PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021

Fidelity® Select Insurance Portfolio

Key Takeaways MARKET RECAP

® • For the fiscal year ending February 28, 2021, the fund gained 15.54%, The S&P 500 index gained 31.29% for outperforming the 13.76% advance of the MSCI US IMI Insurance the 12 months ending February 28, 2021, 25/50 Index, but underperforming the broad-based S&P 500® index. a volatile but productive period for U.S. risk assets. The early-2020 outbreak and spread of COVID-19 resulted in stocks • Portfolio Manager Peter Deutsch notes that insurance stocks were hit suffering one of the quickest declines on hard in the first months of the fiscal year – which coincided with the record, through March 23, followed by a onset of the coronavirus crisis in the U.S. – but that the industry historic rebound that included the index rebounded well for the balance of the 12-month period. closing 2020 at an all-time high and gaining modest ground in the first two • The largest segments within the MSCI industry index all achieved months of the new year. The crisis and double-digit percentage gains during this period, led by life & health containment efforts caused broad insurance providers (+25%), insurance brokers (+13%) and property & contraction in economic activity, along casualty (P&C) firms (+11%). The fund outperformed the index in all with extreme uncertainty and dislocation three of those categories. in financial markets. A rapid and expansive U.S. monetary/fiscal-policy • Out-of-industry positions in the shares of two alternative asset response partially offset the economic managers, Ares Management (+52%) and Apollo Global Management disruption and fueled the market surge, as did resilient corporate earnings. The (+22%), were among the top relative contributors – with Ares the rally slowed in September, when stocks largest single contributor. began a two-month retreat amid • Congress's inability to reach a deal on Among insurers, investments in P&C provider Travelers Companies additional fiscal stimulus, as well as (+24%) and life & health insurance firm CNO Financial Group (+49%), concerns about election uncertainty, both of which were overweight stakes versus the industry index, also indications the U.S. economic recovery helped. could be slowing and a new wave of COVID-19 cases. A shift in momentum • In contrast, an underweighting in personal auto coverage companies began in October and accelerated Progressive (+24%) and Erie Indemnity (+74%), as well as untimely following the U.S. elections, with the positioning in life insurance provider Lincoln National (+31%), were approval of three breakthrough COVID- key relative detractors. 19 vaccines and prospects for additional government stimulus fueling the • As of February 28, Peter feels insurance stocks are still competitively "reflation trade" through February 28. By priced, but is concerned about the effect of extremely low interest sector for the full 12 months, information technology (+50%) and consumer rates on insurers' profitability, as well as the difficulty for them to discretionary (+43%) led all gainers. implement needed price increases in a post-COVID-19 climate. Materials (+42%) and communication services (+37%) also stood out. In contrast, the defensive utilities (-3%) and real estate sectors (+5%) notably lagged.

Not FDIC Insured • May Lose Value • No Bank Guarantee PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021

