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PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 29, 2020

Fidelity® Select Consumer Staples Portfolio

Key Takeaways

• For the fiscal year ending February 29, 2020, the fund's Retail Class shares gained 6.48%, trailing the 7.19% advance of the MSCI U.S. IMI Consumer Staples 25/50 Index, as well as the broad-based S&P 500® index.

• On November 1, 2019, Nicola Stafford became sole portfolio managerof the fund, succeeding James McElligott.

• On December 31, 2019, Ben Shuleva assumed co-management responsibilities for the fund, joining Nicola. The two will manage the fund together until June 30, 2020, when Ben will assume sole management for the fund.

• Consumer staples stocks gained solidly the past 12 months, as investors rewarded premium-growth and low-volatility businesses amid bouts of macro uncertainty.

• Until a sharp reversal in late February, related to the outbreak and early spread of the coronavirus, market sentiment overall was "risk-on," thus consumer staples, a traditionally defensive sector, moderately lagged the broad market.

• Versus the MSCI sector index, the fund's overweighting in TreeHouse Foods detracted most, as shares of the maker of packaged foods returned -37%. It also hurt to own U.S.-based tobacco company Altria Group (-18%), which sells combustible products in the U.S. and also has a sizable stake in e-cigarette company Juul Labs.

• On the positive side, largely avoiding drugstore retailer Walgreens Boots Alliance (-34%) was the fund's biggest relative contributor.

• As of February 29, Nicky and Ben remain optimistic about the outlook for the consumer staples sector, and are focused on several structural changes they believe have broad implications for unit demand, pricingpower, brand durability, and, ultimately, cash-flow generation.

MARKET RECAP

U.S. stocks stalled to begin the new year and declined in late February, as the outbreak and spread of the new coronavirus threatened to hamper global economic growth and corporate earnings. For the 12 months ending February 29, 2020, the U.S. equity bellwether S&P 500® index gained 8.19%. The period began with equities rising amid upbeat company earnings and signs the U.S. Federal Reserve may pause on rates. The uptrend extended until May, when the index dipped as trade talks between the U.S. and China broke down. The bull market roared backto record a series of highs in July, when the Fed cut interest rates for the first timesince 2008. Volatility intensified in August, as the Treasury yield curve inverted, which some investors viewed asa sign the U.S. economy could be heading for recession. But the market proved resilient, hitting a new high on October 30, when the Fed lowered rates for the third time in 2019, and moving higher through December 31. Following a roughly flat January, stocks sank in late February, after a surge in coronavirus cases outside China created considerableuncertainty and pushed investors to saferasset classes. By sector, information technology (+27%) led the way by a wide margin, followed by utilities and communication services (+13% each). In contrast, energy (-25%) was by far the weakest category, struggling due to sluggish oil prices. Other notable laggards included materials and industrials (-2% each).

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2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Nicola StaffordCo-Manager

Ben ShulevaCo-Manager

Fund Facts

Trading Symbol: FDFAX

Start Date: July 29, 1985

Size (in millions): $1,380.85

Investment Approach• Fidelity® Select Consumer Staples Portfolio is a sector-

based, equity-focused strategy that seeks to outperform its benchmark through active management.

• Our core philosophy is that stock prices follow earnings and returns over the long term. We look for durable franchises capable of compounding value and deliveringabove-average earnings growth over time.

• Investment opportunities arise when there is a differentiated view with regard to the long-term earningspower of a company. We focus on stocks where the market underestimates the magnitude or duration of growth and the valuation is attractive.

• Fundamental research is key to our approach, as we build the portfolio stock by stock and take a multiyear investment perspective to get a differentiated view on long-term performance drivers. We also look to capitalize on short-term market opportunities, with the goal of optimizing risk-adjusted returns for shareholders.

• Sector strategies could be used by investors as alternatives to individual stocks for either tactical- or strategic-allocation purposes.

Q&AAn interview with Co-Portfolio Managers Nicola Stafford and Ben Shuleva

Q: Nicky, how did the fund perform for the fiscal year ending February 29, 2020

N.S. The fund's Retail Class shares gained 6.48% the past 12 months, trailing the 7.19% advance of the MSCI U.S. IMI Consumer Staples 25/50 Index, as well as the broad-based S&P 500. In addition, the fund handily outperformed its peer group average.

