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

Investment Summary January 31, 2024 (Unaudited)

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 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.

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.

Top Holdings (% of Fund's net assets)

CK Asset Holdings Ltd.	5.1
Daiwa Securities Living Invest	4.4
Wing Tai Holdings Ltd.	4.3
LEG Immobilien AG	3.3
Advance Residence Investment Corp.	3.2
Arena (REIT) unit	3.1
Londonmetric Properity PLC	3.0
Unite Group PLC	2.8
Health Care & Medical Investment Corp.	2.8
Parkway Life REIT	2.6
	34.6

Top REIT Sectors (% of Fund's net assets)

REITs - Diversified	16.6
REITs - Apartments	10.4
REITs - Health Care	5.4
REITs - Management/Investment	4.8
REITs - Industrial Buildings	3.5

Asset Allocation (% of Fund's net assets)

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are adjusted for the effect of derivatives, if applicable.

Schedule of Investments January 31, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares	Value ($)
Australia - 7.0%
Abacus Storage King	4,047,536	3,004,258
Arena (REIT) unit	6,850,042	15,531,820
Goodman Group unit	78,394	1,301,276
Hmc Capital Ltd.	196,822	780,625
Ingenia Communities Group unit	1,331,238	3,855,992
National Storage REIT unit	7,116,119	10,672,144
TOTAL AUSTRALIA		35,146,115
Belgium - 3.1%
Inclusio SA	242,986	3,256,178
Montea SICAFI SCA	54,973	4,740,864
Shurgard Self Storage Europe SARL	49,340	2,296,567
Warehouses de Pauw	172,370	5,081,725
TOTAL BELGIUM		15,375,334
Brazil - 0.4%
LOG Commercial Properties e Participacoes SA	549,700	2,275,623
Canada - 0.1%
StorageVault Canada, Inc.	130,300	520,444
France - 3.4%
ARGAN SA	79,332	7,047,342
ICADE	48,700	1,661,006
Unibail-Rodamco-Westfield NV (a)	112,400	8,136,106
TOTAL FRANCE		16,844,454
Germany - 4.1%
Instone Real Estate Group BV (b)	457,928	3,978,858
LEG Immobilien AG (a)	194,900	16,315,278
TOTAL GERMANY		20,294,136
Greece - 0.2%
Trade Estates Real Estate Investment SA	455,600	829,146
Hong Kong - 10.5%
CK Asset Holdings Ltd.	5,646,000	25,476,694
Great Eagle Holdings Ltd.	7,315,541	10,769,415
Hang Lung Properties Ltd.	2,123,000	2,464,719
Magnificent Hotel Investment Ltd. (a)	184,603,000	1,639,667
Sino Land Ltd.	3,819,331	3,989,537
Tai Cheung Holdings Ltd.	13,949,116	6,187,067
Wing Tai Properties Ltd.	6,336,000	2,017,937
TOTAL HONG KONG		52,545,036
Ireland - 1.8%
Cairn Homes PLC	714,100	1,094,310
Irish Residential Properties REIT PLC	6,369,300	7,957,098
TOTAL IRELAND		9,051,408
Israel - 0.8%
Azrieli Group	56,900	3,849,748
Italy - 1.5%
Infrastrutture Wireless Italiane SpA (b)	607,900	7,387,487
Japan - 24.1%
Advance Residence Investment Corp. (c)	7,250	15,965,624
Daiwa Securities Living Invest	30,654	22,054,305
Goldcrest Co. Ltd.	166,200	2,650,585
Health Care & Medical Investment Corp.	15,587	13,913,113
Hulic Co. Ltd.	1,093,400	12,073,700
Japan Logistics Fund, Inc. (c)	3,167	5,855,856