Q&A

An interview with Portfolio Manager Peter Deutsch

Peter Deutsch Q: Peter, how did the fund perform for the fiscal Portfolio Manager year ending February 28, 2021฀ Fairly well. The fund gained 15.54% the past 12 months, Fund Facts topping the 13.76% advance of the MSCI U.S. IMI Insurance Trading Symbol: FSPCX 25/50 Index but trailing the 31.29% rise in the broad-based S&P 500® index. Start Date: December 16, 1985 We acted early and effectively in anticipating the impact of Size (in millions): $184.63 the COVID-19 crisis on the insurance industry at large. Our internal risk assessment efforts in the early months of the pandemic proved quite accurate and we made some good decisions, both on the buy side and the sell side. As awful as the 12-month period was in general terms, it actually Investment Approach provided some of the best stock-picking opportunities I've seen in my eight years managing the fund. And I think we • Fidelity® Select Insurance Portfolio is an industry-based, took advantage of them. equity-focused strategy that seeks to outperform its benchmark through active management. Q: How would you characterize the backdrop • Our investment philosophy is centered on the belief that for insurance stocks the past 12 months฀ price performance of insurance stocks is driven by book value growth over time. There are four contributing At the close of the period, each of the three largest segments factors to superior book value growth: return on equity within the MSCI industry index were in solidly positive (ROE), reinvestment opportunities, valuation and territory: led by life & health insurance providers (+25%), avoiding downside risk. insurance brokers (+13%) and property & casualty (P&C) • We use bottom-up, fundamental research, supported by insurance firms (+11%). I'm pleased to say that in each of Fidelity's deep and experienced global financials team, those categories, the fund outperformed the index. to find high-ROE stocks with sustainable returns given unique underwriting, distribution and scale advantages. Interestingly, the start of the fund's fiscal year on March 1, We also seek to emphasize companies with strong 2020, coincided closely with the onset of the COVID-19 organic reinvestment opportunities that can drive faster crisis. The World Health Organization declared the virus a earnings-per-share growth or with the ability to deploy pandemic on March 11, and a national emergency was capital on attractive terms. declared in the U.S. on March 13. The extraordinary nature of • We believe asymmetric risk in financial stocks is often the pandemic created certain market dynamics that were skewed to the downside, and superior returns can be unprecedented and likely unrepeatable. To name one generated by avoiding companies that may permanently example, the sudden and dramatic decline in driving impair capital. contributed to record profits for auto insurers during the period. The record results, however, triggered a regulatory • Sector and industry strategies could be used by investors response that obligated carriers to return excess profits to as alternatives to individual stocks for either tactical- or strategic-allocation purposes. customers in the form of rebates. As a result, auto insurance stocks did very well during the first half of the reporting period, but less well during the second half. More generally, both P&C and life & health insurance stocks were hit hard during the first months of the pandemic, as uncertainty around potential COVID-19-related losses weighed on valuations. In response to anticipated setbacks, many insurers raised prices by 10% to 20%. But actual losses

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did not prove as severe as initially feared. The additional detractor during the period. Stock selection in the multi-line revenues and higher margins, coupled with dissipating insurance category also had a negative impact. concern around losses, helped P&C and life & health Among other individual stocks, the portfolio was insurance equities rebound in the second half of the period. underweighted in Progressive and Erie Indemnity, personal As always, the interest rate environment presented either a auto coverage companies that performed well. In fact, I tailwind or headwind to different industry segments. For avoided Erie altogether – and so missed out on a stock that insurance brokers, low interest rates are a positive, making gained 74% in the index. Then I made the further mistake of the predictability of their cash flows more desirable to reducing the fund's underweighting in Progressive (+25%) investors. For insurance carriers, however – especially life & during the second half of the period, when the environment health insurance companies – low interest rates weigh on the for auto stocks became less advantageous. The investment income and corresponding profitability of their miscalculation in this segment was a real miss. contracts. After enjoying modest relief over the past two to three years from the historically low rates that have Q: Please describe any positioning changes, as predominated since 2009, this period saw the return of a well as your outlook as of February 28, Peter. near-zero rate environment. The strong performance of the life & health insurance category was achieved despite this, In January 2020, with the pandemic looming, I was but the continuing interest rate environment could weigh on concerned the reinsurance industry could be hit badly. I the segment in 2021 and beyond. subsequently sold the fund's stake in Reinsurance Group of America (RGA), the leading player within the consolidated Q: What factors aided the fund's performance life reinsurance market. While in the end the impact was not versus the MSCI industry index฀ as bad as I feared, my sale of the stock and our lighter-than- index weighting in reinsurance proved to be a good move Out-of-industry positions in the shares of two alternative that lifted the fund's relative result for the year. asset managers, Ares Management (+52%) and Apollo Looking ahead, the movement of interest rates, or lack Global Management (+22%), were among the top individual thereof, is one factor that will determine how the industry relative contributors during the 12-month period – in fact, fares. Higher interest rates will really help insurers. Insurance Ares was the fund's largest single contributor. stocks are still, in my opinion, relatively cheap, but an uptick I'm attracted to the business model of these alternative asset in rates would go a long way toward improving insurers' managers because they don't have much risk in the way of bottom lines. costs; they're just pure, capital-light private equity funds. At Of course, a number of other issues will come into play as the moment, they are primed to grow much faster than the the economy re-opens and we work toward a post-COVID-19 traditional asset management divisions of insurance environment. For life insurance firms, mortality rates will companies, which have been dealing with the effects of decline but that won't necessarily be a boon, since, in my continuous fee compression for years. Of note, alternative view, a recovery is already priced into those stocks. Along asset management firms are now becoming major players in with my skepticism about interest rates rising quickly, this is the insurance business, both in terms of managing the among the reasons I reduced the fund's exposure to life & portfolios of insurers and actually buying and running their health insurance providers this period. own insurance companies. An example of this is Apollo, which just announced the 100% acquisition of annuities In P&C, as the extraordinary government programs we've provider Athene. Owning an insurance company to gather seen during the pandemic come to an end, and as a lot of assets for them to manage is now their biggest growth driver untrained workers enter new jobs, insurers may experience and a hybrid approach becoming more common. higher claim costs in the areas of worker's compensation and disability. So I'm being very cautious with companies that Among insurers, our investments in P&C provider Travelers have a high degree of exposure in that space. Companies (+24%) and life & health insurance firm CNO Financial Group (+49%), both of which were overweight The final question is: How disciplined can the industry stakes versus the industry index, aided the portfolio's relative remain in terms of seeking price increases฀ Given that result. Travelers was a top-5 holding on February 28. they've already asked for substantial increases over the past several years, and that some of their customers are hurting Q: What hurt relative performance฀ financially at the moment, insurers may shy away from further hikes. But some of these companies need higher An underweighting versus the index in life & health prices to offset past losses and miscalculations. The effective insurance was a detractor, even though we outperformed in implementation of pricing strategies that balance risk and the category on an overall basis. Specifically, untimely bolster bottom lines will be another major determinant of positioning in Lincoln National was the largest relative future performance for the industry. ■

