Form of Certification required from Principal Executive Officer and Principal Financial Officer in connection with each Form N

Fidelity® Real Estate Investment Portfolio

Semi-Annual Report

January 31, 2020

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

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Contents

Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

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.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund 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 http://www.sec.gov. 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 http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020

	% of fund's net assets
Prologis, Inc.	11.4
Digital Realty Trust, Inc.	6.1
UDR, Inc.	5.8
Boston Properties, Inc.	5.5
Welltower, Inc.	5.5
Duke Realty Corp.	4.8
Equity Residential (SBI)	4.5
Ventas, Inc.	4.5
Equity Lifestyle Properties, Inc.	4.0
Extra Space Storage, Inc.	3.0
	55.1

Top Five REIT Sectors as of January 31, 2020

	% of fund's net assets
REITs - Apartments	20.7
REITs - Diversified	14.8
REITs - Office Property	13.0
REITs - Warehouse/Industrial	12.3
REITs - Health Care	11.5

Asset Allocation (% of fund's net assets)

As of January 31, 2020^*
	Stocks	98.2%
	Short-Term Investments and Net Other Assets (Liabilities)	1.8%

* Foreign investments - 1.0%

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares	Value (000s)
Equity Real Estate Investment Trusts (REITs) - 96.6%
REITs - Apartments - 20.7%
American Homes 4 Rent Class A	3,603,800	$98,492
Apartment Investment & Management Co. Class A	1,638,203	86,350
AvalonBay Communities, Inc.	456,600	98,941
Equity Residential (SBI)	2,370,500	196,941
Essex Property Trust, Inc.	204,600	63,377
Invitation Homes, Inc.	3,425,800	107,810
UDR, Inc.	5,308,441	254,327
		906,238
REITs - Diversified - 14.8%
Crown Castle International Corp.	310,800	46,570
Digital Realty Trust, Inc.	2,158,800	265,511
Duke Realty Corp.	5,835,100	211,872
Equinix, Inc.	143,600	84,685
Washington REIT (SBI)	1,288,500	39,222
		647,860
REITs - Health Care - 11.5%
Healthcare Trust of America, Inc.	2,059,500	65,966
Ventas, Inc.	3,399,054	196,669
Welltower, Inc.	2,808,640	238,482
		501,117
REITs - Hotels - 3.9%
Braemar Hotels & Resorts, Inc.	1,366,500	10,905
DiamondRock Hospitality Co.	5,037,000	48,708
Host Hotels & Resorts, Inc.	5,458,905	89,199
RLJ Lodging Trust	1,428,400	22,226
		171,038
REITs - Management/Investment - 1.5%
American Assets Trust, Inc.	857,300	39,059
Lexington Corporate Properties Trust	2,380,000	26,347
		65,406
REITs - Manufactured Homes - 6.6%
Equity Lifestyle Properties, Inc.	2,414,974	175,689
Sun Communities, Inc.	700,563	113,610
		289,299
REITs - Office Property - 13.0%
Boston Properties, Inc.	1,687,000	241,831
Brandywine Realty Trust (SBI)	4,193,500	65,502
Highwoods Properties, Inc. (SBI)	1,115,223	55,884
Mack-Cali Realty Corp.	1,441,500	31,655
Piedmont Office Realty Trust, Inc. Class A	2,174,100	50,417
SL Green Realty Corp.	1,095,046	100,788
VEREIT, Inc.	2,300,200	22,450
		568,527
REITs - Regional Malls - 2.1%
Simon Property Group, Inc.	691,972	92,136
REITs - Shopping Centers - 5.2%
Acadia Realty Trust (SBI)	1,564,323	38,826
Kimco Realty Corp.	4,209,990	80,200
Regency Centers Corp.	1,764,300	109,457
		228,483
REITs - Single Tenant - 0.1%
Spirit Realty Capital, Inc.	79,380	4,190
REITs - Storage - 4.9%
CubeSmart	2,616,500	82,865
Extra Space Storage, Inc.	1,189,340	131,636
		214,501
REITs - Warehouse/Industrial - 12.3%
Americold Realty Trust	1,206,600	41,592
Prologis, Inc.	5,369,430	498,713
		540,305

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		4,229,100

Media - 0.6%
Advertising - 0.6%
Clear Channel Outdoor Holdings, Inc. (a)	9,666,300	26,389
Real Estate Management & Development - 1.0%
Real Estate Development - 1.0%
Instone Real Estate Group BV (a)(b)	1,714,393	44,396
TOTAL COMMON STOCKS
(Cost $2,850,962)		4,299,885

Money Market Funds - 1.6%
Fidelity Cash Central Fund 1.58% (c)
(Cost $67,407)	67,395,065	67,409
TOTAL INVESTMENT IN SECURITIES - 99.8%
(Cost $2,918,369)		4,367,294
NET OTHER ASSETS (LIABILITIES) - 0.2%		10,069
NET ASSETS - 100%		$4,377,363

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 $44,396,000 or 1.0% of net assets.

(c) 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 are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
	(Amounts in thousands)
Fidelity Cash Central Fund	$503
Fidelity Securities Lending Cash Central Fund	4
Total	$507

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)		January 31, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $2,850,962)	$4,299,885
Fidelity Central Funds (cost $67,407)	67,409
Total Investment in Securities (cost $2,918,369)		$4,367,294
Receivable for investments sold		14,977
Receivable for fund shares sold		3,408
Distributions receivable from Fidelity Central Funds		71
Prepaid expenses		28
Other receivables		382
Total assets		4,386,160
Liabilities
Payable for investments purchased	$1,496
Payable for fund shares redeemed	4,293
Accrued management fee	1,937
Transfer agent fee payable	577
Other affiliated payables	88
Other payables and accrued expenses	406
Total liabilities		8,797
Net Assets		$4,377,363
Net Assets consist of:
Paid in capital		$2,878,507
Total accumulated earnings (loss)		1,498,856
Net Assets		$4,377,363
Net Asset Value, offering price and redemption price per share ($4,377,363 ÷ 95,836 shares)		$45.68

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

Statement of Operations

Amounts in thousands		Six months ended January 31, 2020 (Unaudited)
Investment Income
Dividends		$58,793
Income from Fidelity Central Funds (including $4 from security lending)		507
Total income		59,300
Expenses
Management fee	$11,686
Transfer agent fees	3,578
Accounting fees	528
Custodian fees and expenses	18
Independent trustees' fees and expenses	13
Registration fees	48
Audit	27
Legal	5
Miscellaneous	13
Total expenses before reductions	15,916
Expense reductions	(49)
Total expenses after reductions		15,867
Net investment income (loss)		43,433
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	161,522
Total net realized gain (loss)		161,522
Change in net unrealized appreciation (depreciation) on investment securities		66,509
Net gain (loss)		228,031
Net increase (decrease) in net assets resulting from operations		$271,464

