Metals & Mining - 0.1%
Gold - 0.1%
Zijin Mining Group Co. Ltd. (H Shares)	464,000	730,108

South Africa - 2.3%
Metals & Mining - 2.3%
Gold - 2.3%
Gold Fields Ltd.	2,500,000	31,984,188

United States of America - 13.7%
Metals & Mining - 13.7%
Diversified Metals & Mining - 0.7%
Ivanhoe Electric, Inc. (b)	637,088	9,957,685

Gold - 9.9%
Dakota Gold Corp. (b)	2,500,000	7,200,000
Newmont Corp.	3,187,000	125,631,540
Royal Gold, Inc.	50,000	5,604,500
		138,436,040
Silver - 3.1%
Gatos Silver, Inc. (a)(b)(c)	6,761,606	30,900,539
Hecla Mining Co. (a)	2,695,848	11,834,773
		42,735,312
TOTAL METALS & MINING		191,129,037

TOTAL COMMON STOCKS (Cost $1,092,968,958)		1,369,680,791

Commodities - 0.8%
	Troy Ounces	Value ($)
Gold Bullion (Cost $4,575,085)	5,582	10,829,694

Money Market Funds - 9.9%
	Shares	Value ($)
Fidelity Cash Central Fund 5.43% (e)	14,517,990	14,520,894
Fidelity Securities Lending Cash Central Fund 5.44% (e)(f)	124,381,909	124,394,347
TOTAL MONEY MARKET FUNDS (Cost $138,915,241)		138,915,241

TOTAL INVESTMENT IN SECURITIES - 108.7% (Cost $1,236,459,284)	1,519,425,726
NET OTHER ASSETS (LIABILITIES) - (8.7)%	(121,994,670)
NET ASSETS - 100.0%	1,397,431,056

Legend

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

(b)	Non-income producing

(c)	Affiliated company

(d)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,996,448 or 0.3% of net assets.

(e)

(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 5.43%	14,257,857	440,498,086	440,235,049	521,763	-	-	14,520,894	0.0%
Fidelity Securities Lending Cash Central Fund 5.44%	297,711,327	606,289,717	779,606,697	190,625	-	-	124,394,347	0.4%
Total	311,969,184	1,046,787,803	1,219,841,746	712,388	-	-	138,915,241

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

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 Gold Cayman Ltd.	10,218,783	-	-	-	-	629,681	10,848,464

Other Affiliated Issuers

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.	11,542,690	6,042,335	12,862	-	(22,948)	(4,062,359)	13,486,856
Atex Resources, Inc.	-	9,398,641	6,410	-	(3,844)	(3,325,776)	6,062,611
Banyan Gold Corp.	6,310,004	-	-	-	-	(1,414,356)	4,895,648
Bonterra Resources, Inc.	1,786,369	-	6,094	-	(35,187)	(641,105)	1,103,983
Dolly Varden Silver Corp.	11,835,837	-	-	-	-	(2,777,222)	9,058,615
Faraday Copper Corp.	6,449,249	1,215,785	21,510	-	(6,777)	(1,175,250)	6,461,497
Fury Gold Mines Ltd.	-	470,779	-	-	-	(151,063)	319,716
Fury Gold Mines Ltd.	6,375,962	-	-	-	-	(2,379,514)	3,996,448
Gatos Silver, Inc.	27,876,000	-	642,443	-	(1,295,073)	4,962,055	30,900,539
Guanajuato Silver Co. Ltd.	-	5,977,531	7,503	-	(1,215)	(914,028)	5,054,785
Guanajuato Silver Co. Ltd.	-	2,308,944	-	-	-	(695,378)	1,613,566
Guanajuato Silver Co. Ltd. warrants 2/10/25	-	5,596	-	-	-	92,389	97,985
Maple Gold Mines Ltd.	2,638,329	-	1,017	-	(6,752)	(1,595,428)	1,035,132
Marathon Gold Corp.	16,306,339	-	41,442	-	(169,644)	(1,889,690)	14,205,563
Marathon Gold Corp. warrants 9/20/24	432,958	-	-	-	-	(273,697)	159,261
Victoria Gold Corp.	24,829,608	5,455,247	5,699,074	-	(3,097,186)	(1,306,206)	20,182,389
Western Copper & Gold Corp. (TSX)	13,772,133	2,154,263	17,250	-	(3,000)	(1,121,510)	14,784,636
i-80 Gold Corp.	22,792,232	-	3,086,245	-	21,432	(2,704,060)	-
i-80 Gold Corp.	5,698,058	-	-	-	-	(406,411)	-
Total	158,645,768	33,029,121	9,541,850	-	(4,620,194)	(21,778,609)	133,419,230

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	1,369,680,791	1,332,590,411	37,090,380	-

Commodities	10,829,694	10,829,694	-	-

Money Market Funds	138,915,241	138,915,241	-	-
Total Investments in Securities:	1,519,425,726	1,482,335,346	37,090,380	-

Gold Portfolio

Consolidated Statement of Assets and Liabilities
				August 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $116,689,459) - See accompanying schedule:
Unaffiliated issuers (cost $903,139,385)	$	1,236,261,561
Fidelity Central Funds (cost $138,915,241)		138,915,241
Commodities (cost $4,575,085)		10,829,694
Other affiliated issuers (cost $189,829,573)		133,419,230


Total Investment in Securities (cost $1,236,459,284)			$	1,519,425,726
Cash				19,361
Foreign currency held at value (cost $116,487)				116,682
Receivable for investments sold				14,900,689
Receivable for fund shares sold				2,218,932
Dividends receivable				2,039,619
Distributions receivable from Fidelity Central Funds				99,335
Prepaid expenses				5,149
Other receivables				205,585
Total assets				1,539,031,078
Liabilities
Payable for investments purchased	$	14,926,813
Payable for fund shares redeemed		1,141,388
Accrued management fee		606,605
Distribution and service plan fees payable		44,173
Other affiliated payables		272,403
Other payables and accrued expenses		213,587
Collateral on securities loaned		124,395,053
Total Liabilities				141,600,022
Net Assets			$	1,397,431,056
Net Assets consist of:
Paid in capital			$	2,656,017,583
Total accumulated earnings (loss)				(1,258,586,527)
Net Assets			$	1,397,431,056

