0000320351fmr:C000020445Memberfmr:TH3Member2024-08-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03114
Fidelity Select Portfolios
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Nicole Macarchuk, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
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Date of fiscal year end: | February 29 |
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Date of reporting period: | August 31, 2024 |
Item 1.
Reports to Stockholders
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| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Fidelity® Natural Resources Fund Fidelity® Natural Resources Fund : FNARX |
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This semi-annual shareholder report contains information about Fidelity® Natural Resources Fund for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® Natural Resources Fund | $ 37 | 0.70% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $648,226,804 | |
| Number of Holdings | 38 | |
| Portfolio Turnover | 56% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Oil, Gas & Consumable Fuels | 70.1 | |
| Metals & Mining | 18.0 | |
| Containers & Packaging | 6.3 | |
| Energy Equipment & Services | 4.9 | |
| |
| Common Stocks | 99.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 58.8 |
| Canada | 29.5 |
| Portugal | 4.8 |
| Zambia | 2.5 |
| United Kingdom | 1.8 |
| Brazil | 1.6 |
| Ghana | 1.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
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| |
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TOP HOLDINGS (% of Fund's net assets) | | |
| Exxon Mobil Corp | 22.5 | |
| Imperial Oil Ltd | 8.9 | |
| Shell PLC ADR | 8.3 | |
| MEG Energy Corp | 5.6 | |
| Valero Energy Corp | 4.9 | |
| Galp Energia SGPS SA | 4.8 | |
| Phillips 66 | 3.4 | |
| Athabasca Oil Corp | 3.1 | |
| Agnico Eagle Mines Ltd (United States) | 2.8 | |
| Freeport-McMoRan Inc | 2.7 | |
| | 67.0 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914555.100 514-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Utilities Portfolio Utilities Portfolio : FSUTX |
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This semi-annual shareholder report contains information about Utilities Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Utilities Portfolio | $ 38 | 0.67% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,538,756,649 | |
| Number of Holdings | 31 | |
| Portfolio Turnover | 55% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Electric Utilities | 62.2 | |
| Multi-Utilities | 25.2 | |
| Independent Power and Renewable Electricity Producers | 9.5 | |
| Gas Utilities | 2.1 | |
| |
| Common Stocks | 99.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.0 |
ASSET ALLOCATION (% of Fund's net assets) |
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GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
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| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| NextEra Energy Inc | 13.0 | |
| Sempra | 7.1 | |
| PG&E Corp | 6.3 | |
| Edison International | 6.0 | |
| American Electric Power Co Inc | 5.4 | |
| Public Service Enterprise Group Inc | 5.3 | |
| Entergy Corp | 4.8 | |
| Constellation Energy Corp | 4.8 | |
| Eversource Energy | 4.5 | |
| FirstEnergy Corp | 4.2 | |
| | 61.4 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914501.100 65-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Consumer Staples Portfolio Fidelity Advisor® Consumer Staples Fund Class Z : FIJCX |
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This semi-annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 31 | 0.58% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,405,206,341 | |
| Number of Holdings | 39 | |
| Portfolio Turnover | 39% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Beverages | 39.6 | |
| Household Products | 18.8 | |
| Food Products | 14.3 | |
| Consumer Staples Distribution & Retail | 10.8 | |
| Personal Care Products | 9.7 | |
| Tobacco | 6.4 | |
| Oil, Gas & Consumable Fuels | 0.1 | |
| |
| Common Stocks | 99.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 95.1 |
| United Kingdom | 4.8 |
| Canada | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
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| |
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TOP HOLDINGS (% of Fund's net assets) | | |
| Coca-Cola Co/The | 14.2 | |
| Procter & Gamble Co/The | 14.2 | |
| Keurig Dr Pepper Inc | 9.8 | |
| Kenvue Inc | 6.3 | |
| Walmart Inc | 5.5 | |
| Philip Morris International Inc | 4.2 | |
| Monster Beverage Corp | 3.9 | |
| Energizer Holdings Inc | 3.8 | |
| PepsiCo Inc | 3.6 | |
| Estee Lauder Cos Inc/The Class A | 3.4 | |
| | 68.9 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914494.100 3234-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Consumer Staples Portfolio Fidelity Advisor® Consumer Staples Fund Class M : FDTGX |
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This semi-annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 64 | 1.22% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,405,206,341 | |
| Number of Holdings | 39 | |
| Portfolio Turnover | 39% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Beverages | 39.6 | |
| Household Products | 18.8 | |
| Food Products | 14.3 | |
| Consumer Staples Distribution & Retail | 10.8 | |
| Personal Care Products | 9.7 | |
| Tobacco | 6.4 | |
| Oil, Gas & Consumable Fuels | 0.1 | |
| |
| Common Stocks | 99.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 95.1 |
| United Kingdom | 4.8 |
| Canada | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Coca-Cola Co/The | 14.2 | |
| Procter & Gamble Co/The | 14.2 | |
| Keurig Dr Pepper Inc | 9.8 | |
| Kenvue Inc | 6.3 | |
| Walmart Inc | 5.5 | |
| Philip Morris International Inc | 4.2 | |
| Monster Beverage Corp | 3.9 | |
| Energizer Holdings Inc | 3.8 | |
| PepsiCo Inc | 3.6 | |
| Estee Lauder Cos Inc/The Class A | 3.4 | |
| | 68.9 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914492.100 1782-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Gold Portfolio Fidelity Advisor® Gold Fund Class Z : FIJDX |
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This semi-annual shareholder report contains information about Gold Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 37 | 0.60% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,501,574,716 | |
| Number of Holdings | 65 | |
| Portfolio Turnover | 13% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Metals & Mining* | 98.4 | |
| Financial Services | 0.0 | |
| |
*Includes gold bullion and/or silver bullion.
| Common Stocks | 98.4 |
| Other Investments | 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| Canada | 60.3 |
| United States | 15.8 |
| Brazil | 10.3 |
| Australia | 6.3 |
| United Kingdom | 2.3 |
| South Africa | 1.9 |
| China | 1.5 |
| Burkina Faso | 1.3 |
| Egypt | 0.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
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| |
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TOP HOLDINGS (% of Fund's net assets) | | |
| Agnico Eagle Mines Ltd | 14.8 | |
| Newmont Corp | 11.6 | |
| Wheaton Precious Metals Corp | 10.3 | |
| Franco-Nevada Corp | 9.3 | |
| Barrick Gold Corp | 4.9 | |
| Alamos Gold Inc Class A | 4.1 | |
| Northern Star Resources Ltd | 3.8 | |
| Osisko Gold Royalties Ltd | 2.7 | |
| Anglogold Ashanti Plc | 2.3 | |
| Lundin Gold Inc | 2.3 | |
| | 66.1 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914522.100 3235-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Gold Portfolio Fidelity Advisor® Gold Fund Class I : FGDIX |
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This semi-annual shareholder report contains information about Gold Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 45 | 0.72% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,501,574,716 | |
| Number of Holdings | 65 | |
| Portfolio Turnover | 13% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Metals & Mining* | 98.4 | |
| Financial Services | 0.0 | |
| |
*Includes gold bullion and/or silver bullion.
| Common Stocks | 98.4 |
| Other Investments | 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| Canada | 60.3 |
| United States | 15.8 |
| Brazil | 10.3 |
| Australia | 6.3 |
| United Kingdom | 2.3 |
| South Africa | 1.9 |
| China | 1.5 |
| Burkina Faso | 1.3 |
| Egypt | 0.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Agnico Eagle Mines Ltd | 14.8 | |
| Newmont Corp | 11.6 | |
| Wheaton Precious Metals Corp | 10.3 | |
| Franco-Nevada Corp | 9.3 | |
| Barrick Gold Corp | 4.9 | |
| Alamos Gold Inc Class A | 4.1 | |
| Northern Star Resources Ltd | 3.8 | |
| Osisko Gold Royalties Ltd | 2.7 | |
| Anglogold Ashanti Plc | 2.3 | |
| Lundin Gold Inc | 2.3 | |
| | 66.1 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914521.100 1788-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Consumer Staples Portfolio Fidelity Advisor® Consumer Staples Fund Class C : FDCGX |
| | | |
This semi-annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 91 | 1.72% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,405,206,341 | |
| Number of Holdings | 39 | |
| Portfolio Turnover | 39% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Beverages | 39.6 | |
| Household Products | 18.8 | |
| Food Products | 14.3 | |
| Consumer Staples Distribution & Retail | 10.8 | |
| Personal Care Products | 9.7 | |
| Tobacco | 6.4 | |
| Oil, Gas & Consumable Fuels | 0.1 | |
| |
| Common Stocks | 99.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 95.1 |
| United Kingdom | 4.8 |
| Canada | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Coca-Cola Co/The | 14.2 | |
| Procter & Gamble Co/The | 14.2 | |
| Keurig Dr Pepper Inc | 9.8 | |
| Kenvue Inc | 6.3 | |
| Walmart Inc | 5.5 | |
| Philip Morris International Inc | 4.2 | |
| Monster Beverage Corp | 3.9 | |
| Energizer Holdings Inc | 3.8 | |
| PepsiCo Inc | 3.6 | |
| Estee Lauder Cos Inc/The Class A | 3.4 | |
| | 68.9 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914491.100 1781-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Software and IT Services Portfolio Software and IT Services Portfolio : FSCSX |
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This semi-annual shareholder report contains information about Software and IT Services Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Software and IT Services Portfolio | $ 31 | 0.62% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $10,347,141,434 | |
| Number of Holdings | 50 | |
| Portfolio Turnover | 14% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Software | 71.9 | |
| IT Services | 15.5 | |
| Financial Services | 5.2 | |
| Interactive Media & Services | 3.6 | |
| Professional Services | 1.1 | |
| |
| Common Stocks | 97.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 95.1 |
| Ireland | 2.7 |
| France | 1.4 |
| Canada | 0.5 |
| Netherlands | 0.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
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| |
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TOP HOLDINGS (% of Fund's net assets) | | |
| Microsoft Corp | 25.0 | |
| Adobe Inc | 8.1 | |
| Salesforce Inc | 7.3 | |
| Autodesk Inc | 3.1 | |
| Workday Inc Class A | 2.9 | |
| Palo Alto Networks Inc | 2.8 | |
| Accenture PLC Class A | 2.7 | |
| Oracle Corp | 2.4 | |
| Alphabet Inc Class A | 2.2 | |
| Atlassian Corp Class A | 2.1 | |
| | 58.6 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914496.100 28-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Materials Portfolio Fidelity Advisor® Materials Fund Class M : FMFTX |
| | | |
This semi-annual shareholder report contains information about Materials Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 64 | 1.24% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $849,835,612 | |
| Number of Holdings | 39 | |
| Portfolio Turnover | 59% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Chemicals | 61.6 | |
| Metals & Mining | 25.3 | |
| Containers & Packaging | 7.9 | |
| Construction Materials | 4.4 | |
| |
| Common Stocks | 99.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.9 |
| Canada | 6.0 |
| Zambia | 2.4 |
| Brazil | 1.7 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Linde PLC | 19.1 | |
| Ecolab Inc | 10.2 | |
| Dow Inc | 6.9 | |
| Air Products and Chemicals Inc | 5.4 | |
| Freeport-McMoRan Inc | 5.0 | |
| Corteva Inc | 3.9 | |
| Nucor Corp | 3.9 | |
| Axalta Coating Systems Ltd | 3.6 | |
| Chemours Co/The | 3.3 | |
| First Quantum Minerals Ltd | 2.4 | |
| | 63.7 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914549.100 1792-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Telecommunications Portfolio Telecommunications Portfolio : FSTCX |
| | | |
This semi-annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Telecommunications Portfolio | $ 41 | 0.76% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $196,158,282 | |
| Number of Holdings | 27 | |
| Portfolio Turnover | 29% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Diversified Telecommunication Services | 75.8 | |
| Wireless Telecommunication Services | 12.7 | |
| Media | 4.1 | |
| IT Services | 0.6 | |
| Construction & Engineering | 0.2 | |
| |
| Common Stocks | 93.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 6.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.5 |
| Puerto Rico | 4.0 |
| Belgium | 3.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| AT&T Inc | 23.3 | |
| Verizon Communications Inc | 19.7 | |
| Lumen Technologies Inc | 6.2 | |
| Cogent Communications Holdings Inc | 4.9 | |
| T-Mobile US Inc | 4.8 | |
| Iridium Communications Inc | 4.8 | |
| Liberty Latin America Ltd Class C | 4.0 | |
| Liberty Global Ltd Class C | 3.5 | |
| Telephone and Data Systems Inc | 3.4 | |
| Gogo Inc | 2.9 | |
| | 77.5 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914517.100 96-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Communication Services Portfolio Fidelity Advisor® Communication Services Fund Class M : FGEMX |
| | | |
This semi-annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 63 | 1.21% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,564,235,226 | |
| Number of Holdings | 49 | |
| Portfolio Turnover | 39% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Interactive Media & Services | 52.6 | |
| Entertainment | 22.6 | |
| Media | 8.0 | |
| Diversified Telecommunication Services | 7.9 | |
| Broadline Retail | 5.3 | |
| Ground Transportation | 2.5 | |
| IT Services | 0.0 | |
| Consumer Staples Distribution & Retail | 0.0 | |
| Software | 0.0 | |
| |
| Common Stocks | 98.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 93.7 |
| Puerto Rico | 1.8 |
| Belgium | 1.3 |
| Singapore | 1.2 |
| China | 0.7 |
| France | 0.7 |
| Japan | 0.5 |
| Canada | 0.1 |
| United Kingdom | 0.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Meta Platforms Inc Class A | 24.9 | |
| Alphabet Inc Class A | 22.6 | |
| AT&T Inc | 4.8 | |
| Walt Disney Co/The | 4.6 | |
| Amazon.com Inc | 4.6 | |
| Netflix Inc | 4.6 | |
| Charter Communications Inc Class A | 2.6 | |
| Uber Technologies Inc | 2.5 | |
| Liberty Media Corp-Liberty Formula One Class A | 2.3 | |
| Comcast Corp Class A | 2.3 | |
| | 75.8 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914540.100 3325-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Materials Portfolio Fidelity Advisor® Materials Fund Class Z : FIJFX |
| | | |
This semi-annual shareholder report contains information about Materials Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 30 | 0.58% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $849,835,612 | |
| Number of Holdings | 39 | |
| Portfolio Turnover | 59% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Chemicals | 61.6 | |
| Metals & Mining | 25.3 | |
| Containers & Packaging | 7.9 | |
| Construction Materials | 4.4 | |
| |
| Common Stocks | 99.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.9 |
| Canada | 6.0 |
| Zambia | 2.4 |
| Brazil | 1.7 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Linde PLC | 19.1 | |
| Ecolab Inc | 10.2 | |
| Dow Inc | 6.9 | |
| Air Products and Chemicals Inc | 5.4 | |
| Freeport-McMoRan Inc | 5.0 | |
| Corteva Inc | 3.9 | |
| Nucor Corp | 3.9 | |
| Axalta Coating Systems Ltd | 3.6 | |
| Chemours Co/The | 3.3 | |
| First Quantum Minerals Ltd | 2.4 | |
| | 63.7 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914551.100 3236-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Communication Services Portfolio Fidelity Advisor® Communication Services Fund Class Z : FGKMX |
| | | |
This semi-annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 30 | 0.58% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,564,235,226 | |
| Number of Holdings | 49 | |
| Portfolio Turnover | 39% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Interactive Media & Services | 52.6 | |
| Entertainment | 22.6 | |
| Media | 8.0 | |
| Diversified Telecommunication Services | 7.9 | |
| Broadline Retail | 5.3 | |
| Ground Transportation | 2.5 | |
| IT Services | 0.0 | |
| Consumer Staples Distribution & Retail | 0.0 | |
| Software | 0.0 | |
| |
| Common Stocks | 98.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 93.7 |
| Puerto Rico | 1.8 |
| Belgium | 1.3 |
| Singapore | 1.2 |
| China | 0.7 |
| France | 0.7 |
| Japan | 0.5 |
| Canada | 0.1 |
| United Kingdom | 0.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Meta Platforms Inc Class A | 24.9 | |
| Alphabet Inc Class A | 22.6 | |
| AT&T Inc | 4.8 | |
| Walt Disney Co/The | 4.6 | |
| Amazon.com Inc | 4.6 | |
| Netflix Inc | 4.6 | |
| Charter Communications Inc Class A | 2.6 | |
| Uber Technologies Inc | 2.5 | |
| Liberty Media Corp-Liberty Formula One Class A | 2.3 | |
| Comcast Corp Class A | 2.3 | |
| | 75.8 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914543.100 3328-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Industrials Portfolio Industrials Portfolio : FCYIX |
| | | |
This semi-annual shareholder report contains information about Industrials Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Industrials Portfolio | $ 36 | 0.69% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $591,125,639 | |
| Number of Holdings | 51 | |
| Portfolio Turnover | 37% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Aerospace & Defense | 22.7 | |
| Machinery | 19.6 | |
| Ground Transportation | 13.2 | |
| Electrical Equipment | 12.8 | |
| Building Products | 11.5 | |
| Trading Companies & Distributors | 5.7 | |
| Construction & Engineering | 3.8 | |
| Professional Services | 3.4 | |
| Commercial Services & Supplies | 3.2 | |
| Others | 3.7 | |
| |
| Common Stocks | 99.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| General Electric Co | 6.4 | |
| Union Pacific Corp | 5.1 | |
| Howmet Aerospace Inc | 4.7 | |
| Parker-Hannifin Corp | 4.3 | |
| Ingersoll Rand Inc | 4.3 | |
| Trane Technologies PLC | 4.1 | |
| TransDigm Group Inc | 3.9 | |
| Boeing Co | 3.8 | |
| GE Vernova Inc | 3.4 | |
| Eaton Corp PLC | 3.3 | |
| | 43.3 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914556.100 515-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Banking Portfolio Banking Portfolio : FSRBX |
| | | |
This semi-annual shareholder report contains information about Banking Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Banking Portfolio | $ 40 | 0.71% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $439,247,104 | |
| Number of Holdings | 37 | |
| Portfolio Turnover | 29% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Banks | 97.6 | |
| Capital Markets | 2.5 | |
| Financial Services | 0.0 | |
| Consumer Finance | 0.0 | |
| |
ASSET ALLOCATION (% of Fund's net assets) |
|
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |
|
| United States | 94.9 |
| Puerto Rico | 5.1 |
| Cyprus | 0.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Wells Fargo & Co | 7.5 | |
| Bank of America Corp | 6.8 | |
| M&T Bank Corp | 6.2 | |
| Citigroup Inc | 5.6 | |
| US Bancorp | 5.4 | |
| PNC Financial Services Group Inc/The | 5.3 | |
| Popular Inc | 5.1 | |
| KeyCorp | 4.0 | |
| Heartland Financial USA Inc | 3.5 | |
| Huntington Bancshares Inc/OH | 3.4 | |
| | 52.8 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914546.100 507-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Telecommunications Portfolio Fidelity Advisor® Telecommunications Fund Class Z : FIJGX |
| | | |
This semi-annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class Z | $ 35 | 0.65% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $196,158,282 | |
| Number of Holdings | 27 | |
| Portfolio Turnover | 29% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Diversified Telecommunication Services | 75.8 | |
| Wireless Telecommunication Services | 12.7 | |
| Media | 4.1 | |
| IT Services | 0.6 | |
| Construction & Engineering | 0.2 | |
| |
| Common Stocks | 93.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 6.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.5 |
| Puerto Rico | 4.0 |
| Belgium | 3.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| AT&T Inc | 23.3 | |
| Verizon Communications Inc | 19.7 | |
| Lumen Technologies Inc | 6.2 | |
| Cogent Communications Holdings Inc | 4.9 | |
| T-Mobile US Inc | 4.8 | |
| Iridium Communications Inc | 4.8 | |
| Liberty Latin America Ltd Class C | 4.0 | |
| Liberty Global Ltd Class C | 3.5 | |
| Telephone and Data Systems Inc | 3.4 | |
| Gogo Inc | 2.9 | |
| | 77.5 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914516.100 3237-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Gold Portfolio Fidelity Advisor® Gold Fund Class M : FGDTX |
| | | |
This semi-annual shareholder report contains information about Gold Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 75 | 1.22% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,501,574,716 | |
| Number of Holdings | 65 | |
| Portfolio Turnover | 13% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Metals & Mining* | 98.4 | |
| Financial Services | 0.0 | |
| |
*Includes gold bullion and/or silver bullion.
| Common Stocks | 98.4 |
| Other Investments | 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| Canada | 60.3 |
| United States | 15.8 |
| Brazil | 10.3 |
| Australia | 6.3 |
| United Kingdom | 2.3 |
| South Africa | 1.9 |
| China | 1.5 |
| Burkina Faso | 1.3 |
| Egypt | 0.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Agnico Eagle Mines Ltd | 14.8 | |
| Newmont Corp | 11.6 | |
| Wheaton Precious Metals Corp | 10.3 | |
| Franco-Nevada Corp | 9.3 | |
| Barrick Gold Corp | 4.9 | |
| Alamos Gold Inc Class A | 4.1 | |
| Northern Star Resources Ltd | 3.8 | |
| Osisko Gold Royalties Ltd | 2.7 | |
| Anglogold Ashanti Plc | 2.3 | |
| Lundin Gold Inc | 2.3 | |
| | 66.1 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914520.100 1787-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | FinTech Portfolio FinTech Portfolio : FSVLX |
| | | |
This semi-annual shareholder report contains information about FinTech Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| FinTech Portfolio | $ 39 | 0.76% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $98,348,487 | |
| Number of Holdings | 25 | |
| Portfolio Turnover | 31% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Financial Services | 61.9 | |
| Consumer Finance | 20.9 | |
| Software | 12.3 | |
| IT Services | 4.8 | |
| |
| Common Stocks | 99.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.5 |
| Netherlands | 4.8 |
| Canada | 4.8 |
| Brazil | 0.5 |
| United Kingdom | 0.4 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Mastercard Inc Class A | 12.7 | |
| American Express Co | 12.1 | |
| Visa Inc Class A | 11.7 | |
| Intuit Inc | 11.1 | |
| Discover Financial Services | 4.9 | |
| Fidelity National Information Services Inc | 4.9 | |
| Fiserv Inc | 4.9 | |
| Adyen NV | 4.8 | |
| Shopify Inc Class A (United States) | 4.8 | |
| Corpay Inc | 4.8 | |
| | 76.7 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914528.100 98-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Gold Portfolio Gold Portfolio : FSAGX |
| | | |
This semi-annual shareholder report contains information about Gold Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Gold Portfolio | $ 42 | 0.68% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,501,574,716 | |
| Number of Holdings | 65 | |
| Portfolio Turnover | 13% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Metals & Mining* | 98.4 | |
| Financial Services | 0.0 | |
| |
*Includes gold bullion and/or silver bullion.
| Common Stocks | 98.4 |
| Other Investments | 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| Canada | 60.3 |
| United States | 15.8 |
| Brazil | 10.3 |
| Australia | 6.3 |
| United Kingdom | 2.3 |
| South Africa | 1.9 |
| China | 1.5 |
| Burkina Faso | 1.3 |
| Egypt | 0.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Agnico Eagle Mines Ltd | 14.8 | |
| Newmont Corp | 11.6 | |
| Wheaton Precious Metals Corp | 10.3 | |
| Franco-Nevada Corp | 9.3 | |
| Barrick Gold Corp | 4.9 | |
| Alamos Gold Inc Class A | 4.1 | |
| Northern Star Resources Ltd | 3.8 | |
| Osisko Gold Royalties Ltd | 2.7 | |
| Anglogold Ashanti Plc | 2.3 | |
| Lundin Gold Inc | 2.3 | |
| | 66.1 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914523.100 41-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Materials Portfolio Fidelity Advisor® Materials Fund Class I : FMFEX |
| | | |
This semi-annual shareholder report contains information about Materials Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 37 | 0.72% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $849,835,612 | |
| Number of Holdings | 39 | |
| Portfolio Turnover | 59% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Chemicals | 61.6 | |
| Metals & Mining | 25.3 | |
| Containers & Packaging | 7.9 | |
| Construction Materials | 4.4 | |
| |
| Common Stocks | 99.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.9 |
| Canada | 6.0 |
| Zambia | 2.4 |
| Brazil | 1.7 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Linde PLC | 19.1 | |
| Ecolab Inc | 10.2 | |
| Dow Inc | 6.9 | |
| Air Products and Chemicals Inc | 5.4 | |
| Freeport-McMoRan Inc | 5.0 | |
| Corteva Inc | 3.9 | |
| Nucor Corp | 3.9 | |
| Axalta Coating Systems Ltd | 3.6 | |
| Chemours Co/The | 3.3 | |
| First Quantum Minerals Ltd | 2.4 | |
| | 63.7 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914550.100 1793-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Communication Services Portfolio Communication Services Portfolio : FBMPX |
| | | |
This semi-annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Communication Services Portfolio | $ 35 | 0.67% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,564,235,226 | |
| Number of Holdings | 49 | |
| Portfolio Turnover | 39% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Interactive Media & Services | 52.6 | |
| Entertainment | 22.6 | |
| Media | 8.0 | |
| Diversified Telecommunication Services | 7.9 | |
| Broadline Retail | 5.3 | |
| Ground Transportation | 2.5 | |
| IT Services | 0.0 | |
| Consumer Staples Distribution & Retail | 0.0 | |
| Software | 0.0 | |
| |
| Common Stocks | 98.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 93.7 |
| Puerto Rico | 1.8 |
| Belgium | 1.3 |
| Singapore | 1.2 |
| China | 0.7 |
| France | 0.7 |
| Japan | 0.5 |
| Canada | 0.1 |
| United Kingdom | 0.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Meta Platforms Inc Class A | 24.9 | |
| Alphabet Inc Class A | 22.6 | |
| AT&T Inc | 4.8 | |
| Walt Disney Co/The | 4.6 | |
| Amazon.com Inc | 4.6 | |
| Netflix Inc | 4.6 | |
| Charter Communications Inc Class A | 2.6 | |
| Uber Technologies Inc | 2.5 | |
| Liberty Media Corp-Liberty Formula One Class A | 2.3 | |
| Comcast Corp Class A | 2.3 | |
| | 75.8 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914544.100 503-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Materials Portfolio Fidelity Advisor® Materials Fund Class C : FMFCX |
| | | |
This semi-annual shareholder report contains information about Materials Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 90 | 1.74% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $849,835,612 | |
| Number of Holdings | 39 | |
| Portfolio Turnover | 59% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Chemicals | 61.6 | |
| Metals & Mining | 25.3 | |
| Containers & Packaging | 7.9 | |
| Construction Materials | 4.4 | |
| |
| Common Stocks | 99.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.9 |
| Canada | 6.0 |
| Zambia | 2.4 |
| Brazil | 1.7 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Linde PLC | 19.1 | |
| Ecolab Inc | 10.2 | |
| Dow Inc | 6.9 | |
| Air Products and Chemicals Inc | 5.4 | |
| Freeport-McMoRan Inc | 5.0 | |
| Corteva Inc | 3.9 | |
| Nucor Corp | 3.9 | |
| Axalta Coating Systems Ltd | 3.6 | |
| Chemours Co/The | 3.3 | |
| First Quantum Minerals Ltd | 2.4 | |
| | 63.7 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914548.100 1791-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Biotechnology Portfolio Biotechnology Portfolio : FBIOX |
| | | |
This semi-annual shareholder report contains information about Biotechnology Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Biotechnology Portfolio | $ 34 | 0.64% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $5,008,216,225 | |
| Number of Holdings | 200 | |
| Portfolio Turnover | 31% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Biotechnology | 92.2 | |
| Pharmaceuticals | 7.1 | |
| Health Care Providers & Services | 0.2 | |
| Health Care Technology | 0.2 | |
| Life Sciences Tools & Services | 0.1 | |
| Health Care Equipment & Supplies | 0.0 | |
| Consumer Staples Distribution & Retail | 0.0 | |
| |
| Common Stocks | 98.8 |
| Preferred Stocks | 1.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.2 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 88.7 |
| Denmark | 3.9 |
| Netherlands | 3.2 |
| Belgium | 2.0 |
| United Kingdom | 0.6 |
| Switzerland | 0.5 |
| Canada | 0.4 |
| Ireland | 0.4 |
| France | 0.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Abbvie Inc | 11.0 | |
| Amgen Inc | 9.7 | |
| Krystal Biotech Inc | 7.4 | |
| Regeneron Pharmaceuticals Inc | 5.3 | |
| Vertex Pharmaceuticals Inc | 4.4 | |
| Alnylam Pharmaceuticals Inc | 3.4 | |
| Gilead Sciences Inc | 2.6 | |
| UCB SA | 2.0 | |
| Zealand Pharma A/S | 2.0 | |
| Ascendis Pharma A/S ADR | 1.8 | |
| | 49.6 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914524.100 42-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Fidelity® Environment and Alternative Energy Fund Fidelity® Environment and Alternative Energy Fund : FSLEX |
| | | |
This semi-annual shareholder report contains information about Fidelity® Environment and Alternative Energy Fund for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® Environment and Alternative Energy Fund | $ 37 | 0.70% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $556,919,674 | |
| Number of Holdings | 70 | |
| Portfolio Turnover | 36% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Software | 10.8 | |
| Automobiles | 9.4 | |
| Chemicals | 9.1 | |
| Electrical Equipment | 8.0 | |
| Semiconductors & Semiconductor Equipment | 7.9 | |
| IT Services | 6.8 | |
| Building Products | 6.0 | |
| Commercial Services & Supplies | 5.1 | |
| Ground Transportation | 4.7 | |
| Others | 32.1 | |
| |
| Common Stocks | 99.9 |
| Preferred Stocks | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 94.8 |
| China | 2.5 |
| Japan | 1.1 |
| Denmark | 0.8 |
| Germany | 0.5 |
| Canada | 0.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Microsoft Corp | 10.8 | |
| Tesla Inc | 8.8 | |
| Linde PLC | 7.2 | |
| International Business Machines Corp | 5.9 | |
| Union Pacific Corp | 4.7 | |
| Prologis Inc | 4.3 | |
| Eaton Corp PLC | 3.8 | |
| Republic Services Inc | 3.2 | |
| Trane Technologies PLC | 3.1 | |
| Arista Networks Inc | 2.8 | |
| | 54.6 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914557.100 516-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Automotive Portfolio Automotive Portfolio : FSAVX |
| | | |
This semi-annual shareholder report contains information about Automotive Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Automotive Portfolio | $ 39 | 0.81% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $75,054,295 | |
| Number of Holdings | 34 | |
| Portfolio Turnover | 64% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Automobiles | 53.6 | |
| Specialty Retail | 21.1 | |
| Automobile Components | 11.0 | |
| Commercial Services & Supplies | 6.3 | |
| Distributors | 4.5 | |
| Ground Transportation | 1.9 | |
| Trading Companies & Distributors | 0.7 | |
| Consumer Staples Distribution & Retail | 0.3 | |
| Electronic Equipment, Instruments & Components | 0.0 | |
| |
| Common Stocks | 99.4 |
| Preferred Stocks | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 70.9 |
| Japan | 13.4 |
| Italy | 8.1 |
| China | 4.8 |
| Sweden | 2.7 |
| Luxembourg | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Tesla Inc | 11.3 | |
| O'Reilly Automotive Inc | 9.0 | |
| Toyota Motor Corp ADR | 9.0 | |
| General Motors Co | 8.2 | |
| Ferrari NV | 8.1 | |
| Aptiv PLC | 4.8 | |
| AutoZone Inc | 4.6 | |
| Copart Inc | 4.5 | |
| Honda Motor Co Ltd ADR | 4.4 | |
| Li Auto Inc ADR | 4.2 | |
| | 68.1 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914538.100 502-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Consumer Discretionary Portfolio Consumer Discretionary Portfolio : FSCPX |
| | | |
This semi-annual shareholder report contains information about Consumer Discretionary Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Consumer Discretionary Portfolio | $ 35 | 0.70% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $471,659,584 | |
| Number of Holdings | 60 | |
| Portfolio Turnover | 23% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Broadline Retail | 26.0 | |
| Specialty Retail | 23.9 | |
| Hotels, Restaurants & Leisure | 19.3 | |
| Automobiles | 11.7 | |
| Textiles, Apparel & Luxury Goods | 8.3 | |
| Household Durables | 5.4 | |
| Automobile Components | 2.7 | |
| Consumer Staples Distribution & Retail | 1.0 | |
| Building Products | 0.8 | |
| Others | 0.6 | |
| |
| Common Stocks | 99.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 95.8 |
| Canada | 2.1 |
| Brazil | 1.0 |
| United Kingdom | 0.4 |
| France | 0.4 |
| Switzerland | 0.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Amazon.com Inc | 23.9 | |
| Tesla Inc | 10.0 | |
| Home Depot Inc/The | 4.8 | |
| Lowe's Cos Inc | 4.7 | |
| TJX Cos Inc/The | 3.7 | |
| Hilton Worldwide Holdings Inc | 3.1 | |
| McDonald's Corp | 2.6 | |
| Dick's Sporting Goods Inc | 2.3 | |
| NIKE Inc Class B | 2.3 | |
| Aptiv PLC | 2.2 | |
| | 59.6 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914558.100 517-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Gold Portfolio Fidelity Advisor® Gold Fund Class A : FGDAX |
| | | |
This semi-annual shareholder report contains information about Gold Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 60 | 0.97% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,501,574,716 | |
| Number of Holdings | 65 | |
| Portfolio Turnover | 13% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Metals & Mining* | 98.4 | |
| Financial Services | 0.0 | |
| |
*Includes gold bullion and/or silver bullion.
| Common Stocks | 98.4 |
| Other Investments | 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| Canada | 60.3 |
| United States | 15.8 |
| Brazil | 10.3 |
| Australia | 6.3 |
| United Kingdom | 2.3 |
| South Africa | 1.9 |
| China | 1.5 |
| Burkina Faso | 1.3 |
| Egypt | 0.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Agnico Eagle Mines Ltd | 14.8 | |
| Newmont Corp | 11.6 | |
| Wheaton Precious Metals Corp | 10.3 | |
| Franco-Nevada Corp | 9.3 | |
| Barrick Gold Corp | 4.9 | |
| Alamos Gold Inc Class A | 4.1 | |
| Northern Star Resources Ltd | 3.8 | |
| Osisko Gold Royalties Ltd | 2.7 | |
| Anglogold Ashanti Plc | 2.3 | |
| Lundin Gold Inc | 2.3 | |
| | 66.1 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914518.100 1784-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Semiconductors Portfolio Semiconductors Portfolio : FSELX |
| | | |
This semi-annual shareholder report contains information about Semiconductors Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Semiconductors Portfolio | $ 34 | 0.63% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $19,711,434,026 | |
| Number of Holdings | 42 | |
| Portfolio Turnover | 42% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Semiconductors & Semiconductor Equipment | 94.3 | |
| Technology Hardware, Storage & Peripherals | 2.8 | |
| Electronic Equipment, Instruments & Components | 0.1 | |
| Financial Services | 0.0 | |
| Metals & Mining | 0.0 | |
| Software | 0.0 | |
| |
| Common Stocks | 97.0 |
| Preferred Stocks | 0.2 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.8 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 78.1 |
| Taiwan | 8.1 |
| China | 6.3 |
| Netherlands | 4.9 |
| Israel | 1.6 |
| Japan | 1.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| NVIDIA Corp | 24.8 | |
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 7.7 | |
| ON Semiconductor Corp | 7.2 | |
| NXP Semiconductors NV | 6.3 | |
| Marvell Technology Inc | 5.0 | |
| Broadcom Inc | 4.9 | |
| ASML Holding NV depository receipt | 4.9 | |
| Micron Technology Inc | 4.9 | |
| GlobalFoundries Inc | 4.8 | |
| Monolithic Power Systems Inc | 4.3 | |
| | 74.8 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914489.100 8-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Brokerage and Investment Management Portfolio Brokerage and Investment Management Portfolio : FSLBX |
| | | |
This semi-annual shareholder report contains information about Brokerage and Investment Management Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Brokerage and Investment Management Portfolio | $ 37 | 0.69% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $917,253,584 | |
| Number of Holdings | 41 | |
| Portfolio Turnover | 21% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Capital Markets | 95.8 | |
| Financial Services | 3.9 | |
| |
| Common Stocks | 99.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 97.0 |
| United Kingdom | 1.1 |
| Luxembourg | 0.7 |
| Grand Cayman (UK Overseas Ter) | 0.6 |
| Canada | 0.5 |
| Sweden | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Moody's Corp | 9.3 | |
| KKR & Co Inc Class A | 6.4 | |
| S&P Global Inc | 5.4 | |
| Blackstone Inc | 5.2 | |
| Ares Management Corp Class A | 5.1 | |
| Intercontinental Exchange Inc | 5.1 | |
| Blue Owl Capital Inc Class A | 5.0 | |
| BlackRock Inc | 4.6 | |
| Ameriprise Financial Inc | 4.4 | |
| Apollo Global Management Inc | 3.9 | |
| | 54.4 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914504.100 68-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Chemicals Portfolio Chemicals Portfolio : FSCHX |
| | | |
This semi-annual shareholder report contains information about Chemicals Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Chemicals Portfolio | $ 36 | 0.69% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $610,081,738 | |
| Number of Holdings | 26 | |
| Portfolio Turnover | 2% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Chemicals | 99.1 | |
| |
| Common Stocks | 99.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.9 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 97.8 |
| Germany | 2.2 |
| Argentina | 0.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Linde PLC | 23.4 | |
| Sherwin-Williams Co/The | 11.3 | |
| Air Products and Chemicals Inc | 8.9 | |
| Ecolab Inc | 5.9 | |
| Axalta Coating Systems Ltd | 4.9 | |
| Element Solutions Inc | 4.5 | |
| DuPont de Nemours Inc | 4.3 | |
| Corteva Inc | 4.1 | |
| Celanese Corp | 3.8 | |
| Westlake Corp | 3.5 | |
| | 74.6 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914505.100 69-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Communication Services Portfolio Fidelity Advisor® Communication Services Fund Class I : FGJMX |
| | | |
This semi-annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 37 | 0.71% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,564,235,226 | |
| Number of Holdings | 49 | |
| Portfolio Turnover | 39% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Interactive Media & Services | 52.6 | |
| Entertainment | 22.6 | |
| Media | 8.0 | |
| Diversified Telecommunication Services | 7.9 | |
| Broadline Retail | 5.3 | |
| Ground Transportation | 2.5 | |
| IT Services | 0.0 | |
| Consumer Staples Distribution & Retail | 0.0 | |
| Software | 0.0 | |
| |
| Common Stocks | 98.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 93.7 |
| Puerto Rico | 1.8 |
| Belgium | 1.3 |
| Singapore | 1.2 |
| China | 0.7 |
| France | 0.7 |
| Japan | 0.5 |
| Canada | 0.1 |
| United Kingdom | 0.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Meta Platforms Inc Class A | 24.9 | |
| Alphabet Inc Class A | 22.6 | |
| AT&T Inc | 4.8 | |
| Walt Disney Co/The | 4.6 | |
| Amazon.com Inc | 4.6 | |
| Netflix Inc | 4.6 | |
| Charter Communications Inc Class A | 2.6 | |
| Uber Technologies Inc | 2.5 | |
| Liberty Media Corp-Liberty Formula One Class A | 2.3 | |
| Comcast Corp Class A | 2.3 | |
| | 75.8 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914542.100 3327-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Tech Hardware Portfolio Tech Hardware Portfolio : FDCPX |
| | | |
This semi-annual shareholder report contains information about Tech Hardware Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Tech Hardware Portfolio | $ 37 | 0.69% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,022,851,445 | |
| Number of Holdings | 34 | |
| Portfolio Turnover | 47% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Technology Hardware, Storage & Peripherals | 38.5 | |
| Communications Equipment | 28.7 | |
| Software | 7.9 | |
| Electronic Equipment, Instruments & Components | 7.5 | |
| Entertainment | 4.9 | |
| Household Durables | 4.6 | |
| Semiconductors & Semiconductor Equipment | 4.5 | |
| Interactive Media & Services | 1.2 | |
| |
| Common Stocks | 97.7 |
| Preferred Stocks | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.2 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 68.2 |
| Japan | 15.5 |
| Korea (South) | 12.0 |
| Taiwan | 3.3 |
| China | 1.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Cisco Systems Inc | 12.9 | |
| Samsung Electronics Co Ltd | 12.0 | |
| Apple Inc | 11.0 | |
| Motorola Solutions Inc | 6.9 | |
| Arista Networks Inc | 6.7 | |
| Nintendo Co Ltd | 4.9 | |
| Palo Alto Networks Inc | 4.7 | |
| Sony Group Corp | 4.6 | |
| CDW Corp/DE | 4.5 | |
| FUJIFILM Holdings Corp | 4.0 | |
| | 72.2 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914488.100 7-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Gold Portfolio Fidelity Advisor® Gold Fund Class C : FGDCX |
| | | |
This semi-annual shareholder report contains information about Gold Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 106 | 1.72% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,501,574,716 | |
| Number of Holdings | 65 | |
| Portfolio Turnover | 13% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Metals & Mining* | 98.4 | |
| Financial Services | 0.0 | |
| |
*Includes gold bullion and/or silver bullion.
| Common Stocks | 98.4 |
| Other Investments | 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| Canada | 60.3 |
| United States | 15.8 |
| Brazil | 10.3 |
| Australia | 6.3 |
| United Kingdom | 2.3 |
| South Africa | 1.9 |
| China | 1.5 |
| Burkina Faso | 1.3 |
| Egypt | 0.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Agnico Eagle Mines Ltd | 14.8 | |
| Newmont Corp | 11.6 | |
| Wheaton Precious Metals Corp | 10.3 | |
| Franco-Nevada Corp | 9.3 | |
| Barrick Gold Corp | 4.9 | |
| Alamos Gold Inc Class A | 4.1 | |
| Northern Star Resources Ltd | 3.8 | |
| Osisko Gold Royalties Ltd | 2.7 | |
| Anglogold Ashanti Plc | 2.3 | |
| Lundin Gold Inc | 2.3 | |
| | 66.1 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914519.100 1786-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Materials Portfolio Fidelity Advisor® Materials Fund Class A : FMFAX |
| | | |
This semi-annual shareholder report contains information about Materials Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 51 | 0.99% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $849,835,612 | |
| Number of Holdings | 39 | |
| Portfolio Turnover | 59% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Chemicals | 61.6 | |
| Metals & Mining | 25.3 | |
| Containers & Packaging | 7.9 | |
| Construction Materials | 4.4 | |
| |
| Common Stocks | 99.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.9 |
| Canada | 6.0 |
| Zambia | 2.4 |
| Brazil | 1.7 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Linde PLC | 19.1 | |
| Ecolab Inc | 10.2 | |
| Dow Inc | 6.9 | |
| Air Products and Chemicals Inc | 5.4 | |
| Freeport-McMoRan Inc | 5.0 | |
| Corteva Inc | 3.9 | |
| Nucor Corp | 3.9 | |
| Axalta Coating Systems Ltd | 3.6 | |
| Chemours Co/The | 3.3 | |
| First Quantum Minerals Ltd | 2.4 | |
| | 63.7 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914547.100 1789-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Telecommunications Portfolio Fidelity Advisor® Telecommunications Fund Class M : FTUTX |
| | | |
This semi-annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class M | $ 71 | 1.31% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $196,158,282 | |
| Number of Holdings | 27 | |
| Portfolio Turnover | 29% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Diversified Telecommunication Services | 75.8 | |
| Wireless Telecommunication Services | 12.7 | |
| Media | 4.1 | |
| IT Services | 0.6 | |
| Construction & Engineering | 0.2 | |
| |
| Common Stocks | 93.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 6.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.5 |
| Puerto Rico | 4.0 |
| Belgium | 3.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| AT&T Inc | 23.3 | |
| Verizon Communications Inc | 19.7 | |
| Lumen Technologies Inc | 6.2 | |
| Cogent Communications Holdings Inc | 4.9 | |
| T-Mobile US Inc | 4.8 | |
| Iridium Communications Inc | 4.8 | |
| Liberty Latin America Ltd Class C | 4.0 | |
| Liberty Global Ltd Class C | 3.5 | |
| Telephone and Data Systems Inc | 3.4 | |
| Gogo Inc | 2.9 | |
| | 77.5 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914514.100 1797-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Telecommunications Portfolio Fidelity Advisor® Telecommunications Fund Class A : FTUAX |
| | | |
This semi-annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 57 | 1.06% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $196,158,282 | |
| Number of Holdings | 27 | |
| Portfolio Turnover | 29% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Diversified Telecommunication Services | 75.8 | |
| Wireless Telecommunication Services | 12.7 | |
| Media | 4.1 | |
| IT Services | 0.6 | |
| Construction & Engineering | 0.2 | |
| |
| Common Stocks | 93.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 6.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.5 |
| Puerto Rico | 4.0 |
| Belgium | 3.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| AT&T Inc | 23.3 | |
| Verizon Communications Inc | 19.7 | |
| Lumen Technologies Inc | 6.2 | |
| Cogent Communications Holdings Inc | 4.9 | |
| T-Mobile US Inc | 4.8 | |
| Iridium Communications Inc | 4.8 | |
| Liberty Latin America Ltd Class C | 4.0 | |
| Liberty Global Ltd Class C | 3.5 | |
| Telephone and Data Systems Inc | 3.4 | |
| Gogo Inc | 2.9 | |
| | 77.5 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914512.100 1794-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Communication Services Portfolio Fidelity Advisor® Communication Services Fund Class A : FGDMX |
| | | |
This semi-annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 50 | 0.96% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,564,235,226 | |
| Number of Holdings | 49 | |
| Portfolio Turnover | 39% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Interactive Media & Services | 52.6 | |
| Entertainment | 22.6 | |
| Media | 8.0 | |
| Diversified Telecommunication Services | 7.9 | |
| Broadline Retail | 5.3 | |
| Ground Transportation | 2.5 | |
| IT Services | 0.0 | |
| Consumer Staples Distribution & Retail | 0.0 | |
| Software | 0.0 | |
| |
| Common Stocks | 98.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 93.7 |
| Puerto Rico | 1.8 |
| Belgium | 1.3 |
| Singapore | 1.2 |
| China | 0.7 |
| France | 0.7 |
| Japan | 0.5 |
| Canada | 0.1 |
| United Kingdom | 0.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Meta Platforms Inc Class A | 24.9 | |
| Alphabet Inc Class A | 22.6 | |
| AT&T Inc | 4.8 | |
| Walt Disney Co/The | 4.6 | |
| Amazon.com Inc | 4.6 | |
| Netflix Inc | 4.6 | |
| Charter Communications Inc Class A | 2.6 | |
| Uber Technologies Inc | 2.5 | |
| Liberty Media Corp-Liberty Formula One Class A | 2.3 | |
| Comcast Corp Class A | 2.3 | |
| | 75.8 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914539.100 3324-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Pharmaceuticals Portfolio Pharmaceuticals Portfolio : FPHAX |
| | | |
This semi-annual shareholder report contains information about Pharmaceuticals Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Pharmaceuticals Portfolio | $ 37 | 0.68% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,914,838,050 | |
| Number of Holdings | 73 | |
| Portfolio Turnover | 14% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Pharmaceuticals | 74.0 | |
| Biotechnology | 20.4 | |
| Life Sciences Tools & Services | 1.0 | |
| Health Care Equipment & Supplies | 0.8 | |
| Health Care Providers & Services | 0.2 | |
| Financial Services | 0.1 | |
| Software | 0.1 | |
| Consumer Staples Distribution & Retail | 0.0 | |
| |
| Common Stocks | 96.2 |
| Preferred Stocks | 0.4 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 66.8 |
| Denmark | 13.6 |
| United Kingdom | 8.8 |
| Belgium | 5.9 |
| Germany | 3.2 |
| Switzerland | 0.6 |
| Netherlands | 0.6 |
| Canada | 0.5 |
| Ireland | 0.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Eli Lilly & Co | 24.0 | |
| Novo Nordisk A/S Class B ADR | 13.3 | |
| Astrazeneca PLC ADR | 8.8 | |
| Bristol-Myers Squibb Co | 5.1 | |
| UCB SA | 4.7 | |
| GSK PLC ADR | 4.5 | |
| Merck & Co Inc | 4.2 | |
| Gilead Sciences Inc | 3.2 | |
| Legend Biotech Corp ADR | 2.5 | |
| Dyne Therapeutics Inc | 2.2 | |
| | 72.5 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914527.100 580-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Consumer Staples Portfolio Consumer Staples Portfolio : FDFAX |
| | | |
This semi-annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Consumer Staples Portfolio | $ 36 | 0.68% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,405,206,341 | |
| Number of Holdings | 39 | |
| Portfolio Turnover | 39% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Beverages | 39.6 | |
| Household Products | 18.8 | |
| Food Products | 14.3 | |
| Consumer Staples Distribution & Retail | 10.8 | |
| Personal Care Products | 9.7 | |
| Tobacco | 6.4 | |
| Oil, Gas & Consumable Fuels | 0.1 | |
| |
| Common Stocks | 99.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 95.1 |
| United Kingdom | 4.8 |
| Canada | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Coca-Cola Co/The | 14.2 | |
| Procter & Gamble Co/The | 14.2 | |
| Keurig Dr Pepper Inc | 9.8 | |
| Kenvue Inc | 6.3 | |
| Walmart Inc | 5.5 | |
| Philip Morris International Inc | 4.2 | |
| Monster Beverage Corp | 3.9 | |
| Energizer Holdings Inc | 3.8 | |
| PepsiCo Inc | 3.6 | |
| Estee Lauder Cos Inc/The Class A | 3.4 | |
| | 68.9 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914495.100 9-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Medical Technology and Devices Portfolio Medical Technology and Devices Portfolio : FSMEX |
| | | |
This semi-annual shareholder report contains information about Medical Technology and Devices Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Medical Technology and Devices Portfolio | $ 32 | 0.63% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $5,352,945,554 | |
| Number of Holdings | 64 | |
| Portfolio Turnover | 34% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Health Care Equipment & Supplies | 55.0 | |
| Life Sciences Tools & Services | 32.6 | |
| Health Care Technology | 5.3 | |
| Biotechnology | 3.5 | |
| Health Care Providers & Services | 1.8 | |
| Textiles, Apparel & Luxury Goods | 0.4 | |
| Financial Services | 0.3 | |
| Pharmaceuticals | 0.1 | |
| |
| Common Stocks | 96.6 |
| Preferred Stocks | 2.4 |
| Preferred Securities | 0.3 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 98.5 |
| France | 0.7 |
| Canada | 0.5 |
| Japan | 0.3 |
| China | 0.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Boston Scientific Corp | 13.1 | |
| Danaher Corp | 12.7 | |
| Thermo Fisher Scientific Inc | 9.4 | |
| Intuitive Surgical Inc | 8.4 | |
| Stryker Corp | 6.7 | |
| Abbott Laboratories | 4.8 | |
| Penumbra Inc | 4.6 | |
| Insulet Corp | 4.2 | |
| Veeva Systems Inc Class A | 3.1 | |
| IQVIA Holdings Inc | 3.1 | |
| | 70.1 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914530.100 354-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Telecommunications Portfolio Fidelity Advisor® Telecommunications Fund Class I : FTUIX |
| | | |
This semi-annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 41 | 0.76% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $196,158,282 | |
| Number of Holdings | 27 | |
| Portfolio Turnover | 29% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Diversified Telecommunication Services | 75.8 | |
| Wireless Telecommunication Services | 12.7 | |
| Media | 4.1 | |
| IT Services | 0.6 | |
| Construction & Engineering | 0.2 | |
| |
| Common Stocks | 93.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 6.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.5 |
| Puerto Rico | 4.0 |
| Belgium | 3.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| AT&T Inc | 23.3 | |
| Verizon Communications Inc | 19.7 | |
| Lumen Technologies Inc | 6.2 | |
| Cogent Communications Holdings Inc | 4.9 | |
| T-Mobile US Inc | 4.8 | |
| Iridium Communications Inc | 4.8 | |
| Liberty Latin America Ltd Class C | 4.0 | |
| Liberty Global Ltd Class C | 3.5 | |
| Telephone and Data Systems Inc | 3.4 | |
| Gogo Inc | 2.9 | |
| | 77.5 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914515.100 1798-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Enterprise Technology Services Portfolio Enterprise Technology Services Portfolio : FBSOX |
| | | |
This semi-annual shareholder report contains information about Enterprise Technology Services Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Enterprise Technology Services Portfolio | $ 33 | 0.66% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,702,201,601 | |
| Number of Holdings | 34 | |
| Portfolio Turnover | 65% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Financial Services | 59.5 | |
| IT Services | 24.0 | |
| Professional Services | 8.2 | |
| Software | 4.7 | |
| Broadline Retail | 1.8 | |
| Interactive Media & Services | 1.6 | |
| |
| Common Stocks | 99.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.2 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 90.8 |
| Ireland | 7.4 |
| Germany | 1.8 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Visa Inc Class A | 21.6 | |
| Mastercard Inc Class A | 20.4 | |
| Accenture PLC Class A | 7.4 | |
| Fiserv Inc | 4.9 | |
| International Business Machines Corp | 3.9 | |
| Automatic Data Processing Inc | 3.7 | |
| Fidelity National Information Services Inc | 3.7 | |
| Gartner Inc | 3.6 | |
| Block Inc Class A | 3.4 | |
| Corpay Inc | 3.2 | |
| | 75.8 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914529.100 353-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Wireless Portfolio Wireless Portfolio : FWRLX |
| | | |
This semi-annual shareholder report contains information about Wireless Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Wireless Portfolio | $ 39 | 0.73% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $339,625,936 | |
| Number of Holdings | 41 | |
| Portfolio Turnover | 38% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Technology Hardware, Storage & Peripherals | 22.0 | |
| Diversified Telecommunication Services | 18.4 | |
| Semiconductors & Semiconductor Equipment | 18.2 | |
| Wireless Telecommunication Services | 10.6 | |
| Specialized REITs | 10.6 | |
| Communications Equipment | 6.2 | |
| Interactive Media & Services | 4.6 | |
| Broadline Retail | 2.9 | |
| Entertainment | 2.8 | |
| Others | 2.8 | |
| |
| Common Stocks | 99.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.9 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 83.7 |
| Canada | 2.7 |
| Korea (South) | 2.3 |
| China | 2.0 |
| Belgium | 2.0 |
| Spain | 1.9 |
| Singapore | 1.6 |
| India | 1.3 |
| Finland | 1.1 |
| Others | 1.4 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Apple Inc | 19.7 | |
| AT&T Inc | 10.9 | |
| American Tower Corp | 8.7 | |
| Marvell Technology Inc | 7.4 | |
| QUALCOMM Inc | 4.8 | |
| Motorola Solutions Inc | 4.8 | |
| T-Mobile US Inc | 4.6 | |
| United States Cellular Corp | 3.0 | |
| Amazon.com Inc | 2.9 | |
| Spotify Technology SA | 2.8 | |
| | 69.6 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914560.100 963-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Telecommunications Portfolio Fidelity Advisor® Telecommunications Fund Class C : FTUCX |
| | | |
This semi-annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 98 | 1.81% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $196,158,282 | |
| Number of Holdings | 27 | |
| Portfolio Turnover | 29% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Diversified Telecommunication Services | 75.8 | |
| Wireless Telecommunication Services | 12.7 | |
| Media | 4.1 | |
| IT Services | 0.6 | |
| Construction & Engineering | 0.2 | |
| |
| Common Stocks | 93.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 6.6 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 92.5 |
| Puerto Rico | 4.0 |
| Belgium | 3.5 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| AT&T Inc | 23.3 | |
| Verizon Communications Inc | 19.7 | |
| Lumen Technologies Inc | 6.2 | |
| Cogent Communications Holdings Inc | 4.9 | |
| T-Mobile US Inc | 4.8 | |
| Iridium Communications Inc | 4.8 | |
| Liberty Latin America Ltd Class C | 4.0 | |
| Liberty Global Ltd Class C | 3.5 | |
| Telephone and Data Systems Inc | 3.4 | |
| Gogo Inc | 2.9 | |
| | 77.5 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914513.100 1796-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Leisure Portfolio Leisure Portfolio : FDLSX |
| | | |
This semi-annual shareholder report contains information about Leisure Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Leisure Portfolio | $ 35 | 0.69% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $630,585,620 | |
| Number of Holdings | 40 | |
| Portfolio Turnover | 42% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Hotels, Restaurants & Leisure | 94.8 | |
| Consumer Staples Distribution & Retail | 1.4 | |
| Diversified Consumer Services | 1.2 | |
| Leisure Products | 1.1 | |
| Entertainment | 0.6 | |
| Food Products | 0.5 | |
| Financial Services | 0.2 | |
| |
| Common Stocks | 99.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.2 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 95.2 |
| Canada | 2.8 |
| United Kingdom | 2.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| McDonald's Corp | 16.2 | |
| Booking Holdings Inc | 10.9 | |
| Starbucks Corp | 8.9 | |
| Hilton Worldwide Holdings Inc | 8.1 | |
| Marriott International Inc/MD Class A1 | 5.8 | |
| Chipotle Mexican Grill Inc | 4.8 | |
| Airbnb Inc Class A | 4.8 | |
| Royal Caribbean Cruises Ltd | 4.3 | |
| Yum! Brands Inc | 3.8 | |
| Restaurant Brands International Inc | 2.8 | |
| | 70.4 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914498.100 62-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Consumer Staples Portfolio Fidelity Advisor® Consumer Staples Fund Class A : FDAGX |
| | | |
This semi-annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class A | $ 51 | 0.97% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,405,206,341 | |
| Number of Holdings | 39 | |
| Portfolio Turnover | 39% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Beverages | 39.6 | |
| Household Products | 18.8 | |
| Food Products | 14.3 | |
| Consumer Staples Distribution & Retail | 10.8 | |
| Personal Care Products | 9.7 | |
| Tobacco | 6.4 | |
| Oil, Gas & Consumable Fuels | 0.1 | |
| |
| Common Stocks | 99.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 95.1 |
| United Kingdom | 4.8 |
| Canada | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Coca-Cola Co/The | 14.2 | |
| Procter & Gamble Co/The | 14.2 | |
| Keurig Dr Pepper Inc | 9.8 | |
| Kenvue Inc | 6.3 | |
| Walmart Inc | 5.5 | |
| Philip Morris International Inc | 4.2 | |
| Monster Beverage Corp | 3.9 | |
| Energizer Holdings Inc | 3.8 | |
| PepsiCo Inc | 3.6 | |
| Estee Lauder Cos Inc/The Class A | 3.4 | |
| | 68.9 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914490.100 1779-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Communication Services Portfolio Fidelity Advisor® Communication Services Fund Class C : FGHMX |
| | | |
This semi-annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class C | $ 90 | 1.71% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,564,235,226 | |
| Number of Holdings | 49 | |
| Portfolio Turnover | 39% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Interactive Media & Services | 52.6 | |
| Entertainment | 22.6 | |
| Media | 8.0 | |
| Diversified Telecommunication Services | 7.9 | |
| Broadline Retail | 5.3 | |
| Ground Transportation | 2.5 | |
| IT Services | 0.0 | |
| Consumer Staples Distribution & Retail | 0.0 | |
| Software | 0.0 | |
| |
| Common Stocks | 98.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 93.7 |
| Puerto Rico | 1.8 |
| Belgium | 1.3 |
| Singapore | 1.2 |
| China | 0.7 |
| France | 0.7 |
| Japan | 0.5 |
| Canada | 0.1 |
| United Kingdom | 0.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Meta Platforms Inc Class A | 24.9 | |
| Alphabet Inc Class A | 22.6 | |
| AT&T Inc | 4.8 | |
| Walt Disney Co/The | 4.6 | |
| Amazon.com Inc | 4.6 | |
| Netflix Inc | 4.6 | |
| Charter Communications Inc Class A | 2.6 | |
| Uber Technologies Inc | 2.5 | |
| Liberty Media Corp-Liberty Formula One Class A | 2.3 | |
| Comcast Corp Class A | 2.3 | |
| | 75.8 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914541.100 3326-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Defense and Aerospace Portfolio Defense and Aerospace Portfolio : FSDAX |
| | | |
This semi-annual shareholder report contains information about Defense and Aerospace Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Defense and Aerospace Portfolio | $ 36 | 0.66% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,763,712,595 | |
| Number of Holdings | 31 | |
| Portfolio Turnover | 42% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Aerospace & Defense | 96.0 | |
| Metals & Mining | 1.8 | |
| Professional Services | 0.8 | |
| Trading Companies & Distributors | 0.5 | |
| |
| Common Stocks | 99.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.9 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 95.3 |
| United Kingdom | 2.2 |
| Canada | 1.0 |
| Germany | 0.8 |
| France | 0.7 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| General Electric Co | 16.0 | |
| Boeing Co | 10.1 | |
| RTX Corp | 9.8 | |
| Lockheed Martin Corp | 8.5 | |
| General Dynamics Corp | 5.7 | |
| HEICO Corp Class A | 4.9 | |
| Howmet Aerospace Inc | 4.9 | |
| TransDigm Group Inc | 4.7 | |
| Northrop Grumman Corp | 4.5 | |
| Axon Enterprise Inc | 3.8 | |
| | 72.9 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914503.100 67-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Transportation Portfolio Transportation Portfolio : FSRFX |
| | | |
This semi-annual shareholder report contains information about Transportation Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Transportation Portfolio | $ 35 | 0.69% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $541,061,408 | |
| Number of Holdings | 40 | |
| Portfolio Turnover | 24% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Ground Transportation | 53.8 | |
| Air Freight & Logistics | 20.7 | |
| Passenger Airlines | 14.2 | |
| Marine Transportation | 6.9 | |
| Oil, Gas & Consumable Fuels | 1.5 | |
| Energy Equipment & Services | 0.7 | |
| |
| Common Stocks | 97.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.2 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 93.8 |
| Panama | 2.1 |
| Greece | 1.6 |
| Canada | 0.8 |
| Italy | 0.7 |
| Brazil | 0.7 |
| Monaco | 0.3 |
| Bermuda | 0.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Union Pacific Corp | 18.5 | |
| Uber Technologies Inc | 15.3 | |
| United Parcel Service Inc Class B | 10.9 | |
| Norfolk Southern Corp | 5.3 | |
| CSX Corp | 4.9 | |
| FedEx Corp | 4.9 | |
| Kirby Corp | 4.3 | |
| Delta Air Lines Inc | 3.9 | |
| Alaska Air Group Inc | 2.6 | |
| SkyWest Inc | 2.5 | |
| | 73.1 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914554.100 512-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Health Care Services Portfolio Health Care Services Portfolio : FSHCX |
| | | |
This semi-annual shareholder report contains information about Health Care Services Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Health Care Services Portfolio | $ 34 | 0.67% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,395,684,497 | |
| Number of Holdings | 30 | |
| Portfolio Turnover | 66% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Health Care Providers & Services | 99.6 | |
| Health Care Technology | 0.4 | |
| |
| Common Stocks | 99.6 |
| Preferred Stocks | 0.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| UnitedHealth Group Inc | 24.7 | |
| Cigna Group/The | 9.4 | |
| CVS Health Corp | 8.3 | |
| McKesson Corp | 5.4 | |
| Humana Inc | 4.4 | |
| Elevance Health Inc | 4.4 | |
| Cencora Inc | 4.4 | |
| Molina Healthcare Inc | 3.7 | |
| Centene Corp | 3.5 | |
| HCA Healthcare Inc | 3.3 | |
| | 71.5 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914545.100 505-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Materials Portfolio Materials Portfolio : FSDPX |
| | | |
This semi-annual shareholder report contains information about Materials Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Materials Portfolio | $ 36 | 0.70% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $849,835,612 | |
| Number of Holdings | 39 | |
| Portfolio Turnover | 59% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Chemicals | 61.6 | |
| Metals & Mining | 25.3 | |
| Containers & Packaging | 7.9 | |
| Construction Materials | 4.4 | |
| |
| Common Stocks | 99.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.9 |
| Canada | 6.0 |
| Zambia | 2.4 |
| Brazil | 1.7 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Linde PLC | 19.1 | |
| Ecolab Inc | 10.2 | |
| Dow Inc | 6.9 | |
| Air Products and Chemicals Inc | 5.4 | |
| Freeport-McMoRan Inc | 5.0 | |
| Corteva Inc | 3.9 | |
| Nucor Corp | 3.9 | |
| Axalta Coating Systems Ltd | 3.6 | |
| Chemours Co/The | 3.3 | |
| First Quantum Minerals Ltd | 2.4 | |
| | 63.7 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914552.100 509-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Insurance Portfolio Insurance Portfolio : FSPCX |
| | | |
This semi-annual shareholder report contains information about Insurance Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Insurance Portfolio | $ 38 | 0.70% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $847,602,456 | |
| Number of Holdings | 24 | |
| Portfolio Turnover | 46% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Insurance | 92.9 | |
| Financial Services | 4.9 | |
| |
| Common Stocks | 97.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.2 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 98.0 |
| Australia | 2.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Chubb Ltd | 9.9 | |
| Marsh & McLennan Cos Inc | 9.7 | |
| Arthur J Gallagher & Co | 9.2 | |
| Hartford Financial Services Group Inc/The | 8.8 | |
| Travelers Cos Inc/The | 7.7 | |
| Progressive Corp/The | 4.8 | |
| Reinsurance Group of America Inc | 4.8 | |
| MetLife Inc | 4.7 | |
| Arch Capital Group Ltd | 4.7 | |
| Brown & Brown Inc | 4.6 | |
| | 68.9 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914525.100 45-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Health Care Portfolio Health Care Portfolio : FSPHX |
| | | |
This semi-annual shareholder report contains information about Health Care Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Health Care Portfolio | $ 33 | 0.63% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $7,810,818,412 | |
| Number of Holdings | 105 | |
| Portfolio Turnover | 35% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Health Care Equipment & Supplies | 24.3 | |
| Biotechnology | 23.5 | |
| Health Care Providers & Services | 22.5 | |
| Pharmaceuticals | 16.6 | |
| Life Sciences Tools & Services | 10.5 | |
| Health Care Technology | 2.1 | |
| Financial Services | 0.1 | |
| |
| Common Stocks | 98.1 |
| Preferred Stocks | 1.5 |
| Preferred Securities | 0.2 |
| Bonds | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.9 |
| Netherlands | 2.7 |
| United Kingdom | 1.7 |
| Denmark | 1.5 |
| Belgium | 1.4 |
| Canada | 0.7 |
| Israel | 0.1 |
| China | 0.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| UnitedHealth Group Inc | 10.8 | |
| Boston Scientific Corp | 9.4 | |
| Eli Lilly & Co | 8.4 | |
| Danaher Corp | 5.9 | |
| Regeneron Pharmaceuticals Inc | 4.2 | |
| Merck & Co Inc | 3.8 | |
| Penumbra Inc | 3.5 | |
| Cigna Group/The | 3.2 | |
| Stryker Corp | 2.6 | |
| Insulet Corp | 2.5 | |
| | 54.3 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914499.100 63-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Construction and Housing Portfolio Construction and Housing Portfolio : FSHOX |
| | | |
This semi-annual shareholder report contains information about Construction and Housing Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Construction and Housing Portfolio | $ 36 | 0.69% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $815,270,742 | |
| Number of Holdings | 52 | |
| Portfolio Turnover | 31% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Specialty Retail | 33.3 | |
| Building Products | 22.3 | |
| Household Durables | 14.4 | |
| Residential REITs | 10.8 | |
| Construction & Engineering | 9.0 | |
| Construction Materials | 8.7 | |
| Trading Companies & Distributors | 0.4 | |
| Chemicals | 0.3 | |
| Real Estate Management & Development | 0.2 | |
| Ground Transportation | 0.2 | |
| |
| Common Stocks | 99.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Home Depot Inc/The | 17.2 | |
| Lowe's Cos Inc | 13.2 | |
| Trane Technologies PLC | 4.9 | |
| Johnson Controls International plc | 4.6 | |
| CRH PLC | 3.9 | |
| Martin Marietta Materials Inc | 3.1 | |
| PulteGroup Inc | 2.9 | |
| Invitation Homes Inc | 2.9 | |
| Quanta Services Inc | 2.7 | |
| Carrier Global Corp | 2.6 | |
| | 58.0 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914553.100 511-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Financials Portfolio Financials Portfolio : FIDSX |
| | | |
This semi-annual shareholder report contains information about Financials Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Financials Portfolio | $ 38 | 0.70% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $783,287,308 | |
| Number of Holdings | 65 | |
| Portfolio Turnover | 31% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Banks | 34.5 | |
| Financial Services | 21.0 | |
| Capital Markets | 20.5 | |
| Insurance | 18.8 | |
| Consumer Finance | 3.9 | |
| Professional Services | 1.0 | |
| |
| Common Stocks | 99.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 93.2 |
| United Kingdom | 4.0 |
| Puerto Rico | 1.8 |
| Grand Cayman (UK Overseas Ter) | 0.6 |
| Mexico | 0.4 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Mastercard Inc Class A | 10.0 | |
| Wells Fargo & Co | 6.5 | |
| Bank of America Corp | 5.3 | |
| Citigroup Inc | 2.9 | |
| Morgan Stanley | 2.5 | |
| M&T Bank Corp | 2.4 | |
| Apollo Global Management Inc | 2.3 | |
| Chubb Ltd | 2.3 | |
| Reinsurance Group of America Inc | 2.2 | |
| Marsh & McLennan Cos Inc | 2.1 | |
| | 38.5 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914502.100 66-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Energy Portfolio Energy Portfolio : FSENX |
| | | |
This semi-annual shareholder report contains information about Energy Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Energy Portfolio | $ 34 | 0.66% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $2,159,619,676 | |
| Number of Holdings | 45 | |
| Portfolio Turnover | 19% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Oil, Gas & Consumable Fuels | 80.6 | |
| Energy Equipment & Services | 15.5 | |
| Independent Power and Renewable Electricity Producers | 1.7 | |
| Machinery | 0.8 | |
| |
| Common Stocks | 98.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.4 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 82.8 |
| Canada | 13.5 |
| United Kingdom | 3.1 |
| Norway | 0.3 |
| France | 0.1 |
| Cameroon | 0.1 |
| United Arab Emirates | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Exxon Mobil Corp | 24.9 | |
| Cenovus Energy Inc | 5.9 | |
| Schlumberger NV | 5.0 | |
| Chevron Corp | 5.0 | |
| Marathon Petroleum Corp | 4.9 | |
| Canadian Natural Resources Ltd | 4.8 | |
| Cheniere Energy Inc | 4.4 | |
| Occidental Petroleum Corp | 3.6 | |
| Valero Energy Corp | 3.6 | |
| Diamondback Energy Inc | 3.3 | |
| | 65.4 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914497.100 60-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Retailing Portfolio Retailing Portfolio : FSRPX |
| | | |
This semi-annual shareholder report contains information about Retailing Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Retailing Portfolio | $ 33 | 0.64% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $2,883,461,931 | |
| Number of Holdings | 45 | |
| Portfolio Turnover | 29% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Specialty Retail | 36.6 | |
| Broadline Retail | 30.0 | |
| Consumer Staples Distribution & Retail | 17.7 | |
| Textiles, Apparel & Luxury Goods | 12.5 | |
| Interactive Media & Services | 1.3 | |
| Household Durables | 0.9 | |
| Hotels, Restaurants & Leisure | 0.5 | |
| Automobile Components | 0.3 | |
| |
| Common Stocks | 99.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.2 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.0 |
| Canada | 4.6 |
| Brazil | 1.6 |
| France | 1.0 |
| United Kingdom | 1.0 |
| Germany | 0.8 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Amazon.com Inc | 25.3 | |
| Home Depot Inc/The | 7.5 | |
| Walmart Inc | 6.9 | |
| Lowe's Cos Inc | 6.6 | |
| TJX Cos Inc/The | 4.7 | |
| NIKE Inc Class B | 4.2 | |
| O'Reilly Automotive Inc | 3.7 | |
| Costco Wholesale Corp | 2.8 | |
| Deckers Outdoor Corp | 2.7 | |
| BJ's Wholesale Club Holdings Inc | 2.6 | |
| | 67.0 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914526.100 46-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Consumer Staples Portfolio Fidelity Advisor® Consumer Staples Fund Class I : FDIGX |
| | | |
This semi-annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class I | $ 37 | 0.71% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $1,405,206,341 | |
| Number of Holdings | 39 | |
| Portfolio Turnover | 39% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Beverages | 39.6 | |
| Household Products | 18.8 | |
| Food Products | 14.3 | |
| Consumer Staples Distribution & Retail | 10.8 | |
| Personal Care Products | 9.7 | |
| Tobacco | 6.4 | |
| Oil, Gas & Consumable Fuels | 0.1 | |
| |
| Common Stocks | 99.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 95.1 |
| United Kingdom | 4.8 |
| Canada | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Coca-Cola Co/The | 14.2 | |
| Procter & Gamble Co/The | 14.2 | |
| Keurig Dr Pepper Inc | 9.8 | |
| Kenvue Inc | 6.3 | |
| Walmart Inc | 5.5 | |
| Philip Morris International Inc | 4.2 | |
| Monster Beverage Corp | 3.9 | |
| Energizer Holdings Inc | 3.8 | |
| PepsiCo Inc | 3.6 | |
| Estee Lauder Cos Inc/The Class A | 3.4 | |
| | 68.9 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914493.100 1783-TSRS-1024 |
| |
| | SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2024 | |
| | Technology Portfolio Technology Portfolio : FSPTX |
| | | |
This semi-annual shareholder report contains information about Technology Portfolio for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?(based on hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Technology Portfolio | $ 33 | 0.62% | |
Key Fund Statistics (as of August 31, 2024)
KEY FACTS | | |
| Fund Size | $15,833,587,650 | |
| Number of Holdings | 92 | |
| Portfolio Turnover | 43% | |
What did the Fund invest in?
(as of August 31, 2024)
TOP INDUSTRIES (% of Fund's net assets) |
| Semiconductors & Semiconductor Equipment | 42.0 | |
| Software | 21.1 | |
| Technology Hardware, Storage & Peripherals | 20.4 | |
| IT Services | 4.0 | |
| Communications Equipment | 2.3 | |
| Ground Transportation | 2.3 | |
| Broadline Retail | 1.6 | |
| Electronic Equipment, Instruments & Components | 0.8 | |
| Entertainment | 0.6 | |
| Others | 0.6 | |
| |
| Common Stocks | 94.8 |
| Preferred Stocks | 0.9 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.3 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 91.4 |
| China | 4.0 |
| Taiwan | 2.0 |
| Canada | 1.3 |
| Netherlands | 1.2 |
| United Kingdom | 0.1 |
| Estonia | 0.0 |
| Korea (South) | 0.0 |
| Israel | 0.0 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| NVIDIA Corp | 20.4 | |
| Apple Inc | 18.7 | |
| Microsoft Corp | 10.7 | |
| Marvell Technology Inc | 4.3 | |
| ON Semiconductor Corp | 4.3 | |
| Servicenow Inc | 4.1 | |
| NXP Semiconductors NV | 3.9 | |
| Salesforce Inc | 2.8 | |
| GlobalFoundries Inc | 2.6 | |
| Okta Inc Class A | 2.6 | |
| | 74.4 | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914500.100 64-TSRS-1024 |
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Fidelity® Select Portfolios®
Materials Sector
Chemicals Portfolio
Gold Portfolio
Materials Portfolio
Semi-Annual Report
August 31, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.0% |
| | | Shares | Value ($) |
| Chemicals - 99.0% | | | |
| Commodity Chemicals - 16.5% | | | |
| Cabot Corp. (a) | | 202,700 | 21,305,797 |
| Koppers Holdings, Inc. | | 65,400 | 2,588,532 |
| LyondellBasell Industries NV Class A | | 186,700 | 18,427,290 |
| Olin Corp. | | 279,600 | 12,210,132 |
| Orion SA | | 724,326 | 13,508,680 |
| Tronox Holdings PLC | | 797,369 | 11,107,350 |
| Westlake Corp. | | 146,556 | 21,315,105 |
| | | | 100,462,886 |
| Diversified Chemicals - 2.6% | | | |
| The Chemours Co. LLC | | 813,359 | 15,811,699 |
| Fertilizers & Agricultural Chemicals - 6.7% | | | |
| CF Industries Holdings, Inc. | | 106,417 | 8,842,189 |
| Corteva, Inc. | | 437,793 | 25,085,539 |
| FMC Corp. | | 112,500 | 7,265,250 |
| | | | 41,192,978 |
| Industrial Gases - 32.2% | | | |
| Air Products & Chemicals, Inc. | | 193,811 | 54,044,197 |
| Linde PLC | | 297,516 | 142,287,025 |
| | | | 196,331,222 |
| Specialty Chemicals - 41.0% | | | |
| Albemarle Corp. (a) | | 116,800 | 10,541,200 |
| Arcadium Lithium PLC (a) | | 480 | 1,301 |
| Axalta Coating Systems Ltd. (b) | | 813,000 | 29,674,500 |
| Celanese Corp. | | 179,300 | 23,416,580 |
| DuPont de Nemours, Inc. | | 312,194 | 26,302,345 |
| Ecolab, Inc. | | 141,000 | 35,698,380 |
| Element Solutions, Inc. | | 1,022,643 | 27,345,474 |
| International Flavors & Fragrances, Inc. | | 111,616 | 11,606,948 |
| PPG Industries, Inc. | | 111,600 | 14,477,868 |
| Quaker Chemical Corp. | | 16,000 | 2,708,320 |
| Sherwin-Williams Co. | | 185,399 | 68,480,829 |
| | | | 250,253,745 |
| TOTAL COMMON STOCKS (Cost $358,610,126) | | | 604,052,530 |
| | | | |
| Money Market Funds - 6.0% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (c) | | 5,015,047 | 5,016,050 |
| Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | | 31,270,823 | 31,273,950 |
| TOTAL MONEY MARKET FUNDS (Cost $36,290,000) | | | 36,290,000 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 105.0% (Cost $394,900,126) | 640,342,530 |
NET OTHER ASSETS (LIABILITIES) - (5.0)% | (30,260,792) |
| NET ASSETS - 100.0% | 610,081,738 |
| | |
Legend
| (a) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 5.39% | 4,115,801 | 36,771,848 | 35,871,555 | 56,240 | (44) | - | 5,016,050 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 49,130,675 | 92,550,219 | 110,406,944 | 13,673 | - | - | 31,273,950 | 0.1% |
| Total | 53,246,476 | 129,322,067 | 146,278,499 | 69,913 | (44) | - | 36,290,000 | |
| | | | | | | | | |
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, 2024, 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 | 604,052,530 | 604,052,530 | - | - |
|
| Money Market Funds | 36,290,000 | 36,290,000 | - | - |
| Total Investments in Securities: | 640,342,530 | 640,342,530 | - | - |
Chemicals Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $30,655,295) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $358,610,126) | $ | 604,052,530 | | |
Fidelity Central Funds (cost $36,290,000) | | 36,290,000 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $394,900,126) | | | $ | 640,342,530 |
| Receivable for fund shares sold | | | | 33,559 |
| Dividends receivable | | | | 1,210,219 |
| Reclaims receivable | | | | 340,005 |
| Distributions receivable from Fidelity Central Funds | | | | 11,616 |
| Prepaid expenses | | | | 2,012 |
| Other receivables | | | | 182,065 |
Total assets | | | | 642,122,006 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 219,218 | | |
| Accrued management fee | | 329,304 | | |
| Other payables and accrued expenses | | 217,796 | | |
| Collateral on securities loaned | | 31,273,950 | | |
| Total liabilities | | | | 32,040,268 |
| Net Assets | | | $ | 610,081,738 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 357,271,810 |
| Total accumulated earnings (loss) | | | | 252,809,928 |
| Net Assets | | | $ | 610,081,738 |
Net Asset Value, offering price and redemption price per share ($610,081,738 ÷ 39,446,242 shares) | | | $ | 15.47 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 5,460,354 |
| Income from Fidelity Central Funds (including $13,673 from security lending) | | | | 69,913 |
| Total income | | | | 5,530,267 |
| Expenses | | | | |
| Management fee | $ | 2,069,060 | | |
| Custodian fees and expenses | | 3,355 | | |
| Independent trustees' fees and expenses | | 1,312 | | |
| Registration fees | | 16,310 | | |
| Audit fees | | 32,314 | | |
| Legal | | 153 | | |
| Miscellaneous | | 14,912 | | |
| Total expenses before reductions | | 2,137,416 | | |
| Expense reductions | | (12,575) | | |
| Total expenses after reductions | | | | 2,124,841 |
| Net Investment income (loss) | | | | 3,405,426 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 5,313,119 | | |
| Fidelity Central Funds | | (44) | | |
| Total net realized gain (loss) | | | | 5,313,075 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 27,701,331 | | |
| Assets and liabilities in foreign currencies | | 7,566 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 27,708,897 |
| Net gain (loss) | | | | 33,021,972 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 36,427,398 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 3,405,426 | $ | 7,036,674 |
| Net realized gain (loss) | | 5,313,075 | | 60,376,339 |
| Change in net unrealized appreciation (depreciation) | | 27,708,897 | | (34,221,599) |
| Net increase (decrease) in net assets resulting from operations | | 36,427,398 | | 33,191,414 |
| Distributions to shareholders | | (30,918,067) | | (39,559,398) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 8,418,364 | | 16,937,515 |
| Reinvestment of distributions | | 28,901,530 | | 36,948,117 |
| Cost of shares redeemed | | (53,929,275) | | (104,444,954) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (16,609,381) | | (50,559,322) |
| Total increase (decrease) in net assets | | (11,100,050) | | (56,927,306) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 621,181,788 | | 678,109,094 |
| End of period | $ | 610,081,738 | $ | 621,181,788 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 551,376 | | 1,129,005 |
| Issued in reinvestment of distributions | | 1,951,488 | | 2,420,166 |
| Redeemed | | (3,569,212) | | (6,985,170) |
| Net increase (decrease) | | (1,066,348) | | (3,435,999) |
| | | | | |
Financial Highlights
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 15.33 | $ | 15.43 | $ | 16.94 | $ | 14.67 | $ | 10.47 | $ | 13.57 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .08 | | .17 | | .15 | | .15 | | .15 | | .15 |
| Net realized and unrealized gain (loss) | | .83 | | .71 | | .01 | | 2.34 | | 4.21 | | (2.39) |
| Total from investment operations | | .91 | | .88 | | .16 | | 2.49 | | 4.36 | | (2.24) |
| Distributions from net investment income | | (.01) | | (.18) | | (.16) | | (.14) | | (.16) | | (.20) |
| Distributions from net realized gain | | (.76) | | (.80) | | (1.51) | | (.08) | | - | | (.66) |
| Total distributions | | (.77) | | (.98) | | (1.67) | | (.22) | | (.16) | | (.86) |
| Net asset value, end of period | $ | 15.47 | $ | 15.33 | $ | 15.43 | $ | 16.94 | $ | 14.67 | $ | 10.47 |
Total Return D,E | | | | 5.75% | | 1.09% | | 16.90% | | 41.65% | | (17.63)% |
Ratios to Average Net Assets C,F,G | | | | | | | | | | | | |
| Expenses before reductions | | .70% H | | .75% | | .75% | | .74% | | .79% | | .78% |
| Expenses net of fee waivers, if any | | | | .74% | | .75% | | .74% | | .79% | | .78% |
| Expenses net of all reductions | | .69% H | | .74% | | .75% | | .74% | | .78% | | .77% |
| Net investment income (loss) | | 1.11% H | | 1.12% | | .96% | | .85% | | 1.28% | | 1.21% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 610,082 | $ | 621,182 | $ | 678,109 | $ | 758,900 | $ | 700,680 | $ | 656,441 |
Portfolio turnover rate I | | | | 19% | | 54% | | 15% | | 50% | | 77% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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).