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

Statement of Changes in Net Assets

Amounts in thousands	Six months ended January 31, 2020 (Unaudited)	Year ended July 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$43,433	$97,986
Net realized gain (loss)	161,522	141,846
Change in net unrealized appreciation (depreciation)	66,509	218,711
Net increase (decrease) in net assets resulting from operations	271,464	458,543
Distributions to shareholders	(261,930)	(174,814)
Share transactions
Proceeds from sales of shares	335,973	667,239
Reinvestment of distributions	246,001	164,334
Cost of shares redeemed	(518,352)	(749,846)
Net increase (decrease) in net assets resulting from share transactions	63,622	81,727
Total increase (decrease) in net assets	73,156	365,456
Net Assets
Beginning of period	4,304,207	3,938,751
End of period	$4,377,363	$4,304,207
Other Information
Shares
Sold	7,283	15,336
Issued in reinvestment of distributions	5,467	3,892
Redeemed	(11,270)	(17,591)
Net increase (decrease)	1,480	1,637

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

Financial Highlights

Fidelity Real Estate Investment Portfolio

	Six months ended (Unaudited) January 31,	Years endedJuly 31,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$45.62	$42.48	$42.92	$47.35	$40.80	$37.56
Income from Investment Operations
Net investment income (loss)^A	.46	1.06	.81	.72	.75	.67
Net realized and unrealized gain (loss)	2.41	3.98	.49	(3.12)	8.36	3.19
Total from investment operations	2.87	5.04	1.30	(2.40)	9.11	3.86
Distributions from net investment income	(.77)	(1.04)	(.82)	(.71)	(.73)	(.63)
Distributions from net realized gain	(2.04)	(.87)	(.92)	(1.32)	(1.83)	–
Total distributions	(2.81)	(1.90)^B	(1.74)	(2.03)	(2.56)	(.63)
Redemption fees added to paid in capital^A	–	–	–	–^C	–^C	.01
Net asset value, end of period	$45.68	$45.62	$42.48	$42.92	$47.35	$40.80
Total Return^D,^E	6.48%	12.29%	3.13%	(4.94)%	24.00%	10.34%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.73%^H	.74%	.76%	.76%	.78%	.78%
Expenses net of fee waivers, if any	.73%^H	.74%	.75%	.76%	.77%	.78%
Expenses net of all reductions	.72%^H	.74%	.75%	.76%	.77%	.78%
Net investment income (loss)	1.98%^H	2.46%	1.99%	1.69%	1.81%	1.66%
Supplemental Data
Net assets, end of period (in millions)	$4,377	$4,304	$3,939	$4,321	$5,567	$4,382
Portfolio turnover rate^I	23%^H	23%	20%^J	15%	24%	34%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $1.90 per share is comprised of distributions from net investment income of $1.036 and distributions from net realized gain of $.865 per share.

^C Amount represents less than $.005 per share.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^H Annualized

^I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^J Portfolio turnover rate excludes securities received or delivered in-kind.

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

Notes to Financial Statements (Unaudited)

For the period ended January 31, 2020
(Amounts in thousands except percentages)

1. Organization.

Fidelity Real Estate Investment Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $364 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, deferred trustees compensation, and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$1,479,901
Gross unrealized depreciation	(51,655)
Net unrealized appreciation (depreciation)	$1,428,246
Tax cost	$2,939,048

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $495,252 and $698,949, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .53% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .16% of average net assets.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

	% of Average Net Assets
Fidelity Real Estate Investment Portfolio	.02

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

	Amount
Fidelity Real Estate Investment Portfolio	$20

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $5 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Total fees paid by the Fund to NFS, as lending agent, amounted to less than five hundred dollars. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to NFS.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $39 for the period. In addition, through arrangements with the Fund's transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $9.

9. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2019 to January 31, 2020).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Annualized Expense Ratio-^A	Beginning Account Value August 1, 2019	Ending Account Value January 31, 2020	Expenses Paid During Period-^B August 1, 2019 to January 31, 2020
Actual	.73%	$1,000.00	$1,064.80	$3.79
Hypothetical-^C		$1,000.00	$1,021.47	$3.71

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

^C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Real Estate Investment Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) and Fidelity SelectCo, LLC (SelectCo) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that the Amended and Restated Contracts will reflect the replacement of SelectCo with FMR and will take effect upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile and considered that the definition of "group assets" for purposes of the fund's group fee would be modified to avoid double-counting assets once the reorganization is complete. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its January 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

The Board noted that it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods ended June 30, 2019, as shown below.

Fidelity Real Estate Investment Portfolio

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity funds are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended June 30 shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

Fidelity Real Estate Investment Portfolio

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2019.

The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund's total expense ratio ranked below the competitive median for the 12-month period ended June 30, 2019.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board's responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity's non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Amended and Restated Contracts should be approved and the fund's Advisory Contracts should be renewed.

Fidelity Investments

REA-SANN-0320
1.706448.121

Fidelity® International Real Estate Fund

Semi-Annual Report

January 31, 2020

Includes Fidelity and Fidelity Advisor share classes

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Note to shareholders
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one 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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to shareholders:

As part of a regular review of its organizational structure, Fidelity has decided to merge certain entities to streamline operations, increase efficiency, simplify reporting, and reduce legal, compliance, and accounting complexity and costs. In separate events, Fidelity has merged four of its investment advisers and two of its broker-dealers.

Effective on or about January 1, 2020, following any required regulatory notices and approvals:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to “Fidelity Management & Research Company LLC”.

Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. (“FIISC”). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to “Fidelity Distributors Company LLC”.

These mergers are not expected to affect fund shareholders or Fidelity clients, nor are they expected to result in any changes to the day-to-day management of Fidelity’s brokerage services, the Fidelity funds, their investment policies and practices, their portfolio management teams, or the funds’ expenses.