Ben and I look to invest in companies with superior and, importantly, sustainable earnings, driven by durable revenue growth. Thus, since Ben joined me as co-manager at the end of 2019, we have increased exposure to businesses with fast revenue growth, while also consolidating the number of fundholdings to increase concentration in the stocks and themes in which we have the highest conviction.

Q: What was notable about the environment forconsumer staples stocks the past year

N.S. The sector gained solidly, as investors rewarded premium-growth and low-volatility businesses amid bouts of macro uncertainty throughout the year. This supported companies in the sector and helped many achieve earnings-multiple expansion.

Notably, consumer staples stocks returned -8% in February, largely due to the early stages of the outbreak and spread of the coronavirus. However, until this sharp reversal late in the month, market sentiment could be generally characterized as"risk on," with stocks bolstered by the U.S. Federal Reserve's three moves to lower interest rates – in August, September and October – and de-escalation of the U.S.–China trade conflict in late 2019. As a result of all these factors, consumer staples, a traditionally defensive sector, moderately lagged the broad equity market the past 12 months.

Q: Ben, what most influenced the fund's performance versus the MSCI sector index

B.S. An overweighting in TreeHouse Foods was the biggest relative detractor. Shares of the maker of packaged foods returned -37% this period, hampered by sluggish sales for its baked goods and meal solutions units, as well as higher expenses. Despite disappointing performance for TreeHousethis period, Nicky and I are optimistic about the firm's efforts



to turn around its business through various buyouts and cost-cutting measures.

On the positive side, the decision to sell drugstore retailer and index component Walgreens Boots Alliance (-34%) made it the top relative contributor. The fund was underweighted in Walgreens until it was sold from the fund in November, after struggling due to rising pressure related to reimbursement and pricing for generic drugs.

Q: Aside from TreeHouse, what detracted

B.S. Another disappointment was our sizable investment in U.S.-based tobacco company Altria Group (-18%), which sellscombustible products in the U.S. and also has a 35% stake in e-cigarette company Juul Labs. A private company, Juul is a subject of federal and state investigations into cases of vaping-associated lung illness and deaths, primarily involvingbootleg products containing THC, the active ingredient in marijuana. This hurt shares of Altria.

In late August, Altria and Philip Morris International, which sells cigarettes in non-U.S. markets, disclosed they were in talks to merge. Shareholders questioned the merits of the deal, further pressuring Altria stock. Nonetheless, we maintained the fund's stake in Altria based on our optimism that a merger could bring greater global scale and cost synergies that could help with the firm's development of reduced-risk products.

On a related note, we significantly reduced the fund's position in Philip Morris the past year – moving from an overweighting to an underweighting as of February 29 – and it was a modest relative contributor.

Elsewhere, it hurt to underweight a few high-quality growers that outperformed: consumer goods giant Procter & Gamble and retailing giants Walmart and Costco Wholesale. While each was a large fund position, we remained underexposed versus the MSCI sector index because we considered the stocks extremely expensive. However, P&G shares rose 18% this period, benefiting as the company's turnaround strategy took hold and the company reported strong organic sales growth and increasing demand from emerging markets.

Meanwhile, shares of Walmart and Costco gained about 11%and 30%, respectively, as investors rewarded companies withstable or above-average earnings growth. Costco also benefited from strong same-store sales, along with solid revenue and earnings growth.

Lastly, I'll note that our foreign holdings detracted overall, due in part to currency fluctuation.

Q: Let's get back to contributors…

B.S. It helped to have non-index exposure to JBS, a Brazil-based company that gained about 82% for the fund until we eliminated it. As one of the largest protein producers in the

world, JBS was boosted by expectations of reduced global pork supply and higher prices for the protein, due to the African swine fever outbreak in China – the world's largest pork producer. Due to this untreatable disease, roughly 25% of the world's pig population was slaughtered by year-end. As higher pork prices caused many consumers to substitute other types of protein, JBS also benefited from increased demand for its chicken and beef offerings.

Elsewhere, we invested in several niche companies that gained market share, including Freshpet, which manufactures premium, natural food for pets. The company experienced stronger revenue growth than its peers, driving our position to a 62% gain the past 12 months.