Notes to Financial Statements (Unaudited)
For the period ended August 31, 2024
1. Organization.
Chemicals Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Chemicals Portfolio | $182,065 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to deferred Trustees compensation and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $269,580,091 |
| Gross unrealized depreciation | (24,606,655) |
| Net unrealized appreciation (depreciation) | $244,973,436 |
| Tax cost | $395,369,094 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Chemicals Portfolio | 4,765,514 | 50,048,365 |
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.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Chemicals Portfolio | .69 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Chemicals Portfolio | .67 |
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Chemicals Portfolio | 395 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Chemicals Portfolio | 114,930 | 3,959,393 | 1,123,357 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Chemicals Portfolio | 549 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Chemicals Portfolio | 1,447 | 1 | - |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $12,575.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Consolidated Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 98.4% |
| | | Shares | Value ($) |
| Australia - 6.3% | | | |
| Metals & Mining - 6.3% | | | |
| Gold - 6.3% | | | |
| Gold Road Resources Ltd. | | 10,679,830 | 11,746,545 |
| Northern Star Resources Ltd. | | 5,560,700 | 57,434,975 |
| OceanaGold Corp. | | 9,705,800 | 25,279,084 |
| | | | 94,460,604 |
| Brazil - 10.3% | | | |
| Metals & Mining - 10.3% | | | |
| Gold - 10.3% | | | |
| Wheaton Precious Metals Corp. | | 2,491,182 | 153,964,715 |
| Burkina Faso - 1.3% | | | |
| Metals & Mining - 1.3% | | | |
| Gold - 1.3% | | | |
| IAMGOLD Corp. (a) | | 3,948,600 | 19,513,728 |
| Canada - 60.4% | | | |
| Financial Services - 0.0% | | | |
| Diversified Financial Services - 0.0% | | | |
| Vizsla Royalties Corp. (b) | | 116,813 | 143,020 |
| Vizsla Royalties Corp. warrants (a)(c) | | 1,168,133 | 433,396 |
| | | | 576,416 |
| Metals & Mining - 60.4% | | | |
| Copper - 0.4% | | | |
| Faraday Copper Corp. (a) | | 9,251,880 | 5,080,244 |
| Diversified Metals & Mining - 1.2% | | | |
| Solaris Resources, Inc. (a)(b) | | 766,031 | 1,818,943 |
| Vizsla Silver Corp. (a) | | 3,156,000 | 6,533,774 |
| Western Copper & Gold Corp. (TSX) (a)(b) | | 8,841,773 | 10,234,976 |
| | | | 18,587,693 |
| Gold - 57.0% | | | |
| Agnico Eagle Mines Ltd. (Canada) (b) | | 2,712,002 | 220,960,801 |
| Alamos Gold, Inc. | | 3,182,300 | 61,348,387 |
| Artemis Gold, Inc. (a) | | 2,669,928 | 24,249,559 |
| Ascot Resources Ltd. (a)(b) | | 18,933,000 | 7,305,428 |
| Ascot Resources Ltd. (d) | | 800,000 | 308,685 |
| Ascot Resources Ltd. warrants (a) | | 800,000 | 90,233 |
| B2Gold Corp. | | 7,148,900 | 20,104,872 |
| Banyan Gold Corp. (a)(e) | | 23,500,000 | 3,138,797 |
| Barrick Gold Corp. (Canada) | | 3,638,500 | 73,463,870 |
| Bonterra Resources, Inc. (a) | | 7,387,297 | 1,562,260 |
| Calibre Mining Corp. (a) | | 10,052,406 | 17,007,002 |
| Dundee Precious Metals, Inc. | | 1,403,500 | 13,674,140 |
| Franco-Nevada Corp. | | 1,141,378 | 139,372,362 |
| Fury Gold Mines Ltd. (a)(e) | | 800,000 | 314,622 |
| Fury Gold Mines Ltd. (a)(e) | | 10,000,000 | 3,932,772 |
| G Mining Ventures Corp. | | 296,700 | 1,886,780 |
| i-80 Gold Corp. (a)(b) | | 8,324,358 | 8,709,490 |
| Kinross Gold Corp. | | 2,729,600 | 24,670,002 |
| Lundin Gold, Inc. | | 1,682,700 | 33,800,088 |
| Maple Gold Mines Ltd. (a) | | 18,373,019 | 1,022,503 |
| Marathon Gold Corp. warrants 9/20/24 (a)(c) | | 5,000,000 | 87,882 |
| Novagold Resources, Inc. (a)(b) | | 3,142,400 | 13,314,365 |
| Orla Mining Ltd. (a)(b) | | 7,209,198 | 30,384,925 |
| Osisko Development Corp. (a) | | 3,505,547 | 7,361,480 |
| Osisko Development Corp.: | | | |
| rights(a) | | 666,666 | 7,521 |
| warrants 3/2/2026(a) | | 1,144,505 | 41,815 |
| Osisko Gold Royalties Ltd. | | 2,316,600 | 40,018,141 |
| Osisko Mining, Inc. (a) | | 1,350,000 | 4,818,388 |
| Rupert Resources Ltd. (a)(b) | | 2,481,200 | 7,677,516 |
| Seabridge Gold, Inc. (a) | | 712,900 | 12,525,653 |
| Skeena Resources Ltd. (a)(b) | | 1,373,400 | 10,557,952 |
| SSR Mining, Inc. | | 2,024,500 | 10,507,150 |
| Torex Gold Resources, Inc. (a) | | 1,227,300 | 23,678,106 |
| Triple Flag Precious Metals Corp. | | 1,036,600 | 17,022,193 |
| Victoria Gold Corp. (a)(c) | | 2,329,800 | 829,818 |
| Wesdome Gold Mines, Inc. (a) | | 2,097,876 | 20,065,760 |
| | | | 855,821,318 |
| Precious Metals & Minerals - 1.1% | | | |
| Dolly Varden Silver Corp. (a)(e) | | 15,039,500 | 11,382,993 |
| Guanajuato Silver Co. Ltd. (a)(e) | | 31,097,000 | 5,191,871 |
| Guanajuato Silver Co. Ltd. warrants 2/10/25 (a)(e) | | 7,396,381 | 885 |
| | | | 16,575,749 |
| Silver - 0.7% | | | |
| Aya Gold & Silver, Inc. (a)(b) | | 737,434 | 8,191,583 |
| GoGold Resources, Inc. (a) | | 3,196,300 | 2,822,392 |
| | | | 11,013,975 |
TOTAL METALS & MINING | | | 907,078,979 |
| | | | |
| TOTAL CANADA | | | 907,655,395 |
| China - 1.5% | | | |
| Metals & Mining - 1.5% | | | |
| Gold - 1.5% | | | |
| Zijin Mining Group Co. Ltd. (H Shares) | | 11,094,000 | 22,507,256 |
| Egypt - 0.3% | | | |
| Metals & Mining - 0.3% | | | |
| Gold - 0.3% | | | |
| Centamin PLC | | 2,988,500 | 4,886,372 |
| South Africa - 1.9% | | | |
| Metals & Mining - 1.9% | | | |
| Gold - 1.9% | | | |
| Gold Fields Ltd. | | 2,007,700 | 27,831,309 |
| United Kingdom - 2.3% | | | |
| Metals & Mining - 2.3% | | | |
| Gold - 2.3% | | | |
| AngloGold Ashanti PLC (b) | | 1,180,400 | 35,022,468 |
| United States of America - 14.1% | | | |
| Metals & Mining - 14.1% | | | |
| Diversified Metals & Mining - 0.2% | | | |
| Ivanhoe Electric, Inc. (a) | | 441,100 | 3,114,166 |
| Gold - 12.2% | | | |
| Dakota Gold Corp. (a) | | 2,599,100 | 6,029,912 |
| Newmont Corp. | | 3,228,148 | 172,350,822 |
| Royal Gold, Inc. | | 33,700 | 4,723,729 |
| | | | 183,104,463 |
| Silver - 1.7% | | | |
| Gatos Silver, Inc. (a)(b) | | 1,541,500 | 19,392,070 |
| Hecla Mining Co. | | 949,300 | 5,629,349 |
| | | | 25,021,419 |
TOTAL METALS & MINING | | | 211,240,048 |
| | | | |
| TOTAL COMMON STOCKS (Cost $859,402,952) | | | 1,477,081,895 |
| | | | |
| Commodities - 0.9% |
| | | Troy Ounces | Value ($) |
Gold Bullion (a) (Cost $4,575,085) | | 5,582 | 13,970,295 |
| | | | |
| Money Market Funds - 14.0% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (f) | | 1,941,607 | 1,941,995 |
| Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | | 208,429,285 | 208,450,128 |
| TOTAL MONEY MARKET FUNDS (Cost $210,392,123) | | | 210,392,123 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 113.3% (Cost $1,074,370,160) | 1,701,444,313 |
NET OTHER ASSETS (LIABILITIES) - (13.3)% | (199,869,597) |
| NET ASSETS - 100.0% | 1,501,574,716 |
| | |
Legend
| (b) | 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 $308,685 or 0.0% of net assets. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| Ascot Resources Ltd. | 7/12/24 | 200,689 |
| | | |
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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 3,342,881 | 83,312,706 | 84,713,688 | 144,054 | 96 | - | 1,941,995 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 188,869,339 | 304,428,894 | 284,848,105 | 272,704 | - | - | 208,450,128 | 0.9% |
| Total | 192,212,220 | 387,741,600 | 369,561,793 | 416,758 | 96 | - | 210,392,123 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) 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 ($) |
| Banyan Gold Corp. | 4,564,713 | 491,355 | - | - | - | (1,917,271) | 3,138,797 |
| Bonterra Resources, Inc. | 1,115,865 | - | - | - | - | 446,395 | - |
| Dolly Varden Silver Corp. | 8,517,850 | - | 1,572,624 | - | 997,191 | 3,440,576 | 11,382,993 |
| Faraday Copper Corp. | 3,476,741 | - | - | - | - | 1,603,503 | - |
| Fury Gold Mines Ltd. | 274,104 | - | - | - | - | 40,518 | 314,622 |
| Fury Gold Mines Ltd. | 3,426,298 | - | - | - | - | 506,474 | 3,932,772 |
| Guanajuato Silver Co. Ltd. | 3,895,288 | - | - | - | - | 1,296,583 | 5,191,871 |
| Guanajuato Silver Co. Ltd. warrants 2/10/25 | 2,739 | - | - | - | - | (1,854) | 885 |
| Maple Gold Mines Ltd. | 609,207 | - | - | - | - | 413,296 | - |
| Western Copper & Gold Corp. (TSX) | 11,970,022 | - | 673,606 | - | (205,471) | (855,969) | - |
| Total | 37,852,827 | 491,355 | 2,246,230 | - | 791,720 | 4,972,251 | 23,961,940 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Common Stocks | 1,477,081,895 | 1,447,759,036 | 27,971,763 | 1,351,096 |
|
| Commodities | 13,970,295 | 13,970,295 | - | - |
|
| Money Market Funds | 210,392,123 | 210,392,123 | - | - |
| Total Investments in Securities: | 1,701,444,313 | 1,672,121,454 | 27,971,763 | 1,351,096 |
Gold Portfolio
Consolidated Financial Statements (Unaudited)
| Consolidated Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $197,023,115) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $833,586,791) | $ | 1,453,119,955 | | |
Fidelity Central Funds (cost $210,392,123) | | 210,392,123 | | |
Commodities (cost $4,575,085) | | 13,970,295 | | |
Other affiliated issuers (cost $25,816,161) | | 23,961,940 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,074,370,160) | | | $ | 1,701,444,313 |
| Cash | | | | 19,429 |
| Foreign currency held at value (cost $117,268) | | | | 117,247 |
| Receivable for investments sold | | | | 2,240,472 |
| Receivable for fund shares sold | | | | 9,263,622 |
| Dividends receivable | | | | 2,141,616 |
| Distributions receivable from Fidelity Central Funds | | | | 51,292 |
| Prepaid expenses | | | | 2,802 |
| Other receivables | | | | 168,742 |
Total assets | | | | 1,715,449,535 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 2,859,247 | | |
| Payable for fund shares redeemed | | 1,460,079 | | |
| Accrued management fee | | 794,572 | | |
| Distribution and service plan fees payable | | 44,413 | | |
| Other payables and accrued expenses | | 265,674 | | |
| Collateral on securities loaned | | 208,450,834 | | |
| Total liabilities | | | | 213,874,819 |
| Net Assets | | | $ | 1,501,574,716 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 2,456,623,954 |
| Total accumulated earnings (loss) | | | | (955,049,238) |
| Net Assets | | | $ | 1,501,574,716 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($91,568,563 ÷ 3,423,958 shares)(a) | | | $ | 26.74 |
| Maximum offering price per share (100/94.25 of $26.74) | | | $ | 28.37 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($25,151,122 ÷ 965,738 shares)(a) | | | $ | 26.04 |
| Maximum offering price per share (100/96.50 of $26.04) | | | $ | 26.98 |
| Class C : | | | | |
Net Asset Value and offering price per share ($19,229,501 ÷ 788,840 shares)(a) | | | $ | 24.38 |
| Gold : | | | | |
Net Asset Value, offering price and redemption price per share ($1,206,055,620 ÷ 43,555,509 shares) | | | $ | 27.69 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($104,010,354 ÷ 3,755,321 shares) | | | $ | 27.70 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($55,559,556 ÷ 2,002,317 shares) | | | $ | 27.75 |
(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, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 10,649,329 |
| Interest | | | | 457 |
| Income from Fidelity Central Funds (including $272,704 from security lending) | | | | 416,758 |
| Income before foreign taxes withheld | | | $ | 11,066,544 |
| Less foreign taxes withheld | | | | (1,217,037) |
| Total income | | | | 9,849,507 |
| Expenses | | | | |
| Management fee | $ | 4,447,196 | | |
| Distribution and service plan fees | | 252,455 | | |
| Custodian fees and expenses | | 33,638 | | |
| Independent trustees' fees and expenses | | 2,660 | | |
| Registration fees | | 62,842 | | |
| Audit fees | | 37,044 | | |
| Legal | | 2,600 | | |
| Miscellaneous | | 31,714 | | |
| Total expenses before reductions | | 4,870,149 | | |
| Expense reductions | | (22,559) | | |
| Total expenses after reductions | | | | 4,847,590 |
| Net Investment income (loss) | | | | 5,001,917 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investments: | | | | |
| Unaffiliated issuers | | 13,713,780 | | |
| Fidelity Central Funds | | 96 | | |
| Other affiliated issuers | | 791,720 | | |
| Foreign currency transactions | | (20,126) | | |
| Total net realized gain (loss) | | | | 14,485,470 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investments: | | | | |
| Unaffiliated issuers | | 443,665,805 | | |
| Affiliated issuers | | 4,972,251 | | |
| Assets and liabilities in foreign currencies | | 15 | | |
| Commodities | | 2,561,468 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 451,199,539 |
| Net gain (loss) | | | | 465,685,009 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 470,686,926 |
| Consolidated Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 5,001,917 | $ | 8,711,752 |
| Net realized gain (loss) | | 14,485,470 | | (25,554,377) |
| Change in net unrealized appreciation (depreciation) | | 451,199,539 | | (140,637,513) |
| Net increase (decrease) in net assets resulting from operations | | 470,686,926 | | (157,480,138) |
| Distributions to shareholders | | (2,352,100) | | (13,979,739) |
| | | | | |
| Share transactions - net increase (decrease) | | (25,036,662) | | (327,044,874) |
| | | | | |
| Total increase (decrease) in net assets | | 443,298,164 | | (498,504,751) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,058,276,552 | | 1,556,781,303 |
| End of period | $ | 1,501,574,716 | $ | 1,058,276,552 |
| | | | | |
| | | | | |
Consolidated Financial Highlights
Fidelity Advisor® Gold Fund Class A |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 18.49 | $ | 21.12 | $ | 26.27 | $ | 24.15 | $ | 21.67 | $ | 18.52 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .06 | | .07 | | .15 | | .27 D | | (.04) | | (.01) E |
| Net realized and unrealized gain (loss) | | 8.23 | | (2.60) | | (5.23) | | 2.20 | | 3.74 | | 3.20 |
| Total from investment operations | | 8.29 | | (2.53) | | (5.08) | | 2.47 | | 3.70 | | 3.19 |
| Distributions from net investment income | | (.04) | | (.10) | | (.07) | | (.35) | | (1.22) | | (.01) |
| Distributions from net realized gain | | - | | - | | - | | - | | - | | (.03) |
| Total distributions | | (.04) | | (.10) | | (.07) | | (.35) | | (1.22) | | (.04) |
| Net asset value, end of period | $ | 26.74 | $ | 18.49 | $ | 21.12 | $ | 26.27 | $ | 24.15 | $ | 21.67 |
Total Return F,G,H | | | | (12.09)% | | (19.42)% | | 10.37% | | 16.59% | | 17.23% |
Ratios to Average Net Assets C,I,J | | | | | | | | | | | | |
| Expenses before reductions | | .98% K | | 1.07% | | 1.09% | | 1.07% | | 1.08% | | 1.13% |
| Expenses net of fee waivers, if any | | | | 1.06% | | 1.08% | | 1.07% | | 1.08% | | 1.13% |
| Expenses net of all reductions | | .97% K | | 1.06% | | 1.08% | | 1.07% | | 1.07% | | 1.12% |
| Net investment income (loss) | | .49% K | | .34% | | .67% | | 1.02% D | | (.12)% | | (.05)% E |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 91,569 | $ | 66,421 | $ | 73,943 | $ | 86,977 | $ | 82,989 | $ | 64,971 |
Portfolio turnover rate L | | | | 46% | | 46% | | 38% | | 46% | | 56% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.12 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .57%.
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 (.26)%.
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.
HTotal returns do not include the effect of the sales charges.
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.
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).
Fidelity Advisor® Gold Fund Class M |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 18.03 | $ | 20.55 | $ | 25.63 | $ | 23.57 | $ | 21.16 | $ | 18.11 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .03 | | .02 | | .09 | | .19 D | | (.12) | | (.07) E |
| Net realized and unrealized gain (loss) | | 8.01 | | (2.54) | | (5.11) | | 2.16 | | 3.67 | | 3.12 |
| Total from investment operations | | 8.04 | | (2.52) | | (5.02) | | 2.35 | | 3.55 | | 3.05 |
| Distributions from net investment income | | (.03) | | - F | | (.06) | | (.29) | | (1.14) | | - |
| Total distributions | | (.03) | | - F | | (.06) | | (.29) | | (1.14) | | - |
| Net asset value, end of period | $ | 26.04 | $ | 18.03 | $ | 20.55 | $ | 25.63 | $ | 23.57 | $ | 21.16 |
Total Return G,H,I | | | | (12.25)% | | (19.66)% | | 10.08% | | 16.28% | | 16.84% |
Ratios to Average Net Assets C,J,K | | | | | | | | | | | | |
| Expenses before reductions | | 1.22% L | | 1.33% | | 1.35% | | 1.36% | | 1.37% | | 1.42% |
| Expenses net of fee waivers, if any | | | | 1.32% | | 1.35% | | 1.35% | | 1.37% | | 1.42% |
| Expenses net of all reductions | | 1.22% L | | 1.31% | | 1.35% | | 1.35% | | 1.36% | | 1.41% |
| Net investment income (loss) | | .25% L | | .09% | | .40% | | .74% D | | (.42)% | | (.34)% E |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 25,151 | $ | 17,185 | $ | 21,586 | $ | 26,201 | $ | 24,535 | $ | 19,620 |
Portfolio turnover rate M | | | | 46% | | 46% | | 38% | | 46% | | 56% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .29%.
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 (.56)%.
FAmount represents less than $.005 per share.
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 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).
Fidelity Advisor® Gold Fund Class C |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 16.90 | $ | 19.36 | $ | 24.24 | $ | 22.30 | $ | 20.07 | $ | 17.24 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | (.03) | | (.07) | | (.01) | | .08 D | | (.22) | | (.14) E |
| Net realized and unrealized gain (loss) | | 7.52 | | (2.39) | | (4.82) | | 2.05 | | 3.49 | | 2.97 |
| Total from investment operations | | 7.49 | | (2.46) | | (4.83) | | 2.13 | | 3.27 | | 2.83 |
| Distributions from net investment income | | (.01) | | - | | (.05) | | (.19) | | (1.04) | | - |
| Total distributions | | (.01) | | - | | (.05) | | (.19) | | (1.04) | | - |
| Net asset value, end of period | $ | 24.38 | $ | 16.90 | $ | 19.36 | $ | 24.24 | $ | 22.30 | $ | 20.07 |
Total Return F,G,H | | | | (12.71)% | | (20.00)% | | 9.62% | | 15.81% | | 16.42% |
Ratios to Average Net Assets C,I,J | | | | | | | | | | | | |
| Expenses before reductions | | 1.73% K | | 1.79% | | 1.79% | | 1.77% | | 1.78% | | 1.80% |
| Expenses net of fee waivers, if any | | | | 1.78% | | 1.78% | | 1.77% | | 1.78% | | 1.80% |
| Expenses net of all reductions | | 1.72% K | | 1.78% | | 1.78% | | 1.77% | | 1.77% | | 1.79% |
| Net investment income (loss) | | (.26)% K | | (.38)% | | (.03)% | | .32% D | | (.83)% | | (.72)% E |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 19,230 | $ | 17,177 | $ | 27,978 | $ | 43,031 | $ | 51,195 | $ | 52,375 |
Portfolio turnover rate L | | | | 46% | | 46% | | 38% | | 46% | | 56% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.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)%.
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.
HTotal returns do not include the effect of the contingent deferred sales charge.
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.
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).
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 19.13 | $ | 21.88 | $ | 27.14 | $ | 24.93 | $ | 22.33 | $ | 19.07 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .10 | | .14 | | .23 | | .36 D | | .06 | | .06 E |
| Net realized and unrealized gain (loss) | | 8.50 | | (2.67) | | (5.41) | | 2.27 | | 3.84 | | 3.30 |
| Total from investment operations | | 8.60 | | (2.53) | | (5.18) | | 2.63 | | 3.90 | | 3.36 |
| Distributions from net investment income | | (.04) | | (.22) | | (.08) | | (.42) | | (1.30) | | (.06) |
| Distributions from net realized gain | | - | | - | | - | | - | | - | | (.03) |
| Total distributions | | (.04) | | (.22) | | (.08) | | (.42) | | (1.30) | | (.10) F |
| Net asset value, end of period | $ | 27.69 | $ | 19.13 | $ | 21.88 | $ | 27.14 | $ | 24.93 | $ | 22.33 |
Total Return G,H | | | | (11.78)% | | (19.17)% | | 10.71% | | 16.96% | | 17.60% |
Ratios to Average Net Assets C,I,J | | | | | | | | | | | | |
| Expenses before reductions | | .68% K | | .77% | | .78% | | .76% | | .76% | | .79% |
| Expenses net of fee waivers, if any | | | | .76% | | .78% | | .76% | | .76% | | .79% |
| Expenses net of all reductions | | .68% K | | .76% | | .77% | | .76% | | .75% | | .78% |
| Net investment income (loss) | | .79% K | | .64% | | .97% | | 1.33% D | | .19% | | .29% E |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,206,056 | $ | 858,204 | $ | 1,229,416 | $ | 1,330,602 | $ | 1,319,440 | $ | 1,292,204 |
Portfolio turnover rate L | | | | 46% | | 46% | | 38% | | 46% | | 56% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.12 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .89%.
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 .07%.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. 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.
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).
Fidelity Advisor® Gold Fund Class I |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 19.14 | $ | 21.88 | $ | 27.15 | $ | 24.93 | $ | 22.33 | $ | 19.07 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .09 | | .14 | | .23 | | .36 D | | .05 | | .06 E |
| Net realized and unrealized gain (loss) | | 8.52 | | (2.67) | | (5.42) | | 2.27 | | 3.85 | | 3.30 |
| Total from investment operations | | 8.61 | | (2.53) | | (5.19) | | 2.63 | | 3.90 | | 3.36 |
| Distributions from net investment income | | (.05) | | (.21) | | (.08) | | (.41) | | (1.30) | | (.07) |
| Distributions from net realized gain | | - | | - | | - | | - | | - | | (.03) |
| Total distributions | | (.05) | | (.21) | | (.08) | | (.41) | | (1.30) | | (.10) |
| Net asset value, end of period | $ | 27.70 | $ | 19.14 | $ | 21.88 | $ | 27.15 | $ | 24.93 | $ | 22.33 |
Total Return F,G | | | | (11.75)% | | (19.20)% | | 10.74% | | 16.96% | | 17.60% |
Ratios to Average Net Assets C,H,I | | | | | | | | | | | | |
| Expenses before reductions | | .73% J | | .76% | | .77% | | .76% | | .77% | | .79% |
| Expenses net of fee waivers, if any | | | | .76% | | .77% | | .76% | | .77% | | .79% |
| Expenses net of all reductions | | .72% J | | .76% | | .77% | | .76% | | .76% | | .77% |
| Net investment income (loss) | | .74% J | | .64% | | .98% | | 1.33% D | | .18% | | .30% E |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 104,010 | $ | 77,125 | $ | 110,224 | $ | 152,799 | $ | 137,617 | $ | 115,699 |
Portfolio turnover rate K | | | | 46% | | 46% | | 38% | | 46% | | 56% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.12 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .89%.
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 .08%.
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.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Gold Fund Class Z |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 19.16 | $ | 21.92 | $ | 27.16 | $ | 24.94 | $ | 22.34 | $ | 19.08 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .11 | | .18 | | .26 | | .40 D | | .09 | | .10 E |
| Net realized and unrealized gain (loss) | | 8.53 | | (2.68) | | (5.41) | | 2.27 | | 3.85 | | 3.29 |
| Total from investment operations | | 8.64 | | (2.50) | | (5.15) | | 2.67 | | 3.94 | | 3.39 |
| Distributions from net investment income | | (.05) | | (.26) | | (.09) | | (.45) | | (1.34) | | (.10) |
| Distributions from net realized gain | | - | | - | | - | | - | | - | | (.03) |
| Total distributions | | (.05) | | (.26) | | (.09) | | (.45) | | (1.34) | | (.13) |
| Net asset value, end of period | $ | 27.75 | $ | 19.16 | $ | 21.92 | $ | 27.16 | $ | 24.94 | $ | 22.34 |
Total Return F,G | | | | (11.67)% | | (19.07)% | | 10.88% | | 17.12% | | 17.75% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | .60% J | | .63% | | .63% | | .63% | | .64% | | .65% |
| Expenses net of fee waivers, if any | | | | .62% | | .63% | | .62% | | .64% | | .64% |
| Expenses net of all reductions | | .60% J | | .62% | | .63% | | .62% | | .62% | | .63% |
| Net investment income (loss) | | .87% J | | .78% | | 1.12% | | 1.47% D | | .32% | | .44% E |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 55,560 | $ | 22,164 | $ | 93,634 | $ | 109,842 | $ | 105,293 | $ | 95,076 |
Portfolio turnover rate K | | | | 46% | | 46% | | 38% | | 46% | | 56% |
AFor the year ended February 29.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CCalculated based on average shares outstanding during the period.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.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%.
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 .22%.
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.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Consolidated Financial Statements (Unaudited)
For the period ended August 31, 2024
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. | 13,988,892 | .9 |
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
3. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
4. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. 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:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in commodities are valued at their last traded price at 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2024 is included at the end of the Fund's Consolidated Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. 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.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), controlled foreign corporations, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
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 | $687,009,791 |
| Gross unrealized depreciation | (105,217,004) |
| Net unrealized appreciation (depreciation) | $581,792,787 |
| Tax cost | $1,119,651,526 |
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 | $(336,479,589) |
Long-term | (1,181,238,221) |
| Total capital loss carryforward | $(1,517,717,810) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Gold Portfolio | 83,645,595 | 111,468,718 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .74 |
| Class M | .74 |
| Class C | .74 |
| Gold | .72 |
| Class I | .71 |
| Class Z | .58 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .70 |
| Class M | .70 |
| Class C | .70 |
| Gold | .66 |
| Class I | .70 |
| Class Z | .58 |
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
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 ($) |
| Class A | - % | .25% | 103,167 | 1,190 |
| Class M | .25% | .25% | 54,934 | - |
| Class C | .75% | .25% | 94,354 | 5,332 |
| | | | 252,455 | 6,522 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 10,040 |
| Class M | 1,611 |
Class CA | 88 |
| | 11,739 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Gold Portfolio | 1,427 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Gold Portfolio | 2,411,774 | 1,739,065 | 560,837 |
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 | 1,080 |
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 | 28,252 | 7 | 26,703 |
9. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $22,559.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended August 31, 2024 | Year ended February 29, 2024 |
| Gold Portfolio | | |
| Distributions to shareholders | | |
| Class A | $126,072 | $350,874 |
| Class M | 24,885 | 2,042 |
| Class C | 8,313 | - |
| Gold | 1,956,082 | 11,696,291 |
| Class I | 178,840 | 1,092,039 |
| Class Z | 57,908 | 838,493 |
Total | $2,352,100 | $13,979,739 |
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, 2024 | Year ended February 29, 2024 | Six months ended August 31, 2024 | Year ended February 29, 2024 |
| Gold Portfolio | | | | |
| Class A | | | | |
| Shares sold | 363,410 | 975,413 | $8,677,314 | $21,270,418 |
| Reinvestment of distributions | 5,412 | 14,774 | 124,701 | 345,409 |
| Shares redeemed | (536,300) | (900,260) | (12,588,400) | (19,061,868) |
| Net increase (decrease) | (167,478) | 89,927 | $(3,786,385) | $2,553,959 |
| Class M | | | | |
| Shares sold | 123,115 | 186,583 | $2,827,634 | $3,870,128 |
| Reinvestment of distributions | 1,108 | 99 | 24,864 | 2,034 |
| Shares redeemed | (111,817) | (283,784) | (2,526,292) | (5,830,363) |
| Net increase (decrease) | 12,406 | (97,102) | $326,206 | $(1,958,201) |
| Class C | | | | |
| Shares sold | 50,220 | 121,024 | $1,054,434 | $2,515,286 |
| Reinvestment of distributions | 393 | - | 8,281 | - |
| Shares redeemed | (278,036) | (550,115) | (5,816,868) | (10,787,787) |
| Net increase (decrease) | (227,423) | (429,091) | $(4,754,153) | $(8,272,501) |
| Gold | | | | |
| Shares sold | 7,812,932 | 13,886,737 | $191,174,733 | $315,217,274 |
| Reinvestment of distributions | 77,769 | 452,013 | 1,853,238 | 11,091,354 |
| Shares redeemed | (9,205,653) | (25,659,509) | (224,463,603) | (564,940,285) |
| Net increase (decrease) | (1,314,952) | (11,320,759) | $(31,435,632) | $(238,631,657) |
| Class I | | | | |
| Shares sold | 439,564 | 1,671,333 | $10,626,270 | $39,208,906 |
| Reinvestment of distributions | 7,326 | 42,594 | 174,589 | 1,051,737 |
| Shares redeemed | (721,962) | (2,720,371) | (17,561,133) | (58,902,034) |
| Net increase (decrease) | (275,072) | (1,006,444) | $(6,760,274) | $(18,641,391) |
| Class Z | | | | |
| Shares sold | 1,180,909 | 1,871,519 | $29,609,874 | $43,357,574 |
| Reinvestment of distributions | 2,314 | 31,765 | 55,225 | 823,981 |
| Shares redeemed | (337,595) | (5,017,920) | (8,291,523) | (106,276,638) |
| Net increase (decrease) | 845,628 | (3,114,636) | $21,373,576 | $(62,095,083) |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.2% |
| | | Shares | Value ($) |
| Chemicals - 61.5% | | | |
| Commodity Chemicals - 11.0% | | | |
| Cabot Corp. (a) | | 90,000 | 9,459,900 |
| Dow, Inc. | | 1,090,400 | 58,423,632 |
| Tronox Holdings PLC | | 1,312,503 | 18,283,167 |
| Westlake Corp. | | 50,400 | 7,330,176 |
| | | | 93,496,875 |
| Diversified Chemicals - 3.3% | | | |
| The Chemours Co. LLC | | 1,421,900 | 27,641,736 |
| Fertilizers & Agricultural Chemicals - 3.9% | | | |
| Corteva, Inc. | | 584,411 | 33,486,750 |
| Industrial Gases - 24.5% | | | |
| Air Products & Chemicals, Inc. | | 165,800 | 46,233,330 |
| Linde PLC | | 338,086 | 161,689,629 |
| | | | 207,922,959 |
| Specialty Chemicals - 18.8% | | | |
| Axalta Coating Systems Ltd. (b) | | 849,700 | 31,014,050 |
| Balchem Corp. | | 115,300 | 20,411,559 |
| Ecolab, Inc. | | 342,700 | 86,764,786 |
| Element Solutions, Inc. | | 724,100 | 19,362,434 |
| Perimeter Solutions SA (b) | | 195,100 | 2,284,621 |
| | | | 159,837,450 |
TOTAL CHEMICALS | | | 522,385,770 |
| Construction Materials - 4.4% | | | |
| Construction Materials - 4.4% | | | |
| CRH PLC | | 77,600 | 7,043,752 |
| Martin Marietta Materials, Inc. | | 28,900 | 15,437,224 |
| Vulcan Materials Co. | | 61,500 | 15,080,415 |
| | | | 37,561,391 |
| Containers & Packaging - 7.9% | | | |
| Metal, Glass & Plastic Containers - 5.1% | | | |
| Aptargroup, Inc. | | 132,100 | 20,236,399 |
| Crown Holdings, Inc. | | 142,459 | 12,879,718 |
| Greif, Inc. Class A | | 155,600 | 9,728,112 |
| | | | 42,844,229 |
| Paper & Plastic Packaging Products & Materials - 2.8% | | | |
| Avery Dennison Corp. | | 77,800 | 17,259,930 |
| International Paper Co. | | 140,200 | 6,788,484 |
| | | | 24,048,414 |
TOTAL CONTAINERS & PACKAGING | | | 66,892,643 |
| Metals & Mining - 25.4% | | | |
| Aluminum - 0.3% | | | |
| Alcoa Corp. | | 85,900 | 2,757,390 |
| Copper - 7.8% | | | |
| Capstone Copper Corp. (b) | | 485,000 | 3,480,095 |
| First Quantum Minerals Ltd. | | 1,650,300 | 20,781,057 |
| Freeport-McMoRan, Inc. | | 953,600 | 42,225,408 |
| | | | 66,486,560 |
| Diversified Metals & Mining - 3.3% | | | |
| Altius Minerals Corp. (a) | | 171,100 | 3,085,170 |
| Ivanhoe Mines Ltd. (a)(b) | | 1,411,800 | 18,825,397 |
| Teck Resources Ltd. Class B | | 129,500 | 6,203,050 |
| | | | 28,113,617 |
| Gold - 4.0% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 102,500 | 8,351,204 |
| Alamos Gold, Inc. | | 105,100 | 2,026,118 |
| Franco-Nevada Corp. | | 75,600 | 9,231,430 |
| Wheaton Precious Metals Corp. | | 235,300 | 14,542,453 |
| | | | 34,151,205 |
| Silver - 1.0% | | | |
| Hecla Mining Co. | | 1,420,700 | 8,424,751 |
| Steel - 9.0% | | | |
| ATI, Inc. (b) | | 303,600 | 19,393,968 |
| Commercial Metals Co. | | 148,300 | 7,947,397 |
| Nucor Corp. | | 217,600 | 33,055,616 |
| Steel Dynamics, Inc. | | 130,200 | 15,560,202 |
| | | | 75,957,183 |
TOTAL METALS & MINING | | | 215,890,706 |
| TOTAL COMMON STOCKS (Cost $611,310,576) | | | 842,730,510 |
| | | | |
| Money Market Funds - 3.5% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (c) | | 7,656,407 | 7,657,938 |
| Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | | 22,069,693 | 22,071,900 |
| TOTAL MONEY MARKET FUNDS (Cost $29,729,838) | | | 29,729,838 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 102.7% (Cost $641,040,414) | 872,460,348 |
NET OTHER ASSETS (LIABILITIES) - (2.7)% | (22,624,736) |
| NET ASSETS - 100.0% | 849,835,612 |
| | |
Legend
| (a) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 5.39% | 2,497,375 | 87,463,047 | 82,302,602 | 91,560 | 118 | - | 7,657,938 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 36,952,370 | 62,065,047 | 76,945,517 | 15,539 | - | - | 22,071,900 | 0.1% |
| Total | 39,449,745 | 149,528,094 | 159,248,119 | 107,099 | 118 | - | 29,729,838 | |
| | | | | | | | | |
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, 2024, 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 | 842,730,510 | 842,730,510 | - | - |
|
| Money Market Funds | 29,729,838 | 29,729,838 | - | - |
| Total Investments in Securities: | 872,460,348 | 872,460,348 | - | - |
Materials Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $21,149,766) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $611,310,576) | $ | 842,730,510 | | |
Fidelity Central Funds (cost $29,729,838) | | 29,729,838 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $641,040,414) | | | $ | 872,460,348 |
| Foreign currency held at value (cost $19,094) | | | | 19,108 |
| Receivable for investments sold | | | | 334,761 |
| Receivable for fund shares sold | | | | 163,446 |
| Dividends receivable | | | | 1,846,386 |
| Distributions receivable from Fidelity Central Funds | | | | 24,092 |
| Prepaid expenses | | | | 2,455 |
| Other receivables | | | | 221,712 |
Total assets | | | | 875,072,308 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 1,698,425 | | |
| Payable for fund shares redeemed | | 687,757 | | |
| Accrued management fee | | 464,930 | | |
| Distribution and service plan fees payable | | 44,798 | | |
| Other payables and accrued expenses | | 268,886 | | |
| Collateral on securities loaned | | 22,071,900 | | |
| Total liabilities | | | | 25,236,696 |
| Net Assets | | | $ | 849,835,612 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 565,700,541 |
| Total accumulated earnings (loss) | | | | 284,135,071 |
| Net Assets | | | $ | 849,835,612 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($106,825,339 ÷ 1,083,933 shares)(a) | | | $ | 98.55 |
| Maximum offering price per share (100/94.25 of $98.55) | | | $ | 104.56 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($32,533,025 ÷ 334,922 shares)(a) | | | $ | 97.14 |
| Maximum offering price per share (100/96.50 of $97.14) | | | $ | 100.66 |
| Class C : | | | | |
Net Asset Value and offering price per share ($12,347,543 ÷ 131,717 shares)(a) | | | $ | 93.74 |
| Materials : | | | | |
Net Asset Value, offering price and redemption price per share ($504,528,662 ÷ 5,078,115 shares) | | | $ | 99.35 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($138,677,593 ÷ 1,399,063 shares) | | | $ | 99.12 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($54,923,450 ÷ 554,673 shares) | | | $ | 99.02 |
(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, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 7,769,927 |
| Income from Fidelity Central Funds (including $15,539 from security lending) | | | | 107,099 |
| Total income | | | | 7,877,026 |
| Expenses | | | | |
| Management fee | $ | 2,977,114 | | |
| Distribution and service plan fees | | 286,050 | | |
| Custodian fees and expenses | | 11,159 | | |
| Independent trustees' fees and expenses | | 1,868 | | |
| Registration fees | | 47,451 | | |
| Audit fees | | 34,046 | | |
| Legal | | 218 | | |
| Interest | | 7,693 | | |
| Miscellaneous | | 19,728 | | |
| Total expenses before reductions | | 3,385,327 | | |
| Expense reductions | | (17,701) | | |
| Total expenses after reductions | | | | 3,367,626 |
| Net Investment income (loss) | | | | 4,509,400 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 49,232,383 | | |
| Fidelity Central Funds | | 118 | | |
| Foreign currency transactions | | (1,099) | | |
| Total net realized gain (loss) | | | | 49,231,402 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (16,628,367) | | |
| Assets and liabilities in foreign currencies | | 6,321 | | |
| Total change in net unrealized appreciation (depreciation) | | | | (16,622,046) |
| Net gain (loss) | | | | 32,609,356 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 37,118,756 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 4,509,400 | $ | 12,276,339 |
| Net realized gain (loss) | | 49,231,402 | | 42,035,066 |
| Change in net unrealized appreciation (depreciation) | | (16,622,046) | | (35,678,203) |
| Net increase (decrease) in net assets resulting from operations | | 37,118,756 | | 18,633,202 |
| Distributions to shareholders | | (28,824,681) | | (53,638,131) |
| | | | | |
| Share transactions - net increase (decrease) | | (28,049,495) | | (192,704,225) |
| | | | | |
| Total increase (decrease) in net assets | | (19,755,420) | | (227,709,154) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 869,591,032 | | 1,097,300,186 |
| End of period | $ | 849,835,612 | $ | 869,591,032 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Materials Fund Class A |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 97.67 | $ | 99.98 | $ | 102.68 | $ | 87.03 | $ | 59.39 | $ | 69.57 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .40 | | 1.01 | | .79 | | .46 | | .33 | | .58 |
| Net realized and unrealized gain (loss) | | 3.73 | | 1.70 | | (.54) | | 15.77 | | 27.72 | | (10.10) |
| Total from investment operations | | 4.13 | | 2.71 | | .25 | | 16.23 | | 28.05 | | (9.52) |
| Distributions from net investment income | | (.07) | | (1.06) | | (.80) | | (.58) | | (.41) | | (.66) |
| Distributions from net realized gain | | (3.19) | | (3.96) | | (2.15) | | - | | - | | - |
| Total distributions | | (3.25) D | | (5.02) | | (2.95) | | (.58) | | (.41) | | (.66) |
| Net asset value, end of period | $ | 98.55 | $ | 97.67 | $ | 99.98 | $ | 102.68 | $ | 87.03 | $ | 59.39 |
Total Return E,F,G | | | | 2.88% | | .39% | | 18.64% | | 47.27% | | (13.81)% |
Ratios to Average Net Assets C,H,I | | | | | | | | | | | | |
| Expenses before reductions | | 1.00% J | | 1.03% | | 1.03% | | 1.03% | | 1.08% | | 1.08% |
| Expenses net of fee waivers, if any | | | | 1.02% | | 1.03% | | 1.03% | | 1.08% | | 1.08% |
| Expenses net of all reductions | | .99% J | | 1.02% | | 1.03% | | 1.03% | | 1.08% | | 1.07% |
| Net investment income (loss) | | .80% J | | 1.07% | | .81% | | .46% | | .48% | | .87% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 106,825 | $ | 109,696 | $ | 124,777 | $ | 138,219 | $ | 101,238 | $ | 76,869 |
Portfolio turnover rate K | | | | 51% L | | 47% | | 43% | | 36% | | 69% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
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 sales charges.
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.
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.
Fidelity Advisor® Materials Fund Class M |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 96.39 | $ | 98.77 | $ | 101.52 | $ | 86.14 | $ | 58.84 | $ | 68.98 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .27 | | .77 | | .54 | | .20 | | .14 | | .39 |
| Net realized and unrealized gain (loss) | | 3.69 | | 1.67 | | (.53) | | 15.59 | | 27.42 | | (10.01) |
| Total from investment operations | | 3.96 | | 2.44 | | .01 | | 15.79 | | 27.56 | | (9.62) |
| Distributions from net investment income | | (.02) | | (.86) | | (.61) | | (.41) | | (.26) | | (.52) |
| Distributions from net realized gain | | (3.19) | | (3.96) | | (2.15) | | - | | - | | - |
| Total distributions | | (3.21) | | (4.82) | | (2.76) | | (.41) | | (.26) | | (.52) |
| Net asset value, end of period | $ | 97.14 | $ | 96.39 | $ | 98.77 | $ | 101.52 | $ | 86.14 | $ | 58.84 |
Total Return D,E,F | | | | 2.63% | | .15% | | 18.32% | | 46.86% | | (14.05)% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | 1.25% I | | 1.27% | | 1.28% | | 1.29% | | 1.36% | | 1.37% |
| Expenses net of fee waivers, if any | | | | 1.27% | | 1.28% | | 1.29% | | 1.36% | | 1.36% |
| Expenses net of all reductions | | 1.24% I | | 1.27% | | 1.28% | | 1.29% | | 1.36% | | 1.36% |
| Net investment income (loss) | | .55% I | | .82% | | .56% | | .20% | | .21% | | .58% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 32,533 | $ | 33,182 | $ | 38,570 | $ | 37,100 | $ | 24,768 | $ | 19,423 |
Portfolio turnover rate J | | | | 51% K | | 47% | | 43% | | 36% | | 69% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
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.
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).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Materials Fund Class C |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 93.33 | $ | 95.85 | $ | 98.63 | $ | 83.76 | $ | 57.30 | $ | 67.13 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .03 | | .29 | | .06 | | (.28) | | (.18) | | .08 |
| Net realized and unrealized gain (loss) | | 3.57 | | 1.60 | | (.53) | | 15.15 | | 26.64 | | (9.76) |
| Total from investment operations | | 3.60 | | 1.89 | | (.47) | | 14.87 | | 26.46 | | (9.68) |
| Distributions from net investment income | | - | | (.45) | | (.16) | | - | | - | | (.15) |
| Distributions from net realized gain | | (3.19) | | (3.96) | | (2.15) | | - | | - | | - |
| Total distributions | | (3.19) | | (4.41) | | (2.31) | | - | | - | | (.15) |
| Net asset value, end of period | $ | 93.74 | $ | 93.33 | $ | 95.85 | $ | 98.63 | $ | 83.76 | $ | 57.30 |
Total Return D,E,F | | | | 2.11% | | (.36)% | | 17.75% | | 46.18% | | (14.46)% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | 1.75% I | | 1.78% | | 1.78% | | 1.78% | | 1.83% | | 1.82% |
| Expenses net of fee waivers, if any | | | | 1.77% | | 1.78% | | 1.78% | | 1.83% | | 1.82% |
| Expenses net of all reductions | | 1.74% I | | 1.77% | | 1.78% | | 1.78% | | 1.83% | | 1.81% |
| Net investment income (loss) | | .05% I | | .32% | | .06% | | (.29)% | | (.27)% | | .12% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 12,348 | $ | 13,269 | $ | 17,053 | $ | 21,261 | $ | 23,296 | $ | 24,239 |
Portfolio turnover rate J | | | | 51% K | | 47% | | 43% | | 36% | | 69% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
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 contingent deferred sales charge.
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).
KPortfolio turnover rate excludes securities received or delivered in-kind.
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 98.34 | $ | 100.63 | $ | 103.29 | $ | 87.46 | $ | 59.63 | $ | 69.84 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .55 | | 1.28 | | 1.07 | | .75 | | .53 | | .77 |
| Net realized and unrealized gain (loss) | | 3.76 | | 1.72 | | (.55) | | 15.86 | | 27.87 | | (10.14) |
| Total from investment operations | | 4.31 | | 3.00 | | .52 | | 16.61 | | 28.40 | | (9.37) |
| Distributions from net investment income | | (.11) | | (1.33) | | (1.03) | | (.78) | | (.57) | | (.84) |
| Distributions from net realized gain | | (3.19) | | (3.96) | | (2.15) | | - | | - | | - |
| Total distributions | | (3.30) | | (5.29) | | (3.18) | | (.78) | | (.57) | | (.84) |
| Net asset value, end of period | $ | 99.35 | $ | 98.34 | $ | 100.63 | $ | 103.29 | $ | 87.46 | $ | 59.63 |
Total Return D,E | | | | 3.17% | | .67% | | 18.98% | | 47.68% | | (13.57)% |
Ratios to Average Net Assets C,F,G | | | | | | | | | | | | |
| Expenses before reductions | | .70% H | | .76% | | .76% | | .75% | | .80% | | .80% |
| Expenses net of fee waivers, if any | | | | .75% | | .75% | | .74% | | .80% | | .80% |
| Expenses net of all reductions | | .70% H | | .75% | | .75% | | .74% | | .80% | | .79% |
| Net investment income (loss) | | 1.10% H | | 1.34% | | 1.09% | | .75% | | .76% | | 1.14% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 504,529 | $ | 516,428 | $ | 603,330 | $ | 645,773 | $ | 533,073 | $ | 405,668 |
Portfolio turnover rate I | | | | 51% J | | 47% | | 43% | | 36% | | 69% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
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).
JPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Materials Fund Class I |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 98.13 | $ | 100.42 | $ | 103.07 | $ | 87.29 | $ | 59.52 | $ | 69.70 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .53 | | 1.28 | | 1.06 | | .74 | | .55 | | .78 |
| Net realized and unrealized gain (loss) | | 3.75 | | 1.71 | | (.54) | | 15.83 | | 27.80 | | (10.12) |
| Total from investment operations | | 4.28 | | 2.99 | | .52 | | 16.57 | | 28.35 | | (9.34) |
| Distributions from net investment income | | (.11) | | (1.32) | | (1.02) | | (.79) | | (.58) | | (.84) |
| Distributions from net realized gain | | (3.19) | | (3.96) | | (2.15) | | - | | - | | - |
| Total distributions | | (3.29) D | | (5.28) | | (3.17) | | (.79) | | (.58) | | (.84) |
| Net asset value, end of period | $ | 99.12 | $ | 98.13 | $ | 100.42 | $ | 103.07 | $ | 87.29 | $ | 59.52 |
Total Return E,F | | | | 3.16% | | .66% | | 18.97% | | 47.70% | | (13.55)% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .73% I | | .75% | | .76% | | .75% | | .78% | | .79% |
| Expenses net of fee waivers, if any | | | | .75% | | .76% | | .75% | | .78% | | .79% |
| Expenses net of all reductions | | .72% I | | .75% | | .76% | | .75% | | .78% | | .78% |
| Net investment income (loss) | | 1.07% I | | 1.34% | | 1.08% | | .74% | | .78% | | 1.16% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 138,678 | $ | 144,811 | $ | 208,630 | $ | 238,282 | $ | 190,132 | $ | 137,887 |
Portfolio turnover rate J | | | | 51% K | | 47% | | 43% | | 36% | | 69% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
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).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Materials Fund Class Z |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 97.99 | $ | 100.27 | $ | 102.92 | $ | 87.14 | $ | 59.40 | $ | 69.58 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .60 | | 1.41 | | 1.20 | | .88 | | .67 | | .88 |
| Net realized and unrealized gain (loss) | | 3.75 | | 1.72 | | (.54) | | 15.81 | | 27.75 | | (10.10) |
| Total from investment operations | | 4.35 | | 3.13 | | .66 | | 16.69 | | 28.42 | | (9.22) |
| Distributions from net investment income | | (.13) | | (1.45) | | (1.16) | | (.91) | | (.68) | | (.96) |
| Distributions from net realized gain | | (3.19) | | (3.96) | | (2.15) | | - | | - | | - |
| Total distributions | | (3.32) | | (5.41) | | (3.31) | | (.91) | | (.68) | | (.96) |
| Net asset value, end of period | $ | 99.02 | $ | 97.99 | $ | 100.27 | $ | 102.92 | $ | 87.14 | $ | 59.40 |
Total Return D,E | | | | 3.32% | | .81% | | 19.14% | | 47.92% | | (13.43)% |
Ratios to Average Net Assets C,F,G | | | | | | | | | | | | |
| Expenses before reductions | | .59% H | | .61% | | .62% | | .62% | | .64% | | .63% |
| Expenses net of fee waivers, if any | | | | .61% | | .61% | | .62% | | .64% | | .63% |
| Expenses net of all reductions | | .58% H | | .61% | | .61% | | .62% | | .63% | | .62% |
| Net investment income (loss) | | 1.21% H | | 1.48% | | 1.23% | | .88% | | .93% | | 1.31% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 54,923 | $ | 52,204 | $ | 104,940 | $ | 73,790 | $ | 47,051 | $ | 13,267 |
Portfolio turnover rate I | | | | 51% J | | 47% | | 43% | | 36% | | 69% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
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).
JPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements (Unaudited)
For the period ended August 31, 2024
1. Organization.
Materials Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class M, Class C, Materials, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (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 Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Materials Portfolio | $221,712 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, deferred Trustees compensation, redemptions in-kind and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $249,155,997 |
| Gross unrealized depreciation | (18,973,843) |
| Net unrealized appreciation (depreciation) | $230,182,154 |
| Tax cost | $642,278,194 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Materials Portfolio | 258,070,531 | 314,875,742 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Materials Portfolio | 266,164 | 9,995,666 | 23,661,972 |
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.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .72 |
| Class M | .72 |
| Class C | .72 |
| Materials | .70 |
| Class I | .70 |
| Class Z | .56 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .72 |
| Class M | .72 |
| Class C | .72 |
| Materials | .67 |
| Class I | .70 |
| Class Z | .56 |
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
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 ($) |
| Class A | - % | .25% | 137,235 | - |
| Class M | .25% | .25% | 83,534 | - |
| Class C | .75% | .25% | 65,281 | 6,206 |
| | | | 286,050 | 6,206 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 8,422 |
| Class M | 262 |
Class CA | 15 |
| | 8,699 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Materials Portfolio | 6,855 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Materials Portfolio | Borrower | 8,286,833 | 5.57% | 7,693 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Materials Portfolio | 5,240,956 | 16,041,510 | 3,281,092 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Materials Portfolio | 779 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Materials Portfolio | 1,651 | - | - |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $17,701.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended August 31, 2024 | Year ended February 29, 2024 |
| Materials Portfolio | | |
| Distributions to shareholders | | |
| Class A | $3,579,319 | $6,113,236 |
| Class M | 1,079,870 | 1,841,666 |
| Class C | 444,048 | 748,040 |
| Materials | 17,186,132 | 30,248,242 |
| Class I | 4,774,582 | 9,849,219 |
| Class Z | 1,760,730 | 4,837,728 |
Total | $28,824,681 | $53,638,131 |
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, 2024 | Year ended February 29, 2024 | Six months ended August 31, 2024 | Year ended February 29, 2024 |
| Materials Portfolio | | | | |
| Class A | | | | |
| Shares sold | 48,627 | 109,222 | $4,823,469 | $10,391,547 |
| Reinvestment of distributions | 35,286 | 62,625 | 3,493,996 | 5,968,808 |
| Shares redeemed | (123,131) | (296,695) | (12,216,318) | (28,079,632) |
| Net increase (decrease) | (39,218) | (124,848) | $(3,898,853) | $(11,719,277) |
| Class M | | | | |
| Shares sold | 14,910 | 42,686 | $1,471,373 | $3,968,671 |
| Reinvestment of distributions | 10,994 | 19,481 | 1,074,021 | 1,832,253 |
| Shares redeemed | (35,240) | (108,417) | (3,468,938) | (10,095,432) |
| Net increase (decrease) | (9,336) | (46,250) | $(923,544) | $(4,294,508) |
| Class C | | | | |
| Shares sold | 7,481 | 23,244 | $713,695 | $2,141,150 |
| Reinvestment of distributions | 4,567 | 7,991 | 431,381 | 727,510 |
| Shares redeemed | (22,499) | (66,984) | (2,117,786) | (6,019,699) |
| Net increase (decrease) | (10,451) | (35,749) | $(972,710) | $(3,151,039) |
| Materials | | | | |
| Shares sold | 196,307 | 742,033 | $19,911,838 | $69,648,451 |
| Reinvestment of distributions | 158,184 | 289,938 | 15,774,078 | 27,823,736 |
| Shares redeemed | (527,948) | (1,775,766) | (52,535,013) | (167,547,083) |
| Net increase (decrease) | (173,457) | (743,795) | $(16,849,097) | $(70,074,896) |
| Class I | | | | |
| Shares sold | 103,677 | 271,740 | $10,345,269 | $26,082,202 |
| Reinvestment of distributions | 45,523 | 98,208 | 4,529,070 | 9,401,322 |
| Shares redeemed | (225,884) | (971,845) | (22,442,157) | (92,337,262) |
| Net increase (decrease) | (76,684) | (601,897) | $(7,567,818) | $(56,853,738) |
| Class Z | | | | |
| Shares sold | 52,713 | 234,755 | $5,227,290 | $22,426,173 |
| Reinvestment of distributions | 15,989 | 47,702 | 1,588,325 | 4,557,247 |
| Shares redeemed | (46,805) | (796,220) | (4,653,088) | (73,594,187) |
| Net increase (decrease) | 21,897 | (513,763) | $2,162,527 | $(46,610,767) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. 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 elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 50,178,154,296.75 | 92.38 |
| Withheld | 4,136,551,415.53 | 7.62 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 50,131,321,830.27 | 92.30 |
| Withheld | 4,183,383,882.00 | 7.70 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vijay C. Advani |
| Affirmative | 50,021,870,319.77 | 92.10 |
| Withheld | 4,292,835,392.50 | 7.90 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 50,057,248,681.17 | 92.16 |
| Withheld | 4,257,457,031.10 | 7.84 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Donald F. Donahue |
| Affirmative | 49,998,023,290.27 | 92.05 |
| Withheld | 4,316,682,422.00 | 7.95 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 50,146,578,363.15 | 92.33 |
| Withheld | 4,168,127,349.12 | 7.67 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 50,227,895,949.71 | 92.48 |
| Withheld | 4,086,809,762.56 | 7.52 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 50,080,160,698.34 | 92.20 |
| Withheld | 4,234,545,013.93 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Oscar Munoz |
| Affirmative | 49,879,616,445.58 | 91.83 |
| Withheld | 4,435,089,266.69 | 8.17 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Karen B. Peetz |
| Affirmative | 50,078,105,799.58 | 92.20 |
| Withheld | 4,236,599,912.69 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| David M. Thomas |
| Affirmative | 50,013,939,190.36 | 92.08 |
| Withheld | 4,300,766,521.91 | 7.92 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Susan Tomasky |
| Affirmative | 50,109,134,188.50 | 92.26 |
| Withheld | 4,205,571,523.77 | 7.74 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Michael E. Wiley |
| Affirmative | 50,016,526,096.47 | 92.09 |
| Withheld | 4,298,179,615.80 | 7.91 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Chemicals Portfolio
Gold Portfolio
Materials Portfolio
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of the management fee and total expense ratio of the fund or, for Gold Portfolio and Materials Portfolio, a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
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, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under separate agreements.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
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 Gold Portfolio and Materials Portfolio, the fund underperformed its benchmark for the one-, three-, and five-year periods ended February 29, 2024, 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. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect for each fund with each fund's management fee based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that, in exchange for the variable management fee, each class of each fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of each fund's management fee and total expense ratio (for the retail class for Gold Portfolio and Materials Portfolio), the Board considered each fund's (or each retail class's for Gold Portfolio and Materials Portfolio) pro rata management fee rate as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and fund paid 12b-1 fees (for Gold Portfolio and Materials Portfolio). 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 Morningstar) 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, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. 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, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
For Gold Portfolio and Materials Portfolio, the Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
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 the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's 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 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 variable management fee structure, which provides for breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including, but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; 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 May 31, 2025.
1.846035.117
SELMT-SANN-1024
Fidelity® Select Portfolios®
Financials Sector
Banking Portfolio
Brokerage and Investment Management Portfolio
Financials Portfolio
FinTech Portfolio
Insurance Portfolio
Semi-Annual Report
August 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 100.1% |
| | | Shares | Value ($) |
| Banks - 97.6% | | | |
| Diversified Banks - 34.5% | | | |
| Bank of America Corp. | | 729,376 | 29,722,072 |
| Citigroup, Inc. | | 390,900 | 24,485,976 |
| KeyCorp | | 1,034,300 | 17,645,158 |
| PNC Financial Services Group, Inc. | | 124,900 | 23,117,741 |
| U.S. Bancorp | | 499,700 | 23,600,831 |
| Wells Fargo & Co. | | 563,592 | 32,953,223 |
| | | | 151,525,001 |
| Regional Banks - 63.1% | | | |
| 1st Source Corp. | | 86,781 | 5,332,259 |
| Associated Banc-Corp. | | 525,700 | 12,028,016 |
| Banner Corp. | | 110,800 | 6,600,356 |
| BOK Financial Corp. | | 139,000 | 14,588,050 |
| Cadence Bank (a) | | 325,239 | 10,498,715 |
| Citizens Financial Group, Inc. | | 309,200 | 13,311,060 |
| Community Trust Bancorp, Inc. | | 96,376 | 4,866,988 |
| East West Bancorp, Inc. | | 161,200 | 13,552,084 |
| Eastern Bankshares, Inc. | | 851,500 | 14,449,955 |
| First Hawaiian, Inc. | | 373,000 | 9,075,090 |
| First Interstate Bancsystem, Inc. Class A | | 456,634 | 14,178,486 |
| Heartland Financial U.S.A., Inc. | | 277,600 | 15,478,976 |
| Huntington Bancshares, Inc. | | 1,001,100 | 14,986,467 |
| Independent Bank Group, Inc. | | 175,600 | 10,223,432 |
| M&T Bank Corp. | | 158,260 | 27,238,129 |
| Old National Bancorp, Indiana (a) | | 623,554 | 12,377,547 |
| Popular, Inc. | | 219,300 | 22,478,250 |
| Sierra Bancorp | | 156,900 | 4,727,397 |
| Southern Missouri Bancorp, Inc. | | 30,800 | 1,781,164 |
| Trico Bancshares | | 179,087 | 8,141,295 |
| UMB Financial Corp. | | 117,470 | 12,168,717 |
| Univest Corp. of Pennsylvania | | 261,100 | 7,430,906 |
| WesBanco, Inc. (a) | | 320,500 | 10,323,305 |
| Wintrust Financial Corp. | | 105,800 | 11,511,040 |
| | | | 277,347,684 |
TOTAL BANKS | | | 428,872,685 |
| Capital Markets - 2.5% | | | |
| Asset Management & Custody Banks - 2.5% | | | |
| Northern Trust Corp. | | 59,500 | 5,426,995 |
| Phoenix Vega Mezz PLC | | 330,200 | 31,573 |
| State Street Corp. | | 61,300 | 5,339,230 |
| | | | 10,797,798 |
| Consumer Finance - 0.0% | | | |
| Consumer Finance - 0.0% | | | |
| OneMain Holdings, Inc. | | 200 | 9,882 |
| Financial Services - 0.0% | | | |
| Diversified Financial Services - 0.0% | | | |
| Sunrisemezz Ltd. | | 47,171 | 16,790 |
| TOTAL COMMON STOCKS (Cost $314,350,106) | | | 439,697,155 |
| | | | |
| Money Market Funds - 1.6% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (b) | | 932,755 | 932,942 |
| Fidelity Securities Lending Cash Central Fund 5.39% (b)(c) | | 6,267,698 | 6,268,325 |
| TOTAL MONEY MARKET FUNDS (Cost $7,201,267) | | | 7,201,267 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.7% (Cost $321,551,373) | 446,898,422 |
NET OTHER ASSETS (LIABILITIES) - (1.7)% | (7,651,318) |
| NET ASSETS - 100.0% | 439,247,104 |
| | |
Legend
| (a) | Security or a portion of the security is on loan at period end. |
| (b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (c) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 5.39% | 198,310 | 47,028,603 | 46,293,999 | 20,042 | 28 | - | 932,942 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 1,115,400 | 93,205,556 | 88,052,631 | 1,959 | - | - | 6,268,325 | 0.0% |
| Total | 1,313,710 | 140,234,159 | 134,346,630 | 22,001 | 28 | - | 7,201,267 | |
| | | | | | | | | |
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, 2024, 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 | 439,697,155 | 439,697,155 | - | - |
|
| Money Market Funds | 7,201,267 | 7,201,267 | - | - |
| Total Investments in Securities: | 446,898,422 | 446,898,422 | - | - |
Banking Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $6,144,255) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $314,350,106) | $ | 439,697,155 | | |
Fidelity Central Funds (cost $7,201,267) | | 7,201,267 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $321,551,373) | | | $ | 446,898,422 |
| Receivable for investments sold | | | | 8,984 |
| Receivable for fund shares sold | | | | 352,027 |
| Dividends receivable | | | | 458,419 |
| Distributions receivable from Fidelity Central Funds | | | | 3,709 |
| Prepaid expenses | | | | 1,097 |
Total assets | | | | 447,722,658 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 1,254,403 | | |
| Payable for fund shares redeemed | | 690,939 | | |
| Accrued management fee | | 231,737 | | |
| Other payables and accrued expenses | | 30,150 | | |
| Collateral on securities loaned | | 6,268,325 | | |
| Total liabilities | | | | 8,475,554 |
| Net Assets | | | $ | 439,247,104 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 304,254,375 |
| Total accumulated earnings (loss) | | | | 134,992,729 |
| Net Assets | | | $ | 439,247,104 |
Net Asset Value, offering price and redemption price per share ($439,247,104 ÷ 14,602,009 shares) | | | $ | 30.08 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 6,370,339 |
| Income from Fidelity Central Funds (including $1,959 from security lending) | | | | 22,001 |
| Total income | | | | 6,392,340 |
| Expenses | | | | |
| Management fee | $ | 1,320,932 | | |
| Custodian fees and expenses | | 16,234 | | |
| Independent trustees' fees and expenses | | 827 | | |
| Registration fees | | 29,076 | | |
| Audit fees | | 20,484 | | |
| Legal | | 95 | | |
| Interest | | 6,425 | | |
| Miscellaneous | | 7,868 | | |
| Total expenses before reductions | | 1,401,941 | | |
| Expense reductions | | (8,068) | | |
| Total expenses after reductions | | | | 1,393,873 |
| Net Investment income (loss) | | | | 4,998,467 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 7,500,476 | | |
| Fidelity Central Funds | | 28 | | |
| Total net realized gain (loss) | | | | 7,500,504 |
| Change in net unrealized appreciation (depreciation) on investment securities | | | | 65,872,247 |
| Net gain (loss) | | | | 73,372,751 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 78,371,218 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 4,998,467 | $ | 12,594,461 |
| Net realized gain (loss) | | 7,500,504 | | 107,308 |
| Change in net unrealized appreciation (depreciation) | | 65,872,247 | | (15,377,171) |
| Net increase (decrease) in net assets resulting from operations | | 78,371,218 | | (2,675,402) |
| Distributions to shareholders | | (2,336,283) | | (22,547,625) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 81,222,235 | | 158,041,706 |
| Reinvestment of distributions | | 2,127,231 | | 20,768,717 |
| Cost of shares redeemed | | (106,562,397) | | (197,046,335) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (23,212,931) | | (18,235,912) |
| Total increase (decrease) in net assets | | 52,822,004 | | (43,458,939) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 386,425,100 | | 429,884,039 |
| End of period | $ | 439,247,104 | $ | 386,425,100 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 2,926,178 | | 7,256,556 |
| Issued in reinvestment of distributions | | 85,949 | | 935,405 |
| Redeemed | | (3,979,257) | | (9,006,111) |
| Net increase (decrease) | | (967,130) | | (814,150) |
| | | | | |
Financial Highlights
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 24.82 | $ | 26.24 | $ | 31.37 | $ | 26.31 | $ | 23.37 | $ | 26.42 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .34 | | .75 | | .61 | | .58 | | .54 | | .58 |
| Net realized and unrealized gain (loss) | | 5.08 | | (.83) D | | (4.24) | | 5.48 | | 4.32 | | (1.96) |
| Total from investment operations | | 5.42 | | (.08) | | (3.63) | | 6.06 | | 4.86 | | (1.38) |
| Distributions from net investment income | | (.14) | | (.74) | | (.67) | | (.54) | | (.55) | | (.53) |
| Distributions from net realized gain | | (.02) | | (.60) | | (.83) | | (.46) | | (1.37) | | (1.14) |
| Total distributions | | (.16) | | (1.34) | | (1.50) | | (1.00) | | (1.92) | | (1.67) |
| Net asset value, end of period | $ | 30.08 | $ | 24.82 | $ | 26.24 | $ | 31.37 | $ | 26.31 | $ | 23.37 |
Total Return E,F | | | | .38% D | | (11.27)% | | 23.37% | | 25.90% | | (6.05)% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .71% I | | .77% | | .75% | | .73% | | .79% | | .77% |
| Expenses net of fee waivers, if any | | | | .76% | | .74% | | .73% | | .79% | | .77% |
| Expenses net of all reductions | | .71% I | | .76% | | .74% | | .73% | | .79% | | .77% |
| Net investment income (loss) | | 2.54% I | | 3.46% | | 2.29% | | 1.93% | | 2.84% | | 2.21% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 439,247 | $ | 386,425 | $ | 429,884 | $ | 716,834 | $ | 537,860 | $ | 361,696 |
Portfolio turnover rate J | | | | 48% | | 21% | | 34% | | 32% | | 31% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been .32%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Brokerage and Investment Management Portfolio
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.7% |
| | | Shares | Value ($) |
| Capital Markets - 95.8% | | | |
| Asset Management & Custody Banks - 39.2% | | | |
| Ameriprise Financial, Inc. | | 90,600 | 40,719,264 |
| Ares Management Corp. Class A, (a) | | 321,500 | 47,067,600 |
| BlackRock, Inc. | | 46,500 | 41,934,165 |
| Blackstone, Inc. | | 335,800 | 47,804,488 |
| Blue Owl Capital, Inc. Class A (a) | | 2,599,300 | 45,851,652 |
| Bridge Investment Group Holdings, Inc. | | 3,700 | 30,377 |
| Brookfield Asset Management Ltd. Class A (a) | | 116,500 | 4,748,540 |
| Carlyle Group LP | | 543,200 | 21,798,616 |
| CVC Capital Partners PLC (b) | | 313,200 | 6,626,484 |
| EQT AB | | 29,400 | 981,508 |
| Intermediate Capital Group PLC | | 365,800 | 10,213,413 |
| KKR & Co., Inc. Class A | | 465,500 | 57,614,935 |
| P10, Inc. Class A | | 94,200 | 946,710 |
| Patria Investments Ltd. (a) | | 486,172 | 5,600,701 |
| StepStone Group, Inc. Class A (a) | | 174,200 | 9,528,740 |
| TPG, Inc. Class A | | 361,600 | 18,242,720 |
| | | | 359,709,913 |
| Financial Exchanges & Data - 36.2% | | | |
| Cboe Global Markets, Inc. | | 89,938 | 18,473,265 |
| CME Group, Inc. | | 152,200 | 32,835,628 |
| Coinbase Global, Inc. Class A (c) | | 136,900 | 25,101,984 |
| Intercontinental Exchange, Inc. | | 288,200 | 46,558,710 |
| MarketAxess Holdings, Inc. | | 53,600 | 12,992,104 |
| Moody's Corp. | | 173,600 | 84,671,664 |
| MSCI, Inc. | | 41,100 | 23,862,249 |
| NASDAQ, Inc. | | 264,300 | 19,050,744 |
| Open Lending Corp. (a)(c) | | 171,300 | 986,688 |
| S&P Global, Inc. | | 96,900 | 49,732,956 |
| Tradeweb Markets, Inc. Class A (a) | | 147,600 | 17,452,224 |
| | | | 331,718,216 |
| Investment Banking & Brokerage - 20.4% | | | |
| BGC Group, Inc. Class A (a) | | 1,642,900 | 16,231,852 |
| Charles Schwab Corp. | | 491,161 | 31,974,581 |
| Evercore, Inc. Class A | | 64,200 | 15,776,508 |
| Houlihan Lokey Class A (a) | | 109,200 | 17,102,904 |
| Interactive Brokers Group, Inc. | | 134,600 | 17,348,594 |
| Jefferies Financial Group, Inc. | | 245,800 | 14,735,710 |
| LPL Financial | | 94,700 | 21,244,998 |
| Moelis & Co. Class A (a) | | 88,400 | 5,904,236 |
| PJT Partners, Inc. Class A (a) | | 97,412 | 12,030,382 |
| Raymond James Financial, Inc. | | 211,200 | 25,253,184 |
| Robinhood Markets, Inc. (c) | | 459,300 | 9,241,116 |
| | | | 186,844,065 |
TOTAL CAPITAL MARKETS | | | 878,272,194 |
| Financial Services - 3.9% | | | |
| Diversified Financial Services - 3.9% | | | |
| Apollo Global Management, Inc. | | 309,700 | 35,841,581 |
| TOTAL COMMON STOCKS (Cost $495,035,822) | | | 914,113,775 |
| | | | |
| Money Market Funds - 7.4% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (d) | | 2,240,795 | 2,241,243 |
| Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) | | 66,126,225 | 66,132,838 |
| TOTAL MONEY MARKET FUNDS (Cost $68,374,081) | | | 68,374,081 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 107.1% (Cost $563,409,903) | 982,487,856 |
NET OTHER ASSETS (LIABILITIES) - (7.1)% | (65,234,272) |
| NET ASSETS - 100.0% | 917,253,584 |
| | |
Legend
| (a) | Security or a portion of the security is on loan at period end. |
| (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 $6,626,484 or 0.7% of net assets. |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 1,131,795 | 53,745,149 | 52,635,571 | 64,204 | (130) | - | 2,241,243 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 44,905,725 | 318,218,510 | 296,991,397 | 15,180 | - | - | 66,132,838 | 0.3% |
| Total | 46,037,520 | 371,963,659 | 349,626,968 | 79,384 | (130) | - | 68,374,081 | |
| | | | | | | | | |
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, 2024, 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 | 914,113,775 | 914,113,775 | - | - |
|
| Money Market Funds | 68,374,081 | 68,374,081 | - | - |
| Total Investments in Securities: | 982,487,856 | 982,487,856 | - | - |
Brokerage and Investment Management Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $64,282,268) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $495,035,822) | $ | 914,113,775 | | |
Fidelity Central Funds (cost $68,374,081) | | 68,374,081 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $563,409,903) | | | $ | 982,487,856 |
| Foreign currency held at value (cost $1) | | | | 1 |
| Receivable for investments sold | | | | 970,692 |
| Receivable for fund shares sold | | | | 129,217 |
| Dividends receivable | | | | 692,695 |
| Distributions receivable from Fidelity Central Funds | | | | 11,026 |
| Prepaid expenses | | | | 1,601 |
| Other receivables | | | | 65,539 |
Total assets | | | | 984,358,627 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 371,367 | | |
| Accrued management fee | | 493,631 | | |
| Other payables and accrued expenses | | 107,207 | | |
| Collateral on securities loaned | | 66,132,838 | | |
| Total liabilities | | | | 67,105,043 |
| Net Assets | | | $ | 917,253,584 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 534,597,575 |
| Total accumulated earnings (loss) | | | | 382,656,009 |
| Net Assets | | | $ | 917,253,584 |
Net Asset Value, offering price and redemption price per share ($917,253,584 ÷ 5,791,460 shares) | | | $ | 158.38 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 7,146,348 |
| Income from Fidelity Central Funds (including $15,180 from security lending) | | | | 79,384 |
| Total income | | | | 7,225,732 |
| Expenses | | | | |
| Management fee | $ | 2,942,392 | | |
| Custodian fees and expenses | | 4,489 | | |
| Independent trustees' fees and expenses | | 1,797 | | |
| Registration fees | | 29,840 | | |
| Audit fees | | 23,202 | | |
| Legal | | 208 | | |
| Interest | | 953 | | |
| Miscellaneous | | 18,688 | | |
| Total expenses before reductions | | 3,021,569 | | |
| Expense reductions | | (16,637) | | |
| Total expenses after reductions | | | | 3,004,932 |
| Net Investment income (loss) | | | | 4,220,800 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 23,514,925 | | |
| Fidelity Central Funds | | (130) | | |
| Foreign currency transactions | | 5,001 | | |
| Total net realized gain (loss) | | | | 23,519,796 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 68,868,711 | | |
| Assets and liabilities in foreign currencies | | 594 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 68,869,305 |
| Net gain (loss) | | | | 92,389,101 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 96,609,901 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 4,220,800 | $ | 9,288,914 |
| Net realized gain (loss) | | 23,519,796 | | 12,456,058 |
| Change in net unrealized appreciation (depreciation) | | 68,869,305 | | 137,993,821 |
| Net increase (decrease) in net assets resulting from operations | | 96,609,901 | | 159,738,793 |
| Distributions to shareholders | | (253,911) | | (9,651,970) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 88,993,454 | | 125,688,073 |
| Reinvestment of distributions | | 226,199 | | 8,580,838 |
| Cost of shares redeemed | | (104,746,840) | | (260,903,898) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (15,527,187) | | (126,634,987) |
| Total increase (decrease) in net assets | | 80,828,803 | | 23,451,836 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 836,424,781 | | 812,972,945 |
| End of period | $ | 917,253,584 | $ | 836,424,781 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 609,348 | | 1,029,633 |
| Issued in reinvestment of distributions | | 1,595 | | 64,659 |
| Redeemed | | (710,696) | | (2,270,079) |
| Net increase (decrease) | | (99,753) | | (1,175,787) |
| | | | | |
Financial Highlights
Brokerage and Investment Management Portfolio |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 141.98 | $ | 115.04 | $ | 121.01 | $ | 100.99 | $ | 74.99 | $ | 71.71 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .71 | | 1.50 | | 1.45 | | 1.31 | | .93 | | 1.01 |
| Net realized and unrealized gain (loss) | | 15.73 | | 27.09 | | (5.19) | | 20.54 | | 28.01 | | 5.70 |
| Total from investment operations | | 16.44 | | 28.59 | | (3.74) | | 21.85 | | 28.94 | | 6.71 |
| Distributions from net investment income | | (.04) | | (1.65) | | (1.83) | | (.83) | | (1.06) | | (.98) |
| Distributions from net realized gain | | - | | - | | (.41) | | (1.01) | | (1.88) | | (2.45) |
| Total distributions | | (.04) | | (1.65) | | (2.23) D | | (1.83) D | | (2.94) | | (3.43) |
| Net asset value, end of period | $ | 158.38 | $ | 141.98 | $ | 115.04 | $ | 121.01 | $ | 100.99 | $ | 74.99 |
Total Return E,F | | | | 24.95% | | (2.98)% | | 21.70% | | 39.69% | | 9.28% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .69% I | | .76% | | .75% | | .74% | | .76% | | .77% |
| Expenses net of fee waivers, if any | | | | .75% | | .74% | | .74% | | .76% | | .77% |
| Expenses net of all reductions | | .69% I | | .75% | | .74% | | .74% | | .76% | | .77% |
| Net investment income (loss) | | .97% I | | 1.28% | | 1.33% | | 1.06% | | 1.14% | | 1.33% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 917,254 | $ | 836,425 | $ | 812,973 | $ | 1,209,722 | $ | 429,320 | $ | 309,088 |
Portfolio turnover rate J | | | | 36% | | 4% | | 3% | | 11% | | 9% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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).