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020

	% of fund's net assets
Vonovia SE	5.4
Mitsubishi Estate Co. Ltd.	5.1
Advance Residence Investment Corp.	4.6
Cheung Kong Property Holdings Ltd.	3.8
Mitsui Fudosan Co. Ltd.	3.7
PSP Swiss Property AG	2.9
LEG Immobilien AG	2.8
Parkway Life REIT	2.8
ARGAN SA	2.5
Derwent London PLC	2.2
	35.8

Top Five Countries as of January 31, 2020

(excluding cash equivalents)	% of fund's net assets
Japan	23.0
United Kingdom	13.0
Singapore	8.5
Germany	8.2
Sweden	6.2

Top Five REIT Sectors as of January 31, 2020

	% of fund's net assets
REITs - Diversified	9.7
REITs - Apartments	6.3
REITs - Health Care	6.2
REITs - Warehouse/Industrial	4.1
REITs - Office Property	2.7

Asset Allocation (% of fund's net assets)

As of January 31, 2020^*
	Stocks	93.7%
	Short-Term Investments and Net Other Assets (Liabilities)	6.3%

* Foreign investments - 91.0%

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.7%
	Shares	Value
Australia - 4.2%
360 Capital Group Ltd. unit	3,856,668	$2,751,611
Arena (REIT) unit	3,782,575	7,802,871
DEXUS Property Group unit	928,203	7,832,308
Ingenia Communities Group unit	1,850,953	5,897,165
National Storage (REIT) unit	1,094,880	1,569,405

TOTAL AUSTRALIA		25,853,360

Bailiwick of Guernsey - 1.0%
Sirius Real Estate Ltd.	5,366,685	6,406,384
Belgium - 2.3%
Home Invest Belgium SA	23,953	2,975,288
Montea SICAFI SCA	27,400	2,710,607
VGP NV	31,500	3,545,910
Warehouses de Pauw	163,952	4,689,421

TOTAL BELGIUM		13,921,226

Bermuda - 2.8%
Great Eagle Holdings Ltd.	1,391,164	4,241,619
Tai Cheung Holdings Ltd.	10,213,000	8,082,207
Wing Tai Properties Ltd.	7,776,000	4,879,859

TOTAL BERMUDA		17,203,685

Cayman Islands - 3.8%
Cheung Kong Property Holdings Ltd.	3,676,500	23,488,987
Finland - 0.5%
Kojamo OYJ	156,100	2,870,374
France - 2.5%
ARGAN SA (a)	178,290	15,541,776
Germany - 8.2%
LEG Immobilien AG	141,178	17,434,455
Vonovia SE	573,549	32,784,310

TOTAL GERMANY		50,218,765

Hong Kong - 1.9%
Hysan Development Co. Ltd.	945,000	3,527,660
Magnificent Hotel Investment Ltd.	169,123,000	3,371,969
Sino Land Ltd.	3,573,561	4,870,182

TOTAL HONG KONG		11,769,811

Ireland - 3.3%
Hibernia (REIT) PLC	4,083,861	6,214,071
Irish Residential Properties REIT PLC	5,732,700	10,541,317
Yew Grove REIT PLC	3,111,300	3,347,070

TOTAL IRELAND		20,102,458

Italy - 0.8%
COIMA RES SpA (b)	464,087	4,663,143
Japan - 23.0%
Advance Residence Investment Corp.	8,938	28,108,832
Goldcrest Co. Ltd.	143,100	2,459,920
Health Care & Medical Investment Corp.	4,627	5,852,751
Ichigo Real Estate Investment Corp.	3,000	3,241,675
Japan Rental Housing Investment, Inc.	7,674	7,632,633
Katitas Co. Ltd.	69,000	2,772,340
Kenedix, Inc.	1,464,000	7,364,301
LaSalle Logiport REIT	1,165	1,880,330
Mitsubishi Estate Co. Ltd.	1,603,800	31,409,575
Mitsui Fudosan Co. Ltd.	867,300	22,970,886
Nippon Healthcare Investment Corp.	2,800	5,656,623
Nomura Real Estate Holdings, Inc.	173,300	4,267,689
Park24 Co. Ltd.	200,800	5,042,632
Sumitomo Realty & Development Co. Ltd.	342,800	12,620,361

TOTAL JAPAN		141,280,548

Mexico - 0.5%
Corporacion Inmobiliaria Vesta S.A.B. de CV	1,585,162	2,904,306
New Zealand - 1.3%
Arvida Group Ltd.	3,957,800	4,695,606
Auckland International Airport Ltd.	270,397	1,505,065
Stride Property Group unit	1,099,602	1,703,274

TOTAL NEW ZEALAND		7,903,945

Norway - 2.1%
Entra ASA (b)	760,400	13,028,886
Singapore - 8.5%
Parkway Life REIT	6,650,300	17,414,521
United Industrial Corp. Ltd.	5,252,800	10,815,947
UOL Group Ltd.	1,902,547	11,052,034
Wing Tai Holdings Ltd.	8,557,481	12,519,392

TOTAL SINGAPORE		51,801,894

Spain - 1.6%
Arima Real Estate SOCIMI SA (c)	241,300	3,104,320
Cellnex Telecom SA (b)	48,900	2,436,126
Melia Hotels International SA	517,703	4,162,649

TOTAL SPAIN		9,703,095

Sweden - 6.2%
Amasten Fastighets AB (c)	3,307,647	3,209,073
Catena AB	160,000	6,930,580
Fastighets AB Balder (c)	147,200	6,993,869
Heba Fastighets AB (B Shares)	132,301	1,214,868
Hufvudstaden AB (A Shares)	154,700	3,066,071
John Mattson Fastighetsforetag (c)	104,000	1,523,232
Samhallsbyggnadsbolaget I Norden AB (B Shares)	1,409,500	3,477,301
Stendorren Fastigheter AB	253,400	4,474,753
Torslanda Property Investment AB	77,100	1,505,656
Wihlborgs Fastigheter AB	283,000	5,426,648

TOTAL SWEDEN		37,822,051

Switzerland - 3.5%
Flughafen Zuerich AG	23,320	4,060,179
PSP Swiss Property AG	116,104	17,574,713

TOTAL SWITZERLAND		21,634,892

United Kingdom - 13.0%
Assura PLC	8,960,756	9,205,824
Big Yellow Group PLC	334,900	5,213,956
Derwent London PLC	248,100	13,465,020
Grainger Trust PLC	3,420,938	13,380,387
Great Portland Estates PLC	319,100	3,923,812
Helical Bar PLC	1,329,726	8,428,335
Land Securities Group PLC	369,700	4,579,211
Londonmetric Properity PLC	1,227,731	3,693,136
Rightmove PLC	710,000	6,167,237
Safestore Holdings PLC	328,466	3,491,602
Shaftesbury PLC	311,300	3,695,534
UK Coal PLC (a)	2,298,400	4,552,556

TOTAL UNITED KINGDOM		79,796,610

United States of America - 2.7%
CoStar Group, Inc. (c)	7,200	4,701,528
Prologis, Inc.	130,300	12,102,264

TOTAL UNITED STATES OF AMERICA		16,803,792

TOTAL COMMON STOCKS
(Cost $502,422,061)		574,719,988

Money Market Funds - 6.3%
Fidelity Cash Central Fund 1.58% (d)	38,850,475	38,858,245
Fidelity Securities Lending Cash Central Fund 1.59% (d)(e)	21,041	21,043
TOTAL MONEY MARKET FUNDS
(Cost $38,879,177)		38,879,288
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $541,301,238)		613,599,276
NET OTHER ASSETS (LIABILITIES) - 0.0%		(163,215)
NET ASSETS - 100%		$613,436,061

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

(a) 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 are available on the SEC's website or upon request.