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($76,575,242 ÷ 3,612,909 shares)(a)			$	21.19
Maximum offering price per share (100/94.25 of $21.19)			$	22.48
Class M :
Net Asset Value and redemption price per share ($21,280,235 ÷ 1,030,963 shares)(a)			$	20.64
Maximum offering price per share (100/96.50 of $20.64)			$	21.39
Class C :
Net Asset Value and offering price per share ($23,790,303 ÷ 1,226,419 shares)(a)			$	19.40
Gold :
Net Asset Value, offering price and redemption price per share ($1,058,962,612 ÷ 48,271,842 shares)			$	21.94
Class I :
Net Asset Value, offering price and redemption price per share ($113,152,352 ÷ 5,156,404 shares)			$	21.94
Class Z :
Net Asset Value, offering price and redemption price per share ($103,670,312 ÷ 4,718,508 shares)			$	21.97
(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, 2023 (Unaudited)
Investment Income
Dividends			$	11,261,158
Income from Fidelity Central Funds (including $190,625 from security lending)				712,388
Income before foreign taxes withheld			$	11,973,546
Less foreign taxes withheld				(1,081,874)
Total Income				10,891,672
Expenses
Management fee	$	4,341,914
Transfer agent fees		1,463,926
Distribution and service plan fees		300,088
Accounting fees		353,008
Custodian fees and expenses		47,865
Independent trustees' fees and expenses		6,016
Registration fees		75,507
Audit		33,805
Legal		454
Interest		3,692
Miscellaneous		4,975
Total expenses before reductions		6,631,250
Expense reductions		(55,738)
Total expenses after reductions				6,575,512
Net Investment income (loss)				4,316,160
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments:
Unaffiliated issuers		33,921,675
Affiliated issuers		(4,620,194)
Foreign currency transactions		411,538
Total net realized gain (loss)				29,713,019
Change in net unrealized appreciation (depreciation) on:
Investments:
Investments		(12,293,962)
Affiliated issuers		(21,778,609)
Assets and liabilities in foreign currencies		(105,566)
Commodities		630,040
Total change in net unrealized appreciation (depreciation)				(33,548,097)
Net gain (loss)				(3,835,078)
Net increase (decrease) in net assets resulting from operations			$	481,082

Consolidated Statement of Changes in Net Assets

		Six months ended August 31, 2023 (Unaudited)		Year ended February 28, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,316,160	$	14,212,550
Net realized gain (loss)		29,713,019		(107,248,450)
Change in net unrealized appreciation (depreciation)		(33,548,097)		(283,568,819)
Net increase (decrease) in net assets resulting from operations		481,082		(376,604,719)
Distributions to shareholders		(8,646,779)		(5,320,281)

Share transactions - net increase (decrease)		(151,184,550)		189,254,819

Total increase (decrease) in net assets		(159,350,247)		(192,670,181)

Net Assets
Beginning of period		1,556,781,303		1,749,451,484
End of period	$	1,397,431,056	$	1,556,781,303

Consolidated Financial Highlights

Fidelity Advisor® Gold Fund Class A

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019
Selected Per-Share Data
Net asset value, beginning of period	$	21.12	$	26.27	$	24.15	$	21.67	$	18.52	$	18.30
Income from Investment Operations
Net investment income (loss) B,C		.03		.15		.27 D		(.04)		(.01) E		(.03)
Net realized and unrealized gain (loss)		.09 F		(5.23)		2.20		3.74		3.20		.25
Total from investment operations		.12		(5.08)		2.47		3.70		3.19		.22
Distributions from net investment income		(.05)		(.07)		(.35)		(1.22)		(.01)		-
Distributions from net realized gain		-		-		-		-		(.03)		-
Total distributions		(.05)		(.07)		(.35)		(1.22)		(.04)		-
Net asset value, end of period	$	21.19	$	21.12	$	26.27	$	24.15	$	21.67	$	18.52
Total Return G,H,I		.53%		(19.42)%		10.37%		16.59%		17.23%		1.20%
Ratios to Average Net Assets C,J,K
Expenses before reductions		1.09% L		1.09%		1.07%		1.08%		1.13%		1.19%
Expenses net of fee waivers, if any		1.08% L		1.08%		1.07%		1.08%		1.13%		1.18%
Expenses net of all reductions		1.08% L		1.08%		1.07%		1.07%		1.12%		1.18%
Net investment income (loss)		.24% L		.67%		1.02% D		(.12)%		(.05)% E		(.15)%
Supplemental Data
Net assets, end of period (000 omitted)	$	76,575	$	73,943	$	86,977	$	82,989	$	64,971	$	50,479
Portfolio turnover rate M		58% L		46%		38%		46%		56%		37%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.12 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .57%.

FThe 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.

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

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

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

JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional 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.

LAnnualized.

MAmount 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, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019
Selected Per-Share Data
Net asset value, beginning of period	$	20.55	$	25.63	$	23.57	$	21.16	$	18.11	$	17.94
Income from Investment Operations
Net investment income (loss) B,C		- D		.09		.19 E		(.12)		(.07) F		(.07)
Net realized and unrealized gain (loss)		.09 G		(5.11)		2.16		3.67		3.12		.24
Total from investment operations		.09		(5.02)		2.35		3.55		3.05		.17
Distributions from net investment income		-		(.06)		(.29)		(1.14)		-		-
Total distributions		-		(.06)		(.29)		(1.14)		-		-
Net asset value, end of period	$	20.64	$	20.55	$	25.63	$	23.57	$	21.16	$	18.11
Total Return H,I,J		.44%		(19.66)%		10.08%		16.28%		16.84%		.95%
Ratios to Average Net Assets C,K,L
Expenses before reductions		1.35% M		1.35%		1.36%		1.37%		1.42%		1.48%
Expenses net of fee waivers, if any		1.34% M		1.35%		1.35%		1.37%		1.42%		1.46%
Expenses net of all reductions		1.33% M		1.35%		1.35%		1.36%		1.41%		1.46%
Net investment income (loss)		(.01)% M		.40%		.74% E		(.42)%		(.34)% F		(.43)%
Supplemental Data
Net assets, end of period (000 omitted)	$	21,280	$	21,586	$	26,201	$	24,535	$	19,620	$	17,401
Portfolio turnover rate N		58% M		46%		38%		46%		56%		37%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

DAmount represents less than $.005 per share.

ENet 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%.

FNet 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)%.