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LARGEST CONTRIBUTORS VS. BENCHMARK Portfolio Manager Peter Deutsch on Average Relative the likelihood of significant M&A in Relative Contribution insurance this year: Holding Market Segment Weight (basis points)* Ares Management Asset Management & 2.26% 79 Corp. Custody Banks "Due to the historically low interest rate environment, every insurance company right now is Aon PLC Insurance Brokers -0.15% 59 The Travelers Property & Casualty desperately trying to find cost savings. Increasingly, 5.50% 52 Companies, Inc. Insurance companies are chasing efficiency in the form of CNO Financial Group, Life & Health consolidation. I expect this year to be one of the 1.27% 42 Inc. Insurance most active, if not the most active, for mergers and Berkshire Hathaway, acquisitions in the past decade. Multi-Sector Holdings 4.84% 31 Inc. Class B "Low interest rates have especially pressured the * 1 basis point = 0.01%. solvency of life insurance companies. This might normally make them an unattractive target for acquisition, but alternative asset management firms LARGEST DETRACTORS VS. BENCHMARK look at the liabilities differently. They view an acquisition as a way to buy assets for them to Average Relative manage, so a lot of private equity companies are Relative Contribution now trying to buy an insurance firm or a division of Holding Market Segment Weight (basis points)* one. Life & Health Lincoln National Corp. -1.04% -68 Insurance "One of my smaller holdings, Athene, just sold to Property & Casualty one of my top overweight positions, asset manager Progressive Corp. -3.36% -67 Insurance Apollo. AIG announced its intention to sell its Erie Indemnity Co. Property & Casualty insurance business, as have Prudential and MetLife, -0.77% -30 Class A Insurance two of my holdings that have struggled as of late. I Aon PLC Insurance Brokers -2.04% -28 expect almost every life insurance company to do a Life & Health transaction of some type this year, if they haven't Trupanion, Inc. -0.28% -25 Insurance already. * 1 basis point = 0.01%. "On the P&C side, low interest rates are also creating a need for efficiency. Last year, The Hartford, one of the largest companies in the category, announced a big cost savings initiative. But one of my holdings, Chubb, apparently thought it could cut costs even more and made a bid to buy the company. A third party, Allianz, is now considering a counteroffer. "The insurance brokers category has been one of the hottest segments for consolidation for at least the past couple of years, as the larger players have been buying up their smaller competitors. Aon, one of my top positions, recently announced the intended acquisition of another holding of mine, Willis Tower Watson. There will be more to come in the space this year. "When all is said and done, I would expect to have five to 10 fewer companies in the index by 2022. Part of the fund's investment success this year will be influenced by our ability to correctly identify the companies to be sold and establish our positions ahead of the sale."