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$221,532
Fidelity Securities Lending Cash Central Fund	13,171
Total	$234,703

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$8,603,363	$8,603,363	$--	$--
Consumer Discretionary	7,534,618	4,162,649	3,371,969	--
Health Care	4,695,606	--	4,695,606	--
Industrials	15,309,404	8,761,707	6,547,697	--
Real Estate	538,576,997	273,890,039	264,686,958	--
Money Market Funds	38,879,288	38,879,288	--	--
Total Investments in Securities:	$613,599,276	$334,297,046	$279,302,230	$--

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

Financial Statements

Statement of Assets and Liabilities

		January 31, 2020 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $19,789) — See accompanying schedule: Unaffiliated issuers (cost $502,422,061)	$574,719,988
Fidelity Central Funds (cost $38,879,177)	38,879,288
Total Investment in Securities (cost $541,301,238)		$613,599,276
Cash		46,329
Foreign currency held at value (cost $118,138)		127,298
Receivable for investments sold		9,200,160
Receivable for fund shares sold		494,993
Dividends receivable		1,637,572
Distributions receivable from Fidelity Central Funds		42,719
Prepaid expenses		4,032
Other receivables		391
Total assets		625,152,770
Liabilities
Payable for investments purchased	$10,763,051
Payable for fund shares redeemed	422,961
Accrued management fee	347,134
Distribution and service plan fees payable	8,039
Other affiliated payables	96,613
Other payables and accrued expenses	58,177
Collateral on securities loaned	20,734
Total liabilities		11,716,709
Net Assets		$613,436,061
Net Assets consist of:
Paid in capital		$553,709,970
Total accumulated earnings (loss)		59,726,091
Net Assets		$613,436,061
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($13,539,427 ÷ 1,048,815 shares)^(a)		$12.91
Maximum offering price per share (100/94.25 of $12.91)		$13.70
Class M:
Net Asset Value and redemption price per share ($4,033,708 ÷ 314,630 shares)^(a)		$12.82
Maximum offering price per share (100/96.50 of $12.82)		$13.28
Class C:
Net Asset Value and offering price per share ($4,220,372 ÷ 334,263 shares)^(a)		$12.63
International Real Estate:
Net Asset Value, offering price and redemption price per share ($266,228,077 ÷ 20,364,135 shares)		$13.07
Class I:
Net Asset Value, offering price and redemption price per share ($175,184,348 ÷ 13,490,037 shares)		$12.99
Class Z:
Net Asset Value, offering price and redemption price per share ($150,230,129 ÷ 11,581,775 shares)		$12.97

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Statement of Operations

		Six months ended January 31, 2020 (Unaudited)
Investment Income
Dividends		$6,002,186
Income from Fidelity Central Funds (including $13,171 from security lending)		234,703
Income before foreign taxes withheld		6,236,889
Less foreign taxes withheld		(483,495)
Total income		5,753,394
Expenses
Management fee	$1,972,660
Transfer agent fees	421,743
Distribution and service plan fees	45,592
Accounting fees	145,458
Custodian fees and expenses	51,917
Independent trustees' fees and expenses	1,777
Registration fees	48,608
Audit	32,700
Legal	691
Miscellaneous	1,843
Total expenses before reductions	2,722,989
Expense reductions	(9,797)
Total expenses after reductions		2,713,192
Net investment income (loss)		3,040,202
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $154,874)	17,655,149
Fidelity Central Funds	(210)
Foreign currency transactions	13,245
Total net realized gain (loss)		17,668,184
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of decrease in deferred foreign taxes of $104,528)	44,426,991
Assets and liabilities in foreign currencies	49,102
Total change in net unrealized appreciation (depreciation)		44,476,093
Net gain (loss)		62,144,277
Net increase (decrease) in net assets resulting from operations		$65,184,479

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

Statement of Changes in Net Assets

	Six months ended January 31, 2020 (Unaudited)	Year ended July 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$3,040,202	$10,195,011
Net realized gain (loss)	17,668,184	(5,967,988)
Change in net unrealized appreciation (depreciation)	44,476,093	27,092,050
Net increase (decrease) in net assets resulting from operations	65,184,479	31,319,073
Distributions to shareholders	(30,291,251)	(11,430,699)
Share transactions - net increase (decrease)	10,626,119	(67,131,164)
Total increase (decrease) in net assets	45,519,347	(47,242,790)
Net Assets
Beginning of period	567,916,714	615,159,504
End of period	$613,436,061	$567,916,714

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

Financial Highlights

Fidelity International Real Estate Fund Class A

	Six months ended (Unaudited) January 31,	Years endedJuly 31,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$12.14	$11.63	$11.03	$10.46	$10.56	$10.85
Income from Investment Operations
Net investment income (loss)^A	.05	.16	.23	.16	.15	.26^B
Net realized and unrealized gain (loss)	1.34	.55	.69	.79	.02	(.10)^C
Total from investment operations	1.39	.71	.92	.95	.17	.16
Distributions from net investment income	(.24)	(.17)	(.21)	(.13)	(.15)	(.14)
Distributions from net realized gain	(.38)	(.03)	(.11)	(.25)	(.12)	(.31)
Total distributions	(.62)	(.20)	(.32)	(.38)	(.27)	(.45)
Redemption fees added to paid in capital^A	–	–	–^D	–^D	–^D	–^D
Net asset value, end of period	$12.91	$12.14	$11.63	$11.03	$10.46	$10.56
Total Return^E,^F,^G	11.85%	6.21%	8.49%	9.48%	1.75%	1.67%^C
Ratios to Average Net Assets^H,^I
Expenses before reductions	1.26%^J	1.32%	1.36%	1.35%	1.35%	1.34%
Expenses net of fee waivers, if any	1.26%^J	1.32%	1.36%	1.35%	1.35%	1.34%
Expenses net of all reductions	1.26%^J	1.31%	1.35%	1.35%	1.33%	1.34%
Net investment income (loss)	.73%^J	1.35%	2.03%	1.60%	1.51%	2.45%^B
Supplemental Data
Net assets, end of period (000 omitted)	$13,539	$12,564	$11,319	$10,170	$14,020	$17,162
Portfolio turnover rate^K	72%^J	52%	56%	55%	71%	82%

^A Calculated based on average shares outstanding during the period.