JTOWER, Inc. (a)(c)	101,000	3,111,507
Katitas Co. Ltd.	296,300	3,683,778
Kyoritsu Maintenance Co. Ltd. (c)	154,200	6,336,271
Mirarth Holdings, Inc.	774,400	2,594,925
Mitsui Fudosan Logistics Park, Inc. (c)	3,817	11,443,100
Nomura Real Estate Holdings, Inc.	433,500	11,863,034
Sekisui House Ltd. (c)	170,800	3,855,673
Tosei Corp.	364,300	5,260,655
TOTAL JAPAN		120,662,126
Mexico - 0.2%
Corporacion Inmobiliaria Vesta S.A.B. de CV	301,593	1,146,865
Netherlands - 0.1%
CTP BV (b)	41,922	717,633
New Zealand - 2.5%
Arvida Group Ltd. (c)	9,191,211	6,212,046
Auckland International Airport Ltd.	471,342	2,410,748
Stride Property Group unit	4,666,504	4,044,652
TOTAL NEW ZEALAND		12,667,446
Singapore - 10.3%
Digital Core (REIT)	4,033,200	2,592,509
Keppel DC (REIT)	2,925,700	3,673,569
Parkway Life REIT	4,847,000	12,701,677
Singapore Land Group Ltd.	8,091,000	11,148,860
Wing Tai Holdings Ltd.	23,519,981	21,536,898
TOTAL SINGAPORE		51,653,513
Spain - 3.2%
Aena SME SA (b)	18,300	3,248,341
Arima Real Estate SOCIMI SA (a)	1,052,550	7,507,439
Cellnex Telecom SA (b)	96,410	3,709,603
Lar Espana Real Estate Socimi SA	203,384	1,364,940
TOTAL SPAIN		15,830,323
Sweden - 5.9%
Catena AB	61,500	2,632,173
Fastighets AB Trianon Class B (a)	835,912	1,289,213
Heba Fastighets AB (B Shares)	2,216,460	6,985,907
Hemnet Group AB	106,900	2,886,510
JM AB (B Shares)	275,229	4,511,929
Nyfosa AB	300,900	2,716,489
Swedish Logistic Property AB (a)	2,755,611	8,301,269
TOTAL SWEDEN		29,323,490
Switzerland - 1.8%
Flughafen Zuerich AG	11,220	2,323,442
PSP Swiss Property AG	49,174	6,570,209
TOTAL SWITZERLAND		8,893,651
United Kingdom - 15.2%
Berkeley Group Holdings PLC	43,000	2,616,252
Big Yellow Group PLC	420,300	6,114,778
Grainger Trust PLC	2,179,006	7,268,148
Great Portland Estates PLC	5,117	27,042
Harworth Group PLC	1,778,700	3,031,827
Londonmetric Properity PLC	6,147,464	15,090,549
Rightmove PLC	351,500	2,487,627
Safestore Holdings PLC	662,699	6,953,862
Shaftesbury Capital PLC	3,029,426	5,117,642
Tritax EuroBox PLC (b)	2,570,100	1,687,171
Unite Group PLC	1,093,711	14,096,230
Urban Logistics REIT PLC	7,285,875	11,578,670
TOTAL UNITED KINGDOM		76,069,798
United States of America - 1.8%
Airbnb, Inc. Class A (a)	26,000	3,747,640
CoStar Group, Inc. (a)	15,700	1,310,636
Digital Realty Trust, Inc.	11,600	1,629,336
Equinix, Inc.	3,000	2,489,310
TOTAL UNITED STATES OF AMERICA		9,176,922
TOTAL COMMON STOCKS (Cost $506,281,210)		490,260,698

Money Market Funds - 9.1%
	Shares	Value ($)
Fidelity Cash Central Fund 5.39% (d)	8,546,989	8,548,698
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)	36,890,066	36,893,755
TOTAL MONEY MARKET FUNDS (Cost $45,442,453)		45,442,453

TOTAL INVESTMENT IN SECURITIES - 107.1% (Cost $551,723,663)	535,703,151
NET OTHER ASSETS (LIABILITIES) - (7.1)%	(35,342,188)
NET ASSETS - 100.0%	500,360,963

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 $20,729,093 or 4.1% of net assets.