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ASSET ALLOCATION

Relative Change From Six Months Asset Class Portfolio Weight Index Weight Relative Weight Ago Domestic Equities 97.10% 100.00% -2.90% -1.40% International Equities 1.25% 0.00% 1.25% 0.17% Developed Markets 0.85% 0.00% 0.85% 0.04% Emerging Markets 0.40% 0.00% 0.40% 0.13% Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00% Bonds 0.00% 0.00% 0.00% 0.00% Cash & Net Other Assets 1.65% 0.00% 1.65% 1.23% 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 of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, 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

Relative Change From Six Months Market Segment Portfolio Weight Index Weight Relative Weight Ago Property & Casualty Insurance 37.22% 41.66% -4.44% 2.34% Insurance Brokers 22.78% 22.15% 0.63% 0.22% Life & Health Insurance 15.70% 22.12% -6.42% -2.28% Multi-Line Insurance 10.68% 9.19% 1.49% 0.59% Reinsurance 3.62% 4.88% -1.26% 3.44% Asset Management & Custody Banks 3.12% -- 3.12% -1.09% Multi-Sector Holdings 2.89% -- 2.89% -3.62% Other 1.79% -- 1.79% -0.15% Consumer Finance 0.55% -- 0.55% 0.18%

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10 LARGEST HOLDINGS

Portfolio Weight Market Segment Portfolio Weight Holding Six Months Ago Chubb Ltd. Property & Casualty Insurance 10.03% 9.19% The Travelers Companies, Inc. Property & Casualty Insurance 10.00% 10.04% Marsh & McLennan Companies, Inc. Insurance Brokers 7.98% 8.12% American International Group, Inc. Multi-Line Insurance 6.28% 5.59% Willis Towers Watson PLC Insurance Brokers 5.05% 4.39% Allstate Corp. Property & Casualty Insurance 4.72% 4.91% MetLife, Inc. Life & Health Insurance 4.60% 4.46% Progressive Corp. Property & Casualty Insurance 4.17% 4.65% Arthur J. Gallagher & Co. Insurance Brokers 4.08% 4.28% Aon PLC Insurance Brokers 3.37% 4.59% 10 Largest Holdings as a % of Net Assets 60.27% 62.12% Total Number of Holdings 43 43 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: Cumulative Annualized Periods ending February 28, 2021 6 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Select Insurance Portfolio 21.03% 4.64% 15.54% 6.87% 11.98% 11.14% Gross Expense Ratio: 0.81%2 S&P 500 Index 9.74% 1.72% 31.29% 14.14% 16.82% 13.43% MSCI US IMI Insurance 25/50 19.31% 4.58% 13.76% 6.83% 11.91% 10.96% Morningstar Fund Financial 38.11% 11.62% 26.34% 6.20% 13.96% 9.88% % Rank in Morningstar Category (1% = Best) -- -- 84% 43% 74% 29% # of Funds in Morningstar Category -- -- 100 93 84 71 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/16/1985. 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 a gain 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.