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.15%.

^C Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 1.64%.

^D Amount represents less than $.005 per share.

^E Total returns for periods of less than one year are not annualized.

^F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^G Total returns do not include the effect of the sales charges.

^H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Annualized

^K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Fidelity International Real Estate Fund Class M

	Six months ended (Unaudited) January 31,	Years endedJuly 31,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$12.02	$11.53	$10.93	$10.39	$10.49	$10.76
Income from Investment Operations
Net investment income (loss)^A	.03	.12	.20	.13	.12	.22^B
Net realized and unrealized gain (loss)	1.33	.54	.68	.77	.02	(.08)^C
Total from investment operations	1.36	.66	.88	.90	.14	.14
Distributions from net investment income	(.18)	(.14)	(.17)	(.12)	(.11)	(.10)
Distributions from net realized gain	(.38)	(.03)	(.11)	(.25)	(.12)	(.31)
Total distributions	(.56)	(.17)	(.28)	(.36)^D	(.24)^E	(.41)
Redemption fees added to paid in capital^A	–	–	–^F	–^F	–^F	–^F
Net asset value, end of period	$12.82	$12.02	$11.53	$10.93	$10.39	$10.49
Total Return^G,^H,^I	11.69%	5.86%	8.19%	9.07%	1.43%	1.49%^C
Ratios to Average Net Assets^J,^K
Expenses before reductions	1.59%^L	1.62%	1.65%	1.65%	1.66%	1.64%
Expenses net of fee waivers, if any	1.58%^L	1.62%	1.65%	1.65%	1.66%	1.64%
Expenses net of all reductions	1.58%^L	1.61%	1.65%	1.65%	1.64%	1.63%
Net investment income (loss)	.41%^L	1.06%	1.74%	1.31%	1.20%	2.15%^B
Supplemental Data
Net assets, end of period (000 omitted)	$4,034	$3,703	$4,360	$4,147	$4,545	$4,939
Portfolio turnover rate^M	72%^L	52%	56%	55%	71%	82%

^A Calculated based on average shares outstanding during the period.

^D Total distributions of $.36 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.246 per share.

^E Total distributions of $.24 per share is comprised of distributions from net investment income of $.114 and distributions from net realized gain of $.121 per share.

^F Amount represents less than $.005 per share.

^G Total returns for periods of less than one year are not annualized.

^H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^I Total returns do not include the effect of the sales charges.

^J Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^L Annualized

^M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Fidelity International Real Estate Fund Class C

	Six months ended (Unaudited) January 31,	Years endedJuly 31,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$11.80	$11.33	$10.73	$10.21	$10.32	$10.60
Income from Investment Operations
Net investment income (loss)^A	–^B	.07	.15	.09	.07	.17^C
Net realized and unrealized gain (loss)	1.31	.55	.67	.76	.02	(.08)^D
Total from investment operations	1.31	.62	.82	.85	.09	.09
Distributions from net investment income	(.10)	(.12)	(.10)	(.09)	(.07)	(.07)
Distributions from net realized gain	(.38)	(.03)	(.11)	(.25)	(.12)	(.30)
Total distributions	(.48)	(.15)	(.22)^E	(.33)^F	(.20)^G	(.37)
Redemption fees added to paid in capital^A	–	–	–^B	–^B	–^B	–^B
Net asset value, end of period	$12.63	$11.80	$11.33	$10.73	$10.21	$10.32
Total Return^H,^I,^J	11.44%	5.56%	7.70%	8.69%	.93%	.97%^D
Ratios to Average Net Assets^K,^L
Expenses before reductions	1.99%^M	2.02%	2.05%	2.09%	2.10%	2.09%
Expenses net of fee waivers, if any	1.99%^M	2.02%	2.04%	2.08%	2.10%	2.09%
Expenses net of all reductions	1.99%^M	2.01%	2.04%	2.08%	2.09%	2.09%
Net investment income (loss)	.01%^M	.66%	1.35%	.87%	.75%	1.70%^C
Supplemental Data
Net assets, end of period (000 omitted)	$4,220	$3,869	$4,894	$4,818	$5,668	$6,548
Portfolio turnover rate^N	72%^M	52%	56%	55%	71%	82%

^A Calculated based on average shares outstanding during the period.

^B Amount represents less than $.005 per share.

^C Net investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .41%.

^D Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been .94%.

^E Total distributions of $.22 per share is comprised of distributions from net investment income of $.103 and distributions from net realized gain of $.112 per share.

^F Total distributions of $.33 per share is comprised of distributions from net investment income of $.085 and distributions from net realized gain of $.246 per share.

^G Total distributions of $.20 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $.121 per share.

^H Total returns for periods of less than one year are not annualized.

^I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^J Total returns do not include the effect of the contingent deferred sales charge.

^K Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^L Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^M Annualized

^N Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Fidelity International Real Estate Fund

	Six months ended (Unaudited) January 31,	Years endedJuly 31,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$12.31	$11.78	$11.17	$10.58	$10.68	$10.96
Income from Investment Operations
Net investment income (loss)^A	.06	.19	.27	.19	.17	.28^B
Net realized and unrealized gain (loss)	1.36	.56	.70	.79	.02	(.09)^C
Total from investment operations	1.42	.75	.97	.98	.19	.19
Distributions from net investment income	(.28)	(.19)	(.24)	(.15)	(.17)	(.16)
Distributions from net realized gain	(.38)	(.03)	(.11)	(.25)	(.12)	(.31)
Total distributions	(.66)	(.22)	(.36)^D	(.39)^E	(.29)	(.47)
Redemption fees added to paid in capital^A	–	–	–^F	–^F	–^F	–^F
Net asset value, end of period	$13.07	$12.31	$11.78	$11.17	$10.58	$10.68
Total Return^G,^H	12.01%	6.49%	8.84%	9.74%	1.94%	1.95%^C
Ratios to Average Net Assets^I,^J
Expenses before reductions	.98%^K	1.02%	1.05%	1.12%	1.13%	1.12%
Expenses net of fee waivers, if any	.98%^K	1.02%	1.05%	1.12%	1.13%	1.12%
Expenses net of all reductions	.98%^K	1.01%	1.04%	1.11%	1.11%	1.12%
Net investment income (loss)	1.01%^K	1.65%	2.34%	1.84%	1.73%	2.67%^B
Supplemental Data
Net assets, end of period (000 omitted)	$266,228	$251,947	$244,195	$226,027	$341,407	$330,910
Portfolio turnover rate^L	72%^K	52%	56%	55%	71%	82%

^A Calculated based on average shares outstanding during the period.