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.7% |
| | | Shares | Value ($) |
| Banks - 34.4% | | | |
| Diversified Banks - 19.9% | | | |
| Bank of America Corp. | | 1,011,300 | 41,210,475 |
| Citigroup, Inc. | | 358,800 | 22,475,232 |
| KeyCorp | | 682,300 | 11,640,038 |
| PNC Financial Services Group, Inc. | | 75,700 | 14,011,313 |
| U.S. Bancorp | | 329,200 | 15,548,116 |
| Wells Fargo & Co. | | 866,790 | 50,681,211 |
| | | | 155,566,385 |
| Regional Banks - 14.5% | | | |
| Associated Banc-Corp. | | 335,200 | 7,669,376 |
| BOK Financial Corp. | | 79,000 | 8,291,050 |
| Cadence Bank | | 139,230 | 4,494,344 |
| East West Bancorp, Inc. | | 108,800 | 9,146,816 |
| Eastern Bankshares, Inc. | | 462,500 | 7,848,625 |
| First Hawaiian, Inc. | | 174,200 | 4,238,286 |
| First Interstate Bancsystem, Inc. Class A | | 254,821 | 7,912,192 |
| Heartland Financial U.S.A., Inc. | | 123,200 | 6,869,632 |
| M&T Bank Corp. | | 111,437 | 19,179,422 |
| Popular, Inc. | | 135,800 | 13,919,500 |
| Trico Bancshares | | 112,200 | 5,100,612 |
| UMB Financial Corp. (a) | | 90,888 | 9,415,088 |
| WesBanco, Inc. | | 178,400 | 5,746,264 |
| Wintrust Financial Corp. | | 37,700 | 4,101,760 |
| | | | 113,932,967 |
TOTAL BANKS | | | 269,499,352 |
| Capital Markets - 20.6% | | | |
| Asset Management & Custody Banks - 6.8% | | | |
| AllianceBernstein Holding LP | | 236,100 | 8,131,284 |
| Blue Owl Capital, Inc. Class A (a) | | 270,100 | 4,764,564 |
| Carlyle Group LP (a) | | 190,800 | 7,656,804 |
| Northern Trust Corp. (a) | | 145,600 | 13,280,176 |
| Patria Investments Ltd. | | 391,600 | 4,511,232 |
| State Street Corp. | | 165,500 | 14,415,050 |
| | | | 52,759,110 |
| Financial Exchanges & Data - 4.0% | | | |
| Bolsa Mexicana de Valores S.A.B. de CV | | 2,249,700 | 3,461,209 |
| MarketAxess Holdings, Inc. | | 57,300 | 13,888,947 |
| Moody's Corp. | | 28,700 | 13,998,138 |
| | | | 31,348,294 |
| Investment Banking & Brokerage - 9.8% | | | |
| Lazard, Inc. Class A (a) | | 207,692 | 10,407,446 |
| LPL Financial | | 55,800 | 12,518,172 |
| Morgan Stanley | | 185,500 | 19,219,655 |
| Perella Weinberg Partners Class A | | 436,297 | 8,529,606 |
| Raymond James Financial, Inc. | | 69,000 | 8,250,330 |
| Stifel Financial Corp. | | 90,400 | 7,967,856 |
| Virtu Financial, Inc. Class A | | 326,400 | 10,023,744 |
| | | | 76,916,809 |
TOTAL CAPITAL MARKETS | | | 161,024,213 |
| Consumer Finance - 3.9% | | | |
| Consumer Finance - 3.9% | | | |
| Discover Financial Services | | 100,300 | 13,912,613 |
| FirstCash Holdings, Inc. | | 75,311 | 9,044,098 |
| OneMain Holdings, Inc. | | 155,300 | 7,673,373 |
| | | | 30,630,084 |
| Financial Services - 21.0% | | | |
| Commercial & Residential Mortgage Finance - 1.9% | | | |
| Essent Group Ltd. | | 108,938 | 7,003,624 |
| NMI Holdings, Inc. (b) | | 191,600 | 7,869,012 |
| | | | 14,872,636 |
| Diversified Financial Services - 4.7% | | | |
| Apollo Global Management, Inc. | | 158,800 | 18,377,924 |
| Corebridge Financial, Inc. (a) | | 263,900 | 7,800,884 |
| Voya Financial, Inc. | | 151,300 | 10,716,579 |
| | | | 36,895,387 |
| Multi-Sector Holdings - 0.5% | | | |
| Cannae Holdings, Inc. (a) | | 197,690 | 3,957,754 |
| Transaction & Payment Processing Services - 13.9% | | | |
| Corpay, Inc. (b) | | 28,200 | 8,898,510 |
| Fiserv, Inc. (b) | | 68,100 | 11,890,260 |
| Global Payments, Inc. | | 88,400 | 9,813,284 |
| MasterCard, Inc. Class A | | 162,400 | 78,494,416 |
| | | | 109,096,470 |
TOTAL FINANCIAL SERVICES | | | 164,822,247 |
| Insurance - 18.8% | | | |
| Insurance Brokers - 5.9% | | | |
| Arthur J. Gallagher & Co. | | 52,400 | 15,330,668 |
| Marsh & McLennan Companies, Inc. | | 72,200 | 16,426,222 |
| The Baldwin Insurance Group, Inc. Class A, (b) | | 314,911 | 14,766,177 |
| | | | 46,523,067 |
| Property & Casualty Insurance - 10.7% | | | |
| American Financial Group, Inc. | | 86,100 | 11,504,682 |
| Beazley PLC | | 741,400 | 7,302,605 |
| Chubb Ltd. | | 64,100 | 18,215,938 |
| Direct Line Insurance Group PLC | | 2,187,900 | 5,465,148 |
| Fidelity National Financial, Inc. | | 129,100 | 7,611,736 |
| First American Financial Corp. | | 56,300 | 3,591,940 |
| Hartford Financial Services Group, Inc. | | 100,300 | 11,644,830 |
| Hiscox Ltd. | | 654,500 | 10,116,961 |
| Lancashire Holdings Ltd. | | 942,092 | 8,314,316 |
| | | | 83,768,156 |
| Reinsurance - 2.2% | | | |
| Reinsurance Group of America, Inc. | | 76,400 | 16,866,064 |
TOTAL INSURANCE | | | 147,157,287 |
| Professional Services - 1.0% | | | |
| Research & Consulting Services - 1.0% | | | |
| Dun & Bradstreet Holdings, Inc. (a) | | 632,300 | 7,587,600 |
| TOTAL COMMON STOCKS (Cost $558,352,634) | | | 780,720,783 |
| | | | |
| Money Market Funds - 4.4% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (c) | | 7,106,373 | 7,107,794 |
| Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | | 27,374,038 | 27,376,775 |
| TOTAL MONEY MARKET FUNDS (Cost $34,484,569) | | | 34,484,569 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 104.1% (Cost $592,837,203) | 815,205,352 |
NET OTHER ASSETS (LIABILITIES) - (4.1)% | (31,918,044) |
| NET ASSETS - 100.0% | 783,287,308 |
| | |
Legend
| (a) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 5.39% | 2,842,322 | 37,853,704 | 33,588,232 | 35,005 | - | - | 7,107,794 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 14,222,525 | 120,436,907 | 107,282,657 | 10,442 | - | - | 27,376,775 | 0.1% |
| Total | 17,064,847 | 158,290,611 | 140,870,889 | 45,447 | - | - | 34,484,569 | |
| | | | | | | | | |
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, 2024, 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 | 780,720,783 | 780,720,783 | - | - |
|
| Money Market Funds | 34,484,569 | 34,484,569 | - | - |
| Total Investments in Securities: | 815,205,352 | 815,205,352 | - | - |
Financials Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $26,945,765) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $558,352,634) | $ | 780,720,783 | | |
Fidelity Central Funds (cost $34,484,569) | | 34,484,569 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $592,837,203) | | | $ | 815,205,352 |
| Receivable for investments sold | | | | 49,317 |
| Receivable for fund shares sold | | | | 820,473 |
| Dividends receivable | | | | 1,002,424 |
| Distributions receivable from Fidelity Central Funds | | | | 16,800 |
| Prepaid expenses | | | | 1,873 |
| Other receivables | | | | 1,355 |
Total assets | | | | 817,097,594 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 5,591,256 | | |
| Payable for fund shares redeemed | | 392,897 | | |
| Accrued management fee | | 411,162 | | |
| Other payables and accrued expenses | | 38,196 | | |
| Collateral on securities loaned | | 27,376,775 | | |
| Total liabilities | | | | 33,810,286 |
| Net Assets | | | $ | 783,287,308 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 539,013,323 |
| Total accumulated earnings (loss) | | | | 244,273,985 |
| Net Assets | | | $ | 783,287,308 |
Net Asset Value, offering price and redemption price per share ($783,287,308 ÷ 54,794,501 shares) | | | $ | 14.29 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 9,133,928 |
| Income from Fidelity Central Funds (including $10,442 from security lending) | | | | 45,447 |
| Total income | | | | 9,179,375 |
| Expenses | | | | |
| Management fee | $ | 2,405,740 | | |
| Custodian fees and expenses | | 13,930 | | |
| Independent trustees' fees and expenses | | 1,477 | | |
| Registration fees | | 29,069 | | |
| Audit fees | | 23,479 | | |
| Legal | | 876 | | |
| Interest | | 10,777 | | |
| Miscellaneous | | 14,471 | | |
| Total expenses before reductions | | 2,499,819 | | |
| Expense reductions | | (13,899) | | |
| Total expenses after reductions | | | | 2,485,920 |
| Net Investment income (loss) | | | | 6,693,455 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 18,213,787 | | |
| Foreign currency transactions | | (8,472) | | |
| Total net realized gain (loss) | | | | 18,205,315 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 76,992,362 | | |
| Assets and liabilities in foreign currencies | | 3,082 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 76,995,444 |
| Net gain (loss) | | | | 95,200,759 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 101,894,214 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 6,693,455 | $ | 13,710,762 |
| Net realized gain (loss) | | 18,205,315 | | 2,618,029 |
| Change in net unrealized appreciation (depreciation) | | 76,995,444 | | 26,667,301 |
| Net increase (decrease) in net assets resulting from operations | | 101,894,214 | | 42,996,092 |
| Distributions to shareholders | | (4,346,544) | | (20,240,392) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 76,768,334 | | 238,771,101 |
| Reinvestment of distributions | | 4,025,202 | | 18,627,765 |
| Cost of shares redeemed | | (93,364,431) | | (313,003,472) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (12,570,895) | | (55,604,606) |
| Total increase (decrease) in net assets | | 84,976,775 | | (32,848,906) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 698,310,533 | | 731,159,439 |
| End of period | $ | 783,287,308 | $ | 698,310,533 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 5,797,118 | | 20,764,508 |
| Issued in reinvestment of distributions | | 323,830 | | 1,693,153 |
| Redeemed | | (7,202,421) | | (30,094,552) |
| Net increase (decrease) | | (1,081,473) | | (7,636,891) |
| | | | | |
Financial Highlights
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.50 | $ | 11.51 | $ | 13.23 | $ | 11.26 | $ | 9.49 | $ | 9.65 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .12 | | .26 | | .24 | | .25 | | .20 | | .19 |
| Net realized and unrealized gain (loss) | | 1.75 | | 1.09 | | (.74) | | 2.26 | | 2.17 | | .26 |
| Total from investment operations | | 1.87 | | 1.35 | | (.50) | | 2.51 | | 2.37 | | .45 |
| Distributions from net investment income | | (.04) | | (.25) | | (.23) | | (.26) | | (.21) | | (.16) |
| Distributions from net realized gain | | (.04) | | (.11) | | (.98) | | (.28) | | (.39) | | (.45) |
| Total distributions | | (.08) | | (.36) | | (1.22) D | | (.54) | | (.60) | | (.61) |
| Net asset value, end of period | $ | 14.29 | $ | 12.50 | $ | 11.51 | $ | 13.23 | $ | 11.26 | $ | 9.49 |
Total Return E,F | | | | 12.15% | | (3.30)% | | 22.47% | | 27.89% | | 3.81% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .70% I | | .76% | | .75% | | .73% | | .77% | | .77% |
| Expenses net of fee waivers, if any | | | | .76% | | .75% | | .72% | | .77% | | .77% |
| Expenses net of all reductions | | .70% I | | .76% | | .75% | | .72% | | .77% | | .76% |
| Net investment income (loss) | | 1.87% I | | 2.43% | | 2.12% | | 1.89% | | 2.36% | | 1.81% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 783,287 | $ | 698,311 | $ | 731,159 | $ | 819,910 | $ | 606,048 | $ | 483,337 |
Portfolio turnover rate J | | | | 66% | | 46% | | 53% | | 63% | | 61% K |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal 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).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.9% |
| | | Shares | Value ($) |
| Consumer Finance - 20.9% | | | |
| Consumer Finance - 20.9% | | | |
| American Express Co. | | 45,859 | 11,861,430 |
| Capital One Financial Corp. | | 15,790 | 2,320,025 |
| Discover Financial Services | | 34,847 | 4,833,627 |
| OneMain Holdings, Inc. | | 6,091 | 300,956 |
| Synchrony Financial | | 25,466 | 1,279,921 |
| | | | 20,595,959 |
| Financial Services - 61.9% | | | |
| Transaction & Payment Processing Services - 61.9% | | | |
| Adyen BV (a)(b) | | 3,229 | 4,765,370 |
| Block, Inc. Class A (a) | | 69,227 | 4,574,520 |
| Corpay, Inc. (a) | | 14,913 | 4,705,797 |
| Fidelity National Information Services, Inc. | | 58,519 | 4,824,892 |
| Fiserv, Inc. (a) | | 27,604 | 4,819,658 |
| Flywire Corp. (a)(c) | | 80,087 | 1,450,376 |
| Global Payments, Inc. | | 34,645 | 3,845,941 |
| Marqeta, Inc. Class A (a) | | 98,981 | 527,569 |
| MasterCard, Inc. Class A | | 25,675 | 12,409,757 |
| PagSeguro Digital Ltd. (a) | | 44,275 | 490,124 |
| PayPal Holdings, Inc. (a) | | 38,522 | 2,790,148 |
| Shift4 Payments, Inc. Class A (a)(c) | | 17,929 | 1,489,900 |
| Visa, Inc. Class A | | 41,438 | 11,452,220 |
| WEX, Inc. (a) | | 12,014 | 2,294,914 |
| Wise PLC (a) | | 44,900 | 415,424 |
| | | | 60,856,610 |
| IT Services - 4.8% | | | |
| Internet Services & Infrastructure - 4.8% | | | |
| Shopify, Inc. Class A (a) | | 63,897 | 4,732,851 |
| Software - 12.3% | | | |
| Application Software - 12.3% | | | |
| Intapp, Inc. (a) | | 26,627 | 1,230,167 |
| Intuit, Inc. | | 17,244 | 10,868,203 |
| | | | 12,098,370 |
| TOTAL COMMON STOCKS (Cost $67,215,097) | | | 98,283,790 |
| | | | |
| Money Market Funds - 1.9% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (d) | | 146,974 | 147,004 |
| Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) | | 1,720,088 | 1,720,260 |
| TOTAL MONEY MARKET FUNDS (Cost $1,867,264) | | | 1,867,264 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.8% (Cost $69,082,361) | 100,151,054 |
NET OTHER ASSETS (LIABILITIES) - (1.8)% | (1,802,567) |
| NET ASSETS - 100.0% | 98,348,487 |
| | |
Legend
| (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 $4,765,370 or 4.8% of net assets. |
| (c) | Security or a portion of the security is on loan at period end. |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 1,815,560 | 10,708,511 | 12,377,132 | 9,199 | 65 | - | 147,004 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 1,886,625 | 6,951,250 | 7,117,615 | 870 | - | - | 1,720,260 | 0.0% |
| Total | 3,702,185 | 17,659,761 | 19,494,747 | 10,069 | 65 | - | 1,867,264 | |
| | | | | | | | | |
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, 2024, 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 | 98,283,790 | 93,518,420 | 4,765,370 | - |
|
| Money Market Funds | 1,867,264 | 1,867,264 | - | - |
| Total Investments in Securities: | 100,151,054 | 95,385,684 | 4,765,370 | - |
FinTech Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $1,696,735) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $67,215,097) | $ | 98,283,790 | | |
Fidelity Central Funds (cost $1,867,264) | | 1,867,264 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $69,082,361) | | | $ | 100,151,054 |
| Receivable for fund shares sold | | | | 17,104 |
| Dividends receivable | | | | 52,932 |
| Distributions receivable from Fidelity Central Funds | | | | 1,734 |
| Prepaid expenses | | | | 208 |
Total assets | | | | 100,223,032 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 73,628 | | |
| Accrued management fee | | 53,079 | | |
| Other payables and accrued expenses | | 27,578 | | |
| Collateral on securities loaned | | 1,720,260 | | |
| Total liabilities | | | | 1,874,545 |
| Net Assets | | | $ | 98,348,487 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 111,083,871 |
| Total accumulated earnings (loss) | | | | (12,735,384) |
| Net Assets | | | $ | 98,348,487 |
Net Asset Value, offering price and redemption price per share ($98,348,487 ÷ 5,686,821 shares) | | | $ | 17.29 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 365,629 |
| Income from Fidelity Central Funds (including $870 from security lending) | | | | 10,069 |
| Total income | | | | 375,698 |
| Expenses | | | | |
| Management fee | $ | 341,213 | | |
| Custodian fees and expenses | | 2,992 | | |
| Independent trustees' fees and expenses | | 222 | | |
| Registration fees | | 15,668 | | |
| Audit fees | | 23,074 | | |
| Legal | | 26 | | |
| Miscellaneous | | 4,131 | | |
| Total expenses before reductions | | 387,326 | | |
| Expense reductions | | (2,254) | | |
| Total expenses after reductions | | | | 385,072 |
| Net Investment income (loss) | | | | (9,374) |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 1,318,491 | | |
| Fidelity Central Funds | | 65 | | |
| Foreign currency transactions | | (75) | | |
| Total net realized gain (loss) | | | | 1,318,481 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (431,468) | | |
| Assets and liabilities in foreign currencies | | 114 | | |
| Total change in net unrealized appreciation (depreciation) | | | | (431,354) |
| Net gain (loss) | | | | 887,127 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 877,753 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | (9,374) | $ | (35,601) |
| Net realized gain (loss) | | 1,318,481 | | (22,667,293) |
| Change in net unrealized appreciation (depreciation) | | (431,354) | | 45,301,050 |
| Net increase (decrease) in net assets resulting from operations | | 877,753 | | 22,598,156 |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 5,870,027 | | 14,051,673 |
| Cost of shares redeemed | | (20,136,760) | | (32,490,694) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (14,266,733) | | (18,439,021) |
| Total increase (decrease) in net assets | | (13,388,980) | | 4,159,135 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 111,737,467 | | 107,578,332 |
| End of period | $ | 98,348,487 | $ | 111,737,467 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 354,818 | | 949,620 |
| Redeemed | | (1,228,041) | | (2,225,879) |
| Net increase (decrease) | | (873,223) | | (1,276,259) |
| | | | | |
Financial Highlights
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 17.03 | $ | 13.73 | $ | 16.06 | $ | 19.37 | $ | 16.23 | $ | 15.80 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | - D | | - D | | - D | | .14 E | | .34 F | | .39 |
| Net realized and unrealized gain (loss) | | .26 | | 3.30 | | (2.33) | | .04 G,H | | 3.14 | | .35 |
| Total from investment operations | | .26 | | 3.30 | | (2.33) | | .18 | | 3.48 | | .74 |
| Distributions from net investment income | | - | | - | | - | | (.25) | | (.34) | | (.31) |
| Distributions from net realized gain | | - | | - | | - | | (3.24) | | - | | (.01) |
| Total distributions | | - | | - | | - | | (3.49) | | (.34) | | (.31) I |
| Net asset value, end of period | $ | 17.29 | $ | 17.03 | $ | 13.73 | $ | 16.06 | $ | 19.37 | $ | 16.23 |
Total Return J,K | | | | 24.03% | | (14.51)% | | (.75)% H | | 21.94% | | 4.54% |
Ratios to Average Net Assets B,L,M | | | | | | | | | | | | |
| Expenses before reductions | | .76% N | | .87% | | .87% | | .81% | | .89% | | .86% |
| Expenses net of fee waivers, if any | | | | .86% | | .87% | | .81% | | .89% | | .86% |
| Expenses net of all reductions | | .76% N | | .86% | | .87% | | .81% | | .89% | | .85% |
| Net investment income (loss) | | (.02)% N | | (.03)% | | (.03)% | | .63% E | | 2.35% F | | 2.29% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 98,348 | $ | 111,737 | $ | 107,578 | $ | 161,851 | $ | 144,880 | $ | 148,247 |
Portfolio turnover rate O | | | | 43% | | 15% | | 164% | | 25% | | 20% |
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.
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 $.01 per share. Excluding these litigation proceeds, the total return would have been (.78)%.
ITotal distributions per share do not sum due to rounding.
JTotal returns for periods of less than one year are not annualized.
KTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
LFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
MExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
NAnnualized.
OAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 97.8% |
| | | Shares | Value ($) |
| Financial Services - 4.9% | | | |
| Diversified Financial Services - 4.9% | | | |
| Corebridge Financial, Inc. | | 701,800 | 20,745,208 |
| Voya Financial, Inc. | | 295,700 | 20,944,431 |
| | | | 41,689,639 |
| Insurance - 92.9% | | | |
| Insurance Brokers - 29.2% | | | |
| Aon PLC | | 88,855 | 30,541,241 |
| Arthur J. Gallagher & Co. | | 265,300 | 77,618,821 |
| Brown & Brown, Inc. | | 374,300 | 39,350,159 |
| Marsh & McLennan Companies, Inc. | | 362,300 | 82,426,873 |
| Steadfast Group Ltd. | | 3,874,228 | 16,966,095 |
| TWFG, Inc. Class A | | 4,300 | 123,281 |
| | | | 247,026,470 |
| Life & Health Insurance - 9.8% | | | |
| MetLife, Inc. | | 515,700 | 39,956,436 |
| Primerica, Inc. | | 82,900 | 21,821,767 |
| Unum Group | | 390,200 | 21,652,198 |
| | | | 83,430,401 |
| Property & Casualty Insurance - 49.1% | | | |
| Allstate Corp. | | 167,000 | 31,552,980 |
| American Financial Group, Inc. | | 255,000 | 34,073,100 |
| Arch Capital Group Ltd. (a) | | 352,100 | 39,818,989 |
| Bowhead Specialty Holdings, Inc. (b) | | 276,300 | 8,559,774 |
| Chubb Ltd. | | 292,305 | 83,067,234 |
| Hanover Insurance Group, Inc. | | 146,700 | 21,563,433 |
| Hartford Financial Services Group, Inc. | | 645,200 | 74,907,720 |
| Progressive Corp. | | 161,000 | 40,604,200 |
| Selective Insurance Group, Inc. | | 188,111 | 17,114,339 |
| The Travelers Companies, Inc. | | 284,600 | 64,908,722 |
| | | | 416,170,491 |
| Reinsurance - 4.8% | | | |
| Reinsurance Group of America, Inc. | | 183,300 | 40,465,308 |
TOTAL INSURANCE | | | 787,092,670 |
| TOTAL COMMON STOCKS (Cost $569,122,414) | | | 828,782,309 |
| | | | |
| Money Market Funds - 1.8% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (c) | | 14,859,586 | 14,862,558 |
| Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | | 655,934 | 656,000 |
| TOTAL MONEY MARKET FUNDS (Cost $15,518,558) | | | 15,518,558 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.6% (Cost $584,640,972) | 844,300,867 |
NET OTHER ASSETS (LIABILITIES) - 0.4% | 3,301,589 |
| NET ASSETS - 100.0% | 847,602,456 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 5.39% | 8,182,208 | 181,114,567 | 174,433,854 | 181,196 | (363) | - | 14,862,558 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | - | 36,053,902 | 35,397,902 | 5,053 | - | - | 656,000 | 0.0% |
| Total | 8,182,208 | 217,168,469 | 209,831,756 | 186,249 | (363) | - | 15,518,558 | |
| | | | | | | | | |
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, 2024, 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 | 828,782,309 | 828,782,309 | - | - |
|
| Money Market Funds | 15,518,558 | 15,518,558 | - | - |
| Total Investments in Securities: | 844,300,867 | 844,300,867 | - | - |
Insurance Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $635,090) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $569,122,414) | $ | 828,782,309 | | |
Fidelity Central Funds (cost $15,518,558) | | 15,518,558 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $584,640,972) | | | $ | 844,300,867 |
| Foreign currency held at value (cost $3) | | | | 3 |
| Receivable for investments sold | | | | 2,052,900 |
| Receivable for fund shares sold | | | | 3,412,649 |
| Dividends receivable | | | | 681,457 |
| Distributions receivable from Fidelity Central Funds | | | | 37,526 |
| Prepaid expenses | | | | 1,269 |
Total assets | | | | 850,486,671 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 1,300,760 | | |
| Payable for fund shares redeemed | | 449,391 | | |
| Accrued management fee | | 435,573 | | |
| Other payables and accrued expenses | | 42,491 | | |
| Collateral on securities loaned | | 656,000 | | |
| Total liabilities | | | | 2,884,215 |
| Net Assets | | | $ | 847,602,456 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 571,990,239 |
| Total accumulated earnings (loss) | | | | 275,612,217 |
| Net Assets | | | $ | 847,602,456 |
Net Asset Value, offering price and redemption price per share ($847,602,456 ÷ 8,890,440 shares) | | | $ | 95.34 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 5,432,758 |
| Income from Fidelity Central Funds (including $5,053 from security lending) | | | | 186,249 |
| Total income | | | | 5,619,007 |
| Expenses | | | | |
| Management fee | $ | 2,342,160 | | |
| Custodian fees and expenses | | 5,850 | | |
| Independent trustees' fees and expenses | | 1,342 | | |
| Registration fees | | 58,429 | | |
| Audit fees | | 22,398 | | |
| Legal | | 860 | | |
| Miscellaneous | | 18,524 | | |
| Total expenses before reductions | | 2,449,563 | | |
| Expense reductions | | (11,650) | | |
| Total expenses after reductions | | | | 2,437,913 |
| Net Investment income (loss) | | | | 3,181,094 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 13,856,016 | | |
| Fidelity Central Funds | | (363) | | |
| Foreign currency transactions | | 1,148 | | |
| Total net realized gain (loss) | | | | 13,856,801 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 89,859,811 | | |
| Assets and liabilities in foreign currencies | | 1,432 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 89,861,243 |
| Net gain (loss) | | | | 103,718,044 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 106,899,138 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 3,181,094 | $ | 5,522,392 |
| Net realized gain (loss) | | 13,856,801 | | 44,743,943 |
| Change in net unrealized appreciation (depreciation) | | 89,861,243 | | 41,616,096 |
| Net increase (decrease) in net assets resulting from operations | | 106,899,138 | | 91,882,431 |
| Distributions to shareholders | | (21,060,959) | | (37,245,784) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 284,001,225 | | 312,809,090 |
| Reinvestment of distributions | | 19,110,578 | | 33,544,278 |
| Cost of shares redeemed | | (141,241,228) | | (275,557,684) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 161,870,575 | | 70,795,684 |
| Total increase (decrease) in net assets | | 247,708,754 | | 125,432,331 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 599,893,702 | | 474,461,371 |
| End of period | $ | 847,602,456 | $ | 599,893,702 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 3,259,249 | | 4,027,541 |
| Issued in reinvestment of distributions | | 235,091 | | 459,706 |
| Redeemed | | (1,647,460) | | (3,735,929) |
| Net increase (decrease) | | 1,846,880 | | 751,318 |
| | | | | |
Financial Highlights
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 85.17 | $ | 75.40 | $ | 69.86 | $ | 61.17 | $ | 58.44 | $ | 59.27 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .40 | | .99 | | .63 | | .78 | | .88 | | .87 |
| Net realized and unrealized gain (loss) | | 12.49 | | 15.28 | | 5.46 | | 13.73 | | 6.99 | | 2.77 |
| Total from investment operations | | 12.89 | | 16.27 | | 6.09 | | 14.51 | | 7.87 | | 3.64 |
| Distributions from net investment income | | (.07) | | (.85) | | (.55) | | (.89) | | (.94) | | (.91) |
| Distributions from net realized gain | | (2.65) | | (5.66) | | - | | (4.93) | | (4.20) | | (3.56) |
| Total distributions | | (2.72) | | (6.50) D | | (.55) | | (5.82) | | (5.14) | | (4.47) |
| Net asset value, end of period | $ | 95.34 | $ | 85.17 | $ | 75.40 | $ | 69.86 | $ | 61.17 | $ | 58.44 |
Total Return E,F | | | | 23.26% | | 8.75% | | 24.68% | | 15.54% | | 5.95% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .70% I | | .80% | | .81% | | .78% | | .83% | | .81% |
| Expenses net of fee waivers, if any | | | | .79% | | .81% | | .78% | | .83% | | .81% |
| Expenses net of all reductions | | .70% I | | .79% | | .81% | | .78% | | .83% | | .80% |
| Net investment income (loss) | | .91% I | | 1.32% | | .90% | | 1.16% | | 1.68% | | 1.37% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 847,602 | $ | 599,894 | $ | 474,461 | $ | 245,931 | $ | 184,701 | $ | 219,539 |
Portfolio turnover rate J | | | | 80% | | 48% | | 15% | | 18% | | 28% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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, 2024
1. Organization.
Banking Portfolio, Brokerage and Investment Management Portfolio, Financials Portfolio, FinTech Portfolio and Insurance Portfolio (the Funds) are non-diversified funds of Fidelity Select Portfolios (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2024 is included at the end of each Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Brokerage and Investment Management Portfolio | $65,539 |
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred Trustee compensation, net operating losses, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
| | Tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized depreciation ($) | Net unrealized appreciation (depreciation)($) |
| Banking Portfolio | 323,357,736 | 126,153,176 | (2,612,490) | 123,540,686 |
Brokerage and Investment Management Portfolio | 563,699,581 | 427,022,822 | (8,234,547) | 418,788,275 |
| Financials Portfolio | 594,854,916 | 228,473,988 | (8,123,552) | 220,350,436 |
| FinTech Portfolio | 69,676,561 | 37,558,940 | (7,084,447) | 30,474,493 |
| Insurance Portfolio | 585,830,669 | 260,050,948 | (1,580,750) | 258,470,198 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
| | Short-term ($) | Long-term ($) | Total capital loss carryforward ($) |
Brokerage and Investment Management Portfolio | (62,213,439) | (-) | (62,213,439) |
| FinTech Portfolio | (21,141,600) | (23,432,074) | (44,573,674) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Banking Portfolio | 58,440,249 | 78,888,490 |
| Brokerage and Investment Management Portfolio | 92,624,605 | 105,269,471 |
| Financials Portfolio | 113,370,356 | 123,286,349 |
| FinTech Portfolio | 15,793,412 | 28,289,603 |
| Insurance Portfolio | 291,207,345 | 160,308,848 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which each Fund pays a monthly management fee.
Effective March 1, 2024, each Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean each "Fund" as each Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating each Fund out of each class's management fee. Each class of each Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once each Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of each Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Banking Portfolio | .69 |
| Brokerage and Investment Management Portfolio | .70 |
| Financials Portfolio | .69 |
| FinTech Portfolio | .72 |
| Insurance Portfolio | .72 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of each Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of each Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Banking Portfolio | .67 |
| Brokerage and Investment Management Portfolio | .67 |
| Financials Portfolio | .67 |
| FinTech Portfolio | .67 |
| Insurance Portfolio | .67 |
Effective March 1, 2024, each Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Banking Portfolio | 2,267 |
| Brokerage and Investment Management Portfolio | 2,075 |
| Financials Portfolio | 2,746 |
| FinTech Portfolio | 341 |
| Insurance Portfolio | 1,882 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Banking Portfolio | Borrower | 6,202,800 | 5.58% | 6,293 |
Brokerage and Investment Management Portfolio | Borrower | 6,147,000 | 5.58% | 953 |
| Financials Portfolio | Borrower | 5,543,000 | 5.57% | 6,005 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Banking Portfolio | 2,720,713 | 8,395,044 | 1,980,134 |
| Brokerage and Investment Management Portfolio | 6,225,781 | 5,101,852 | 1,023,740 |
| Financials Portfolio | 4,250,972 | 6,343,954 | 866,607 |
| FinTech Portfolio | 710,803 | 597,613 | (8,129) |
| Insurance Portfolio | 9,254,323 | 11,505,113 | 4,812,579 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Banking Portfolio | 344 |
| Brokerage and Investment Management Portfolio | 737 |
| Financials Portfolio | 610 |
| FinTech Portfolio | 94 |
| Insurance Portfolio | 537 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Banking Portfolio | 206 | - | - |
| Brokerage and Investment Management Portfolio | 1,593 | 1 | - |
| Financials Portfolio | 1,098 | 1 | - |
| FinTech Portfolio | 85 | - | - |
| Insurance Portfolio | 533 | - | - |
8. Bank Borrowings.
Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
| | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Banking Portfolio | 43,000 | 5.83% | 132 |
| Financials Portfolio | 4,209,714 | 5.83% | 4,772 |
9. Expense Reductions.
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
| | Custodian credits ($) |
| Insurance Portfolio | 356 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:
| | Amount ($) |
| Banking Portfolio | 8,068 |
| Brokerage and Investment Management Portfolio | 16,637 |
| Financials Portfolio | 13,899 |
| FinTech Portfolio | 2,254 |
| Insurance Portfolio | 11,294 |
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. 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 elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 50,178,154,296.75 | 92.38 |
| Withheld | 4,136,551,415.53 | 7.62 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 50,131,321,830.27 | 92.30 |
| Withheld | 4,183,383,882.00 | 7.70 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vijay C. Advani |
| Affirmative | 50,021,870,319.77 | 92.10 |
| Withheld | 4,292,835,392.50 | 7.90 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 50,057,248,681.17 | 92.16 |
| Withheld | 4,257,457,031.10 | 7.84 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Donald F. Donahue |
| Affirmative | 49,998,023,290.27 | 92.05 |
| Withheld | 4,316,682,422.00 | 7.95 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 50,146,578,363.15 | 92.33 |
| Withheld | 4,168,127,349.12 | 7.67 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 50,227,895,949.71 | 92.48 |
| Withheld | 4,086,809,762.56 | 7.52 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 50,080,160,698.34 | 92.20 |
| Withheld | 4,234,545,013.93 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Oscar Munoz |
| Affirmative | 49,879,616,445.58 | 91.83 |
| Withheld | 4,435,089,266.69 | 8.17 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Karen B. Peetz |
| Affirmative | 50,078,105,799.58 | 92.20 |
| Withheld | 4,236,599,912.69 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| David M. Thomas |
| Affirmative | 50,013,939,190.36 | 92.08 |
| Withheld | 4,300,766,521.91 | 7.92 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Susan Tomasky |
| Affirmative | 50,109,134,188.50 | 92.26 |
| Withheld | 4,205,571,523.77 | 7.74 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Michael E. Wiley |
| Affirmative | 50,016,526,096.47 | 92.09 |
| Withheld | 4,298,179,615.80 | 7.91 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Banking Portfolio
Brokerage and Investment Management Portfolio
Fintech Portfolio
Financials Portfolio
Insurance Portfolio
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 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, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under separate agreements.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
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.
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. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect for each fund with each fund's management fee based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that, in exchange for the variable management fee, each fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of each fund's management fee and total expenses, the Board considered each fund's pro rata management fee rate as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as 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 Morningstar) 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, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. 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, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, 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 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 variable management fee structure, which provides for breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including, but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; 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 May 31, 2025.
1.813666.119
SELFIN-SANN-1024
Fidelity® Select Portfolios®
Information Technology Sector
Enterprise Technology Services Portfolio
Semiconductors Portfolio
Software and IT Services Portfolio
Tech Hardware Portfolio
Technology Portfolio
Semi-Annual Report
August 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Enterprise Technology Services Portfolio
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.8% |
| | | Shares | Value ($) |
| Broadline Retail - 1.8% | | | |
| Broadline Retail - 1.8% | | | |
| Amazon.com, Inc. (a) | | 167,500 | 29,898,750 |
| Financial Services - 59.5% | | | |
| Transaction & Payment Processing Services - 59.5% | | | |
| Block, Inc. Class A (a) | | 876,200 | 57,899,296 |
| Corpay, Inc. (a) | | 170,200 | 53,706,610 |
| Fidelity National Information Services, Inc. | | 757,000 | 62,414,650 |
| Fiserv, Inc. (a) | | 480,717 | 83,933,188 |
| Flywire Corp. (a) | | 20,681 | 374,533 |
| MasterCard, Inc. Class A | | 720,000 | 348,004,800 |
| Paymentus Holdings, Inc. Class A (a) | | 226,900 | 5,157,437 |
| PayPal Holdings, Inc. (a) | | 465,440 | 33,711,819 |
| The Western Union Co. | | 4,800 | 58,560 |
| Visa, Inc. Class A (b) | | 1,327,048 | 366,756,256 |
| | | | 1,012,017,149 |
| Interactive Media & Services - 1.6% | | | |
| Interactive Media & Services - 1.6% | | | |
| Meta Platforms, Inc. Class A | | 53,800 | 28,046,478 |
| IT Services - 23.9% | | | |
| Internet Services & Infrastructure - 3.0% | | | |
| Cloudflare, Inc. Class A (a) | | 43,500 | 3,573,090 |
| GoDaddy, Inc. Class A (a) | | 162,000 | 27,120,420 |
| MongoDB, Inc. Class A (a) | | 23,700 | 6,891,723 |
| Okta, Inc. Class A (a) | | 37,500 | 2,952,375 |
| Snowflake, Inc. Class A (a) | | 99,800 | 11,400,154 |
| | | | 51,937,762 |
| IT Consulting & Other Services - 20.9% | | | |
| Accenture PLC Class A | | 368,480 | 126,001,736 |
| Amdocs Ltd. | | 280,700 | 24,412,479 |
| Cognizant Technology Solutions Corp. Class A | | 131,800 | 10,250,086 |
| EPAM Systems, Inc. (a) | | 86,500 | 17,365,740 |
| Gartner, Inc. (a) | | 124,000 | 61,003,040 |
| Globant SA (a)(b) | | 104,500 | 21,134,080 |
| IBM Corp. | | 317,000 | 64,075,210 |
| Kyndryl Holdings, Inc. (a) | | 1,299,800 | 30,792,262 |
| | | | 355,034,633 |
TOTAL IT SERVICES | | | 406,972,395 |
| Professional Services - 8.2% | | | |
| Data Processing & Outsourced Services - 4.4% | | | |
| ExlService Holdings, Inc. (a) | | 810,793 | 29,626,376 |
| Genpact Ltd. | | 695,341 | 27,278,227 |
| Maximus, Inc. | | 206,412 | 19,043,571 |
| | | | 75,948,174 |
| Human Resource & Employment Services - 3.8% | | | |
| Automatic Data Processing, Inc. | | 227,475 | 62,762,627 |
| Robert Half, Inc. (b) | | 25,700 | 1,610,619 |
| | | | 64,373,246 |
TOTAL PROFESSIONAL SERVICES | | | 140,321,420 |
| Software - 4.8% | | | |
| Application Software - 3.3% | | | |
| Intuit, Inc. | | 38,356 | 24,174,253 |
| SAP SE sponsored ADR (b) | | 144,500 | 31,748,095 |
| | | | 55,922,348 |
| Systems Software - 1.5% | | | |
| Microsoft Corp. | | 62,400 | 26,029,536 |
TOTAL SOFTWARE | | | 81,951,884 |
| TOTAL COMMON STOCKS (Cost $822,111,239) | | | 1,699,208,076 |
| | | | |
| Money Market Funds - 1.6% |
| | | Shares | Value ($) |
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) (Cost $27,646,115) | | 27,643,350 | 27,646,115 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.4% (Cost $849,757,354) | 1,726,854,191 |
NET OTHER ASSETS (LIABILITIES) - (1.4)% | (24,652,590) |
| NET ASSETS - 100.0% | 1,702,201,601 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 5.39% | 2,207,948 | 178,766,140 | 180,974,326 | 101,361 | 238 | - | - | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 447,422,090 | 301,984,958 | 721,760,933 | 94,101 | - | - | 27,646,115 | 0.1% |
| Total | 449,630,038 | 480,751,098 | 902,735,259 | 195,462 | 238 | - | 27,646,115 | |
| | | | | | | | | |
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, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Common Stocks | 1,699,208,076 | 1,699,208,076 | - | - |
|
| Money Market Funds | 27,646,115 | 27,646,115 | - | - |
| Total Investments in Securities: | 1,726,854,191 | 1,726,854,191 | - | - |
Enterprise Technology Services Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $27,278,211) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $822,111,239) | $ | 1,699,208,076 | | |
Fidelity Central Funds (cost $27,646,115) | | 27,646,115 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $849,757,354) | | | $ | 1,726,854,191 |
| Receivable for investments sold | | | | 5,069,864 |
| Receivable for fund shares sold | | | | 58,340 |
| Dividends receivable | | | | 1,472,500 |
| Distributions receivable from Fidelity Central Funds | | | | 26,407 |
| Prepaid expenses | | | | 3,916 |
| Other receivables | | | | 14,926 |
Total assets | | | | 1,733,500,144 |
| Liabilities | | | | |
| Payable to custodian bank | $ | 1,369,760 | | |
| Payable for fund shares redeemed | | 1,347,547 | | |
| Accrued management fee | | 890,533 | | |
| Other payables and accrued expenses | | 60,678 | | |
| Collateral on securities loaned | | 27,630,025 | | |
| Total liabilities | | | | 31,298,543 |
| Net Assets | | | $ | 1,702,201,601 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 639,286,816 |
| Total accumulated earnings (loss) | | | | 1,062,914,785 |
| Net Assets | | | $ | 1,702,201,601 |
Net Asset Value, offering price and redemption price per share ($1,702,201,601 ÷ 27,947,129 shares) | | | $ | 60.91 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 6,360,877 |
| Income from Fidelity Central Funds (including $94,101 from security lending) | | | | 195,462 |
| Total income | | | | 6,556,339 |
| Expenses | | | | |
| Management fee | $ | 5,806,143 | | |
| Custodian fees and expenses | | 22,333 | | |
| Independent trustees' fees and expenses | | 3,999 | | |
| Registration fees | | 18,495 | | |
| Audit fees | | 24,542 | | |
| Legal | | 464 | | |
| Interest | | 32,524 | | |
| Miscellaneous | | 40,031 | | |
| Total expenses before reductions | | 5,948,531 | | |
| Expense reductions | | (42,136) | | |
| Total expenses after reductions | | | | 5,906,395 |
| Net Investment income (loss) | | | | 649,944 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 186,237,095 | | |
| Fidelity Central Funds | | 238 | | |
| Foreign currency transactions | | (2,868) | | |
| Total net realized gain (loss) | | | | 186,234,465 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (265,724,221) | | |
| Assets and liabilities in foreign currencies | | (170) | | |
| Total change in net unrealized appreciation (depreciation) | | | | (265,724,391) |
| Net gain (loss) | | | | (79,489,926) |
| Net increase (decrease) in net assets resulting from operations | | | $ | (78,839,982) |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 649,944 | $ | 167,692 |
| Net realized gain (loss) | | 186,234,465 | | 210,708,471 |
| Change in net unrealized appreciation (depreciation) | | (265,724,391) | | 247,638,699 |
| Net increase (decrease) in net assets resulting from operations | | (78,839,982) | | 458,514,862 |
| Distributions to shareholders | | (113,002,039) | | (74,933,727) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 21,231,929 | | 55,557,176 |
| Reinvestment of distributions | | 105,691,558 | | 69,939,298 |
| Cost of shares redeemed | | (304,176,274) | | (524,249,094) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (177,252,787) | | (398,752,620) |
| Total increase (decrease) in net assets | | (369,094,808) | | (15,171,485) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 2,071,296,409 | | 2,086,467,894 |
| End of period | $ | 1,702,201,601 | $ | 2,071,296,409 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 354,376 | | 936,909 |
| Issued in reinvestment of distributions | | 1,777,525 | | 1,127,919 |
| Redeemed | | (5,165,439) | | (8,907,818) |
| Net increase (decrease) | | (3,033,538) | | (6,842,990) |
| | | | | |
Financial Highlights
Enterprise Technology Services Portfolio |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 66.86 | $ | 55.16 | $ | 70.27 | $ | 93.94 | $ | 73.62 | $ | 64.96 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .02 | | - D | | .02 | | (.27) | | (.09) | | .03 |
| Net realized and unrealized gain (loss) | | (2.22) | | 14.08 | | (7.56) | | (10.44) | | 25.34 | | 10.36 |
| Total from investment operations | | (2.20) | | 14.08 | | (7.54) | | (10.71) | | 25.25 | | 10.39 |
| Distributions from net investment income | | - D | | - D | | (.01) | | - | | (.01) | | (.03) |
| Distributions from net realized gain | | (3.75) | | (2.37) | | (7.55) | | (12.96) | | (4.93) | | (1.70) |
| Total distributions | | (3.75) | | (2.38) E | | (7.57) E | | (12.96) | | (4.93) E | | (1.73) |
| Net asset value, end of period | $ | 60.91 | $ | 66.86 | $ | 55.16 | $ | 70.27 | $ | 93.94 | $ | 73.62 |
Total Return F,G | | | | 25.85% | | (11.88)% | | (13.31)% | | 34.67% | | 15.99% |
Ratios to Average Net Assets C,H,I | | | | | | | | | | | | |
| Expenses before reductions | | .67% J,K | | .73% | | .73% | | .70% | | .72% | | .73% |
| Expenses net of fee waivers, if any | | | | .72% | | .73% | | .70% | | .72% | | .73% |
| Expenses net of all reductions | | .66% J,K | | .72% | | .73% | | .70% | | .72% | | .73% |
| Net investment income (loss) | | .07% J,K | | .01% | | .03% | | (.29)% | | (.11)% | | .04% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,702,202 | $ | 2,071,296 | $ | 2,086,468 | $ | 2,873,839 | $ | 4,135,311 | $ | 4,099,114 |
Portfolio turnover rate L | | | | 35% | | 43% | | 41% | | 31% | | 24% |
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 $.005 per share.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KProxy expenses are not annualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 96.9% |
| | | Shares | Value ($) |
| Electronic Equipment, Instruments & Components - 0.0% | | | |
| Electronic Equipment & Instruments - 0.0% | | | |
| Aeva Technologies, Inc. (a)(b) | | 219,560 | 724,548 |
| Semiconductors & Semiconductor Equipment - 94.2% | | | |
| Semiconductor Materials & Equipment - 13.6% | | | |
| ASML Holding NV (depository receipt) | | 1,072,462 | 969,366,228 |
| Lam Research Corp. | | 1,003,923 | 824,230,822 |
| Nova Ltd. (a)(b) | | 1,394,252 | 311,685,035 |
| Teradyne, Inc. | | 4,220,622 | 577,085,646 |
| | | | 2,682,367,731 |
| Semiconductors - 80.6% | | | |
| Advanced Micro Devices, Inc. (a) | | 5,152,972 | 765,525,520 |
| Allegro MicroSystems LLC (a)(b) | | 7,898,842 | 193,758,594 |
| Alpha & Omega Semiconductor Ltd. (a) | | 513,296 | 21,460,906 |
| Astera Labs, Inc. (b) | | 7,093,743 | 305,456,574 |
| Broadcom, Inc. | | 5,977,470 | 973,251,665 |
| GlobalFoundries, Inc. (a)(b) | | 20,369,680 | 950,856,662 |
| Impinj, Inc. (a)(c) | | 1,959,592 | 329,407,415 |
| Lattice Semiconductor Corp. (a) | | 1,124,882 | 53,274,412 |
| MACOM Technology Solutions Holdings, Inc. (a) | | 2,378,064 | 259,755,931 |
| Marvell Technology, Inc. | | 12,830,969 | 978,233,077 |
| Micron Technology, Inc. | | 10,001,986 | 962,591,133 |
| Monolithic Power Systems, Inc. | | 905,573 | 846,420,972 |
| NVIDIA Corp. | | 40,965,580 | 4,890,061,281 |
| NXP Semiconductors NV | | 4,849,714 | 1,243,272,681 |
| ON Semiconductor Corp. (a) | | 18,168,593 | 1,414,788,337 |
| Silicon Motion Tech Corp. sponsored ADR | | 1,220,400 | 77,580,828 |
| Synaptics, Inc. (a) | | 1,259,328 | 102,534,486 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 8,796,137 | 1,510,296,723 |
| Wolfspeed, Inc. (a)(b) | | 418,400 | 4,079,400 |
| | | | 15,882,606,597 |
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | 18,564,974,328 |
| Technology Hardware, Storage & Peripherals - 2.7% | | | |
| Technology Hardware, Storage & Peripherals - 2.7% | | | |
| Western Digital Corp. (a) | | 8,354,643 | 547,981,034 |
| TOTAL COMMON STOCKS (Cost $10,524,811,533) | | | 19,113,679,910 |
| | | | |
| Convertible Preferred Stocks - 0.3% |
| | | Shares | Value ($) |
| Electronic Equipment, Instruments & Components - 0.1% | | | |
| Electronic Components - 0.1% | | | |
| Frore Systems, Inc. Series C (d)(e) | | 1,078,255 | 17,500,079 |
| Menlo Micro, Inc. Series C (a)(d)(e) | | 739,500 | 517,650 |
| | | | 18,017,729 |
| Financial Services - 0.0% | | | |
| Diversified Financial Services - 0.0% | | | |
| Akeana Series C (d)(e) | | 85,500 | 1,102,095 |
| Tenstorrent Holdings, Inc.: | | | |
| Series C1 (d)(e) | | 17,041 | 1,266,317 |
| Series D1 (d)(e) | | 32,400 | 2,556,360 |
| Series D2 (d)(e) | | 8,522 | 647,928 |
| | | | 5,572,700 |
| Metals & Mining - 0.0% | | | |
| Precious Metals & Minerals - 0.0% | | | |
| Diamond Foundry, Inc. Series C (a)(d)(e) | | 189,999 | 5,243,972 |
| Semiconductors & Semiconductor Equipment - 0.1% | | | |
| Semiconductor Materials & Equipment - 0.0% | | | |
| Sima Technologies, Inc.: | | | |
| Series B (a)(d)(e) | | 309,900 | 2,020,548 |
| Series B1 (a)(d)(e) | | 163,147 | 1,235,023 |
| | | | 3,255,571 |
| Semiconductors - 0.1% | | | |
| Alif Semiconductor Series C (a)(d)(e) | | 444,283 | 8,285,878 |
| Retym, Inc. Series C (a)(d)(e) | | 458,946 | 3,969,883 |
| | | | 12,255,761 |
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | 15,511,332 |
| Software - 0.0% | | | |
| Application Software - 0.0% | | | |
| Lyte AI, Inc. Series B (d)(e) | | 246,000 | 3,120,781 |
| Technology Hardware, Storage & Peripherals - 0.1% | | | |
| Technology Hardware, Storage & Peripherals - 0.1% | | | |
| Lightmatter, Inc.: | | | |
| Series C (a)(d)(e) | | 271,273 | 6,825,229 |
| Series C2 (d)(e) | | 42,610 | 1,247,621 |
| | | | 8,072,850 |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $52,202,463) | | | 55,539,364 |
| | | | |
| Preferred Securities - 0.0% |
| | | Principal Amount (f) | Value ($) |
| Semiconductors & Semiconductor Equipment - 0.0% | | | |
| Semiconductor Materials & Equipment - 0.0% | | | |
Sima Technologies, Inc. 10% 12/31/27 (d)(e) (Cost $440,003) | | 440,003 | 450,368 |
| | | | |
| Money Market Funds - 2.0% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (g) | | 10,109,418 | 10,111,440 |
| Fidelity Securities Lending Cash Central Fund 5.39% (g)(h) | | 378,603,250 | 378,641,110 |
| TOTAL MONEY MARKET FUNDS (Cost $388,752,550) | | | 388,752,550 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.2% (Cost $10,966,206,549) | 19,558,422,192 |
NET OTHER ASSETS (LIABILITIES) - 0.8% | 153,011,834 |
| NET ASSETS - 100.0% | 19,711,434,026 |
| | |
Legend
| (b) | 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 $55,989,732 or 0.3% of net assets. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (h) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| Akeana Series C | 1/23/24 | 1,091,048 |
| | | |
| Alif Semiconductor Series C | 3/08/22 | 9,018,296 |
| | | |
| Diamond Foundry, Inc. Series C | 3/15/21 | 4,559,976 |
| | | |
| Frore Systems, Inc. Series C | 5/10/24 | 17,327,989 |
| | | |
| Lightmatter, Inc. Series C | 5/19/23 | 4,464,286 |
| | | |
| Lightmatter, Inc. Series C2 | 12/18/23 | 1,107,937 |
| | | |
| Lyte AI, Inc. Series B | 8/13/24 | 3,120,781 |
| | | |
| Menlo Micro, Inc. Series C | 2/09/22 | 980,207 |
| | | |
| Retym, Inc. Series C | 5/17/23 - 6/20/23 | 3,571,426 |
| | | |
| Sima Technologies, Inc. Series B | 5/10/21 | 1,588,981 |
| | | |
| Sima Technologies, Inc. Series B1 | 4/25/22 - 10/17/22 | 1,156,859 |
| | | |
| Sima Technologies, Inc. 10% 12/31/27 | 4/08/24 - 7/05/24 | 440,003 |
| | | |
| Tenstorrent Holdings, Inc. Series C1 | 4/23/21 | 1,013,198 |
| | | |
| Tenstorrent Holdings, Inc. Series D1 | 7/16/24 | 2,553,977 |
| | | |
| Tenstorrent Holdings, Inc. Series D2 | 7/17/24 | 647,501 |
| | | |
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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 920,435,879 | 2,628,066,466 | 3,538,409,580 | 10,209,111 | 18,675 | - | 10,111,440 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 342,913,600 | 2,396,739,357 | 2,361,011,847 | 2,944,434 | - | - | 378,641,110 | 1.6% |
| Total | 1,263,349,479 | 5,024,805,823 | 5,899,421,427 | 13,153,545 | 18,675 | - | 388,752,550 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) 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 ($) |
| Impinj, Inc. | 206,118,673 | 9,350,786 | - | - | - | 113,937,956 | 329,407,415 |
| Total | 206,118,673 | 9,350,786 | - | - | - | 113,937,956 | 329,407,415 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Common Stocks | 19,113,679,910 | 19,113,679,910 | - | - |
|
| Convertible Preferred Stocks | 55,539,364 | - | - | 55,539,364 |
|
| Preferred Securities | 450,368 | - | - | 450,368 |
|
| Money Market Funds | 388,752,550 | 388,752,550 | - | - |
| Total Investments in Securities: | 19,558,422,192 | 19,502,432,460 | - | 55,989,732 |
Semiconductors Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $361,502,457) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $10,382,649,116) | $ | 18,840,262,227 | | |
Fidelity Central Funds (cost $388,752,550) | | 388,752,550 | | |
Other affiliated issuers (cost $194,804,883) | | 329,407,415 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $10,966,206,549) | | | $ | 19,558,422,192 |
| Cash | | | | 167 |
| Receivable for investments sold | | | | 550,599,371 |
| Receivable for fund shares sold | | | | 13,137,122 |
| Dividends receivable | | | | 5,633 |
| Distributions receivable from Fidelity Central Funds | | | | 1,221,374 |
| Prepaid expenses | | | | 32,809 |
| Other receivables | | | | 246,308 |
Total assets | | | | 20,123,664,976 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 9,858,309 | | |
| Payable for fund shares redeemed | | 13,615,538 | | |
| Accrued management fee | | 9,650,683 | | |
| Other payables and accrued expenses | | 465,310 | | |
| Collateral on securities loaned | | 378,641,110 | | |
| Total liabilities | | | | 412,230,950 |
| Net Assets | | | $ | 19,711,434,026 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 10,392,101,829 |
| Total accumulated earnings (loss) | | | | 9,319,332,197 |
| Net Assets | | | $ | 19,711,434,026 |
Net Asset Value, offering price and redemption price per share ($19,711,434,026 ÷ 589,671,019 shares) | | | $ | 33.43 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 35,613,099 |
| Income from Fidelity Central Funds (including $2,944,434 from security lending) | | | | 13,153,545 |
| Total income | | | | 48,766,644 |
| Expenses | | | | |
| Management fee | $ | 57,568,284 | | |
| Custodian fees and expenses | | 39,130 | | |
| Independent trustees' fees and expenses | | 35,995 | | |
| Registration fees | | 351,113 | | |
| Audit fees | | 28,817 | | |
| Legal | | 5,631 | | |
| Interest | | 46,222 | | |
| Miscellaneous | | 213,468 | | |
| Total expenses before reductions | | 58,288,660 | | |
| Expense reductions | | (301,154) | | |
| Total expenses after reductions | | | | 57,987,506 |
| Net Investment income (loss) | | | | (9,220,862) |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 793,659,731 | | |
| Fidelity Central Funds | | 18,675 | | |
| Foreign currency transactions | | (277) | | |
| Total net realized gain (loss) | | | | 793,678,129 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 1,324,602,791 | | |
| Affiliated issuers | | 113,937,956 | | |
| Assets and liabilities in foreign currencies | | 413 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 1,438,541,160 |
| Net gain (loss) | | | | 2,232,219,289 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 2,222,998,427 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | (9,220,862) | $ | 4,632,908 |
| Net realized gain (loss) | | 793,678,129 | | 1,588,066,751 |
| Change in net unrealized appreciation (depreciation) | | 1,438,541,160 | | 4,298,071,324 |
| Net increase (decrease) in net assets resulting from operations | | 2,222,998,427 | | 5,890,770,983 |
| Distributions to shareholders | | - | | (818,861,039) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 4,067,991,542 | | 5,210,253,621 |
| Reinvestment of distributions | | - | | 757,212,266 |
| Cost of shares redeemed | | (2,305,772,848) | | (3,077,611,474) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 1,762,218,694 | | 2,889,854,413 |
| Total increase (decrease) in net assets | | 3,985,217,121 | | 7,961,764,357 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 15,726,216,905 | | 7,764,452,548 |
| End of period | $ | 19,711,434,026 | $ | 15,726,216,905 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 124,766,314 | | 214,100,253 |
| Issued in reinvestment of distributions | | - | | 31,650,582 |
| Redeemed | | (71,884,438) | | (127,112,760) |
| Net increase (decrease) | | 52,881,876 | | 118,638,075 |
| | | | | |
Financial Highlights
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 29.30 | $ | 18.57 | $ | 20.23 | $ | 17.59 | $ | 11.47 | $ | 9.41 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | (.02) | | .01 | | .03 | | .01 | | .07 | | .09 |
| Net realized and unrealized gain (loss) | | 4.15 | | 12.47 | | (.71) | | 4.30 | | 7.37 | | 2.39 |
| Total from investment operations | | 4.13 | | 12.48 | | (.68) | | 4.31 | | 7.44 | | 2.48 |
| Distributions from net investment income | | - | | (.02) | | (.03) | | (.01) | | (.08) | | (.10) |
| Distributions from net realized gain | | - | | (1.72) | | (.95) | | (1.66) | | (1.24) | | (.33) |
| Total distributions | | - | | (1.75) D | | (.98) | | (1.67) | | (1.32) | | (.42) D |
| Net asset value, end of period | $ | 33.43 | $ | 29.30 | $ | 18.57 | $ | 20.23 | $ | 17.59 | $ | 11.47 |
Total Return E,F | | | | 69.34% | | (2.91)% | | 24.57% | | 70.47% | | 26.01% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .63% I | | .68% | | .69% | | .68% | | .70% | | .72% |
| Expenses net of fee waivers, if any | | | | .67% | | .69% | | .67% | | .70% | | .72% |
| Expenses net of all reductions | | .63% I | | .67% | | .69% | | .67% | | .69% | | .71% |
| Net investment income (loss) | | (.10)% I | | .04% | | .17% | | .03% | | .53% | | .85% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 19,711,434 | $ | 15,726,217 | $ | 7,764,453 | $ | 8,426,923 | $ | 5,717,786 | $ | 3,778,557 |
Portfolio turnover rate J | | | | 32% K | | 35% | | 33% | | 87% | | 114% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Software and IT Services Portfolio
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 97.3% |
| | | Shares | Value ($) |
| Financial Services - 5.3% | | | |
| Transaction & Payment Processing Services - 5.3% | | | |
| Adyen BV (a)(b) | | 22,500 | 33,205,585 |
| Block, Inc. Class A (a) | | 2,117,227 | 139,906,360 |
| MasterCard, Inc. Class A | | 286,400 | 138,428,576 |
| Toast, Inc. (a) | | 4,103,296 | 102,007,939 |
| Visa, Inc. Class A | | 472,320 | 130,535,078 |
| | | | 544,083,538 |
| Interactive Media & Services - 3.6% | | | |
| Interactive Media & Services - 3.6% | | | |
| Alphabet, Inc. Class A | | 1,423,000 | 232,489,740 |
| Meta Platforms, Inc. Class A | | 136,300 | 71,054,553 |
| Zoominfo Technologies, Inc. (a) | | 6,970,900 | 68,942,201 |
| | | | 372,486,494 |
| IT Services - 15.5% | | | |
| Internet Services & Infrastructure - 8.3% | | | |
| Cloudflare, Inc. Class A (a) | | 1,743,349 | 143,198,687 |
| MongoDB, Inc. Class A (a) | | 653,600 | 190,060,344 |
| Okta, Inc. Class A (a) | | 1,861,691 | 146,570,932 |
| Shopify, Inc. Class A (a) | | 760,700 | 56,345,049 |
| Snowflake, Inc. Class A (a) | | 1,191,000 | 136,047,930 |
| Twilio, Inc. Class A (a) | | 2,901,229 | 182,081,132 |
| | | | 854,304,074 |
| IT Consulting & Other Services - 7.2% | | | |
| Accenture PLC Class A | | 801,600 | 274,107,120 |
| Capgemini SA | | 723,900 | 149,965,771 |
| Cognizant Technology Solutions Corp. Class A | | 2,332,700 | 181,414,079 |
| EPAM Systems, Inc. (a) | | 721,325 | 144,813,207 |
| | | | 750,300,177 |
TOTAL IT SERVICES | | | 1,604,604,251 |
| Professional Services - 1.1% | | | |
| Data Processing & Outsourced Services - 0.2% | | | |
| ExlService Holdings, Inc. (a) | | 509,341 | 18,611,320 |
| Human Resource & Employment Services - 0.9% | | | |
| Dayforce, Inc. (a)(c) | | 870,742 | 49,780,320 |
| Paycom Software, Inc. | | 304,400 | 49,550,232 |
| | | | 99,330,552 |
TOTAL PROFESSIONAL SERVICES | | | 117,941,872 |
| Software - 71.8% | | | |
| Application Software - 38.5% | | | |
| Adobe, Inc. (a) | | 1,435,700 | 824,680,437 |
| Amplitude, Inc. Class A, (a) | | 8,054,550 | 70,960,586 |
| Atlassian Corp. PLC Class A, (a) | | 1,324,550 | 219,345,480 |
| Autodesk, Inc. (a) | | 1,229,600 | 317,728,640 |
| Bill Holdings, Inc. (a) | | 1,966,100 | 107,270,416 |
| BlackLine, Inc. (a) | | 2,542,900 | 126,000,695 |
| Confluent, Inc. Class A (a) | | 5,075,985 | 107,712,402 |
| Constellation Software, Inc. warrants 3/31/40 (a)(d) | | 25,200 | 2 |
| Datadog, Inc. Class A (a) | | 1,251,432 | 145,491,484 |
| Dynatrace, Inc. (a) | | 841,807 | 42,612,270 |
| Elastic NV (a) | | 1,175,034 | 89,525,840 |
| Five9, Inc. (a) | | 3,301,455 | 106,471,924 |
| HubSpot, Inc. (a) | | 385,600 | 192,441,392 |
| Intuit, Inc. | | 308,958 | 194,723,869 |
| PTC, Inc. (a) | | 417,489 | 74,768,105 |
| RingCentral, Inc. Class A (a) | | 1,155,534 | 38,513,948 |
| Salesforce, Inc. | | 2,993,084 | 756,950,944 |
| Unity Software, Inc. (a)(c) | | 5,256,585 | 86,050,296 |
| Workday, Inc. Class A (a) | | 1,146,300 | 301,694,697 |
| Workiva, Inc. Class A (a) | | 1,846,842 | 144,367,639 |
| Zoom Video Communications, Inc. Class A (a) | | 515,600 | 35,617,648 |
| | | | 3,982,928,714 |
| Systems Software - 33.3% | | | |
| Crowdstrike Holdings, Inc. Class A (a) | | 245,186 | 67,985,174 |
| Gen Digital, Inc. | | 4,074,018 | 107,798,516 |
| Microsoft Corp. | | 6,181,002 | 2,578,343,176 |
| Oracle Corp. | | 1,754,227 | 247,854,733 |
| Palo Alto Networks, Inc. (a) | | 804,200 | 291,699,424 |
| Tenable Holdings, Inc. (a) | | 3,671,828 | 151,573,060 |
| | | | 3,445,254,083 |
TOTAL SOFTWARE | | | 7,428,182,797 |
| TOTAL COMMON STOCKS (Cost $4,987,088,940) | | | 10,067,298,952 |
| | | | |
| Money Market Funds - 3.3% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (e) | | 248,793,022 | 248,842,781 |
| Fidelity Securities Lending Cash Central Fund 5.39% (e)(f) | | 95,988,976 | 95,998,575 |
| TOTAL MONEY MARKET FUNDS (Cost $344,841,356) | | | 344,841,356 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.6% (Cost $5,331,930,296) | 10,412,140,308 |
NET OTHER ASSETS (LIABILITIES) - (0.6)% | (64,998,874) |
| NET ASSETS - 100.0% | 10,347,141,434 |
| | |
Legend
| (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 $33,205,585 or 0.3% of net assets. |
| (c) | Security or a portion of the security is on loan at period end. |
| (e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (f) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 5.39% | 480,172,960 | 680,962,163 | 912,297,392 | 5,686,569 | 5,050 | - | 248,842,781 | 0.6% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 143,218,575 | 508,504,629 | 555,724,629 | 28,739 | - | - | 95,998,575 | 0.4% |
| Total | 623,391,535 | 1,189,466,792 | 1,468,022,021 | 5,715,308 | 5,050 | - | 344,841,356 | |
| | | | | | | | | |
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.
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) ($) | Value, end of period ($) |
| Everbridge, Inc. | 58,877,929 | - | - | - | (8,608,927) | 22,625,498 | - |
| Total | 58,877,929 | - | - | - | (8,608,927) | 22,625,498 | - |
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, 2024, 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 | 10,067,298,952 | 9,884,127,594 | 183,171,356 | 2 |
|
| Money Market Funds | 344,841,356 | 344,841,356 | - | - |
| Total Investments in Securities: | 10,412,140,308 | 10,228,968,950 | 183,171,356 | 2 |
Software and IT Services Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $91,876,175) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $4,987,088,940) | $ | 10,067,298,952 | | |
Fidelity Central Funds (cost $344,841,356) | | 344,841,356 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $5,331,930,296) | | | $ | 10,412,140,308 |
| Receivable for investments sold | | | | 43,128,744 |
| Receivable for fund shares sold | | | | 911,984 |
| Dividends receivable | | | | 6,009,827 |
| Distributions receivable from Fidelity Central Funds | | | | 660,708 |
| Prepaid expenses | | | | 19,386 |
| Other receivables | | | | 530,219 |
Total assets | | | | 10,463,401,176 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 5,199,146 | | |
| Payable for fund shares redeemed | | 9,228,841 | | |
| Accrued management fee | | 5,231,862 | | |
| Other payables and accrued expenses | | 601,318 | | |
| Collateral on securities loaned | | 95,998,575 | | |
| Total liabilities | | | | 116,259,742 |
| Net Assets | | | $ | 10,347,141,434 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 4,373,660,334 |
| Total accumulated earnings (loss) | | | | 5,973,481,100 |
| Net Assets | | | $ | 10,347,141,434 |
Net Asset Value, offering price and redemption price per share ($10,347,141,434 ÷ 384,167,925 shares) | | | $ | 26.93 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 24,489,001 |
| Interest | | | | 29,510 |
| Income from Fidelity Central Funds (including $28,739 from security lending) | | | | 5,715,308 |
| Total income | | | | 30,233,819 |
| Expenses | | | | |
| Management fee | $ | 34,535,474 | | |
| Custodian fees and expenses | | 33,464 | | |
| Independent trustees' fees and expenses | | 24,436 | | |
| Registration fees | | 49,752 | | |
| Audit fees | | 33,901 | | |
| Legal | | 3,591 | | |
| Miscellaneous | | 151,524 | | |
| Total expenses before reductions | | 34,832,142 | | |
| Expense reductions | | (253,533) | | |
| Total expenses after reductions | | | | 34,578,609 |
| Net Investment income (loss) | | | | (4,344,790) |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 912,819,456 | | |
| Fidelity Central Funds | | 5,050 | | |
| Other affiliated issuers | | (8,608,927) | | |
| Foreign currency transactions | | 14,433 | | |
| Total net realized gain (loss) | | | | 904,230,012 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (1,654,003,670) | | |
| Affiliated issuers | | 22,625,498 | | |
| Assets and liabilities in foreign currencies | | 5,361 | | |
| Total change in net unrealized appreciation (depreciation) | | | | (1,631,372,811) |
| Net gain (loss) | | | | (727,142,799) |
| Net increase (decrease) in net assets resulting from operations | | | $ | (731,487,589) |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | (4,344,790) | $ | (1,675,616) |
| Net realized gain (loss) | | 904,230,012 | | 1,115,912,605 |
| Change in net unrealized appreciation (depreciation) | | (1,631,372,811) | | 3,065,925,447 |
| Net increase (decrease) in net assets resulting from operations | | (731,487,589) | | 4,180,162,436 |
| Distributions to shareholders | | (218,066,123) | | (853,130,530) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 276,498,229 | | 1,044,476,423 |
| Reinvestment of distributions | | 202,703,558 | | 789,532,155 |
| Cost of shares redeemed | | (1,577,520,977) | | (1,441,065,490) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (1,098,319,190) | | 392,943,088 |
| Total increase (decrease) in net assets | | (2,047,872,902) | | 3,719,974,994 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 12,395,014,336 | | 8,675,039,342 |
| End of period | $ | 10,347,141,434 | $ | 12,395,014,336 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 10,120,241 | | 39,764,499 |
| Issued in reinvestment of distributions | | 7,363,007 | | 28,583,318 |
| Redeemed | | (58,314,152) | | (56,149,399) |
| Net increase (decrease) | | (40,830,904) | | 12,198,418 |
| | | | | |
Financial Highlights
Software and IT Services Portfolio |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 29.16 | $ | 21.02 | $ | 26.33 | $ | 27.31 | $ | 19.90 | $ | 18.71 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | (.01) | | - D | | - D | | (.05) | | (.03) | | .19 E |
| Net realized and unrealized gain (loss) | | (1.70) | | 10.28 | | (3.53) | | 1.03 | | 8.82 | | 3.52 |
| Total from investment operations | | (1.71) | | 10.28 | | (3.53) | | .98 | | 8.79 | | 3.71 |
| Distributions from net investment income | | - | | - | | - | | - | | (.15) | | (.05) |
| Distributions from net realized gain | | (.52) | | (2.14) | | (1.78) | | (1.96) | | (1.23) | | (2.47) |
| Total distributions | | (.52) | | (2.14) | | (1.78) | | (1.96) | | (1.38) | | (2.52) |
| Net asset value, end of period | $ | 26.93 | $ | 29.16 | $ | 21.02 | $ | 26.33 | $ | 27.31 | $ | 19.90 |
Total Return F,G | | | | 49.47% | | (13.67)% | | 2.98% | | 45.80% | | 21.33% |
Ratios to Average Net Assets C,H,I | | | | | | | | | | | | |
| Expenses before reductions | | .63% J | | .68% | | .69% | | .67% | | .70% | | .70% |
| Expenses net of fee waivers, if any | | | | .67% | | .69% | | .67% | | .70% | | .70% |
| Expenses net of all reductions | | .62% J | | .67% | | .69% | | .67% | | .69% | | .70% |
| Net investment income (loss) | | (.08)% J | | (.02)% | | (.01)% | | (.17)% | | (.11)% | | .98% E |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 10,347,141 | $ | 12,395,014 | $ | 8,675,039 | $ | 11,268,291 | $ | 11,894,544 | $ | 8,031,911 |
Portfolio turnover rate K | | | | 31% | | 4% | | 10% | | 22% | | 23% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DAmount represents less than $.005 per share.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .22%.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 97.7% |
| | | Shares | Value ($) |
| Communications Equipment - 28.6% | | | |
| Communications Equipment - 28.6% | | | |
| Arista Networks, Inc. (a) | | 193,584 | 68,408,714 |
| Ciena Corp. (a) | | 395,606 | 22,806,686 |
| Cisco Systems, Inc. | | 2,597,652 | 131,285,330 |
| Motorola Solutions, Inc. | | 157,527 | 69,633,235 |
| | | | 292,133,965 |
| Electronic Equipment, Instruments & Components - 7.4% | | | |
| Electronic Components - 0.5% | | | |
| Kyocera Corp. | | 400,909 | 4,966,296 |
| Electronic Manufacturing Services - 0.6% | | | |
| Jabil, Inc. | | 62,621 | 6,843,223 |
| Technology Distributors - 6.3% | | | |
| CDW Corp. | | 203,573 | 45,934,212 |
| Insight Enterprises, Inc. (a) | | 83,957 | 18,224,546 |
| | | | 64,158,758 |
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS | | | 75,968,277 |
| Entertainment - 4.9% | | | |
| Interactive Home Entertainment - 4.9% | | | |
| Nintendo Co. Ltd. | | 924,087 | 50,255,760 |
| Household Durables - 4.6% | | | |
| Consumer Electronics - 4.6% | | | |
| Sony Group Corp. | | 485,430 | 47,278,050 |
| Interactive Media & Services - 1.2% | | | |
| Interactive Media & Services - 1.2% | | | |
| Meta Platforms, Inc. Class A | | 23,237 | 12,113,680 |
| Semiconductors & Semiconductor Equipment - 4.5% | | | |
| Semiconductors - 4.5% | | | |
| Marvell Technology, Inc. | | 97,238 | 7,413,425 |
| Renesas Electronics Corp. | | 856,830 | 14,916,965 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 791,333 | 23,410,147 |
| | | | 45,740,537 |
| Software - 7.9% | | | |
| Systems Software - 7.9% | | | |
| Microsoft Corp. | | 80,517 | 33,586,861 |
| Palo Alto Networks, Inc. (a) | | 131,220 | 47,596,118 |
| | | | 81,182,979 |
| Technology Hardware, Storage & Peripherals - 38.6% | | | |
| Technology Hardware, Storage & Peripherals - 38.6% | | | |
| Apple, Inc. | | 493,518 | 113,015,622 |
| Dell Technologies, Inc. Class C | | 341,674 | 39,477,014 |
| FUJIFILM Holdings Corp. | | 1,522,227 | 41,053,831 |
| HP, Inc. | | 143,950 | 5,208,111 |
| Pure Storage, Inc. Class A (a) | | 446,297 | 22,890,573 |
| Samsung Electronics Co. Ltd. | | 2,201,287 | 122,287,322 |
| Seagate Technology Holdings PLC | | 275,558 | 27,431,799 |
| Super Micro Computer, Inc. (a)(b) | | 4,535 | 1,984,970 |
| Wiwynn Corp. | | 174,700 | 10,415,546 |
| Xiaomi Corp. Class B (a)(c) | | 4,364,746 | 10,760,922 |
| | | | 394,525,710 |
| TOTAL COMMON STOCKS (Cost $613,931,165) | | | 999,198,958 |
| | | | |
| Convertible Preferred Stocks - 0.1% |
| | | Shares | Value ($) |
| Electronic Equipment, Instruments & Components - 0.1% | | | |
| Technology Distributors - 0.1% | | | |
| VAST Data Ltd.: | | | |
| Series A (d)(e) | | 5,512 | 100,098 |
| Series A1 (d)(e) | | 13,567 | 246,377 |
| Series A2 (d)(e) | | 15,607 | 283,423 |
| Series B (d)(e) | | 12,418 | 225,511 |
| Series C (d)(e) | | 362 | 6,574 |
| Series E (d)(e) | | 11,867 | 215,505 |
| (Cost $783,200) | | | 1,077,488 |
| | | | |
| Money Market Funds - 1.2% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (f) | | 10,133,720 | 10,135,747 |
| Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | | 2,060,794 | 2,061,000 |
| TOTAL MONEY MARKET FUNDS (Cost $12,196,747) | | | 12,196,747 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.0% (Cost $626,911,112) | 1,012,473,193 |
NET OTHER ASSETS (LIABILITIES) - 1.0% | 10,378,252 |
| NET ASSETS - 100.0% | 1,022,851,445 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $10,760,922 or 1.1% of net assets. |
| (d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,077,488 or 0.1% of net assets. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| VAST Data Ltd. Series A | 11/28/23 | 60,632 |
| | | |
| VAST Data Ltd. Series A1 | 11/28/23 | 149,237 |
| | | |
| VAST Data Ltd. Series A2 | 11/28/23 | 171,677 |
| | | |
| VAST Data Ltd. Series B | 11/28/23 | 136,598 |
| | | |
| VAST Data Ltd. Series C | 11/28/23 | 3,982 |
| | | |
| VAST Data Ltd. Series E | 11/28/23 | 261,074 |
| | | |
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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 1,916,079 | 86,026,513 | 77,808,498 | 227,981 | 1,653 | - | 10,135,747 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 3,339,525 | 125,400,727 | 126,679,252 | 3,012 | - | - | 2,061,000 | 0.0% |
| Total | 5,255,604 | 211,427,240 | 204,487,750 | 230,993 | 1,653 | - | 12,196,747 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Common Stocks | 999,198,958 | 796,141,441 | 203,057,517 | - |
|
| Convertible Preferred Stocks | 1,077,488 | - | - | 1,077,488 |
|
| Money Market Funds | 12,196,747 | 12,196,747 | - | - |
| Total Investments in Securities: | 1,012,473,193 | 808,338,188 | 203,057,517 | 1,077,488 |
Tech Hardware Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $1,969,650) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $614,714,365) | $ | 1,000,276,446 | | |
Fidelity Central Funds (cost $12,196,747) | | 12,196,747 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $626,911,112) | | | $ | 1,012,473,193 |
| Foreign currency held at value (cost $8) | | | | 8 |
| Receivable for investments sold | | | | 30,722,991 |
| Receivable for fund shares sold | | | | 83,900 |
| Dividends receivable | | | | 550,798 |
| Distributions receivable from Fidelity Central Funds | | | | 37,998 |
| Prepaid expenses | | | | 1,828 |
| Other receivables | | | | 179,711 |
Total assets | | | | 1,044,050,427 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 18,218,339 | | |
| Payable for fund shares redeemed | | 238,264 | | |
| Accrued management fee | | 551,148 | | |
| Other payables and accrued expenses | | 130,231 | | |
| Collateral on securities loaned | | 2,061,000 | | |
| Total liabilities | | | | 21,198,982 |
| Net Assets | | | $ | 1,022,851,445 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 563,659,948 |
| Total accumulated earnings (loss) | | | | 459,191,497 |
| Net Assets | | | $ | 1,022,851,445 |
Net Asset Value, offering price and redemption price per share ($1,022,851,445 ÷ 9,115,711 shares) | | | $ | 112.21 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 5,622,453 |
| Income from Fidelity Central Funds (including $3,012 from security lending) | | | | 230,993 |
| Total income | | | | 5,853,446 |
| Expenses | | | | |
| Management fee | $ | 3,269,334 | | |
| Custodian fees and expenses | | 28,663 | | |
| Independent trustees' fees and expenses | | 2,006 | | |
| Registration fees | | 27,137 | | |
| Audit fees | | 20,911 | | |
| Legal | | 1,752 | | |
| Interest | | 5,820 | | |
| Miscellaneous | | 15,552 | | |
| Total expenses before reductions | | 3,371,175 | | |
| Expense reductions | | (18,880) | | |
| Total expenses after reductions | | | | 3,352,295 |
| Net Investment income (loss) | | | | 2,501,151 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 73,319,697 | | |
| Fidelity Central Funds | | 1,653 | | |
| Foreign currency transactions | | (193,930) | | |
| Total net realized gain (loss) | | | | 73,127,420 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 43,923,405 | | |
| Assets and liabilities in foreign currencies | | (3,225) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 43,920,180 |
| Net gain (loss) | | | | 117,047,600 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 119,548,751 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 2,501,151 | $ | 4,730,408 |
| Net realized gain (loss) | | 73,127,420 | | 39,335,215 |
| Change in net unrealized appreciation (depreciation) | | 43,920,180 | | 180,630,046 |
| Net increase (decrease) in net assets resulting from operations | | 119,548,751 | | 224,695,669 |
| Distributions to shareholders | | (5,547,194) | | (4,572,286) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 35,121,585 | | 107,160,534 |
| Reinvestment of distributions | | 5,170,110 | | 4,269,833 |
| Cost of shares redeemed | | (58,660,337) | | (121,290,777) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (18,368,642) | | (9,860,410) |
| Total increase (decrease) in net assets | | 95,632,915 | | 210,262,973 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 927,218,530 | | 716,955,557 |
| End of period | $ | 1,022,851,445 | $ | 927,218,530 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 326,985 | | 1,233,562 |
| Issued in reinvestment of distributions | | 51,164 | | 45,717 |
| Redeemed | | (557,689) | | (1,366,781) |
| Net increase (decrease) | | (179,540) | | (87,502) |
| | | | | |
Financial Highlights
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 99.75 | $ | 76.41 | $ | 101.48 | $ | 114.74 | $ | 78.64 | $ | 75.84 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .27 | | .50 | | .57 | | .42 | | .93 D | | 1.51 E |
| Net realized and unrealized gain (loss) | | 12.79 | | 23.33 | | (13.00) | | 5.73 | | 44.83 | | 11.48 |
| Total from investment operations | | 13.06 | | 23.83 | | (12.43) | | 6.15 | | 45.76 | | 12.99 |
| Distributions from net investment income | | (.01) | | (.49) | | (.51) | | (.73) F | | (1.61) | | (.77) |
| Distributions from net realized gain | | (.59) | | - | | (12.13) | | (18.68) F | | (8.05) | | (9.42) |
| Total distributions | | (.60) | | (.49) | | (12.64) | | (19.41) | | (9.66) | | (10.19) |
| Net asset value, end of period | $ | 112.21 | $ | 99.75 | $ | 76.41 | $ | 101.48 | $ | 114.74 | $ | 78.64 |
Total Return G,H | | | | 31.23% | | (13.62)% | | 4.72% | | 62.60% | | 17.80% |
Ratios to Average Net Assets C,I,J | | | | | | | | | | | | |
| Expenses before reductions | | .69% K | | .73% | | .73% | | .72% L | | .74% | | .76% |
| Expenses net of fee waivers, if any | | | | .72% | | .73% | | .72% L | | .74% | | .76% |
| Expenses net of all reductions | | .69% K | | .72% | | .73% | | .72% L | | .73% | | .75% |
| Net investment income (loss) | | .51% K | | .57% | | .74% | | .38% L | | 1.04% D | | 1.95% E |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,022,851 | $ | 927,219 | $ | 716,956 | $ | 913,649 | $ | 770,776 | $ | 533,793 |
Portfolio turnover rate M | | | | 39% | | 30% | | 99% N | | 78% | | 116% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.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 $.78 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .94%.
FThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KAnnualized.
LProxy expenses are not annualized.
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
NThe portfolio turnover rate does not include the assets acquired in the merger.
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 94.8% |
| | | Shares | Value ($) |
| Aerospace & Defense - 0.0% | | | |
| Aerospace & Defense - 0.0% | | | |
| ABL Space Systems warrants 12/14/30 (a)(b)(c) | | 19,797 | 133,630 |
| Air Freight & Logistics - 0.0% | | | |
| Air Freight & Logistics - 0.0% | | | |
| Delhivery Private Ltd. (a) | | 579,000 | 2,895,863 |
| Broadline Retail - 1.6% | | | |
| Broadline Retail - 1.6% | | | |
| Amazon.com, Inc. (a) | | 1,392,000 | 248,472,000 |
| Chemicals - 0.0% | | | |
| Commodity Chemicals - 0.0% | | | |
| LG Chemical Ltd. | | 24,257 | 5,830,879 |
| Communications Equipment - 2.3% | | | |
| Communications Equipment - 2.3% | | | |
| Cisco Systems, Inc. | | 7,203,173 | 364,048,363 |
| Electrical Equipment - 0.0% | | | |
| Electrical Components & Equipment - 0.0% | | | |
| ESS Tech, Inc. Class A (a) | | 52,485 | 393,113 |
| Electronic Equipment, Instruments & Components - 0.6% | | | |
| Electronic Components - 0.6% | | | |
| Amphenol Corp. Class A | | 1,357,176 | 91,541,521 |
| Entertainment - 0.6% | | | |
| Movies & Entertainment - 0.6% | | | |
| Netflix, Inc. (a) | | 127,730 | 89,583,436 |
| Food Products - 0.0% | | | |
| Agricultural Products & Services - 0.0% | | | |
| Local Bounti Corp. (a) | | 118,993 | 312,952 |
| Ground Transportation - 2.3% | | | |
| Passenger Ground Transportation - 2.3% | | | |
| Lyft, Inc. (a) | | 1,718,528 | 20,055,222 |
| Uber Technologies, Inc. (a) | | 4,606,538 | 336,876,124 |
| | | | 356,931,346 |
| Hotels, Restaurants & Leisure - 0.3% | | | |
| Hotels, Resorts & Cruise Lines - 0.2% | | | |
| Airbnb, Inc. Class A (a) | | 301,509 | 35,370,021 |
| Restaurants - 0.1% | | | |
| Deliveroo PLC Class A (a)(d) | | 6,252,898 | 12,531,407 |
TOTAL HOTELS, RESTAURANTS & LEISURE | | | 47,901,428 |
| Interactive Media & Services - 0.2% | | | |
| Interactive Media & Services - 0.2% | | | |
| Epic Games, Inc. (a)(b)(c) | | 17,917 | 10,750,200 |
| Reddit, Inc.: | | | |
| Class A | | 38,400 | 2,305,152 |
| Class B (a) | | 265,261 | 15,923,618 |
| | | | 28,978,970 |
| IT Services - 4.0% | | | |
| Internet Services & Infrastructure - 4.0% | | | |
| Okta, Inc. Class A (a) | | 5,104,947 | 401,912,477 |
| Shopify, Inc. Class A (a)(e) | | 2,860,300 | 211,862,421 |
| Snowflake, Inc. Class A (a) | | 111,800 | 12,770,914 |
| | | | 626,545,812 |
| IT Consulting & Other Services - 0.0% | | | |
| Thoughtworks Holding, Inc. (a)(e) | | 1,329,904 | 5,785,082 |
TOTAL IT SERVICES | | | 632,330,894 |
| Life Sciences Tools & Services - 0.0% | | | |
| Life Sciences Tools & Services - 0.0% | | | |
| Eden Biologics, Inc. (a)(c) | | 1,015,442 | 0 |
| Pharmaceuticals - 0.0% | | | |
| Pharmaceuticals - 0.0% | | | |
| Chime Biologics Wuhan Co. Ltd. (a)(c) | | 1,015,442 | 528,873 |
| Semiconductors & Semiconductor Equipment - 41.9% | | | |
| Semiconductor Materials & Equipment - 2.6% | | | |
| ASML Holding NV (Netherlands) | | 202,950 | 183,027,222 |
| Teradyne, Inc. | | 1,662,328 | 227,290,107 |
| | | | 410,317,329 |
| Semiconductors - 39.3% | | | |
| Astera Labs, Inc. | | 1,330,859 | 57,306,789 |
| GlobalFoundries, Inc. (a) | | 8,835,349 | 412,434,091 |
| Marvell Technology, Inc. | | 8,978,360 | 684,510,166 |
| Micron Technology, Inc. | | 2,422,923 | 233,182,110 |
| NVIDIA Corp. | | 27,050,740 | 3,229,046,835 |
| NXP Semiconductors NV | | 2,428,022 | 622,447,720 |
| ON Semiconductor Corp. (a) | | 8,693,538 | 676,965,804 |
| Renesas Electronics Corp. | | 1 | 17 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 10,628,488 | 314,424,475 |
| Xsight Labs Ltd. warrants 1/11/34 (a)(b)(c) | | 71,863 | 148,756 |
| | | | 6,230,466,763 |
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | 6,640,784,092 |
| Software - 20.6% | | | |
| Application Software - 5.9% | | | |
| Algolia, Inc. (a)(b)(c) | | 153,503 | 2,670,952 |
| CCC Intelligent Solutions Holdings, Inc. (a)(b) | | 102,045 | 1,100,045 |
| Convoy, Inc. warrants (a)(b)(c) | | 13,357 | 0 |
| CoreWeave, Inc. Class A (c) | | 57,100 | 43,411,988 |
| Datadog, Inc. Class A (a) | | 1,835,947 | 213,447,198 |
| HubSpot, Inc. (a) | | 222,876 | 111,230,725 |
| Manhattan Associates, Inc. (a) | | 320,357 | 84,712,002 |
| Nutanix, Inc. Class A (a) | | 72,872 | 4,604,782 |
| Palantir Technologies, Inc. Class A (a) | | 1,160,000 | 36,516,800 |
| Salesforce, Inc. | | 1,744,852 | 441,273,071 |
| Stripe, Inc. Class B (a)(b)(c) | | 38,600 | 1,061,886 |
| Urgent.ly, Inc. (e) | | 36,161 | 33,977 |
| | | | 940,063,426 |
| Systems Software - 14.7% | | | |
| Microsoft Corp. | | 4,016,986 | 1,675,645,540 |
| ServiceNow, Inc. (a) | | 756,600 | 646,893,000 |
| | | | 2,322,538,540 |
TOTAL SOFTWARE | | | 3,262,601,966 |
| Specialty Retail - 0.0% | | | |
| Automotive Retail - 0.0% | | | |
| Cazoo Group Ltd. (a)(b) | | 72 | 1 |
| Cazoo Group Ltd.: | | | |
| warrants (a) | | 78 | 0 |
| warrants (a) | | 86 | 0 |
| warrants (a) | | 95 | 0 |
| | | | 1 |
| Technology Hardware, Storage & Peripherals - 20.4% | | | |
| Technology Hardware, Storage & Peripherals - 20.4% | | | |
| Apple, Inc. | | 12,952,950 | 2,966,225,550 |
| Seagate Technology Holdings PLC | | 831,094 | 82,735,408 |
| Western Digital Corp. (a) | | 2,833,238 | 185,832,080 |
| | | | 3,234,793,038 |
| TOTAL COMMON STOCKS (Cost $7,706,902,521) | | | 15,008,062,365 |
| | | | |
| Preferred Stocks - 0.9% |
| | | Shares | Value ($) |
| Convertible Preferred Stocks - 0.9% | | | |
| Aerospace & Defense - 0.0% | | | |
| Aerospace & Defense - 0.0% | | | |
| ABL Space Systems: | | | |
| Series B(a)(b)(c) | | 98,000 | 2,106,020 |
| Series B2(a)(b)(c) | | 74,989 | 1,973,710 |
| Series C1(b)(c) | | 26,396 | 434,214 |
| | | | 4,513,944 |
| Communications Equipment - 0.1% | | | |
| Communications Equipment - 0.1% | | | |
| Astranis Space Technologies Corp. Series C (a)(b)(c) | | 605,440 | 7,773,850 |
| Construction & Engineering - 0.1% | | | |
| Construction & Engineering - 0.1% | | | |
| Beta Technologies, Inc. Series A (a)(b)(c) | | 72,591 | 7,994,447 |
| Electronic Equipment, Instruments & Components - 0.1% | | | |
| Technology Distributors - 0.1% | | | |
| VAST Data Ltd.: | | | |
| Series A(b)(c) | | 74,785 | 1,358,096 |
| Series A1(b)(c) | | 184,071 | 3,342,729 |
| Series A2(b)(c) | | 211,741 | 3,845,217 |
| Series B(b)(c) | | 168,485 | 3,059,688 |
| Series C(b)(c) | | 4,912 | 89,202 |
| Series E(b)(c) | | 160,999 | 2,923,742 |
| | | | 14,618,674 |
| Financial Services - 0.0% | | | |
| Diversified Financial Services - 0.0% | | | |
| Akeana Series C (b)(c) | | 88,100 | 1,135,609 |
| Tenstorrent Holdings, Inc. Series D1 (b)(c) | | 24,800 | 1,956,720 |
| | | | 3,092,329 |
| Hotels, Restaurants & Leisure - 0.0% | | | |
| Casinos & Gaming - 0.0% | | | |
| Discord, Inc. Series I (a)(b)(c) | | 1,300 | 345,033 |
| Interactive Media & Services - 0.1% | | | |
| Interactive Media & Services - 0.1% | | | |
| ByteDance Ltd. Series E1 (a)(b)(c) | | 70,707 | 15,676,449 |
| IT Services - 0.0% | | | |
| Internet Services & Infrastructure - 0.0% | | | |
| Gupshup, Inc. (a)(b)(c) | | 257,284 | 2,199,778 |
| Semiconductors & Semiconductor Equipment - 0.0% | | | |
| Semiconductors - 0.0% | | | |
| Retym, Inc. Series C (a)(b)(c) | | 324,475 | 2,806,709 |
| Xsight Labs Ltd.: | | | |
| Series D(a)(b)(c) | | 281,500 | 1,570,770 |
| Series D1(b)(c) | | 239,542 | 1,906,754 |
| | | | 6,284,233 |
| Software - 0.5% | | | |
| Application Software - 0.5% | | | |
| Algolia, Inc. Series D (a)(b)(c) | | 109,867 | 1,911,686 |
| Anthropic PBC: | | | |
| Series B(b)(c) | | 468,400 | 14,052,000 |
| Series D(b)(c) | | 477,478 | 14,324,340 |
| Bolt Technology OU Series E (a)(b)(c) | | 40,842 | 6,320,996 |
| Convoy, Inc. Series D (a)(b)(c) | | 203,844 | 2 |
| CoreWeave, Inc. Series C (b)(c) | | 3,663 | 2,942,341 |
| Databricks, Inc.: | | | |
| Series G(a)(b)(c) | | 45,012 | 3,353,844 |
| Series H(a)(b)(c) | | 174,018 | 12,966,081 |
| Series I(b)(c) | | 2,969 | 221,220 |
| Skyryse, Inc. Series B (a)(b)(c) | | 121,800 | 2,591,904 |
| Stripe, Inc.: | | | |
| Series H(a)(b)(c) | | 17,100 | 470,421 |
| Series I(a)(b)(c) | | 487,275 | 13,404,935 |
| | | | 72,559,770 |
| Technology Hardware, Storage & Peripherals - 0.0% | | | |
| Technology Hardware, Storage & Peripherals - 0.0% | | | |
| Lightmatter, Inc.: | | | |
| Series C(a)(b)(c) | | 191,790 | 4,825,436 |
| Series C2(b)(c) | | 30,125 | 882,060 |
| | | | 5,707,496 |
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 140,766,003 |
| Nonconvertible Preferred Stocks - 0.0% | | | |
| Professional Services - 0.0% | | | |
| Data Processing & Outsourced Services - 0.0% | | | |
| Checkr, Inc. Series E (a)(c) | | 711,000 | 5,126,310 |
| TOTAL PREFERRED STOCKS (Cost $157,996,522) | | | 145,892,313 |
| | | | |
| Convertible Bonds - 0.0% |
| | | Principal Amount (f) | Value ($) |
| Software - 0.0% | | | |
| Application Software - 0.0% | | | |
Convoy, Inc. 15% 9/30/26 (b)(c) (Cost $88,955) | | 88,955 | 0 |
| | | | |
| Money Market Funds - 1.6% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (g) | | 231,501,423 | 231,547,723 |
| Fidelity Securities Lending Cash Central Fund 5.39% (g)(h) | | 17,782,419 | 17,784,197 |
| TOTAL MONEY MARKET FUNDS (Cost $249,331,920) | | | 249,331,920 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 97.3% (Cost $8,114,319,918) | 15,403,286,598 |
NET OTHER ASSETS (LIABILITIES) - 2.7% | 430,301,052 |
| NET ASSETS - 100.0% | 15,833,587,650 |
| | |
Legend
| (b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $156,631,473 or 1.0% of net assets. |
| (d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $12,531,407 or 0.1% of net assets. |
| (e) | Security or a portion of the security is on loan at period end. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (h) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| ABL Space Systems warrants 12/14/30 | 12/14/23 | 0 |
| | | |
| ABL Space Systems Series B | 3/24/21 | 4,413,489 |
| | | |
| ABL Space Systems Series B2 | 10/22/21 | 5,098,960 |
| | | |
| ABL Space Systems Series C1 | 12/14/23 | 863,181 |
| | | |
| Akeana Series C | 1/23/24 | 1,124,226 |
| | | |
| Algolia, Inc. | 10/27/21 | 4,489,203 |
| | | |
| Algolia, Inc. Series D | 7/23/21 | 3,213,066 |
| | | |
| Anthropic PBC Series B | 3/22/24 | 14,616,272 |
| | | |
| Anthropic PBC Series D | 5/31/24 | 14,326,489 |
| | | |
| 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 | 1,164,734 |
| | | |
| 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 |
| | | |
| CoreWeave, Inc. Series C | 5/17/24 | 2,853,660 |
| | | |
| Databricks, Inc. Series G | 2/01/21 | 2,661,228 |
| | | |
| Databricks, Inc. Series H | 8/31/21 | 12,787,562 |
| | | |
| Databricks, Inc. Series I | 9/14/23 | 218,222 |
| | | |
| Discord, Inc. Series I | 9/15/21 | 715,812 |
| | | |
| Epic Games, Inc. | 3/29/21 | 15,856,545 |
| | | |
| Gupshup, Inc. | 6/08/21 | 5,882,850 |
| | | |
| Lightmatter, Inc. Series C | 5/19/23 | 3,156,250 |
| | | |
| Lightmatter, Inc. Series C2 | 12/18/23 | 783,304 |
| | | |
| 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 |
| | | |
| Tenstorrent Holdings, Inc. Series D1 | 7/16/24 | 1,954,896 |
| | | |
| VAST Data Ltd. Series A | 11/28/23 | 822,635 |
| | | |
| VAST Data Ltd. Series A1 | 11/28/23 | 2,024,781 |
| | | |
| VAST Data Ltd. Series A2 | 11/28/23 | 2,329,151 |
| | | |
| VAST Data Ltd. Series B | 11/28/23 | 1,853,335 |
| | | |
| VAST Data Ltd. Series C | 11/28/23 | 54,032 |
| | | |
| VAST Data Ltd. Series E | 11/28/23 | 3,541,978 |
| | | |
| Xsight Labs Ltd. warrants 1/11/34 | 1/11/24 | 0 |
| | | |
| Xsight Labs Ltd. Series D | 2/16/21 | 2,250,874 |
| | | |
| Xsight Labs Ltd. Series D1 | 1/11/24 | 1,915,378 |
| | | |
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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 508,046,789 | 1,984,736,380 | 2,261,270,330 | 6,714,510 | 34,884 | - | 231,547,723 | 0.5% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 107,697,992 | 420,702,189 | 510,615,984 | 69,645 | - | - | 17,784,197 | 0.1% |
| Total | 615,744,781 | 2,405,438,569 | 2,771,886,314 | 6,784,155 | 34,884 | - | 249,331,920 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Common Stocks | 15,008,062,365 | 14,451,904,366 | 497,451,714 | 58,706,285 |
|
| Preferred Stocks | 145,892,313 | - | - | 145,892,313 |
|
| Convertible Bonds | - | - | - | - |
|
| Money Market Funds | 249,331,920 | 249,331,920 | - | - |
| Total Investments in Securities: | 15,403,286,598 | 14,701,236,286 | 497,451,714 | 204,598,598 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| |
| Investments in Securities: | |
| Beginning Balance | $ | 187,908,807 | |
| Net Realized Gain (Loss) on Investment Securities | | - | |
| Net Unrealized Gain (Loss) on Investment Securities | | 17,870,019 | |
| Cost of Purchases | | 33,751,317 | |
| Proceeds of Sales | | (34,931,545) | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 204,598,598 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2024 | $ | 22,905,730 | |
| The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
Technology Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $17,564,196) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $7,864,987,998) | $ | 15,153,954,678 | | |
Fidelity Central Funds (cost $249,331,920) | | 249,331,920 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $8,114,319,918) | | | $ | 15,403,286,598 |
| Cash | | | | 6 |
| Foreign currency held at value (cost $88,892) | | | | 90,125 |
| Receivable for investments sold | | | | 517,800,281 |
| Receivable for fund shares sold | | | | 5,714,930 |
| Dividends receivable | | | | 3,495,440 |
| Interest receivable | | | | 19,199 |
| Distributions receivable from Fidelity Central Funds | | | | 1,428,791 |
| Prepaid expenses | | | | 28,249 |
| Other receivables | | | | 426,403 |
Total assets | | | | 15,932,290,022 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 59,827,743 | | |
| Payable for fund shares redeemed | | 12,500,787 | | |
| Accrued management fee | | 7,888,041 | | |
| Other payables and accrued expenses | | 716,796 | | |
| Collateral on securities loaned | | 17,769,005 | | |
| Total liabilities | | | | 98,702,372 |
| Net Assets | | | $ | 15,833,587,650 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 8,076,740,207 |
| Total accumulated earnings (loss) | | | | 7,756,847,443 |
| Net Assets | | | $ | 15,833,587,650 |
Net Asset Value, offering price and redemption price per share ($15,833,587,650 ÷ 449,272,273 shares) | | | $ | 35.24 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 32,056,820 |
| Interest | | | | 139,235 |
| Income from Fidelity Central Funds (including $69,645 from security lending) | | | | 6,784,155 |
| Total income | | | | 38,980,210 |
| Expenses | | | | |
| Management fee | $ | 46,914,644 | | |
| Custodian fees and expenses | | 90,779 | | |
| Independent trustees' fees and expenses | | 30,693 | | |
| Registration fees | | 147,537 | | |
| Audit fees | | 36,696 | | |
| Legal | | 4,212 | | |
| Interest | | 1,861 | | |
| Miscellaneous | | 188,170 | | |
| Total expenses before reductions | | 47,414,592 | | |
| Expense reductions | | (282,741) | | |
| Total expenses after reductions | | | | 47,131,851 |
| Net Investment income (loss) | | | | (8,151,641) |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 593,707,629 | | |
| Fidelity Central Funds | | 34,884 | | |
| Foreign currency transactions | | (12,678) | | |
| Total net realized gain (loss) | | | | 593,729,835 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $32,572) | | 970,640,328 | | |
| Assets and liabilities in foreign currencies | | 5,868 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 970,646,196 |
| Net gain (loss) | | | | 1,564,376,031 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 1,556,224,390 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | (8,151,641) | $ | (1,129,693) |
| Net realized gain (loss) | | 593,729,835 | | 580,108,027 |
| Change in net unrealized appreciation (depreciation) | | 970,646,196 | | 4,313,247,992 |
| Net increase (decrease) in net assets resulting from operations | | 1,556,224,390 | | 4,892,226,326 |
| Distributions to shareholders | | - | | (1,273,314) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 1,431,530,922 | | 2,741,241,000 |
| Reinvestment of distributions | | - | | 1,184,140 |
| Cost of shares redeemed | | (1,464,181,317) | | (1,959,510,832) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (32,650,395) | | 782,914,308 |
| Total increase (decrease) in net assets | | 1,523,573,995 | | 5,673,867,320 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 14,310,013,655 | | 8,636,146,335 |
| End of period | $ | 15,833,587,650 | $ | 14,310,013,655 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 42,512,805 | | 104,004,472 |
| Issued in reinvestment of distributions | | - | | 54,192 |
| Redeemed | | (44,033,425) | | (75,265,716) |
| Net increase (decrease) | | (1,520,620) | | 28,792,948 |
| | | | | |
Financial Highlights
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 31.74 | $ | 20.46 | $ | 24.92 | $ | 27.53 | $ | 19.65 | $ | 15.45 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | (.02) | | - D | | .01 | | (.06) | | (.03) | | .05 |
| Net realized and unrealized gain (loss) | | 3.52 | | 11.28 | | (3.76) | | .83 | | 12.98 | | 4.52 |
| Total from investment operations | | 3.50 | | 11.28 | | (3.75) | | .77 | | 12.95 | | 4.57 |
| Distributions from net investment income | | - | | - D | | - | | - | | (.03) | | (.05) |
| Distributions from net realized gain | | - | | - | | (.71) | | (3.38) | | (5.04) | | (.32) |
| Total distributions | | - | | - D | | (.71) | | (3.38) | | (5.07) | | (.37) |
| Net asset value, end of period | $ | 35.24 | $ | 31.74 | $ | 20.46 | $ | 24.92 | $ | 27.53 | $ | 19.65 |
Total Return E,F | | | | 55.15% | | (15.43)% | | 1.91% | | 69.87% | | 29.57% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .63% I | | .68% | | .70% | | .67% | | .69% | | .71% |
| Expenses net of fee waivers, if any | | | | .68% | | .69% | | .67% | | .69% | | .71% |
| Expenses net of all reductions | | .62% I | | .68% | | .69% | | .67% | | .68% | | .71% |
| Net investment income (loss) | | (.11)% I | | (.01)% | | .02% | | (.23)% | | (.13)% | | .30% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 15,833,588 | $ | 14,310,014 | $ | 8,636,146 | $ | 11,053,788 | $ | 11,986,342 | $ | 6,558,578 |
Portfolio turnover rate J | | | | 29% | | 24% | | 87% | | 107% | | 32% K |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DAmount represents less than $.005 per share.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. 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).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
(Unaudited)For the period ended August 31, 2024
1. Organization.
Enterprise Technology Services Portfolio, Semiconductors Portfolio, Software and IT Services Portfolio, Tech Hardware Portfolio and Technology Portfolio (the Funds) are non-diversified funds of Fidelity Select Portfolios (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. Certain Funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
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 | $204,598,598 | Recovery value | Recovery value | $0.00 | Increase |
| | | Market approach | Transaction price | $8.00 | Increase |
| | | | Discount rate | 75.0% | Decrease |
| | | | Premium rate | 10.0% | Increase |
| | | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.6 - 20.0 / 10.8 | Increase |
| | | Discounted cash flow | Yield | 33.0% | Decrease |
| | | Black scholes | Discount rate | 3.7% - 4.8% / 3.9% | Increase |
| | | | Volatility | 40.0% - 80.0% / 66.9% | Increase |
| | | | Term | 0.6 - 4.0 / 3.0 | Increase |
| Corporate Bonds | $0 | Recovery value | Recovery value | $0.00 | Increase |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2024, 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. Software and IT Services Portfolio and Technology Portfolio have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Semiconductors Portfolio | 246,308 |
| Software and IT Services Portfolio | 433,019 |
| Tech Hardware Portfolio | 71,853 |
| Technology Portfolio | 406,039 |
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, redemptions in-kind, 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)($) |
| Enterprise Technology Services Portfolio | 850,414,578 | 883,436,527 | (6,996,914) | 876,439,613 |
| Semiconductors Portfolio | 11,084,934,148 | 9,128,182,205 | (654,701,006) | 8,473,481,199 |
| Software and IT Services Portfolio | 5,342,393,633 | 5,636,770,316 | (567,023,641) | 5,069,746,675 |
| Tech Hardware Portfolio | 627,740,387 | 396,841,780 | (12,108,974) | 384,732,806 |
| Technology Portfolio | 8,170,668,836 | 7,687,252,743 | (454,634,981) | 7,232,617,762 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
| | Short-term ($) | Long-term ($) | Total capital loss carryforward ($) |
| Technology Portfolio | (1,695,501) | - | (1,695,501) |
Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2023 to February 29,2024, and ordinary losses recognized during the period January 1, 2024 to February 29,2024. Loss deferrals were as follows:
| | | Capital losses ($) | Ordinary losses ($) |
| Semiconductors Portfolio | | (8,798,655) | (6,539,492) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Enterprise Technology Services Portfolio | 586,319,452 | 876,432,714 |
| Semiconductors Portfolio | 5,933,010,296 | 3,744,522,079 |
| Software and IT Services Portfolio | 769,932,794 | 1,815,850,925 |
| Tech Hardware Portfolio | 225,432,223 | 258,722,016 |
| Technology Portfolio | 3,152,415,748 | 3,605,096,717 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Semiconductors Portfolio | 25,960,540 | 739,916,327 | 760,643,821 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which each Fund pays a monthly management fee.
Effective March 1, 2024, each Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean each "Fund" as each Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating each Fund out of each class's management fee. Each class of each Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once each Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of each Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Enterprise Technology Services Portfolio | .69 |
| Semiconductors Portfolio | .64 |
| Software and IT Services Portfolio | .64 |
| Tech Hardware Portfolio | .68 |
| Technology Portfolio | .64 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of each Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of each Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Enterprise Technology Services Portfolio | .65 |
| Semiconductors Portfolio | .62 |
| Software and IT Services Portfolio | .62 |
| Tech Hardware Portfolio | .67 |
| Technology Portfolio | .62 |
Effective March 1, 2024, each Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
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 ($) |
| Enterprise Technology Services Portfolio | 16,421 |
| Semiconductors Portfolio | 64,593 |
| Software and IT Services Portfolio | 4,641 |
| Tech Hardware Portfolio | 1,796 |
| Technology Portfolio | 31,462 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Enterprise Technology Services Portfolio | Borrower | 6,851,700 | 5.57% | 31,808 |
| Semiconductors Portfolio | Borrower | 29,824,800 | 5.58% | 46,222 |
| Tech Hardware Portfolio | Borrower | 12,538,000 | 5.57% | 5,820 |
| Technology Portfolio | Borrower | 12,027,000 | 5.57% | 1,861 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Enterprise Technology Services Portfolio | 5,200,187 | 65,210,624 | 11,871,044 |
| Semiconductors Portfolio | 294,253,842 | 320,251,541 | 6,692,113 |
| Software and IT Services Portfolio | 59,616,473 | 214,585,480 | 112,775,685 |
| Tech Hardware Portfolio | 5,568,361 | 9,595,426 | 3,311,061 |
| Technology Portfolio | 438,790,942 | 237,922,041 | 38,207,176 |
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 | 1,710 |
| Semiconductors Portfolio | 14,300 |
| Software and IT Services Portfolio | 10,328 |
| Tech Hardware Portfolio | 823 |
| Technology Portfolio | 12,499 |
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 ($) |
| Enterprise Technology Services Portfolio | 9,900 | - | - |
| Semiconductors Portfolio | 313,486 | 90,048 | 8,612,000 |
| Software and IT Services Portfolio | 3,031 | - | - |
| Tech Hardware Portfolio | 312 | - | - |
| Technology Portfolio | 7,153 | 6,096 | - |
8. Bank Borrowings.
Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
| | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Enterprise Technology Services Portfolio | 3,428,167 | 5.83% | 3,331 |
9. Expense Reductions.
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
| | Custodian credits ($) |
| Semiconductors Portfolio | 3,303 |
| Software and IT Services Portfolio | 1,082 |
| Technology Portfolio | 415 |
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 | 42,136 |
| Semiconductors Portfolio | 297,851 |
| Software and IT Services Portfolio | 252,451 |
| Tech Hardware Portfolio | 18,880 |
| Technology Portfolio | 282,326 |
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. 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 elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 50,178,154,296.75 | 92.38 |
| Withheld | 4,136,551,415.53 | 7.62 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 50,131,321,830.27 | 92.30 |
| Withheld | 4,183,383,882.00 | 7.70 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vijay C. Advani |
| Affirmative | 50,021,870,319.77 | 92.10 |
| Withheld | 4,292,835,392.50 | 7.90 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 50,057,248,681.17 | 92.16 |
| Withheld | 4,257,457,031.10 | 7.84 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Donald F. Donahue |
| Affirmative | 49,998,023,290.27 | 92.05 |
| Withheld | 4,316,682,422.00 | 7.95 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 50,146,578,363.15 | 92.33 |
| Withheld | 4,168,127,349.12 | 7.67 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 50,227,895,949.71 | 92.48 |
| Withheld | 4,086,809,762.56 | 7.52 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 50,080,160,698.34 | 92.20 |
| Withheld | 4,234,545,013.93 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Oscar Munoz |
| Affirmative | 49,879,616,445.58 | 91.83 |
| Withheld | 4,435,089,266.69 | 8.17 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Karen B. Peetz |
| Affirmative | 50,078,105,799.58 | 92.20 |
| Withheld | 4,236,599,912.69 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| David M. Thomas |
| Affirmative | 50,013,939,190.36 | 92.08 |
| Withheld | 4,300,766,521.91 | 7.92 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Susan Tomasky |
| Affirmative | 50,109,134,188.50 | 92.26 |
| Withheld | 4,205,571,523.77 | 7.74 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Michael E. Wiley |
| Affirmative | 50,016,526,096.47 | 92.09 |
| Withheld | 4,298,179,615.80 | 7.91 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
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 certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 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, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under separate agreements.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
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.
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. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect for each fund with each fund's management fee based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that, in exchange for the variable management fee, each fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of each fund's management fee and total expenses, the Board considered each fund's pro rata management fee rate as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as 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 Morningstar) 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, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. 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, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, 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 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 variable management fee structure, which provides for breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including, but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; 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 May 31, 2025.
1.813673.119
SELTEC-SANN-1024
Fidelity® Select Portfolios®
Telecommunications Services Sector
Telecommunications Portfolio
Wireless Portfolio
Semi-Annual Report
August 31, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Telecommunications Portfolio
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 93.4% |
| | | Shares | Value ($) |
| Construction & Engineering - 0.2% | | | |
| Construction & Engineering - 0.2% | | | |
| Dycom Industries, Inc. (a) | | 1,900 | 334,324 |
| Diversified Telecommunication Services - 75.8% | | | |
| Alternative Carriers - 28.6% | | | |
| Anterix, Inc. (a) | | 145,600 | 5,164,432 |
| Bandwidth, Inc. Class A, (a) | | 28,900 | 495,924 |
| Cogent Communications Group, Inc. (b) | | 136,639 | 9,561,997 |
| GCI Liberty, Inc. Class A (Escrow) (c)(f) | | 182,800 | 2 |
| Globalstar, Inc. (a)(b) | | 3,602,165 | 4,502,706 |
| Iridium Communications, Inc. | | 363,411 | 9,376,004 |
| Liberty Global Ltd. Class C (b) | | 351,336 | 6,910,779 |
| Liberty Latin America Ltd. Class C (a) | | 833,333 | 7,891,664 |
| Lumen Technologies, Inc. (a)(b) | | 2,326,300 | 12,213,075 |
| | | | 56,116,583 |
| Integrated Telecommunication Services - 47.2% | | | |
| AT&T, Inc. | | 2,291,120 | 45,593,288 |
| ATN International, Inc. | | 2,100 | 56,196 |
| Consolidated Communications Holdings, Inc. (a) | | 410,600 | 1,876,442 |
| Frontier Communications Parent, Inc. (a) | | 150,000 | 4,320,000 |
| IDT Corp. Class B | | 52,300 | 2,006,228 |
| Shenandoah Telecommunications Co. | | 5,623 | 85,020 |
| Verizon Communications, Inc. | | 923,097 | 38,566,993 |
| | | | 92,504,167 |
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | | | 148,620,750 |
| IT Services - 0.6% | | | |
| IT Consulting & Other Services - 0.6% | | | |
| Amdocs Ltd. | | 14,000 | 1,217,580 |
| Media - 4.1% | | | |
| Cable & Satellite - 4.1% | | | |
| Charter Communications, Inc. Class A (a) | | 5,600 | 1,946,224 |
| Comcast Corp. Class A | | 93,500 | 3,699,795 |
| Liberty Broadband Corp. Class C (a) | | 39,024 | 2,434,317 |
| | | | 8,080,336 |
| Wireless Telecommunication Services - 12.7% | | | |
| Wireless Telecommunication Services - 12.7% | | | |
| Gogo, Inc. (a)(b) | | 713,127 | 5,683,622 |
| T-Mobile U.S., Inc. | | 47,224 | 9,384,353 |
| Telephone & Data Systems, Inc. (b) | | 278,964 | 6,589,130 |
| U.S. Cellular Corp. (a) | | 59,100 | 3,287,142 |
| | | | 24,944,247 |
| TOTAL COMMON STOCKS (Cost $156,238,096) | | | 183,197,237 |
| | | | |
| Money Market Funds - 19.5% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (d) | | 14,365,457 | 14,368,330 |
| Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) | | 23,921,184 | 23,923,576 |
| TOTAL MONEY MARKET FUNDS (Cost $38,291,906) | | | 38,291,906 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 112.9% (Cost $194,530,002) | 221,489,143 |
NET OTHER ASSETS (LIABILITIES) - (12.9)% | (25,330,861) |
| NET ASSETS - 100.0% | 196,158,282 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (e) | Investment made with cash collateral received from securities on loan. |
| (f) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2 or 0.0% of net assets. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| GCI Liberty, Inc. Class A (Escrow) | 5/23/23 | 0 |
| | | |
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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 2,487,272 | 27,207,911 | 15,326,807 | 32,484 | (46) | - | 14,368,330 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 17,517,951 | 104,352,839 | 97,947,214 | 7,558 | - | - | 23,923,576 | 0.1% |
| Total | 20,005,223 | 131,560,750 | 113,274,021 | 40,042 | (46) | - | 38,291,906 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Common Stocks | 183,197,237 | 183,197,235 | - | 2 |
|
| Money Market Funds | 38,291,906 | 38,291,906 | - | - |
| Total Investments in Securities: | 221,489,143 | 221,489,141 | - | 2 |
Telecommunications Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $23,135,198) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $156,238,096) | $ | 183,197,237 | | |
Fidelity Central Funds (cost $38,291,906) | | 38,291,906 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $194,530,002) | | | $ | 221,489,143 |
| Foreign currency held at value (cost $21,712) | | | | 23,389 |
| Receivable for investments sold | | | | 1,952,965 |
| Receivable for fund shares sold | | | | 434,002 |
| Dividends receivable | | | | 180,257 |
| Distributions receivable from Fidelity Central Funds | | | | 16,832 |
| Prepaid expenses | | | | 491 |
| Other receivables | | | | 4,551 |
Total assets | | | | 224,101,630 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 3,729,898 | | |
| Payable for fund shares redeemed | | 142,646 | | |
| Accrued management fee | | 108,924 | | |
| Distribution and service plan fees payable | | 8,237 | | |
| Other payables and accrued expenses | | 30,543 | | |
| Collateral on securities loaned | | 23,923,100 | | |
| Total liabilities | | | | 27,943,348 |
| Net Assets | | | $ | 196,158,282 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 194,220,954 |
| Total accumulated earnings (loss) | | | | 1,937,328 |
| Net Assets | | | $ | 196,158,282 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($16,873,863 ÷ 334,568 shares)(a) | | | $ | 50.43 |
| Maximum offering price per share (100/94.25 of $50.43) | | | $ | 53.51 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($6,778,079 ÷ 135,534 shares)(a) | | | $ | 50.01 |
| Maximum offering price per share (100/96.50 of $50.01) | | | $ | 51.82 |
| Class C : | | | | |
Net Asset Value and offering price per share ($2,203,072 ÷ 43,820 shares)(a) | | | $ | 50.28 |
| Telecommunications : | | | | |
Net Asset Value, offering price and redemption price per share ($159,114,470 ÷ 3,126,886 shares) | | | $ | 50.89 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($9,066,048 ÷ 178,613 shares) | | | $ | 50.76 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($2,122,750 ÷ 41,953 shares) | | | $ | 50.60 |
(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, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 3,479,891 |
| Income from Fidelity Central Funds (including $7,558 from security lending) | | | | 40,042 |
| Total income | | | | 3,519,933 |
| Expenses | | | | |
| Management fee | $ | 609,126 | | |
| Distribution and service plan fees | | 47,756 | | |
| Custodian fees and expenses | | 3,063 | | |
| Independent trustees' fees and expenses | | 379 | | |
| Registration fees | | 45,070 | | |
| Audit fees | | 29,460 | | |
| Legal | | 44 | | |
| Miscellaneous | | 5,661 | | |
| Total expenses before reductions | | 740,559 | | |
| Expense reductions | | (3,793) | | |
| Total expenses after reductions | | | | 736,766 |
| Net Investment income (loss) | | | | 2,783,167 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (578,887) | | |
| Fidelity Central Funds | | (46) | | |
| Total net realized gain (loss) | | | | (578,933) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 23,633,504 | | |
| Assets and liabilities in foreign currencies | | (468) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 23,633,036 |
| Net gain (loss) | | | | 23,054,103 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 25,837,270 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 2,783,167 | $ | 5,171,877 |
| Net realized gain (loss) | | (578,933) | | (25,062,084) |
| Change in net unrealized appreciation (depreciation) | | 23,633,036 | | 13,381,305 |
| Net increase (decrease) in net assets resulting from operations | | 25,837,270 | | (6,508,902) |
| Distributions to shareholders | | (2,049,046) | | (7,597,238) |
| | | | | |
| Share transactions - net increase (decrease) | | (8,932,476) | | (37,569,762) |
| | | | | |
| Total increase (decrease) in net assets | | 14,855,748 | | (51,675,902) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 181,302,534 | | 232,978,436 |
| End of period | $ | 196,158,282 | $ | 181,302,534 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Telecommunications Fund Class A |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 44.20 | $ | 46.57 | $ | 54.28 | $ | 66.52 | $ | 60.60 | $ | 55.68 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .65 | | 1.06 | | .93 | | 1.51 D | | .66 | | .87 |
| Net realized and unrealized gain (loss) | | 6.05 | | (1.85) E | | (5.19) | | (5.14) | | 10.61 | | 5.86 |
| Total from investment operations | | 6.70 | | (.79) | | (4.26) | | (3.63) | | 11.27 | | 6.73 |
| Distributions from net investment income | | (.47) | | (1.10) | | (.99) | | (1.66) | | (.39) | | (.96) |
| Distributions from net realized gain | | - | | (.48) | | (2.46) | | (6.95) | | (4.96) | | (.85) |
| Total distributions | | (.47) | | (1.58) | | (3.45) | | (8.61) | | (5.35) | | (1.81) |
| Net asset value, end of period | $ | 50.43 | $ | 44.20 | $ | 46.57 | $ | 54.28 | $ | 66.52 | $ | 60.60 |
Total Return F,G,H | | | | (1.60)% E | | (7.98)% | | (6.28)% | | 18.75% | | 12.12% |
Ratios to Average Net Assets C,I,J | | | | | | | | | | | | |
| Expenses before reductions | | 1.06% K | | 1.13% | | 1.13% | | 1.09% | | 1.11% | | 1.18% |
| Expenses net of fee waivers, if any | | | | 1.13% | | 1.13% | | 1.09% | | 1.11% | | 1.17% |
| Expenses net of all reductions | | 1.06% K | | 1.12% | | 1.13% | | 1.09% | | 1.10% | | 1.17% |
| Net investment income (loss) | | 2.86% K | | 2.48% | | 1.89% | | 2.27% D | | 1.01% | | 1.47% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 16,874 | $ | 16,323 | $ | 18,744 | $ | 22,023 | $ | 29,800 | $ | 21,376 |
Portfolio turnover rate L | | | | 26% | | 24% | | 28% | | 58% | | 58% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.35 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.74%.
ENet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.04 per share. Excluding these litigation proceeds, the total return would have been (1.68)%.
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.
HTotal returns do not include the effect of the sales charges.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. 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.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Telecommunications Fund Class M |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 43.84 | $ | 46.21 | $ | 53.88 | $ | 66.09 | $ | 60.25 | $ | 55.40 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .59 | | .95 | | .80 | | 1.29 D | | .46 | | .70 |
| Net realized and unrealized gain (loss) | | 6.01 | | (1.84) E | | (5.14) | | (5.08) | | 10.54 | | 5.83 |
| Total from investment operations | | 6.60 | | (.89) | | (4.34) | | (3.79) | | 11.00 | | 6.53 |
| Distributions from net investment income | | (.43) | | (1.00) | | (.86) | | (1.48) | | (.20) | | (.83) |
| Distributions from net realized gain | | - | | (.48) | | (2.46) | | (6.95) | | (4.96) | | (.85) |
| Total distributions | | (.43) | | (1.48) | | (3.33) F | | (8.42) F | | (5.16) | | (1.68) |
| Net asset value, end of period | $ | 50.01 | $ | 43.84 | $ | 46.21 | $ | 53.88 | $ | 66.09 | $ | 60.25 |
Total Return G,H,I | | | | (1.84)% E | | (8.21)% | | (6.55)% | | 18.39% | | 11.81% |
Ratios to Average Net Assets C,J,K | | | | | | | | | | | | |
| Expenses before reductions | | 1.31% L | | 1.38% | | 1.39% | | 1.39% | | 1.41% | | 1.46% |
| Expenses net of fee waivers, if any | | | | 1.38% | | 1.38% | | 1.38% | | 1.41% | | 1.46% |
| Expenses net of all reductions | | 1.31% L | | 1.37% | | 1.38% | | 1.38% | | 1.40% | | 1.45% |
| Net investment income (loss) | | 2.61% L | | 2.23% | | 1.64% | | 1.97% D | | .71% | | 1.19% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 6,778 | $ | 6,380 | $ | 7,301 | $ | 7,733 | $ | 9,038 | $ | 6,919 |
Portfolio turnover rate M | | | | 26% | | 24% | | 28% | | 58% | | 58% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.35 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.44%.
ENet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.04 per share. Excluding these litigation proceeds, the total return would have been (1.92)%.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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.
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).
Fidelity Advisor® Telecommunications Fund Class C |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 44.05 | $ | 46.38 | $ | 54.04 | $ | 66.17 | $ | 60.32 | $ | 55.45 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .48 | | .74 | | .56 | | 1.01 D | | .17 | | .46 |
| Net realized and unrealized gain (loss) | | 6.04 | | (1.85) E | | (5.15) | | (5.09) | | 10.54 | | 5.82 |
| Total from investment operations | | 6.52 | | (1.11) | | (4.59) | | (4.08) | | 10.71 | | 6.28 |
| Distributions from net investment income | | (.29) | | (.75) | | (.61) | | (1.10) | | (.07) | | (.56) |
| Distributions from net realized gain | | - | | (.48) | | (2.46) | | (6.95) | | (4.79) | | (.85) |
| Total distributions | | (.29) | | (1.22) F | | (3.07) | | (8.05) | | (4.86) | | (1.41) |
| Net asset value, end of period | $ | 50.28 | $ | 44.05 | $ | 46.38 | $ | 54.04 | $ | 66.17 | $ | 60.32 |
Total Return G,H,I | | | | (2.33)% E | | (8.66)% | | (6.97)% | | 17.88% | | 11.34% |
Ratios to Average Net Assets C,J,K | | | | | | | | | | | | |
| Expenses before reductions | | 1.81% L | | 1.88% | | 1.88% | | 1.83% | | 1.86% | | 1.88% |
| Expenses net of fee waivers, if any | | | | 1.88% | | 1.87% | | 1.83% | | 1.86% | | 1.87% |
| Expenses net of all reductions | | 1.81% L | | 1.87% | | 1.87% | | 1.83% | | 1.84% | | 1.87% |
| Net investment income (loss) | | 2.11% L | | 1.73% | | 1.15% | | 1.52% D | | .26% | | .77% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 2,203 | $ | 2,547 | $ | 3,923 | $ | 5,254 | $ | 7,801 | $ | 6,491 |
Portfolio turnover rate M | | | | 26% | | 24% | | 28% | | 58% | | 58% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.35 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .99%.
ENet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.04 per share. Excluding these litigation proceeds, the total return would have been (2.41)%.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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.
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).
Telecommunications Portfolio |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 44.59 | $ | 46.97 | $ | 54.73 | $ | 67.04 | $ | 60.99 | $ | 56.04 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .73 | | 1.20 | | 1.09 | | 1.71 D | | .86 | | 1.09 |
| Net realized and unrealized gain (loss) | | 6.11 | | (1.87) E | | (5.24) | | (5.18) | | 10.71 | | 5.90 |
| Total from investment operations | | 6.84 | | (.67) | | (4.15) | | (3.47) | | 11.57 | | 6.99 |
| Distributions from net investment income | | (.54) | | (1.23) | | (1.15) | | (1.89) | | (.57) | | (1.19) |
| Distributions from net realized gain | | - | | (.48) | | (2.46) | | (6.95) | | (4.96) | | (.85) |
| Total distributions | | (.54) | | (1.71) | | (3.61) | | (8.84) | | (5.52) F | | (2.04) |
| Net asset value, end of period | $ | 50.89 | $ | 44.59 | $ | 46.97 | $ | 54.73 | $ | 67.04 | $ | 60.99 |
Total Return G,H | | | | (1.33)% E | | (7.71)% | | (5.99)% | | 19.15% | | 12.50% |
Ratios to Average Net Assets B,I,J | | | | | | | | | | | | |
| Expenses before reductions | | .77% K | | .85% | | .82% | | .79% | | .81% | | .83% |
| Expenses net of fee waivers, if any | | | | .84% | | .82% | | .79% | | .81% | | .82% |
| Expenses net of all reductions | | .76% K | | .84% | | .82% | | .79% | | .79% | | .82% |
| Net investment income (loss) | | 3.15% K | | 2.75% | | 2.20% | | 2.57% D | | 1.31% | | 1.82% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 159,114 | $ | 147,413 | $ | 171,885 | $ | 199,560 | $ | 242,284 | $ | 219,854 |
Portfolio turnover rate L | | | | 26% | | 24% | | 28% | | 58% | | 58% |
AFor the year ended February 29.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CCalculated based on average shares outstanding during the period.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.35 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.04%.
ENet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.04 per share. Excluding these litigation proceeds, the total return would have been (1.41)%.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. 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).
Fidelity Advisor® Telecommunications Fund Class I |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 44.49 | $ | 46.84 | $ | 54.58 | $ | 66.84 | $ | 60.86 | $ | 55.84 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .73 | | 1.23 | | 1.10 | | 1.74 D | | .88 | | 1.04 |
| Net realized and unrealized gain (loss) | | 6.08 | | (1.87) E | | (5.21) | | (5.18) | | 10.66 | | 5.91 |
| Total from investment operations | | 6.81 | | (.64) | | (4.11) | | (3.44) | | 11.54 | | 6.95 |
| Distributions from net investment income | | (.54) | | (1.23) | | (1.16) | | (1.87) | | (.60) | | (1.08) |
| Distributions from net realized gain | | - | | (.48) | | (2.46) | | (6.95) | | (4.96) | | (.85) |
| Total distributions | | (.54) | | (1.71) | | (3.63) F | | (8.82) | | (5.56) | | (1.93) |
| Net asset value, end of period | $ | 50.76 | $ | 44.49 | $ | 46.84 | $ | 54.58 | $ | 66.84 | $ | 60.86 |
Total Return G,H | | | | (1.25)% E | | (7.67)% | | (5.97)% | | 19.13% | | 12.47% |
Ratios to Average Net Assets C,I,J | | | | | | | | | | | | |
| Expenses before reductions | | .76% K | | .80% | | .78% | | .77% | | .79% | | .88% |
| Expenses net of fee waivers, if any | | | | .79% | | .78% | | .77% | | .79% | | .88% |
| Expenses net of all reductions | | .76% K | | .79% | | .78% | | .77% | | .78% | | .88% |
| Net investment income (loss) | | 3.16% K | | 2.81% | | 2.25% | | 2.59% D | | 1.33% | | 1.76% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 9,066 | $ | 6,344 | $ | 28,441 | $ | 12,038 | $ | 30,622 | $ | 12,428 |
Portfolio turnover rate L | | | | 26% | | 24% | | 28% | | 58% | | 58% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.36 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.06%.
ENet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.04 per share. Excluding these litigation proceeds, the total return would have been (1.33)%.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. 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).
Fidelity Advisor® Telecommunications Fund Class Z |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 44.34 | $ | 46.72 | $ | 54.46 | $ | 66.75 | $ | 60.75 | $ | 55.84 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .75 | | 1.26 | | 1.18 | | 1.83 D | | .95 | | 1.20 |
| Net realized and unrealized gain (loss) | | 6.07 | | (1.86) E | | (5.23) | | (5.20) | | 10.67 | | 5.86 |
| Total from investment operations | | 6.82 | | (.60) | | (4.05) | | (3.37) | | 11.62 | | 7.06 |
| Distributions from net investment income | | (.56) | | (1.31) | | (1.22) | | (1.98) | | (.67) | | (1.30) |
| Distributions from net realized gain | | - | | (.48) | | (2.46) | | (6.95) | | (4.96) | | (.85) |
| Total distributions | | (.56) | | (1.78) | | (3.69) F | | (8.92) F | | (5.62) F | | (2.15) |
| Net asset value, end of period | $ | 50.60 | $ | 44.34 | $ | 46.72 | $ | 54.46 | $ | 66.75 | $ | 60.75 |
Total Return G,H | | | | (1.16)% E | | (7.56)% | | (5.87)% | | 19.31% | | 12.68% |
Ratios to Average Net Assets C,I,J | | | | | | | | | | | | |
| Expenses before reductions | | .65% K | | .69% | | .67% | | .65% | | .67% | | .68% |
| Expenses net of fee waivers, if any | | | | .68% | | .66% | | .65% | | .67% | | .67% |
| Expenses net of all reductions | | .65% K | | .68% | | .66% | | .65% | | .65% | | .67% |
| Net investment income (loss) | | 3.27% K | | 2.92% | | 2.36% | | 2.71% D | | 1.45% | | 1.97% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 2,123 | $ | 2,296 | $ | 2,685 | $ | 5,587 | $ | 31,271 | $ | 25,223 |
Portfolio turnover rate L | | | | 26% | | 24% | | 28% | | 58% | | 58% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.36 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.17%.
ENet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.04 per share. Excluding these litigation proceeds, the total return would have been (1.24)%.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. 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).
Notes to Financial Statements (Unaudited)
For the period ended August 31, 2024
1. Organization.
Telecommunications Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class M, Class C, Telecommunications Portfolio, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (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.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $37,453,999 |
| Gross unrealized depreciation | (11,289,002) |
| Net unrealized appreciation (depreciation) | $26,164,997 |
| Tax cost | $195,324,146 |
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 | $(2,815,930) |
Long-term | (21,567,501) |
| Total capital loss carryforward | $(24,383,431) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Telecommunications Portfolio | 25,861,504 | 43,321,301 |
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.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .72 |
| Class M | .72 |
| Class C | .72 |
| Telecommunications | .72 |
| Class I | .67 |
| Class Z | .56 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .72 |
| Class M | .72 |
| Class C | .72 |
| Telecommunications | .67 |
| Class I | .67 |
| Class Z | .56 |
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
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 ($) |
| Class A | - % | .25% | 20,169 | 177 |
| Class M | .25% | .25% | 16,196 | - |
| Class C | .75% | .25% | 11,391 | 640 |
| | | | 47,756 | 817 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 1,691 |
| Class M | 163 |
Class CA | 16 |
| | 1,870 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Telecommunications Portfolio | 12,560 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Telecommunications Portfolio | 4,876,756 | 2,329,964 | (1,170,846) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Telecommunications Portfolio | 158 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Telecommunications Portfolio | 762 | - | - |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,793.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended August 31, 2024 | Year ended February 29, 2024 |
| Telecommunications Portfolio | | |
| Distributions to shareholders | | |
| Class A | $166,472 | $608,617 |
| Class M | 61,713 | 226,115 |
| Class C | 14,496 | 88,039 |
| Telecommunications | 1,706,511 | 5,963,168 |
| Class I | 75,146 | 598,796 |
| Class Z | 24,708 | 112,503 |
Total | $2,049,046 | $7,597,238 |
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, 2024 | Year ended February 29, 2024 | Six months ended August 31, 2024 | Year ended February 29, 2024 |
| Telecommunications Portfolio | | | | |
| Class A | | | | |
| Shares sold | 20,590 | 43,001 | $936,825 | $1,846,776 |
| Reinvestment of distributions | 3,550 | 13,440 | 160,072 | 586,014 |
| Shares redeemed | (58,832) | (89,654) | (2,693,871) | (3,795,896) |
| Net increase (decrease) | (34,692) | (33,213) | $(1,596,974) | $(1,363,106) |
| Class M | | | | |
| Shares sold | 15,647 | 29,602 | $703,619 | $1,262,425 |
| Reinvestment of distributions | 1,373 | 5,207 | 61,458 | 225,496 |
| Shares redeemed | (27,012) | (47,271) | (1,218,751) | (2,010,396) |
| Net increase (decrease) | (9,992) | (12,462) | $(453,674) | $(522,475) |
| Class C | | | | |
| Shares sold | 1,228 | 5,255 | $55,150 | $224,808 |
| Reinvestment of distributions | 313 | 1,964 | 14,120 | 86,122 |
| Shares redeemed | (15,535) | (33,986) | (701,362) | (1,431,291) |
| Net increase (decrease) | (13,994) | (26,767) | $(632,092) | $(1,120,361) |
| Telecommunications | | | | |
| Shares sold | 277,138 | 643,117 | $13,143,732 | $27,478,363 |
| Reinvestment of distributions | 34,643 | 125,072 | 1,574,503 | 5,494,243 |
| Shares redeemed | (490,799) | (1,121,615) | (22,429,257) | (48,452,953) |
| Net increase (decrease) | (179,018) | (353,426) | $(7,711,022) | $(15,480,347) |
| Class I | | | | |
| Shares sold | 78,665 | 92,263 | $3,838,670 | $3,962,229 |
| Reinvestment of distributions | 1,626 | 13,260 | 73,781 | 594,502 |
| Shares redeemed | (44,272) | (570,092) | (2,028,692) | (23,438,458) |
| Net increase (decrease) | 36,019 | (464,569) | $1,883,759 | $(18,881,727) |
| Class Z | | | | |
| Shares sold | 5,919 | 45,276 | $274,983 | $1,933,594 |
| Reinvestment of distributions | 411 | 1,463 | 18,510 | 63,497 |
| Shares redeemed | (16,159) | (52,424) | (715,966) | (2,198,837) |
| Net increase (decrease) | (9,829) | (5,685) | $(422,473) | $(201,746) |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.1% |
| | | Shares | Value ($) |
| Broadline Retail - 2.9% | | | |
| Broadline Retail - 2.9% | | | |
| Amazon.com, Inc. (a) | | 55,300 | 9,871,050 |
| Communications Equipment - 6.2% | | | |
| Communications Equipment - 6.2% | | | |
| Motorola Solutions, Inc. | | 36,668 | 16,208,723 |
| Nokia Corp. sponsored ADR (b) | | 850,100 | 3,791,446 |
| ViaSat, Inc. (a)(b) | | 63,901 | 1,003,246 |
| | | | 21,003,415 |
| Diversified Telecommunication Services - 18.4% | | | |
| Alternative Carriers - 3.0% | | | |
| GCI Liberty, Inc. Class A (Escrow) (c)(g) | | 112,300 | 1 |
| Iridium Communications, Inc. | | 49,900 | 1,287,420 |
| Liberty Global Ltd. Class A | | 345,600 | 6,687,360 |
| Liberty Latin America Ltd. Class C (a) | | 228,600 | 2,164,842 |
| | | | 10,139,623 |
| Integrated Telecommunication Services - 15.4% | | | |
| AT&T, Inc. | | 1,856,500 | 36,944,350 |
| Cellnex Telecom SA (d) | | 85,915 | 3,317,615 |
| Quebecor, Inc. Class A | | 64,833 | 1,606,813 |
| Shenandoah Telecommunications Co. | | 300 | 4,536 |
| Telefonica SA sponsored ADR (b) | | 729,049 | 3,295,301 |
| Verizon Communications, Inc. | | 171,101 | 7,148,600 |
| | | | 52,317,215 |
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | | | 62,456,838 |
| Entertainment - 2.8% | | | |
| Movies & Entertainment - 2.8% | | | |
| Spotify Technology SA (a) | | 27,500 | 9,429,200 |
| Equity Real Estate Investment Trusts (REITs) - 10.6% | | | |
| Telecom Tower REITs - 10.6% | | | |
| American Tower Corp. | | 130,792 | 29,305,256 |
| Crown Castle, Inc. | | 12,901 | 1,445,170 |
| SBA Communications Corp. Class A | | 23,000 | 5,213,180 |
| | | | 35,963,606 |
| Ground Transportation - 1.5% | | | |
| Passenger Ground Transportation - 1.5% | | | |
| Uber Technologies, Inc. (a) | | 71,600 | 5,236,108 |
| Interactive Media & Services - 4.6% | | | |
| Interactive Media & Services - 4.6% | | | |
| Bumble, Inc. Class A (a) | | 231,900 | 1,556,049 |
| Match Group, Inc. (a) | | 14,500 | 539,545 |
| Meta Platforms, Inc. Class A | | 16,600 | 8,653,746 |
| Pinterest, Inc. Class A (a) | | 54,500 | 1,746,180 |
| Snap, Inc. Class A (a) | | 325,800 | 3,042,972 |
| | | | 15,538,492 |
| Media - 0.0% | | | |
| Advertising - 0.0% | | | |
| Ibotta, Inc. | | 100 | 5,719 |
| Oil, Gas & Consumable Fuels - 1.3% | | | |
| Oil & Gas Refining & Marketing - 1.3% | | | |
| Reliance Industries Ltd. | | 119,400 | 4,300,095 |
| Semiconductors & Semiconductor Equipment - 18.2% | | | |
| Semiconductors - 18.2% | | | |
| Marvell Technology, Inc. | | 325,200 | 24,793,248 |
| NXP Semiconductors NV | | 26,500 | 6,793,540 |
| Qorvo, Inc. (a) | | 71,200 | 8,251,368 |
| Qualcomm, Inc. | | 93,850 | 16,451,905 |
| STMicroelectronics NV (depository receipt) | | 173,200 | 5,533,740 |
| | | | 61,823,801 |
| Software - 0.0% | | | |
| Application Software - 0.0% | | | |
| LivePerson, Inc. (a) | | 84,000 | 103,320 |
| Technology Hardware, Storage & Peripherals - 22.0% | | | |
| Technology Hardware, Storage & Peripherals - 22.0% | | | |
| Apple, Inc. | | 291,720 | 66,803,880 |
| Samsung Electronics Co. Ltd. | | 140,670 | 7,814,591 |
| | | | 74,618,471 |
| Wireless Telecommunication Services - 10.6% | | | |
| Wireless Telecommunication Services - 10.6% | | | |
| Rogers Communications, Inc. Class B (non-vtg.) | | 183,000 | 7,418,313 |
| Spok Holdings, Inc. | | 1 | 15 |
| T-Mobile U.S., Inc. | | 78,816 | 15,662,316 |
| U.S. Cellular Corp. (a) | | 184,500 | 10,261,890 |
| Vodafone Group PLC sponsored ADR | | 285,981 | 2,794,034 |
| | | | 36,136,568 |
| TOTAL COMMON STOCKS (Cost $221,078,404) | | | 336,486,683 |
| | | | |
| Money Market Funds - 3.1% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (e) | | 3,666,537 | 3,667,270 |
| Fidelity Securities Lending Cash Central Fund 5.39% (e)(f) | | 7,091,520 | 7,092,229 |
| TOTAL MONEY MARKET FUNDS (Cost $10,759,499) | | | 10,759,499 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 102.2% (Cost $231,837,903) | 347,246,182 |
NET OTHER ASSETS (LIABILITIES) - (2.2)% | (7,620,246) |
| NET ASSETS - 100.0% | 339,625,936 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (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 $3,317,615 or 1.0% of net assets. |
| (e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (f) | Investment made with cash collateral received from securities on loan. |
| (g) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1 or 0.0% of net assets. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| GCI Liberty, Inc. Class A (Escrow) | 5/23/23 | 0 |
| | | |
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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | - | 52,322,641 | 48,655,429 | 90,278 | 58 | - | 3,667,270 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 13,115,605 | 96,913,143 | 102,936,519 | 14,987 | - | - | 7,092,229 | 0.0% |
| Total | 13,115,605 | 149,235,784 | 151,591,948 | 105,265 | 58 | - | 10,759,499 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Common Stocks | 336,486,683 | 333,169,067 | 3,317,615 | 1 |
|
| Money Market Funds | 10,759,499 | 10,759,499 | - | - |
| Total Investments in Securities: | 347,246,182 | 343,928,566 | 3,317,615 | 1 |
Wireless Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $6,717,754) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $221,078,404) | $ | 336,486,683 | | |
Fidelity Central Funds (cost $10,759,499) | | 10,759,499 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $231,837,903) | | | $ | 347,246,182 |
| Cash | | | | 1 |
| Foreign currency held at value (cost $79,829) | | | | 79,829 |
| Receivable for forward foreign currency contracts | | | | 70,485 |
| Receivable for fund shares sold | | | | 47,151 |
| Dividends receivable | | | | 178,592 |
| Distributions receivable from Fidelity Central Funds | | | | 12,751 |
| Prepaid expenses | | | | 665 |
| Other receivables | | | | 11,556 |
Total assets | | | | 347,647,212 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 244,008 | | |
| Payable for forward foreign currency contracts | | 70,666 | | |
| Payable for fund shares redeemed | | 55,751 | | |
| Accrued management fee | | 184,625 | | |
| Other payables and accrued expenses | | 373,927 | | |
| Collateral on securities loaned | | 7,092,299 | | |
| Total liabilities | | | | 8,021,276 |
| Net Assets | | | $ | 339,625,936 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 210,509,429 |
| Total accumulated earnings (loss) | | | | 129,116,507 |
| Net Assets | | | $ | 339,625,936 |
Net Asset Value, offering price and redemption price per share ($339,625,936 ÷ 26,200,808 shares) | | | $ | 12.96 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 2,995,350 |
| Income from Fidelity Central Funds (including $14,987 from security lending) | | | | 105,265 |
| Total income | | | | 3,100,615 |
| Expenses | | | | |
| Management fee | $ | 1,088,223 | | |
| Custodian fees and expenses | | 6,707 | | |
| Independent trustees' fees and expenses | | 684 | | |
| Registration fees | | 33,469 | | |
| Audit fees | | 43,909 | | |
| Legal | | 78 | | |
| Proxy fee | | 7,916 | | |
| Miscellaneous | | 709 | | |
| Total expenses before reductions | | 1,181,695 | | |
| Expense reductions | | (6,812) | | |
| Total expenses after reductions | | | | 1,174,883 |
| Net Investment income (loss) | | | | 1,925,732 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $529,862) | | 15,710,073 | | |
| Fidelity Central Funds | | 58 | | |
| Foreign currency transactions | | (5,687) | | |
| Total net realized gain (loss) | | | | 15,704,444 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $360,637) | | 20,778,213 | | |
| Assets and liabilities in foreign currencies | | 3,218 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 20,781,431 |
| Net gain (loss) | | | | 36,485,875 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 38,411,607 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 1,925,732 | $ | 3,559,413 |
| Net realized gain (loss) | | 15,704,444 | | 13,398,132 |
| Change in net unrealized appreciation (depreciation) | | 20,781,431 | | 39,060,568 |
| Net increase (decrease) in net assets resulting from operations | | 38,411,607 | | 56,018,113 |
| Distributions to shareholders | | (10,285,564) | | (7,837,214) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 15,060,193 | | 39,969,785 |
| Reinvestment of distributions | | 9,517,308 | | 7,189,424 |
| Cost of shares redeemed | | (37,184,228) | | (73,439,523) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (12,606,727) | | (26,280,314) |
| Total increase (decrease) in net assets | | 15,519,316 | | 21,900,585 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 324,106,620 | | 302,206,035 |
| End of period | $ | 339,625,936 | $ | 324,106,620 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 1,216,195 | | 3,580,709 |
| Issued in reinvestment of distributions | | 840,010 | | 622,461 |
| Redeemed | | (3,084,722) | | (6,688,166) |
| Net increase (decrease) | | (1,028,517) | | (2,484,996) |
| | | | | |
Financial Highlights
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 11.90 | $ | 10.17 | $ | 12.91 | $ | 13.34 | $ | 10.69 | $ | 8.93 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .07 | | .12 | | .09 | | .10 | | .10 | | .14 |
| Net realized and unrealized gain (loss) | | 1.38 | | 1.89 | | (1.95) | | .54 | | 3.50 | | 1.93 |
| Total from investment operations | | 1.45 | | 2.01 | | (1.86) | | .64 | | 3.60 | | 2.07 |
| Distributions from net investment income | | (.02) | | (.11) | | (.09) | | (.09) | | (.10) | | (.12) |
| Distributions from net realized gain | | (.37) | | (.17) | | (.79) | | (.98) | | (.86) | | (.19) |
| Total distributions | | (.39) | | (.28) | | (.88) | | (1.07) | | (.95) D | | (.31) |
| Net asset value, end of period | $ | 12.96 | $ | 11.90 | $ | 10.17 | $ | 12.91 | $ | 13.34 | $ | 10.69 |
Total Return E,F | | | | 19.83% | | (14.79)% | | 4.40% | | 36.09% | | 23.01% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .73% I | | .81% | | .79% | | .77% | | .79% | | .81% |
| Expenses net of fee waivers, if any | | | | .80% | | .79% | | .77% | | .79% | | .81% |
| Expenses net of all reductions | | .73% I | | .80% | | .79% | | .77% | | .78% | | .81% |
| Net investment income (loss) | | 1.19% I | | 1.16% | | .85% | | .69% | | .80% | | 1.39% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 339,626 | $ | 324,107 | $ | 302,206 | $ | 403,566 | $ | 440,296 | $ | 355,309 |
Portfolio turnover rate J | | | | 22% | | 11% | | 30% | | 55% | | 78% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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, 2024
1. Organization.
Wireless Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses Statement of Assets and Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes 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 | $143,926,454 |
| Gross unrealized depreciation | (30,209,181) |
| Net unrealized appreciation (depreciation) | $113,717,273 |
| Tax cost | $233,528,909 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Wireless Portfolio | 60,720,872 | 74,901,989 |
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.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Wireless Portfolio | .72 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Wireless Portfolio | .67 |
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Wireless Portfolio | 1,379 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Wireless Portfolio | 2,837,255 | 820,849 | (25,541) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Wireless Portfolio | 285 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Wireless Portfolio | 1,560 | 11 | - |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $6,812.
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.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. 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 elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 50,178,154,296.75 | 92.38 |
| Withheld | 4,136,551,415.53 | 7.62 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 50,131,321,830.27 | 92.30 |
| Withheld | 4,183,383,882.00 | 7.70 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vijay C. Advani |
| Affirmative | 50,021,870,319.77 | 92.10 |
| Withheld | 4,292,835,392.50 | 7.90 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 50,057,248,681.17 | 92.16 |
| Withheld | 4,257,457,031.10 | 7.84 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Donald F. Donahue |
| Affirmative | 49,998,023,290.27 | 92.05 |
| Withheld | 4,316,682,422.00 | 7.95 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 50,146,578,363.15 | 92.33 |
| Withheld | 4,168,127,349.12 | 7.67 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 50,227,895,949.71 | 92.48 |
| Withheld | 4,086,809,762.56 | 7.52 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 50,080,160,698.34 | 92.20 |
| Withheld | 4,234,545,013.93 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Oscar Munoz |
| Affirmative | 49,879,616,445.58 | 91.83 |
| Withheld | 4,435,089,266.69 | 8.17 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Karen B. Peetz |
| Affirmative | 50,078,105,799.58 | 92.20 |
| Withheld | 4,236,599,912.69 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| David M. Thomas |
| Affirmative | 50,013,939,190.36 | 92.08 |
| Withheld | 4,300,766,521.91 | 7.92 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Susan Tomasky |
| Affirmative | 50,109,134,188.50 | 92.26 |
| Withheld | 4,205,571,523.77 | 7.74 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Michael E. Wiley |
| Affirmative | 50,016,526,096.47 | 92.09 |
| Withheld | 4,298,179,615.80 | 7.91 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Telecommunications Portfolio
Wireless Portfolio
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of the management fee and total expense ratio of the fund or, for Telecommunications Portfolio, a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees), as applicable; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in that fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
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, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under separate agreements.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
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.
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. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect for each fund with each fund's management fee based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that, in exchange for the variable management fee, each class of each fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of each fund's management fee and total expense ratio (for the retail class for Telecommunications Portfolio), the Board considered each fund's (or the retail class's for Telecommunications Portfolio) pro rata management fee rate as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and fund paid 12b-1 fees (for Telecommunications Portfolio). 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 Morningstar) 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 Telecommunications Portfolio, the retail class 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 Telecommunications Portfolio, the retail class 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, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund or, for Telecommunications Portfolio, the retail class ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
For Telecommunications Portfolio, the Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, 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 the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's 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 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 variable management fee structure, which provides for breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including, but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; 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 May 31, 2025.