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

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

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

KFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional 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.

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

MAnnualized.

NAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Gold Fund Class C

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019
Selected Per-Share Data
Net asset value, beginning of period	$	19.36	$	24.24	$	22.30	$	20.07	$	17.24	$	17.15
Income from Investment Operations
Net investment income (loss) B,C		(.05)		(.01)		.08 D		(.22)		(.14) E		(.13)
Net realized and unrealized gain (loss)		.09 F		(4.82)		2.05		3.49		2.97		.22
Total from investment operations		.04		(4.83)		2.13		3.27		2.83		.09
Distributions from net investment income		-		(.05)		(.19)		(1.04)		-		-
Total distributions		-		(.05)		(.19)		(1.04)		-		-
Net asset value, end of period	$	19.40	$	19.36	$	24.24	$	22.30	$	20.07	$	17.24
Total Return G,H,I		.21%		(20.00)%		9.62%		15.81%		16.42%		.52%
Ratios to Average Net Assets C,J,K
Expenses before reductions		1.79% L		1.79%		1.77%		1.78%		1.80%		1.84%
Expenses net of fee waivers, if any		1.79% L		1.78%		1.77%		1.78%		1.80%		1.83%
Expenses net of all reductions		1.79% L		1.78%		1.77%		1.77%		1.79%		1.83%
Net investment income (loss)		(.47)% L		(.03)%		.32% D		(.83)%		(.72)% E		(.80)%
Supplemental Data
Net assets, end of period (000 omitted)	$	23,790	$	27,978	$	43,031	$	51,195	$	52,375	$	67,760
Portfolio turnover rate M		58% L		46%		38%		46%		56%		37%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.12)%.

ENet 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)%.

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

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

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

JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional 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.

LAnnualized.

MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Gold Portfolio

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019
Selected Per-Share Data
Net asset value, beginning of period	$	21.88	$	27.14	$	24.93	$	22.33	$	19.07	$	18.78
Income from Investment Operations
Net investment income (loss) B,C		.07		.23		.36 D		.06		.06 E		.03
Net realized and unrealized gain (loss)		.11 F		(5.41)		2.27		3.84		3.30		.26
Total from investment operations		.18		(5.18)		2.63		3.90		3.36		.29
Distributions from net investment income		(.12)		(.08)		(.42)		(1.30)		(.06)		-
Distributions from net realized gain		-		-		-		-		(.03)		-
Total distributions		(.12)		(.08)		(.42)		(1.30)		(.10) G		-
Net asset value, end of period	$	21.94	$	21.88	$	27.14	$	24.93	$	22.33	$	19.07
Total Return H,I		.73%		(19.17)%		10.71%		16.96%		17.60%		1.54%
Ratios to Average Net Assets C,J,K
Expenses before reductions		.77% L		.78%		.76%		.76%		.79%		.86%
Expenses net of fee waivers, if any		.77% L		.78%		.76%		.76%		.79%		.85%
Expenses net of all reductions		.77% L		.77%		.76%		.75%		.78%		.85%
Net investment income (loss)		.55% L		.97%		1.33% D		.19%		.29% E		.18%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,058,963	$	1,229,416	$	1,330,602	$	1,319,440	$	1,292,204	$	1,035,697
Portfolio turnover rate M		58% L		46%		38%		46%		56%		37%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

GTotal distributions per share do not sum due to rounding.

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

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

JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional 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.

LAnnualized.

MAmount 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, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019
Selected Per-Share Data
Net asset value, beginning of period	$	21.88	$	27.15	$	24.93	$	22.33	$	19.07	$	18.78
Income from Investment Operations
Net investment income (loss) B,C		.07		.23		.36 D		.05		.06 E		.04
Net realized and unrealized gain (loss)		.11 F		(5.42)		2.27		3.85		3.30		.25
Total from investment operations		.18		(5.19)		2.63		3.90		3.36		.29
Distributions from net investment income		(.12)		(.08)		(.41)		(1.30)		(.07)		-
Distributions from net realized gain		-		-		-		-		(.03)		-
Total distributions		(.12)		(.08)		(.41)		(1.30)		(.10)		-
Net asset value, end of period	$	21.94	$	21.88	$	27.15	$	24.93	$	22.33	$	19.07
Total Return G,H		.72%		(19.20)%		10.74%		16.96%		17.60%		1.54%
Ratios to Average Net Assets C,I,J
Expenses before reductions		.77% K		.77%		.76%		.77%		.79%		.84%
Expenses net of fee waivers, if any		.76% K		.77%		.76%		.77%		.79%		.82%
Expenses net of all reductions		.76% K		.77%		.76%		.76%		.77%		.82%
Net investment income (loss)		.56% K		.98%		1.33% D		.18%		.30% E		.21%
Supplemental Data
Net assets, end of period (000 omitted)	$	113,152	$	110,224	$	152,799	$	137,617	$	115,699	$	84,956
Portfolio turnover rate L		58% K		46%		38%		46%		56%		37%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

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

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

KAnnualized.

LAmount 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, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019 B
Selected Per-Share Data
Net asset value, beginning of period	$	21.92	$	27.16	$	24.94	$	22.34	$	19.08	$	16.62
Income from Investment Operations
Net investment income (loss) C,D		.08		.26		.40 E		.09		.10 F		.07
Net realized and unrealized gain (loss)		.12 G		(5.41)		2.27		3.85		3.29		2.39
Total from investment operations		.20		(5.15)		2.67		3.94		3.39		2.46
Distributions from net investment income		(.15)		(.09)		(.45)		(1.34)		(.10)		-
Distributions from net realized gain		-		-		-		-		(.03)		-
Total distributions		(.15)		(.09)		(.45)		(1.34)		(.13)		-
Net asset value, end of period	$	21.97	$	21.92	$	27.16	$	24.94	$	22.34	$	19.08
Total Return H,I		.80%		(19.07)%		10.88%		17.12%		17.75%		14.80%
Ratios to Average Net Assets D,J,K
Expenses before reductions		.63% L		.63%		.63%		.64%		.65%		.68% L
Expenses net of fee waivers, if any		.63% L		.63%		.62%		.64%		.64%		.68% L
Expenses net of all reductions		.62% L		.63%		.62%		.62%		.63%		.67% L
Net investment income (loss)		.69% L		1.12%		1.47% E		.32%		.44% F		.97% L
Supplemental Data
Net assets, end of period (000 omitted)	$	103,670	$	93,634	$	109,842	$	105,293	$	95,076	$	3,037
Portfolio turnover rate M		58% L		46%		38%		46%		56%		37%

AFor the year ended February 29.