^D Total distributions of $.36 per share is comprised of distributions from net investment income of $.244 and distributions from net realized gain of $.112 per share.

^E Total distributions of $.39 per share is comprised of distributions from net investment income of $.147 and distributions from net realized gain of $.246 per share.

^F Amount represents less than $.005 per share.

^G Total returns for periods of less than one year are not annualized.

^H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^I Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^K Annualized

^L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Fidelity International Real Estate Fund Class I

	Six months ended (Unaudited) January 31,	Years endedJuly 31,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$12.23	$11.70	$11.13	$10.54	$10.64	$10.92
Income from Investment Operations
Net investment income (loss)^A	.07	.20	.28	.20	.19	.29^B
Net realized and unrealized gain (loss)	1.36	.55	.68	.79	.02	(.09)^C
Total from investment operations	1.43	.75	.96	.99	.21	.20
Distributions from net investment income	(.28)	(.19)	(.28)	(.16)	(.19)	(.17)
Distributions from net realized gain	(.38)	(.03)	(.11)	(.25)	(.12)	(.31)
Total distributions	(.67)^D	(.22)	(.39)	(.40)^E	(.31)	(.48)
Redemption fees added to paid in capital^A	–	–	–^F	–^F	–^F	–^F
Net asset value, end of period	$12.99	$12.23	$11.70	$11.13	$10.54	$10.64
Total Return^G,^H	12.10%	6.61%	8.88%	9.89%	2.15%	2.01%^C
Ratios to Average Net Assets^I,^J
Expenses before reductions	.93%^K	.94%	.96%	.95%	.97%	1.03%
Expenses net of fee waivers, if any	.92%^K	.94%	.96%	.95%	.97%	1.03%
Expenses net of all reductions	.92%^K	.93%	.95%	.95%	.96%	1.03%
Net investment income (loss)	1.07%^K	1.74%	2.44%	2.00%	1.89%	2.76%^B
Supplemental Data
Net assets, end of period (000 omitted)	$175,184	$137,778	$350,392	$171,444	$98,238	$37,426
Portfolio turnover rate^L	72%^K	52%	56%	55%	71%	82%

^A Calculated based on average shares outstanding during the period.

^D Total distributions of $.67 per share is comprised of distributions from net investment income of $.284 and distributions from net realized gain of $.381 per share.

^E Total distributions of $.40 per share is comprised of distributions from net investment income of $.157 and distributions from net realized gain of $.246 per share.

^F Amount represents less than $.005 per share.

^G Total returns for periods of less than one year are not annualized.

^H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^K Annualized

^L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Fidelity International Real Estate Fund Class Z

	Six months ended (Unaudited) January 31,	Years endedJuly 31,
	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$12.25	$11.16
Income from Investment Operations
Net investment income (loss)^B	.07	.30
Net realized and unrealized gain (loss)	1.35	.79
Total from investment operations	1.42	1.09
Distributions from net investment income	(.32)	–
Distributions from net realized gain	(.38)	–
Total distributions	(.70)	–
Net asset value, end of period	$12.97	$12.25
Total Return^C,^D	12.06%	9.77%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.83%^G	.84%^G
Expenses net of fee waivers, if any	.82%^G	.84%^G
Expenses net of all reductions	.82%^G	.83%^G
Net investment income (loss)	1.17%^G	3.02%^G
Supplemental Data
Net assets, end of period (000 omitted)	$150,230	$158,056
Portfolio turnover rate^H	72%^G	52%

^A For the period October 2, 2018 (commencement of sale of shares) to July 31, 2019.

^B Calculated based on average shares outstanding during the period.

^C Total returns for periods of less than one year are not annualized.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^G Annualized

^H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Notes to Financial Statements (Unaudited)

For the period ended January 31, 2020

1. Organization.

Fidelity International Real Estate Fund (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Real Estate, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

Effective January 1, 2020:

Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2020 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$74,307,879
Gross unrealized depreciation	(15,974,582)
Net unrealized appreciation (depreciation)	$58,333,297
Tax cost	$555,265,979

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration
Short-term	$(6,971,465)
Long-term	(3,546,415)
Total capital loss carryforward	$(10,517,880)

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $199,554,957 and $238,040,190, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .68% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$16,042	$274
Class M	.25%	.25%	9,630	–
Class C	.75%	.25%	19,920	1,364
			$45,592	$1,638

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$3,392
Class M	191
Class C^(a)	106
	$3,689

(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets^(a)
Class A	$14,836	.23
Class M	5,891	.31
Class C	4,149	.21
International Real Estate	252,057	.20
Class I	110,865	.14
Class Z	33,945	.04
	$421,743

(a) Annualized

	% of Average Net Assets
Fidelity International Real Estate Fund	.05

	Amount
Fidelity International Real Estate Fund	$7

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $683 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to NFS.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $105 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $159.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,183.

In addition, during the period the investment adviser or an affiliate reimbursed the Fund $8,350 for an operational error which is included in the accompanying Statement of Operations.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended January 31, 2020	Year ended July 31, 2019^(a)
Distributions to shareholders
Class A	$630,346	$196,960
Class M	173,347	62,893
Class C	159,950	65,239
International Real Estate	12,840,614	4,435,790
Class I	7,773,385	6,669,817
Class Z	8,713,609	–
Total	$30,291,251	$11,430,699

(a) Distributions for Class Z are for the period October 2, 2018 (commencement of sale of shares) to July 31, 2019.

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Six months ended January 31, 2020	Year ended July 31, 2019^(a)	Six months ended January 31, 2020	Year ended July 31, 2019^(a)
Class A
Shares sold	94,302	472,994	$1,176,512	$5,313,193
Reinvestment of distributions	51,661	17,333	622,640	194,298
Shares redeemed	(132,145)	(428,760)	(1,628,259)	(4,759,683)
Net increase (decrease)	13,818	61,567	$170,893	$747,808
Class M
Shares sold	15,521	23,497	$191,846	$267,526
Reinvestment of distributions	14,421	5,638	172,674	62,748
Shares redeemed	(23,344)	(99,377)	(286,463)	(1,119,109)
Net increase (decrease)	6,598	(70,242)	$78,057	$(788,835)
Class C
Shares sold	43,110	42,567	$519,944	$479,546
Reinvestment of distributions	12,184	5,468	143,643	59,927
Shares redeemed	(49,023)	(151,808)	(584,845)	(1,704,243)
Net increase (decrease)	6,271	(103,773)	$78,742	$(1,164,770)
International Real Estate
Shares sold	2,006,317	4,174,499	$25,475,126	$48,652,179
Reinvestment of distributions	991,983	370,043	12,108,255	4,196,287
Shares redeemed	(3,095,104)	(4,817,564)	(38,473,668)	(55,757,179)
Net increase (decrease)	(96,804)	(273,022)	$(890,287)	$(2,908,713)
Class I
Shares sold	3,015,420	6,400,193	$37,765,835	$72,117,647
Reinvestment of distributions	601,564	224,016	7,304,060	2,522,420
Shares redeemed	(1,389,932)	(25,306,136)	(17,434,395)	(291,874,610)
Net increase (decrease)	2,227,052	(18,681,927)	$27,635,500	$(217,234,543)
Class Z
Shares sold	1,588,919	14,322,745	$19,586,525	$171,342,506
Reinvestment of distributions	100,687	–	1,220,108	–
Shares redeemed	(3,013,789)	(1,416,787)	(37,253,419)	(17,124,617)
Net increase (decrease)	(1,324,183)	12,905,958	$(16,446,786)	$154,217,889

(a) Share transactions for Class Z are for the period October 2, 2018 (commencement of sale of shares) to July 31, 2019.