1.846053.117
SELTS-SANN-1024
Fidelity® Select Portfolios®
Industrials Sector
Defense and Aerospace Portfolio
Industrials Portfolio
Transportation Portfolio
Semi-Annual Report
August 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Defense and Aerospace Portfolio
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.1% |
| | | Shares | Value ($) |
| Aerospace & Defense - 96.0% | | | |
| Aerospace & Defense - 96.0% | | | |
| Axon Enterprise, Inc. (a) | | 181,900 | 66,388,043 |
| BAE Systems PLC | | 495,300 | 8,905,390 |
| Bombardier, Inc. Class B (sub. vtg.) (a) | | 265,700 | 18,248,946 |
| BWX Technologies, Inc. | | 248,100 | 25,554,300 |
| Curtiss-Wright Corp. | | 118,800 | 37,524,168 |
| General Dynamics Corp. | | 334,500 | 100,135,920 |
| General Electric Co. | | 1,608,100 | 280,806,422 |
| HEICO Corp. Class A | | 430,300 | 86,098,727 |
| Howmet Aerospace, Inc. | | 890,100 | 86,037,066 |
| Huntington Ingalls Industries, Inc. | | 174,200 | 49,258,534 |
| Kratos Defense & Security Solutions, Inc. (a) | | 1,200,978 | 27,550,435 |
| L3Harris Technologies, Inc. | | 114,400 | 27,075,048 |
| Leonardo DRS, Inc. (a) | | 377,700 | 10,779,558 |
| Loar Holdings, Inc. (b) | | 1,600 | 118,656 |
| Lockheed Martin Corp. | | 263,300 | 149,580,730 |
| MTU Aero Engines AG | | 49,500 | 14,773,671 |
| Northrop Grumman Corp. | | 152,900 | 79,998,809 |
| Rolls-Royce Holdings PLC (a) | | 4,490,800 | 29,443,468 |
| RTX Corp. | | 1,397,300 | 172,342,982 |
| Spirit AeroSystems Holdings, Inc. Class A (a) | | 1,458,500 | 51,353,785 |
| Textron, Inc. | | 460,100 | 41,961,120 |
| Thales SA | | 77,700 | 13,055,216 |
| The Boeing Co. (a) | | 1,024,900 | 178,066,126 |
| TransDigm Group, Inc. | | 60,500 | 83,079,205 |
| Triumph Group, Inc. (a) | | 1,554,000 | 21,647,220 |
| Woodward, Inc. | | 204,300 | 34,046,595 |
| | | | 1,693,830,140 |
| Metals & Mining - 1.8% | | | |
| Steel - 1.8% | | | |
| ATI, Inc. (a) | | 481,500 | 30,758,220 |
| Professional Services - 0.8% | | | |
| Research & Consulting Services - 0.8% | | | |
| Leidos Holdings, Inc. | | 87,600 | 13,885,476 |
| Trading Companies & Distributors - 0.5% | | | |
| Trading Companies & Distributors - 0.5% | | | |
| FTAI Aviation Ltd. | | 66,400 | 8,486,584 |
| TOTAL COMMON STOCKS (Cost $1,014,162,069) | | | 1,746,960,420 |
| | | | |
| Money Market Funds - 0.9% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (c) | | 15,830,666 | 15,833,832 |
| Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | | 113,239 | 113,250 |
| TOTAL MONEY MARKET FUNDS (Cost $15,947,082) | | | 15,947,082 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $1,030,109,151) | 1,762,907,502 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | 805,093 |
| NET ASSETS - 100.0% | 1,763,712,595 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 5.39% | 12,049,482 | 109,167,614 | 105,383,420 | 165,332 | 156 | - | 15,833,832 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 70,347,171 | 78,988,628 | 149,222,549 | 6,390 | - | - | 113,250 | 0.0% |
| Total | 82,396,653 | 188,156,242 | 254,605,969 | 171,722 | 156 | - | 15,947,082 | |
| | | | | | | | | |
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, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Common Stocks | 1,746,960,420 | 1,708,611,562 | 38,348,858 | - |
|
| Money Market Funds | 15,947,082 | 15,947,082 | - | - |
| Total Investments in Securities: | 1,762,907,502 | 1,724,558,644 | 38,348,858 | - |
Defense and Aerospace Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $111,240) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,014,162,069) | $ | 1,746,960,420 | | |
Fidelity Central Funds (cost $15,947,082) | | 15,947,082 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,030,109,151) | | | $ | 1,762,907,502 |
| Receivable for investments sold | | | | 1,747,769 |
| Receivable for fund shares sold | | | | 515,186 |
| Dividends receivable | | | | 1,290,917 |
| Distributions receivable from Fidelity Central Funds | | | | 30,037 |
| Prepaid expenses | | | | 4,345 |
| Other receivables | | | | 141,548 |
Total assets | | | | 1,766,637,304 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 1,697,441 | | |
| Accrued management fee | | 917,738 | | |
| Other payables and accrued expenses | | 196,280 | | |
| Collateral on securities loaned | | 113,250 | | |
| Total liabilities | | | | 2,924,709 |
| Net Assets | | | $ | 1,763,712,595 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 956,494,011 |
| Total accumulated earnings (loss) | | | | 807,218,584 |
| Net Assets | | | $ | 1,763,712,595 |
Net Asset Value, offering price and redemption price per share ($1,763,712,595 ÷ 90,597,743 shares) | | | $ | 19.47 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 6,833,959 |
| Income from Fidelity Central Funds (including $6,390 from security lending) | | | | 171,722 |
| Total income | | | | 7,005,681 |
| Expenses | | | | |
| Management fee | $ | 5,312,923 | | |
| Custodian fees and expenses | | 6,061 | | |
| Independent trustees' fees and expenses | | 3,365 | | |
| Registration fees | | 25,973 | | |
| Audit fees | | 20,660 | | |
| Legal | | 389 | | |
| Interest | | 10,438 | | |
| Miscellaneous | | 34,190 | | |
| Total expenses before reductions | | 5,413,999 | | |
| Expense reductions | | (32,243) | | |
| Total expenses after reductions | | | | 5,381,756 |
| Net Investment income (loss) | | | | 1,623,925 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 74,350,549 | | |
| Fidelity Central Funds | | 156 | | |
| Foreign currency transactions | | 7,529 | | |
| Total net realized gain (loss) | | | | 74,358,234 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 190,878,663 | | |
| Assets and liabilities in foreign currencies | | 1,002 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 190,879,665 |
| Net gain (loss) | | | | 265,237,899 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 266,861,824 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 1,623,925 | $ | 9,524,259 |
| Net realized gain (loss) | | 74,358,234 | | 117,093,092 |
| Change in net unrealized appreciation (depreciation) | | 190,879,665 | | 59,158,675 |
| Net increase (decrease) in net assets resulting from operations | | 266,861,824 | | 185,776,026 |
| Distributions to shareholders | | (29,425,929) | | (100,225,505) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 81,597,995 | | 192,254,318 |
| Reinvestment of distributions | | 27,383,784 | | 93,056,332 |
| Cost of shares redeemed | | (152,805,911) | | (374,534,711) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (43,824,132) | | (89,224,061) |
| Total increase (decrease) in net assets | | 193,611,763 | | (3,673,540) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,570,100,832 | | 1,573,774,372 |
| End of period | $ | 1,763,712,595 | $ | 1,570,100,832 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 4,568,990 | | 11,931,270 |
| Issued in reinvestment of distributions | | 1,627,082 | | 5,576,080 |
| Redeemed | | (8,629,016) | | (23,423,246) |
| Net increase (decrease) | | (2,432,944) | | (5,915,896) |
| | | | | |
Financial Highlights
Defense and Aerospace Portfolio |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 16.88 | $ | 15.91 | $ | 17.08 | $ | 16.28 | $ | 16.61 | $ | 17.27 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .02 | | .10 D | | .09 E | | .01 | | (.04) | | .27 F |
| Net realized and unrealized gain (loss) | | 2.89 | | 1.97 | | .12 G | | 2.12 | | .06 | | (.45) |
| Total from investment operations | | 2.91 | | 2.07 | | .21 | | 2.13 | | .02 | | (.18) |
| Distributions from net investment income | | (.02) | | (.11) | | (.07) | | - | | (.05) | | (.22) |
| Distributions from net realized gain | | (.30) | | (.99) | | (1.31) | | (1.33) | | (.30) | | (.26) |
| Total distributions | | (.32) | | (1.10) | | (1.38) | | (1.33) | | (.35) | | (.48) |
| Net asset value, end of period | $ | 19.47 | $ | 16.88 | $ | 15.91 | $ | 17.08 | $ | 16.28 | $ | 16.61 |
Total Return H,I | | | | 13.11% | | 1.54% | | 14.06% | | .69% | | (1.32)% |
Ratios to Average Net Assets C,J,K | | | | | | | | | | | | |
| Expenses before reductions | | .66% L | | .74% | | .75% | | .74% | | .77% | | .75% |
| Expenses net of fee waivers, if any | | | | .73% | | .74% | | .74% | | .77% | | .74% |
| Expenses net of all reductions | | .66% L | | .73% | | .74% | | .74% | | .76% | | .74% |
| Net investment income (loss) | | .20% L | | .63% D | | .58% E | | .06% | | (.29)% | | 1.49% F |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,763,713 | $ | 1,570,101 | $ | 1,573,774 | $ | 1,536,531 | $ | 1,638,194 | $ | 2,728,959 |
Portfolio turnover rate M | | | | 16% | | 15% | | 52% | | 30% | | 40% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .45%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .44%.
FNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.18 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .48%.
GThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
HTotal returns for periods of less than one year are not annualized.
ITotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
LAnnualized.
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.6% |
| | | Shares | Value ($) |
| Aerospace & Defense - 22.7% | | | |
| Aerospace & Defense - 22.7% | | | |
| Axon Enterprise, Inc. (a) | | 4,800 | 1,751,856 |
| General Dynamics Corp. | | 42,200 | 12,632,992 |
| General Electric Co. | | 215,003 | 37,543,824 |
| Howmet Aerospace, Inc. | | 288,737 | 27,909,318 |
| Huntington Ingalls Industries, Inc. | | 14,300 | 4,043,611 |
| Loar Holdings, Inc. (b) | | 600 | 44,496 |
| Lockheed Martin Corp. | | 8,623 | 4,898,726 |
| The Boeing Co. (a) | | 128,048 | 22,247,060 |
| TransDigm Group, Inc. | | 16,637 | 22,846,095 |
| | | | 133,917,978 |
| Air Freight & Logistics - 2.7% | | | |
| Air Freight & Logistics - 2.7% | | | |
| C.H. Robinson Worldwide, Inc. | | 13,000 | 1,345,630 |
| FedEx Corp. | | 48,500 | 14,490,345 |
| | | | 15,835,975 |
| Building Products - 11.5% | | | |
| Building Products - 11.5% | | | |
| Carlisle Companies, Inc. | | 19,600 | 8,306,480 |
| Fortune Brands Innovations, Inc. | | 160,200 | 12,721,482 |
| Johnson Controls International PLC | | 104,800 | 7,634,680 |
| Simpson Manufacturing Co. Ltd. | | 32,680 | 5,982,401 |
| The AZEK Co., Inc. Class A, (a) | | 210,600 | 8,977,878 |
| Trane Technologies PLC | | 66,935 | 24,207,712 |
| | | | 67,830,633 |
| Commercial Services & Supplies - 3.2% | | | |
| Diversified Support Services - 1.0% | | | |
| Cintas Corp. | | 7,300 | 5,877,376 |
| Environmental & Facilities Services - 2.2% | | | |
| Waste Connections, Inc. (United States) | | 68,500 | 12,775,250 |
TOTAL COMMERCIAL SERVICES & SUPPLIES | | | 18,652,626 |
| Construction & Engineering - 3.8% | | | |
| Construction & Engineering - 3.8% | | | |
| Comfort Systems U.S.A., Inc. | | 8,900 | 3,146,328 |
| Quanta Services, Inc. | | 43,000 | 11,830,590 |
| Willscot Holdings Corp. (a) | | 189,500 | 7,303,330 |
| | | | 22,280,248 |
| Construction Materials - 1.1% | | | |
| Construction Materials - 1.1% | | | |
| Eagle Materials, Inc. | | 25,674 | 6,617,474 |
| Electrical Equipment - 12.8% | | | |
| Electrical Components & Equipment - 9.4% | | | |
| AMETEK, Inc. | | 107,220 | 18,339,981 |
| Eaton Corp. PLC | | 63,400 | 19,459,362 |
| Regal Rexnord Corp. | | 88,170 | 14,795,808 |
| Vertiv Holdings Co. | | 36,400 | 3,022,292 |
| | | | 55,617,443 |
| Heavy Electrical Equipment - 3.4% | | | |
| GE Vernova LLC | | 100,550 | 20,210,550 |
TOTAL ELECTRICAL EQUIPMENT | | | 75,827,993 |
| Ground Transportation - 13.2% | | | |
| Cargo Ground Transportation - 5.1% | | | |
| Knight-Swift Transportation Holdings, Inc. | | 210,400 | 11,020,752 |
| Old Dominion Freight Lines, Inc. | | 55,800 | 10,758,240 |
| XPO, Inc. (a) | | 73,100 | 8,378,722 |
| | | | 30,157,714 |
| Passenger Ground Transportation - 2.6% | | | |
| Uber Technologies, Inc. (a) | | 212,400 | 15,532,812 |
| Rail Transportation - 5.5% | | | |
| CSX Corp. | | 69,069 | 2,366,995 |
| Union Pacific Corp. | | 116,700 | 29,885,703 |
| | | | 32,252,698 |
TOTAL GROUND TRANSPORTATION | | | 77,943,224 |
| Machinery - 19.6% | | | |
| Agricultural & Farm Machinery - 1.5% | | | |
| Deere & Co. | | 23,900 | 9,219,186 |
| Construction Machinery & Heavy Transportation Equipment - 1.7% | | | |
| Caterpillar, Inc. | | 20,800 | 7,406,880 |
| Westinghouse Air Brake Tech Co. | | 14,400 | 2,441,808 |
| | | | 9,848,688 |
| Industrial Machinery & Supplies & Components - 16.4% | | | |
| Chart Industries, Inc. (a)(b) | | 65,300 | 7,992,720 |
| Dover Corp. | | 94,681 | 17,613,506 |
| Fortive Corp. | | 34,611 | 2,575,058 |
| Ingersoll Rand, Inc. | | 277,664 | 25,392,373 |
| ITT, Inc. | | 128,600 | 17,903,692 |
| Parker Hannifin Corp. | | 42,600 | 25,568,520 |
| | | | 97,045,869 |
TOTAL MACHINERY | | | 116,113,743 |
| Professional Services - 3.4% | | | |
| Research & Consulting Services - 3.4% | | | |
| KBR, Inc. | | 127,500 | 8,843,400 |
| Leidos Holdings, Inc. | | 71,589 | 11,347,572 |
| | | | 20,190,972 |
| Trading Companies & Distributors - 5.6% | | | |
| Trading Companies & Distributors - 5.6% | | | |
| FTAI Aviation Ltd. | | 39,900 | 5,099,619 |
| United Rentals, Inc. | | 19,600 | 14,528,696 |
| W.W. Grainger, Inc. | | 8,109 | 7,986,716 |
| Watsco, Inc. | | 12,200 | 5,800,124 |
| | | | 33,415,155 |
| TOTAL COMMON STOCKS (Cost $417,434,336) | | | 588,626,021 |
| | | | |
| Money Market Funds - 1.9% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (c) | | 2,828,384 | 2,828,949 |
| Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | | 8,301,020 | 8,301,850 |
| TOTAL MONEY MARKET FUNDS (Cost $11,130,799) | | | 11,130,799 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.5% (Cost $428,565,135) | 599,756,820 |
NET OTHER ASSETS (LIABILITIES) - (1.5)% | (8,631,181) |
| NET ASSETS - 100.0% | 591,125,639 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 5.39% | 13,875,738 | 57,878,126 | 68,925,187 | 72,426 | 272 | - | 2,828,949 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 437,175 | 45,171,379 | 37,306,704 | 3,826 | - | - | 8,301,850 | 0.0% |
| Total | 14,312,913 | 103,049,505 | 106,231,891 | 76,252 | 272 | - | 11,130,799 | |
| | | | | | | | | |
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, 2024, 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 | 588,626,021 | 588,626,021 | - | - |
|
| Money Market Funds | 11,130,799 | 11,130,799 | - | - |
| Total Investments in Securities: | 599,756,820 | 599,756,820 | - | - |
Industrials Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $8,017,560) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $417,434,336) | $ | 588,626,021 | | |
Fidelity Central Funds (cost $11,130,799) | | 11,130,799 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $428,565,135) | | | $ | 599,756,820 |
| Cash | | | | 25,010 |
| Receivable for fund shares sold | | | | 321,082 |
| Dividends receivable | | | | 395,577 |
| Distributions receivable from Fidelity Central Funds | | | | 10,538 |
| Prepaid expenses | | | | 1,527 |
| Other receivables | | | | 137,809 |
Total assets | | | | 600,648,363 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 587,595 | | |
| Payable for fund shares redeemed | | 141,963 | | |
| Accrued management fee | | 320,412 | | |
| Other payables and accrued expenses | | 170,904 | | |
| Collateral on securities loaned | | 8,301,850 | | |
| Total liabilities | | | | 9,522,724 |
| Net Assets | | | $ | 591,125,639 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 400,444,634 |
| Total accumulated earnings (loss) | | | | 190,681,005 |
| Net Assets | | | $ | 591,125,639 |
Net Asset Value, offering price and redemption price per share ($591,125,639 ÷ 14,399,308 shares) | | | $ | 41.05 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 2,406,191 |
| Income from Fidelity Central Funds (including $3,826 from security lending) | | | | 76,252 |
| Total income | | | | 2,482,443 |
| Expenses | | | | |
| Management fee | $ | 1,951,745 | | |
| Custodian fees and expenses | | 5,321 | | |
| Independent trustees' fees and expenses | | 1,200 | | |
| Registration fees | | 25,757 | | |
| Audit fees | | 22,864 | | |
| Legal | | 2,700 | | |
| Interest | | 1,840 | | |
| Miscellaneous | | 10,296 | | |
| Total expenses before reductions | | 2,021,723 | | |
| Expense reductions | | (10,823) | | |
| Total expenses after reductions | | | | 2,010,900 |
| Net Investment income (loss) | | | | 471,543 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 20,387,250 | | |
| Fidelity Central Funds | | 272 | | |
| Total net realized gain (loss) | | | | 20,387,522 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 25,087,602 | | |
| Assets and liabilities in foreign currencies | | (2) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 25,087,600 |
| Net gain (loss) | | | | 45,475,122 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 45,946,665 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 471,543 | $ | 1,203,450 |
| Net realized gain (loss) | | 20,387,522 | | 46,886,649 |
| Change in net unrealized appreciation (depreciation) | | 25,087,600 | | 85,751,927 |
| Net increase (decrease) in net assets resulting from operations | | 45,946,665 | | 133,842,026 |
| Distributions to shareholders | | (596,010) | | (28,983,021) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 85,401,778 | | 135,270,017 |
| Reinvestment of distributions | | 560,281 | | 27,273,715 |
| Cost of shares redeemed | | (102,938,283) | | (158,177,022) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (16,976,224) | | 4,366,710 |
| Total increase (decrease) in net assets | | 28,374,431 | | 109,225,715 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 562,751,208 | | 453,525,493 |
| End of period | $ | 591,125,639 | $ | 562,751,208 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 2,205,968 | | 4,078,523 |
| Issued in reinvestment of distributions | | 14,583 | | 819,732 |
| Redeemed | | (2,660,111) | | (4,885,103) |
| Net increase (decrease) | | (439,560) | | 13,152 |
| | | | | |
Financial Highlights
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 37.92 | $ | 30.59 | $ | 31.41 | $ | 37.17 | $ | 31.90 | $ | 33.84 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .03 | | .08 D | | .04 E | | (.04) | | (.02) | | .28 F |
| Net realized and unrealized gain (loss) | | 3.14 | | 9.25 | | .30 | | 3.70 | | 6.38 | | (.76) |
| Total from investment operations | | 3.17 | | 9.33 | | .34 | | 3.66 | | 6.36 | | (.48) |
| Distributions from net investment income | | - | | (.09) | | (.04) | | - | | (.07) G | | (.24) |
| Distributions from net realized gain | | (.04) | | (1.92) | | (1.13) | | (9.42) | | (1.02) G | | (1.23) |
| Total distributions | | (.04) | | (2.00) H | | (1.16) H | | (9.42) | | (1.09) | | (1.46) H |
| Net asset value, end of period | $ | 41.05 | $ | 37.92 | $ | 30.59 | $ | 31.41 | $ | 37.17 | $ | 31.90 |
Total Return I,J | | | | 31.48% | | 1.19% | | 9.33% | | 21.41% | | (1.82)% |
Ratios to Average Net Assets B,K,L | | | | | | | | | | | | |
| Expenses before reductions | | .69% M | | .74% | | .76% | | .74% | | .76% | | .76% |
| Expenses net of fee waivers, if any | | | | .73% | | .76% | | .74% | | .76% | | .76% |
| Expenses net of all reductions | | .69% M | | .73% | | .76% | | .74% | | .74% | | .75% |
| Net investment income (loss) | | .16% M | | .26% D | | .14% E | | (.10)% | | (.05)% | | .81% F |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 591,126 | $ | 562,751 | $ | 453,525 | $ | 359,765 | $ | 564,209 | $ | 529,023 |
Portfolio turnover rate N | | | | 115% O | | 125% | | 151% | | 272% | | 143% O |
AFor the year ended February 29.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CCalculated based on average shares outstanding during the period.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .11%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .03%.
FNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .64%.
GThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
HTotal distributions per share do not sum due to rounding.
ITotal returns for periods of less than one year are not annualized.
JTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
KFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
LExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
MAnnualized.
NAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
OPortfolio turnover rate excludes securities received or delivered in-kind.
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 97.8% |
| | | Shares | Value ($) |
| Air Freight & Logistics - 20.7% | | | |
| Air Freight & Logistics - 20.7% | | | |
| Air Transport Services Group, Inc. (a)(b) | | 209,937 | 3,539,538 |
| C.H. Robinson Worldwide, Inc. | | 107,207 | 11,096,997 |
| Expeditors International of Washington, Inc. | | 65,381 | 8,068,669 |
| FedEx Corp. | | 88,721 | 26,507,173 |
| GXO Logistics, Inc. (a) | | 26,031 | 1,302,852 |
| Hub Group, Inc. Class A | | 50,876 | 2,397,786 |
| United Parcel Service, Inc. Class B | | 459,926 | 59,123,487 |
| | | | 112,036,502 |
| Energy Equipment & Services - 0.7% | | | |
| Oil & Gas Equipment & Services - 0.7% | | | |
| Tidewater, Inc. (a) | | 41,200 | 3,654,440 |
| Ground Transportation - 53.7% | | | |
| Cargo Ground Transportation - 7.4% | | | |
| Covenant Transport Group, Inc. Class A | | 3,102 | 163,382 |
| Knight-Swift Transportation Holdings, Inc. | | 162,829 | 8,528,983 |
| Ryder System, Inc. | | 49,447 | 7,181,682 |
| Saia, Inc. (a)(b) | | 31,777 | 11,942,750 |
| TFI International, Inc. (Canada) | | 30,600 | 4,528,750 |
| U-Haul Holding Co. Class N | | 110,236 | 7,534,631 |
| Universal Logistics Holdings, Inc. | | 9,321 | 393,999 |
| | | | 40,274,177 |
| Passenger Ground Transportation - 17.0% | | | |
| Avis Budget Group, Inc. (b) | | 11,803 | 967,728 |
| Localiza Rent a Car SA | | 493,800 | 3,624,678 |
| Lyft, Inc. (a) | | 416,798 | 4,864,033 |
| Uber Technologies, Inc. (a) | | 1,126,566 | 82,385,772 |
| | | | 91,842,211 |
| Rail Transportation - 29.3% | | | |
| CSX Corp. | | 777,401 | 26,641,532 |
| FTAI Infrastructure LLC | | 347,962 | 3,458,742 |
| Norfolk Southern Corp. | | 110,810 | 28,385,090 |
| Union Pacific Corp. | | 389,485 | 99,743,214 |
| | | | 158,228,578 |
TOTAL GROUND TRANSPORTATION | | | 290,344,966 |
| Marine Transportation - 6.9% | | | |
| Marine Transportation - 6.9% | | | |
| Kirby Corp. (a) | | 192,346 | 23,066,132 |
| Matson, Inc. | | 29,323 | 4,055,371 |
| Navios Maritime Partners LP | | 33,000 | 1,769,130 |
| Star Bulk Carriers Corp. | | 404,523 | 8,644,657 |
| | | | 37,535,290 |
| Oil, Gas & Consumable Fuels - 1.6% | | | |
| Oil & Gas Storage & Transportation - 1.6% | | | |
| Cool Co. Ltd. | | 5,974 | 73,227 |
| DHT Holdings, Inc. | | 330,992 | 3,584,643 |
| International Seaways, Inc. | | 34,058 | 1,765,226 |
| Navigator Holdings Ltd. | | 175,600 | 2,951,836 |
| | | | 8,374,932 |
| Passenger Airlines - 14.2% | | | |
| Passenger Airlines - 14.2% | | | |
| Alaska Air Group, Inc. (a)(b) | | 384,843 | 13,896,681 |
| Copa Holdings SA Class A | | 123,521 | 11,166,298 |
| Delta Air Lines, Inc. | | 499,765 | 21,235,015 |
| Ryanair Holdings PLC sponsored ADR | | 36,394 | 4,056,475 |
| SkyWest, Inc. (a) | | 176,724 | 13,703,179 |
| Sun Country Airlines Holdings, Inc. (a)(b) | | 724,694 | 7,957,140 |
| United Airlines Holdings, Inc. (a) | | 113,508 | 4,998,892 |
| | | | 77,013,680 |
| TOTAL COMMON STOCKS (Cost $321,221,328) | | | 528,959,810 |
| | | | |
| Money Market Funds - 3.6% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (c) | | 10,006,540 | 10,008,541 |
| Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | | 9,714,354 | 9,715,325 |
| TOTAL MONEY MARKET FUNDS (Cost $19,723,866) | | | 19,723,866 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.4% (Cost $340,945,194) | 548,683,676 |
NET OTHER ASSETS (LIABILITIES) - (1.4)% | (7,622,268) |
| NET ASSETS - 100.0% | 541,061,408 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 5.39% | 3,380,863 | 55,599,625 | 48,971,949 | 153,446 | 2 | - | 10,008,541 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 3,404,600 | 36,748,302 | 30,437,577 | 56,322 | - | - | 9,715,325 | 0.0% |
| Total | 6,785,463 | 92,347,927 | 79,409,526 | 209,768 | 2 | - | 19,723,866 | |
| | | | | | | | | |
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, 2024, 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 | 528,959,810 | 528,959,810 | - | - |
|
| Money Market Funds | 19,723,866 | 19,723,866 | - | - |
| Total Investments in Securities: | 548,683,676 | 548,683,676 | - | - |
Transportation Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $9,476,358) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $321,221,328) | $ | 528,959,810 | | |
Fidelity Central Funds (cost $19,723,866) | | 19,723,866 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $340,945,194) | | | $ | 548,683,676 |
| Receivable for investments sold | | | | 37,598,949 |
| Receivable for fund shares sold | | | | 73,629 |
| Dividends receivable | | | | 1,694,530 |
| Distributions receivable from Fidelity Central Funds | | | | 40,173 |
| Prepaid expenses | | | | 1,132 |
Total assets | | | | 588,092,089 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 36,272,808 | | |
| Payable for fund shares redeemed | | 711,231 | | |
| Accrued management fee | | 292,974 | | |
| Other payables and accrued expenses | | 38,343 | | |
| Collateral on securities loaned | | 9,715,325 | | |
| Total liabilities | | | | 47,030,681 |
| Net Assets | | | $ | 541,061,408 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 304,631,210 |
| Total accumulated earnings (loss) | | | | 236,430,198 |
| Net Assets | | | $ | 541,061,408 |
Net Asset Value, offering price and redemption price per share ($541,061,408 ÷ 4,943,571 shares) | | | $ | 109.45 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 5,898,309 |
| Interest | | | | 119 |
| Income from Fidelity Central Funds (including $56,322 from security lending) | | | | 209,768 |
| Total income | | | | 6,108,196 |
| Expenses | | | | |
| Management fee | $ | 1,908,791 | | |
| Custodian fees and expenses | | 5,873 | | |
| Independent trustees' fees and expenses | | 1,229 | | |
| Registration fees | | 20,535 | | |
| Audit fees | | 24,131 | | |
| Legal | | 143 | | |
| Interest | | 3,253 | | |
| Miscellaneous | | 14,063 | | |
| Total expenses before reductions | | 1,978,018 | | |
| Expense reductions | | (13,450) | | |
| Total expenses after reductions | | | | 1,964,568 |
| Net Investment income (loss) | | | | 4,143,628 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 25,870,173 | | |
| Fidelity Central Funds | | 2 | | |
| Foreign currency transactions | | (13,295) | | |
| Total net realized gain (loss) | | | | 25,856,880 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (34,942,563) | | |
| Assets and liabilities in foreign currencies | | 586 | | |
| Total change in net unrealized appreciation (depreciation) | | | | (34,941,977) |
| Net gain (loss) | | | | (9,085,097) |
| Net increase (decrease) in net assets resulting from operations | | | $ | (4,941,469) |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 4,143,628 | $ | 10,430,731 |
| Net realized gain (loss) | | 25,856,880 | | 9,046,988 |
| Change in net unrealized appreciation (depreciation) | | (34,941,977) | | 71,232,396 |
| Net increase (decrease) in net assets resulting from operations | | (4,941,469) | | 90,710,115 |
| Distributions to shareholders | | (2,936,556) | | (15,708,100) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 12,938,256 | | 63,903,075 |
| Reinvestment of distributions | | 2,732,891 | | 14,720,687 |
| Cost of shares redeemed | | (77,260,618) | | (130,203,895) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (61,589,471) | | (51,580,133) |
| Total increase (decrease) in net assets | | (69,467,496) | | 23,421,882 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 610,528,904 | | 587,107,022 |
| End of period | $ | 541,061,408 | $ | 610,528,904 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 119,455 | | 637,059 |
| Issued in reinvestment of distributions | | 25,197 | | 143,382 |
| Redeemed | | (721,533) | | (1,312,582) |
| Net increase (decrease) | | (576,881) | | (532,141) |
| | | | | |
Financial Highlights
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 110.59 | $ | 97.00 | $ | 105.82 | $ | 98.97 | $ | 82.12 | $ | 95.41 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .79 | | 1.80 | | 1.24 | | .64 | | 1.06 D | | .93 |
| Net realized and unrealized gain (loss) | | (1.39) | | 14.59 | | (2.12) | | 19.26 | | 23.43 | | (10.43) |
| Total from investment operations | | (.60) | | 16.39 | | (.88) | | 19.90 | | 24.49 | | (9.50) |
| Distributions from net investment income | | (.29) | | (1.75) | | (1.16) | | (1.03) | | (.76) | | (1.10) |
| Distributions from net realized gain | | (.25) | | (1.05) | | (6.78) | | (12.03) | | (6.88) | | (2.70) |
| Total distributions | | (.54) | | (2.80) | | (7.94) | | (13.05) E | | (7.64) | | (3.79) E |
| Net asset value, end of period | $ | 109.45 | $ | 110.59 | $ | 97.00 | $ | 105.82 | $ | 98.97 | $ | 82.12 |
Total Return F,G | | | | 17.13% | | (.46)% | | 20.35% | | 34.62% | | (10.49)% |
Ratios to Average Net Assets C,H,I | | | | | | | | | | | | |
| Expenses before reductions | | .70% J | | .76% | | .76% | | .77% | | .80% | | .79% |
| Expenses net of fee waivers, if any | | | | .75% | | .76% | | .77% | | .80% | | .79% |
| Expenses net of all reductions | | .69% J | | .75% | | .76% | | .77% | | .80% | | .79% |
| Net investment income (loss) | | 1.46% J | | 1.82% | | 1.28% | | .60% | | 1.29% D | | 1.00% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 541,061 | $ | 610,529 | $ | 587,107 | $ | 679,303 | $ | 335,780 | $ | 310,441 |
Portfolio turnover rate K | | | | 33% | | 23% | | 66% L | | 52% | | 78% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.34 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .88%.
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.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LThe portfolio turnover rate does not include the assets acquired in the merger.
Notes to Financial Statements
(Unaudited)For the period ended August 31, 2024
1. Organization.
Defense and Aerospace Portfolio, Industrials Portfolio and Transportation Portfolio (the Funds) are non-diversified funds of Fidelity Select Portfolios (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2024 is included at the end of each Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Defense and Aerospace Portfolio | $141,548 |
| Industrials Portfolio | 137,613 |
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, deferred Trustee compensation and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
| | Tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized depreciation ($) | Net unrealized appreciation (depreciation)($) |
| Defense and Aerospace Portfolio | 1,031,553,210 | 741,042,929 | (9,688,637) | 731,354,292 |
| Industrials Portfolio | 429,347,806 | 176,719,308 | (6,310,294) | 170,409,014 |
| Transportation Portfolio | 341,400,139 | 224,842,501 | (17,558,964) | 207,283,537 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Defense and Aerospace Portfolio | 344,718,162 | 424,485,092 |
| Industrials Portfolio | 108,483,432 | 125,009,028 |
| Transportation Portfolio | 68,515,954 | 136,114,848 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Industrials Portfolio | 707,692 | 16,577,795 | 23,283,076 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which each Fund pays a monthly management fee.
Effective March 1, 2024, each Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean each "Fund" as each Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating each Fund out of each class's management fee. Each class of each Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once each Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of each Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Defense and Aerospace Portfolio | .70 |
| Industrials Portfolio | .67 |
| Transportation Portfolio | .70 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of each Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of each Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Defense and Aerospace Portfolio | .65 |
| Industrials Portfolio | .67 |
| Transportation Portfolio | .67 |
Effective March 1, 2024, each Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Defense and Aerospace Portfolio | 4,640 |
| Industrials Portfolio | 934 |
| Transportation Portfolio | 3,643 |
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 ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Defense and Aerospace Portfolio | Borrower | 22,488,000 | 5.57% | 10,438 |
| Industrials Portfolio | Borrower | 5,936,500 | 5.58% | 1,840 |
| Transportation Portfolio | Borrower | 4,197,800 | 5.58% | 3,253 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Defense and Aerospace Portfolio | 25,044,384 | 16,184,272 | (2,248,312) |
| Industrials Portfolio | 6,978,451 | 2,843,486 | 663,847 |
| Transportation Portfolio | 3,157,922 | 4,493,413 | 1,983,310 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Defense and Aerospace Portfolio | 1,384 |
| Industrials Portfolio | 492 |
| Transportation Portfolio | 516 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Defense and Aerospace Portfolio | 646 | 1 | - |
| Industrials Portfolio | 393 | - | - |
| Transportation Portfolio | 5,994 | 63 | - |
8. Expense Reductions.
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
| | Custodian credits ($) |
| Defense and Aerospace Portfolio | 468 |
| Transportation Portfolio | 1,262 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:
| | Amount ($) |
| Defense and Aerospace Portfolio | 31,775 |
| Industrials Portfolio | 10,823 |
| Transportation Portfolio | 12,188 |
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.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. 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 elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 50,178,154,296.75 | 92.38 |
| Withheld | 4,136,551,415.53 | 7.62 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 50,131,321,830.27 | 92.30 |
| Withheld | 4,183,383,882.00 | 7.70 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vijay C. Advani |
| Affirmative | 50,021,870,319.77 | 92.10 |
| Withheld | 4,292,835,392.50 | 7.90 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 50,057,248,681.17 | 92.16 |
| Withheld | 4,257,457,031.10 | 7.84 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Donald F. Donahue |
| Affirmative | 49,998,023,290.27 | 92.05 |
| Withheld | 4,316,682,422.00 | 7.95 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 50,146,578,363.15 | 92.33 |
| Withheld | 4,168,127,349.12 | 7.67 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 50,227,895,949.71 | 92.48 |
| Withheld | 4,086,809,762.56 | 7.52 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 50,080,160,698.34 | 92.20 |
| Withheld | 4,234,545,013.93 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Oscar Munoz |
| Affirmative | 49,879,616,445.58 | 91.83 |
| Withheld | 4,435,089,266.69 | 8.17 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Karen B. Peetz |
| Affirmative | 50,078,105,799.58 | 92.20 |
| Withheld | 4,236,599,912.69 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| David M. Thomas |
| Affirmative | 50,013,939,190.36 | 92.08 |
| Withheld | 4,300,766,521.91 | 7.92 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Susan Tomasky |
| Affirmative | 50,109,134,188.50 | 92.26 |
| Withheld | 4,205,571,523.77 | 7.74 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Michael E. Wiley |
| Affirmative | 50,016,526,096.47 | 92.09 |
| Withheld | 4,298,179,615.80 | 7.91 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Defense and Aerospace Portfolio
Industrials Portfolio
Transportation Portfolio
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 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, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under separate agreements.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
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.
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. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect for each fund with each fund's management fee based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that, in exchange for the variable management fee, each fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of each fund's management fee and total expenses, the Board considered each fund's pro rata management fee rate as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as 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 Morningstar) 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, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. 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, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, 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 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 variable management fee structure, which provides for breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including, but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; 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 May 31, 2025.
1.813660.119
SELCI-SANN-1024
Fidelity® Select Portfolios®
Consumer Staples Sector
Consumer Staples Portfolio
Semi-Annual Report
August 31, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Consumer Staples Portfolio
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.7% |
| | | Shares | Value ($) |
| Beverages - 39.5% | | | |
| Brewers - 3.0% | | | |
| Boston Beer Co., Inc. Class A (a) | | 153,300 | 41,654,676 |
| Distillers & Vintners - 5.1% | | | |
| Brown-Forman Corp. Class B (non-vtg.) (b) | | 330,100 | 15,049,259 |
| Constellation Brands, Inc. Class A (sub. vtg.) | | 151,084 | 36,367,430 |
| Diageo PLC | | 596,807 | 19,379,124 |
| Duckhorn Portfolio, Inc. (a) | | 97,900 | 619,707 |
| | | | 71,415,520 |
| Soft Drinks & Non-alcoholic Beverages - 31.4% | | | |
| Keurig Dr. Pepper, Inc. | | 3,751,727 | 137,350,725 |
| Monster Beverage Corp. (a) | | 1,153,626 | 54,370,393 |
| PepsiCo, Inc. | | 290,504 | 50,222,332 |
| The Coca-Cola Co. | | 2,761,418 | 200,119,964 |
| | | | 442,063,414 |
TOTAL BEVERAGES | | | 555,133,610 |
| Consumer Staples Distribution & Retail - 10.8% | | | |
| Consumer Staples Merchandise Retail - 8.8% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 31,700 | 2,534,732 |
| Target Corp. | | 282,400 | 43,382,288 |
| Walmart, Inc. | | 1,000,500 | 77,268,615 |
| | | | 123,185,635 |
| Drug Retail - 0.2% | | | |
| Walgreens Boots Alliance, Inc. | | 383,700 | 3,549,225 |
| Food Distributors - 0.6% | | | |
| Sysco Corp. | | 108,356 | 8,448,517 |
| Food Retail - 1.2% | | | |
| Albertsons Companies, Inc. | | 864,500 | 16,961,490 |
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | | | 152,144,867 |
| Food Products - 14.3% | | | |
| Agricultural Products & Services - 2.5% | | | |
| Archer Daniels Midland Co. | | 493,100 | 30,074,169 |
| Bunge Global SA | | 54,793 | 5,554,914 |
| | | | 35,629,083 |
| Packaged Foods & Meats - 11.8% | | | |
| General Mills, Inc. | | 117,400 | 8,486,846 |
| Lamb Weston Holdings, Inc. | | 411,900 | 25,504,848 |
| Mondelez International, Inc. | | 590,597 | 42,410,771 |
| Nomad Foods Ltd. | | 781,459 | 14,691,429 |
| The J.M. Smucker Co. | | 357,400 | 40,986,632 |
| The Real Good Food Co. LLC: | | | |
| Class B (a)(c) | | 54,867 | 1 |
| Class B unit (a)(d) | | 54,867 | 25,787 |
| The Simply Good Foods Co. (a) | | 79,800 | 2,520,882 |
| TreeHouse Foods, Inc. (a) | | 413,808 | 17,003,371 |
| Tyson Foods, Inc. Class A | | 220,366 | 14,171,737 |
| | | | 165,802,304 |
TOTAL FOOD PRODUCTS | | | 201,431,387 |
| Household Products - 18.7% | | | |
| Household Products - 18.7% | | | |
| Energizer Holdings, Inc. | | 1,665,989 | 53,978,044 |
| Procter & Gamble Co. | | 1,159,382 | 198,880,388 |
| Reckitt Benckiser Group PLC | | 37,000 | 2,128,669 |
| The Clorox Co. | | 53,274 | 8,433,807 |
| | | | 263,420,908 |
| Oil, Gas & Consumable Fuels - 0.2% | | | |
| Oil & Gas Refining & Marketing - 0.2% | | | |
| Parkland Corp. | | 81,700 | 2,210,959 |
| Personal Care Products - 9.7% | | | |
| Personal Care Products - 9.7% | | | |
| Estee Lauder Companies, Inc. Class A | | 524,355 | 48,062,379 |
| Kenvue, Inc. | | 4,025,700 | 88,364,115 |
| | | | 136,426,494 |
| Tobacco - 6.5% | | | |
| Tobacco - 6.5% | | | |
| British American Tobacco PLC sponsored ADR | | 839,300 | 31,532,501 |
| Philip Morris International, Inc. | | 480,782 | 59,275,613 |
| | | | 90,808,114 |
| TOTAL COMMON STOCKS (Cost $1,063,242,826) | | | 1,401,576,339 |
| | | | |
| Money Market Funds - 1.2% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (e) | | 1,447,576 | 1,447,865 |
| Fidelity Securities Lending Cash Central Fund 5.39% (e)(f) | | 15,343,466 | 15,345,000 |
| TOTAL MONEY MARKET FUNDS (Cost $16,792,865) | | | 16,792,865 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.9% (Cost $1,080,035,691) | 1,418,369,204 |
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (13,162,863) |
| NET ASSETS - 100.0% | 1,405,206,341 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (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 $25,787 or 0.0% of net assets. |
| (e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (f) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 1,663,301 | 39,302,010 | 39,517,446 | 29,746 | - | - | 1,447,865 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 7,105,725 | 143,734,128 | 135,494,853 | 4,462 | - | - | 15,345,000 | 0.1% |
| Total | 8,769,026 | 183,036,138 | 175,012,299 | 34,208 | - | - | 16,792,865 | |
| | | | | | | | | |
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, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Common Stocks | 1,401,576,339 | 1,399,447,669 | 2,128,669 | 1 |
|
| Money Market Funds | 16,792,865 | 16,792,865 | - | - |
| Total Investments in Securities: | 1,418,369,204 | 1,416,240,534 | 2,128,669 | 1 |
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $15,044,700) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,063,242,826) | $ | 1,401,576,339 | | |
Fidelity Central Funds (cost $16,792,865) | | 16,792,865 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,080,035,691) | | | $ | 1,418,369,204 |
| Receivable for investments sold | | | | 1,394,752 |
| Receivable for fund shares sold | | | | 1,820,995 |
| Dividends receivable | | | | 2,661,439 |
| Distributions receivable from Fidelity Central Funds | | | | 3,448 |
| Prepaid expenses | | | | 3,371 |
| Other receivables | | | | 347,902 |
Total assets | | | | 1,424,601,111 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 2,367,979 | | |
| Payable for fund shares redeemed | | 395,336 | | |
| Accrued management fee | | 762,909 | | |
| Distribution and service plan fees payable | | 122,429 | | |
| Other payables and accrued expenses | | 401,117 | | |
| Collateral on securities loaned | | 15,345,000 | | |
| Total liabilities | | | | 19,394,770 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) | | | | |
| Net Assets | | | $ | 1,405,206,341 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,019,041,297 |
| Total accumulated earnings (loss) | | | | 386,165,044 |
| Net Assets | | | $ | 1,405,206,341 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($306,320,472 ÷ 3,121,781 shares)(a) | | | $ | 98.12 |
| Maximum offering price per share (100/94.25 of $98.12) | | | $ | 104.11 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($59,715,878 ÷ 616,776 shares)(a) | | | $ | 96.82 |
| Maximum offering price per share (100/96.50 of $96.82) | | | $ | 100.33 |
| Class C : | | | | |
Net Asset Value and offering price per share ($43,267,710 ÷ 456,598 shares)(a) | | | $ | 94.76 |
| Consumer Staples : | | | | |
Net Asset Value, offering price and redemption price per share ($810,582,755 ÷ 8,146,629 shares) | | | $ | 99.50 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($139,400,188 ÷ 1,405,506 shares) | | | $ | 99.18 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($45,919,338 ÷ 463,553 shares) | | | $ | 99.06 |
(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, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 20,307,053 |
| Income from Fidelity Central Funds (including $4,462 from security lending) | | | | 34,208 |
| Total income | | | | 20,341,261 |
| Expenses | | | | |
| Management fee | $ | 4,655,796 | | |
| Distribution and service plan fees | | 748,869 | | |
| Custodian fees and expenses | | 19,618 | | |
| Independent trustees' fees and expenses | | 3,030 | | |
| Registration fees | | 58,849 | | |
| Audit fees | | 32,739 | | |
| Legal | | 1,689 | | |
| Interest | | 15,210 | | |
| Miscellaneous | | 26,295 | | |
| Total expenses before reductions | | 5,562,095 | | |
| Expense reductions | | (31,204) | | |
| Total expenses after reductions | | | | 5,530,891 |
| Net Investment income (loss) | | | | 14,810,370 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 53,541,430 | | |
| Foreign currency transactions | | (5,383) | | |
| Total net realized gain (loss) | | | | 53,536,047 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 57,502,581 | | |
| Unfunded commitments | | (5,513) | | |
| Assets and liabilities in foreign currencies | | 1,901 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 57,498,969 |
| Net gain (loss) | | | | 111,035,016 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 125,845,386 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 14,810,370 | $ | 31,008,029 |
| Net realized gain (loss) | | 53,536,047 | | 74,735,039 |
| Change in net unrealized appreciation (depreciation) | | 57,498,969 | | (33,606,653) |
| Net increase (decrease) in net assets resulting from operations | | 125,845,386 | | 72,136,415 |
| Distributions to shareholders | | (21,535,744) | | (76,670,402) |
| | | | | |
| Share transactions - net increase (decrease) | | (197,219,936) | | (46,163,278) |
| Total increase (decrease) in net assets | | (92,910,294) | | (50,697,265) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,498,116,635 | | 1,548,813,900 |
| End of period | $ | 1,405,206,341 | $ | 1,498,116,635 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Consumer Staples Fund Class A |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 91.15 | $ | 91.25 | $ | 95.55 | $ | 89.40 | $ | 79.57 | $ | 76.88 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .91 | | 1.68 | | 1.38 | | 1.40 | | 1.34 | | 1.40 |
| Net realized and unrealized gain (loss) | | 7.45 | | 2.68 | | (2.79) | | 14.98 | | 11.24 | | 3.54 |
| Total from investment operations | | 8.36 | | 4.36 | | (1.41) | | 16.38 | | 12.58 | | 4.94 |
| Distributions from net investment income | | (.90) | | (1.50) | | (1.36) | | (1.55) | | (1.42) | | (1.35) |
| Distributions from net realized gain | | (.49) | | (2.96) | | (1.53) | | (8.68) | | (1.33) | | (.90) |
| Total distributions | | (1.39) | | (4.46) | | (2.89) | | (10.23) | | (2.75) | | (2.25) |
| Net asset value, end of period | $ | 98.12 | $ | 91.15 | $ | 91.25 | $ | 95.55 | $ | 89.40 | $ | 79.57 |
Total Return D,E,F | | | | 4.90% | | (1.49)% | | 18.83% | | 16.00% | | 6.17% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .97% I | | 1.01% | | 1.01% | | 1.01% | | 1.04% | | 1.04% |
| Expenses net of fee waivers, if any | | | | 1.00% | | 1.01% | | 1.01% | | 1.04% | | 1.04% |
| Expenses net of all reductions | | .97% I | | 1.00% | | 1.01% | | 1.01% | | 1.03% | | 1.04% |
| Net investment income (loss) | | 1.96% I | | 1.80% | | 1.51% | | 1.45% | | 1.57% | | 1.67% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 306,320 | $ | 290,687 | $ | 297,850 | $ | 293,276 | $ | 248,234 | $ | 239,067 |
Portfolio turnover rate J | | | | 54% K | | 46% | | 61% | | 51% | | 40% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
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).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Consumer Staples Fund Class M |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 89.96 | $ | 90.11 | $ | 94.39 | $ | 88.43 | $ | 78.74 | $ | 76.13 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .79 | | 1.42 | | 1.13 | | 1.13 | | 1.10 | | 1.16 |
| Net realized and unrealized gain (loss) | | 7.35 | | 2.66 | | (2.76) | | 14.81 | | 11.11 | | 3.50 |
| Total from investment operations | | 8.14 | | 4.08 | | (1.63) | | 15.94 | | 12.21 | | 4.66 |
| Distributions from net investment income | | (.79) | | (1.27) | | (1.12) | | (1.30) | | (1.19) | | (1.15) |
| Distributions from net realized gain | | (.49) | | (2.96) | | (1.53) | | (8.68) | | (1.33) | | (.90) |
| Total distributions | | (1.28) | | (4.23) | | (2.65) | | (9.98) | | (2.52) | | (2.05) |
| Net asset value, end of period | $ | 96.82 | $ | 89.96 | $ | 90.11 | $ | 94.39 | $ | 88.43 | $ | 78.74 |
Total Return D,E,F | | | | 4.63% | | (1.74)% | | 18.51% | | 15.69% | | 5.88% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | 1.22% I | | 1.27% | | 1.27% | | 1.28% | | 1.31% | | 1.31% |
| Expenses net of fee waivers, if any | | | | 1.26% | | 1.27% | | 1.28% | | 1.31% | | 1.31% |
| Expenses net of all reductions | | 1.22% I | | 1.26% | | 1.27% | | 1.28% | | 1.30% | | 1.31% |
| Net investment income (loss) | | 1.71% I | | 1.54% | | 1.25% | | 1.18% | | 1.30% | | 1.40% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 59,716 | $ | 58,373 | $ | 62,870 | $ | 64,707 | $ | 56,664 | $ | 55,954 |
Portfolio turnover rate J | | | | 54% K | | 46% | | 61% | | 51% | | 40% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
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).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Consumer Staples Fund Class C |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 88.04 | $ | 88.22 | $ | 92.48 | $ | 86.73 | $ | 77.27 | $ | 74.79 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .54 | | .95 | | .67 | | .65 | | .68 | | .75 |
| Net realized and unrealized gain (loss) | | 7.21 | | 2.61 | | (2.69) | | 14.51 | | 10.87 | | 3.44 |
| Total from investment operations | | 7.75 | | 3.56 | | (2.02) | | 15.16 | | 11.55 | | 4.19 |
| Distributions from net investment income | | (.53) | | (.78) | | (.71) | | (.79) | | (.80) | | (.81) |
| Distributions from net realized gain | | (.49) | | (2.96) | | (1.53) | | (8.62) | | (1.30) | | (.90) |
| Total distributions | | (1.03) D | | (3.74) | | (2.24) | | (9.41) | | (2.09) D | | (1.71) |
| Net asset value, end of period | $ | 94.76 | $ | 88.04 | $ | 88.22 | $ | 92.48 | $ | 86.73 | $ | 77.27 |
Total Return E,F,G | | | | 4.12% | | (2.23)% | | 17.92% | | 15.14% | | 5.39% |
Ratios to Average Net Assets C,H,I | | | | | | | | | | | | |
| Expenses before reductions | | 1.73% J | | 1.76% | | 1.77% | | 1.77% | | 1.79% | | 1.79% |
| Expenses net of fee waivers, if any | | | | 1.75% | | 1.76% | | 1.76% | | 1.79% | | 1.79% |
| Expenses net of all reductions | | 1.72% J | | 1.75% | | 1.76% | | 1.76% | | 1.78% | | 1.79% |
| Net investment income (loss) | | 1.21% J | | 1.05% | | .76% | | .70% | | .83% | | .92% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 43,268 | $ | 52,661 | $ | 78,497 | $ | 88,645 | $ | 104,955 | $ | 117,328 |
Portfolio turnover rate K | | | | 54% L | | 46% | | 61% | | 51% | | 40% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the contingent deferred sales charge.
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.
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.
Consumer Staples Portfolio |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 92.39 | $ | 92.43 | $ | 96.75 | $ | 90.40 | $ | 80.42 | $ | 77.63 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | 1.07 | | 1.96 | | 1.66 | | 1.69 | | 1.60 | | 1.66 |
| Net realized and unrealized gain (loss) | | 7.55 | | 2.73 | | (2.84) | | 15.16 | | 11.39 | | 3.59 |
| Total from investment operations | | 8.62 | | 4.69 | | (1.18) | | 16.85 | | 12.99 | | 5.25 |
| Distributions from net investment income | | (1.01) | | (1.77) | | (1.61) | | (1.81) | | (1.68) | | (1.55) |
| Distributions from net realized gain | | (.49) | | (2.96) | | (1.53) | | (8.68) | | (1.33) | | (.90) |
| Total distributions | | (1.51) D | | (4.73) | | (3.14) | | (10.50) D | | (3.01) | | (2.46) D |
| Net asset value, end of period | $ | 99.50 | $ | 92.39 | $ | 92.43 | $ | 96.75 | $ | 90.40 | $ | 80.42 |
Total Return E,F | | | | 5.20% | | (1.21)% | | 19.16% | | 16.34% | | 6.48% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .68% I | | .73% | | .73% | | .73% | | .75% | | .75% |
| Expenses net of fee waivers, if any | | | | .72% | | .73% | | .73% | | .75% | | .75% |
| Expenses net of all reductions | | .68% I | | .72% | | .73% | | .73% | | .74% | | .75% |
| Net investment income (loss) | | 2.25% I | | 2.08% | | 1.79% | | 1.74% | | 1.86% | | 1.96% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 810,583 | $ | 895,019 | $ | 862,837 | $ | 1,032,956 | $ | 770,644 | $ | 773,437 |
Portfolio turnover rate J | | | | 54% K | | 46% | | 61% | | 51% | | 40% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Consumer Staples Fund Class I |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 92.11 | $ | 92.16 | $ | 96.48 | $ | 90.17 | $ | 80.23 | $ | 77.45 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | 1.05 | | 1.95 | | 1.65 | | 1.67 | | 1.60 | | 1.65 |
| Net realized and unrealized gain (loss) | | 7.52 | | 2.72 | | (2.83) | | 15.13 | | 11.34 | | 3.58 |
| Total from investment operations | | 8.57 | | 4.67 | | (1.18) | | 16.80 | | 12.94 | | 5.23 |
| Distributions from net investment income | | (1.01) | | (1.76) | | (1.61) | | (1.80) | | (1.67) | | (1.55) |
| Distributions from net realized gain | | (.49) | | (2.96) | | (1.53) | | (8.68) | | (1.33) | | (.90) |
| Total distributions | | (1.50) | | (4.72) | | (3.14) | | (10.49) D | | (3.00) | | (2.45) |
| Net asset value, end of period | $ | 99.18 | $ | 92.11 | $ | 92.16 | $ | 96.48 | $ | 90.17 | $ | 80.23 |
Total Return E,F | | | | 5.19% | | (1.22)% | | 19.15% | | 16.32% | | 6.48% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .71% I | | .74% | | .74% | | .74% | | .76% | | .76% |
| Expenses net of fee waivers, if any | | | | .73% | | .74% | | .74% | | .75% | | .76% |
| Expenses net of all reductions | | .71% I | | .73% | | .74% | | .74% | | .75% | | .76% |
| Net investment income (loss) | | 2.22% I | | 2.08% | | 1.78% | | 1.72% | | 1.86% | | 1.95% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 139,400 | $ | 143,350 | $ | 158,019 | $ | 149,160 | $ | 132,898 | $ | 149,514 |
Portfolio turnover rate J | | | | 54% K | | 46% | | 61% | | 51% | | 40% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Consumer Staples Fund Class Z |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 91.98 | $ | 92.05 | $ | 96.36 | $ | 90.08 | $ | 80.14 | $ | 77.36 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | 1.11 | | 2.07 | | 1.76 | | 1.79 | | 1.71 | | 1.78 |
| Net realized and unrealized gain (loss) | | 7.52 | | 2.70 | | (2.82) | | 15.10 | | 11.35 | | 3.56 |
| Total from investment operations | | 8.63 | | 4.77 | | (1.06) | | 16.89 | | 13.06 | | 5.34 |
| Distributions from net investment income | | (1.06) | | (1.88) | | (1.73) | | (1.93) | | (1.79) | | (1.66) |
| Distributions from net realized gain | | (.49) | | (2.96) | | (1.53) | | (8.68) | | (1.33) | | (.90) |
| Total distributions | | (1.55) | | (4.84) | | (3.25) D | | (10.61) | | (3.12) | | (2.56) |
| Net asset value, end of period | $ | 99.06 | $ | 91.98 | $ | 92.05 | $ | 96.36 | $ | 90.08 | $ | 80.14 |
Total Return E,F | | | | 5.31% | | (1.09)% | | 19.29% | | 16.49% | | 6.61% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .58% I | | .61% | | .61% | | .61% | | .62% | | .63% |
| Expenses net of fee waivers, if any | | | | .60% | | .61% | | .61% | | .62% | | .63% |
| Expenses net of all reductions | | .58% I | | .60% | | .61% | | .61% | | .62% | | .62% |
| Net investment income (loss) | | 2.35% I | | 2.20% | | 1.91% | | 1.85% | | 1.99% | | 2.08% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 45,919 | $ | 58,026 | $ | 88,741 | $ | 77,826 | $ | 43,591 | $ | 41,629 |
Portfolio turnover rate J | | | | 54% K | | 46% | | 61% | | 51% | | 40% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
(Unaudited)For the period ended August 31, 2024
1. Organization.
Consumer Staples Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class M, Class C, Consumer Staples, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (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 Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Consumer Staples Portfolio | $347,902 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, redemptions in-kind, partnerships, deferred Trustee compensation and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $399,612,274 |
| Gross unrealized depreciation | (73,331,292) |
| Net unrealized appreciation (depreciation) | $326,280,982 |
| Tax cost | $1,092,088,222 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.
| | Investment to be Acquired | Commitment Amount ($) | Unrealized Appreciation (Depreciation)($) |
| Consumer Staples Portfolio | JUUL Labs, Inc. Class A | 3,749,468 | - |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Consumer Staples Portfolio | 276,400,032 | 477,488,355 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Consumer Staples Portfolio | 341,222 | 11,902,627 | 31,040,947 |
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.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Class A | .71 |
| Class M | .72 |
| Class C | .71 |
| Consumer Staples | .68 |
| Class I | .69 |
| Class Z | .56 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Class A | .70 |
| Class M | .70 |
| Class C | .70 |
| Consumer Staples | .66 |
| Class I | .69 |
| Class Z | .56 |
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
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 ($) |
| Class A | - % | .25% | 368,001 | 1,761 |
| Class M | .25% | .25% | 145,782 | - |
| Class C | .75% | .25% | 235,086 | 14,378 |
| | | | 748,869 | 16,139 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Class A | 23,910 |
| Class M | 2,002 |
Class CA | 424 |
| | 26,336 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Consumer Staples Portfolio | 8,748 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Consumer Staples Portfolio | Borrower | 14,034,571 | 5.57% | 15,210 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Consumer Staples Portfolio | 17,486,007 | 24,586,991 | 1,160,745 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Consumer Staples Portfolio | 1,286 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Consumer Staples Portfolio | 475 | 7 | - |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $31,204.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended August 31, 2024 | Year ended February 29, 2024 |
| Consumer Staples Portfolio | | |
| Distributions to shareholders | | |
| Class A | $4,402,446 | $14,193,435 |
| Class M | 816,741 | 2,755,073 |
| Class C | 567,025 | 2,447,301 |
| Consumer Staples | 12,822,602 | 45,433,753 |
| Class I | 2,236,167 | 8,441,151 |
| Class Z | 690,763 | 3,399,689 |
Total | $21,535,744 | $76,670,402 |
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, 2024 | Year ended February 29, 2024 | Six months ended August 31, 2024 | Year ended February 29, 2024 |
| Consumer Staples Portfolio | | | | |
| Class A | | | | |
| Shares sold | 186,899 | 433,548 | $17,362,359 | $40,414,601 |
| Reinvestment of distributions | 46,596 | 152,629 | 4,248,143 | 13,731,692 |
| Shares redeemed | (300,844) | (661,316) | (27,996,610) | (61,286,921) |
| Net increase (decrease) | (67,349) | (75,139) | $(6,386,108) | $(7,140,628) |
| Class M | | | | |
| Shares sold | 15,648 | 30,160 | $1,434,485 | $2,769,669 |
| Reinvestment of distributions | 8,948 | 30,823 | 805,202 | 2,736,825 |
| Shares redeemed | (56,712) | (109,826) | (5,211,794) | (10,088,961) |
| Net increase (decrease) | (32,116) | (48,843) | $(2,972,107) | $(4,582,467) |
| Class C | | | | |
| Shares sold | 10,498 | 60,782 | $942,421 | $5,515,955 |
| Reinvestment of distributions | 6,366 | 27,847 | 560,532 | 2,419,449 |
| Shares redeemed | (158,421) | (380,224) | (14,174,451) | (34,216,372) |
| Net increase (decrease) | (141,557) | (291,595) | $(12,671,498) | $(26,280,968) |
| Consumer Staples | | | | |
| Shares sold | 346,037 | 2,481,700 | $32,811,799 | $235,907,480 |
| Reinvestment of distributions | 126,884 | 456,661 | 11,725,350 | 41,615,033 |
| Shares redeemed | (2,014,023) | (2,585,591) | (189,695,510) | (241,614,760) |
| Net increase (decrease) | (1,541,102) | 352,770 | $(145,158,361) | $35,907,753 |
| Class I | | | | |
| Shares sold | 145,797 | 708,067 | $13,655,333 | $66,730,554 |
| Reinvestment of distributions | 23,042 | 88,639 | 2,122,577 | 8,056,704 |
| Shares redeemed | (319,698) | (954,914) | (29,943,285) | (89,032,490) |
| Net increase (decrease) | (150,859) | (158,208) | $(14,165,375) | $(14,245,232) |
| Class Z | | | | |
| Shares sold | 74,910 | 505,773 | $7,014,245 | $47,755,733 |
| Reinvestment of distributions | 6,073 | 33,052 | 558,700 | 3,005,014 |
| Shares redeemed | (248,261) | (872,078) | (23,439,432) | (80,582,483) |
| Net increase (decrease) | (167,278) | (333,253) | $(15,866,487) | $(29,821,736) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. 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 elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 50,178,154,296.75 | 92.38 |
| Withheld | 4,136,551,415.53 | 7.62 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 50,131,321,830.27 | 92.30 |
| Withheld | 4,183,383,882.00 | 7.70 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vijay C. Advani |
| Affirmative | 50,021,870,319.77 | 92.10 |
| Withheld | 4,292,835,392.50 | 7.90 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 50,057,248,681.17 | 92.16 |
| Withheld | 4,257,457,031.10 | 7.84 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Donald F. Donahue |
| Affirmative | 49,998,023,290.27 | 92.05 |
| Withheld | 4,316,682,422.00 | 7.95 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 50,146,578,363.15 | 92.33 |
| Withheld | 4,168,127,349.12 | 7.67 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 50,227,895,949.71 | 92.48 |
| Withheld | 4,086,809,762.56 | 7.52 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 50,080,160,698.34 | 92.20 |
| Withheld | 4,234,545,013.93 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Oscar Munoz |
| Affirmative | 49,879,616,445.58 | 91.83 |
| Withheld | 4,435,089,266.69 | 8.17 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Karen B. Peetz |
| Affirmative | 50,078,105,799.58 | 92.20 |
| Withheld | 4,236,599,912.69 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| David M. Thomas |
| Affirmative | 50,013,939,190.36 | 92.08 |
| Withheld | 4,300,766,521.91 | 7.92 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Susan Tomasky |
| Affirmative | 50,109,134,188.50 | 92.26 |
| Withheld | 4,205,571,523.77 | 7.74 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Michael E. Wiley |
| Affirmative | 50,016,526,096.47 | 92.09 |
| Withheld | 4,298,179,615.80 | 7.91 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Consumer Staples Portfolio
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and 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, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
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 the 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. The fund underperformed its benchmark for the one-, three-, and five-year periods ended February 29, 2024, 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 the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered a pro forma management fee rate for the retail class as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) 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 the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the 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 the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each 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 the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; 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 the fund's Advisory Contracts should be renewed through May 31, 2025.
