Summary

• Fidelity Select Materials Portfolio is a sector-based equity-focused strategy that seeks to outperform its benchmark through active management.
• For the quarter, the fund's Retail Class shares advanced 12.06%, outpacing the 9.07% rise of the MSCI U.S. IMI Materials 25/50 Linked Index.
• A big overweight in LyondellBasell Industries, which gained about 90% the past three months, was the fund's top relative contributor.
• The fund's picks in the copper and fertilizers & agricultural chemicals groups were, by industry, the biggest detractors from the fund's performance versus the index.
• The fund's top industry overweight at the end of Q1 was commodity chemicals, and management increased holdings in the segment, including establishing a new position in Westlake.

Market Review

For the three months, the materials sector, as measured by the MSCI U.S. IMI Materials 25/50 Linked Index, gained 9.07%, while the broad-based S&P 500® index returned -4.33%.

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