11. Other.

At the end of the period, Strategic Advisers Fidelity International Fund was the owner of record of approximately 15% of the total outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2019 to January 31, 2020).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

	Annualized Expense Ratio-^A	Beginning Account Value August 1, 2019	Ending Account Value January 31, 2020	Expenses Paid During Period-^B August 1, 2019 to January 31, 2020
Class A	1.26%
Actual		$1,000.00	$1,118.50	$6.71
Hypothetical-^C		$1,000.00	$1,018.80	$6.39
Class M	1.58%
Actual		$1,000.00	$1,116.90	$8.41
Hypothetical-^C		$1,000.00	$1,017.19	$8.01
Class C	1.99%
Actual		$1,000.00	$1,114.40	$10.58
Hypothetical-^C		$1,000.00	$1,015.13	$10.08
International Real Estate	.98%
Actual		$1,000.00	$1,120.10	$5.22
Hypothetical-^C		$1,000.00	$1,020.21	$4.98
Class I	.92%
Actual		$1,000.00	$1,121.00	$4.90
Hypothetical-^C		$1,000.00	$1,020.51	$4.67
Class Z	.82%
Actual		$1,000.00	$1,120.60	$4.37
Hypothetical-^C		$1,000.00	$1,021.01	$4.17

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

^C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity International Real Estate Fund

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Fidelity International Real Estate Fund

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2019.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each of Class A, Class C, Class I, Class Z, and the retail class ranked below the competitive median for the 12-month period ended June 30, 2019 and the total expense ratio of each of Class M ranked above the competitive median for the 12-month period ended June 30, 2019. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that the total expense ratio of Class M was above the competitive median primarily because of higher 12b-1 fees on Class M as compared to most competitor funds. Class M has a higher 12b-1 fee, but a lower front-end sales charge, than traditionally priced front-end sales charge classes. The Board considered that Class M is primarily sold load-waived to retirement plans and intermediary wrap programs where its 0.50% 12b-1 fee is comparable to competing no-load, higher 12b-1 fee classes designed specifically for retirement plans and wrap programs. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.45%, 1.70%, 2.20%, 1.20%, 1.05%, and 1.20% through November 30, 2020.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Fidelity Investments

IRE-SANN-0320
1.801330.116

Fidelity Flex® Funds

Fidelity Flex® Real Estate Fund

Semi-Annual Report

January 31, 2020

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) 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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020

	% of fund's net assets
Prologis, Inc.	11.4
Digital Realty Trust, Inc.	6.1
UDR, Inc.	5.8
Boston Properties, Inc.	5.5
Welltower, Inc.	5.5
Duke Realty Corp.	4.8
Ventas, Inc.	4.5
Equity Residential (SBI)	4.5
Equity Lifestyle Properties, Inc.	4.0
Extra Space Storage, Inc.	3.0
	55.1

Top Five REIT Sectors as of January 31, 2020

	% of fund's net assets
REITs - Apartments	20.7
REITs - Diversified	14.8
REITs - Office Property	13.1
REITs - Warehouse/Industrial	12.3
REITs - Health Care	11.5

Asset Allocation (% of fund's net assets)

As of January 31, 2020^*
	Stocks	98.3%
	Short-Term Investments and Net Other Assets (Liabilities)	1.7%

* Foreign investments - 1.0%

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares	Value
Equity Real Estate Investment Trusts (REITs) - 96.7%
REITs - Apartments - 20.7%
American Homes 4 Rent Class A	1,951	$53,321
Apartment Investment & Management Co. Class A	880	46,385
AvalonBay Communities, Inc.	235	50,922
Equity Residential (SBI)	1,277	106,093
Essex Property Trust, Inc.	112	34,693
Invitation Homes, Inc.	1,842	57,968
UDR, Inc.	2,856	136,831
		486,213
REITs - Diversified - 14.8%
Crown Castle International Corp.	167	25,023
Digital Realty Trust, Inc.	1,159	142,545
Duke Realty Corp.	3,135	113,832
Equinix, Inc.	77	45,409
Washington REIT (SBI)	706	21,491
		348,300
REITs - Health Care - 11.5%
Healthcare Trust of America, Inc.	1,102	35,297
Ventas, Inc.	1,839	106,405
Welltower, Inc.	1,512	128,384
		270,086
REITs - Hotels - 3.9%
Braemar Hotels & Resorts, Inc.	747	5,961
DiamondRock Hospitality Co.	2,738	26,476
Host Hotels & Resorts, Inc.	2,947	48,154
RLJ Lodging Trust	776	12,075
		92,666
REITs - Management/Investment - 1.5%
American Assets Trust, Inc.	461	21,003
Lexington Corporate Properties Trust	1,297	14,358
		35,361
REITs - Manufactured Homes - 6.6%
Equity Lifestyle Properties, Inc.	1,308	95,157
Sun Communities, Inc.	377	61,138
		156,295
REITs - Office Property - 13.1%
Boston Properties, Inc.	906	129,875
Brandywine Realty Trust (SBI)	2,307	36,035
Highwoods Properties, Inc. (SBI)	604	30,266
Mack-Cali Realty Corp.	782	17,173
Piedmont Office Realty Trust, Inc. Class A	1,170	27,132
SL Green Realty Corp.	593	54,580
VEREIT, Inc.	1,248	12,180
		307,241
REITs - Regional Malls - 2.1%
Simon Property Group, Inc.	369	49,132
REITs - Shopping Centers - 5.2%
Acadia Realty Trust (SBI)	859	21,320
Kimco Realty Corp.	2,273	43,301
Regency Centers Corp.	949	58,876
		123,497
REITs - Single Tenant - 0.1%
Spirit Realty Capital, Inc.	37	1,953
REITs - Storage - 4.9%
CubeSmart	1,405	44,496
Extra Space Storage, Inc.	639	70,725
		115,221
REITs - Warehouse/Industrial - 12.3%
Americold Realty Trust	657	22,647
Prologis, Inc.	2,882	267,681
		290,328