1.846045.117
SELCS-SANN-1024
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, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Consolidated Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 98.8% |
| | | Shares | Value ($) |
| Biotechnology - 91.3% | | | |
| Biotechnology - 91.3% | | | |
| AbbVie, Inc. | | 2,788,499 | 547,410,236 |
| Absci Corp. (a)(b) | | 39,900 | 175,560 |
| AC Immune SA (a)(b) | | 27,202 | 87,862 |
| Adverum Biotechnologies, Inc. (a) | | 325,791 | 2,260,990 |
| Alector, Inc. (a) | | 3,535,753 | 18,668,776 |
| Allena Pharmaceuticals, Inc. (a)(c) | | 93,683 | 1 |
| Allogene Therapeutics, Inc. (a)(b) | | 2,685,377 | 7,062,542 |
| Alnylam Pharmaceuticals, Inc. (a) | | 657,270 | 172,658,256 |
| ALX Oncology Holdings, Inc. (a) | | 835,504 | 1,938,369 |
| Amgen, Inc. | | 1,433,850 | 478,662,146 |
| Amicus Therapeutics, Inc. (a) | | 167,229 | 1,941,529 |
| AnaptysBio, Inc. (a) | | 275,472 | 10,492,728 |
| Annexon, Inc. (a) | | 216,944 | 1,236,581 |
| Apellis Pharmaceuticals, Inc. (a) | | 956,079 | 37,191,473 |
| Apogee Therapeutics, Inc. (a)(b) | | 392,132 | 20,065,394 |
| Arcellx, Inc. (a)(b) | | 1,269,090 | 87,237,247 |
| Arcturus Therapeutics Holdings, Inc. (a)(b) | | 399,330 | 8,425,863 |
| Arcus Biosciences, Inc. (a)(b) | | 2,142,862 | 36,685,797 |
| Argenx SE ADR (a) | | 174,804 | 90,429,605 |
| ArriVent Biopharma, Inc. (b)(d) | | 1,798,400 | 48,071,232 |
| Arrowhead Pharmaceuticals, Inc. (a) | | 694,370 | 16,546,837 |
| Ars Pharmaceuticals, Inc. (a)(b) | | 1,082,956 | 14,056,769 |
| Ascendis Pharma A/S sponsored ADR (a) | | 659,409 | 91,295,176 |
| Astria Therapeutics, Inc. (a) | | 596,256 | 7,292,211 |
| Astria Therapeutics, Inc. warrants (a) | | 115,136 | 789,363 |
| aTyr Pharma, Inc. (a)(b) | | 2,524,394 | 4,720,617 |
| Aura Biosciences, Inc. (a)(b) | | 229,592 | 1,825,256 |
| Autolus Therapeutics PLC ADR (a) | | 1,242,833 | 4,884,334 |
| Avidity Biosciences, Inc. (a) | | 1,148,217 | 50,521,548 |
| Axcella Health, Inc. (a)(c) | | 66,454 | 1 |
| Beam Therapeutics, Inc. (a)(b) | | 39,350 | 1,049,858 |
| BeiGene Ltd. ADR (a) | | 9,198 | 1,763,992 |
| BioCryst Pharmaceuticals, Inc. (a)(b) | | 1,787,181 | 15,530,603 |
| Biohaven Ltd. (a)(b) | | 1,812,012 | 71,393,273 |
| Biomea Fusion, Inc. (a)(b) | | 392,129 | 2,874,306 |
| Blueprint Medicines Corp. (a) | | 610,252 | 58,303,476 |
| Boundless Bio, Inc. (b) | | 23,700 | 85,794 |
| BridgeBio Pharma, Inc. (a) | | 226,196 | 6,299,559 |
| BridgeBio Pharma, Inc. (e) | | 733,408 | 20,425,413 |
| Cargo Therapeutics, Inc. | | 213,400 | 4,024,724 |
| Cartesian Therapeutics, Inc. (b) | | 652,491 | 9,108,774 |
| Cartesian Therapeutics, Inc. (e) | | 375,000 | 5,235,000 |
| Cartesian Therapeutics, Inc. rights (a)(c) | | 5,385,728 | 2,315,863 |
| Celldex Therapeutics, Inc. (a) | | 635,264 | 26,255,461 |
| Centessa Pharmaceuticals PLC ADR (a)(b) | | 2,787,194 | 37,627,119 |
| CG Oncology, Inc. (b) | | 101,500 | 3,743,320 |
| Chinook Therapeutics, Inc. rights (a)(c) | | 115,821 | 1 |
| Codiak Biosciences, Inc. (a)(b)(c) | | 448,539 | 4 |
| Codiak Biosciences, Inc. warrants 9/15/27 (a)(c) | | 46,000 | 0 |
| Cogent Biosciences, Inc. (a) | | 1,357,394 | 14,578,412 |
| Crinetics Pharmaceuticals, Inc. (a) | | 1,053,750 | 55,911,975 |
| CRISPR Therapeutics AG (a)(b) | | 202,007 | 9,639,774 |
| Cyclerion Therapeutics, Inc. (a) | | 41,864 | 113,451 |
| Cyclerion Therapeutics, Inc. (a)(e) | | 4,740 | 12,845 |
| Cytokinetics, Inc. (a) | | 335,052 | 19,124,768 |
| Day One Biopharmaceuticals, Inc. (a)(b) | | 1,067,999 | 14,781,106 |
| Denali Therapeutics, Inc. (a) | | 1,054,292 | 25,766,896 |
| Design Therapeutics, Inc. (a)(b) | | 705,900 | 3,353,025 |
| Dianthus Therapeutics, Inc. (a) | | 153,693 | 4,430,969 |
| Disc Medicine, Inc. (a)(b) | | 403,920 | 20,527,214 |
| Disc Medicine, Inc. rights (a)(c) | | 1,555,907 | 16 |
| Dyne Therapeutics, Inc. (a) | | 995,018 | 45,860,380 |
| Entrada Therapeutics, Inc. (a)(b) | | 569,869 | 10,086,681 |
| Exelixis, Inc. (a) | | 179,454 | 4,671,188 |
| Foghorn Therapeutics, Inc. (a)(b) | | 907,441 | 7,513,611 |
| Geron Corp. (a) | | 6,269,312 | 29,779,232 |
| Geron Corp. warrants 12/31/25 (a) | | 2,100,000 | 3,822,000 |
| Gilead Sciences, Inc. | | 1,656,603 | 130,871,637 |
| Gossamer Bio, Inc. (a)(b) | | 7,914,394 | 6,947,255 |
| Gritstone Bio, Inc. (a) | | 852,288 | 406,371 |
| Gritstone Bio, Inc. warrants (a)(c) | | 1,333,333 | 13 |
| Ideaya Biosciences, Inc. (a)(b) | | 939,157 | 37,096,702 |
| Idorsia Ltd. (a)(b) | | 2,176,303 | 5,483,961 |
| IGM Biosciences, Inc. (a)(b) | | 809,982 | 8,253,717 |
| Immunocore Holdings PLC ADR (a)(b) | | 191,705 | 6,878,375 |
| Immunome, Inc. (a)(b) | | 394,182 | 5,983,683 |
| Immunovant, Inc. (a) | | 665,621 | 20,567,689 |
| Inozyme Pharma, Inc. (a)(b) | | 2,471,087 | 13,689,822 |
| Insmed, Inc. (a) | | 1,051,719 | 80,424,952 |
| Intellia Therapeutics, Inc. (a)(b) | | 925,311 | 20,763,979 |
| IO Biotech, Inc. (a) | | 314,600 | 471,900 |
| Ionis Pharmaceuticals, Inc. (a) | | 794,877 | 37,899,735 |
| Janux Therapeutics, Inc. (a) | | 366,399 | 17,213,425 |
| Keros Therapeutics, Inc. (a) | | 299,129 | 13,565,500 |
| Korro Bio, Inc. (a)(b) | | 51,138 | 2,440,305 |
| Korro Bio, Inc. (a)(e) | | 32,866 | 1,568,366 |
| Krystal Biotech, Inc. (a)(b)(d) | | 1,877,722 | 366,381,117 |
| Kymera Therapeutics, Inc. (a) | | 295,041 | 14,268,183 |
| Legend Biotech Corp. ADR (a) | | 372,310 | 21,426,441 |
| Lexicon Pharmaceuticals, Inc. (a) | | 4,314,500 | 7,464,085 |
| Madrigal Pharmaceuticals, Inc. (a)(b) | | 111,424 | 27,536,213 |
| MannKind Corp. (a)(b) | | 4,406,401 | 27,584,070 |
| Merus BV (a)(b) | | 1,264,364 | 64,469,920 |
| Moderna, Inc. (a) | | 775,151 | 59,996,687 |
| Monte Rosa Therapeutics, Inc. (a) | | 540,520 | 3,335,008 |
| Moonlake Immunotherapeutics Class A (a) | | 249,741 | 11,685,381 |
| Natera, Inc. (a) | | 357,132 | 42,234,430 |
| Neurogene, Inc. (a) | | 178,800 | 6,690,696 |
| Nurix Therapeutics, Inc. (a) | | 104,146 | 2,624,479 |
| Nuvalent, Inc. Class A (a) | | 249,799 | 21,265,389 |
| Omega Therapeutics, Inc. (a)(b) | | 245,003 | 360,154 |
| ORIC Pharmaceuticals, Inc. (a)(b) | | 117,400 | 1,217,438 |
| PepGen, Inc. (a)(b) | | 60,164 | 579,379 |
| Perspective Therapeutics, Inc. (a) | | 239,135 | 3,778,333 |
| Poseida Therapeutics, Inc. (a) | | 223,383 | 638,875 |
| Praxis Precision Medicines, Inc. (a)(b) | | 290,810 | 15,456,552 |
| Protagonist Therapeutics, Inc. (a) | | 423,913 | 18,181,629 |
| Prothena Corp. PLC (a)(b) | | 738,117 | 16,437,866 |
| PTC Therapeutics, Inc. (a) | | 595,011 | 21,015,789 |
| Q32 Bio, Inc. (a)(b) | | 99,900 | 4,343,652 |
| Rallybio Corp. (a)(b) | | 581,092 | 668,256 |
| RAPT Therapeutics, Inc. (a)(b) | | 802,700 | 1,649,549 |
| Recursion Pharmaceuticals, Inc. Class A (a)(b) | | 149,900 | 1,091,272 |
| Regeneron Pharmaceuticals, Inc. (a) | | 219,783 | 260,374,722 |
| Regulus Therapeutics, Inc. (a)(b) | | 641,817 | 1,078,253 |
| Replimune Group, Inc. (a) | | 532,215 | 5,412,627 |
| Revolution Medicines, Inc. (a) | | 673,198 | 28,698,431 |
| Rhythm Pharmaceuticals, Inc. (a)(b) | | 15,603 | 737,866 |
| Rocket Pharmaceuticals, Inc. (a)(b) | | 486,536 | 9,171,204 |
| Roivant Sciences Ltd. (a) | | 2,340,719 | 28,626,993 |
| Sage Therapeutics, Inc. (a) | | 342,487 | 2,887,165 |
| Sana Biotechnology, Inc. (a)(b) | | 338,094 | 2,045,469 |
| Sarepta Therapeutics, Inc. (a) | | 185,689 | 25,212,852 |
| Scholar Rock Holding Corp. (a)(b) | | 1,632,599 | 15,183,171 |
| Scholar Rock Holding Corp. warrants 12/31/25 (a)(e) | | 17,850 | 57,688 |
| Sensorion SA (a)(d) | | 20,279,025 | 15,243,175 |
| Seres Therapeutics, Inc. (a)(b) | | 854,347 | 683,990 |
| Shattuck Labs, Inc. (a) | | 481,542 | 1,728,736 |
| SpringWorks Therapeutics, Inc. (a) | | 373,409 | 15,574,889 |
| Spyre Therapeutics, Inc. (a) | | 261,553 | 7,519,649 |
| Stoke Therapeutics, Inc. (a)(b) | | 392,470 | 5,710,439 |
| Summit Therapeutics, Inc. (a)(b) | | 3,684,429 | 47,823,888 |
| Tango Therapeutics, Inc. (a) | | 176,588 | 2,089,036 |
| Tango Therapeutics, Inc. (e) | | 466,637 | 5,520,316 |
| Taysha Gene Therapies, Inc. (a)(b) | | 6,825,091 | 15,288,204 |
| Tectonic Therapeutic, Inc. (e) | | 215,508 | 4,137,754 |
| Tenaya Therapeutics, Inc. (a) | | 1,230,913 | 3,298,847 |
| TG Therapeutics, Inc. (a)(b) | | 1,139,220 | 26,760,278 |
| Twist Bioscience Corp. (a) | | 166,525 | 7,200,541 |
| Tyra Biosciences, Inc. (a) | | 191,396 | 4,356,173 |
| Ultragenyx Pharmaceutical, Inc. (a) | | 633,030 | 35,943,443 |
| uniQure B.V. (a) | | 520,081 | 3,042,474 |
| United Therapeutics Corp. (a) | | 163,393 | 59,401,525 |
| Vaxcyte, Inc. (a) | | 799,180 | 64,541,777 |
| Vera Therapeutics, Inc. (a) | | 309,178 | 11,693,112 |
| Vertex Pharmaceuticals, Inc. (a) | | 445,009 | 220,675,513 |
| Viking Therapeutics, Inc. (a) | | 445,557 | 28,569,115 |
| Viridian Therapeutics, Inc. (a) | | 1,005,738 | 14,764,234 |
| Vor Biopharma, Inc. (a)(b) | | 614,602 | 537,285 |
| Xenon Pharmaceuticals, Inc. (a) | | 539,634 | 21,768,836 |
| Zealand Pharma A/S (a) | | 752,230 | 98,820,690 |
| Zentalis Pharmaceuticals, Inc. (a) | | 370,433 | 1,285,403 |
| | | | 4,575,018,375 |
| Consumer Staples Distribution & Retail - 0.0% | | | |
| Drug Retail - 0.0% | | | |
| MedAvail Holdings, Inc. (a) | | 55 | 0 |
| Health Care Equipment & Supplies - 0.0% | | | |
| Health Care Equipment - 0.0% | | | |
| Aradigm Corp. (a)(c) | | 148,009 | 1 |
| Aradigm Corp. (a)(c) | | 11,945 | 0 |
| Glaukos Corp. (a) | | 5,700 | 763,173 |
| Novocure Ltd. (a) | | 11,113 | 216,037 |
| | | | 979,211 |
| Health Care Technology - 0.2% | | | |
| Health Care Technology - 0.2% | | | |
| Schrodinger, Inc. (a)(b) | | 374,501 | 7,875,756 |
| Life Sciences Tools & Services - 0.1% | | | |
| Life Sciences Tools & Services - 0.1% | | | |
| 10X Genomics, Inc. Class A (a) | | 112,400 | 2,624,540 |
| Pharmaceuticals - 7.2% | | | |
| Pharmaceuticals - 7.2% | | | |
| Adimab LLC (a)(c)(e)(f) | | 1,954,526 | 36,217,367 |
| Adimab LLC (a)(c)(e)(f) | | 1,954,526 | 10,300,352 |
| Afferent Pharmaceuticals, Inc. rights 12/31/24 (a)(c) | | 8,274,568 | 1,654,914 |
| Alto Neuroscience, Inc. (b) | | 168,700 | 2,161,047 |
| Arvinas Holding Co. LLC (a) | | 14,995 | 392,269 |
| Atea Pharmaceuticals, Inc. (a) | | 958,300 | 3,689,455 |
| Axsome Therapeutics, Inc. (a)(b) | | 95,903 | 8,521,941 |
| Contineum Therapeutics, Inc. Class A | | 58,800 | 1,146,012 |
| Corcept Therapeutics, Inc. (a)(b) | | 822,199 | 29,023,625 |
| Edgewise Therapeutics, Inc. (a) | | 476,985 | 8,943,469 |
| Enliven Therapeutics, Inc. (a) | | 479,038 | 10,481,351 |
| Fulcrum Therapeutics, Inc. (a)(b) | | 1,141,892 | 9,763,177 |
| Galderma Group AG | | 82,220 | 7,960,362 |
| GH Research PLC (a)(b) | | 174,461 | 1,831,841 |
| Harmony Biosciences Holdings, Inc. (a) | | 91,925 | 3,307,462 |
| Intra-Cellular Therapies, Inc. (a) | | 49,599 | 3,634,615 |
| Longboard Pharmaceuticals, Inc. (a) | | 1,711,289 | 61,743,307 |
| Novo Nordisk A/S Series B sponsored ADR | | 51,700 | 7,194,572 |
| Nuvation Bio, Inc. Class A (a)(b) | | 3,123,214 | 10,056,749 |
| OptiNose, Inc. (a)(b) | | 449,131 | 467,096 |
| OptiNose, Inc. warrants 11/23/2027 (a) | | 91,712 | 12,489 |
| Pharvaris BV (a) | | 112,407 | 2,023,326 |
| Phathom Pharmaceuticals, Inc. (a) | | 167,988 | 2,775,162 |
| Pliant Therapeutics, Inc. (a) | | 15,631 | 207,736 |
| Rapport Therapeutics, Inc. (b) | | 171,463 | 3,729,320 |
| Structure Therapeutics, Inc. ADR (a)(b) | | 259,176 | 9,882,381 |
| UCB SA | | 546,274 | 98,850,455 |
| Ventyx Biosciences, Inc. (a)(b) | | 81,600 | 181,968 |
| Verona Pharma PLC ADR (a)(b) | | 716,588 | 19,691,838 |
| Verrica Pharmaceuticals, Inc. (a)(b) | | 1,108,069 | 2,603,962 |
| WAVE Life Sciences (a) | | 333,211 | 1,912,631 |
| | | | 360,362,251 |
| TOTAL COMMON STOCKS (Cost $2,882,177,390) | | | 4,946,860,133 |
| | | | |
| Convertible Preferred Stocks - 1.0% |
| | | Shares | Value ($) |
| Biotechnology - 0.7% | | | |
| Biotechnology - 0.7% | | | |
| Cardurion Pharmaceuticals, Inc. Series B (c)(e) | | 1,020,908 | 5,012,658 |
| ElevateBio LLC Series C (a)(c)(e) | | 216,600 | 710,448 |
| National Resilience, Inc. Series B (a)(c)(e) | | 732,064 | 24,992,665 |
| SalioGen Therapeutics, Inc. Series B (a)(c)(e) | | 94,461 | 6,625,495 |
| | | | 37,341,266 |
| Health Care Providers & Services - 0.3% | | | |
| Health Care Services - 0.3% | | | |
| Scorpion Therapeutics, Inc.: | | | |
| Series B (a)(c)(e) | | 3,099,905 | 7,501,770 |
| Series C1 (c)(e) | | 2,066,543 | 5,001,034 |
| | | | 12,502,804 |
| Health Care Technology - 0.0% | | | |
| Health Care Technology - 0.0% | | | |
| Candid Therapeutics Series B (c)(e) | | 1,666,667 | 2,000,000 |
| Pharmaceuticals - 0.0% | | | |
| Pharmaceuticals - 0.0% | | | |
| Afferent Pharmaceuticals, Inc. Series C (a)(c)(e) | | 8,274,568 | 83 |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $40,408,650) | | | 51,844,153 |
| | | | |
| Money Market Funds - 5.8% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (g) | | 12,813,815 | 12,816,377 |
| Fidelity Securities Lending Cash Central Fund 5.39% (g)(h) | | 275,329,695 | 275,357,228 |
| TOTAL MONEY MARKET FUNDS (Cost $288,152,754) | | | 288,173,605 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 105.6% (Cost $3,210,738,794) | 5,286,877,891 |
NET OTHER ASSETS (LIABILITIES) - (5.6)% | (278,661,666) |
| NET ASSETS - 100.0% | 5,008,216,225 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (e) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $135,319,254 or 2.7% of net assets. |
| (f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
| (g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (h) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| Adimab LLC | 9/17/14 - 6/05/15 | 23,546,682 |
| | | |
| Adimab LLC | 9/17/14 - 6/05/15 | 7,861,206 |
| | | |
| Afferent Pharmaceuticals, Inc. Series C | 7/01/15 | 0 |
| | | |
| BridgeBio Pharma, Inc. | 9/25/23 | 20,000,036 |
| | | |
| Candid Therapeutics Series B | 8/27/24 | 2,000,000 |
| | | |
| Cardurion Pharmaceuticals, Inc. Series B | 7/10/24 | 4,999,999 |
| | | |
| Cartesian Therapeutics, Inc. | 7/02/24 | 7,500,000 |
| | | |
| Cyclerion Therapeutics, Inc. | 4/02/19 | 1,404,026 |
| | | |
| ElevateBio LLC Series C | 3/09/21 | 908,637 |
| | | |
| Korro Bio, Inc. | 7/14/23 | 1,854,573 |
| | | |
| 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 |
| | | |
| Scorpion Therapeutics, Inc. Series C1 | 7/01/24 | 5,000,001 |
| | | |
| Tango Therapeutics, Inc. | 8/09/23 | 2,403,181 |
| | | |
| Tectonic Therapeutic, Inc. | 1/30/24 | 5,000,003 |
| | | |
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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 17,016,519 | 343,029,707 | 347,229,667 | 223,703 | (182) | - | 12,816,377 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 286,197,060 | 929,134,516 | 939,974,348 | 3,333,689 | 5,760 | (5,760) | 275,357,228 | 1.2% |
| Total | 303,213,579 | 1,272,164,223 | 1,287,204,015 | 3,557,392 | 5,578 | (5,760) | 288,173,605 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) 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 ($) |
| ArriVent Biopharma, Inc. | 38,737,536 | - | - | - | - | 9,333,696 | 48,071,232 |
| Cartesian Therapeutics, Inc. | 8,198,668 | 4,944,511 | - | - | - | (4,034,405) | - |
| Cartesian Therapeutics, Inc. rights | 700,145 | - | - | - | - | 1,615,718 | - |
| Krystal Biotech, Inc. | 316,567,405 | - | 18,810,710 | - | 10,755,711 | 57,868,711 | 366,381,117 |
| Longboard Pharmaceuticals, Inc. | 39,446,886 | - | 2,343,042 | - | 770,085 | 23,869,379 | - |
| Regulus Therapeutics, Inc. | 4,296,222 | - | 4,022,121 | - | (744,438) | 1,548,589 | - |
| Sensorion SA | 5,544,514 | 10,014,758 | - | - | - | (316,097) | 15,243,175 |
| Taysha Gene Therapies, Inc. | 34,737,254 | 999,900 | 12,529,159 | - | 7,778,319 | (15,698,111) | - |
| Total | 448,228,630 | 15,959,169 | 37,705,032 | - | 18,559,677 | 74,187,480 | 429,695,524 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Common Stocks | 4,946,860,133 | 4,895,512,060 | 859,540 | 50,488,533 |
|
| Convertible Preferred Stocks | 51,844,153 | - | - | 51,844,153 |
|
| Money Market Funds | 288,173,605 | 288,173,605 | - | - |
| Total Investments in Securities: | 5,286,877,891 | 5,183,685,665 | 859,540 | 102,332,686 |
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 | $ | 57,175,954 | |
| Net Realized Gain (Loss) on Investment Securities | | 67,185 | |
| Net Unrealized Gain (Loss) on Investment Securities | | (1,725,515) | |
| Cost of Purchases | | 38,248 | |
| Proceeds of Sales | | (67,336) | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | (5,000,003) | |
| Ending Balance | $ | 50,488,533 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2024 | $ | (1,725,515) | |
| Other Investments in Securities | | | |
| Beginning Balance | $ | 47,066,704 | |
| Net Realized Gain (Loss) on Investment Securities | | - | |
| Net Unrealized Gain (Loss) on Investment Securities | | (7,222,551) | |
| Cost of Purchases | | 12,000,000 | |
| Proceeds of Sales | | - | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 51,844,153 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2024 | $ | (7,222,551) | |
| The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | |
Biotechnology Portfolio
Consolidated Financial Statements (Unaudited)
| Consolidated Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $267,379,921) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $2,804,844,965) | $ | 4,569,008,762 | | |
Fidelity Central Funds (cost $288,152,754) | | 288,173,605 | | |
Other affiliated issuers (cost $117,741,075) | | 429,695,524 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $3,210,738,794) | | | $ | 5,286,877,891 |
| Receivable for investments sold | | | | 35,522,675 |
| Receivable for fund shares sold | | | | 469,680 |
| Dividends receivable | | | | 3,440,119 |
| Distributions receivable from Fidelity Central Funds | | | | 574,821 |
| Prepaid expenses | | | | 12,566 |
| Other receivables | | | | 1,380,584 |
Total assets | | | | 5,328,278,336 |
| Liabilities | | | | |
| Payable to custodian bank | $ | 1,163,810 | | |
| Payable for investments purchased | | 31,097,580 | | |
| Payable for fund shares redeemed | | 1,813,921 | | |
| Accrued management fee | | 2,534,478 | | |
| Deferred taxes | | 6,695,874 | | |
| Other payables and accrued expenses | | 1,560,288 | | |
| Collateral on securities loaned | | 275,196,160 | | |
| Total liabilities | | | | 320,062,111 |
| Net Assets | | | $ | 5,008,216,225 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 3,271,815,543 |
| Total accumulated earnings (loss) | | | | 1,736,400,682 |
| Net Assets | | | $ | 5,008,216,225 |
Net Asset Value, offering price and redemption price per share ($5,008,216,225 ÷ 235,117,070 shares) | | | $ | 21.30 |
| Consolidated Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 19,356,245 |
| Income from Fidelity Central Funds (including $3,333,689 from security lending) | | | | 3,557,392 |
| Total income | | | | 22,913,637 |
| Expenses | | | | |
| Management fee | $ | 14,775,519 | | |
| Custodian fees and expenses | | 139,211 | | |
| Independent trustees' fees and expenses | | 9,877 | | |
| Registration fees | | 36,501 | | |
| Audit fees | | 60,812 | | |
| Legal | | 3,973 | | |
| Miscellaneous | | 85,888 | | |
| Total expenses before reductions | | 15,111,781 | | |
| Expense reductions | | (100,209) | | |
| Total expenses after reductions | | | | 15,011,572 |
| Net Investment income (loss) | | | | 7,902,065 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 100,645,783 | | |
| Fidelity Central Funds | | 5,578 | | |
| Other affiliated issuers | | 18,559,677 | | |
| Foreign currency transactions | | (33,372) | | |
| Total net realized gain (loss) | | | | 119,177,666 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of decrease in deferred taxes of $440,333) | | 223,951,417 | | |
| Fidelity Central Funds | | (5,760) | | |
| Other affiliated issuers | | 74,187,480 | | |
| Assets and liabilities in foreign currencies | | 9,658 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 298,142,795 |
| Net gain (loss) | | | | 417,320,461 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 425,222,526 |
| Consolidated Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 7,902,065 | $ | 7,038,061 |
| Net realized gain (loss) | | 119,177,666 | | 337,216,108 |
| Change in net unrealized appreciation (depreciation) | | 298,142,795 | | 586,430,769 |
| Net increase (decrease) in net assets resulting from operations | | 425,222,526 | | 930,684,938 |
| Distributions to shareholders | | (15,560,050) | | (20,921,962) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 105,523,225 | | 355,598,248 |
| Reinvestment of distributions | | 14,463,937 | | 19,492,812 |
| Cost of shares redeemed | | (435,964,812) | | (1,339,429,723) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (315,977,650) | | (964,338,663) |
| Total increase (decrease) in net assets | | 93,684,826 | | (54,575,687) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 4,914,531,399 | | 4,969,107,086 |
| End of period | $ | 5,008,216,225 | $ | 4,914,531,399 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 5,354,530 | | 22,190,655 |
| Issued in reinvestment of distributions | | 792,111 | | 1,243,749 |
| Redeemed | | (22,605,371) | | (83,162,823) |
| Net increase (decrease) | | (16,458,730) | | (59,728,419) |
| | | | | |
Consolidated Financial Highlights
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 19.53 | $ | 15.96 | $ | 15.78 | $ | 25.52 | $ | 21.02 | $ | 21.14 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .03 | | .03 | | (.01) | | (.03) | | (.01) | | .05 |
| Net realized and unrealized gain (loss) | | 1.80 | | 3.62 | | .19 | | (6.91) | | 9.41 | | 1.79 |
| Total from investment operations | | 1.83 | | 3.65 | | .18 | | (6.94) | | 9.40 | | 1.84 |
| Distributions from net investment income | | (.06) | | (.08) | | - | | (.03) | | (.07) | | (.03) |
| Distributions from net realized gain | | - | | - | | - | | (2.77) | | (4.84) | | (1.93) |
| Total distributions | | (.06) | | (.08) | | - | | (2.80) | | (4.90) D | | (1.96) |
| Net asset value, end of period | $ | 21.30 | $ | 19.53 | $ | 15.96 | $ | 15.78 | $ | 25.52 | $ | 21.02 |
Total Return E,F | | | | 22.99% | | 1.14% | | (29.49)% | | 47.35% | | 8.57% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .64% I | | .71% | | .72% | | .69% | | .70% | | .72% |
| Expenses net of fee waivers, if any | | | | .71% | | .71% | | .69% | | .70% | | .72% |
| Expenses net of all reductions | | .64% I | | .71% | | .71% | | .69% | | .69% | | .72% |
| Net investment income (loss) | | .34% I | | .15% | | (.05)% | | (.14)% | | (.03)% | | .22% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 5,008,216 | $ | 4,914,531 | $ | 4,969,107 | $ | 5,280,692 | $ | 8,873,624 | $ | 6,624,752 |
Portfolio turnover rate J | | | | 52% K | | 51% | | 46% | | 78% | | 50% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 Consolidated 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).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Consolidated Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 98.1% |
| | | Shares | Value ($) |
| Biotechnology - 22.8% | | | |
| Biotechnology - 22.8% | | | |
| Acumen Pharmaceuticals, Inc. (a) | | 1,140,000 | 3,123,600 |
| Allogene Therapeutics, Inc. (a)(b) | | 4,350,000 | 11,440,500 |
| Alnylam Pharmaceuticals, Inc. (a) | | 670,000 | 176,002,300 |
| Apogee Therapeutics, Inc. (a) | | 52,600 | 2,691,542 |
| Arcellx, Inc. (a) | | 400,000 | 27,496,000 |
| Arcus Biosciences, Inc. (a) | | 700,000 | 11,984,000 |
| Argenx SE ADR (a) | | 280,000 | 144,849,600 |
| Ascendis Pharma A/S sponsored ADR (a) | | 820,000 | 113,529,000 |
| Avidity Biosciences, Inc. (a) | | 500,000 | 22,000,000 |
| Blueprint Medicines Corp. (a) | | 650,000 | 62,101,000 |
| Cargo Therapeutics, Inc. (b) | | 995,805 | 18,780,882 |
| Caris Life Sciences, Inc. (a)(c)(d) | | 1,420,479 | 4,517,123 |
| Cartesian Therapeutics, Inc. (c) | | 368,992 | 5,151,128 |
| Celldex Therapeutics, Inc. (a) | | 550,000 | 22,731,500 |
| Cytokinetics, Inc. (a)(b) | | 1,240,000 | 70,779,200 |
| Day One Biopharmaceuticals, Inc. (a)(b) | | 370,652 | 5,129,824 |
| Dyne Therapeutics, Inc. (a) | | 241,766 | 11,142,995 |
| Exact Sciences Corp. (a)(b) | | 1,670,000 | 103,022,300 |
| Immunocore Holdings PLC ADR (a)(b) | | 411,288 | 14,757,013 |
| Intellia Therapeutics, Inc. (a)(b) | | 560,000 | 12,566,400 |
| Janux Therapeutics, Inc. (a) | | 650,000 | 30,537,000 |
| Keros Therapeutics, Inc. (a) | | 650,000 | 29,477,500 |
| Legend Biotech Corp. ADR (a) | | 2,500,000 | 143,875,000 |
| Merus BV (a) | | 1,000,000 | 50,990,000 |
| Moonlake Immunotherapeutics Class A (a) | | 500,000 | 23,395,000 |
| Nuvalent, Inc. Class A (a) | | 670,000 | 57,037,100 |
| Oruka Therapeutics, Inc. (e) | | 10,647,058 | 25,552,939 |
| Perspective Therapeutics, Inc. (a)(b) | | 434,289 | 6,861,766 |
| Poseida Therapeutics, Inc. (a) | | 2,387,521 | 6,828,310 |
| Regeneron Pharmaceuticals, Inc. (a) | | 280,000 | 331,713,200 |
| Soleno Therapeutics, Inc. (a)(b) | | 300,000 | 14,685,000 |
| Spyre Therapeutics, Inc. (a) | | 500,000 | 14,375,000 |
| Summit Therapeutics, Inc. (a)(b) | | 1,100,000 | 14,278,000 |
| Vaxcyte, Inc. (a) | | 1,400,000 | 113,064,000 |
| Viking Therapeutics, Inc. (a) | | 64,927 | 4,163,119 |
| Viridian Therapeutics, Inc. (a) | | 1,500,000 | 22,020,000 |
| Xenon Pharmaceuticals, Inc. (a) | | 1,200,000 | 48,408,000 |
| Zealand Pharma A/S (a) | | 14,600 | 1,918,007 |
| | | | 1,782,974,848 |
| Health Care Equipment & Supplies - 24.0% | | | |
| Health Care Equipment - 24.0% | | | |
| Boston Scientific Corp. (a) | | 9,000,000 | 736,110,000 |
| DexCom, Inc. (a) | | 140,000 | 9,707,600 |
| Glaukos Corp. (a) | | 850,000 | 113,806,500 |
| Inspire Medical Systems, Inc. (a)(b) | | 445,000 | 80,019,900 |
| Insulet Corp. (a) | | 969,000 | 196,484,130 |
| Intuitive Surgical, Inc. (a) | | 215,000 | 105,915,450 |
| Masimo Corp. (a) | | 970,000 | 113,994,400 |
| Medical Microinstruments, Inc. warrants 2/16/31 (a)(c)(d) | | 15,815 | 192,152 |
| Penumbra, Inc. (a) | | 1,350,000 | 273,132,000 |
| PROCEPT BioRobotics Corp. (a) | | 600,000 | 47,400,000 |
| Stryker Corp. | | 555,000 | 200,033,100 |
| | | | 1,876,795,232 |
| Health Care Providers & Services - 22.4% | | | |
| Health Care Distributors - 1.8% | | | |
| McKesson Corp. | | 254,000 | 142,514,320 |
| Health Care Facilities - 1.5% | | | |
| Surgery Partners, Inc. (a) | | 3,600,000 | 115,020,000 |
| Health Care Services - 6.2% | | | |
| agilon health, Inc. (a)(b) | | 5,000,000 | 20,400,000 |
| BrightSpring Health Services, Inc. (b) | | 2,850,000 | 35,767,500 |
| Cigna Group | | 690,000 | 249,648,900 |
| CVS Health Corp. | | 1,000,000 | 57,240,000 |
| LifeStance Health Group, Inc. (a) | | 6,700,000 | 42,277,000 |
| Privia Health Group, Inc. (a) | | 4,000,000 | 80,560,000 |
| | | | 485,893,400 |
| Managed Health Care - 12.9% | | | |
| Alignment Healthcare, Inc. (a) | | 5,600,000 | 50,456,000 |
| Centene Corp. (a) | | 1,000,000 | 78,830,000 |
| Humana, Inc. | | 100,000 | 35,447,000 |
| UnitedHealth Group, Inc. | | 1,420,000 | 838,084,000 |
| | | | 1,002,817,000 |
TOTAL HEALTH CARE PROVIDERS & SERVICES | | | 1,746,244,720 |
| Health Care Technology - 1.7% | | | |
| Health Care Technology - 1.7% | | | |
| Phreesia, Inc. (a) | | 1,449,451 | 37,265,385 |
| Veeva Systems, Inc. Class A (a) | | 452,820 | 98,008,361 |
| | | | 135,273,746 |
| Life Sciences Tools & Services - 10.6% | | | |
| Life Sciences Tools & Services - 10.6% | | | |
| 10X Genomics, Inc.: | | | |
| Class A (a) | | 1,996,356 | 46,614,913 |
| Class B (a)(f) | | 500,000 | 11,675,000 |
| Bruker Corp. | | 1,180,000 | 79,284,200 |
| Danaher Corp. | | 1,700,000 | 457,827,000 |
| IQVIA Holdings, Inc. (a) | | 370,000 | 93,073,500 |
| Thermo Fisher Scientific, Inc. | | 165,000 | 101,486,550 |
| West Pharmaceutical Services, Inc. | | 108,000 | 33,872,040 |
| | | | 823,833,203 |
| Pharmaceuticals - 16.6% | | | |
| Pharmaceuticals - 16.6% | | | |
| AstraZeneca PLC (United Kingdom) | | 690,000 | 120,933,289 |
| Contineum Therapeutics, Inc. Class A | | 200,000 | 3,898,000 |
| Eli Lilly & Co. | | 675,000 | 648,013,500 |
| Enliven Therapeutics, Inc. (a) | | 500,000 | 10,940,000 |
| Merck & Co., Inc. | | 2,500,000 | 296,125,000 |
| Pharvaris BV (a) | | 740,755 | 13,333,590 |
| Rapport Therapeutics, Inc. (b) | | 276,132 | 6,005,871 |
| Royalty Pharma PLC Class A | | 2,200,000 | 63,866,000 |
| Structure Therapeutics, Inc. ADR (a) | | 670,000 | 25,547,100 |
| UCB SA | | 590,000 | 106,762,848 |
| | | | 1,295,425,198 |
| TOTAL COMMON STOCKS (Cost $4,314,934,868) | | | 7,660,546,947 |
| | | | |
| Convertible Preferred Stocks - 1.5% |
| | | Shares | Value ($) |
| Biotechnology - 0.7% | | | |
| Biotechnology - 0.7% | | | |
| Asimov, Inc. Series B (a)(c)(d) | | 101,438 | 4,289,813 |
| Caris Life Sciences, Inc. Series D (a)(c)(d) | | 3,206,021 | 10,195,147 |
| Cleerly, Inc. Series C (a)(c)(d) | | 1,285,367 | 13,959,086 |
| Element Biosciences, Inc.: | | | |
| Series C (a)(c)(d) | | 572,265 | 6,134,681 |
| Series D (c)(d) | | 413,355 | 3,244,837 |
| Series D1 (c)(d) | | 413,355 | 3,244,837 |
| ElevateBio LLC Series C (a)(c)(d) | | 254,900 | 836,072 |
| Endeavor BioMedicines, Inc. Series C (c)(d) | | 1,366,212 | 9,809,402 |
| Inscripta, Inc. Series E (a)(c)(d) | | 1,282,228 | 3,859,506 |
| | | | 55,573,381 |
| Financial Services - 0.1% | | | |
| Specialized Finance - 0.1% | | | |
| Saluda Medical, Inc. Series E (a)(c)(d) | | 1,155,359 | 8,122,174 |
| Health Care Equipment & Supplies - 0.3% | | | |
| Health Care Equipment - 0.3% | | | |
| Insightec Ltd. Series G (c)(d) | | 11,853,768 | 10,668,391 |
| Medical Microinstruments, Inc. Series C (c)(d) | | 316,310 | 10,501,492 |
| | | | 21,169,883 |
| Health Care Providers & Services - 0.1% | | | |
| Health Care Services - 0.1% | | | |
| dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(d) | | 380,451 | 1,906,060 |
| Thriveworks TopCo LLC Series B (a)(c)(d)(g) | | 473,270 | 4,249,965 |
| | | | 6,156,025 |
| Health Care Technology - 0.3% | | | |
| Health Care Technology - 0.3% | | | |
| Aledade, Inc.: | | | |
| Series B1 (a)(c)(d) | | 201,220 | 7,962,275 |
| Series E1 (a)(c)(d) | | 56,664 | 2,242,194 |
| Candid Therapeutics Series B (c)(d) | | 3,162,302 | 3,794,762 |
| Omada Health, Inc. Series E (a)(c)(d) | | 2,153,073 | 8,224,739 |
| Wugen, Inc. Series B (a)(c)(d) | | 454,342 | 1,890,063 |
| | | | 24,114,033 |
| Pharmaceuticals - 0.0% | | | |
| Pharmaceuticals - 0.0% | | | |
| Galvanize Therapeutics Series B (a)(c)(d) | | 3,696,429 | 3,141,965 |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $176,741,061) | | | 118,277,461 |
| | | | |
| Convertible Bonds - 0.1% |
| | | Principal Amount (h) | Value ($) |
| Health Care Technology - 0.0% | | | |
| Health Care Technology - 0.0% | | | |
| Wugen, Inc. 10% 6/14/25 (c)(d) | | 2,299,153 | 2,374,335 |
| Pharmaceuticals - 0.1% | | | |
| Pharmaceuticals - 0.1% | | | |
| Galvanize Therapeutics 6% 2/28/27 (c)(d) | | 3,306,100 | 3,494,217 |
| TOTAL CONVERTIBLE BONDS (Cost $5,605,253) | | | 5,868,552 |
| | | | |
| Preferred Securities - 0.2% |
| | | Principal Amount (h) | Value ($) |
| Health Care Equipment & Supplies - 0.2% | | | |
| Health Care Supplies - 0.2% | | | |
Kardium, Inc. 10% 12/31/26 (c)(d) (Cost $12,154,428) | | 12,154,428 | 12,246,532 |
| | | | |
| Money Market Funds - 0.8% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (i) | | 9,411,029 | 9,412,911 |
| Fidelity Securities Lending Cash Central Fund 5.39% (i)(j) | | 56,968,270 | 56,973,967 |
| TOTAL MONEY MARKET FUNDS (Cost $66,385,128) | | | 66,386,878 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.7% (Cost $4,575,820,738) | 7,863,326,370 |
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (52,507,958) |
| NET ASSETS - 100.0% | 7,810,818,412 |
| | |
Legend
| (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 $146,252,948 or 1.9% of net assets. |
| (f) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $11,675,000 or 0.1% of net assets. |
| (g) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
| (h) | Amount is stated in United States dollars unless otherwise noted. |
| (i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (j) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| Aledade, Inc. Series B1 | 5/07/21 | 7,704,855 |
| | | |
| Aledade, Inc. Series E1 | 5/20/22 | 2,822,683 |
| | | |
| Asimov, Inc. Series B | 10/29/21 | 9,401,345 |
| | | |
| Candid Therapeutics Series B | 8/27/24 | 3,794,762 |
| | | |
| Caris Life Sciences, Inc. | 10/06/22 | 7,954,682 |
| | | |
| Caris Life Sciences, Inc. Series D | 5/11/21 | 25,968,770 |
| | | |
| Cartesian Therapeutics, Inc. | 7/02/24 | 7,379,840 |
| | | |
| 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 |
| | | |
| Element Biosciences, Inc. Series D | 6/28/24 | 3,242,067 |
| | | |
| Element Biosciences, Inc. Series D1 | 6/28/24 | 3,242,067 |
| | | |
| ElevateBio LLC Series C | 3/09/21 | 1,069,306 |
| | | |
| Endeavor BioMedicines, Inc. Series C | 4/22/24 | 8,913,987 |
| | | |
| Galvanize Therapeutics Series B | 3/29/22 | 6,399,572 |
| | | |
| Galvanize Therapeutics 6% 2/28/27 | 2/28/24 | 3,306,100 |
| | | |
| Inscripta, Inc. Series E | 3/30/21 | 11,322,073 |
| | | |
| Insightec Ltd. Series G | 6/17/24 | 10,523,775 |
| | | |
| Kardium, Inc. 10% 12/31/26 | 5/31/24 | 12,154,428 |
| | | |
| Medical Microinstruments, Inc. warrants 2/16/31 | 2/16/24 | 0 |
| | | |
| Medical Microinstruments, Inc. Series C | 2/16/24 | 10,543,783 |
| | | |
| Omada Health, Inc. Series E | 12/22/21 | 12,908,103 |
| | | |
| Saluda Medical, Inc. Series E | 4/06/23 | 9,328,137 |
| | | |
| Thriveworks TopCo LLC Series B | 7/23/21 - 2/25/22 | 13,584,368 |
| | | |
| Wugen, Inc. Series B | 7/09/21 | 3,523,377 |
| | | |
| Wugen, Inc. 10% 6/14/25 | 6/14/24 | 2,299,153 |
| | | |
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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 3,213,126 | 374,884,977 | 368,685,864 | 206,141 | 672 | - | 9,412,911 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 90,247,976 | 339,448,239 | 372,722,249 | 250,801 | - | 1 | 56,973,967 | 0.2% |
| Total | 93,461,102 | 714,333,216 | 741,408,113 | 456,942 | 672 | 1 | 66,386,878 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) 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 ($) |
| Oruka Therapeutics, Inc. | - | - | - | - | - | 16,933,153 | 25,552,939 |
| Total | - | - | - | - | - | 16,933,153 | 25,552,939 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Common Stocks | 7,660,546,947 | 7,534,904,383 | 120,933,289 | 4,709,275 |
|
| Convertible Preferred Stocks | 118,277,461 | - | - | 118,277,461 |
|
| Convertible Bonds | 5,868,552 | - | - | 5,868,552 |
|
| Preferred Securities | 12,246,532 | - | - | 12,246,532 |
|
| Money Market Funds | 66,386,878 | 66,386,878 | - | - |
| Total Investments in Securities: | 7,863,326,370 | 7,601,291,261 | 120,933,289 | 141,101,820 |
The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value:
| |
| Investments in Securities: | |
| Convetible Preferred Stocks | | | |
| Beginning Balance | $ | 94,829,920 | |
| Net Realized Gain (Loss) on Investment Securities | | - | |
| Net Unrealized Gain (Loss) on Investment Securities | | (6,356,866) | |
| Cost of Purchases | | 29,804,407 | |
| Proceeds of Sales | | - | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 118,277,461 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2024 | $ | (6,356,866) | |
| Other Investments in Securities | | | |
| Beginning Balance | $ | 7,270,228 | |
| Net Realized Gain (Loss) on Investment Securities | | - | |
| Net Unrealized Gain (Loss) on Investment Securities | | 1,100,550 | |
| Cost of Purchases | | 14,453,581 | |
| Proceeds of Sales | | - | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 22,824,359 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2024 | $ | 1,100,550 | |
| The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | |
Health Care Portfolio
Consolidated Financial Statements (Unaudited)
| Consolidated Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $56,106,301) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $4,500,815,823) | $ | 7,771,386,553 | | |
Fidelity Central Funds (cost $66,385,128) | | 66,386,878 | | |
Other affiliated issuers (cost $8,619,787) | | 25,552,939 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $4,575,820,738) | | | $ | 7,863,326,370 |
| Receivable for investments sold | | | | 9,601,889 |
| Receivable for fund shares sold | | | | 1,362,035 |
| Dividends receivable | | | | 5,715,545 |
| Interest receivable | | | | 453,579 |
| Distributions receivable from Fidelity Central Funds | | | | 71,972 |
| Prepaid expenses | | | | 15,317 |
| Other receivables | | | | 904,543 |
Total assets | | | | 7,881,451,250 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 4,776,563 | | |
| Payable for fund shares redeemed | | 3,921,072 | | |
| Accrued management fee | | 3,892,747 | | |
| Other payables and accrued expenses | | 1,090,314 | | |
| Collateral on securities loaned | | 56,952,142 | | |
| Total liabilities | | | | 70,632,838 |
| Net Assets | | | $ | 7,810,818,412 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 4,247,616,085 |
| Total accumulated earnings (loss) | | | | 3,563,202,327 |
| Net Assets | | | $ | 7,810,818,412 |
Net Asset Value, offering price and redemption price per share ($7,810,818,412 ÷ 246,843,391 shares) | | | $ | 31.64 |
| Consolidated Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 21,208,217 |
| Interest | | | | 149,565 |
| Income from Fidelity Central Funds (including $250,801 from security lending) | | | | 456,942 |
| Total income | | | | 21,814,724 |
| Expenses | | | | |
| Management fee | $ | 23,517,028 | | |
| Custodian fees and expenses | | 93,479 | | |
| Independent trustees' fees and expenses | | 16,100 | | |
| Registration fees | | 34,862 | | |
| Audit fees | | 35,225 | | |
| Legal | | 4,728 | | |
| Interest | | 29,891 | | |
| Miscellaneous | | 112,334 | | |
| Total expenses before reductions | | 23,843,647 | | |
| Expense reductions | | (162,450) | | |
| Total expenses after reductions | | | | 23,681,197 |
| Net Investment income (loss) | | | | (1,866,473) |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 306,802,750 | | |
| Fidelity Central Funds | | 672 | | |
| Foreign currency transactions | | 18,071 | | |
| Total net realized gain (loss) | | | | 306,821,493 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 231,499,828 | | |
| Fidelity Central Funds | | 1 | | |
| Other affiliated issuers | | 16,933,152 | | |
| Assets and liabilities in foreign currencies | | 125,110 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 248,558,091 |
| Net gain (loss) | | | | 555,379,584 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 553,513,111 |
| Consolidated Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | (1,866,473) | $ | (4,761,758) |
| Net realized gain (loss) | | 306,821,493 | | 321,000,314 |
| Change in net unrealized appreciation (depreciation) | | 248,558,091 | | 530,618,894 |
| Net increase (decrease) in net assets resulting from operations | | 553,513,111 | | 846,857,450 |
| Distributions to shareholders | | (238,172,866) | | - |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 117,931,118 | | 489,323,946 |
| Reinvestment of distributions | | 216,875,836 | | - |
| Cost of shares redeemed | | (752,271,119) | | (1,576,703,467) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (417,464,165) | | (1,087,379,521) |
| Total increase (decrease) in net assets | | (102,123,920) | | (240,522,071) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 7,912,942,332 | | 8,153,464,403 |
| End of period | $ | 7,810,818,412 | $ | 7,912,942,332 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 4,001,410 | | 17,502,505 |
| Issued in reinvestment of distributions | | 7,660,750 | | - |
| Redeemed | | (25,620,006) | | (56,642,005) |
| Net increase (decrease) | | (13,957,846) | | (39,139,500) |
| | | | | |
Consolidated Financial Highlights
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 30.34 | $ | 27.18 | $ | 28.30 | $ | 32.18 | $ | 26.53 | $ | 24.48 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | (.01) | | (.02) | | (.03) | | (.03) | | - D | | .04 |
| Net realized and unrealized gain (loss) | | 2.24 | | 3.18 | | (.50) | | (.92) | | 9.23 | | 2.40 |
| Total from investment operations | | 2.23 | | 3.16 | | (.53) | | (.95) | | 9.23 | | 2.44 |
| Distributions from net investment income | | - | | - | | - | | (.04) E | | (.18) | | (.03) |
| Distributions from net realized gain | | (.93) | | - | | (.59) | | (2.89) E | | (3.40) | | (.36) |
| Total distributions | | (.93) | | - | | (.59) | | (2.93) | | (3.58) | | (.39) |
| Net asset value, end of period | $ | 31.64 | $ | 30.34 | $ | 27.18 | $ | 28.30 | $ | 32.18 | $ | 26.53 |
Total Return F,G | | | | 11.63% | | (2.05)% | | (3.67)% | | 36.00% | | 9.84% |
Ratios to Average Net Assets C,H,I | | | | | | | | | | | | |
| Expenses before reductions | | .63% J | | .69% | | .69% | | .68% | | .69% | | .70% |
| Expenses net of fee waivers, if any | | | | .68% | | .68% | | .67% | | .69% | | .70% |
| Expenses net of all reductions | | .63% J | | .68% | | .68% | | .67% | | .69% | | .70% |
| Net investment income (loss) | | (.05)% J | | (.06)% | | (.10)% | | (.10)% | | (.01)% | | .16% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 7,810,818 | $ | 7,912,942 | $ | 8,153,464 | $ | 8,999,209 | $ | 10,353,077 | $ | 7,220,187 |
Portfolio turnover rate K | | | | 46% | | 40% | | 31% | | 52% | | 36% L |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DAmount represents less than $.005 per share.
EThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
Health Care Services Portfolio
Consolidated Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.5% |
| | | Shares | Value ($) |
| Health Care Providers & Services - 99.5% | | | |
| Health Care Distributors - 9.8% | | | |
| Cencora, Inc. | | 255,600 | 61,234,092 |
| McKesson Corp. | | 133,800 | 75,072,504 |
| | | | 136,306,596 |
| Health Care Facilities - 18.8% | | | |
| Acadia Healthcare Co., Inc. (a) | | 560,700 | 45,938,151 |
| Encompass Health Corp. | | 450,600 | 41,928,330 |
| HCA Holdings, Inc. | | 118,000 | 46,679,620 |
| Surgery Partners, Inc. (a)(b) | | 944,236 | 30,168,340 |
| Tenet Healthcare Corp. (a) | | 257,400 | 42,687,216 |
| U.S. Physical Therapy, Inc. (b) | | 163,300 | 13,978,480 |
| Universal Health Services, Inc. Class B | | 173,300 | 41,240,201 |
| | | | 262,620,338 |
| Health Care Services - 29.5% | | | |
| agilon health, Inc. (a)(b) | | 3,926,860 | 16,021,589 |
| Astrana Health, Inc. (a) | | 153,738 | 7,347,139 |
| BrightSpring Health Services, Inc. (b) | | 1,414,900 | 17,756,995 |
| Chemed Corp. | | 72,300 | 42,380,091 |
| Cigna Group | | 360,672 | 130,494,736 |
| CVS Health Corp. | | 2,025,870 | 115,960,799 |
| LifeStance Health Group, Inc. (a)(b) | | 4,179,459 | 26,372,386 |
| Option Care Health, Inc. (a) | | 770,400 | 24,668,208 |
| Privia Health Group, Inc. (a)(b) | | 1,502,363 | 30,257,591 |
| | | | 411,259,534 |
| Managed Health Care - 41.4% | | | |
| Alignment Healthcare, Inc. (a) | | 1,141,222 | 10,282,410 |
| Centene Corp. (a) | | 611,684 | 48,219,050 |
| Elevance Health, Inc. | | 110,302 | 61,426,081 |
| Humana, Inc. | | 175,000 | 62,032,250 |
| Molina Healthcare, Inc. (a) | | 149,500 | 52,293,605 |
| UnitedHealth Group, Inc. | | 582,650 | 343,880,030 |
| | | | 578,133,426 |
| TOTAL COMMON STOCKS (Cost $830,892,491) | | | 1,388,319,894 |
| | | | |
| Convertible Preferred Stocks - 0.5% |
| | | Shares | Value ($) |
| Health Care Providers & Services - 0.1% | | | |
| Health Care Services - 0.1% | | | |
| Thriveworks TopCo LLC Series B (a)(c)(d)(e) | | 69,639 | 625,358 |
| Health Care Technology - 0.4% | | | |
| Health Care Technology - 0.4% | | | |
| Aledade, Inc.: | | | |
| Series B1 (a)(d)(e) | | 52,232 | 2,066,820 |
| Series E1 (a)(d)(e) | | 40,149 | 1,588,696 |
| Series F (a)(d)(e) | | 59,859 | 2,368,621 |
| | | | 6,024,137 |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $9,136,999) | | | 6,649,495 |
| | | | |
| Money Market Funds - 4.6% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (f) | | 3,985,426 | 3,986,223 |
| Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | | 60,510,501 | 60,516,552 |
| TOTAL MONEY MARKET FUNDS (Cost $64,502,775) | | | 64,502,775 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 104.6% (Cost $904,532,265) | 1,459,472,164 |
NET OTHER ASSETS (LIABILITIES) - (4.6)% | (63,787,667) |
| NET ASSETS - 100.0% | 1,395,684,497 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
| (d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $6,649,495 or 0.5% of net assets. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| 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 |
| | | |
| 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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 8,504,694 | 175,773,043 | 180,292,068 | 189,920 | 554 | - | 3,986,223 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 87,877,224 | 402,904,470 | 430,265,142 | 75,348 | - | - | 60,516,552 | 0.3% |
| Total | 96,381,918 | 578,677,513 | 610,557,210 | 265,268 | 554 | - | 64,502,775 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Common Stocks | 1,388,319,894 | 1,388,319,894 | - | - |
|
| Convertible Preferred Stocks | 6,649,495 | - | - | 6,649,495 |
|
| Money Market Funds | 64,502,775 | 64,502,775 | - | - |
| Total Investments in Securities: | 1,459,472,164 | 1,452,822,669 | - | 6,649,495 |
Health Care Services Portfolio
Consolidated Financial Statements (Unaudited)
| Consolidated Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $58,428,270) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $840,029,490) | $ | 1,394,969,389 | | |
Fidelity Central Funds (cost $64,502,775) | | 64,502,775 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $904,532,265) | | | $ | 1,459,472,164 |
| Receivable for investments sold | | | | 6,938,913 |
| Receivable for fund shares sold | | | | 184,478 |
| Dividends receivable | | | | 167,020 |
| Distributions receivable from Fidelity Central Funds | | | | 17,990 |
| Prepaid expenses | | | | 2,510 |
| Other receivables | | | | 104,307 |
Total assets | | | | 1,466,887,382 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 8,793,500 | | |
| Payable for fund shares redeemed | | 990,731 | | |
| Accrued management fee | | 749,520 | | |
| Other payables and accrued expenses | | 156,010 | | |
| Collateral on securities loaned | | 60,513,124 | | |
| Total liabilities | | | | 71,202,885 |
| Net Assets | | | $ | 1,395,684,497 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 737,115,689 |
| Total accumulated earnings (loss) | | | | 658,568,808 |
| Net Assets | | | $ | 1,395,684,497 |
Net Asset Value, offering price and redemption price per share ($1,395,684,497 ÷ 10,400,387 shares) | | | $ | 134.20 |
| Consolidated Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 7,994,017 |
| Income from Fidelity Central Funds (including $75,348 from security lending) | | | | 265,268 |
| Total income | | | | 8,259,285 |
| Expenses | | | | |
| Management fee | $ | 4,613,545 | | |
| Custodian fees and expenses | | 5,726 | | |
| Independent trustees' fees and expenses | | 3,083 | | |
| Registration fees | | 29,120 | | |
| Audit fees | | 20,004 | | |
| Legal | | 1,423 | | |
| Miscellaneous | | 32,405 | | |
| Total expenses before reductions | | 4,705,306 | | |
| Expense reductions | | (32,388) | | |
| Total expenses after reductions | | | | 4,672,918 |
| Net Investment income (loss) | | | | 3,586,367 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 114,165,698 | | |
| Fidelity Central Funds | | 554 | | |
| Foreign currency transactions | | (51,562) | | |
| Total net realized gain (loss) | | | | 114,114,690 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (75,672,206) | | |
| Assets and liabilities in foreign currencies | | (25) | | |
| Total change in net unrealized appreciation (depreciation) | | | | (75,672,231) |
| Net gain (loss) | | | | 38,442,459 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 42,028,826 |
| Consolidated Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 3,586,367 | $ | 6,477,255 |
| Net realized gain (loss) | | 114,114,690 | | 81,216,159 |
| Change in net unrealized appreciation (depreciation) | | (75,672,231) | | 37,012,719 |
| Net increase (decrease) in net assets resulting from operations | | 42,028,826 | | 124,706,133 |
| Distributions to shareholders | | (50,457,716) | | (9,047,588) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 62,871,888 | | 267,755,314 |
| Reinvestment of distributions | | 44,946,671 | | 8,038,404 |
| Cost of shares redeemed | | (248,721,904) | | (555,137,698) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (140,903,345) | | (279,343,980) |
| Total increase (decrease) in net assets | | (149,332,235) | | (163,685,435) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,545,016,732 | | 1,708,702,167 |
| End of period | $ | 1,395,684,497 | $ | 1,545,016,732 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 494,624 | | 2,082,554 |
| Issued in reinvestment of distributions | | 367,662 | | 60,870 |
| Redeemed | | (1,959,814) | | (4,340,224) |
| Net increase (decrease) | | (1,097,528) | | (2,196,800) |
| | | | | |
Consolidated Financial Highlights
Health Care Services Portfolio |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 134.37 | $ | 124.77 | $ | 131.98 | $ | 121.44 | $ | 94.72 | $ | 89.28 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .33 | | .52 | | .28 | | .29 | | .06 | | .23 |
| Net realized and unrealized gain (loss) | | 4.05 | | 9.84 | | (.47) | | 20.01 | | 27.59 | | 5.50 |
| Total from investment operations | | 4.38 | | 10.36 | | (.19) | | 20.30 | | 27.65 | | 5.73 |
| Distributions from net investment income | | (.01) | | (.46) | | (.31) | | (.22) D | | (.93) | | (.29) |
| Distributions from net realized gain | | (4.54) | | (.30) | | (6.71) | | (9.55) D | | - | | - |
| Total distributions | | (4.55) | | (.76) | | (7.02) | | (9.76) E | | (.93) | | (.29) |
| Net asset value, end of period | $ | 134.20 | $ | 134.37 | $ | 124.77 | $ | 131.98 | $ | 121.44 | $ | 94.72 |
Total Return F,G | | | | 8.32% | | (.64)% | | 16.85% | | 29.43% | | 6.39% |
Ratios to Average Net Assets C,H,I | | | | | | | | | | | | |
| Expenses before reductions | | .67% J | | .73% | | .73% | | .71% | | .73% | | .75% |
| Expenses net of fee waivers, if any | | | | .73% | | .73% | | .71% | | .73% | | .75% |
| Expenses net of all reductions | | .67% J | | .73% | | .73% | | .71% | | .73% | | .75% |
| Net investment income (loss) | | .51% J | | .41% | | .21% | | .22% | | .05% | | .25% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,395,684 | $ | 1,545,017 | $ | 1,708,702 | $ | 1,214,032 | $ | 1,100,913 | $ | 1,003,206 |
Portfolio turnover rate K | | | | 32% | | 30% | | 35% | | 34% | | 37% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
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.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Medical Technology and Devices Portfolio
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 96.5% |
| | | Shares | Value ($) |
| Biotechnology - 3.2% | | | |
| Biotechnology - 3.2% | | | |
| Exact Sciences Corp. (a) | | 1,400,000 | 86,366,000 |
| Natera, Inc. (a) | | 350,000 | 41,391,000 |
| Repligen Corp. (a) | | 180,000 | 27,167,400 |
| Vericel Corp. (a) | | 307,635 | 15,889,348 |
| | | | 170,813,748 |
| Financial Services - 0.0% | | | |
| Specialized Finance - 0.0% | | | |
| Saluda Medical, Inc. warrants 1/20/27 (a)(b)(c) | | 235,185 | 376,296 |
| Health Care Equipment & Supplies - 54.8% | | | |
| Health Care Equipment - 52.2% | | | |
| Abbott Laboratories | | 2,280,000 | 258,255,600 |
| Boston Scientific Corp. (a) | | 8,500,000 | 695,215,001 |
| DexCom, Inc. (a) | | 1,120,000 | 77,660,800 |
| Edwards Lifesciences Corp. (a) | | 1,160,000 | 81,153,600 |
| Glaukos Corp. (a) | | 860,000 | 115,145,400 |
| Inspire Medical Systems, Inc. (a) | | 460,000 | 82,717,200 |
| Insulet Corp. (a) | | 1,120,000 | 227,102,400 |
| Intuitive Surgical, Inc. (a) | | 900,000 | 443,367,000 |
| Masimo Corp. (a) | | 1,150,000 | 135,148,000 |
| Outset Medical, Inc. (a)(d)(e) | | 3,300,000 | 1,749,000 |
| Penumbra, Inc. (a) | | 1,210,000 | 244,807,200 |
| PROCEPT BioRobotics Corp. (a)(d) | | 900,000 | 71,100,000 |
| Stryker Corp. | | 1,000,000 | 360,420,000 |
| | | | 2,793,841,201 |
| Health Care Supplies - 2.6% | | | |
| Alcon, Inc. | | 900,000 | 87,912,000 |
| Align Technology, Inc. (a) | | 75,000 | 17,791,500 |
| ASAHI INTECC Co. Ltd. | | 1,000,000 | 18,267,323 |
| ICU Medical, Inc. (a) | | 90,000 | 14,879,700 |
| | | | 138,850,523 |
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | | | 2,932,691,724 |
| Health Care Providers & Services - 1.6% | | | |
| Health Care Services - 1.6% | | | |
| agilon health, Inc. (a) | | 2,000,000 | 8,160,000 |
| LifeStance Health Group, Inc. (a)(d) | | 6,000,000 | 37,860,000 |
| Privia Health Group, Inc. (a) | | 2,000,000 | 40,280,000 |
| | | | 86,300,000 |
| Health Care Technology - 4.9% | | | |
| Health Care Technology - 4.9% | | | |
| DNA Script (a)(b)(c) | | 1,220 | 94,064 |
| DNA Script (a)(b)(c) | | 4,668 | 360,272 |
| Doximity, Inc. Class A (a)(d) | | 1,120,000 | 41,193,600 |
| Phreesia, Inc. (a) | | 2,269,933 | 58,359,977 |
| PrognomiQ, Inc. (a)(c) | | 445,258 | 111,315 |
| Veeva Systems, Inc. Class A (a) | | 762,343 | 165,001,519 |
| | | | 265,120,747 |
| Life Sciences Tools & Services - 32.0% | | | |
| Life Sciences Tools & Services - 32.0% | | | |
| 10X Genomics, Inc.: | | | |
| Class A (a) | | 2,001,065 | 46,724,868 |
| Class B (a)(f) | | 392,772 | 9,171,226 |
| Agilent Technologies, Inc. | | 280,000 | 40,017,600 |
| Bio-Techne Corp. | | 280,000 | 20,717,200 |
| Bruker Corp. | | 1,600,000 | 107,504,000 |
| Danaher Corp. | | 2,500,000 | 673,275,000 |
| IQVIA Holdings, Inc. (a) | | 650,000 | 163,507,500 |
| QIAGEN NV (Germany) | | 650,000 | 29,796,610 |
| Sartorius Stedim Biotech | | 144,000 | 29,288,678 |
| Thermo Fisher Scientific, Inc. | | 820,000 | 504,357,400 |
| West Pharmaceutical Services, Inc. | | 280,000 | 87,816,400 |
| | | | 1,712,176,482 |
| TOTAL COMMON STOCKS (Cost $2,715,321,727) | | | 5,167,478,997 |
| | | | |
| Convertible Preferred Stocks - 2.4% |
| | | Shares | Value ($) |
| Biotechnology - 0.8% | | | |
| Biotechnology - 0.8% | | | |
| Asimov, Inc. Series B (a)(b)(c) | | 97,985 | 4,143,786 |
| Caris Life Sciences, Inc. Series D (a)(b)(c) | | 2,803,935 | 8,916,513 |
| Element Biosciences, Inc. Series B (a)(b)(c) | | 2,385,223 | 18,270,808 |
| ElevateBio LLC Series C (a)(b)(c) | | 214,700 | 704,216 |
| Inscripta, Inc. Series D (a)(b)(c) | | 3,938,731 | 9,374,180 |
| | | | 41,409,503 |
| Financial Services - 0.3% | | | |
| Specialized Finance - 0.3% | | | |
| Saluda Medical, Inc. Series D (a)(b)(c) | | 1,567,904 | 14,126,815 |
| Health Care Equipment & Supplies - 0.2% | | | |
| Health Care Supplies - 0.2% | | | |
| Kardium, Inc. Series D6 (a)(b)(c) | | 13,783,189 | 9,786,064 |
| Health Care Providers & Services - 0.2% | | | |
| Health Care Services - 0.2% | | | |
| Conformal Medical, Inc.: | | | |
| Series C (a)(b)(c) | | 2,605,625 | 9,901,375 |
| Series D (a)(b)(c) | | 525,299 | 2,348,087 |
| dMed Biopharmaceutical Co. Ltd. Series C (a)(b)(c) | | 309,255 | 1,549,368 |
| | | | 13,798,830 |
| Health Care Technology - 0.5% | | | |
| Health Care Technology - 0.5% | | | |
| Aledade, Inc.: | | | |
| Series B1 (a)(b)(c) | | 175,232 | 6,933,930 |
| Series E1 (a)(b)(c) | | 58,567 | 2,317,496 |
| DNA Script: | | | |
| Series B (a)(b)(c) | | 59 | 5,134 |
| Series C (a)(b)(c) | | 28,249 | 9,176,515 |
| Omada Health, Inc. Series E (a)(b)(c) | | 2,182,939 | 8,338,827 |
| | | | 26,771,902 |
| Pharmaceuticals - 0.0% | | | |
| Pharmaceuticals - 0.0% | | | |
| Galvanize Therapeutics Series B (a)(b)(c) | | 3,641,139 | 3,094,968 |
| Textiles, Apparel & Luxury Goods - 0.4% | | | |
| Textiles - 0.4% | | | |
| Freenome, Inc.: | | | |
| Series C (a)(b)(c) | | 2,268,156 | 13,223,349 |
| Series D (a)(b)(c) | | 1,325,855 | 8,246,818 |
| | | | 21,470,167 |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $192,448,987) | | | 130,458,249 |
| | | | |
| Convertible Bonds - 0.1% |
| | | Principal Amount (g) | Value ($) |
| Pharmaceuticals - 0.1% | | | |
| Pharmaceuticals - 0.1% | | | |
Galvanize Therapeutics 6% 2/28/27 (b)(c) (Cost $2,433,800) | | 2,433,800 | 2,572,283 |
| | | | |
| Preferred Securities - 0.3% |
| | | Principal Amount (g) | Value ($) |
| Health Care Equipment & Supplies - 0.3% | | | |
| Health Care Supplies - 0.3% | | | |
Kardium, Inc. 0% (b)(c)(h) (Cost $19,551,861) | | 19,551,861 | 13,666,751 |
| | | | |
| Money Market Funds - 1.1% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (i) | | 29,975,631 | 29,981,626 |
| Fidelity Securities Lending Cash Central Fund 5.39% (i)(j) | | 29,679,370 | 29,682,338 |
| TOTAL MONEY MARKET FUNDS (Cost $59,663,964) | | | 59,663,964 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.4% (Cost $2,989,420,339) | 5,373,840,244 |
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (20,894,690) |
| NET ASSETS - 100.0% | 5,352,945,554 |
| | |
Legend
| (b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $147,527,915 or 2.8% of net assets. |
| (d) | Security or a portion of the security is on loan at period end. |
| (f) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $9,171,226 or 0.2% of net assets. |
| (g) | Amount is stated in United States dollars unless otherwise noted. |
| (h) | Security is perpetual in nature with no stated maturity date. |
| (i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (j) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| Aledade, Inc. Series B1 | 5/07/21 | 6,709,756 |
| | | |
| Aledade, Inc. Series E1 | 5/20/22 | 2,917,480 |
| | | |
| Asimov, Inc. Series B | 10/29/21 | 9,081,318 |
| | | |
| Caris Life Sciences, Inc. Series D | 5/11/21 | 22,711,874 |
| | | |
| Conformal Medical, Inc. Series C | 7/24/20 | 9,554,996 |
| | | |
| 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 |
| | | |
| 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 |
| | | |
| Galvanize Therapeutics 6% 2/28/27 | 2/28/24 | 2,433,800 |
| | | |
| 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 |
| | | |
| Saluda Medical, Inc. warrants 1/20/27 | 1/20/22 | 0 |
| | | |
| Saluda Medical, Inc. Series D | 1/20/22 | 20,000,011 |
| | | |
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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 18,516,986 | 526,056,739 | 514,591,752 | 437,499 | (347) | - | 29,981,626 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 149,430,952 | 330,059,157 | 449,807,771 | 38,518 | - | - | 29,682,338 | 0.1% |
| Total | 167,947,938 | 856,115,896 | 964,399,523 | 476,017 | (347) | - | 59,663,964 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) 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 ($) |
| Outset Medical, Inc. | 8,820,000 | 1,911,671 | - | - | - | (8,982,671) | 1,749,000 |
| Total | 8,820,000 | 1,911,671 | - | - | - | (8,982,671) | 1,749,000 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Common Stocks | 5,167,478,997 | 5,166,537,050 | - | 941,947 |
|
| Convertible Preferred Stocks | 130,458,249 | - | - | 130,458,249 |
|
| Convertible Bonds | 2,572,283 | - | - | 2,572,283 |
|
| Preferred Securities | 13,666,751 | - | - | 13,666,751 |
|
| Money Market Funds | 59,663,964 | 59,663,964 | - | - |
| Total Investments in Securities: | 5,373,840,244 | 5,226,201,014 | - | 147,639,230 |
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 | $ | 169,510,494 | |
| Net Realized Gain (Loss) on Investment Securities | | - | |
| Net Unrealized Gain (Loss) on Investment Securities | | (39,052,245) | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | - | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 130,458,249 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2024 | $ | (39,052,243) | |
| Other Investments in Securities | | | |
| Beginning Balance | $ | 18,634,694 | |
| Net Realized Gain (Loss) on Investment Securities | | - | |
| Net Unrealized Gain (Loss) on Investment Securities | | (1,453,713) | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | - | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 17,180,981 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2024 | $ | (1,453,713) | |
| The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
Medical Technology and Devices Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $28,657,727) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $2,906,499,061) | $ | 5,312,427,280 | | |
Fidelity Central Funds (cost $59,663,964) | | 59,663,964 | | |
Other affiliated issuers (cost $23,257,314) | | 1,749,000 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $2,989,420,339) | | | $ | 5,373,840,244 |
| Receivable for investments sold | | | | 15,734,096 |
| Receivable for fund shares sold | | | | 1,979,359 |
| Dividends receivable | | | | 446,525 |
| Interest receivable | | | | 74,014 |
| Distributions receivable from Fidelity Central Funds | | | | 74,973 |
| Prepaid expenses | | | | 10,363 |
| Other receivables | | | | 291,400 |
Total assets | | | | 5,392,450,974 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 2,677,620 | | |
| Payable for fund shares redeemed | | 4,032,199 | | |
| Accrued management fee | | 2,704,007 | | |
| Other payables and accrued expenses | | 417,821 | | |
| Collateral on securities loaned | | 29,673,773 | | |
| Total liabilities | | | | 39,505,420 |
| Net Assets | | | $ | 5,352,945,554 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 2,667,958,414 |
| Total accumulated earnings (loss) | | | | 2,684,987,140 |
| Net Assets | | | $ | 5,352,945,554 |
Net Asset Value, offering price and redemption price per share ($5,352,945,554 ÷ 79,923,686 shares) | | | $ | 66.98 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 6,888,318 |
| Interest | | | | 74,264 |
| Income from Fidelity Central Funds (including $38,518 from security lending) | | | | 476,017 |
| Total income | | | | 7,438,599 |
| Expenses | | | | |
| Management fee | $ | 17,187,310 | | |
| Custodian fees and expenses | | 24,855 | | |
| Independent trustees' fees and expenses | | 11,899 | | |
| Registration fees | | 18,114 | | |
| Audit fees | | 28,825 | | |
| Legal | | 1,995 | | |
| Interest | | 10,928 | | |
| Miscellaneous | | 104,771 | | |
| Total expenses before reductions | | 17,388,697 | | |
| Expense reductions | | (120,445) | | |
| Total expenses after reductions | | | | 17,268,252 |
| Net Investment income (loss) | | | | (9,829,653) |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 329,040,764 | | |
| Fidelity Central Funds | | (347) | | |
| Foreign currency transactions | | 125,427 | | |
| Total net realized gain (loss) | | | | 329,165,844 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (128,446,659) | | |
| Affiliated issuers | | (8,982,671) | | |
| Assets and liabilities in foreign currencies | | 13,547 | | |
| Total change in net unrealized appreciation (depreciation) | | | | (137,415,783) |
| Net gain (loss) | | | | 191,750,061 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 181,920,408 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | (9,829,653) | $ | (25,332,939) |
| Net realized gain (loss) | | 329,165,844 | | 445,977,093 |
| Change in net unrealized appreciation (depreciation) | | (137,415,783) | | (75,000,073) |
| Net increase (decrease) in net assets resulting from operations | | 181,920,408 | | 345,644,081 |
| Distributions to shareholders | | (114,084,139) | | - |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 75,904,693 | | 313,528,922 |
| Reinvestment of distributions | | 104,856,750 | | - |
| Cost of shares redeemed | | (758,770,939) | | (1,707,538,891) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (578,009,496) | | (1,394,009,969) |
| Total increase (decrease) in net assets | | (510,173,227) | | (1,048,365,888) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 5,863,118,781 | | 6,911,484,669 |
| End of period | $ | 5,352,945,554 | $ | 5,863,118,781 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 1,177,508 | | 5,030,213 |
| Issued in reinvestment of distributions | | 1,635,321 | | - |
| Redeemed | | (11,825,612) | | (28,227,475) |
| Net increase (decrease) | | (9,012,783) | | (23,197,262) |
| | | | | |
Financial Highlights
Medical Technology and Devices Portfolio |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 65.92 | $ | 61.64 | $ | 70.83 | $ | 74.99 | $ | 55.88 | $ | 52.92 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | (.12) | | (.25) | | (.24) | | (.37) | | (.24) | | (.08) |
| Net realized and unrealized gain (loss) | | 2.50 | | 4.53 | | (7.84) | | 2.97 | | 24.19 | | 4.10 |
| Total from investment operations | | 2.38 | | 4.28 | | (8.08) | | 2.60 | | 23.95 | | 4.02 |
| Distributions from net realized gain | | (1.32) | | - | | (1.11) | | (6.76) | | (4.84) | | (1.06) |
| Total distributions | | (1.32) | | - | | (1.11) | | (6.76) | | (4.84) | | (1.06) |
| Net asset value, end of period | $ | 66.98 | $ | 65.92 | $ | 61.64 | $ | 70.83 | $ | 74.99 | $ | 55.88 |
Total Return D,E | | | | 6.94% | | (11.64)% | | 2.95% | | 44.20% | | 7.46% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
| Expenses before reductions | | .64% H | | .70% | | .70% | | .68% | | .70% | | .71% |
| Expenses net of fee waivers, if any | | | | .70% | | .70% | | .68% | | .70% | | .71% |
| Expenses net of all reductions | | .63% H | | .70% | | .70% | | .68% | | .70% | | .71% |
| Net investment income (loss) | | (.36)% H | | (.40)% | | (.38)% | | (.46)% | | (.36)% | | (.15)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 5,352,946 | $ | 5,863,119 | $ | 6,911,485 | $ | 8,905,834 | $ | 8,673,299 | $ | 6,058,766 |
Portfolio turnover rate I | | | | 42% | | 37% | | 32% | | 58% | | 35% |
AFor the year ended February 29.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CCalculated based on average shares outstanding during the period.
DTotal returns 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, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 96.2% |
| | | Shares | Value ($) |
| Biotechnology - 20.3% | | | |
| Biotechnology - 20.3% | | | |
| Alnylam Pharmaceuticals, Inc. (a) | | 14,671 | 3,853,925 |
| Annexon, Inc. (a) | | 291,889 | 1,663,767 |
| Arcellx, Inc. (a) | | 41,100 | 2,825,214 |
| Arcus Biosciences, Inc. (a) | | 520,300 | 8,907,536 |
| ArriVent Biopharma, Inc. | | 151,600 | 4,052,268 |
| Ascendis Pharma A/S sponsored ADR (a) | | 36,100 | 4,998,045 |
| Avidity Biosciences, Inc. (a) | | 820,100 | 36,084,400 |
| Beam Therapeutics, Inc. (a)(b) | | 177,800 | 4,743,704 |
| Biogen, Inc. (a) | | 77,100 | 15,786,996 |
| BioNTech SE ADR (a) | | 145,405 | 12,827,629 |
| bluebird bio, Inc. (a)(b) | | 2,226,000 | 1,249,899 |
| Blueprint Medicines Corp. (a) | | 229,400 | 21,916,876 |
| CRISPR Therapeutics AG (a)(b) | | 53,000 | 2,529,160 |
| Cytokinetics, Inc. (a) | | 23,100 | 1,318,548 |
| Dyne Therapeutics, Inc. (a) | | 925,800 | 42,670,122 |
| Galapagos NV sponsored ADR (a) | | 36,900 | 1,074,528 |
| Generation Bio Co. (a)(b) | | 715,276 | 1,888,329 |
| Gilead Sciences, Inc. | | 777,500 | 61,422,500 |
| Insmed, Inc. (a) | | 101,200 | 7,738,764 |
| Intellia Therapeutics, Inc. (a) | | 172,900 | 3,879,876 |
| Leap Therapeutics, Inc. warrants 1/31/26 (a) | | 60,600 | 72 |
| Legend Biotech Corp. ADR (a) | | 834,200 | 48,008,210 |
| Merus BV (a) | | 108,000 | 5,506,920 |
| Moderna, Inc. (a) | | 443,700 | 34,342,380 |
| Monte Rosa Therapeutics, Inc. (a) | | 796,400 | 4,913,788 |
| NewAmsterdam Pharma Co. NV (a)(b) | | 330,200 | 5,421,884 |
| Prothena Corp. PLC (a) | | 75,800 | 1,688,066 |
| PTC Therapeutics, Inc. (a) | | 260,900 | 9,214,988 |
| Sarepta Therapeutics, Inc. (a) | | 176,500 | 23,965,170 |
| Spyre Therapeutics, Inc. (a) | | 148,742 | 4,276,333 |
| Xenon Pharmaceuticals, Inc. (a) | | 226,000 | 9,116,840 |
| | | | 387,886,737 |
| Consumer Staples Distribution & Retail - 0.0% | | | |
| Drug Retail - 0.0% | | | |
| MedAvail Holdings, Inc. (a) | | 66 | 0 |
| Health Care Equipment & Supplies - 0.9% | | | |
| Health Care Equipment - 0.9% | | | |
| Ion Beam Applications SA (b) | | 478,300 | 6,355,128 |
| Nyxoah SA (a)(b) | | 298,200 | 2,412,894 |
| Nyxoah SA (a)(b) | | 157,311 | 1,258,488 |
| Pulmonx Corp. (a)(b) | | 864,000 | 6,324,480 |
| | | | 16,350,990 |
| Health Care Providers & Services - 0.2% | | | |
| Health Care Services - 0.2% | | | |
| agilon health, Inc. (a) | | 1,141,429 | 4,657,030 |
| Life Sciences Tools & Services - 1.0% | | | |
| Life Sciences Tools & Services - 1.0% | | | |
| Gerresheimer AG | | 170,900 | 19,552,481 |
| Pharmaceuticals - 73.8% | | | |
| Pharmaceuticals - 73.8% | | | |
| Agomab Therapeutics SA warrants 10/10/33 (a)(c)(d) | | 10 | 0 |
| Arvinas Holding Co. LLC (a) | | 26,300 | 688,008 |
| AstraZeneca PLC sponsored ADR | | 1,919,600 | 168,195,352 |
| Axsome Therapeutics, Inc. (a)(b) | | 58,400 | 5,189,424 |
| Bristol-Myers Squibb Co. | | 1,897,900 | 94,800,105 |
| Catalent, Inc. (a) | | 228,900 | 13,953,744 |
| Edgewise Therapeutics, Inc. (a) | | 346,900 | 6,504,375 |
| Elanco Animal Health, Inc. (a) | | 1,581,000 | 24,458,070 |
| Eli Lilly & Co. | | 477,361 | 458,276,107 |
| Financiere de Tubize SA | | 70,400 | 9,416,239 |
| Fulcrum Therapeutics, Inc. (a)(b) | | 683,600 | 5,844,780 |
| Galderma Group AG | | 92,240 | 8,930,477 |
| GSK PLC sponsored ADR | | 1,954,860 | 85,837,903 |
| Harmony Biosciences Holdings, Inc. (a) | | 130,677 | 4,701,758 |
| Merck & Co., Inc. | | 681,136 | 80,680,559 |
| Merck KGaA | | 146,300 | 28,438,466 |
| Novo Nordisk A/S Series B sponsored ADR | | 1,833,400 | 255,135,944 |
| Ocular Therapeutix, Inc. (a)(b) | | 427,500 | 3,770,550 |
| Royalty Pharma PLC Class A | | 1,192,000 | 34,603,760 |
| Sandoz Group AG ADR (b) | | 4,979 | 219,176 |
| Structure Therapeutics, Inc. ADR (a) | | 54,000 | 2,059,020 |
| UCB SA | | 502,000 | 90,838,898 |
| Zoetis, Inc. Class A | | 172,100 | 31,578,629 |
| | | | 1,414,121,344 |
| TOTAL COMMON STOCKS (Cost $1,212,410,863) | | | 1,842,568,582 |
| | | | |
| Convertible Preferred Stocks - 0.4% |
| | | Shares | Value ($) |
| Biotechnology - 0.1% | | | |
| Biotechnology - 0.1% | | | |
| Castle Creek Biosciences, Inc.: | | | |
| Series C (a)(c)(d) | | 200 | 51,214 |
| Series D1 (a)(c)(d) | | 6,308 | 1,446,487 |
| Series D2 (a)(c)(d) | | 85 | 17,447 |
| | | | 1,515,148 |
| Financial Services - 0.1% | | | |
| Diversified Financial Services - 0.1% | | | |
| Paragon Biosciences Emalex Capital, Inc.: | | | |
| Series C (a)(c)(d) | | 158,879 | 1,982,810 |
| Series D1 (a)(c)(d) | | 14,400 | 180,288 |
| Series D2 (a)(c)(d) | | 22,477 | 267,926 |
| | | | 2,431,024 |
| Pharmaceuticals - 0.1% | | | |
| Pharmaceuticals - 0.1% | | | |
| Agomab Therapeutics SA Series C (c)(d) | | 7,729 | 2,041,673 |
| Software - 0.1% | | | |
| Systems Software - 0.1% | | | |
| Evozyne, Inc.: | | | |
| Series A (a)(c)(d) | | 5,900 | 106,731 |
| Series B (c)(d) | | 56,643 | 1,024,105 |
| | | | 1,130,836 |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $6,200,752) | | | 7,118,681 |
| | | | |
| Convertible Bonds - 0.0% |
| | | Principal Amount (e) | Value ($) |
| Software - 0.0% | | | |
| Systems Software - 0.0% | | | |
Evozyne, Inc. 6% 9/13/28 pay-in-kind (c)(d) (Cost $921,287) | | 921,287 | 1,033,684 |
| | | | |
| Money Market Funds - 3.9% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (f) | | 57,807,149 | 57,818,710 |
| Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | | 16,801,725 | 16,803,405 |
| TOTAL MONEY MARKET FUNDS (Cost $74,622,115) | | | 74,622,115 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $1,294,155,017) | 1,925,343,062 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (10,505,012) |
| NET ASSETS - 100.0% | 1,914,838,050 |
| | |
Legend
| (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 $8,152,365 or 0.4% of net assets. |
| (e) | Amount is stated in United States dollars unless otherwise noted. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| Agomab Therapeutics SA warrants 10/10/33 | 10/03/23 | 0 |
| | | |
| Agomab Therapeutics SA Series C | 10/03/23 | 1,687,596 |
| | | |
| Castle Creek Biosciences, Inc. Series C | 12/09/19 | 82,370 |
| | | |
| Castle Creek Biosciences, Inc. Series D1 | 4/19/22 | 1,356,409 |
| | | |
| Castle Creek Biosciences, Inc. Series D2 | 6/28/21 | 14,700 |
| | | |
| Evozyne, Inc. Series A | 4/09/21 | 132,573 |
| | | |
| Evozyne, Inc. Series B | 9/14/23 | 877,400 |
| | | |
| Evozyne, Inc. 6% 9/13/28 pay-in-kind | 9/14/23 - 6/30/24 | 921,287 |
| | | |
| 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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 14,130,101 | 370,454,482 | 326,766,031 | 550,120 | 158 | - | 57,818,710 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 43,199,783 | 165,094,386 | 191,490,764 | 276,837 | - | - | 16,803,405 | 0.1% |
| Total | 57,329,884 | 535,548,868 | 518,256,795 | 826,957 | 158 | - | 74,622,115 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Common Stocks | 1,842,568,582 | 1,842,568,510 | 72 | - |
|
| Convertible Preferred Stocks | 7,118,681 | - | - | 7,118,681 |
|
| Convertible Bonds | 1,033,684 | - | - | 1,033,684 |
|
| Money Market Funds | 74,622,115 | 74,622,115 | - | - |
| Total Investments in Securities: | 1,925,343,062 | 1,917,190,625 | 72 | 8,152,365 |
Pharmaceuticals Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $15,670,027) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,219,532,902) | $ | 1,850,720,947 | | |
Fidelity Central Funds (cost $74,622,115) | | 74,622,115 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,294,155,017) | | | $ | 1,925,343,062 |
| Foreign currency held at value (cost $12,485) | | | | 12,485 |
| Receivable for fund shares sold | | | | 3,521,135 |
| Dividends receivable | | | | 2,658,969 |
| Reclaims receivable | | | | 2,273,460 |
| Interest receivable | | | | 9,668 |
| Distributions receivable from Fidelity Central Funds | | | | 190,352 |
| Prepaid expenses | | | | 2,911 |
| Other receivables | | | | 188,464 |
Total assets | | | | 1,934,200,506 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 288,104 | | |
| Payable for fund shares redeemed | | 1,050,909 | | |
| Accrued management fee | | 963,234 | | |
| Other payables and accrued expenses | | 257,512 | | |
| Collateral on securities loaned | | 16,802,697 | | |
| Total liabilities | | | | 19,362,456 |
| Net Assets | | | $ | 1,914,838,050 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,289,006,452 |
| Total accumulated earnings (loss) | | | | 625,831,598 |
| Net Assets | | | $ | 1,914,838,050 |
Net Asset Value, offering price and redemption price per share ($1,914,838,050 ÷ 60,629,162 shares) | | | $ | 31.58 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 11,078,540 |
| Foreign Tax Reclaims | | | | 576,339 |
| Interest | | | | 12,750 |
| Income from Fidelity Central Funds (including $276,837 from security lending) | | | | 826,957 |
| Income before foreign taxes withheld | | | $ | 12,494,586 |
| Less foreign taxes withheld | | | | (1,168,509) |
| Total income | | | | 11,326,077 |
| Expenses | | | | |
| Management fee | $ | 4,904,149 | | |
| Custodian fees and expenses | | 28,114 | | |
| Independent trustees' fees and expenses | | 2,727 | | |
| Registration fees | | 111,211 | | |
| Audit fees | | 28,445 | | |
| Legal | | 1,903 | | |
| Miscellaneous | | 29,076 | | |
| Total expenses before reductions | | 5,105,625 | | |
| Expense reductions | | (20,618) | | |
| Total expenses after reductions | | | | 5,085,007 |
| Net Investment income (loss) | | | | 6,241,070 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (1,512,777) | | |
| Fidelity Central Funds | | 158 | | |
| Foreign currency transactions | | (18,536) | | |
| Total net realized gain (loss) | | | | (1,531,155) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 252,450,810 | | |
| Assets and liabilities in foreign currencies | | 53,109 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 252,503,919 |
| Net gain (loss) | | | | 250,972,764 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 257,213,834 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 6,241,070 | $ | 7,478,391 |
| Net realized gain (loss) | | (1,531,155) | | 29,394,060 |
| Change in net unrealized appreciation (depreciation) | | 252,503,919 | | 219,936,230 |
| Net increase (decrease) in net assets resulting from operations | | 257,213,834 | | 256,808,681 |
| Distributions to shareholders | | (10,989,056) | | (66,635,724) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 763,888,333 | | 272,144,354 |
| Reinvestment of distributions | | 10,273,882 | | 62,149,467 |
| Cost of shares redeemed | | (185,828,906) | | (205,365,814) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 588,333,309 | | 128,928,007 |
| Total increase (decrease) in net assets | | 834,558,087 | | 319,100,964 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,080,279,963 | | 761,178,999 |
| End of period | $ | 1,914,838,050 | $ | 1,080,279,963 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 26,648,084 | | 11,175,456 |
| Issued in reinvestment of distributions | | 386,818 | | 2,733,902 |
| Redeemed | | (6,498,707) | | (8,784,018) |
| Net increase (decrease) | | 20,536,195 | | 5,125,340 |
| | | | | |
Financial Highlights
Pharmaceuticals Portfolio |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 26.94 | $ | 21.77 | $ | 22.53 | $ | 23.92 | $ | 21.71 | $ | 21.07 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .12 | | .21 | | .23 | | .27 | | .27 | | .29 |
| Net realized and unrealized gain (loss) | | 4.75 | | 6.87 | | .19 | | .97 | | 4.04 | | 2.29 |
| Total from investment operations | | 4.87 | | 7.08 | | .42 | | 1.24 | | 4.31 | | 2.58 |
| Distributions from net investment income | | (.05) | | (.15) | | (.30) | | (.28) | | (.31) | | (.31) |
| Distributions from net realized gain | | (.17) | | (1.76) | | (.88) | | (2.35) | | (1.79) | | (1.64) |
| Total distributions | | (.23) D | | (1.91) | | (1.18) | | (2.63) | | (2.10) | | (1.94) D |
| Net asset value, end of period | $ | 31.58 | $ | 26.94 | $ | 21.77 | $ | 22.53 | $ | 23.92 | $ | 21.71 |
Total Return E,F | | | | 34.35% | | 1.60% | | 5.15% | | 20.46% | | 12.06% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .68% I | | .74% | | .76% | | .75% | | .77% | | .78% |
| Expenses net of fee waivers, if any | | | | .74% | | .76% | | .75% | | .77% | | .78% |
| Expenses net of all reductions | | .68% I | | .74% | | .76% | | .75% | | .76% | | .77% |
| Net investment income (loss) | | .83% I | | .88% | | .99% | | 1.10% | | 1.13% | | 1.36% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,914,838 | $ | 1,080,280 | $ | 761,179 | $ | 934,748 | $ | 833,380 | $ | 764,285 |
Portfolio turnover rate J | | | | 44% | | 45% | | 29% | | 32% | | 52% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
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, 2024
1. Organization.
Biotechnology Portfolio, Health Care Portfolio, Health Care Services Portfolio, Medical Technology and Devices Portfolio and Pharmaceuticals Portfolio (the Funds) are non-diversified funds of Fidelity Select Portfolios (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The financial statements for Biotechnology Portfolio, Health Care Portfolio and Health Care Services Portfolio have been consolidated to include the Subsidiary accounts (see Consolidated Subsidiary note below).