Q: Nicky, what's your outlook

N.S. As of February 29, it's understandable that shareholdersmay be concerned about the sharp, short-term decline in the market, caused by the potential for the global coronavirus outbreak to impact the economy, corporate earnings and consumer spending. We think it's important to remember that we've experienced volatility before – such as in the global financial crisis of 2008–09 – and consumer staples, as atypically defensive sector, tends to outperform the broader market in times of turbulence. This seems to be the case again so far in the first two months of 2020, although admittedly this is a very short period of time. Longer term, we remain optimistic about the potential for consumer staples stocks. There are several structural changes ongoing in the staples sector, each of which has broad implications for unit demand, pricing power, brand durability and, ultimately, cash-flow generation.

The biggest of these structural changes continues to be e-commerce and the global share grab from online retailers. Traditionally, retailers, faced with limited shelf space and powerful big brands, have been less willing to create competitive tension by carrying smaller challenger brands. E-commerce, sometimes called "the endless aisle," makes all products available at the click of a button, giving consumers more options and driving increased fragmentation.

One other notable change I'll mention is consumers becoming increasingly selective about their purchases. Consumers are no longer simply asking if a product performswell and is affordable. They are now asking exactly what the ingredients are, where and how they were sourced, and if the company producing the product is using my money to dogood in the world. Some examples of fund holdings we thinkcan benefit from this change include Freshpet and Honest, which sells baby, cleaning and beauty products.

The natural result of these structural changes – and others – likely will be increased dispersion of financial results and stock returns. Therefore, our primary focus over the next yearis working to determine "winners" and "losers" in this new environment. ■



Co-Manager Nicky Stafford on digital disruption in the grocery segment:

"U.S. consumers have embraced e-commerce for a wide range of products, but until recently were much more reluctant to purchase groceries online. In 2017, less than 1% of U.S. food and beverage sales took place online, an indication of low penetration for this segment on both an absolute basis and relative to other major economies, such asJapan and the United Kingdom. This number also is very low compared with other retail categories, including toys and apparel.

"However, even early signs of the impact of the outbreak and spread of the coronavirus led to rapid acceleration in the transition of grocery shopping online. In February, downloads of some of the most popular grocery apps, such as Instacart and WalmartGrocery, began to surge, as many consumers decided to stay home to limit public contact.

"If this continues, consumers could experience trouble with inventories in flux and long wait times for deliveries. It remains to be seen whether consumers will increase their use of delivery and curbside pickup services. We think there's a strong possibility they will. This means grocers will have to meet high demand with a better digital experience.

"Notably, the technology required for the current modes of online grocery purchasing – home deliveryand 'click-and-collect,' where shoppers buy items online and pick them up at the store or some collection point – is complex, especially given the perishable nature of many products. It's also expensive: A big investment is required by retailers to transform supply chains, establish delivery and picking expertise, manage out-of-stock items, and maintain freshness and customer satisfaction.

"Still, we expect the popularity of online grocery shopping to continue to grow. The evolution of this growth will result in 'winners' and 'losers,' which is why we think companies making the investment should gain an edge as e-commerce sales take market share from physical-only stores."

LARGEST CONTRIBUTORS VS. BENCHMARK

Holding Market Segment

Average Relative Weight

Relative Contribution

(basis points)*

Walgreens Boots Alliance, Inc. Drug Retail -1.41% 94

JBS SA Packaged Foods & Meats 0.90% 55

Freshpet, Inc. Packaged Foods & Meats 0.82% 38

Sysco Corp. Food Distributors -0.85% 23

Archer Daniels Midland Co. Agricultural Products -1.28% 22

* 1 basis point = 0.01%.

LARGEST DETRACTORS VS. BENCHMARK

Holding Market Segment

Average Relative Weight

Relative Contribution (basis points)*

TreeHouse Foods, Inc. Packaged Foods & Meats 0.99% -51

Altria Group, Inc. Tobacco 1.65% -46

Procter & Gamble Co. Household Products -3.89% -38

Walmart, Inc. Hypermarkets & Super Centers -5.15% -38

Costco Wholesale Corp.