BFor the period October 2, 2018 (commencement of sale of shares) through February 28, 2019.

CCalculated based on average shares outstanding during the period.

ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.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%.

FNet 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%.

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

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

JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional 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.

LAnnualized.

MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Consolidated Financial Statements (Unaudited)

For the period ended August 31, 2023

1. Organization.

Gold Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class M, Class C, Gold, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Consolidated Subsidiary.

The Funds included in the table below hold certain commodity-related investments through a wholly owned subsidiary (the "Subsidiary"). As of period end, the investments in the Subsidiaries, were as follows:

	Subsidiary Name	Net Assets of Subsidiary	% of Fund's Net Assets
Gold Portfolio	Fidelity Select Gold Cayman Ltd.	10,848,464	.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.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the Consolidated financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

4. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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:

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, 2023 is included at the end of the Fund's Consolidated Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the consolidated Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the consolidated Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). 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 (ETF). 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

$144,485

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), controlled foreign corporations, deferred Trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

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

Gross unrealized appreciation	$398,311,976
Gross unrealized depreciation	(181,342,868)
Net unrealized appreciation (depreciation)	$216,969,108
Tax cost	$1,302,456,618

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	$(274,109,326)
Long-term	(1,187,878,757)
Total capital loss carryforward	$(1,461,988,083)

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	465,374,171	613,672,641

6. Fees and Other Transactions with Affiliates.

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%	$102,068	$1,231
Class M	.25%	.25%	57,812	-
Class C	.75%	.25%	140,208	9,845
			$300,088	$11,076

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	$22,405
Class M	2,297
Class CA	368
	$25,070

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 AssetsA
Class A	$100,018	.25
Class M	29,479	.26
Class C	28,284	.20
Gold	1,167,907	.18
Class I	114,856	.18
Class Z	23,382	.04
	$1,463,926

A Annualized

	% of Average Net Assets
Gold Portfolio	.04

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

	Amount
Gold Portfolio	$4,294

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	$ 3,573,571	5.31%	$3,692

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Gold Portfolio	-	17,973,600	897,293

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	$1,621

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	$19,697	$-	$-

9. Expense Reductions.

Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $2,773. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

	Expense reduction
Class A	$682
Class M	1,232
Class C	51
	$1,965

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 $51,000.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended August 31, 2023	Year ended February 28, 2023
Gold Portfolio
Distributions to shareholders
Class A	$ 185,909	$236,581
Class M	-	64,063
Class C	-	82,259
Gold	7,056,735	4,119,368
Class I	684,538	460,437
Class Z	719,597	357,573
Total	$ 8,646,779	$ 5,320,281

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, 2023	Year ended February 28, 2023	Six months ended August 31, 2023	Year ended February 28, 2023
Gold Portfolio
Class A
Shares sold	565,019	1,122,921	$13,115,424	$27,099,950
Reinvestment of distributions	7,073	7,775	182,695	230,842
Shares redeemed	(460,692)	(939,774)	(10,260,844)	(21,685,894)
Net increase (decrease)	111,400	190,922	$3,037,275	$5,644,898
Class M
Shares sold	90,074	371,999	$2,019,138	$8,541,059
Reinvestment of distributions	-	2,211	-	64,030
Shares redeemed	(109,545)	(346,180)	(2,435,398)	(7,235,921)
Net increase (decrease)	(19,471)	28,030	$(416,260)	$1,369,168
Class C
Shares sold	84,389	330,090	$1,838,873	$7,857,068
Reinvestment of distributions	-	2,997	-	82,054
Shares redeemed	(303,324)	(663,298)	(6,290,981)	(13,627,374)
Net increase (decrease)	(218,935)	(330,211)	$(4,452,108)	$(5,688,252)
Gold
Shares sold	7,888,207	24,882,743	$191,443,286	$614,447,230
Reinvestment of distributions	250,900	128,260	6,699,035	3,933,734
Shares redeemed	(16,058,485)	(17,838,751)	(363,872,334)	(424,861,608)
Net increase (decrease)	(7,919,378)	7,172,252	$(165,730,013)	$193,519,356
Class I
Shares sold	1,313,135	1,703,267	$31,812,894	$41,572,132
Reinvestment of distributions	24,910	14,570	665,353	447,009
Shares redeemed	(1,218,478)	(2,309,414)	(27,711,938)	(53,976,142)
Net increase (decrease)	119,567	(591,577)	$4,766,309	$(11,957,001)
Class Z
Shares sold	1,385,689	2,207,248	$33,366,829	$52,782,706
Reinvestment of distributions	26,599	11,475	710,999	352,174
Shares redeemed	(965,105)	(1,991,473)	(22,467,581)	(46,768,230)
Net increase (decrease)	447,183	227,250	$11,610,247	$6,366,650

12. Other.

13. Risk and Uncertainties.

Materials Portfolio

Schedule of Investments August 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Linde PLC	21.2
Freeport-McMoRan, Inc.	6.3
First Quantum Minerals Ltd.	5.6
LyondellBasell Industries NV Class A	5.5
Air Products & Chemicals, Inc.	4.8
Celanese Corp. Class A	4.7
DuPont de Nemours, Inc.	4.2
Corteva, Inc.	4.1
The Chemours Co. LLC	3.3
Aptargroup, Inc.	3.1
	62.8

Industries (% of Fund's net assets)

Chemicals	64.0
Metals & Mining	21.7
Containers & Packaging	8.9
Construction Materials	5.2

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are adjusted for the effect of derivatives, if applicable.