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		2,276,293

Media - 0.6%
Advertising - 0.6%
Clear Channel Outdoor Holdings, Inc. (a)	5,139	14,029
Real Estate Management & Development - 1.0%
Real Estate Development - 1.0%
Instone Real Estate Group BV (a)(b)	935	24,213
TOTAL COMMON STOCKS
(Cost $2,099,895)		2,314,535

Money Market Funds - 1.0%
Fidelity Cash Central Fund 1.58% (c)
(Cost $23,509)	23,504	23,509
TOTAL INVESTMENT IN SECURITIES - 99.3%
(Cost $2,123,404)		2,338,044
NET OTHER ASSETS (LIABILITIES) - 0.7%		15,356
NET ASSETS - 100%		$2,353,400

Legend

(a) Non-income producing

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$177
Total	$177

Investment Valuation

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

Financial Statements

Statement of Assets and Liabilities

		January 31, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $2,099,895)	$2,314,535
Fidelity Central Funds (cost $23,509)	23,509
Total Investment in Securities (cost $2,123,404)		$2,338,044
Cash		10,981
Receivable for investments sold		5,715
Receivable for fund shares sold		1,250
Distributions receivable from Fidelity Central Funds		96
Total assets		2,356,086
Liabilities
Payable for investments purchased	$2,686
Total liabilities		2,686
Net Assets		$2,353,400
Net Assets consist of:
Paid in capital		$2,149,260
Total accumulated earnings (loss)		204,140
Net Assets		$2,353,400
Net Asset Value, offering price and redemption price per share ($2,353,400 ÷ 198,135 shares)		$11.88

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

Statement of Operations

		Six months ended January 31, 2020 (Unaudited)
Investment Income
Dividends		$23,350
Income from Fidelity Central Funds		177
Total income		23,527
Expenses
Independent trustees' fees and expenses	$5
Commitment fees	2
Total expenses		7
Net investment income (loss)		23,520
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	12,849
Foreign currency transactions	3
Total net realized gain (loss)		12,852
Change in net unrealized appreciation (depreciation) on investment securities		83,405
Net gain (loss)		96,257
Net increase (decrease) in net assets resulting from operations		$119,777

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

Statement of Changes in Net Assets

	Six months ended January 31, 2020 (Unaudited)	Year ended July 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$23,520	$27,158
Net realized gain (loss)	12,852	1,810
Change in net unrealized appreciation (depreciation)	83,405	76,047
Net increase (decrease) in net assets resulting from operations	119,777	105,015
Distributions to shareholders	(33,454)	(24,159)
Share transactions
Proceeds from sales of shares	795,656	918,998
Reinvestment of distributions	33,454	24,159
Cost of shares redeemed	(47,067)	(251,584)
Net increase (decrease) in net assets resulting from share transactions	782,043	691,573
Total increase (decrease) in net assets	868,366	772,429
Net Assets
Beginning of period	1,485,034	712,605
End of period	$2,353,400	$1,485,034
Other Information
Shares
Sold	68,382	83,983
Issued in reinvestment of distributions	2,878	2,284
Redeemed	(3,931)	(24,138)
Net increase (decrease)	67,329	62,129

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

Financial Highlights

Fidelity Flex Real Estate Fund

	Six months ended (Unaudited) January 31,	Years endedJuly 31,
	2020	2019	2018	2017 ^A
Selected Per–Share Data
Net asset value, beginning of period	$11.35	$10.38	$10.35	$10.00
Income from Investment Operations
Net investment income (loss)^B	.16	.34	.28	.11
Net realized and unrealized gain (loss)	.60	.98	.05	.29
Total from investment operations	.76	1.32	.33	.40
Distributions from net investment income	(.23)	(.32)	(.26)	(.05)
Distributions from net realized gain	–	(.02)	(.04)	–
Total distributions	(.23)	(.35)^C	(.30)	(.05)
Net asset value, end of period	$11.88	$11.35	$10.38	$10.35
Total Return^D,^E	6.77%	13.00%	3.28%	4.01%
Ratios to Average Net Assets^F,^G
Expenses before reductions	- %^H,^I	- %^I	.01%	- %^H,^I
Expenses net of fee waivers, if any	- %^H,^I	- %^I	.01%	- %^H,^I
Expenses net of all reductions	- %^H,^I	- %^I	.01%	- %^H,^I
Net investment income (loss)	2.66%^H	3.16%	2.78%	2.64%^H
Supplemental Data
Net assets, end of period (000 omitted)	$2,353	$1,485	$713	$265
Portfolio turnover rate^J	21%^H	45%	91%	9%^K

^A For the period March 8, 2017 (commencement of operations) to July 31, 2017.

^B Calculated based on average shares outstanding during the period.

^C Total distributions of $.35 per share is comprised of distributions from net investment income of $.324 and distributions from net realized gain of $.021 per share.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^H Annualized

^I Amount represents less than .005%.

^J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^K Amount not annualized.

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

Notes to Financial Statements (Unaudited)

For the period ended January 31, 2020

1. Organization.

Fidelity Flex Real Estate Fund (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts offered by Fidelity.

Effective January 1, 2020:

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$245,504
Gross unrealized depreciation	(41,300)
Net unrealized appreciation (depreciation)	$204,204
Tax cost	$2,133,840

No expiration
Short-term	$(2,962)
Long-term	(9,789)
Total capital loss carryforward	$(12,751)

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $937,113 and $186,934, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

	Amount
Fidelity Flex Real Estate Fund	$32

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 14% of the total outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2019 to January 31, 2020).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value August 1, 2019	Ending Account Value January 31, 2020	Expenses Paid During Period-^B August 1, 2019 to January 31, 2020
Actual	- %-^C	$1,000.00	$1,067.70	$--^D
Hypothetical-^E		$1,000.00	$1,025.14	$--^D

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

^C Amount represents less than .005%.

^D Amount represents less than $.005.

^E 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Flex Real Estate Fund

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

At its January 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board noted that the fund is available exclusively to certain Fidelity fee-based programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of the program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund with limited exceptions.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with limited exceptions.

Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

Fidelity Investments

ZXL-SANN-0320
1.9881646.102


Date of fiscal year end:	July 31

Date of reporting period:	January 31, 2020


(a)	(1)	Not applicable.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


By:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	March 25, 2020


By:	/s/John J. Burke III
	John J. Burke III
	Chief Financial Officer

Date:	March 25, 2020