Hypermarkets & Super Centers -1.90% -36

* 1 basis point = 0.01%.



ASSET ALLOCATION

Asset Class Portfolio Weight Index Weight Relative Weight

Relative Change From Six Months

Ago

Domestic Equities 86.91% 100.00% -13.09% 0.63%

International Equities 11.78% 0.00% 11.78% -1.74%

Developed Markets 11.41% 0.00% 11.41% 0.94%

Emerging Markets 0.37% 0.00% 0.37% -2.68%

Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00%

Bonds 0.00% 0.00% 0.00% 0.00%

Cash & Net Other Assets 1.31% 0.00% 1.31% 1.11%

Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any ofthe portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for futuresettlement, Net Other Assets can be a negative number.

"Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.

MARKET-SEGMENT DIVERSIFICATION

Market Segment Portfolio Weight Index Weight Relative Weight

Relative Change From Six Months

Ago

Soft Drinks 24.67% 22.14% 2.53% 2.53%

Household Products 20.31% 23.08% -2.77% 0.57%

Packaged Foods & Meats 18.14% 16.99% 1.15% 0.55%

Tobacco 8.22% 8.80% -0.58% -4.40%

Hypermarkets & Super Centers 7.19% 12.67% -5.48% 2.75%

Personal Products 7.07% 3.36% 3.71% -3.68%

Food Retail 3.50% 2.13% 1.37% 1.16%

Distillers & Vintners 3.47% 2.67% 0.80% 1.24%

General Merchandise Stores 1.46% -- 1.46% 0.44%

Food Distributors 1.43% 2.88% -1.45% -1.39%

Other 3.24% 3.14% 0.10% 0.28%



10 LARGEST HOLDINGS

HoldingMarket Segment Portfolio Weight

Portfolio Weight Six Months Ago

Procter & Gamble Co. Household Products 12.35% 10.18%

The Coca-Cola Co. Soft Drinks 10.18% 10.26%

PepsiCo, Inc. Soft Drinks 8.00% 4.68%

Mondelez International, Inc. Packaged Foods & Meats 6.37% 3.34%

Altria Group, Inc. Tobacco 5.43% 5.10%

Walmart, Inc. Hypermarkets & Super Centers 4.88% 1.54%

Monster Beverage Corp. Soft Drinks 4.34% 4.50%

Spectrum Brands Holdings, Inc. Household Products 3.65% 4.02%

Kroger Co. Food Retail 3.50% 1.83%

Philip Morris International, Inc. Tobacco 2.79% 5.80%

10 Largest Holdings as a % of Net Assets 61.48% 55.04%

Total Number of Holdings 45 61

The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments.

FISCAL PERFORMANCE SUMMARY:Periods ending February 29, 2020

Cumulative Annualized

6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

Select Consumer Staples Portfolio Gross Expense Ratio: 0.77%2 -2.15% -8.86% 6.48% 1.62% 2.65% 9.08%

S&P 500 Index 1.92% -8.27% 8.19% 9.87% 9.23% 12.65%

MSCI US IMI Consumer Staples 25/50 -3.43% -8.61% 7.19% 4.04% 5.49% 11.03%

Morningstar Fund Consumer Defensive -5.63% -10.43% 0.84% 1.62% 3.79% 9.98%

% Rank in Morningstar Category (1% = Best) -- -- 37% 49% 62% 60%

# of Funds in Morningstar Category -- -- 32 27 23 191 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 07/29/1985.2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have again or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendar-quarter performance.


7 |

Definitions and Important Information

Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client's investment decisions. Fidelity, and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in, and receive compensation, directly or indirectly, in connection with the management, distribution and/or servicing of these products or services including Fidelity funds, certain third-party funds and products, and certain investment services.

FUND RISKSStock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. The consumer staples industries can be significantly affected by demographic and product trends, competitive pricing, food fads, marketing campaigns, environmental factors, and government regulation, the performance of overall economy, interest rates, and consumer confidence. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. The fund may have additional volatility because of its narrow concentration in a specific industry. Non-diversified funds that focus on a relatively small number of stocks tend to be more volatile than diversified funds and the market as a whole.

IMPORTANT FUND INFORMATIONRelative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmarkis provided to assess performance.