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Biotechnology Portfolio:
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
| Equities | $102,332,686 | Recovery Value | Recovery Value | $0.00 | Increase |
| | | Market Approach | Transaction price | $0.00 - $60.73 / $37.18 | Increase |
| | | | Discount rate | 10.0% - 40.0% / 33.7% | Decrease |
| | | Market comparable | Enterprise value/Revenue multiple (EV/R) | 15.0 | Increase |
| | | Discounted cash flow | Discount rate | 4.3% - 12.6% / 9.7% | Decrease |
| | | | Probability rate | 0.0% - 100.0% / 50.8% | Increase |
| | | | Term | 0.2 - 6.7 / 3.2 | Increase |
| | | Black scholes | Discount rate | 3.9% | Increase |
| | | | Volatility | 75.0% - 80.0% / 77.4% | Increase |
| | | | Term | 2.0 - 3.0 / 2.8 | 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 | $122,986,736 | Market Approach | Transaction price | $1.20 - $33.33 / $13.02 | Increase |
| | | | Discount rate | 10.0% - 70.0% / 23.7% | Decrease |
| | | | Premium rate | 10.0% | Increase |
| | | Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.00 - 15.00 / 4.50 | Increase |
| | | Black scholes | Discount rate | 3.7% - 4.1% / 3.8% | Increase |
| | | | Volatility | 45.0% - 90.0% / 66.6% | Increase |
| | | | Term | 1.5 - 5.0 / 3.1 | Increase |
| Corporate Bonds | $5,868,552 | Market Approach | Transaction price | $100.00 | Increase |
| | | | Discount rate | 23.5% | Decrease |
| | | | Profitability rate | 0.0% - 33.3% / 16.7% | Increase |
| | | Market comparable | Enterprise value/Revenue multiple (EV/R) | 7.0 | Increase |
| | | | Discount rate | 25.0% | Decrease |
| | | | Profitability rate | 0.0% - 25.0% / 13.8% | Increase |
| | | Black scholes | Discount rate | 4.4% | Increase |
| | | | Volatility | 55.0% | Increase |
| | | | Term | 1.0 | Increase |
| Preferred Securities | $12,246,532 | Market Approach | Transaction price | $100.00 | Increase |
| | | | Discount rate | 36.1% | Decrease |
| | | | Profitability rate | 0.0% - 50.0% / 25.0% | Increase |
| | | Black scholes | Discount rate | 3.8% | Increase |
| | | | Volatility | 70.0% | Increase |
| | | | Term | 2.3 | 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 | $131,400,196 | Market Approach | Transaction price | $0.61 - $8.83 / $6.42 | Increase |
| | | | Discount rate | 5.0% - 70.0% / 24.9% | Decrease |
| | | Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.5 - 15.0 / 6.4 | Increase |
| | | Black scholes | Discount rate | 3.7% - 4.1% / 3.8% | Increase |
| | | | Volatility | 55.0% - 80.0% / 71.3% | Increase |
| | | | Term | 1.5 - 4.0 / 2.8 | Increase |
| Corporate Bonds | $2,572,283 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 7.0 | Increase |
| | | | Discount rate | 25.0% | Decrease |
| | | | Profitability rate | 0.0% - 25.0% / 13.8% | Increase |
| | | Black scholes | Discount rate | 4.4% | Increase |
| | | | Volatility | 55.0% | Increase |
| | | | Term | 1.0 | Increase |
| Preferred Securities | $13,666,751 | Market Approach | Transaction price | $100.00 | Increase |
| | | | Discount rate | 5.0% | Decrease |
| | | Black scholes | Discount rate | 3.7% | Increase |
| | | | Volatility | 70.0% | Increase |
| | | | Term | 3.0 | Increase |
| | | | | | |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2024, as well as a roll forward of Level 3 investments, is included at the end of each Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends or foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Biotechnology Portfolio | $1,380,583 |
| Health Care Portfolio | 904,543 |
| Health Care Services Portfolio | 101,979 |
| Medical Technology and Devices Portfolio | 291,400 |
| Pharmaceuticals Portfolio | 188,464 |
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, deferred Trustee compensation, net operating losses, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
| | Tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized depreciation ($) | Net unrealized appreciation (depreciation)($) |
| Biotechnology Portfolio | 3,231,791,722 | 2,318,665,029 | (263,578,859) | 2,055,086,170 |
| Health Care Portfolio | 4,591,413,843 | 3,632,822,813 | (360,910,286) | 3,271,912,527 |
| Health Care Services Portfolio | 916,513,944 | 633,445,833 | (90,487,613) | 542,958,220 |
Medical Technology and Devices Portfolio | 3,007,295,535 | 2,637,612,782 | (271,068,073) | 2,366,544,709 |
| Pharmaceuticals Portfolio | 1,299,690,061 | 690,195,104 | (64,542,103) | 625,653,001 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
| | Short-term ($) | Long-term ($) | Total capital loss carryforward ($) |
| Biotechnology Portfolio | (413,076,732) | (-) | (413,076,732) |
| | | | |
Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2023 to February 29, 2024 and, ordinary losses recognized during the period January 1, 2024 to February 29, 2024. Loss deferrals were as follows:
| | | Capital losses ($) | | Ordinary losses ($) |
| Health Care Portfolio | | (-) | | (1,458,063) |
Medical Technology and Devices Portfolio | | (-) | | (4,981,744) |
| Pharmaceuticals Portfolio | | (3,384,865) | | (-) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
| | $ Amount | % of Net Assets |
| Biotechnology Portfolio | 46,517,719 | .93 |
| Health Care Portfolio | 4,249,965 | .05 |
| Health Care Services Portfolio | 625,358 | .04 |
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 | 741,943,268 | 1,069,021,159 |
| Health Care Portfolio | 1,330,790,285 | 1,996,459,892 |
| Health Care Services Portfolio | 468,009,497 | 646,536,037 |
| Medical Technology and Devices Portfolio | 924,735,049 | 1,629,334,483 |
| Pharmaceuticals Portfolio | 635,361,087 | 105,333,418 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Biotechnology Portfolio | 10,305,851 | 82,617,211 | 154,175,532 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which each Fund pays a monthly management fee.
Effective March 1, 2024, each Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean each "Fund" as each Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating each Fund out of each class's management fee. Each class of each Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once each Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of each Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Biotechnology Portfolio | .67 |
| Health Care Portfolio | .65 |
| Health Care Services Portfolio | .69 |
| Medical Technology and Devices Portfolio | .66 |
| Pharmaceuticals Portfolio | .70 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of each Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of each Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Biotechnology Portfolio | .63 |
| Health Care Portfolio | .62 |
| Health Care Services Portfolio | .66 |
| Medical Technology and Devices Portfolio | .63 |
| Pharmaceuticals Portfolio | .65 |
Effective March 1, 2024, each Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
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 ($) |
| Biotechnology Portfolio | 60,055 |
| Health Care Portfolio | 22,615 |
| Health Care Services Portfolio | 9,963 |
| Medical Technology and Devices Portfolio | 16,843 |
| Pharmaceuticals Portfolio | 9,856 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Health Care Portfolio | Borrower | 5,331,829 | 5.57% | 28,510 |
Medical Technology and Devices Portfolio | Borrower | 5,431,077 | 5.57% | 10,928 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Biotechnology Portfolio | 24,040,608 | 75,020,563 | 9,469,138 |
| Health Care Portfolio | 124,774,472 | 189,716,441 | 43,245,712 |
| Health Care Services Portfolio | 25,386,904 | 59,098,100 | 3,218,577 |
| Medical Technology and Devices Portfolio | 40,022,511 | 105,668,369 | 30,763,189 |
| Pharmaceuticals Portfolio | 80,406,527 | 4,844,242 | 1,358,397 |
| | | |
Other. During the period, the investment adviser reimbursed the Funds for certain losses as follows:
| | Amount ($) |
| Biotechnology Portfolio | 36,218 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Biotechnology Portfolio | 4,121 |
| Health Care Portfolio | 6,758 |
| Health Care Services Portfolio | 1,308 |
| Medical Technology and Devices Portfolio | 5,040 |
| Pharmaceuticals Portfolio | 1,056 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Biotechnology Portfolio | 356,781 | 40,327 | 258,171 |
| Health Care Portfolio | 26,602 | 2,598 | 20,400 |
| Health Care Services Portfolio | 7,896 | 20 | - |
| Medical Technology and Devices Portfolio | 3,967 | 20 | - |
| Pharmaceuticals Portfolio | 29,725 | 7 | 8,448 |
Bank Borrowings.
Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
| | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Health Care Portfolio | 4,263,000 | 5.83% | 1,381 |
8. Expense Reductions.
Through arrangements with each applicable Fund's custodian credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
| | | Custodian credits ($) | |
| Biotechnology Portfolio | | 3,021 | |
| Health Care Services Portfolio | | 407 | |
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 | 97,188 |
| Health Care Portfolio | 162,450 |
| Health Care Services Portfolio | 31,981 |
| Medical Technology and Devices Portfolio | 120,445 |
| Pharmaceuticals Portfolio | 20,618 |
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.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. 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 elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 50,178,154,296.75 | 92.38 |
| Withheld | 4,136,551,415.53 | 7.62 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 50,131,321,830.27 | 92.30 |
| Withheld | 4,183,383,882.00 | 7.70 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vijay C. Advani |
| Affirmative | 50,021,870,319.77 | 92.10 |
| Withheld | 4,292,835,392.50 | 7.90 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 50,057,248,681.17 | 92.16 |
| Withheld | 4,257,457,031.10 | 7.84 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Donald F. Donahue |
| Affirmative | 49,998,023,290.27 | 92.05 |
| Withheld | 4,316,682,422.00 | 7.95 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 50,146,578,363.15 | 92.33 |
| Withheld | 4,168,127,349.12 | 7.67 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 50,227,895,949.71 | 92.48 |
| Withheld | 4,086,809,762.56 | 7.52 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 50,080,160,698.34 | 92.20 |
| Withheld | 4,234,545,013.93 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Oscar Munoz |
| Affirmative | 49,879,616,445.58 | 91.83 |
| Withheld | 4,435,089,266.69 | 8.17 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Karen B. Peetz |
| Affirmative | 50,078,105,799.58 | 92.20 |
| Withheld | 4,236,599,912.69 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| David M. Thomas |
| Affirmative | 50,013,939,190.36 | 92.08 |
| Withheld | 4,300,766,521.91 | 7.92 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Susan Tomasky |
| Affirmative | 50,109,134,188.50 | 92.26 |
| Withheld | 4,205,571,523.77 | 7.74 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Michael E. Wiley |
| Affirmative | 50,016,526,096.47 | 92.09 |
| Withheld | 4,298,179,615.80 | 7.91 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts
Biotechnology Portfolio
Health Care Portfolio
Health Care Services Portfolio
Medial Technology and Devices Portfolio
Pharmaceuticals Portfolio
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for each fund, including each fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of each fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of each fund into a single fee based on tiered schedules and subject to a maximum rate (the Unified Fee). In exchange for the Unified Fee, each fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each fund would be no higher than the sum of (i) the lowest contractual management fee rate under each fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to each fund for the same services. The Board noted that certain expenses such as third-party expenses and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including each fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not each fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of each fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of each fund's assets or the day-to-day management of each fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of each fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to each fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of each fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for each fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing each fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the funds) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that each fund's management fee structure is fair and reasonable, and that the funds' Advisory Contracts should be approved.
1.813645.119
SELHC-SANN-1024
Fidelity® Select Portfolios®
Consumer Discretionary Sector
Automotive Portfolio
Communication Services Portfolio
Construction and Housing Portfolio
Consumer Discretionary Portfolio
Leisure Portfolio
Retailing Portfolio
Semi-Annual Report
August 31, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.4% |
| | | Shares | Value ($) |
| Automobile Components - 10.9% | | | |
| Automotive Parts & Equipment - 10.9% | | | |
| Aptiv PLC (a) | | 49,517 | 3,541,951 |
| Autoliv, Inc. | | 19,414 | 1,989,353 |
| BorgWarner, Inc. | | 42,779 | 1,457,481 |
| Gentex Corp. | | 17,658 | 553,225 |
| Lear Corp. | | 4,915 | 573,335 |
| Novem Group SA | | 15,177 | 72,811 |
| | | | 8,188,156 |
| Automobiles - 53.7% | | | |
| Automobile Manufacturers - 53.7% | | | |
| Ferrari NV | | 12,243 | 6,082,200 |
| Ford Motor Co. | | 203,290 | 2,274,815 |
| General Motors Co. | | 123,227 | 6,134,240 |
| Honda Motor Co. Ltd. sponsored ADR | | 101,299 | 3,337,802 |
| Li Auto, Inc. ADR (a)(b) | | 160,777 | 3,128,720 |
| NIO, Inc. sponsored ADR (a)(b) | | 74,259 | 300,006 |
| Rivian Automotive, Inc. Class A (a)(b) | | 111,926 | 1,581,514 |
| Stellantis NV (b) | | 121,548 | 2,039,575 |
| Tesla, Inc. (a) | | 39,638 | 8,486,892 |
| Toyota Motor Corp. sponsored ADR | | 35,516 | 6,740,937 |
| XPeng, Inc. ADR (a)(b) | | 20,415 | 164,341 |
| | | | 40,271,042 |
| Commercial Services & Supplies - 6.3% | | | |
| Diversified Support Services - 6.3% | | | |
| ACV Auctions, Inc. Class A (a) | | 70,232 | 1,314,041 |
| Copart, Inc. (a) | | 64,064 | 3,392,829 |
| | | | 4,706,870 |
| Consumer Staples Distribution & Retail - 0.3% | | | |
| Food Retail - 0.3% | | | |
| Maplebear, Inc. (NASDAQ) | | 5,765 | 206,906 |
| Distributors - 4.5% | | | |
| Distributors - 4.5% | | | |
| Genuine Parts Co. | | 16,691 | 2,391,153 |
| LKQ Corp. | | 23,609 | 981,898 |
| | | | 3,373,051 |
| Ground Transportation - 1.9% | | | |
| Passenger Ground Transportation - 1.9% | | | |
| Uber Technologies, Inc. (a) | | 19,747 | 1,444,098 |
| Specialty Retail - 21.1% | | | |
| Automotive Retail - 21.1% | | | |
| Advance Auto Parts, Inc. | | 10,091 | 457,223 |
| AutoNation, Inc. (a) | | 6,121 | 1,089,416 |
| AutoZone, Inc. (a) | | 1,092 | 3,474,176 |
| Carvana Co. Class A (a) | | 17,356 | 2,614,161 |
| Group 1 Automotive, Inc. | | 1,263 | 475,848 |
| Lithia Motors, Inc. Class A (sub. vtg.) | | 3,197 | 962,553 |
| O'Reilly Automotive, Inc. (a) | | 5,992 | 6,770,780 |
| | | | 15,844,157 |
| Trading Companies & Distributors - 0.7% | | | |
| Trading Companies & Distributors - 0.7% | | | |
| Rush Enterprises, Inc. Class A | | 10,428 | 549,556 |
| TOTAL COMMON STOCKS (Cost $40,921,938) | | | 74,583,836 |
| | | | |
| Convertible Preferred Stocks - 0.0% |
| | | Shares | Value ($) |
| Electronic Equipment, Instruments & Components - 0.0% | | | |
| Electronic Components - 0.0% | | | |
CelLink Corp. Series D (a)(c)(d) (Cost $77,048) | | 3,700 | 25,197 |
| | | | |
| Money Market Funds - 8.8% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (e) | | 180,075 | 180,111 |
| Fidelity Securities Lending Cash Central Fund 5.39% (e)(f) | | 6,401,295 | 6,401,935 |
| TOTAL MONEY MARKET FUNDS (Cost $6,582,046) | | | 6,582,046 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 108.2% (Cost $47,581,032) | 81,191,079 |
NET OTHER ASSETS (LIABILITIES) - (8.2)% | (6,136,784) |
| NET ASSETS - 100.0% | 75,054,295 |
| | |
Legend
| (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 $25,197 or 0.0% of net assets. |
| (e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (f) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| CelLink Corp. Series D | 1/20/22 | 77,048 |
| | | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | - | 7,421,118 | 7,241,040 | 3,107 | 33 | - | 180,111 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 18,677,977 | 130,539,084 | 142,815,126 | 45,624 | - | - | 6,401,935 | 0.0% |
| Total | 18,677,977 | 137,960,202 | 150,056,166 | 48,731 | 33 | - | 6,582,046 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Common Stocks | 74,583,836 | 74,583,836 | - | - |
|
| Convertible Preferred Stocks | 25,197 | - | - | 25,197 |
|
| Money Market Funds | 6,582,046 | 6,582,046 | - | - |
| Total Investments in Securities: | 81,191,079 | 81,165,882 | - | 25,197 |
Automotive Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $6,184,003) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $40,998,986) | $ | 74,609,033 | | |
Fidelity Central Funds (cost $6,582,046) | | 6,582,046 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $47,581,032) | | | $ | 81,191,079 |
| Receivable for investments sold | | | | 324,150 |
| Receivable for fund shares sold | | | | 3,445 |
| Dividends receivable | | | | 41,420 |
| Distributions receivable from Fidelity Central Funds | | | | 1,831 |
| Prepaid expenses | | | | 154 |
| Other receivables | | | | 2,181 |
Total assets | | | | 81,564,260 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 38,166 | | |
| Accrued management fee | | 40,998 | | |
| Other payables and accrued expenses | | 29,276 | | |
| Collateral on securities loaned | | 6,401,525 | | |
| Total liabilities | | | | 6,509,965 |
| Net Assets | | | $ | 75,054,295 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 49,533,355 |
| Total accumulated earnings (loss) | | | | 25,520,940 |
| Net Assets | | | $ | 75,054,295 |
Net Asset Value, offering price and redemption price per share ($75,054,295 ÷ 1,416,409 shares) | | | $ | 52.99 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 779,634 |
| Income from Fidelity Central Funds (including $45,624 from security lending) | | | | 48,731 |
| Total income | | | | 828,365 |
| Expenses | | | | |
| Management fee | $ | 285,758 | | |
| Custodian fees and expenses | | 12,161 | | |
| Independent trustees' fees and expenses | | 192 | | |
| Registration fees | | 18,200 | | |
| Audit fees | | 21,096 | | |
| Legal | | 1,302 | | |
| Miscellaneous | | 4,349 | | |
| Total expenses before reductions | | 343,058 | | |
| Expense reductions | | (1,990) | | |
| Total expenses after reductions | | | | 341,068 |
| Net Investment income (loss) | | | | 487,297 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 2,741,215 | | |
| Fidelity Central Funds | | 33 | | |
| Foreign currency transactions | | (1,658) | | |
| Total net realized gain (loss) | | | | 2,739,590 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (8,992,157) | | |
| Assets and liabilities in foreign currencies | | 133 | | |
| Total change in net unrealized appreciation (depreciation) | | | | (8,992,024) |
| Net gain (loss) | | | | (6,252,434) |
| Net increase (decrease) in net assets resulting from operations | | | $ | (5,765,137) |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 487,297 | $ | 936,094 |
| Net realized gain (loss) | | 2,739,590 | | 3,177,049 |
| Change in net unrealized appreciation (depreciation) | | (8,992,024) | | 14,599,782 |
| Net increase (decrease) in net assets resulting from operations | | (5,765,137) | | 18,712,925 |
| Distributions to shareholders | | - | | (934,081) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 5,309,024 | | 62,471,091 |
| Reinvestment of distributions | | - | | 852,504 |
| Cost of shares redeemed | | (23,030,227) | | (89,040,975) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (17,721,203) | | (25,717,380) |
| Total increase (decrease) in net assets | | (23,486,340) | | (7,938,536) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 98,540,635 | | 106,479,171 |
| End of period | $ | 75,054,295 | $ | 98,540,635 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 98,027 | | 1,216,841 |
| Issued in reinvestment of distributions | | - | | 16,302 |
| Redeemed | | (438,562) | | (1,791,277) |
| Net increase (decrease) | | (340,535) | | (558,134) |
| | | | | |
Financial Highlights
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 56.09 | $ | 45.99 | $ | 56.56 | $ | 54.21 | $ | 34.91 | $ | 33.29 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .30 | | .41 | | .34 D | | .23 E | | .05 F | | .46 G |
| Net realized and unrealized gain (loss) | | (3.40) | | 10.14 | | (9.86) | | 3.82 | | 23.73 | | 2.67 H |
| Total from investment operations | | (3.10) | | 10.55 | | (9.52) | | 4.05 | | 23.78 | | 3.13 |
| Distributions from net investment income | | - | | (.45) | | (.28) | | (.29) | | (.01) | | (.49) I |
| Distributions from net realized gain | | - | | - | | (.77) | | (1.40) | | (4.47) | | (1.02) I |
| Total distributions | | - | | (.45) | | (1.05) | | (1.70) J | | (4.48) | | (1.51) |
| Net asset value, end of period | $ | 52.99 | $ | 56.09 | $ | 45.99 | $ | 56.56 | $ | 54.21 | $ | 34.91 |
Total Return K,L | | | | 23.02% | | (16.92)% | | 7.20% | | 78.19% | | 9.14% H |
Ratios to Average Net Assets C,M,N | | | | | | | | | | | | |
| Expenses before reductions | | .81% O | | .88% | | .89% | | .80% | | .88% | | 1.00% |
| Expenses net of fee waivers, if any | | | | .87% | | .88% | | .80% | | .88% | | 1.00% |
| Expenses net of all reductions | | .81% O | | .87% | | .88% | | .80% | | .87% | | .99% |
| Net investment income (loss) | | 1.15% O | | .83% | | .73% D | | .37% E | | .10% F | | 1.33% G |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 75,054 | $ | 98,541 | $ | 106,479 | $ | 165,176 | $ | 198,225 | $ | 36,480 |
Portfolio turnover rate P | | | | 60% | | 54% | | 69% | | 56% | | 45% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .54%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .20%.
FNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.14 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.21)%.
GNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.07%.
HNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.19 per share. Excluding these litigation proceeds, the total return would have been 8.58%.
IThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
JTotal distributions per share do not sum due to rounding.
KTotal returns for periods of less than one year are not annualized.
LTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
MFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
NExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
OAnnualized.
PAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Communication Services Portfolio
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 98.9% |
| | | Shares | Value ($) |
| Broadline Retail - 5.3% | | | |
| Broadline Retail - 5.3% | | | |
| Amazon.com, Inc. (a) | | 405,200 | 72,328,200 |
| PDD Holdings, Inc. ADR (a) | | 112,300 | 10,793,153 |
| | | | 83,121,353 |
| Consumer Staples Distribution & Retail - 0.0% | | | |
| Food Retail - 0.0% | | | |
| Maplebear, Inc. (NASDAQ) | | 2,700 | 96,903 |
| Diversified Telecommunication Services - 7.9% | | | |
| Alternative Carriers - 3.1% | | | |
| GCI Liberty, Inc. Class A (Escrow) (b)(c) | | 158,132 | 2 |
| Liberty Global Ltd. Class C (d) | | 1,012,000 | 19,906,040 |
| Liberty Latin America Ltd. Class C (a)(d) | | 3,036,486 | 28,755,522 |
| | | | 48,661,564 |
| Integrated Telecommunication Services - 4.8% | | | |
| AT&T, Inc. | | 3,754,200 | 74,708,580 |
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | | | 123,370,144 |
| Entertainment - 22.6% | | | |
| Interactive Home Entertainment - 4.9% | | | |
| Capcom Co. Ltd. | | 342,900 | 7,442,518 |
| Roblox Corp. Class A (a) | | 501,400 | 22,056,586 |
| Sea Ltd. ADR Class A (a) | | 246,800 | 19,326,908 |
| Skillz, Inc. (a)(d) | | 1,330 | 7,847 |
| Take-Two Interactive Software, Inc. (a) | | 112,500 | 18,192,375 |
| Ubisoft Entertainment SA (a) | | 539,000 | 10,241,984 |
| | | | 77,268,218 |
| Movies & Entertainment - 17.7% | | | |
| Atlanta Braves Holdings, Inc. Class C, (a) | | 8,052 | 345,270 |
| Liberty Media Corp. Liberty Formula One Class A | | 505,462 | 35,695,726 |
| Liberty Media Corp. Liberty Live Series A | | 12,132 | 480,427 |
| Lions Gate Entertainment Corp.: | | | |
| Class A (a)(d) | | 34,500 | 268,065 |
| Class B (a) | | 819,034 | 5,667,715 |
| Lionsgate Studios Corp. | | 84,400 | 579,828 |
| Lionsgate Studios Corp. (b) | | 199,404 | 1,369,905 |
| Live Nation Entertainment, Inc. (a) | | 52,600 | 5,137,442 |
| Marcus Corp. (d) | | 447,500 | 6,332,125 |
| Netflix, Inc. (a) | | 102,200 | 71,677,970 |
| Roku, Inc. Class A (a) | | 293,800 | 19,910,826 |
| Spotify Technology SA (a) | | 55,600 | 19,064,128 |
| The Walt Disney Co. | | 801,071 | 72,400,797 |
| TKO Group Holdings, Inc. | | 232,700 | 27,512,121 |
| Warner Music Group Corp. Class A (d) | | 335,600 | 9,601,516 |
| | | | 276,043,861 |
TOTAL ENTERTAINMENT | | | 353,312,079 |
| Ground Transportation - 2.5% | | | |
| Passenger Ground Transportation - 2.5% | | | |
| Uber Technologies, Inc. (a) | | 534,900 | 39,117,237 |
| Interactive Media & Services - 52.5% | | | |
| Interactive Media & Services - 52.5% | | | |
| Alphabet, Inc. Class A | | 2,156,800 | 352,377,984 |
| Angi, Inc. Class A, (a)(d) | | 3,447,200 | 9,307,440 |
| Bumble, Inc. Class A (a) | | 1,161,200 | 7,791,652 |
| Match Group, Inc. (a) | | 435,070 | 16,188,955 |
| Meta Platforms, Inc. Class A | | 743,400 | 387,541,855 |
| Pinterest, Inc. Class A (a) | | 643,300 | 20,611,332 |
| Reddit, Inc.: | | | |
| Class A | | 10,700 | 642,321 |
| Class B (a) | | 58,000 | 3,481,740 |
| Snap, Inc. Class A (a) | | 2,414,200 | 22,548,628 |
| | | | 820,491,907 |
| IT Services - 0.0% | | | |
| Internet Services & Infrastructure - 0.0% | | | |
| X Holdings Corp. Class A (a)(b)(c) | | 17,240 | 367,040 |
| Media - 8.1% | | | |
| Advertising - 0.1% | | | |
| Ibotta, Inc. (d) | | 700 | 40,033 |
| S4 Capital PLC (a)(d) | | 929,800 | 678,935 |
| | | | 718,968 |
| Broadcasting - 0.2% | | | |
| Paramount Global Class B (d) | | 338,500 | 3,544,095 |
| Cable & Satellite - 7.8% | | | |
| Altice U.S.A., Inc. Class A (a)(d) | | 6,329,211 | 11,645,748 |
| Charter Communications, Inc. Class A (a) | | 117,000 | 40,662,180 |
| Comcast Corp. Class A | | 893,500 | 35,355,795 |
| Liberty Broadband Corp. Class A (a) | | 560,923 | 34,356,534 |
| | | | 122,020,257 |
TOTAL MEDIA | | | 126,283,320 |
| Software - 0.0% | | | |
| Application Software - 0.0% | | | |
| Klaviyo, Inc. Class A (d) | | 2,700 | 84,942 |
| TOTAL COMMON STOCKS (Cost $1,025,286,419) | | | 1,546,244,925 |
| | | | |
| Money Market Funds - 4.2% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (e) | | 20,112,780 | 20,116,803 |
| Fidelity Securities Lending Cash Central Fund 5.39% (e)(f) | | 45,875,325 | 45,879,912 |
| TOTAL MONEY MARKET FUNDS (Cost $65,996,715) | | | 65,996,715 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 103.1% (Cost $1,091,283,134) | 1,612,241,640 |
NET OTHER ASSETS (LIABILITIES) - (3.1)% | (48,006,414) |
| NET ASSETS - 100.0% | 1,564,235,226 |
| | |
Legend
| (b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,736,947 or 0.1% of net assets. |
| (d) | Security or a portion of the security is on loan at period end. |
| (e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (f) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| GCI Liberty, Inc. Class A (Escrow) | 5/23/23 | 0 |
| | | |
| Lionsgate Studios Corp. | 12/22/23 | 1,920,261 |
| | | |
| X Holdings Corp. Class A | 10/27/21 | 1,266,192 |
| | | |
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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 52,326,536 | 259,974,376 | 292,188,734 | 365,648 | 4,625 | - | 20,116,803 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 24,398,716 | 164,795,526 | 143,314,330 | 17,221 | - | - | 45,879,912 | 0.2% |
| Total | 76,725,252 | 424,769,902 | 435,503,064 | 382,869 | 4,625 | - | 65,996,715 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Common Stocks | 1,546,244,925 | 1,545,877,883 | - | 367,042 |
|
| Money Market Funds | 65,996,715 | 65,996,715 | - | - |
| Total Investments in Securities: | 1,612,241,640 | 1,611,874,598 | - | 367,042 |
Communication Services Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $44,481,742) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,025,286,419) | $ | 1,546,244,925 | | |
Fidelity Central Funds (cost $65,996,715) | | 65,996,715 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,091,283,134) | | | $ | 1,612,241,640 |
| Receivable for fund shares sold | | | | 315,324 |
| Dividends receivable | | | | 91,732 |
| Distributions receivable from Fidelity Central Funds | | | | 48,308 |
| Prepaid expenses | | | | 2,740 |
Total assets | | | | 1,612,699,744 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 1,661,206 | | |
| Accrued management fee | | 838,231 | | |
| Distribution and service plan fees payable | | 29,063 | | |
| Other payables and accrued expenses | | 57,000 | | |
| Collateral on securities loaned | | 45,879,018 | | |
| Total liabilities | | | | 48,464,518 |
| Net Assets | | | $ | 1,564,235,226 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,026,122,666 |
| Total accumulated earnings (loss) | | | | 538,112,560 |
| Net Assets | | | $ | 1,564,235,226 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($64,776,445 ÷ 654,711 shares)(a) | | | $ | 98.94 |
| Maximum offering price per share (100/94.25 of $98.94) | | | $ | 104.98 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($10,584,855 ÷ 108,258 shares)(a) | | | $ | 97.77 |
| Maximum offering price per share (100/96.50 of $97.77) | | | $ | 101.32 |
| Class C : | | | | |
Net Asset Value and offering price per share ($13,707,067 ÷ 144,060 shares)(a) | | | $ | 95.15 |
| Communication Services : | | | | |
Net Asset Value, offering price and redemption price per share ($1,333,096,253 ÷ 13,270,321 shares) | | | $ | 100.46 |
| Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($59,466,899 ÷ 592,107 shares) | | | $ | 100.43 |
| Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($82,603,707 ÷ 816,865 shares) | | | $ | 101.12 |
(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, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 4,412,379 |
| Income from Fidelity Central Funds (including $17,221 from security lending) | | | | 382,869 |
| Total income | | | | 4,795,248 |
| Expenses | | | | |
| Management fee | $ | 5,118,394 | | |
| Distribution and service plan fees | | 171,114 | | |
| Custodian fees and expenses | | 6,686 | | |
| Independent trustees' fees and expenses | | 3,221 | | |
| Registration fees | | 68,520 | | |
| Audit fees | | 30,929 | | |
| Legal | | 372 | | |
| Interest | | 25,999 | | |
| Miscellaneous | | 31,520 | | |
| Total expenses before reductions | | 5,456,755 | | |
| Expense reductions | | (30,884) | | |
| Total expenses after reductions | | | | 5,425,871 |
| Net Investment income (loss) | | | | (630,623) |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 36,479,271 | | |
| Fidelity Central Funds | | 4,625 | | |
| Foreign currency transactions | | (2,705) | | |
| Total net realized gain (loss) | | | | 36,481,191 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 78,386,111 | | |
| Unfunded commitments | | 113,461 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 78,499,572 |
| Net gain (loss) | | | | 114,980,763 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 114,350,140 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | (630,623) | $ | (2,769,920) |
| Net realized gain (loss) | | 36,481,191 | | 84,949,756 |
| Change in net unrealized appreciation (depreciation) | | 78,499,572 | | 369,931,130 |
| Net increase (decrease) in net assets resulting from operations | | 114,350,140 | | 452,110,966 |
| Distributions to shareholders | | (40,220,650) | | - |
| | | | | |
| Share transactions - net increase (decrease) | | (26,141,282) | | 302,888,039 |
| | | | | |
| Total increase (decrease) in net assets | | 47,988,208 | | 754,999,005 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,516,247,018 | | 761,248,013 |
| End of period | $ | 1,564,235,226 | $ | 1,516,247,018 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity Advisor® Communication Services Fund Class A |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 94.42 | $ | 62.24 | $ | 78.37 | $ | 87.31 | $ | 60.63 | $ | 74.85 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | (.17) | | (.40) D | | (.48) | | (.60) | | (.59) | | (.30) |
| Net realized and unrealized gain (loss) | | 7.28 | | 32.58 | | (15.65) | | (3.18) | | 30.37 | | 8.77 |
| Total from investment operations | | 7.11 | | 32.18 | | (16.13) | | (3.78) | | 29.78 | | 8.47 |
| Distributions from net realized gain | | (2.59) | | - | | - | | (5.16) | | (3.10) | | (22.69) |
| Total distributions | | (2.59) | | - | | - | | (5.16) | | (3.10) | | (22.69) |
| Net asset value, end of period | $ | 98.94 | $ | 94.42 | $ | 62.24 | $ | 78.37 | $ | 87.31 | $ | 60.63 |
Total Return E,F,G | | | | 51.70% | | (20.58)% | | (5.05)% | | 50.81% | | 11.90% |
Ratios to Average Net Assets C,H,I | | | | | | | | | | | | |
| Expenses before reductions | | .97% J | | 1.05% | | 1.07% | | 1.03% | | 1.08% | | 1.07% |
| Expenses net of fee waivers, if any | | | | 1.04% | | 1.07% | | 1.03% | | 1.08% | | 1.07% |
| Expenses net of all reductions | | .96% J | | 1.04% | | 1.07% | | 1.03% | | 1.07% | | 1.06% |
| Net investment income (loss) | | (.35)% J | | (.51)% D | | (.74)% | | (.65)% | | (.81)% | | (.47)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 64,776 | $ | 56,157 | $ | 24,285 | $ | 33,679 | $ | 22,962 | $ | 9,947 |
Portfolio turnover rate K | | | | 45% L | | 45% | | 57% | | 63% | | 73% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.57)%.
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 sales charges.
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.
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.
Fidelity Advisor® Communication Services Fund Class M |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 93.45 | $ | 61.75 | $ | 77.94 | $ | 86.94 | $ | 60.52 | $ | 74.82 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | (.29) | | (.59) D | | (.63) | | (.82) | | (.77) | | (.48) |
| Net realized and unrealized gain (loss) | | 7.20 | | 32.29 | | (15.56) | | (3.15) | | 30.29 | | 8.75 |
| Total from investment operations | | 6.91 | | 31.70 | | (16.19) | | (3.97) | | 29.52 | | 8.27 |
| Distributions from net realized gain | | (2.59) | | - | | - | | (5.03) | | (3.10) | | (22.57) |
| Total distributions | | (2.59) | | - | | - | | (5.03) | | (3.10) | | (22.57) |
| Net asset value, end of period | $ | 97.77 | $ | 93.45 | $ | 61.75 | $ | 77.94 | $ | 86.94 | $ | 60.52 |
Total Return E,F,G | | | | 51.34% | | (20.77)% | | (5.28)% | | 50.47% | | 11.58% |
Ratios to Average Net Assets C,H,I | | | | | | | | | | | | |
| Expenses before reductions | | 1.22% J | | 1.30% | | 1.31% | | 1.27% | | 1.32% | | 1.35% |
| Expenses net of fee waivers, if any | | | | 1.29% | | 1.31% | | 1.27% | | 1.32% | | 1.35% |
| Expenses net of all reductions | | 1.21% J | | 1.29% | | 1.31% | | 1.27% | | 1.32% | | 1.34% |
| Net investment income (loss) | | (.60)% J | | (.76)% D | | (.98)% | | (.88)% | | (1.06)% | | (.75)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 10,585 | $ | 9,725 | $ | 3,499 | $ | 5,817 | $ | 5,386 | $ | 2,264 |
Portfolio turnover rate K | | | | 45% L | | 45% | | 57% | | 63% | | 73% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.82)%.
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 sales charges.
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.
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.
Fidelity Advisor® Communication Services Fund Class C |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 91.23 | $ | 60.57 | $ | 76.81 | $ | 86.05 | $ | 60.20 | $ | 74.76 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | (.52) | | (.93) D | | (.90) | | (1.27) | | (1.12) | | (.81) |
| Net realized and unrealized gain (loss) | | 7.03 | | 31.59 | | (15.34) | | (3.07) | | 30.07 | | 8.74 |
| Total from investment operations | | 6.51 | | 30.66 | | (16.24) | | (4.34) | | 28.95 | | 7.93 |
| Distributions from net realized gain | | (2.59) | | - | | - | | (4.90) | | (3.10) | | (22.49) |
| Total distributions | | (2.59) | | - | | - | | (4.90) | | (3.10) | | (22.49) |
| Net asset value, end of period | $ | 95.15 | $ | 91.23 | $ | 60.57 | $ | 76.81 | $ | 86.05 | $ | 60.20 |
Total Return E,F,G | | | | 50.62% | | (21.14)% | | (5.76)% | | 49.77% | | 11.01% |
Ratios to Average Net Assets C,H,I | | | | | | | | | | | | |
| Expenses before reductions | | 1.72% J | | 1.77% | | 1.78% | | 1.78% | | 1.80% | | 1.86% |
| Expenses net of fee waivers, if any | | | | 1.77% | | 1.78% | | 1.78% | | 1.80% | | 1.86% |
| Expenses net of all reductions | | 1.71% J | | 1.77% | | 1.78% | | 1.78% | | 1.79% | | 1.85% |
| Net investment income (loss) | | (1.10)% J | | (1.24)% D | | (1.45)% | | (1.39)% | | (1.53)% | | (1.26)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 13,707 | $ | 13,074 | $ | 7,478 | $ | 8,938 | $ | 6,856 | $ | 1,982 |
Portfolio turnover rate K | | | | 45% L | | 45% | | 57% | | 63% | | 73% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.30)%.
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.
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.
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.
Communication Services Portfolio |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 95.69 | $ | 62.90 | $ | 78.98 | $ | 87.88 | $ | 60.82 | $ | 74.88 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | (.03) | | (.18) D | | (.30) | | (.34) | | (.36) | | (.12) |
| Net realized and unrealized gain (loss) | | 4.80 | | 32.97 | | (15.78) | | (3.22) | | 30.52 | | 8.79 |
| Total from investment operations | | 4.77 | | 32.79 | | (16.08) | | (3.56) | | 30.16 | | 8.67 |
| Distributions from net realized gain | | - | | - | | - | | (5.34) | | (3.10) | | (22.73) |
| Total distributions | | - | | - | | - | | (5.34) | | (3.10) | | (22.73) |
| Net asset value, end of period | $ | 100.46 | $ | 95.69 | $ | 62.90 | $ | 78.98 | $ | 87.88 | $ | 60.82 |
Total Return E,F | | | | 52.13% | | (20.36)% | | (4.79)% | | 51.29% | | 12.22% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .67% I | | .77% | | .80% | | .75% | | .77% | | .78% |
| Expenses net of fee waivers, if any | | | | .76% | | .79% | | .74% | | .77% | | .78% |
| Expenses net of all reductions | | .67% I | | .76% | | .79% | | .74% | | .76% | | .77% |
| Net investment income (loss) | | (.06)% I | | (.23)% D | | (.47)% | | (.36)% | | (.51)% | | (.18)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,333,096 | $ | 1,359,432 | $ | 710,710 | $ | 958,304 | $ | 859,871 | $ | 577,157 |
Portfolio turnover rate J | | | | 45% K | | 45% | | 57% | | 63% | | 73% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.29)%.
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).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Communication Services Fund Class I |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 95.69 | $ | 62.89 | $ | 78.93 | $ | 87.86 | $ | 60.80 | $ | 74.89 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | (.05) | | (.17) D | | (.28) | | (.34) | | (.39) | | (.11) |
| Net realized and unrealized gain (loss) | | 7.38 | | 32.97 | | (15.76) | | (3.22) | | 30.55 | | 8.78 |
| Total from investment operations | | 7.33 | | 32.80 | | (16.04) | | (3.56) | | 30.16 | | 8.67 |
| Distributions from net realized gain | | (2.59) | | - | | - | | (5.37) | | (3.10) | | (22.76) |
| Total distributions | | (2.59) | | - | | - | | (5.37) | | (3.10) | | (22.76) |
| Net asset value, end of period | $ | 100.43 | $ | 95.69 | $ | 62.89 | $ | 78.93 | $ | 87.86 | $ | 60.80 |
Total Return E,F | | | | 52.15% | | (20.32)% | | (4.79)% | | 51.31% | | 12.22% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .71% I | | .76% | | .76% | | .75% | | .78% | | .77% |
| Expenses net of fee waivers, if any | | | | .75% | | .75% | | .75% | | .77% | | .77% |
| Expenses net of all reductions | | .71% I | | .75% | | .75% | | .75% | | .77% | | .76% |
| Net investment income (loss) | | (.09)% I | | (.22)% D | | (.43)% | | (.37)% | | (.51)% | | (.17)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 59,467 | $ | 43,534 | $ | 11,961 | $ | 32,089 | $ | 26,521 | $ | 2,493 |
Portfolio turnover rate J | | | | 45% K | | 45% | | 57% | | 63% | | 73% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.28)%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. 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).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Communication Services Fund Class Z |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 96.26 | $ | 63.18 | $ | 79.20 | $ | 88.04 | $ | 60.85 | $ | 74.89 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .02 | | (.07) D | | (.19) | | (.22) | | (.28) | | (.03) |
| Net realized and unrealized gain (loss) | | 7.43 | | 33.15 | | (15.83) | | (3.23) | | 30.57 | | 8.80 |
| Total from investment operations | | 7.45 | | 33.08 | | (16.02) | | (3.45) | | 30.29 | | 8.77 |
| Distributions from net realized gain | | (2.59) | | - | | - | | (5.39) | | (3.10) | | (22.81) |
| Total distributions | | (2.59) | | - | | - | | (5.39) | | (3.10) | | (22.81) |
| Net asset value, end of period | $ | 101.12 | $ | 96.26 | $ | 63.18 | $ | 79.20 | $ | 88.04 | $ | 60.85 |
Total Return E,F | | | | 52.36% | | (20.23)% | | (4.65)% | | 51.48% | | 12.38% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .58% I | | .62% | | .62% | | .62% | | .64% | | .65% |
| Expenses net of fee waivers, if any | | | | .61% | | .62% | | .61% | | .64% | | .65% |
| Expenses net of all reductions | | .58% I | | .61% | | .62% | | .61% | | .63% | | .64% |
| Net investment income (loss) | | .03% I | | (.08)% D | | (.29)% | | (.23)% | | (.38)% | | (.05)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 82,604 | $ | 34,325 | $ | 3,314 | $ | 6,477 | $ | 3,817 | $ | 1,833 |
Portfolio turnover rate J | | | | 45% K | | 45% | | 57% | | 63% | | 73% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.14)%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Construction and Housing Portfolio
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.5% |
| | | Shares | Value ($) |
| Building Products - 22.3% | | | |
| Building Products - 22.3% | | | |
| AAON, Inc. | | 77,840 | 7,434,498 |
| American Woodmark Corp. (a) | | 20,780 | 1,862,096 |
| Apogee Enterprises, Inc. | | 37,000 | 2,470,860 |
| Armstrong World Industries, Inc. | | 43,300 | 5,488,708 |
| Builders FirstSource, Inc. (a) | | 110,865 | 19,290,510 |
| Carlisle Companies, Inc. | | 38,440 | 16,290,872 |
| Carrier Global Corp. | | 287,960 | 20,957,729 |
| Fortune Brands Innovations, Inc. | | 139,970 | 11,115,018 |
| Johnson Controls International PLC | | 512,131 | 37,308,743 |
| Simpson Manufacturing Co. Ltd. | | 48,980 | 8,966,279 |
| The AZEK Co., Inc. Class A, (a) | | 210,230 | 8,962,105 |
| Trane Technologies PLC | | 110,940 | 40,122,560 |
| UFP Industries, Inc. | | 13,056 | 1,588,524 |
| | | | 181,858,502 |
| Chemicals - 0.3% | | | |
| Specialty Chemicals - 0.3% | | | |
| Sherwin-Williams Co. | | 6,320 | 2,334,418 |
| Construction & Engineering - 9.0% | | | |
| Construction & Engineering - 9.0% | | | |
| AECOM | | 122,230 | 12,240,112 |
| Comfort Systems U.S.A., Inc. | | 17,600 | 6,221,952 |
| EMCOR Group, Inc. | | 29,700 | 11,673,882 |
| Fluor Corp. (a) | | 107,040 | 5,359,493 |
| Quanta Services, Inc. | | 78,699 | 21,652,456 |
| Willscot Holdings Corp. (a) | | 417,270 | 16,081,586 |
| | | | 73,229,481 |
| Construction Materials - 8.7% | | | |
| Construction Materials - 8.7% | | | |
| CRH PLC | | 348,920 | 31,671,468 |
| Eagle Materials, Inc. | | 28,910 | 7,451,553 |
| Martin Marietta Materials, Inc. | | 47,120 | 25,169,619 |
| Vulcan Materials Co. | | 26,676 | 6,541,222 |
| | | | 70,833,862 |
| Equity Real Estate Investment Trusts (REITs) - 10.7% | | | |
| Multi-Family Residential REITs - 5.9% | | | |
| Elme Communities (SBI) | | 737,540 | 13,024,956 |
| Equity Residential (SBI) | | 68,300 | 5,114,304 |
| Essex Property Trust, Inc. | | 44,480 | 13,423,619 |
| Mid-America Apartment Communities, Inc. | | 100,790 | 16,365,272 |
| | | | 47,928,151 |
| Single-Family Residential REITs - 4.8% | | | |
| Invitation Homes, Inc. | | 616,580 | 22,714,807 |
| Sun Communities, Inc. | | 125,950 | 17,033,478 |
| | | | 39,748,285 |
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | | | 87,676,436 |
| Ground Transportation - 0.2% | | | |
| Cargo Ground Transportation - 0.2% | | | |
| U-Haul Holding Co. Class N | | 25,900 | 1,770,265 |
| Household Durables - 14.4% | | | |
| Home Furnishings - 1.7% | | | |
| Tempur Sealy International, Inc. | | 266,850 | 13,990,946 |
| Homebuilding - 12.6% | | | |
| Beazer Homes U.S.A., Inc. (a) | | 57,200 | 1,789,216 |
| Blu Investments LLC (a)(b)(c) | | 11,990,913 | 3,717 |
| D.R. Horton, Inc. | | 65,776 | 12,415,878 |
| KB Home | | 91,990 | 7,700,483 |
| Lennar Corp. Class A | | 37,210 | 6,774,453 |
| Meritage Homes Corp. | | 25,500 | 5,050,785 |
| NVR, Inc. (a) | | 1,386 | 12,713,030 |
| PulteGroup, Inc. | | 175,125 | 23,055,206 |
| Toll Brothers, Inc. | | 109,020 | 15,706,511 |
| TopBuild Corp. (a) | | 44,470 | 17,477,599 |
| | | | 102,686,878 |
| Household Appliances - 0.1% | | | |
| Whirlpool Corp. (d) | | 10,390 | 1,042,013 |
TOTAL HOUSEHOLD DURABLES | | | 117,719,837 |
| Real Estate Management & Development - 0.3% | | | |
| Diversified Real Estate Activities - 0.1% | | | |
| The RMR Group, Inc. Class A | | 37,460 | 954,855 |
| Real Estate Services - 0.2% | | | |
| Cushman & Wakefield PLC (a) | | 107,785 | 1,401,205 |
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | | | 2,356,060 |
| Specialty Retail - 33.2% | | | |
| Home Improvement Retail - 32.2% | | | |
| Floor & Decor Holdings, Inc. Class A (a)(d) | | 136,170 | 15,310,955 |
| Lowe's Companies, Inc. | | 432,385 | 107,447,673 |
| The Home Depot, Inc. | | 379,190 | 139,731,515 |
| | | | 262,490,143 |
| Homefurnishing Retail - 1.0% | | | |
| Williams-Sonoma, Inc. | | 62,260 | 8,363,386 |
TOTAL SPECIALTY RETAIL | | | 270,853,529 |
| Trading Companies & Distributors - 0.4% | | | |
| Trading Companies & Distributors - 0.4% | | | |
| Watsco, Inc. | | 6,500 | 3,090,230 |
| TOTAL COMMON STOCKS (Cost $464,228,528) | | | 811,722,620 |
| | | | |
| Money Market Funds - 1.2% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (e) | | 4,168,043 | 4,168,877 |
| Fidelity Securities Lending Cash Central Fund 5.39% (e)(f) | | 5,349,790 | 5,350,325 |
| TOTAL MONEY MARKET FUNDS (Cost $9,519,202) | | | 9,519,202 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.7% (Cost $473,747,730) | 821,241,822 |
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (5,971,080) |
| NET ASSETS - 100.0% | 815,270,742 |
| | |
Legend
| (b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,717 or 0.0% of net assets. |
| (d) | Security or a portion of the security is on loan at period end. |
| (e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (f) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| Blu Investments LLC | 5/21/20 | 20,739 |
| | | |
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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 5,003,395 | 80,842,743 | 81,677,823 | 107,504 | 562 | - | 4,168,877 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 18,901,475 | 100,465,478 | 114,016,628 | 5,320 | - | - | 5,350,325 | 0.0% |
| Total | 23,904,870 | 181,308,221 | 195,694,451 | 112,824 | 562 | - | 9,519,202 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Common Stocks | 811,722,620 | 811,718,903 | - | 3,717 |
|
| Money Market Funds | 9,519,202 | 9,519,202 | - | - |
| Total Investments in Securities: | 821,241,822 | 821,238,105 | - | 3,717 |
Construction and Housing Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $5,283,219) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $464,228,528) | $ | 811,722,620 | | |
Fidelity Central Funds (cost $9,519,202) | | 9,519,202 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $473,747,730) | | | $ | 821,241,822 |
| Receivable for investments sold | | | | 1,281,138 |
| Receivable for fund shares sold | | | | 675,675 |
| Dividends receivable | | | | 1,089,208 |
| Distributions receivable from Fidelity Central Funds | | | | 12,361 |
| Prepaid expenses | | | | 1,335 |
Total assets | | | | 824,301,539 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 2,845,900 | | |
| Payable for fund shares redeemed | | 357,315 | | |
| Accrued management fee | | 435,857 | | |
| Other payables and accrued expenses | | 41,400 | | |
| Collateral on securities loaned | | 5,350,325 | | |
| Total liabilities | | | | 9,030,797 |
| Net Assets | | | $ | 815,270,742 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 448,027,976 |
| Total accumulated earnings (loss) | | | | 367,242,766 |
| Net Assets | | | $ | 815,270,742 |
Net Asset Value, offering price and redemption price per share ($815,270,742 ÷ 6,553,569 shares) | | | $ | 124.40 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 6,422,307 |
| Income from Fidelity Central Funds (including $5,320 from security lending) | | | | 112,824 |
| Total income | | | | 6,535,131 |
| Expenses | | | | |
| Management fee | $ | 2,593,960 | | |
| Custodian fees and expenses | | 5,532 | | |
| Independent trustees' fees and expenses | | 1,581 | | |
| Registration fees | | 37,206 | | |
| Audit fees | | 20,160 | | |
| Legal | | 184 | | |
| Miscellaneous | | 18,556 | | |
| Total expenses before reductions | | 2,677,179 | | |
| Expense reductions | | (14,399) | | |
| Total expenses after reductions | | | | 2,662,780 |
| Net Investment income (loss) | | | | 3,872,351 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 17,889,531 | | |
| Fidelity Central Funds | | 562 | | |
| Total net realized gain (loss) | | | | 17,890,093 |
| Change in net unrealized appreciation (depreciation) on investment securities | | | | 39,617,387 |
| Net gain (loss) | | | | 57,507,480 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 61,379,831 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 3,872,351 | $ | 5,419,345 |
| Net realized gain (loss) | | 17,890,093 | | 21,744,771 |
| Change in net unrealized appreciation (depreciation) | | 39,617,387 | | 140,302,275 |
| Net increase (decrease) in net assets resulting from operations | | 61,379,831 | | 167,466,391 |
| Distributions to shareholders | | (7,431,325) | | (5,426,559) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 139,060,779 | | 282,431,549 |
| Reinvestment of distributions | | 6,816,021 | | 4,899,398 |
| Cost of shares redeemed | | (126,985,502) | | (205,636,762) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 18,891,298 | | 81,694,185 |
| Total increase (decrease) in net assets | | 72,839,804 | | 243,734,017 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 742,430,938 | | 498,696,921 |
| End of period | $ | 815,270,742 | $ | 742,430,938 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 1,186,752 | | 2,864,855 |
| Issued in reinvestment of distributions | | 59,963 | | 45,759 |
| Redeemed | | (1,105,323) | | (2,134,851) |
| Net increase (decrease) | | 141,392 | | 775,763 |
| | | | | |
Financial Highlights
Construction and Housing Portfolio |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 115.78 | $ | 88.48 | $ | 89.80 | $ | 77.53 | $ | 58.56 | $ | 54.22 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .58 | | .90 | | .76 | | .57 | | .59 | | .53 |
| Net realized and unrealized gain (loss) | | 9.15 | | 27.28 | | (1.42) | | 17.59 | | 21.82 | | 8.71 |
| Total from investment operations | | 9.73 | | 28.18 | | (.66) | | 18.16 | | 22.41 | | 9.24 |
| Distributions from net investment income | | - | | (.88) | | (.66) | | (.53) | | (.61) | | (.60) |
| Distributions from net realized gain | | (1.11) | | - | | - | | (5.36) | | (2.83) | | (4.31) |
| Total distributions | | (1.11) | | (.88) | | (.66) | | (5.89) | | (3.44) | | (4.90) D |
| Net asset value, end of period | $ | 124.40 | $ | 115.78 | $ | 88.48 | $ | 89.80 | $ | 77.53 | $ | 58.56 |
Total Return E,F | | | | 31.93% | | (.70)% | | 22.95% | | 41.70% | | 17.10% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .69% I | | .77% | | .77% | | .75% | | .78% | | .79% |
| Expenses net of fee waivers, if any | | | | .76% | | .76% | | .75% | | .78% | | .79% |
| Expenses net of all reductions | | .69% I | | .76% | | .76% | | .75% | | .77% | | .79% |
| Net investment income (loss) | | 1.01% I | | .93% | | .90% | | .60% | | .94% | | .88% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 815,271 | $ | 742,431 | $ | 498,697 | $ | 713,338 | $ | 343,461 | $ | 318,905 |
Portfolio turnover rate J | | | | 27% | | 20% | | 70% | | 93% | | 161% |
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.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. 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.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Consumer Discretionary Portfolio
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.7% |
| | | Shares | Value ($) |
| Automobile Components - 2.7% | | | |
| Automotive Parts & Equipment - 2.7% | | | |
| Aptiv PLC (a) | | 145,420 | 10,401,893 |
| Magna International, Inc. (b) | | 61,720 | 2,594,092 |
| | | | 12,995,985 |
| Automobiles - 11.7% | | | |
| Automobile Manufacturers - 11.7% | | | |
| General Motors Co. | | 165,450 | 8,236,101 |
| Tesla, Inc. (a) | | 220,106 | 47,126,896 |
| | | | 55,362,997 |
| Broadline Retail - 26.0% | | | |
| Broadline Retail - 26.0% | | | |
| Amazon.com, Inc. (a) | | 630,235 | 112,496,947 |
| Etsy, Inc. (a) | | 41,700 | 2,297,253 |
| MercadoLibre, Inc. (a) | | 2,175 | 4,484,111 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | | 35,482 | 3,177,768 |
| | | | 122,456,079 |
| Building Products - 0.8% | | | |
| Building Products - 0.8% | | | |
| The AZEK Co., Inc. Class A, (a) | | 84,926 | 3,620,395 |
| Commercial Services & Supplies - 0.2% | | | |
| Diversified Support Services - 0.2% | | | |
| Vestis Corp. | | 75,177 | 1,057,740 |
| Consumer Staples Distribution & Retail - 1.0% | | | |
| Consumer Staples Merchandise Retail - 0.4% | | | |
| Dollar Tree, Inc. (a) | | 23,660 | 1,999,033 |
| Food Distributors - 0.6% | | | |
| Performance Food Group Co. (a) | | 34,398 | 2,567,467 |
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | | | 4,566,500 |
| Food Products - 0.5% | | | |
| Packaged Foods & Meats - 0.5% | | | |
| Lamb Weston Holdings, Inc. | | 36,800 | 2,278,656 |
| Hotels, Restaurants & Leisure - 19.3% | | | |
| Casinos & Gaming - 2.8% | | | |
| Caesars Entertainment, Inc. (a) | | 77,158 | 2,904,227 |
| Churchill Downs, Inc. | | 27,752 | 3,856,695 |
| Penn Entertainment, Inc. (a) | | 79,174 | 1,474,220 |
| Red Rock Resorts, Inc. | | 87,760 | 5,114,653 |
| | | | 13,349,795 |
| Hotels, Resorts & Cruise Lines - 7.7% | | | |
| Booking Holdings, Inc. | | 2,484 | 9,710,527 |
| Hilton Worldwide Holdings, Inc. | | 64,061 | 14,070,358 |
| Marriott International, Inc. Class A | | 32,189 | 7,554,436 |
| Royal Caribbean Cruises Ltd. | | 28,440 | 4,681,793 |
| | | | 36,017,114 |
| Restaurants - 8.8% | | | |
| Aramark | | 70,034 | 2,565,345 |
| Brinker International, Inc. (a) | | 22,610 | 1,617,067 |
| Chipotle Mexican Grill, Inc. (a) | | 141,740 | 7,948,779 |
| Domino's Pizza, Inc. | | 18,744 | 7,763,952 |
| McDonald's Corp. | | 42,535 | 12,278,153 |
| Restaurant Brands International, Inc. | | 61,200 | 4,251,962 |
| Starbucks Corp. | | 54,290 | 5,134,205 |
| | | | 41,559,463 |
TOTAL HOTELS, RESTAURANTS & LEISURE | | | 90,926,372 |
| Household Durables - 5.4% | | | |
| Home Furnishings - 2.0% | | | |
| Tempur Sealy International, Inc. | | 177,967 | 9,330,810 |
| Homebuilding - 3.4% | | | |
| KB Home | | 39,470 | 3,304,034 |
| PulteGroup, Inc. | | 51,270 | 6,749,696 |
| TopBuild Corp. (a) | | 15,100 | 5,934,602 |
| | | | 15,988,332 |
TOTAL HOUSEHOLD DURABLES | | | 25,319,142 |
| Specialty Retail - 23.9% | | | |
| Apparel Retail - 5.0% | | | |
| Aritzia, Inc. (a) | | 96,000 | 3,283,939 |
| Burlington Stores, Inc. (a) | | 10,617 | 2,847,904 |
| TJX Companies, Inc. | | 149,797 | 17,566,694 |
| | | | 23,698,537 |
| Automotive Retail - 1.7% | | | |
| Advance Auto Parts, Inc. | | 18,400 | 833,704 |
| Group 1 Automotive, Inc. | | 8,300 | 3,127,108 |
| O'Reilly Automotive, Inc. (a) | | 3,445 | 3,892,747 |
| | | | 7,853,559 |
| Home Improvement Retail - 11.0% | | | |
| Floor & Decor Holdings, Inc. Class A (a)(b) | | 59,737 | 6,716,828 |
| Lowe's Companies, Inc. | | 89,171 | 22,158,994 |
| The Home Depot, Inc. | | 61,751 | 22,755,244 |
| | | | 51,631,066 |
| Homefurnishing Retail - 1.5% | | | |
| Wayfair LLC Class A (a) | | 16,831 | 716,159 |
| Williams-Sonoma, Inc. | | 47,800 | 6,420,974 |
| | | | 7,137,133 |
| Other Specialty Retail - 4.7% | | | |
| Academy Sports & Outdoors, Inc. | | 101,200 | 5,614,576 |
| Dick's Sporting Goods, Inc. | | 45,877 | 10,871,014 |
| Five Below, Inc. (a) | | 23,800 | 1,795,234 |
| JD Sports Fashion PLC | | 1,115,500 | 2,020,948 |
| Sally Beauty Holdings, Inc. (a) | | 158,149 | 2,063,844 |
| | | | 22,365,616 |
TOTAL SPECIALTY RETAIL | | | 112,685,911 |
| Textiles, Apparel & Luxury Goods - 8.2% | | | |
| Apparel, Accessories & Luxury Goods - 3.9% | | | |
| Capri Holdings Ltd. (a) | | 46,400 | 1,657,408 |
| lululemon athletica, Inc. (a) | | 14,950 | 3,879,077 |
| LVMH Moet Hennessy Louis Vuitton SE | | 2,433 | 1,810,923 |
| PVH Corp. | | 47,608 | 4,698,434 |
| Tapestry, Inc. | | 107,768 | 4,415,255 |
| VF Corp. (b) | | 119,040 | 2,167,718 |
| | | | 18,628,815 |
| Footwear - 4.3% | | | |
| Deckers Outdoor Corp. (a) | | 7,077 | 6,788,895 |
| NIKE, Inc. Class B | | 127,932 | 10,659,294 |
| On Holding AG (a)(b) | | 26,893 | 1,263,433 |
| Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | | 22,400 | 1,533,952 |
| | | | 20,245,574 |
TOTAL TEXTILES, APPAREL & LUXURY GOODS | | | 38,874,389 |
| TOTAL COMMON STOCKS (Cost $252,516,806) | | | 470,144,166 |
| | | | |
| Money Market Funds - 3.0% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (c) | | 1,631,958 | 1,632,284 |
| Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | | 12,848,679 | 12,849,964 |
| TOTAL MONEY MARKET FUNDS (Cost $14,482,248) | | | 14,482,248 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 102.7% (Cost $266,999,054) | 484,626,414 |
NET OTHER ASSETS (LIABILITIES) - (2.7)% | (12,966,830) |
| NET ASSETS - 100.0% | 471,659,584 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 5.39% | 626,349 | 45,861,720 | 44,856,149 | 24,174 | 364 | - | 1,632,284 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 12,432,064 | 96,038,500 | 95,620,600 | 5,028 | - | - | 12,849,964 | 0.1% |
| Total | 13,058,413 | 141,900,220 | 140,476,749 | 29,202 | 364 | - | 14,482,248 | |
| | | | | | | | | |
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, 2024, 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 | 470,144,166 | 468,333,243 | 1,810,923 | - |
|
| Money Market Funds | 14,482,248 | 14,482,248 | - | - |
| Total Investments in Securities: | 484,626,414 | 482,815,491 | 1,810,923 | - |
Consumer Discretionary Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $12,647,913) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $252,516,806) | $ | 470,144,166 | | |
Fidelity Central Funds (cost $14,482,248) | | 14,482,248 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $266,999,054) | | | $ | 484,626,414 |
| Cash | | | | 44,633 |
| Receivable for investments sold | | | | 4,713,752 |
| Receivable for fund shares sold | | | | 85,328 |
| Dividends receivable | | | | 254,073 |
| Distributions receivable from Fidelity Central Funds | | | | 5,621 |
| Prepaid expenses | | | | 1,225 |
| Other receivables | | | | 14,871 |
Total assets | | | | 489,745,917 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 4,760,947 | | |
| Payable for fund shares redeemed | | 189,248 | | |
| Accrued management fee | | 255,865 | | |
| Other payables and accrued expenses | | 34,598 | | |
| Collateral on securities loaned | | 12,845,675 | | |
| Total liabilities | | | | 18,086,333 |
| Net Assets | | | $ | 471,659,584 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 222,411,382 |
| Total accumulated earnings (loss) | | | | 249,248,202 |
| Net Assets | | | $ | 471,659,584 |
Net Asset Value, offering price and redemption price per share ($471,659,584 ÷ 7,645,754 shares) | | | $ | 61.69 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 1,921,138 |
| Income from Fidelity Central Funds (including $5,028 from security lending) | | | | 29,202 |
| Total income | | | | 1,950,340 |
| Expenses | | | | |
| Management fee | $ | 1,670,735 | | |
| Custodian fees and expenses | | 8,514 | | |
| Independent trustees' fees and expenses | | 1,088 | | |
| Registration fees | | 22,763 | | |
| Audit fees | | 21,004 | | |
| Legal | | 761 | | |
| Interest | | 5,010 | | |
| Miscellaneous | | 9,724 | | |
| Total expenses before reductions | | 1,739,599 | | |
| Expense reductions | | (11,040) | | |
| Total expenses after reductions | | | | 1,728,559 |
| Net Investment income (loss) | | | | 221,781 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 32,010,343 | | |
| Fidelity Central Funds | | 364 | | |
| Foreign currency transactions | | (379) | | |
| Total net realized gain (loss) | | | | 32,010,328 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (29,895,399) | | |
| Assets and liabilities in foreign currencies | | (386) | | |
| Total change in net unrealized appreciation (depreciation) | | | | (29,895,785) |
| Net gain (loss) | | | | 2,114,543 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 2,336,324 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 221,781 | $ | 244,258 |
| Net realized gain (loss) | | 32,010,328 | | 15,874,554 |
| Change in net unrealized appreciation (depreciation) | | (29,895,785) | | 121,150,975 |
| Net increase (decrease) in net assets resulting from operations | | 2,336,324 | | 137,269,787 |
| Distributions to shareholders | | (6,774,899) | | (11,238,228) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 24,931,886 | | 143,615,966 |
| Reinvestment of distributions | | 6,338,179 | | 10,508,748 |
| Cost of shares redeemed | | (110,494,810) | | (149,624,716) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (79,224,745) | | 4,499,998 |
| Total increase (decrease) in net assets | | (83,663,320) | | 130,531,557 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 555,322,904 | | 424,791,347 |
| End of period | $ | 471,659,584 | $ | 555,322,904 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 411,514 | | 2,643,490 |
| Issued in reinvestment of distributions | | 107,118 | | 199,520 |
| Redeemed | | (1,829,867) | | (2,822,396) |
| Net increase (decrease) | | (1,311,235) | | 20,614 |
| | | | | |
Financial Highlights
Consumer Discretionary Portfolio |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 62.00 | $ | 47.54 | $ | 63.23 | $ | 68.01 | $ | 45.58 | $ | 44.31 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .03 | | .03 | | .01 | | (.16) | | (.03) | | .11 |
| Net realized and unrealized gain (loss) | | .45 | | 15.70 | | (9.85) | | 1.92 | | 23.23 | | 2.26 |
| Total from investment operations | | .48 | | 15.73 | | (9.84) | | 1.76 | | 23.20 | | 2.37 |
| Distributions from net investment income | | - | | (.02) | | (.02) | | - | | - | | (.11) |
| Distributions from net realized gain | | (.79) | | (1.25) | | (5.83) | | (6.54) | | (.77) | | (.99) |
| Total distributions | | (.79) | | (1.27) | | (5.85) | | (6.54) | | (.77) | | (1.10) |
| Net asset value, end of period | $ | 61.69 | $ | 62.00 | $ | 47.54 | $ | 63.23 | $ | 68.01 | $ | 45.58 |
Total Return D,E | | | | 33.59% | | (16.87)% | | 1.88% | | 50.96% | | 5.30% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
| Expenses before reductions | | .70% H | | .75% | | .76% | | .73% | | .76% | | .76% |
| Expenses net of fee waivers, if any | | | | .74% | | .76% | | .73% | | .76% | | .76% |
| Expenses net of all reductions | | .70% H | | .74% | | .76% | | .73% | | .75% | | .76% |
| Net investment income (loss) | | .09% H | | .05% | | .02% | | (.22)% | | (.06)% | | .23% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 471,660 | $ | 555,323 | $ | 424,791 | $ | 418,675 | $ | 583,938 | $ | 402,403 |
Portfolio turnover rate I | | | | 33% | | 46% | | 38% | | 55% | | 41% J |
AFor the year ended February 29.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CCalculated based on average shares outstanding during the period.
DTotal returns 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).
JPortfolio turnover rate excludes securities received or delivered in-kind.
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.8% |
| | | Shares | Value ($) |
| Consumer Staples Distribution & Retail - 1.4% | | | |
| Food Distributors - 1.4% | | | |
| U.S. Foods Holding Corp. (a) | | 149,900 | 8,875,579 |
| Diversified Consumer Services - 1.2% | | | |
| Specialized Consumer Services - 1.2% | | | |
| European Wax Center, Inc. Class A (a)(b) | | 156,600 | 1,080,540 |
| Service Corp. International (b) | | 82,000 | 6,418,140 |
| | | | 7,498,680 |
| Entertainment - 0.6% | | | |
| Movies & Entertainment - 0.6% | | | |
| TKO Group Holdings, Inc. | | 30,800 | 3,641,484 |
| Financial Services - 0.2% | | | |
| Transaction & Payment Processing Services - 0.2% | | | |
| Toast, Inc. (a) | | 57,000 | 1,417,020 |
| Food Products - 0.5% | | | |
| Packaged Foods & Meats - 0.5% | | | |
| Lamb Weston Holdings, Inc. | | 52,400 | 3,244,608 |
| Hotels, Restaurants & Leisure - 94.8% | | | |
| Casinos & Gaming - 11.4% | | | |
| Caesars Entertainment, Inc. (a) | | 265,149 | 9,980,208 |
| Churchill Downs, Inc. | | 94,996 | 13,201,594 |
| Draftkings Holdings, Inc. Class A (a) | | 94,300 | 3,253,350 |
| Flutter Entertainment PLC (a) | | 52,700 | 11,212,167 |
| Flutter Entertainment PLC (a) | | 6,700 | 1,423,147 |
| Las Vegas Sands Corp. | | 317,900 | 12,394,921 |
| Penn Entertainment, Inc. (a) | | 134,800 | 2,509,976 |
| Red Rock Resorts, Inc. | | 245,400 | 14,301,912 |
| Wynn Resorts Ltd. | | 48,300 | 3,713,304 |
| | | | 71,990,579 |
| Hotels, Resorts & Cruise Lines - 36.5% | | | |
| Airbnb, Inc. Class A (a) | | 255,900 | 30,019,629 |
| Booking Holdings, Inc. | | 17,561 | 68,649,988 |
| Carnival Corp. (a) | | 961,600 | 15,866,400 |
| Hilton Worldwide Holdings, Inc. | | 232,532 | 51,073,328 |
| Marriott International, Inc. Class A | | 156,825 | 36,805,259 |
| Royal Caribbean Cruises Ltd. | | 166,500 | 27,409,230 |
| Viking Holdings Ltd. | | 7,200 | 241,560 |
| | | | 230,065,394 |
| Leisure Facilities - 1.3% | | | |
| Planet Fitness, Inc. (a) | | 79,044 | 6,419,163 |
| Vail Resorts, Inc. | | 10,082 | 1,831,899 |
| | | | 8,251,062 |
| Restaurants - 45.6% | | | |
| Aramark | | 331,000 | 12,124,530 |
| Brinker International, Inc. (a) | | 87,900 | 6,286,608 |
| Chipotle Mexican Grill, Inc. (a) | | 544,550 | 30,538,364 |
| Darden Restaurants, Inc. (b) | | 10,500 | 1,660,575 |
| Domino's Pizza, Inc. | | 35,842 | 14,846,115 |
| Doordash, Inc. (a) | | 47,000 | 6,049,370 |
| Dutch Bros, Inc. Class A (a) | | 385,486 | 11,950,066 |
| First Watch Restaurant Group, Inc. (a)(b) | | 135,700 | 2,240,407 |
| McDonald's Corp. | | 353,661 | 102,087,787 |
| Restaurant Brands International, Inc. | | 255,274 | 17,735,543 |
| Starbucks Corp. | | 591,256 | 55,915,080 |
| Wingstop, Inc. | | 6,300 | 2,432,493 |
| Yum! Brands, Inc. | | 175,700 | 23,705,444 |
| | | | 287,572,382 |
TOTAL HOTELS, RESTAURANTS & LEISURE | | | 597,879,417 |
| Leisure Products - 1.1% | | | |
| Leisure Products - 1.1% | | | |
| BRP, Inc. | | 93,000 | 6,744,941 |
| TOTAL COMMON STOCKS (Cost $370,368,043) | | | 629,301,729 |
| | | | |
| Money Market Funds - 1.6% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (c) | | 1,783,690 | 1,784,047 |
| Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | | 8,130,237 | 8,131,050 |
| TOTAL MONEY MARKET FUNDS (Cost $9,915,097) | | | 9,915,097 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.4% (Cost $380,283,140) | 639,216,826 |
NET OTHER ASSETS (LIABILITIES) - (1.4)% | (8,631,206) |
| NET ASSETS - 100.0% | 630,585,620 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 5.39% | 5,328,603 | 30,339,183 | 33,883,821 | 30,941 | 82 | - | 1,784,047 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 7,464,044 | 173,558,287 | 172,891,281 | 16,923 | - | - | 8,131,050 | 0.0% |
| Total | 12,792,647 | 203,897,470 | 206,775,102 | 47,864 | 82 | - | 9,915,097 | |
| | | | | | | | | |
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, 2024, 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 | 629,301,729 | 629,301,729 | - | - |
|
| Money Market Funds | 9,915,097 | 9,915,097 | - | - |
| Total Investments in Securities: | 639,216,826 | 639,216,826 | - | - |
Leisure Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $7,895,006) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $370,368,043) | $ | 629,301,729 | | |
Fidelity Central Funds (cost $9,915,097) | | 9,915,097 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $380,283,140) | | | $ | 639,216,826 |
| Foreign currency held at value (cost $540) | | | | 542 |
| Receivable for investments sold | | | | 697,574 |
| Receivable for fund shares sold | | | | 34,230 |
| Dividends receivable | | | | 279,403 |
| Distributions receivable from Fidelity Central Funds | | | | 7,987 |
| Prepaid expenses | | | | 1,286 |
Total assets | | | | 640,237,848 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 313,096 | | |
| Payable for fund shares redeemed | | 829,879 | | |
| Accrued management fee | | 341,808 | | |
| Other payables and accrued expenses | | 36,395 | | |
| Collateral on securities loaned | | 8,131,050 | | |
| Total liabilities | | | | 9,652,228 |
| Net Assets | | | $ | 630,585,620 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 347,104,807 |
| Total accumulated earnings (loss) | | | | 283,480,813 |
| Net Assets | | | $ | 630,585,620 |
Net Asset Value, offering price and redemption price per share ($630,585,620 ÷ 32,201,612 shares) | | | $ | 19.58 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 3,185,069 |
| Income from Fidelity Central Funds (including $16,923 from security lending) | | | | 47,864 |
| Total income | | | | 3,232,933 |
| Expenses | | | | |
| Management fee | $ | 2,162,439 | | |
| Custodian fees and expenses | | 7,314 | | |
| Independent trustees' fees and expenses | | 1,380 | | |
| Registration fees | | 22,743 | | |
| Audit fees | | 20,611 | | |
| Legal | | 160 | | |
| Miscellaneous | | 11,789 | | |
| Total expenses before reductions | | 2,226,436 | | |
| Expense reductions | | (13,686) | | |
| Total expenses after reductions | | | | 2,212,750 |
| Net Investment income (loss) | | | | 1,020,183 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 27,261,745 | | |
| Fidelity Central Funds | | 82 | | |
| Foreign currency transactions | | 3,011 | | |
| Total net realized gain (loss) | | | | 27,264,838 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (9,725,397) | | |
| Assets and liabilities in foreign currencies | | 258 | | |
| Total change in net unrealized appreciation (depreciation) | | | | (9,725,139) |
| Net gain (loss) | | | | 17,539,699 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 18,559,882 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 1,020,183 | $ | 3,167,060 |
| Net realized gain (loss) | | 27,264,838 | | 13,485,965 |
| Change in net unrealized appreciation (depreciation) | | (9,725,139) | | 113,946,785 |
| Net increase (decrease) in net assets resulting from operations | | 18,559,882 | | 130,599,810 |
| Distributions to shareholders | | (8,285,415) | | (10,718,757) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 16,650,624 | | 132,223,221 |
| Reinvestment of distributions | | 7,579,347 | | 9,852,039 |
| Cost of shares redeemed | | (80,616,058) | | (148,639,749) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (56,386,087) | | (6,564,489) |
| Total increase (decrease) in net assets | | (46,111,620) | | 113,316,564 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 676,697,240 | | 563,380,676 |
| End of period | $ | 630,585,620 | $ | 676,697,240 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 876,316 | | 7,794,705 |
| Issued in reinvestment of distributions | | 405,747 | | 558,619 |
| Redeemed | | (4,243,929) | | (8,732,561) |
| Net increase (decrease) | | (2,961,866) | | (379,237) |
| | | | | |
Financial Highlights
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 19.24 | $ | 15.85 | $ | 16.38 | $ | 18.94 | $ | 13.89 | $ | 14.53 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .03 | | .09 | | .07 | | .01 | | .07 | | .12 |
| Net realized and unrealized gain (loss) | | .55 | | 3.60 | | (.12) | | 1.41 | | 5.40 | | .25 |
| Total from investment operations | | .58 | | 3.69 | | (.05) | | 1.42 | | 5.47 | | .37 |
| Distributions from net investment income | | (.03) | | (.07) | | (.05) | | (.02) | | (.08) | | (.11) |
| Distributions from net realized gain | | (.21) | | (.23) | | (.42) | | (3.96) | | (.34) | | (.89) |
| Total distributions | | (.24) | | (.30) | | (.48) D | | (3.98) | | (.42) | | (1.01) D |
| Net asset value, end of period | $ | 19.58 | $ | 19.24 | $ | 15.85 | $ | 16.38 | $ | 18.94 | $ | 13.89 |
Total Return E,F | | | | 23.47% | | (.22)% | | 7.53% | | 41.30% | | 1.76% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .69% I | | .73% | | .74% | | .73% | | .77% | | .76% |
| Expenses net of fee waivers, if any | | | | .73% | | .74% | | .73% | | .77% | | .75% |
| Expenses net of all reductions | | .69% I | | .73% | | .74% | | .73% | | .76% | | .75% |
| Net investment income (loss) | | .32% I | | .51% | | .45% | | .05% | | .48% | | .79% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 630,586 | $ | 676,697 | $ | 563,381 | $ | 646,800 | $ | 653,709 | $ | 431,146 |
Portfolio turnover rate J | | | | 39% | | 46% | | 79% | | 72% | | 53% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal distributions per share do not sum due to rounding.
ETotal returns 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).
