Fidelity Select Materials Portfolio

The fund aims to achieve long-term capital appreciation for its investors. It primarily allocates its portfolio to common equities, concentrating at least 80% of its assets in companies fundamentally involved in the production, extraction, refinement, or distribution of raw materials and intermediate goods. Its investments may include both U.S. and international issuers. Selection of securities is based on thorough fundamental analysis, assessing factors such as an issuer's financial well-being, its competitive position within its industry, and overall market and economic trends. This portfolio is characterized as non-diversified.