Materials Portfolio

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares	Value ($)
Chemicals - 64.0%
Commodity Chemicals - 17.7%
Cabot Corp. (a)	358,900	26,005,894
Chemtrade Logistics Income Fund	1,959,700	12,342,397
Dow, Inc.	195,800	10,682,848
LyondellBasell Industries NV Class A	560,900	55,400,093
Olin Corp.	492,100	28,551,642
Orion SA	210,800	4,768,296
Tronox Holdings PLC	1,769,403	24,134,657
Westlake Corp. (a)	132,400	17,341,752
		179,227,579
Diversified Chemicals - 4.0%
Huntsman Corp.	250,800	6,989,796
The Chemours Co. LLC	977,900	33,268,158
		40,257,954
Fertilizers & Agricultural Chemicals - 5.1%
Corteva, Inc.	805,411	40,681,310
Nutrien Ltd.	162,200	10,274,347
		50,955,657
Industrial Gases - 26.0%
Air Products & Chemicals, Inc.	163,400	48,283,066
Linde PLC	555,586	215,034,005
		263,317,071
Specialty Chemicals - 11.2%
Ashland, Inc.	155,500	13,470,965
Celanese Corp. Class A (a)	376,400	47,561,904
DuPont de Nemours, Inc.	548,917	42,206,228
Eastman Chemical Co.	64,100	5,449,141
RPM International, Inc.	49,600	4,947,104
		113,635,342
TOTAL CHEMICALS		647,393,603
Construction Materials - 5.2%
Construction Materials - 5.2%
Martin Marietta Materials, Inc.	57,800	25,802,498
Vulcan Materials Co.	123,100	26,866,575
		52,669,073
Containers & Packaging - 8.9%
Metal, Glass & Plastic Containers - 7.1%
Aptargroup, Inc.	239,100	31,695,096
Crown Holdings, Inc.	174,759	16,193,169
Greif, Inc. Class A	337,000	24,462,830
		72,351,095
Paper & Plastic Packaging Products & Materials - 1.8%
Avery Dennison Corp.	95,400	17,971,452
TOTAL CONTAINERS & PACKAGING		90,322,547
Metals & Mining - 21.7%
Copper - 11.9%
First Quantum Minerals Ltd.	2,089,000	56,121,004
Freeport-McMoRan, Inc.	1,602,500	63,955,775
		120,076,779
Diversified Metals & Mining - 2.4%
E3 Lithium Ltd. (b)	79,500	233,581
Horizonte Minerals PLC (b)	3,690,000	6,100,212
Ivanhoe Mines Ltd. (b)	1,443,200	12,838,413
Major Drilling Group International, Inc. (b)	756,800	4,872,824
		24,045,030
Gold - 2.1%
Franco-Nevada Corp.	110,000	15,847,099
Wheaton Precious Metals Corp.	118,800	5,182,114
		21,029,213
Steel - 5.3%
Commercial Metals Co.	308,200	17,348,578
Reliance Steel & Aluminum Co.	89,200	25,418,432
Steel Dynamics, Inc.	102,000	10,872,180
		53,639,190
TOTAL METALS & MINING		218,790,212
TOTAL COMMON STOCKS (Cost $701,146,980)		1,009,175,435

Money Market Funds - 6.7%
	Shares	Value ($)
Fidelity Cash Central Fund 5.43% (c)	2,286,226	2,286,683
Fidelity Securities Lending Cash Central Fund 5.44% (c)(d)	66,095,515	66,102,125
TOTAL MONEY MARKET FUNDS (Cost $68,388,808)		68,388,808

TOTAL INVESTMENT IN SECURITIES - 106.5% (Cost $769,535,788)	1,077,564,243
NET OTHER ASSETS (LIABILITIES) - (6.5)%	(66,209,421)
NET ASSETS - 100.0%	1,011,354,822

Legend

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

(b)	Non-income producing

(c)

(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 5.43%	12,468,877	118,567,585	128,749,779	135,381	-	-	2,286,683	0.0%
Fidelity Securities Lending Cash Central Fund 5.44%	17,449,050	213,301,190	164,648,115	17,752	-	-	66,102,125	0.2%
Total	29,917,927	331,868,775	293,397,894	153,133	-	-	68,388,808

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	1,009,175,435	1,009,175,435	-	-

Money Market Funds	68,388,808	68,388,808	-	-
Total Investments in Securities:	1,077,564,243	1,077,564,243	-	-

Materials Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				August 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $64,825,998) - See accompanying schedule:
Unaffiliated issuers (cost $701,146,980)	$	1,009,175,435
Fidelity Central Funds (cost $68,388,808)		68,388,808


Total Investment in Securities (cost $769,535,788)			$	1,077,564,243
Foreign currency held at value (cost $19,046)				19,058
Receivable for investments sold				1,221,069
Receivable for fund shares sold				156,868
Dividends receivable				2,647,848
Distributions receivable from Fidelity Central Funds				18,646
Prepaid expenses				5,208
Other receivables				192,914
Total assets				1,081,825,854
Liabilities
Payable for investments purchased	$	704,873
Payable for fund shares redeemed		2,780,329
Accrued management fee		441,560
Distribution and service plan fees payable		53,770
Other affiliated payables		171,261
Other payables and accrued expenses		217,114
Collateral on securities loaned		66,102,125
Total Liabilities				70,471,032
Net Assets			$	1,011,354,822
Net Assets consist of:
Paid in capital			$	700,065,882
Total accumulated earnings (loss)				311,288,940
Net Assets			$	1,011,354,822

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($121,942,180 ÷ 1,230,757 shares)(a)			$	99.08
Maximum offering price per share (100/94.25 of $99.08)			$	105.12
Class M :
Net Asset Value and redemption price per share ($37,181,278 ÷ 380,541 shares)(a)			$	97.71
Maximum offering price per share (100/96.50 of $97.71)			$	101.25
Class C :
Net Asset Value and offering price per share ($16,064,474 ÷ 170,080 shares)(a)			$	94.45
Materials :
Net Asset Value, offering price and redemption price per share ($564,603,963 ÷ 5,654,950 shares)			$	99.84
Class I :
Net Asset Value, offering price and redemption price per share ($171,427,065 ÷ 1,720,782 shares)			$	99.62
Class Z :
Net Asset Value, offering price and redemption price per share ($100,135,862 ÷ 1,006,214 shares)			$	99.52
(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, 2023 (Unaudited)
Investment Income
Dividends			$	11,433,807
Income from Fidelity Central Funds (including $17,752 from security lending)				153,133
Total Income				11,586,940
Expenses
Management fee	$	2,654,711
Transfer agent fees		883,742
Distribution and service plan fees		318,509
Accounting fees		150,091
Custodian fees and expenses		13,078
Independent trustees' fees and expenses		3,794
Registration fees		52,708
Audit		21,994
Legal		518
Miscellaneous		3,974
Total expenses before reductions		4,103,119
Expense reductions		(32,106)
Total expenses after reductions				4,071,013
Net Investment income (loss)				7,515,927
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(1,954,584)
Foreign currency transactions		(46,455)
Total net realized gain (loss)				(2,001,039)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		24,295,559
Assets and liabilities in foreign currencies		8,334
Total change in net unrealized appreciation (depreciation)				24,303,893
Net gain (loss)				22,302,854
Net increase (decrease) in net assets resulting from operations			$	29,818,781