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Definitions and Important Information Market-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 Information provided in this document is for informational and should not be construed or used as a recommendation for any educational purposes only. To the extent any investment information sector or industry. 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 RANKING INFORMATION investment decisions. Fidelity, and its representatives may have a © 2021 Morningstar, Inc. All rights reserved. The Morningstar conflict of interest in the products or services mentioned in this information contained herein: (1) is proprietary to Morningstar material because they have a financial interest in, and receive and/or its content providers; (2) may not be copied or compensation, directly or indirectly, in connection with the redistributed; and (3) is not warranted to be accurate, complete or management, distribution and/or servicing of these products or timely. Neither Morningstar nor its content providers are services including Fidelity funds, certain third-party funds and responsible for any damages or losses arising from any use of this products, and certain investment services. information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current FUND RISKS prospectus for the most up-to-date information concerning The value of the fund's domestic and foreign investments will vary applicable loads, fees and expenses. from day to day in response to many factors. Stock values fluctuate in response to issuer, political, regulatory, market, or economic % Rank in Morningstar Category is the fund's total-return developments. You may have a gain or loss when you sell your percentile rank relative to all funds that have the same Morningstar shares. Investments in foreign securities, especially those in Category. The highest (or most favorable) percentile rank is 1 and emerging markets, involve risks in addition to those of U.S. the lowest (or least favorable) percentile rank is 100. The top- investments, including increased political and economic risk, as well performing fund in a category will always receive a rank of 1%. % as exposure to currency fluctuations. Because FMR concentrates the Rank in Morningstar Category is based on total returns which fund's investments in a particular industry, the fund's performance include reinvested dividends and capital gains, if any, and exclude could depend heavily on the performance of that industry and could sales charges. Multiple share classes of a fund have a common be more volatile than the performance of less concentrated funds portfolio but impose different expense structures. and the market as a whole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual RELATIVE WEIGHTS issuers than a diversified fund; thus changes in the market value of a Relative weights represents the % of fund assets in a particular single investment could cause greater fluctuations in share price market segment, asset class or credit quality relative to the than would occur in a more diversified fund. The insurance industry benchmark. A positive number represents an overweight, and a is subject to extensive government regulation and can be negative number is an underweight. The fund's benchmark is listed significantly affected by interest rates, general economic conditions, immediately under the fund name in the Performance Summary. and price and marketing competition. Different segments of the industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental clean-up.

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

INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted.

MSCI U.S. IMI Insurance 25/50 Index is a modified market- capitalization-weighted index of stocks designed to measure the performance of Insurance companies in the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 Indices.

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 WEIGHTS

7 | PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021

Manager Facts

Peter Deutsch 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, financial intermediaries, and individuals.

In this role, Mr. Deutsch is responsible for managing the Fidelity Select Insurance Portfolio. Additionally, he covers U.S. insurance companies, including life and property and casualty.

Prior to joining Fidelity as an equity research analyst covering regional banks in 2010, Mr. Deutsch worked as a high yield and distressed debt analyst at Oaktree Capital Management. Previously, he was an investment banking analyst covering technology and media telecom at Goldman, Sachs & Co. He has been in the financial industry since 2004.

Mr. Deutsch earned his bachelor of arts degree in economics, magna cum laude, from Williams College, and his master of business administration degree from the Stanford Graduate School of Business.

8 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A. PERFORMANCE SUMMARY: Annualized Quarter ending March 31, 2021 1 3 5 10 Year/ Year Year Year LOF1 Select Insurance Portfolio 54.70% 9.07% 11.52% 11.89% Gross Expense Ratio: 0.81%2 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/16/1985. 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 a gain 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 Information included on this page is as of the most recent calendar the investment objectives, risks, charges, and expenses. For quarter. this and other information, call or write Fidelity for a free S&P 500 is a registered service mark of Standard & Poor's Financial prospectus or, if available, a summary prospectus. Read it Services LLC. carefully before you invest. Other third-party marks appearing herein are the property of their respective owners. Past performance is no guarantee of future results. All other marks appearing herein are registered or unregistered Views expressed are through the end of the period stated and do not trademarks or service marks of FMR LLC or an affiliated company. necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, responsibility to update such views. These views may not be relied on as Smithfield, RI 02917. investment advice and, because investment decisions for a Fidelity fund Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI are based on numerous factors, may not be relied on as an indication of 02917. trading intent on behalf of any Fidelity fund. The securities mentioned are © 2021 FMR LLC. All rights reserved. not necessarily holdings invested in by the portfolio manager(s) or FMR Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. LLC. References to specific company securities should not be construed 737057.12.0 as recommendations or investment advice. Diversification does not ensure a profit or guarantee against a loss.