Fidelity Select Portfolios Energy Sector

[Pages:60]Fidelity? Select Portfolios? Energy Sector

Energy Portfolio Energy Service Portfolio Natural Gas Portfolio Natural Resources Portfolio (to be renamed Fidelity Natural

Resources Fund effective May 1, 2021)

Annual Report

February 28, 2021

Contents

Note to Shareholders Energy Portfolio

Energy Service Portfolio

Natural Gas Portfolio

Natural Resources Portfolio

Notes to Financial Statements Report of Independent Registered Public Accounting Firm Trustees and Officers Shareholder Expense Example Distributions Board Approval of Investment Advisory Contracts Liquidity Risk Management Program Proxy Voting Results

4 5 Performance 6 Management's Discussion of Fund

Performance 7 Investment Summary 8 Schedule of Investments 10 Financial Statements 14 Performance 15 Management's Discussion of Fund

Performance 16 Investment Summary 17 Schedule of Investments 19 Financial Statements 23 Performance 24 Management's Discussion of Fund

Performance 25 Investment Summary 26 Schedule of Investments 29 Financial Statements 33 Performance 34 Management's Discussion of Fund

Performance 35 Investment Summary 36 Schedule of Investments 38 Financial Statements 42 48

49 55 56 57

58 59

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit or visit the Securities and Exchange Commission's (SEC) web site at . 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. ? 2021 FMR LLC. All rights reserved.

Annual Report

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 . 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 , . com, or , as applicable. NOT FDIC INSURED ?MAY LOSE VALUE ?NO BANK GUARANTEE Neither the Funds nor Fidelity Distributors Corporation is a bank.

Annual Report

Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and ? given the wide variability in outcomes regarding the outbreak ? significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are "exogenous shocks" that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we're taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Annual Report

4

Energy Portfolio

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended February 28, 2021

Energy Portfolio

Past 1 year

13.03%

Past 5 years

-0.35%

Past 10 years

-3.79%

$10,000 Over 10 Years Let's say hypothetically that $10,000 was invested in Energy Portfolio on February 28, 2011. The chart shows how the value of your investment would have changed, and also shows how the S&P 500? Index performed over the same period.

Period Ending Values $6,794Energy Portfolio $35,259S&P 500? Index

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Annual Report

Energy Portfolio

Management's Discussion of Fund Performance

Market Recap: The S&P 500? index gained 31.29% for the 12 months ending February 28, 2021, a volatile but productive period for U.S. risk assets. The early-2020 outbreak and spread of COVID-19 resulted in stocks suffering one of the quickest declines on record, through March 23, followed by a historic rebound that included the index closing 2020 at an all-time high and gaining modest ground in the first two months of the new year. The crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty and dislocation in financial markets. A rapid and expansive U.S. monetary/fiscal-policy response partially offset the economic disruption and fueled the market surge, as did resilient corporate earnings. The rally slowed in September, when stocks began a two-month retreat amid Congress's inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery could be slowing and a new wave of COVID-19 cases. A shift in momentum began in October and accelerated following the U.S. elections, with the approval of three breakthrough COVID-19 vaccines and prospects for additional government stimulus fueling the "reflation trade" through February 28. By sector for the full 12 months, information technology (+50%) and consumer discretionary (+43%) led all gainers. Materials (+42%) and communication services (+37%) also stood out. In contrast, the defensive utilities (-3%) and real estate sectors (+5%) notably lagged.

Comments from Portfolio Manager Maurice FitzMaurice: For the fiscal year ending February 28, 2021, the fund gained 13.03%, trailing the 14.60% advance of the MSCI US IMI Energy 25/50 Index, as well as the broad-based S&P 500? index. Versus the sector index, security selection was the primary detractor, especially within the integrated oil & gas group. Stock selection and an underweighting in the oil & gas exploration & production category, and security selection in independent power producers & energy traders, which is not part of the sector benchmark, also hurt. Our non-index stake in BP was the fund's largest individual relative detractor, due to its -16% result. This was among the fund's biggest holdings. Also hindering performance was an underweighting in Occidental Petroleum, which returned roughly -13%. We pared our stake in Occidental the past 12 months. The fund's non-index stake in Suncor Energy returned -26%. We added to our position in Suncor the past year. In contrast, the biggest contributor to performance versus the sector index was stock selection and an overweighting in the oil & gas storage & transportation group. Security selection in the oil & gas equipment & services segment also lifted the fund's relative performance. Not owning Kinder Morgan, an index component that returned -17%, was the biggest individual relative contributor. Also adding value was our overweighting in Baker Hughes, which gained roughly 60%. Although we pared our stake in Baker Hughes the past year, it was among the fund's largest holdings at period end. Avoiding ONEOK, an index component that returned about -25%, also helped relative performance. Notable changes in positioning include increased exposure to the oil & gas equipment & services industry and a lower allocation to oil & gas refining & marketing.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

6

Energy Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of February 28, 2021

Chevron Corp. Exxon Mobil Corp. BP PLC sponsored ADR Cheniere Energy, Inc. Pioneer Natural Resources Co. Royal Dutch Shell PLC Class B sponsored ADR ConocoPhillips Co. EOG Resources, Inc. Marathon Petroleum Corp. Valero Energy Corp.