Statement of Changes in Net Assets

		Six months ended August 31, 2023 (Unaudited)		Year ended February 28, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	7,515,927	$	10,994,667
Net realized gain (loss)		(2,001,039)		108,099,190
Change in net unrealized appreciation (depreciation)		24,303,893		(119,348,058)
Net increase (decrease) in net assets resulting from operations		29,818,781		(254,201)
Distributions to shareholders		(42,286,924)		(33,314,365)

Share transactions - net increase (decrease)		(73,477,221)		(23,554,987)

Total increase (decrease) in net assets		(85,945,364)		(57,123,553)

Net Assets
Beginning of period		1,097,300,186		1,154,423,739
End of period	$	1,011,354,822	$	1,097,300,186

Financial Highlights

Fidelity Advisor® Materials Fund Class A

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019
Selected Per-Share Data
Net asset value, beginning of period	$	99.98	$	102.68	$	87.03	$	59.39	$	69.57	$	88.50
Income from Investment Operations
Net investment income (loss) B,C		.60		.79		.46		.33		.58		.84
Net realized and unrealized gain (loss)		2.46		(.54)		15.77		27.72		(10.10)		(12.01)
Total from investment operations		3.06		.25		16.23		28.05		(9.52)		(11.17)
Distributions from net investment income		-		(.80)		(.58)		(.41)		(.66)		(.67)
Distributions from net realized gain		(3.96)		(2.15)		-		-		-		(7.09)
Total distributions		(3.96)		(2.95)		(.58)		(.41)		(.66)		(7.76)
Net asset value, end of period	$	99.08	$	99.98	$	102.68	$	87.03	$	59.39	$	69.57
Total Return D,E,F		3.23%		.39%		18.64%		47.27%		(13.81)%		(12.59)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		1.03% I		1.03%		1.03%		1.08%		1.08%		1.06%
Expenses net of fee waivers, if any		1.02% I		1.03%		1.03%		1.08%		1.08%		1.06%
Expenses net of all reductions		1.02% I		1.03%		1.03%		1.08%		1.07%		1.05%
Net investment income (loss)		1.26% I		.81%		.46%		.48%		.87%		1.08%
Supplemental Data
Net assets, end of period (000 omitted)	$	121,942	$	124,777	$	138,219	$	101,238	$	76,869	$	126,182
Portfolio turnover rate J		29% I		47%		43%		36%		69%		77% K

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

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

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

KPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Materials Fund Class M

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019
Selected Per-Share Data
Net asset value, beginning of period	$	98.77	$	101.52	$	86.14	$	58.84	$	68.98	$	87.79
Income from Investment Operations
Net investment income (loss) B,C		.48		.54		.20		.14		.39		.61
Net realized and unrealized gain (loss)		2.42		(.53)		15.59		27.42		(10.01)		(11.88)
Total from investment operations		2.90		.01		15.79		27.56		(9.62)		(11.27)
Distributions from net investment income		-		(.61)		(.41)		(.26)		(.52)		(.45)
Distributions from net realized gain		(3.96)		(2.15)		-		-		-		(7.09)
Total distributions		(3.96)		(2.76)		(.41)		(.26)		(.52)		(7.54)
Net asset value, end of period	$	97.71	$	98.77	$	101.52	$	86.14	$	58.84	$	68.98
Total Return D,E,F		3.10%		.15%		18.32%		46.86%		(14.05)%		(12.84)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		1.28% I		1.28%		1.29%		1.36%		1.37%		1.35%
Expenses net of fee waivers, if any		1.27% I		1.28%		1.29%		1.36%		1.36%		1.35%
Expenses net of all reductions		1.27% I		1.28%		1.29%		1.36%		1.36%		1.34%
Net investment income (loss)		1.02% I		.56%		.20%		.21%		.58%		.79%
Supplemental Data
Net assets, end of period (000 omitted)	$	37,181	$	38,570	$	37,100	$	24,768	$	19,423	$	27,436
Portfolio turnover rate J		29% I		47%		43%		36%		69%		77% K

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

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

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

KPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Materials Fund Class C

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019
Selected Per-Share Data
Net asset value, beginning of period	$	95.85	$	98.63	$	83.76	$	57.30	$	67.13	$	85.52
Income from Investment Operations
Net investment income (loss) B,C		.23		.06		(.28)		(.18)		.08		.25
Net realized and unrealized gain (loss)		2.33		(.53)		15.15		26.64		(9.76)		(11.50)
Total from investment operations		2.56		(.47)		14.87		26.46		(9.68)		(11.25)
Distributions from net investment income		-		(.16)		-		-		(.15)		(.04)
Distributions from net realized gain		(3.96)		(2.15)		-		-		-		(7.09)
Total distributions		(3.96)		(2.31)		-		-		(.15)		(7.14) D
Net asset value, end of period	$	94.45	$	95.85	$	98.63	$	83.76	$	57.30	$	67.13
Total Return E,F,G		2.83%		(.36)%		17.75%		46.18%		(14.46)%		(13.24)%
Ratios to Average Net Assets C,H,I
Expenses before reductions		1.78% J		1.78%		1.78%		1.83%		1.82%		1.81%
Expenses net of fee waivers, if any		1.78% J		1.78%		1.78%		1.83%		1.82%		1.81%
Expenses net of all reductions		1.78% J		1.78%		1.78%		1.83%		1.81%		1.79%
Net investment income (loss)		.51% J		.06%		(.29)%		(.27)%		.12%		.33%
Supplemental Data
Net assets, end of period (000 omitted)	$	16,064	$	17,053	$	21,261	$	23,296	$	24,239	$	51,659
Portfolio turnover rate K		29% J		47%		43%		36%		69%		77% L

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

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

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

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

LPortfolio turnover rate excludes securities received or delivered in-kind.