On November 1, 2019, Nicola Stafford became sole Portfolio Manager of the fund, succeeding James McElligott.

On December 31, 2019, Ben Shuleva assumed co-management responsibilities for the fund, joining Nicola Stafford. The two will manage the fund together until June 30, 2020, when Ben will assume sole management for the fund.

INDICESIt is not possible to invest directly in an index. All indices representedare unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted.

MSCI U.S. IMI Consumer Staples 25/50 Index MSCI US IMI Consumer Staples 25/50 Index represents the performance of the MSCI US IM Consumer Staples 25/50 Index since January 1, 2010, and the MSCI US Investable Market Consumer Staples Index prior to that date.

S&P 500 is a market-capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

MARKET-SEGMENT WEIGHTSMarket-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be

representative of the fund's current or future investments. They should not be construed or used as a recommendation for any sector or industry.

RANKING INFORMATION© 2020 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses.

% Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same MorningstarCategory. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures.

RELATIVE WEIGHTSRelative weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listedimmediately under the fund name in the Performance Summary.



Manager Facts

Nicola Stafford is a portfolio manager in the Equity division at Fidelity Investments. Fidelity Investments is a leading provider ofinvestment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals.

In this role, Ms. Stafford co-manages the Fidelity Mid-Cap Stock Fund and manages the consumer discretionary sleeves of Fidelity and Fidelity Advisor Balanced Funds, Fidelity VIP Balanced Fund, Fidelity Series All-Sector Equity Fund. Additionally, she co-manages Fidelity and Fidelity Advisor Stock Selector All Cap Fund, Fidelity Select Consumer Staples Portfolio, Fidelity Advisor Consumer Staples Fund, Fidelity VIP Consumer Staples Portfolio, and Fidelity Consumer Staples Central Fund.

Prior to assuming her current responsibilities Ms. Stafford managed the consumer staples sleeves* of Fidelity and Fidelity Advisor Balanced Funds, Fidelity VIP Balanced Fund, Fidelity Series All-Sector Equity Fund and co-managed Fidelity Select Retailing Portfolio. She also served as a research analyst for FMRCo. and Fidelity International Limited (FIL) in London, covering U.S. consumer durable retail and European consumer staples stocks, respectively. While in London, she also managed a globalconsumer industries fund and co-managed a global diversified fund. Prior to relocating to London, she managed Fidelity Select IT Services Portfolio and followed IT services and U.S. consumer discretionary companies. She has been in the financial industry since joining Fidelity in 2001.

Ms. Stafford earned her bachelor of science degree in mechanical engineering and economics from the Massachusetts Institute of Technology (MIT).

Ben Shuleva is a portfolio manager and research analyst in the Equity division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financialintermediaries, and individuals.

In this role, Mr. Shuleva manages the Fidelity Select Natural Gas Portfolio and co-manages the Fidelity and Fidelity Advisor Stock Selector All Cap Fund, Fidelity Select Consumer Staples Portfolio, Fidelity Advisor Consumer Staples Fund, Fidelity VIP Consumer Staples Portfolio, and Fidelity Consumer Staples Central Fund. Additionally, he is a research analyst responsible for researching energy companies for Fidelity's diversified and energy-specific funds.

Prior to his current role, Mr. Shuleva was an equity research associate from 2008 to 2011 where he began his career researching stocks. He has been in the financial industry since joining Fidelity in 2008.

Mr. Shuleva earned his bachelor degree in finance from Southern Methodist University. He is also a CFA® charterholder.

PERFORMANCE SUMMARY:Quarter ending June 30, 2020

Annualized

1Year

3Year

5Year

10 Year/ LOF1

Select Consumer Staples Portfolio Gross Expense Ratio: 0.75%2 1.12% 1.00% 4.04% 9.97%

1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 07/29/1985.2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have again or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated.

Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results.

Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims anyresponsibility 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. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice.

Diversification does not ensure a profit or guarantee against a loss.

Information included on this page is as of the most recent calendar quarter.S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. 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. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI 02917. Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917.© 2020 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.

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Fidelity Select Consumer Staples Portfolio€¦ · vaping-associated lung illness and deaths, primarily involving ... and retailing giants Walmart and Costco Wholesale. While each