% of fund's net assets 12.7 12.2 5.4 4.9 4.8 4.0 3.8 3.8 3.7 3.4

58.7

Top Industries (% of fund's net assets)

As of February 28, 2021

Oil, Gas & Consumable Fuels

84.7%

Energy Equipment & Services

11.1%

Independent Power and Renewable Electricity Producers

2.0%

Food Products

0.5%

All Others*

1.7%

* Includes short-term investments and net other assets (liabilities).

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Annual Report

Energy Portfolio

Schedule of Investments February 28, 2021

Showing Percentage of Net Assets

Common Stocks ? 98.3%

Shares

Value

Energy Equipment & Services ? 11.1% Oil & Gas Drilling ? 1.1% Nabors Industries Ltd. Odfjell Drilling Ltd. (a) PattersonUTI Energy, Inc. Shelf Drilling Ltd. (a)(b)

Oil & Gas Equipment & Services ? 10.0% Baker Hughes Co. Class A Cactus, Inc. Championx Corp. (a) Nextier Oilfield Solutions, Inc. (a) Oceaneering International, Inc. (a) ProPetro Holding Corp. (a) RigNet, Inc. (a) Schlumberger Ltd. Technip Energies NV (a) TechnipFMC PLC

34,558 1,835,680

200,700 1,474,713

$3,836,284 4,562,418 1,485,180 761,967 10,645,849

1,184,640 97,400 272,000

1,811,600 465,200

1,053,700 221,801 472,158 361,380

1,709,100

28,999,987 3,104,138 5,785,440 8,423,940 5,489,360 12,085,939 2,056,095 13,177,930 4,658,906 14,048,802 97,830,537

Northern Oil & Gas, Inc. (a) PDC Energy, Inc. (a) Pioneer Natural Resources Co. Viper Energy Partners LP

Oil & Gas Refining & Marketing ? 9.9% Marathon Petroleum Corp. Phillips 66 Co. Renewable Energy Group, Inc. (a) Valero Energy Corp.

Oil & Gas Storage & Transport ? 8.8% Cheniere Energy, Inc. (a) Enterprise Products Partners LP Golar LNG Ltd. (a) Noble Midstream Partners LP Teekay LNG Partners LP The Williams Companies, Inc.

Shares

148,460 547,151 318,666 225,159

Value

$1,971,549 19,122,927 47,344,208 3,530,493 263,741,175

665,192 286,373 43,100 433,100

36,332,787 23,783,278 3,351,887 33,340,038 96,807,990

709,500 428,600 405,700 307,314 354,500 711,300

47,813,205 9,137,752 4,580,353 4,302,396 4,789,295 16,246,092 86,869,093

TOTAL ENERGY EQUIPMENT & SERVICES

108,476,386

TOTAL OIL, GAS & CONSUMABLE FUELS

831,009,029

Food Products ? 0.5% Agricultural Products ? 0.5% Darling Ingredients, Inc. (a)

84,900

Independent Power and Renewable Electricity Producers ? 2.0% Independent Power Producers & Energy Traders ? 2.0% The AES Corp. Vistra Corp.

69,500 1,007,900

Oil, Gas & Consumable Fuels ? 84.7% Coal & Consumable Fuels ? 0.2% Enviva Partners LP Integrated Oil & Gas ? 38.9% BP PLC sponsored ADR Chevron Corp. Exxon Mobil Corp. Occidental Petroleum Corp. Occidental Petroleum Corp. warrants 8/3/27 (a) Royal Dutch Shell PLC Class B sponsored ADR Suncor Energy, Inc. Total SA sponsored ADR

Oil & Gas Exploration & Production ? 26.9% Apache Corp. Callon Petroleum Co. (a)(c) Canadian Natural Resources Ltd. Cimarex Energy Co. ConocoPhillips Co. Devon Energy Corp. EOG Resources, Inc. Hess Corp. Magnolia Oil & Gas Corp. Class A (a) National Energy Services Reunited Corp. (a)

38,700

2,167,000 1,243,390 2,204,448

560,200 63,600 1,011,900 891,600 252,800

1,226,900 76,900 755,200 270,000 722,066

1,009,300 577,464 236,900 429,800 910,200

5,352,096

1,845,920 17,386,275 19,232,195

2,052,261

52,896,470 124,339,000 119,855,838 14,906,922

763,200 39,342,672 17,704,488 11,729,920 381,538,510

24,206,737 1,966,333 20,597,982 15,657,300 37,554,653 21,740,322 37,281,076 15,524,057 5,183,388 12,060,150

TOTAL COMMON STOCKS (Cost $860,977,307)

Money Market Funds ? 1.5%

964,069,706

Fidelity Cash Central Fund 0.07% (d) Fidelity Securities Lending Cash Central Fund 0.08% (d)(e)

14,450,080 559,677

14,452,970 559,733

TOTAL MONEY MARKET FUNDS (Cost $15,012,703)

15,012,703

TOTAL INVESTMENT IN SECURITIES ? 99.8% (Cost $875,990,010) 979,082,409

NET OTHER ASSETS (LIABILITIES) ? 0.2%

1,561,237

NET ASSETS ? 100% $980,643,646

Legend

(a) Non-income producing

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $761,967 or 0.1% of net assets.

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

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

See accompanying notes which are an integral part of the financial statements.

Annual Report

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