Materials Portfolio

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019
Selected Per-Share Data
Net asset value, beginning of period	$	100.63	$	103.29	$	87.46	$	59.63	$	69.84	$	88.90
Income from Investment Operations
Net investment income (loss) B,C		.74		1.07		.75		.53		.77		1.06
Net realized and unrealized gain (loss)		2.48		(.55)		15.86		27.87		(10.14)		(12.09)
Total from investment operations		3.22		.52		16.61		28.40		(9.37)		(11.03)
Distributions from net investment income		(.04)		(1.03)		(.78)		(.57)		(.84)		(.93)
Distributions from net realized gain		(3.96)		(2.15)		-		-		-		(7.09)
Total distributions		(4.01) D		(3.18)		(.78)		(.57)		(.84)		(8.03) D
Net asset value, end of period	$	99.84	$	100.63	$	103.29	$	87.46	$	59.63	$	69.84
Total Return E,F		3.37%		.67%		18.98%		47.68%		(13.57)%		(12.35)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.76% I		.76%		.75%		.80%		.80%		.79%
Expenses net of fee waivers, if any		.75% I		.75%		.74%		.80%		.80%		.79%
Expenses net of all reductions		.75% I		.75%		.74%		.80%		.79%		.78%
Net investment income (loss)		1.54% I		1.09%		.75%		.76%		1.14%		1.35%
Supplemental Data
Net assets, end of period (000 omitted)	$	564,604	$	603,330	$	645,773	$	533,073	$	405,668	$	626,759
Portfolio turnover rate J		29% I		47%		43%		36%		69%		77% K

AFor the year ended February 29.

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

CCalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

KPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Materials Fund Class I

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019
Selected Per-Share Data
Net asset value, beginning of period	$	100.42	$	103.07	$	87.29	$	59.52	$	69.70	$	88.73
Income from Investment Operations
Net investment income (loss) B,C		.74		1.06		.74		.55		.78		1.07
Net realized and unrealized gain (loss)		2.47		(.54)		15.83		27.80		(10.12)		(12.08)
Total from investment operations		3.21		.52		16.57		28.35		(9.34)		(11.01)
Distributions from net investment income		(.04)		(1.02)		(.79)		(.58)		(.84)		(.93)
Distributions from net realized gain		(3.96)		(2.15)		-		-		-		(7.09)
Total distributions		(4.01) D		(3.17)		(.79)		(.58)		(.84)		(8.02)
Net asset value, end of period	$	99.62	$	100.42	$	103.07	$	87.29	$	59.52	$	69.70
Total Return E,F		3.36%		.66%		18.97%		47.70%		(13.55)%		(12.34)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.76% I		.76%		.75%		.78%		.79%		.78%
Expenses net of fee waivers, if any		.75% I		.76%		.75%		.78%		.79%		.78%
Expenses net of all reductions		.75% I		.76%		.75%		.78%		.78%		.77%
Net investment income (loss)		1.54% I		1.08%		.74%		.78%		1.16%		1.36%
Supplemental Data
Net assets, end of period (000 omitted)	$	171,427	$	208,630	$	238,282	$	190,132	$	137,887	$	254,240
Portfolio turnover rate J		29% I		47%		43%		36%		69%		77% K

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

KPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Materials Fund Class Z

		Six months ended (Unaudited) August 31, 2023		Years ended February 28, 2023		2022		2021		2020 A		2019 B
Selected Per-Share Data
Net asset value, beginning of period	$	100.27	$	102.92	$	87.14	$	59.40	$	69.58	$	79.81
Income from Investment Operations
Net investment income (loss) C,D		.80		1.20		.88		.67		.88		.62
Net realized and unrealized gain (loss)		2.48		(.54)		15.81		27.75		(10.10)		(6.96)
Total from investment operations		3.28		.66		16.69		28.42		(9.22)		(6.34)
Distributions from net investment income		(.07)		(1.16)		(.91)		(.68)		(.96)		(.96)
Distributions from net realized gain		(3.96)		(2.15)		-		-		-		(2.93)
Total distributions		(4.03)		(3.31)		(.91)		(.68)		(.96)		(3.89)
Net asset value, end of period	$	99.52	$	100.27	$	102.92	$	87.14	$	59.40	$	69.58
Total Return E,F		3.45%		.81%		19.14%		47.92%		(13.43)%		(7.35)%
Ratios to Average Net Assets D,G,H
Expenses before reductions		.61% I		.62%		.62%		.64%		.63%		.63% I
Expenses net of fee waivers, if any		.61% I		.61%		.62%		.64%		.63%		.62% I
Expenses net of all reductions		.61% I		.61%		.62%		.63%		.62%		.61% I
Net investment income (loss)		1.68% I		1.23%		.88%		.93%		1.31%		2.27% I
Supplemental Data
Net assets, end of period (000 omitted)	$	100,136	$	104,940	$	73,790	$	47,051	$	13,267	$	10,039
Portfolio turnover rate J		29% I		47%		43%		36%		69%		77% K

AFor the year ended February 29.

BFor the period October 2, 2018 (commencement of sale of shares) through February 28, 2019.

CCalculated based on average shares outstanding during the period.

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

KPortfolio turnover rate excludes securities received or delivered in-kind.

Notes to Financial Statements (Unaudited)

For the period ended August 31, 2023

1. Organization.

Materials Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class M, Class C, Materials, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

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:

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, 2023 is included at the end of the Fund's Schedule of Investments.

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 (ETFs). 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 (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Materials Portfolio

$188,735

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	$319,139,791
Gross unrealized depreciation	(12,219,341)
Net unrealized appreciation (depreciation)	$306,920,450
Tax cost	$770,643,793

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	148,420,283	241,984,934

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	- %	.25%	$148,624	$170
Class M	.25%	.25%	91,922	-
Class C	.75%	.25%	77,963	4,354
			$318,509	$4,524

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

	Retained by FDC
Class A	$6,046
Class M	347
Class CA	548
	$6,941

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

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net AssetsA
Class A	$123,276	.21
Class M	37,404	.20
Class C	16,354	.21
Materials	519,418	.19
Class I	166,311	.18
Class Z	20,979	.04
	$883,742

A Annualized

	% of Average Net Assets
Materials Portfolio	.03

	Amount
Materials Portfolio	$2,024

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Materials Portfolio	4,620,458	7,947,226	260,810