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.8% |
| | | Shares | Value ($) |
| Automobile Components - 0.3% | | | |
| Automotive Parts & Equipment - 0.3% | | | |
| Aptiv PLC (a) | | 115,000 | 8,225,950 |
| Broadline Retail - 30.1% | | | |
| Broadline Retail - 30.1% | | | |
| Amazon.com, Inc. (a) | | 4,072,000 | 726,851,999 |
| Dollarama, Inc. | | 92,800 | 9,399,473 |
| Etsy, Inc. (a) | | 755,160 | 41,601,764 |
| MercadoLibre, Inc. (a) | | 22,900 | 47,212,014 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | | 490,007 | 43,885,027 |
| | | | 868,950,277 |
| Consumer Staples Distribution & Retail - 17.7% | | | |
| Consumer Staples Merchandise Retail - 14.8% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 948,900 | 75,874,044 |
| Costco Wholesale Corp. | | 90,000 | 80,314,200 |
| Dollar Tree, Inc. (a) | | 489,000 | 41,315,610 |
| Target Corp. | | 197,600 | 30,355,312 |
| Walmart, Inc. | | 2,560,700 | 197,762,861 |
| | | | 425,622,027 |
| Food Retail - 2.9% | | | |
| Albertsons Companies, Inc. | | 1,675,200 | 32,867,424 |
| Alimentation Couche-Tard, Inc. (multi-vtg.) | | 498,300 | 28,445,234 |
| Maplebear, Inc. (NASDAQ) (b) | | 223,800 | 8,032,182 |
| Sprouts Farmers Market LLC (a) | | 148,900 | 15,493,045 |
| | | | 84,837,885 |
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | | | 510,459,912 |
| Hotels, Restaurants & Leisure - 0.5% | | | |
| Hotels, Resorts & Cruise Lines - 0.5% | | | |
| Hilton Worldwide Holdings, Inc. | | 67,500 | 14,825,700 |
| Household Durables - 0.9% | | | |
| Household Appliances - 0.9% | | | |
| SharkNinja, Inc. | | 277,200 | 26,561,304 |
| Interactive Media & Services - 1.3% | | | |
| Interactive Media & Services - 1.3% | | | |
| Pinterest, Inc. Class A (a)(b) | | 1,163,000 | 37,262,520 |
| Specialty Retail - 36.5% | | | |
| Apparel Retail - 8.8% | | | |
| American Eagle Outfitters, Inc. | | 643,200 | 13,237,056 |
| Aritzia, Inc. (a) | | 2,165,600 | 74,080,184 |
| Ross Stores, Inc. | | 215,400 | 32,441,394 |
| TJX Companies, Inc. | | 1,143,432 | 134,090,271 |
| | | | 253,848,905 |
| Automotive Retail - 7.3% | | | |
| Carvana Co. Class A (a) | | 36,700 | 5,527,754 |
| Lithia Motors, Inc. Class A (sub. vtg.) (b) | | 120,100 | 36,159,708 |
| Murphy U.S.A., Inc. | | 78,406 | 40,742,110 |
| O'Reilly Automotive, Inc. (a) | | 94,700 | 107,008,159 |
| Valvoline, Inc. (a)(b) | | 528,700 | 22,311,140 |
| | | | 211,748,871 |
| Home Improvement Retail - 14.1% | | | |
| Lowe's Companies, Inc. | | 762,000 | 189,357,000 |
| The Home Depot, Inc. | | 587,400 | 216,456,900 |
| | | | 405,813,900 |
| Homefurnishing Retail - 1.1% | | | |
| RH (a) | | 102,700 | 26,054,990 |
| Wayfair LLC Class A (a) | | 119,781 | 5,096,682 |
| | | | 31,151,672 |
| Other Specialty Retail - 5.2% | | | |
| Academy Sports & Outdoors, Inc. | | 306,250 | 16,990,750 |
| Dick's Sporting Goods, Inc. (b) | | 289,500 | 68,599,920 |
| Five Below, Inc. (a) | | 450,600 | 33,988,758 |
| JD Sports Fashion PLC | | 16,023,200 | 29,029,189 |
| | | | 148,608,617 |
TOTAL SPECIALTY RETAIL | | | 1,051,171,965 |
| Textiles, Apparel & Luxury Goods - 12.5% | | | |
| Apparel, Accessories & Luxury Goods - 5.6% | | | |
| adidas AG | | 87,100 | 22,337,039 |
| Capri Holdings Ltd. (a) | | 394,700 | 14,098,684 |
| Gildan Activewear, Inc. | | 476,800 | 21,730,461 |
| LVMH Moet Hennessy Louis Vuitton SE | | 40,400 | 30,070,396 |
| PVH Corp. | | 335,800 | 33,140,102 |
| Tapestry, Inc. | | 965,100 | 39,540,147 |
| | | | 160,916,829 |
| Footwear - 6.9% | | | |
| Deckers Outdoor Corp. (a) | | 80,200 | 76,935,058 |
| NIKE, Inc. Class B | | 1,459,200 | 121,580,544 |
| | | | 198,515,602 |
TOTAL TEXTILES, APPAREL & LUXURY GOODS | | | 359,432,431 |
| TOTAL COMMON STOCKS (Cost $1,431,550,347) | | | 2,876,890,059 |
| | | | |
| Money Market Funds - 0.4% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (c) | | 6,395,279 | 6,396,558 |
| Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | | 6,087,195 | 6,087,804 |
| TOTAL MONEY MARKET FUNDS (Cost $12,484,362) | | | 12,484,362 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $1,444,034,709) | 2,889,374,421 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (5,912,490) |
| NET ASSETS - 100.0% | 2,883,461,931 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 5.39% | 5,903,685 | 259,546,864 | 259,054,623 | 470,559 | 632 | - | 6,396,558 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 51,153,922 | 348,271,757 | 393,337,875 | 26,823 | - | - | 6,087,804 | 0.0% |
| Total | 57,057,607 | 607,818,621 | 652,392,498 | 497,382 | 632 | - | 12,484,362 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts 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, 2024, 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 | 2,876,890,059 | 2,846,819,663 | 30,070,396 | - |
|
| Money Market Funds | 12,484,362 | 12,484,362 | - | - |
| Total Investments in Securities: | 2,889,374,421 | 2,859,304,025 | 30,070,396 | - |
Retailing Portfolio
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $5,929,831) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,431,550,347) | $ | 2,876,890,059 | | |
Fidelity Central Funds (cost $12,484,362) | | 12,484,362 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,444,034,709) | | | $ | 2,889,374,421 |
| Receivable for fund shares sold | | | | 255,251 |
| Dividends receivable | | | | 2,703,838 |
| Distributions receivable from Fidelity Central Funds | | | | 177,405 |
| Prepaid expenses | | | | 5,809 |
Total assets | | | | 2,892,516,724 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 1,415,077 | | |
| Accrued management fee | | 1,480,360 | | |
| Other payables and accrued expenses | | 75,886 | | |
| Collateral on securities loaned | | 6,083,470 | | |
| Total liabilities | | | | 9,054,793 |
| Net Assets | | | $ | 2,883,461,931 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,311,356,031 |
| Total accumulated earnings (loss) | | | | 1,572,105,900 |
| Net Assets | | | $ | 2,883,461,931 |
Net Asset Value, offering price and redemption price per share ($2,883,461,931 ÷ 146,215,520 shares) | | | $ | 19.72 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 13,359,539 |
| Interest | | | | 369 |
| Income from Fidelity Central Funds (including $26,823 from security lending) | | | | 497,382 |
| Total income | | | | 13,857,290 |
| Expenses | | | | |
| Management fee | $ | 9,384,243 | | |
| Custodian fees and expenses | | 19,645 | | |
| Independent trustees' fees and expenses | | 6,281 | | |
| Registration fees | | 24,794 | | |
| Audit fees | | 22,520 | | |
| Legal | | 727 | | |
| Interest | | 32,297 | | |
| Miscellaneous | | 53,491 | | |
| Total expenses before reductions | | 9,543,998 | | |
| Expense reductions | | (61,280) | | |
| Total expenses after reductions | | | | 9,482,718 |
| Net Investment income (loss) | | | | 4,374,572 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 124,440,477 | | |
| Fidelity Central Funds | | 632 | | |
| Foreign currency transactions | | (11,907) | | |
| Total net realized gain (loss) | | | | 124,429,202 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (89,747,927) | | |
| Assets and liabilities in foreign currencies | | 2,130 | | |
| Total change in net unrealized appreciation (depreciation) | | | | (89,745,797) |
| Net gain (loss) | | | | 34,683,405 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 39,057,977 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 4,374,572 | $ | 7,884,589 |
| Net realized gain (loss) | | 124,429,202 | | 409,111,819 |
| Change in net unrealized appreciation (depreciation) | | (89,745,797) | | 396,248,537 |
| Net increase (decrease) in net assets resulting from operations | | 39,057,977 | | 813,244,945 |
| Distributions to shareholders | | (191,151,987) | | (201,789,393) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 63,254,473 | | 128,364,813 |
| Reinvestment of distributions | | 177,522,761 | | 187,029,758 |
| Cost of shares redeemed | | (283,938,736) | | (622,223,066) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (43,161,502) | | (306,828,495) |
| Total increase (decrease) in net assets | | (195,255,512) | | 304,627,057 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 3,078,717,443 | | 2,774,090,386 |
| End of period | $ | 2,883,461,931 | $ | 3,078,717,443 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 3,189,255 | | 7,015,849 |
| Issued in reinvestment of distributions | | 9,299,254 | | 10,002,332 |
| Redeemed | | (14,498,319) | | (34,394,310) |
| Net increase (decrease) | | (2,009,810) | | (17,376,129) |
| | | | | |
Financial Highlights
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 20.77 | $ | 16.75 | $ | 19.92 | $ | 23.50 | $ | 15.71 | $ | 15.01 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .03 | | .05 | | .05 | | (.02) | | (.01) | | .04 |
| Net realized and unrealized gain (loss) | | .22 | | 5.36 | | (2.76) | | .11 | | 9.35 | | 1.02 |
| Total from investment operations | | .25 | | 5.41 | | (2.71) | | .09 | | 9.34 | | 1.06 |
| Distributions from net investment income | | - | | (.06) | | (.06) | | - | | - | | (.05) |
| Distributions from net realized gain | | (1.30) | | (1.33) | | (.41) | | (3.67) | | (1.55) | | (.31) |
| Total distributions | | (1.30) | | (1.39) | | (.46) D | | (3.67) | | (1.55) | | (.36) |
| Net asset value, end of period | $ | 19.72 | $ | 20.77 | $ | 16.75 | $ | 19.92 | $ | 23.50 | $ | 15.71 |
Total Return E,F | | | | 33.23% | | (13.86)% | | (1.23)% | | 59.90% | | 7.02% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .65% I | | .72% | | .72% | | .70% | | .73% | | .74% |
| Expenses net of fee waivers, if any | | | | .71% | | .72% | | .70% | | .73% | | .74% |
| Expenses net of all reductions | | .64% I | | .71% | | .72% | | .70% | | .73% | | .74% |
| Net investment income (loss) | | .30% I | | .28% | | .31% | | (.07)% | | (.07)% | | .26% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 2,883,462 | $ | 3,078,717 | $ | 2,774,090 | $ | 3,704,191 | $ | 4,055,939 | $ | 2,698,998 |
Portfolio turnover rate J | | | | 49% | | 32% | | 33% | | 46% | | 17% |
AFor the year ended February 29.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CCalculated based on average shares outstanding during the period.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. 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, 2024
1. Organization.
Automotive Portfolio, Communication Services Portfolio, Construction and Housing Portfolio, Consumer Discretionary Portfolio, Leisure Portfolio, and Retailing Portfolio (the Funds) are non-diversified funds of Fidelity Select Portfolios (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Each Fund offers a single class of shares, with the exception of Communication Services Portfolio. Communication Services Portfolio offers Class A, Class M, Class C, Communication Services, Class I and Class Z shares. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class of Communication Services Portfolio has equal rights as to assets and voting privileges, and each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. Share transactions on the Statement of Changes in Net Assets and Share Transactions note may contain exchanges between affiliated funds.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2024 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.
For Communication Services Portfolio, investment income, realized and unrealized capital gains and losses, common expenses, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
| | Tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized depreciation ($) | Net unrealized appreciation (depreciation)($) |
| Automotive Portfolio | 47,770,313 | 35,706,543 | (2,285,777) | 33,420,766 |
| Communication Services Portfolio | 1,102,142,551 | 606,165,259 | (96,066,170) | 510,099,089 |
| Construction and Housing Portfolio | 476,532,991 | 353,835,439 | (9,126,608) | 344,708,831 |
| Consumer Discretionary Portfolio | 267,787,316 | 229,089,275 | (12,250,177) | 216,839,098 |
| Leisure Portfolio | 383,674,424 | 266,705,136 | (11,162,734) | 255,542,402 |
| Retailing Portfolio | 1,444,317,531 | 1,549,036,445 | (103,979,555) | 1,445,056,890 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
| | Short-term ($) | Long-term ($) | Total capital loss carryforward ($) |
| Automotive Portfolio | (10,193,715) | (100,246) | (10,293,961) |
| | | | |
Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2023 to February 29, 2024, and ordinary losses recognized during the period January 1, 2024 to February 29, 2024. Loss deferrals were as follows:
| | Capital losses | Ordinary losses |
| Communication Services Portfolio | $- | $(2,672) |
| Consumer Discretionary Portfolio | - | (38,541) |
| Leisure Portfolio | (229,130) | - |
| Retailing Portfolio | - | (1,058,220) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.
Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.
At the current and/or prior period end, Communication Services Portfolio had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Automotive Portfolio | 27,088,358 | 44,525,956 |
| Communication Services Portfolio | 303,700,470 | 302,527,232 |
| Construction and Housing Portfolio | 137,158,213 | 119,410,791 |
| Consumer Discretionary Portfolio | 56,974,510 | 140,985,388 |
| Leisure Portfolio | 137,141,247 | 196,704,759 |
| Retailing Portfolio | 423,702,239 | 599,313,861 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Communication Services Portfolio | 363,454 | 17,676,083 | 29,268,956 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which each Fund pays a monthly management fee.
Effective March 1, 2024, each Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean each "Fund" as each Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating each Fund out of each class's management fee. Each class of each Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once each Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of each Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Automotive Portfolio | .72 |
| Communication Services Portfolio | |
| Class A | .72 |
| Class M | .72 |
| Class C | .71 |
| Communication Services | .71 |
| Class I | .69 |
| Class Z | .56 |
| Construction and Housing Portfolio | .70 |
| Consumer Discretionary Portfolio | .68 |
| Leisure Portfolio | .68 |
| Retailing Portfolio | .68 |
| | |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of each Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of each Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Automotive Portfolio | .67 |
| Communication Services Portfolio | |
| Class A | .70 |
| Class M | .70 |
| Class C | .70 |
| Communication Services | .65 |
| Class I | .69 |
| Class Z | .56 |
| Construction and Housing Portfolio | .67 |
| Consumer Discretionary Portfolio | .67 |
| Leisure Portfolio | .67 |
| Retailing Portfolio | .64 |
Effective March 1, 2024, each Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, Communication Services Portfolio has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of each Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
| Communication Services Portfolio | | | | |
| Class A | - % | .25% | 77,079 | - |
| Class M | .25% | .25% | 25,696 | - |
| Class C | .75% | .25% | 68,339 | 12,452 |
| | | | 171,114 | 12,452 |
Sales Load. For Communication Services Portfolio, FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC ($) |
| Communication Services Portfolio | |
| Class A | 15,611 |
| Class M | 867 |
Class C A | 29 |
| | 16,507 |
| | |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Automotive Portfolio | 1,011 |
| Communication Services Portfolio | 7,151 |
| Construction and Housing Portfolio | 1,516 |
| Consumer Discretionary Portfolio | 1,199 |
| Leisure Portfolio | 2,544 |
| Retailing Portfolio | 8,692 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Communication Services Portfolio | Borrower | 23,375,429 | 5.57% | 25,317 |
| Consumer Discretionary Portfolio | Borrower | 6,476,600 | 5.57% | 5,010 |
| Retailing Portfolio | Borrower | 7,346,464 | 5.57% | 31,839 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Automotive Portfolio | 1,426,634 | 117,842 | 22,567 |
| Communication Services Portfolio | 7,746,583 | 34,577,997 | 3,352,937 |
| Construction and Housing Portfolio | 5,944,403 | 11,216,457 | 644,098 |
| Consumer Discretionary Portfolio | 5,853,088 | 4,819,401 | 1,302,979 |
| Leisure Portfolio | 4,841,394 | 11,922,121 | 1,923,963 |
| Retailing Portfolio | 20,231,053 | 53,286,743 | 4,208,109 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Automotive Portfolio | 82 |
| Communication Services Portfolio | 1,315 |
| Construction and Housing Portfolio | 649 |
| Consumer Discretionary Portfolio | 458 |
| Leisure Portfolio | 578 |
| Retailing Portfolio | 2,615 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Automotive Portfolio | 4,788 | - | - |
| Communication Services Portfolio | 1,734 | 49 | - |
| Construction and Housing Portfolio | 554 | 1 | - |
| Consumer Discretionary Portfolio | 524 | - | - |
| Leisure Portfolio | 1,776 | 1 | - |
| Retailing Portfolio | 2,788 | 1 | - |
8. Bank Borrowings.
Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
| | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Communication Services Portfolio | 4,211,000 | 5.83% | 682 |
| Retailing Portfolio | 2,829,000 | 5.83% | 458 |
9. Expense Reductions.
Through arrangements with each custodian and transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's or class' expenses. All of the applicable expense reductions are noted in the table below.
| | Custodian credits ($) |
| Communication Services Portfolio | 553 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:
| | Amount ($) |
| Automotive Portfolio | 1,990 |
| Construction and Housing Portfolio | 14,399 |
| Consumer Discretionary Portfolio | 11,040 |
| Leisure Portfolio | 13,686 |
| Retailing Portfolio | 61,280 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses as follows:
| | Fund-Level Amount ($) |
| Communication Services Portfolio | 30,331 |
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended August 31, 2024 | Year ended February 29, 2024 |
| Communication Services Portfolio | | |
| Distributions to shareholders | | |
| Class A | $1,548,051 | $ - |
| Class M | 268,042 | - |
| Class C | 370,566 | - |
| Communication Services | 35,800,577 | - |
| Class I | 1,334,867 | - |
| Class Z | 898,547 | - |
Total | $40,220,650 | $ - |
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, 2024 | Year ended February 29, 2024 | Six months ended August 31, 2024 | Year ended February 29, 2024 |
| Communication Services Portfolio | | | | |
| Class A | | | | |
| Shares sold | 106,035 | 317,300 | $10,340,369 | $24,925,001 |
| Reinvestment of distributions | 16,183 | - | 1,538,667 | - |
| Shares redeemed | (62,258) | (112,735) | (6,023,189) | (8,858,369) |
| Net increase (decrease) | 59,960 | 204,565 | $5,855,847 | $16,066,632 |
| Class M | | | | |
| Shares sold | 12,103 | 80,572 | $1,168,726 | $6,303,994 |
| Reinvestment of distributions | 2,845 | - | 267,524 | - |
| Shares redeemed | (10,757) | (33,170) | (1,020,460) | (2,739,823) |
| Net increase (decrease) | 4,191 | 47,402 | $415,790 | $3,564,171 |
| Class C | | | | |
| Shares sold | 10,385 | 48,612 | $968,950 | $3,667,088 |
| Reinvestment of distributions | 3,674 | - | 336,861 | - |
| Shares redeemed | (13,302) | (28,772) | (1,250,928) | (2,122,323) |
| Net increase (decrease) | 757 | 19,840 | $54,883 | $1,544,765 |
| Communication Services | | | | |
| Shares sold | 1,218,740 | 6,986,402 | $120,942,125 | $562,879,038 |
| Reinvestment of distributions | 344,407 | - | 33,207,701 | - |
| Shares redeemed | (2,499,479) | (4,078,788) | (246,148,280) | (326,562,337) |
| Net increase (decrease) | (936,332) | 2,907,614 | $(91,998,454) | $236,316,701 |
| Class I | | | | |
| Shares sold | 194,169 | 398,197 | $19,240,202 | $31,583,310 |
| Reinvestment of distributions | 13,766 | - | 1,327,330 | - |
| Shares redeemed | (70,799) | (133,425) | (6,962,137) | (10,868,462) |
| Net increase (decrease) | 137,136 | 264,772 | $13,605,395 | $20,714,848 |
| Class Z | | | | |
| Shares sold | 540,368 | 357,479 | $53,946,722 | $29,101,658 |
| Reinvestment of distributions | 3,601 | - | 349,439 | - |
| Shares redeemed | (83,672) | (53,367) | (8,370,904) | (4,420,736) |
| Net increase (decrease) | 460,297 | 304,112 | $45,925,257 | $24,680,922 |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. 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 elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 50,178,154,296.75 | 92.38 |
| Withheld | 4,136,551,415.53 | 7.62 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 50,131,321,830.27 | 92.30 |
| Withheld | 4,183,383,882.00 | 7.70 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vijay C. Advani |
| Affirmative | 50,021,870,319.77 | 92.10 |
| Withheld | 4,292,835,392.50 | 7.90 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 50,057,248,681.17 | 92.16 |
| Withheld | 4,257,457,031.10 | 7.84 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Donald F. Donahue |
| Affirmative | 49,998,023,290.27 | 92.05 |
| Withheld | 4,316,682,422.00 | 7.95 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 50,146,578,363.15 | 92.33 |
| Withheld | 4,168,127,349.12 | 7.67 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 50,227,895,949.71 | 92.48 |
| Withheld | 4,086,809,762.56 | 7.52 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 50,080,160,698.34 | 92.20 |
| Withheld | 4,234,545,013.93 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Oscar Munoz |
| Affirmative | 49,879,616,445.58 | 91.83 |
| Withheld | 4,435,089,266.69 | 8.17 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Karen B. Peetz |
| Affirmative | 50,078,105,799.58 | 92.20 |
| Withheld | 4,236,599,912.69 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| David M. Thomas |
| Affirmative | 50,013,939,190.36 | 92.08 |
| Withheld | 4,300,766,521.91 | 7.92 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Susan Tomasky |
| Affirmative | 50,109,134,188.50 | 92.26 |
| Withheld | 4,205,571,523.77 | 7.74 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Michael E. Wiley |
| Affirmative | 50,016,526,096.47 | 92.09 |
| Withheld | 4,298,179,615.80 | 7.91 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Automotive Portfolio
Communication Services Portfolio
Construction and Housing Portfolio
Consumer Discretionary Portfolio
Leisure Portfolio
Retailing Portfolio
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of the management fee and total expense ratio of the fund or, for Communication Services Portfolio, a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
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, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under separate agreements.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
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.
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. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of each fund (the retail class with respect to Communication Services Portfolio), the Board considered a pro forma management fee rate as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) 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 or the retail class of Communications Equipment Portfolio, as applicable, 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 each fund or the retail class of Communications Equipment Portfolio, as applicable, 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, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of each fund (or the retail class for Communication Services Portfolio) ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
For Communication Services Portfolio, the Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
Other Contractual Arrangements. The Board considered that Fidelity has contractually agreed to reimburse the Automotive Portfolio to the extent that total operating expenses to the extent that total operating expenses, with certain exceptions, exceed 0.90% through June 30, 2025.
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 the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's 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 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 variable management fee structure, which provides for breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including, but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; 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 May 31, 2025.
1.813637.119
SELCON-SANN-1024
Fidelity® Environment and Alternative Energy Fund
Fidelity® Natural Resources Fund
Semi-Annual Report
August 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Environment and Alternative Energy Fund
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.8% |
| | | Shares | Value ($) |
| Aerospace & Defense - 1.1% | | | |
| Aerospace & Defense - 1.1% | | | |
| General Electric Co. | | 13,810 | 2,411,502 |
| Woodward, Inc. | | 21,350 | 3,557,978 |
| | | | 5,969,480 |
| Automobiles - 9.4% | | | |
| Automobile Manufacturers - 9.4% | | | |
| Rivian Automotive, Inc. Class A (a)(b) | | 256,820 | 3,628,867 |
| Tesla, Inc. (a) | | 227,940 | 48,804,233 |
| | | | 52,433,100 |
| Building Products - 6.0% | | | |
| Building Products - 6.0% | | | |
| Advanced Drain Systems, Inc. | | 15,930 | 2,497,187 |
| Builders FirstSource, Inc. (a) | | 32,040 | 5,574,960 |
| Fortune Brands Innovations, Inc. | | 47,850 | 3,799,769 |
| The AZEK Co., Inc. Class A, (a) | | 100,060 | 4,265,558 |
| Trane Technologies PLC | | 48,080 | 17,388,613 |
| | | | 33,526,087 |
| Chemicals - 9.0% | | | |
| Commodity Chemicals - 0.3% | | | |
| PureCycle Technologies, Inc. (a)(b) | | 225,910 | 1,378,051 |
| Diversified Chemicals - 0.5% | | | |
| The Chemours Co. LLC | | 149,670 | 2,909,585 |
| Industrial Gases - 7.1% | | | |
| Linde PLC | | 83,100 | 39,742,575 |
| Specialty Chemicals - 1.1% | | | |
| Aspen Aerogels, Inc. (a) | | 150,152 | 4,307,861 |
| Eastman Chemical Co. | | 18,610 | 1,905,106 |
| | | | 6,212,967 |
TOTAL CHEMICALS | | | 50,243,178 |
| Commercial Services & Supplies - 5.1% | | | |
| Environmental & Facilities Services - 5.1% | | | |
| Clean Harbors, Inc. (a) | | 18,190 | 4,472,921 |
| Republic Services, Inc. | | 85,370 | 17,774,888 |
| Tetra Tech, Inc. | | 22,600 | 5,372,924 |
| Veralto Corp. | | 8,416 | 946,211 |
| | | | 28,566,944 |
| Communications Equipment - 2.8% | | | |
| Communications Equipment - 2.8% | | | |
| Arista Networks, Inc. (a) | | 44,300 | 15,654,734 |
| Construction & Engineering - 1.8% | | | |
| Construction & Engineering - 1.8% | | | |
| AECOM | | 48,610 | 4,867,805 |
| Quanta Services, Inc. | | 19,680 | 5,414,558 |
| | | | 10,282,363 |
| Containers & Packaging - 1.7% | | | |
| Metal, Glass & Plastic Containers - 1.7% | | | |
| Ball Corp. | | 152,350 | 9,721,454 |
| Electric Utilities - 4.4% | | | |
| Electric Utilities - 4.4% | | | |
| Kansai Electric Power Co., Inc. | | 257,130 | 4,546,693 |
| PG&E Corp. | | 625,560 | 12,323,532 |
| Southern Co. | | 90,620 | 7,829,568 |
| | | | 24,699,793 |
| Electrical Equipment - 8.0% | | | |
| Electrical Components & Equipment - 6.1% | | | |
| Array Technologies, Inc. (a) | | 138,450 | 929,000 |
| Eaton Corp. PLC | | 68,200 | 20,932,626 |
| Fluence Energy, Inc. Class A (a)(b) | | 97,980 | 1,799,893 |
| Nextracker, Inc. Class A (a) | | 70,340 | 2,860,728 |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 54,880 | 595,954 |
| Sunrun, Inc. (a)(b) | | 176,890 | 3,629,783 |
| Vertiv Holdings Co. | | 38,820 | 3,223,225 |
| | | | 33,971,209 |
| Heavy Electrical Equipment - 1.9% | | | |
| Bloom Energy Corp. Class A (a)(b) | | 98,140 | 1,168,847 |
| GE Vernova LLC | | 24,990 | 5,022,990 |
| Vestas Wind Systems A/S (a) | | 194,740 | 4,449,416 |
| | | | 10,641,253 |
TOTAL ELECTRICAL EQUIPMENT | | | 44,612,462 |
| Electronic Equipment, Instruments & Components - 0.9% | | | |
| Electronic Components - 0.9% | | | |
| Coherent Corp. (a) | | 64,160 | 5,001,272 |
| Energy Equipment & Services - 0.9% | | | |
| Oil & Gas Equipment & Services - 0.9% | | | |
| Baker Hughes Co. Class A | | 138,630 | 4,875,617 |
| Equity Real Estate Investment Trusts (REITs) - 4.3% | | | |
| Industrial REITs - 4.3% | | | |
| Prologis, Inc. | | 185,980 | 23,771,964 |
| Ground Transportation - 4.7% | | | |
| Rail Transportation - 4.7% | | | |
| Union Pacific Corp. | | 101,710 | 26,046,914 |
| Household Durables - 1.5% | | | |
| Homebuilding - 1.5% | | | |
| KB Home | | 23,530 | 1,969,696 |
| TopBuild Corp. (a) | | 15,650 | 6,150,763 |
| | | | 8,120,459 |
| Independent Power and Renewable Electricity Producers - 2.9% | | | |
| Independent Power Producers & Energy Traders - 1.9% | | | |
| RWE AG | | 83,410 | 3,008,532 |
| The AES Corp. | | 254,780 | 4,364,381 |
| Vistra Corp. | | 36,570 | 3,124,175 |
| | | | 10,497,088 |
| Renewable Electricity - 1.0% | | | |
| Sunnova Energy International, Inc. (a)(b) | | 526,440 | 5,848,748 |
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | | | 16,345,836 |
| IT Services - 6.8% | | | |
| IT Consulting & Other Services - 6.8% | | | |
| Amdocs Ltd. | | 59,450 | 5,170,367 |
| IBM Corp. | | 162,620 | 32,870,381 |
| | | | 38,040,748 |
| Life Sciences Tools & Services - 2.6% | | | |
| Life Sciences Tools & Services - 2.6% | | | |
| Agilent Technologies, Inc. | | 20,180 | 2,884,126 |
| Danaher Corp. | | 42,320 | 11,397,199 |
| | | | 14,281,325 |
| Machinery - 4.4% | | | |
| Agricultural & Farm Machinery - 0.6% | | | |
| Deere & Co. | | 9,290 | 3,583,525 |
| Construction Machinery & Heavy Transportation Equipment - 2.7% | | | |
| Cummins, Inc. | | 40,482 | 12,664,794 |
| Westinghouse Air Brake Tech Co. | | 12,570 | 2,131,495 |
| | | | 14,796,289 |
| Industrial Machinery & Supplies & Components - 1.1% | | | |
| Parker Hannifin Corp. | | 9,930 | 5,959,986 |
TOTAL MACHINERY | | | 24,339,800 |
| Metals & Mining - 1.1% | | | |
| Steel - 1.1% | | | |
| ATI, Inc. (a) | | 48,440 | 3,094,347 |
| Carpenter Technology Corp. | | 11,560 | 1,673,541 |
| Commercial Metals Co. | | 28,470 | 1,525,707 |
| | | | 6,293,595 |
| Oil, Gas & Consumable Fuels - 0.3% | | | |
| Coal & Consumable Fuels - 0.3% | | | |
| Cameco Corp. | | 37,900 | 1,547,836 |
| Professional Services - 1.4% | | | |
| Research & Consulting Services - 1.4% | | | |
| KBR, Inc. | | 111,400 | 7,726,704 |
| Semiconductors & Semiconductor Equipment - 7.9% | | | |
| Semiconductor Materials & Equipment - 1.4% | | | |
| AEHR Test Systems (a)(b) | | 90,900 | 1,382,589 |
| Enphase Energy, Inc. (a) | | 40,460 | 4,897,278 |
| SolarEdge Technologies, Inc. (a)(b) | | 58,040 | 1,412,113 |
| | | | 7,691,980 |
| Semiconductors - 6.5% | | | |
| Allegro MicroSystems LLC (a) | | 59,900 | 1,469,347 |
| First Solar, Inc. (a) | | 41,020 | 9,326,717 |
| NXP Semiconductors NV | | 51,390 | 13,174,340 |
| ON Semiconductor Corp. (a) | | 76,550 | 5,960,949 |
| Universal Display Corp. | | 29,420 | 5,699,242 |
| Wolfspeed, Inc. (a)(b) | | 55,350 | 539,663 |
| | | | 36,170,258 |
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | 43,862,238 |
| Software - 10.8% | | | |
| Systems Software - 10.8% | | | |
| Microsoft Corp. | | 143,560 | 59,884,615 |
| TOTAL COMMON STOCKS (Cost $386,779,484) | | | 555,848,518 |
| | | | |
| Convertible Preferred Stocks - 0.0% |
| | | Shares | Value ($) |
| Electronic Equipment, Instruments & Components - 0.0% | | | |
| Electronic Components - 0.0% | | | |
CelLink Corp. Series D (a)(c)(d) (Cost $295,699) | | 14,200 | 96,702 |
| | | | |
| Money Market Funds - 3.4% |
| | | Shares | Value ($) |
Fidelity Securities Lending Cash Central Fund 5.39% (e)(f) (Cost $18,630,600) | | 18,628,737 | 18,630,600 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 103.2% (Cost $405,705,783) | 574,575,820 |
NET OTHER ASSETS (LIABILITIES) - (3.2)% | (17,656,146) |
| NET ASSETS - 100.0% | 556,919,674 |
| | |
Legend
| (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 $96,702 or 0.0% of net assets. |
| (e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (f) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| CelLink Corp. Series D | 1/20/22 | 295,699 |
| | | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 144,254 | 42,307,169 | 42,451,170 | 28,743 | (253) | - | - | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 8,819,875 | 64,747,571 | 54,936,846 | 107,711 | - | - | 18,630,600 | 0.1% |
| Total | 8,964,129 | 107,054,740 | 97,388,016 | 136,454 | (253) | - | 18,630,600 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Common Stocks | 555,848,518 | 551,399,102 | 4,449,416 | - |
|
| Convertible Preferred Stocks | 96,702 | - | - | 96,702 |
|
| Money Market Funds | 18,630,600 | 18,630,600 | - | - |
| Total Investments in Securities: | 574,575,820 | 570,029,702 | 4,449,416 | 96,702 |
Fidelity® Environment and Alternative Energy Fund
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $18,348,673) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $387,075,183) | $ | 555,945,220 | | |
Fidelity Central Funds (cost $18,630,600) | | 18,630,600 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $405,705,783) | | | $ | 574,575,820 |
| Foreign currency held at value (cost $5,478) | | | | 5,438 |
| Receivable for investments sold | | | | 576,217 |
| Receivable for fund shares sold | | | | 160,312 |
| Dividends receivable | | | | 854,215 |
| Distributions receivable from Fidelity Central Funds | | | | 12,720 |
| Prepaid expenses | | | | 927 |
Total assets | | | | 576,185,649 |
| Liabilities | | | | |
| Payable to custodian bank | $ | 66,124 | | |
| Payable for fund shares redeemed | | 227,877 | | |
| Accrued management fee | | 300,574 | | |
| Other payables and accrued expenses | | 40,800 | | |
| Collateral on securities loaned | | 18,630,600 | | |
| Total liabilities | | | | 19,265,975 |
| Net Assets | | | $ | 556,919,674 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 473,208,869 |
| Total accumulated earnings (loss) | | | | 83,710,805 |
| Net Assets | | | $ | 556,919,674 |
Net Asset Value, offering price and redemption price per share ($556,919,674 ÷ 14,617,563 shares) | | | $ | 38.10 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 3,228,518 |
| Income from Fidelity Central Funds (including $107,711 from security lending) | | | | 136,454 |
| Total income | | | | 3,364,972 |
| Expenses | | | | |
| Management fee | $ | 1,799,003 | | |
| Custodian fees and expenses | | 8,356 | | |
| Independent trustees' fees and expenses | | 1,112 | | |
| Registration fees | | 22,805 | | |
| Audit fees | | 33,024 | | |
| Legal | | 889 | | |
| Miscellaneous | | 16,987 | | |
| Total expenses before reductions | | 1,882,176 | | |
| Expense reductions | | (10,568) | | |
| Total expenses after reductions | | | | 1,871,608 |
| Net Investment income (loss) | | | | 1,493,364 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 30,096,267 | | |
| Fidelity Central Funds | | (253) | | |
| Foreign currency transactions | | (5,431) | | |
| Total net realized gain (loss) | | | | 30,090,583 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 22,155,356 | | |
| Assets and liabilities in foreign currencies | | 3,556 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 22,158,912 |
| Net gain (loss) | | | | 52,249,495 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 53,742,859 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 1,493,364 | $ | 2,913,215 |
| Net realized gain (loss) | | 30,090,583 | | 12,126,714 |
| Change in net unrealized appreciation (depreciation) | | 22,158,912 | | 91,351,520 |
| Net increase (decrease) in net assets resulting from operations | | 53,742,859 | | 106,391,449 |
| Distributions to shareholders | | (150,494) | | (2,019,768) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 42,792,010 | | 82,337,401 |
| Reinvestment of distributions | | 139,009 | | 1,855,046 |
| Cost of shares redeemed | | (63,380,261) | | (137,391,407) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (20,449,242) | | (53,198,960) |
| Total increase (decrease) in net assets | | 33,143,123 | | 51,172,721 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 523,776,551 | | 472,603,830 |
| End of period | $ | 556,919,674 | $ | 523,776,551 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 1,190,273 | | 2,685,092 |
| Issued in reinvestment of distributions | | 4,028 | | 56,695 |
| Redeemed | | (1,772,781) | | (4,514,624) |
| Net increase (decrease) | | (578,480) | | (1,772,837) |
| | | | | |
Financial Highlights
Fidelity® Environment and Alternative Energy Fund |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 34.47 | $ | 27.85 | $ | 30.97 | $ | 30.16 | $ | 23.80 | $ | 24.92 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .10 | | .18 | | .15 | | .11 | | .24 | | .27 |
| Net realized and unrealized gain (loss) | | 3.54 | | 6.57 | | (3.09) | | 3.46 | | 8.02 | | (.81) |
| Total from investment operations | | 3.64 | | 6.75 | | (2.94) | | 3.57 | | 8.26 | | (.54) |
| Distributions from net investment income | | (.01) | | (.13) | | (.18) | | (.10) | | (.26) | | (.23) |
| Distributions from net realized gain | | - | | - | | - | | (2.66) | | (1.64) | | (.35) |
| Total distributions | | (.01) | | (.13) | | (.18) | | (2.76) | | (1.90) | | (.58) |
| Net asset value, end of period | $ | 38.10 | $ | 34.47 | $ | 27.85 | $ | 30.97 | $ | 30.16 | $ | 23.80 |
Total Return D,E | | | | 24.26% | | (9.46)% | | 11.02% | | 38.97% | | (2.35)% |
Ratios to Average Net Assets C,F,G | | | | | | | | | | | | |
| Expenses before reductions | | .70% H | | .81% | | .79% | | .79% | | .85% | | .85% |
| Expenses net of fee waivers, if any | | | | .80% | | .79% | | .79% | | .85% | | .85% |
| Expenses net of all reductions | | .70% H | | .80% | | .79% | | .79% | | .85% | | .85% |
| Net investment income (loss) | | .56% H | | .60% | | .52% | | .33% | | .95% | | 1.08% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 556,920 | $ | 523,777 | $ | 472,604 | $ | 755,742 | $ | 373,982 | $ | 181,456 |
Portfolio turnover rate I | | | | 35% | | 34% | | 89% | | 28% | | 49% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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).
Fidelity® Natural Resources Fund
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.3% |
| | | Shares | Value ($) |
| Containers & Packaging - 6.3% | | | |
| Metal, Glass & Plastic Containers - 3.9% | | | |
| Aptargroup, Inc. | | 73,400 | 11,244,146 |
| Crown Holdings, Inc. | | 89,500 | 8,091,695 |
| Greif, Inc. Class A | | 92,000 | 5,751,840 |
| | | | 25,087,681 |
| Paper & Plastic Packaging Products & Materials - 2.4% | | | |
| Avery Dennison Corp. | | 54,100 | 12,002,085 |
| International Paper Co. | | 75,000 | 3,631,500 |
| | | | 15,633,585 |
TOTAL CONTAINERS & PACKAGING | | | 40,721,266 |
| Energy Equipment & Services - 4.9% | | | |
| Oil & Gas Equipment & Services - 4.9% | | | |
| Expro Group Holdings NV (a) | | 470,000 | 9,334,200 |
| TechnipFMC PLC | | 425,100 | 11,409,684 |
| Weatherford International PLC | | 104,264 | 10,941,464 |
| | | | 31,685,348 |
| Metals & Mining - 18.0% | | | |
| Copper - 5.5% | | | |
| Capstone Copper Corp. (a) | | 307,400 | 2,205,734 |
| First Quantum Minerals Ltd. | | 1,266,700 | 15,950,654 |
| Freeport-McMoRan, Inc. | | 399,800 | 17,703,144 |
| | | | 35,859,532 |
| Diversified Metals & Mining - 4.2% | | | |
| Altius Minerals Corp. | | 124,200 | 2,239,498 |
| Ivanhoe Mines Ltd. (a)(b) | | 1,092,300 | 14,565,081 |
| Teck Resources Ltd. Class B | | 217,000 | 10,394,300 |
| | | | 27,198,879 |
| Gold - 7.4% | | | |
| Agnico Eagle Mines Ltd. (United States) | | 211,000 | 17,190,170 |
| Alamos Gold, Inc. Class A | | 208,600 | 4,021,808 |
| Franco-Nevada Corp. | | 75,900 | 9,268,062 |
| Newmont Corp. | | 138,000 | 7,367,820 |
| Wheaton Precious Metals Corp. | | 169,350 | 10,467,524 |
| | | | 48,315,384 |
| Silver - 0.9% | | | |
| Hecla Mining Co. | | 942,700 | 5,590,211 |
TOTAL METALS & MINING | | | 116,964,006 |
| Oil, Gas & Consumable Fuels - 70.1% | | | |
| Integrated Oil & Gas - 44.4% | | | |
| Exxon Mobil Corp. | | 1,237,259 | 145,922,327 |
| Galp Energia SGPS SA | | 1,493,600 | 30,973,237 |
| Imperial Oil Ltd. (b) | | 756,800 | 56,999,369 |
| Shell PLC ADR | | 750,300 | 53,766,498 |
| | | | 287,661,431 |
| Oil & Gas Exploration & Production - 15.0% | | | |
| Africa Oil Corp. | | 7,982,100 | 12,201,333 |
| Athabasca Oil Corp. (a) | | 5,056,500 | 20,336,311 |
| Greenfire Resources Ltd. | | 400,400 | 2,958,956 |
| Hess Corp. | | 116,400 | 16,070,184 |
| Kosmos Energy Ltd. (a)(b) | | 1,509,000 | 7,348,830 |
| MEG Energy Corp. | | 1,828,539 | 36,417,458 |
| Sintana Energy, Inc. (a) | | 2,685,800 | 2,212,175 |
| | | | 97,545,247 |
| Oil & Gas Refining & Marketing - 8.9% | | | |
| PBF Energy, Inc. Class A | | 125,200 | 4,264,312 |
| Phillips 66 Co. | | 155,016 | 21,750,295 |
| Valero Energy Corp. | | 214,500 | 31,473,585 |
| | | | 57,488,192 |
| Oil & Gas Storage & Transportation - 1.8% | | | |
| Cheniere Energy, Inc. | | 26,600 | 4,927,916 |
| Energy Transfer LP | | 428,900 | 6,905,290 |
| | | | 11,833,206 |
TOTAL OIL, GAS & CONSUMABLE FUELS | | | 454,528,076 |
| TOTAL COMMON STOCKS (Cost $428,287,320) | | | 643,898,696 |
| | | | |
| Money Market Funds - 4.1% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (c) | | 2,391,518 | 2,391,997 |
| Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | | 24,263,719 | 24,266,145 |
| TOTAL MONEY MARKET FUNDS (Cost $26,658,142) | | | 26,658,142 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 103.4% (Cost $454,945,462) | 670,556,838 |
NET OTHER ASSETS (LIABILITIES) - (3.4)% | (22,330,034) |
| NET ASSETS - 100.0% | 648,226,804 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 5.39% | 7,576,529 | 77,534,512 | 82,719,319 | 117,996 | 275 | - | 2,391,997 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 23,963,865 | 158,593,277 | 158,290,997 | 27,082 | - | - | 24,266,145 | 0.1% |
| Total | 31,540,394 | 236,127,789 | 241,010,316 | 145,078 | 275 | - | 26,658,142 | |
| | | | | | | | | |
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, 2024, 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 | 643,898,696 | 643,898,696 | - | - |
|
| Money Market Funds | 26,658,142 | 26,658,142 | - | - |
| Total Investments in Securities: | 670,556,838 | 670,556,838 | - | - |
Fidelity® Natural Resources Fund
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $22,879,763) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $428,287,320) | $ | 643,898,696 | | |
Fidelity Central Funds (cost $26,658,142) | | 26,658,142 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $454,945,462) | | | $ | 670,556,838 |
| Foreign currency held at value (cost $6) | | | | 6 |
| Receivable for investments sold | | | | 440,320 |
| Receivable for fund shares sold | | | | 329,660 |
| Dividends receivable | | | | 2,310,994 |
| Distributions receivable from Fidelity Central Funds | | | | 20,436 |
| Prepaid expenses | | | | 1,537 |
| Other receivables | | | | 106,306 |
Total assets | | | | 673,766,097 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 385,600 | | |
| Payable for fund shares redeemed | | 375,792 | | |
| Accrued management fee | | 357,448 | | |
| Other payables and accrued expenses | | 154,308 | | |
| Collateral on securities loaned | | 24,266,145 | | |
| Total liabilities | | | | 25,539,293 |
| Net Assets | | | $ | 648,226,804 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 607,789,985 |
| Total accumulated earnings (loss) | | | | 40,436,819 |
| Net Assets | | | $ | 648,226,804 |
Net Asset Value, offering price and redemption price per share ($648,226,804 ÷ 13,859,244 shares) | | | $ | 46.77 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 7,895,532 |
| Income from Fidelity Central Funds (including $27,082 from security lending) | | | | 145,078 |
| Total income | | | | 8,040,610 |
| Expenses | | | | |
| Management fee | $ | 2,204,522 | | |
| Custodian fees and expenses | | 14,160 | | |
| Independent trustees' fees and expenses | | 1,350 | | |
| Registration fees | | 27,282 | | |
| Audit fees | | 27,737 | | |
| Legal | | 864 | | |
| Miscellaneous | | 17,770 | | |
| Total expenses before reductions | | 2,293,685 | | |
| Expense reductions | | (11,985) | | |
| Total expenses after reductions | | | | 2,281,700 |
| Net Investment income (loss) | | | | 5,758,910 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 34,851,466 | | |
| Fidelity Central Funds | | 275 | | |
| Foreign currency transactions | | (1,661) | | |
| Total net realized gain (loss) | | | | 34,850,080 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 25,862,430 | | |
| Assets and liabilities in foreign currencies | | (401) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 25,862,029 |
| Net gain (loss) | | | | 60,712,109 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 66,471,019 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 5,758,910 | $ | 10,597,230 |
| Net realized gain (loss) | | 34,850,080 | | 57,563,145 |
| Change in net unrealized appreciation (depreciation) | | 25,862,029 | | (41,700,396) |
| Net increase (decrease) in net assets resulting from operations | | 66,471,019 | | 26,459,979 |
| Distributions to shareholders | | - | | (10,079,753) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 100,708,791 | | 175,332,712 |
| Reinvestment of distributions | | - | | 9,365,908 |
| Cost of shares redeemed | | (107,195,476) | | (425,265,456) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (6,486,685) | | (240,566,836) |
| Total increase (decrease) in net assets | | 59,984,334 | | (224,186,610) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 588,242,470 | | 812,429,080 |
| End of period | $ | 648,226,804 | $ | 588,242,470 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 2,150,867 | | 4,251,604 |
| Issued in reinvestment of distributions | | - | | 228,353 |
| Redeemed | | (2,317,953) | | (10,775,156) |
| Net increase (decrease) | | (167,086) | | (6,295,199) |
| | | | | |
Financial Highlights
Fidelity® Natural Resources Fund |
| |
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 41.94 | $ | 39.98 | $ | 34.22 | $ | 23.21 | $ | 20.59 | $ | 25.55 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .41 | | .65 | | .83 | | .51 | | .30 | | .30 |
| Net realized and unrealized gain (loss) | | 4.42 | | 1.96 | | 5.87 | | 10.91 | | 2.69 | | (4.88) |
| Total from investment operations | | 4.83 | | 2.61 | | 6.70 | | 11.42 | | 2.99 | | (4.58) |
| Distributions from net investment income | | - | | (.65) | | (.94) | | (.41) | | (.37) | | (.30) |
| Distributions from net realized gain | | - | | - | | - | | - | | - | | (.08) |
| Total distributions | | - | | (.65) | | (.94) | | (.41) | | (.37) | | (.38) |
| Net asset value, end of period | $ | 46.77 | $ | 41.94 | $ | 39.98 | $ | 34.22 | $ | 23.21 | $ | 20.59 |
Total Return D,E | | | | 6.57% | | 19.78% | | 49.71% | | 14.76% | | (18.25)% |
Ratios to Average Net Assets C,F,G | | | | | | | | | | | | |
| Expenses before reductions | | .70% H | | .77% | | .77% | | .82% | | .89% | | .84% |
| Expenses net of fee waivers, if any | | | | .76% | | .77% | | .81% | | .89% | | .84% |
| Expenses net of all reductions | | .70% H | | .76% | | .77% | | .81% | | .88% | | .84% |
| Net investment income (loss) | | 1.76% H | | 1.60% | | 2.21% | | 1.84% | | 1.62% | | 1.18% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 648,227 | $ | 588,242 | $ | 812,429 | $ | 598,034 | $ | 292,887 | $ | 315,533 |
Portfolio turnover rate I | | | | 50% | | 74% | | 98% | | 90% | | 8% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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).
Notes to Financial Statements
(Unaudited)For the period ended August 31, 2024
1. Organization.
Fidelity Environment and Alternative Energy Fund and Fidelity Natural Resources Fund (the Funds) are non-diversified funds of Fidelity Select Portfolios (the Trust). Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. Fidelity Natural Resources Fund may also invest in certain precious metals.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2024 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Fidelity Natural Resources Fund | 106,306 |
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.
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 and capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
| | Tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized depreciation ($) | Net unrealized appreciation (depreciation)($) |
Fidelity Environment and Alternative Energy Fund | 406,493,761 | 179,444,511 | (11,362,452) | 168,082,059 |
| Fidelity Natural Resources Fund | 455,452,748 | 224,940,678 | (9,836,588) | 215,104,090 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
| | Short-term ($) | Long-term ($) | Total capital loss carryforward ($) |
Fidelity Environment and Alternative Energy Fund | (92,561,271) | (23,013,764) | (115,575,035) |
| Fidelity Natural Resources Fund | (109,009,339) | (104,002,974) | (213,012,313) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Environment and Alternative Energy Fund | 96,947,165 | 114,517,746 |
| Fidelity Natural Resources Fund | 180,095,777 | 181,670,611 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which each Fund pays a monthly management fee.
Effective March 1, 2024, each Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean each "Fund" as each Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating each Fund out of each class's management fee. Each class of each Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once each Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of each Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Fidelity Environment and Alternative Energy Fund | .72 |
| Fidelity Natural Resources Fund | .71 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of each Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of each Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Fidelity Environment and Alternative Energy Fund | .67 |
| Fidelity Natural Resources Fund | .67 |
Effective March 1, 2024, each Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Environment and Alternative Energy Fund | 2,145 |
| Fidelity Natural Resources Fund | 5,516 |
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. During the period, there were no interfund trades.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Environment and Alternative Energy Fund | 2,487,759 | 9,011,528 | 2,789,622 |
| Fidelity Natural Resources Fund | 3,816,852 | 13,289,676 | 2,930,624 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Environment and Alternative Energy Fund | 458 |
| Fidelity Natural Resources Fund | 553 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Fidelity Environment and Alternative Energy Fund | 11,406 | 3,549 | - |
| Fidelity Natural Resources Fund | 2,972 | - | - |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:
| | Amount ($) |
| Fidelity Environment and Alternative Energy Fund | 10,568 |
| Fidelity Natural Resources Fund | 11,985 |
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.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. 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 elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 50,178,154,296.75 | 92.38 |
| Withheld | 4,136,551,415.53 | 7.62 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 50,131,321,830.27 | 92.30 |
| Withheld | 4,183,383,882.00 | 7.70 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vijay C. Advani |
| Affirmative | 50,021,870,319.77 | 92.10 |
| Withheld | 4,292,835,392.50 | 7.90 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 50,057,248,681.17 | 92.16 |
| Withheld | 4,257,457,031.10 | 7.84 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Donald F. Donahue |
| Affirmative | 49,998,023,290.27 | 92.05 |
| Withheld | 4,316,682,422.00 | 7.95 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 50,146,578,363.15 | 92.33 |
| Withheld | 4,168,127,349.12 | 7.67 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 50,227,895,949.71 | 92.48 |
| Withheld | 4,086,809,762.56 | 7.52 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 50,080,160,698.34 | 92.20 |
| Withheld | 4,234,545,013.93 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Oscar Munoz |
| Affirmative | 49,879,616,445.58 | 91.83 |
| Withheld | 4,435,089,266.69 | 8.17 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Karen B. Peetz |
| Affirmative | 50,078,105,799.58 | 92.20 |
| Withheld | 4,236,599,912.69 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| David M. Thomas |
| Affirmative | 50,013,939,190.36 | 92.08 |
| Withheld | 4,300,766,521.91 | 7.92 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Susan Tomasky |
| Affirmative | 50,109,134,188.50 | 92.26 |
| Withheld | 4,205,571,523.77 | 7.74 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Michael E. Wiley |
| Affirmative | 50,016,526,096.47 | 92.09 |
| Withheld | 4,298,179,615.80 | 7.91 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Environment and Alternative Energy Fund
Fidelity Natural Resources Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and the total expense ratio of each fund; (iii) the total costs of the services provided by and the profits realized by 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, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
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.
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. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect for each fund with each fund's management fee based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that, in exchange for the variable management fee, each fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of each fund's management fee and total expenses, the Board considered each fund's pro rata management fee rate as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as 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 Morningstar) 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, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. 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, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, 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 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 variable management fee structure, which provides for breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including, but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; 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 May 31, 2025.
1.9901476.103
EAE-NRF-SANN-1024
Fidelity® Select Portfolios®
Energy Sector
Energy Portfolio
Semi-Annual Report
August 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 98.6% |
| | | Shares | Value ($) |
| Energy Equipment & Services - 15.7% | | | |
| Oil & Gas Drilling - 3.3% | | | |
| Noble Corp. PLC | | 282,800 | 10,788,820 |
| Odfjell Drilling Ltd. | | 1,485,118 | 7,449,640 |
| Patterson-UTI Energy, Inc. | | 197,112 | 1,815,402 |
| Shelf Drilling Ltd. (a)(b)(c) | | 1,347,589 | 2,127,040 |
| Valaris Ltd. (a) | | 790,800 | 48,286,248 |
| | | | 70,467,150 |
| Oil & Gas Equipment & Services - 12.4% | | | |
| Halliburton Co. | | 596,300 | 18,538,967 |
| Liberty Energy, Inc. Class A | | 573,500 | 11,808,365 |
| National Energy Services Reunited Corp. (a) | | 3,888,920 | 37,916,970 |
| Oceaneering International, Inc. (a) | | 560,630 | 15,131,404 |
| Schlumberger Ltd. | | 2,462,469 | 108,324,011 |
| Subsea 7 SA | | 119,300 | 2,128,258 |
| TechnipFMC PLC | | 2,444,472 | 65,609,628 |
| Tidewater, Inc. (a) | | 57,800 | 5,126,860 |
| Vallourec SA (a) | | 192,800 | 3,087,059 |
| | | | 267,671,522 |
TOTAL ENERGY EQUIPMENT & SERVICES | | | 338,138,672 |
| Independent Power and Renewable Electricity Producers - 1.6% | | | |
| Independent Power Producers & Energy Traders - 1.6% | | | |
| Vistra Corp. | | 413,300 | 35,308,219 |
| Machinery - 0.8% | | | |
| Industrial Machinery & Supplies & Components - 0.8% | | | |
| Chart Industries, Inc. (a)(b) | | 143,200 | 17,527,680 |
| Oil, Gas & Consumable Fuels - 80.5% | | | |
| Integrated Oil & Gas - 42.2% | | | |
| Cenovus Energy, Inc. (Canada) | | 6,862,406 | 127,252,273 |
| Chevron Corp. | | 722,817 | 106,940,775 |
| Exxon Mobil Corp. | | 4,554,172 | 537,119,047 |
| Imperial Oil Ltd. | | 388,200 | 29,237,784 |
| Occidental Petroleum Corp. | | 1,382,515 | 78,775,705 |
| Occidental Petroleum Corp. warrants 8/3/27 (a) | | 99,550 | 3,486,241 |
| Suncor Energy, Inc. | | 720,600 | 29,227,170 |
| | | | 912,038,995 |
| Oil & Gas Exploration & Production - 20.3% | | | |
| Antero Resources Corp. (a) | | 964,400 | 26,029,156 |
| Canadian Natural Resources Ltd. | | 2,869,460 | 103,863,955 |
| Chord Energy Corp. | | 78,652 | 11,674,316 |
| ConocoPhillips Co. | | 583,266 | 66,369,838 |
| Devon Energy Corp. | | 81,900 | 3,667,482 |
| Diamondback Energy, Inc. | | 365,500 | 71,312,705 |
| EOG Resources, Inc. | | 83,664 | 10,777,596 |
| Hess Corp. | | 408,100 | 56,342,286 |
| Northern Oil & Gas, Inc. | | 123,860 | 4,927,151 |
| Ovintiv, Inc. | | 987,900 | 42,311,757 |
| Permian Resource Corp. Class A | | 745,400 | 10,614,496 |
| Range Resources Corp. | | 763,200 | 22,804,416 |
| SM Energy Co. | | 183,300 | 8,363,979 |
| | | | 439,059,133 |
| Oil & Gas Refining & Marketing - 9.7% | | | |
| Marathon Petroleum Corp. | | 599,392 | 106,164,311 |
| Phillips 66 Co. | | 174,673 | 24,508,369 |
| Valero Energy Corp. | | 529,900 | 77,752,227 |
| | | | 208,424,907 |
| Oil & Gas Storage & Transportation - 8.3% | | | |
| Cheniere Energy, Inc. | | 508,012 | 94,114,303 |
| Energy Transfer LP | | 4,304,800 | 69,307,280 |
| Golar LNG Ltd. | | 83,533 | 2,780,814 |
| Targa Resources Corp. | | 79,400 | 11,663,860 |
| | | | 177,866,257 |
TOTAL OIL, GAS & CONSUMABLE FUELS | | | 1,737,389,292 |
| TOTAL COMMON STOCKS (Cost $1,169,146,738) | | | 2,128,363,863 |
| | | | |
| Money Market Funds - 0.9% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (d) | | 1,488,016 | 1,488,313 |
| Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) | | 17,925,966 | 17,927,759 |
| TOTAL MONEY MARKET FUNDS (Cost $19,416,072) | | | 19,416,072 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.5% (Cost $1,188,562,810) | 2,147,779,935 |
NET OTHER ASSETS (LIABILITIES) - 0.5% | 11,839,741 |
| NET ASSETS - 100.0% | 2,159,619,676 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,127,040 or 0.1% of net assets. |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 392,136 | 119,667,369 | 118,571,436 | 128,347 | 244 | - | 1,488,313 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 29,770,054 | 515,825,467 | 527,667,762 | 35,421 | - | - | 17,927,759 | 0.1% |
| Total | 30,162,190 | 635,492,836 | 646,239,198 | 163,768 | 244 | - | 19,416,072 | |
| | | | | | | | | |
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, 2024, 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 | 2,128,363,863 | 2,128,363,863 | - | - |
|
| Money Market Funds | 19,416,072 | 19,416,072 | - | - |
| Total Investments in Securities: | 2,147,779,935 | 2,147,779,935 | - | - |
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $17,309,226) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,169,146,738) | $ | 2,128,363,863 | | |
Fidelity Central Funds (cost $19,416,072) | | 19,416,072 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,188,562,810) | | | $ | 2,147,779,935 |
| Receivable for investments sold | | | | 21,717,217 |
| Receivable for fund shares sold | | | | 2,616,534 |
| Dividends receivable | | | | 7,929,325 |
| Distributions receivable from Fidelity Central Funds | | | | 17,561 |
| Prepaid expenses | | | | 4,412 |
| Other receivables | | | | 489,858 |
Total assets | | | | 2,180,554,842 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 1,349,314 | | |
| Accrued management fee | | 1,141,055 | | |
| Other payables and accrued expenses | | 517,646 | | |
| Collateral on securities loaned | | 17,927,151 | | |
| Total liabilities | | | | 20,935,166 |
| Net Assets | | | $ | 2,159,619,676 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 2,055,851,052 |
| Total accumulated earnings (loss) | | | | 103,768,624 |
| Net Assets | | | $ | 2,159,619,676 |
Net Asset Value, offering price and redemption price per share ($2,159,619,676 ÷ 35,279,714 shares) | | | $ | 61.21 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 29,335,314 |
| Income from Fidelity Central Funds (including $35,421 from security lending) | | | | 163,768 |
| Total income | | | | 29,499,082 |
| Expenses | | | | |
| Management fee | $ | 7,303,942 | | |
| Custodian fees and expenses | | 28,171 | | |
| Independent trustees' fees and expenses | | 4,770 | | |
| Registration fees | | 60,644 | | |
| Audit fees | | 38,708 | | |
| Legal | | 4,404 | | |
| Interest | | 31,294 | | |
| Miscellaneous | | 53,893 | | |
| Total expenses before reductions | | 7,525,826 | | |
| Expense reductions | | (43,233) | | |
| Total expenses after reductions | | | | 7,482,593 |
| Net Investment income (loss) | | | | 22,016,489 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 83,940,609 | | |
| Fidelity Central Funds | | 244 | | |
| Foreign currency transactions | | 9,451 | | |
| Total net realized gain (loss) | | | | 83,950,304 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 31,381,455 | | |
| Assets and liabilities in foreign currencies | | 9 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 31,381,464 |
| Net gain (loss) | | | | 115,331,768 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 137,348,257 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 22,016,489 | $ | 47,706,355 |
| Net realized gain (loss) | | 83,950,304 | | 257,847,130 |
| Change in net unrealized appreciation (depreciation) | | 31,381,464 | | (191,126,185) |
| Net increase (decrease) in net assets resulting from operations | | 137,348,257 | | 114,427,300 |
| Distributions to shareholders | | (2,439,681) | | (42,949,687) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 336,857,915 | | 545,563,294 |
| Reinvestment of distributions | | 2,247,605 | | 39,788,327 |
| Cost of shares redeemed | | (445,956,575) | | (1,365,976,841) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (106,851,055) | | (780,625,220) |
| Total increase (decrease) in net assets | | 28,057,521 | | (709,147,607) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 2,131,562,155 | | 2,840,709,762 |
| End of period | $ | 2,159,619,676 | $ | 2,131,562,155 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 5,334,901 | | 9,594,074 |
| Issued in reinvestment of distributions | | 34,462 | | 711,141 |
| Redeemed | | (7,176,642) | | (24,924,355) |
| Net increase (decrease) | | (1,807,279) | | (14,619,140) |
| | | | | |
Financial Highlights
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 57.47 | $ | 54.94 | $ | 45.24 | $ | 29.25 | $ | 26.79 | $ | 37.50 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .60 | | 1.12 | | 1.46 | | .96 | | .99 D | | .71 |
| Net realized and unrealized gain (loss) | | 3.21 | | 2.51 | | 9.64 | | 15.82 | | 2.27 | | (10.76) |
| Total from investment operations | | 3.81 | | 3.63 | | 11.10 | | 16.78 | | 3.26 | | (10.05) |
| Distributions from net investment income | | (.07) | | (1.10) | | (1.40) | | (.79) | | (.80) | | (.64) |
| Distributions from net realized gain | | - | | - | | - | | - | | - | | (.02) |
| Total distributions | | (.07) | | (1.10) | | (1.40) | | (.79) | | (.80) | | (.66) |
| Net asset value, end of period | $ | 61.21 | $ | 57.47 | $ | 54.94 | $ | 45.24 | $ | 29.25 | $ | 26.79 |
Total Return E,F | | | | 6.66% | | 24.63% | | 58.37% | | 13.03% | | (27.24)% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .66% I | | .74% | | .73% | | .77% | | .85% | | .81% |
| Expenses net of fee waivers, if any | | | | .73% | | .73% | | .77% | | .85% | | .81% |
| Expenses net of all reductions | | .66% I | | .73% | | .73% | | .77% | | .84% | | .80% |
| Net investment income (loss) | | 1.93% I | | 2.00% | | 2.75% | | 2.79% | | 4.50% D | | 2.00% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 2,159,620 | $ | 2,131,562 | $ | 2,840,710 | $ | 2,407,641 | $ | 980,644 | $ | 676,312 |
Portfolio turnover rate J | | | | 17% | | 43% | | 56% K | | 31% | | 79% |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 3.82%.
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).
KThe portfolio turnover rate does not include the assets acquired in the merger.
Notes to Financial Statements
(Unaudited)For the period ended August 31, 2024
1. Organization.
Energy Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred Trustee compensation, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $978,232,705 |
| Gross unrealized depreciation | (22,595,564) |
| Net unrealized appreciation (depreciation) | $955,637,141 |
| Tax cost | $1,192,142,794 |
Due to a merger in a prior period, approximately $386,682,087 of the Fund's realized losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $2,077,904 of those capital losses per year to offset gains. These realized losses were acquired from Select Natural Gas Portfolio when it merged into the Fund on November 19, 2021.
Due to a merger in a prior period, approximately $317,098,512 of the Fund's realized losses and a portion of the Fund's unrealized losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $3,367,549 of those capital losses per year to offset gains. These realized and unrealized losses were acquired from Select Energy Service Portfolio when it merged into the Fund on November 19, 2021.
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 | $(484,417,665) |
Long-term | (467,923,776) |
| Total capital loss carryforward | $(952,341,441) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Energy Portfolio | 213,656,890 | 326,670,838 |
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.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Energy Portfolio | .70 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Energy Portfolio | .64 |
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Energy Portfolio | 8,104 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Energy Portfolio | Borrower | 4,265,289 | 5.57% | 29,686 |
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)($) |
| Energy Portfolio | 18,705,813 | 18,090,720 | 3,628,020 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Energy Portfolio | 1,962 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Energy Portfolio | 3,751 | - | - |
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
| | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
| Energy Portfolio | 993,000 | 5.83% | 1,608 |
9. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $43,233.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. 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 elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 50,178,154,296.75 | 92.38 |
| Withheld | 4,136,551,415.53 | 7.62 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 50,131,321,830.27 | 92.30 |
| Withheld | 4,183,383,882.00 | 7.70 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vijay C. Advani |
| Affirmative | 50,021,870,319.77 | 92.10 |
| Withheld | 4,292,835,392.50 | 7.90 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 50,057,248,681.17 | 92.16 |
| Withheld | 4,257,457,031.10 | 7.84 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Donald F. Donahue |
| Affirmative | 49,998,023,290.27 | 92.05 |
| Withheld | 4,316,682,422.00 | 7.95 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 50,146,578,363.15 | 92.33 |
| Withheld | 4,168,127,349.12 | 7.67 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 50,227,895,949.71 | 92.48 |
| Withheld | 4,086,809,762.56 | 7.52 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 50,080,160,698.34 | 92.20 |
| Withheld | 4,234,545,013.93 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Oscar Munoz |
| Affirmative | 49,879,616,445.58 | 91.83 |
| Withheld | 4,435,089,266.69 | 8.17 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Karen B. Peetz |
| Affirmative | 50,078,105,799.58 | 92.20 |
| Withheld | 4,236,599,912.69 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| David M. Thomas |
| Affirmative | 50,013,939,190.36 | 92.08 |
| Withheld | 4,300,766,521.91 | 7.92 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Susan Tomasky |
| Affirmative | 50,109,134,188.50 | 92.26 |
| Withheld | 4,205,571,523.77 | 7.74 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Michael E. Wiley |
| Affirmative | 50,016,526,096.47 | 92.09 |
| Withheld | 4,298,179,615.80 | 7.91 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Energy Portfolio
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and 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, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
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 the 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.
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 the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) 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 the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the 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 the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each 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 the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; 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 the fund's Advisory Contracts should be renewed through May 31, 2025.
1.813654.119
SELNR-SANN-1024
Fidelity® Select Portfolios®
Utilities Sector
Utilities Portfolio
Semi-Annual Report
August 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Schedule of Investments August 31, 2024 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 98.9% |
| | | Shares | Value ($) |
| Electric Utilities - 62.1% | | | |
| Electric Utilities - 62.1% | | | |
| American Electric Power Co., Inc. | | 836,127 | 83,846,816 |
| Constellation Energy Corp. | | 375,522 | 73,865,177 |
| Edison International | | 1,055,321 | 91,844,587 |
| Entergy Corp. | | 618,263 | 74,618,161 |
| Evergy, Inc. | | 98,100 | 5,801,634 |
| Eversource Energy | | 1,027,299 | 69,373,501 |
| FirstEnergy Corp. | | 1,463,245 | 64,265,720 |
| Hawaiian Electric Industries, Inc. (a) | | 707,685 | 7,593,460 |
| NextEra Energy, Inc. | | 2,474,950 | 199,258,229 |
| NRG Energy, Inc. | | 399,518 | 33,963,025 |
| PG&E Corp. | | 4,848,492 | 95,515,292 |
| Pinnacle West Capital Corp. (a) | | 157,065 | 13,746,329 |
| PPL Corp. | | 1,737,706 | 55,450,198 |
| Southern Co. | | 518,695 | 44,815,248 |
| Xcel Energy, Inc. | | 684,179 | 41,892,280 |
| | | | 955,849,657 |
| Gas Utilities - 2.1% | | | |
| Gas Utilities - 2.1% | | | |
| Southwest Gas Holdings, Inc. | | 190,859 | 13,879,266 |
| UGI Corp. | | 739,177 | 18,412,899 |
| | | | 32,292,165 |
| Independent Power and Renewable Electricity Producers - 9.5% | | | |
| Independent Power Producers & Energy Traders - 7.4% | | | |
| Talen Energy Corp. (b) | | 194,400 | 29,084,184 |
| The AES Corp. | | 1,435,133 | 24,583,828 |
| Vistra Corp. | | 696,164 | 59,473,291 |
| | | | 113,141,303 |
| Renewable Electricity - 2.1% | | | |
| Clearway Energy, Inc. Class A | | 166,124 | 4,463,752 |
| NextEra Energy Partners LP | | 1,118,569 | 28,020,153 |
| | | | 32,483,905 |
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | | | 145,625,208 |
| Multi-Utilities - 25.2% | | | |
| Multi-Utilities - 25.2% | | | |
| Ameren Corp. | | 487,395 | 40,214,961 |
| CenterPoint Energy, Inc. | | 1,659,001 | 45,290,727 |
| Consolidated Edison, Inc. | | 293,431 | 29,800,852 |
| Dominion Energy, Inc. | | 636,700 | 35,591,530 |
| NiSource, Inc. | | 1,424,976 | 47,109,707 |
| Public Service Enterprise Group, Inc. | | 1,002,108 | 80,920,221 |
| Sempra | | 1,333,008 | 109,546,597 |
| | | | 388,474,595 |
| TOTAL COMMON STOCKS (Cost $1,118,213,148) | | | 1,522,241,625 |
| | | | |
| Money Market Funds - 2.1% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (c) | | 13,134,035 | 13,136,662 |
| Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | | 18,170,833 | 18,172,650 |
| TOTAL MONEY MARKET FUNDS (Cost $31,309,312) | | | 31,309,312 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.0% (Cost $1,149,522,460) | 1,553,550,937 |
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (14,794,288) |
| NET ASSETS - 100.0% | 1,538,756,649 |
| | |
Legend
| (a) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 5.39% | 4,516,166 | 255,630,998 | 247,009,890 | 505,920 | (612) | - | 13,136,662 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 43,358,278 | 208,029,481 | 233,215,109 | 9,665 | - | - | 18,172,650 | 0.1% |
| Total | 47,874,444 | 463,660,479 | 480,224,999 | 515,585 | (612) | - | 31,309,312 | |
| | | | | | | | | |
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, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Common Stocks | 1,522,241,625 | 1,522,241,625 | - | - |
|
| Money Market Funds | 31,309,312 | 31,309,312 | - | - |
| Total Investments in Securities: | 1,553,550,937 | 1,553,550,937 | - | - |
Financial Statements (Unaudited)
| Statement of Assets and Liabilities |
| As of August 31, 2024 (Unaudited) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $17,701,662) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,118,213,148) | $ | 1,522,241,625 | | |
Fidelity Central Funds (cost $31,309,312) | | 31,309,312 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,149,522,460) | | | $ | 1,553,550,937 |
| Receivable for investments sold | | | | 195,062 |
| Receivable for fund shares sold | | | | 3,056,741 |
| Dividends receivable | | | | 5,228,082 |
| Distributions receivable from Fidelity Central Funds | | | | 61,529 |
| Prepaid expenses | | | | 2,493 |
Total assets | | | | 1,562,094,844 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 3,222,781 | | |
| Payable for fund shares redeemed | | 1,093,659 | | |
| Accrued management fee | | 799,416 | | |
| Other payables and accrued expenses | | 49,689 | | |
| Collateral on securities loaned | | 18,172,650 | | |
| Total liabilities | | | | 23,338,195 |
| Net Assets | | | $ | 1,538,756,649 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,118,246,044 |
| Total accumulated earnings (loss) | | | | 420,510,605 |
| Net Assets | | | $ | 1,538,756,649 |
Net Asset Value, offering price and redemption price per share ($1,538,756,649 ÷ 12,990,479 shares) | | | $ | 118.45 |
| Statement of Operations |
Six months ended August 31, 2024 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 21,763,963 |
| Income from Fidelity Central Funds (including $9,665 from security lending) | | | | 515,585 |
| Total income | | | | 22,279,548 |
| Expenses | | | | |
| Management fee | $ | 4,391,019 | | |
| Custodian fees and expenses | | 5,955 | | |
| Independent trustees' fees and expenses | | 2,651 | | |
| Registration fees | | 47,489 | | |
| Audit fees | | 23,279 | | |
| Legal | | 307 | | |
| Miscellaneous | | 27,947 | | |
| Total expenses before reductions | | 4,498,647 | | |
| Expense reductions | | (23,566) | | |
| Total expenses after reductions | | | | 4,475,081 |
| Net Investment income (loss) | | | | 17,804,467 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 18,760,906 | | |
| Fidelity Central Funds | | (612) | | |
| Foreign currency transactions | | 6,800 | | |
| Total net realized gain (loss) | | | | 18,767,094 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 243,950,525 | | |
| Assets and liabilities in foreign currencies | | 666 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 243,951,191 |
| Net gain (loss) | | | | 262,718,285 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 280,522,752 |
| Statement of Changes in Net Assets |
| |
| | Six months ended August 31, 2024 (Unaudited) | | Year ended February 29, 2024 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 17,804,467 | $ | 28,798,168 |
| Net realized gain (loss) | | 18,767,094 | | 38,799,103 |
| Change in net unrealized appreciation (depreciation) | | 243,951,191 | | 4,858,933 |
| Net increase (decrease) in net assets resulting from operations | | 280,522,752 | | 72,456,204 |
| Distributions to shareholders | | (51,939,004) | | (46,638,898) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 294,686,051 | | 299,175,604 |
| Reinvestment of distributions | | 47,008,999 | | 42,202,004 |
| Cost of shares redeemed | | (189,555,680) | | (561,927,330) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 152,139,370 | | (220,549,722) |
| Total increase (decrease) in net assets | | 380,723,118 | | (194,732,416) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,158,033,531 | | 1,352,765,947 |
| End of period | $ | 1,538,756,649 | $ | 1,158,033,531 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 2,648,189 | | 3,004,338 |
| Issued in reinvestment of distributions | | 453,193 | | 425,669 |
| Redeemed | | (1,743,355) | | (5,699,536) |
| Net increase (decrease) | | 1,358,027 | | (2,269,529) |
| | | | | |
Financial Highlights
| | Six months ended (Unaudited) August 31, 2024 | | Years ended February 28, 2024 A | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 99.55 | $ | 97.31 | $ | 100.38 | $ | 86.55 | $ | 91.20 | $ | 85.32 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | 1.46 | | 2.21 | | 1.82 | | 1.92 | | 1.61 | | 2.09 |
| Net realized and unrealized gain (loss) | | 21.88 | | 3.57 | | .04 | | 14.72 | | (1.81) | | 5.99 |
| Total from investment operations | | 23.34 | | 5.78 | | 1.86 | | 16.64 | | (.20) | | 8.08 |
| Distributions from net investment income | | (1.11) | | (2.13) | | (1.75) | | (1.71) | | (2.12) | | (1.94) |
| Distributions from net realized gain | | (3.33) | | (1.42) | | (3.18) | | (1.10) | | (2.34) | | (.26) |
| Total distributions | | (4.44) | | (3.54) D | | (4.93) | | (2.81) | | (4.45) D | | (2.20) |
| Net asset value, end of period | $ | 118.45 | $ | 99.55 | $ | 97.31 | $ | 100.38 | $ | 86.55 | $ | 91.20 |
Total Return E,F | | | | 6.01% | | 1.46% | | 19.19% | | (.05)% | | 9.34% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .68% I | | .74% | | .74% | | .74% | | .76% | | .75% |
| Expenses net of fee waivers, if any | | | | .73% | | .74% | | .73% | | .76% | | .75% |
| Expenses net of all reductions | | .67% I | | .73% | | .74% | | .73% | | .75% | | .74% |
| Net investment income (loss) | | 2.67% I | | 2.23% | | 1.74% | | 1.96% | | 1.88% | | 2.25% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,538,757 | $ | 1,158,034 | $ | 1,352,766 | $ | 1,072,056 | $ | 896,285 | $ | 1,247,009 |
Portfolio turnover rate J | | | | 83% | | 53% | | 37% | | 64% | | 65% K |
AFor the year ended February 29.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal 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).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
(Unaudited)For the period ended August 31, 2024
1. Organization.
Utilities Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, partnerships and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $421,922,292 |
| Gross unrealized depreciation | (24,445,553) |
| Net unrealized appreciation (depreciation) | $397,476,739 |
| Tax cost | $1,156,074,198 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Utilities Portfolio | 500,215,930 | 362,526,968 |
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.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Utilities Portfolio | .69 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Utilities Portfolio | .66 |
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Utilities Portfolio | 7,699 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Utilities Portfolio | 8,094,599 | 24,687,029 | (614,327) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Utilities Portfolio | 1,081 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
| Utilities Portfolio | 1,003 | - | - |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $23,566.
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.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
| A special meeting of shareholders was held on July 16, 2024. 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 elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 50,178,154,296.75 | 92.38 |
| Withheld | 4,136,551,415.53 | 7.62 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 50,131,321,830.27 | 92.30 |
| Withheld | 4,183,383,882.00 | 7.70 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vijay C. Advani |
| Affirmative | 50,021,870,319.77 | 92.10 |
| Withheld | 4,292,835,392.50 | 7.90 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 50,057,248,681.17 | 92.16 |
| Withheld | 4,257,457,031.10 | 7.84 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Donald F. Donahue |
| Affirmative | 49,998,023,290.27 | 92.05 |
| Withheld | 4,316,682,422.00 | 7.95 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 50,146,578,363.15 | 92.33 |
| Withheld | 4,168,127,349.12 | 7.67 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 50,227,895,949.71 | 92.48 |
| Withheld | 4,086,809,762.56 | 7.52 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 50,080,160,698.34 | 92.20 |
| Withheld | 4,234,545,013.93 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Oscar Munoz |
| Affirmative | 49,879,616,445.58 | 91.83 |
| Withheld | 4,435,089,266.69 | 8.17 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Karen B. Peetz |
| Affirmative | 50,078,105,799.58 | 92.20 |
| Withheld | 4,236,599,912.69 | 7.80 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| David M. Thomas |
| Affirmative | 50,013,939,190.36 | 92.08 |
| Withheld | 4,300,766,521.91 | 7.92 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Susan Tomasky |
| Affirmative | 50,109,134,188.50 | 92.26 |
| Withheld | 4,205,571,523.77 | 7.74 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| Michael E. Wiley |
| Affirmative | 50,016,526,096.47 | 92.09 |
| Withheld | 4,298,179,615.80 | 7.91 |
| TOTAL | 54,314,705,712.27 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Utilities Portfolio
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and 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, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
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 the 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.
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 the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with a fee based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the management fee, the fund will receive investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the fund's management fee and total expense ratio, the Board considered the fund's pro forma management fee rate as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) 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 the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the 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 the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each 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 the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; 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 the fund's Advisory Contracts should be renewed through May 31, 2025.
1.813630.119
SELUTL-SANN-1024
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Select Portfolios’s Board of Trustees.
Item 16.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Select Portfolios’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 17.
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Select Portfolios
|
By: | /s/Stacie M. Smith |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |
|
|
Date: | October 23, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By: | /s/Stacie M. Smith |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |
|
|
Date: | October 23, 2024 |
|
By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer (Principal Financial Officer) |
|
|
Date: | October 23, 2024 |