6. Committed Line of Credit.

	Amount
Materials Portfolio	$1,005

7. Security Lending.

	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	$1,932	$-	$-

8. Expense Reductions.

Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

	Expense reduction

Class M	$480

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 $31,626.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended August 31, 2023	Year ended February 28, 2023
Materials Portfolio
Distributions to shareholders
Class A	$ 4,867,811	$3,653,799
Class M	1,532,956	1,013,870
Class C	679,917	430,794
Materials	23,291,521	18,471,243
Class I	7,818,959	6,523,647
Class Z	4,095,760	3,221,012
Total	$ 42,286,924	$ 33,314,365

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, 2023	Year ended February 28, 2023	Six months ended August 31, 2023	Year ended February 28, 2023
Materials Portfolio
Class A
Shares sold	68,927	174,329	$6,611,354	$17,454,764
Reinvestment of distributions	49,959	37,585	4,753,111	3,573,539
Shares redeemed	(136,128)	(310,006)	(12,983,557)	(30,402,251)
Net increase (decrease)	(17,242)	(98,092)	$(1,619,092)	$(9,373,948)
Class M
Shares sold	26,935	92,789	$2,519,204	$9,181,513
Reinvestment of distributions	16,246	10,767	1,525,637	1,011,814
Shares redeemed	(53,148)	(78,482)	(4,988,557)	(7,550,323)
Net increase (decrease)	(9,967)	25,074	$(943,716)	$2,643,004
Class C
Shares sold	16,471	33,396	$1,535,663	$3,198,388
Reinvestment of distributions	7,273	4,589	661,582	418,955
Shares redeemed	(31,581)	(75,621)	(2,861,604)	(7,005,317)
Net increase (decrease)	(7,837)	(37,636)	$(664,359)	$(3,387,974)
Materials
Shares sold	291,532	1,012,996	$28,213,353	$103,105,703
Reinvestment of distributions	223,876	179,022	21,442,783	17,121,716
Shares redeemed	(855,825)	(1,448,920)	(82,250,241)	(140,887,042)
Net increase (decrease)	(340,417)	(256,902)	$(32,594,105)	$(20,659,623)
Class I
Shares sold	171,576	699,555	$16,675,799	$69,977,727
Reinvestment of distributions	78,040	64,549	7,457,503	6,160,539
Shares redeemed	(606,478)	(998,267)	(58,021,974)	(97,071,794)
Net increase (decrease)	(356,862)	(234,163)	$(33,888,672)	$(20,933,528)
Class Z
Shares sold	202,617	598,908	$19,417,178	$54,583,653
Reinvestment of distributions	40,766	32,902	3,889,902	3,134,918
Shares redeemed	(283,708)	(302,227)	(27,074,357)	(29,561,489)
Net increase (decrease)	(40,325)	329,583	$(3,767,277)	$28,157,082

11. Other.

12. Risk and Uncertainties.

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, 2023 to August 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value March 1, 2023	Ending Account Value August 31, 2023	Expenses Paid During Period- C March 1, 2023 to August 31, 2023

Chemicals Portfolio	.74%
Actual		$ 1,000	$ 1,013.80	$ 3.75
Hypothetical-B		$ 1,000	$ 1,021.42	$ 3.76
Gold Portfolio
Class A	1.08%
Actual		$ 1,000	$ 1,005.30	$ 5.44
Hypothetical-B		$ 1,000	$ 1,019.71	$ 5.48
Class M	1.34%
Actual		$ 1,000	$ 1,004.40	$ 6.75
Hypothetical-B		$ 1,000	$ 1,018.40	$ 6.80
Class C	1.79%
Actual		$ 1,000	$ 1,002.10	$ 9.01
Hypothetical-B		$ 1,000	$ 1,016.14	$ 9.07
Gold Portfolio	.77%
Actual		$ 1,000	$ 1,007.30	$ 3.89
Hypothetical-B		$ 1,000	$ 1,021.27	$ 3.91
Class I	.76%
Actual		$ 1,000	$ 1,007.20	$ 3.83
Hypothetical-B		$ 1,000	$ 1,021.32	$ 3.86
Class Z	.63%
Actual		$ 1,000	$ 1,008.00	$ 3.18
Hypothetical-B		$ 1,000	$ 1,021.97	$ 3.20
Materials Portfolio
Class A	1.02%
Actual		$ 1,000	$ 1,032.30	$ 5.21
Hypothetical-B		$ 1,000	$ 1,020.01	$ 5.18
Class M	1.27%
Actual		$ 1,000	$ 1,031.00	$ 6.48
Hypothetical-B		$ 1,000	$ 1,018.75	$ 6.44
Class C	1.78%
Actual		$ 1,000	$ 1,028.30	$ 9.08
Hypothetical-B		$ 1,000	$ 1,016.19	$ 9.02
Materials Portfolio	.75%
Actual		$ 1,000	$ 1,033.70	$ 3.83
Hypothetical-B		$ 1,000	$ 1,021.37	$ 3.81
Class I	.75%
Actual		$ 1,000	$ 1,033.60	$ 3.83
Hypothetical-B		$ 1,000	$ 1,021.37	$ 3.81
Class Z	.61%
Actual		$ 1,000	$ 1,034.50	$ 3.12
Hypothetical-B		$ 1,000	$ 1,022.07	$ 3.10

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

B 5% return per year before expenses

Telecommunications Portfolio

Board Approval of Investment Advisory Contracts and Management Fees

Chemicals Portfolio

Gold Portfolio

Materials Portfolio

At its July 2023 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of the management fee and total expense ratio of the fund or, for Gold Portfolio and Materials Portfolio, a representative class (the retail class, which was selected because it is the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expenses, 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 (for Gold Portfolio and Materials Portfolio), 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.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to each fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund or, for Gold Portfolio and Materials Portfolio, the retail class of each fund relative to funds and classes in the mapped group that have a similar sales load structure of the applicable fund or class (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund or, for Gold Portfolio and Materials Portfolio, the retail class of each fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the applicable fund or class (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund or, for Gold Portfolio and Materials Portfolio, the retail class ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that 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.

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.

1.846035.116

SELMT-SANN-1023

Fidelity® Select Portfolios®

Telecommunications Services Sector

Telecommunications Portfolio

Wireless Portfolio

Semi-Annual Report

August 31, 2023

Includes Fidelity and Fidelity Advisor share classes

Contents

Wireless Portfolio

Telecommunications Portfolio

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Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.