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

(d)

Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.39%	11,696,031	86,647,247	89,794,580	181,257	-	-	8,548,698	0.0%
Fidelity Securities Lending Cash Central Fund 5.39%	6,931,294	78,219,024	48,256,563	36,616	-	-	36,893,755	0.1%
Total	18,627,325	164,866,271	138,051,143	217,873	-	-	45,442,453

Amounts in the dividend 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.

Amounts in the dividend income column 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2024, 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	19,582,734	10,273,997	9,308,737	-
Consumer Discretionary	23,801,742	11,970,131	11,831,611	-
Health Care	6,212,046	-	6,212,046	-
Industrials	7,982,531	5,571,783	2,410,748	-
Real Estate	432,681,645	183,573,321	249,108,324	-

Money Market Funds	45,442,453	45,442,453	-	-
Total Investments in Securities:	535,703,151	256,831,685	278,871,466	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				January 31, 2024 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $35,127,657) - See accompanying schedule:
Unaffiliated issuers (cost $506,281,210)	$	490,260,698
Fidelity Central Funds (cost $45,442,453)		45,442,453


Total Investment in Securities (cost $551,723,663)			$	535,703,151
Foreign currency held at value (cost $88,131)				88,131
Receivable for investments sold				1,913,920
Receivable for fund shares sold				112,978
Dividends receivable				1,824,153
Reclaims receivable				1,330,780
Distributions receivable from Fidelity Central Funds				36,370
Prepaid expenses				1,212
Other receivables				8
Total assets				541,010,703
Liabilities
Payable for investments purchased	$	2,689,367
Payable for fund shares redeemed		651,430
Accrued management fee		283,578
Distribution and service plan fees payable		4,318
Other affiliated payables		70,677
Other payables and accrued expenses		56,615
Collateral on securities loaned		36,893,755
Total Liabilities				40,649,740
Net Assets			$	500,360,963
Net Assets consist of:
Paid in capital			$	705,837,999
Total accumulated earnings (loss)				(205,477,036)
Net Assets			$	500,360,963

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($11,760,053 ÷ 1,212,988 shares)(a)			$	9.70
Maximum offering price per share (100/94.25 of $9.70)			$	10.29
Class M :
Net Asset Value and redemption price per share ($1,763,717 ÷ 183,269 shares)(a)			$	9.62
Maximum offering price per share (100/96.50 of $9.62)			$	9.97
Class C :
Net Asset Value and offering price per share ($1,261,572 ÷ 133,368 shares)(a)			$	9.46
International Real Estate :
Net Asset Value, offering price and redemption price per share ($196,427,007 ÷ 19,967,178 shares)			$	9.84
Class I :
Net Asset Value, offering price and redemption price per share ($40,572,161 ÷ 4,150,382 shares)			$	9.78
Class Z :
Net Asset Value, offering price and redemption price per share ($248,576,453 ÷ 25,509,484 shares)			$	9.74
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
				Six months ended January 31, 2024 (Unaudited)
Investment Income
Dividends			$	7,910,416
Non-Cash dividends				1,540,370
Income from Fidelity Central Funds (including $36,616 from security lending)				217,873
Income before foreign taxes withheld			$	9,668,659
Less foreign taxes withheld				(734,090)
Total Income				8,934,569
Expenses
Management fee	$	1,720,743
Transfer agent fees		332,339
Distribution and service plan fees		25,870
Accounting fees		126,010
Custodian fees and expenses		27,163
Independent trustees' fees and expenses		1,548
Registration fees		45,741
Audit		35,813
Legal		413
Interest		17,312
Miscellaneous		1,280
Total expenses before reductions		2,334,232
Expense reductions		(71,535)
Total expenses after reductions				2,262,697
Net Investment income (loss)				6,671,872
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(15,801,533)
Foreign currency transactions		(110,288)
Total net realized gain (loss)				(15,911,821)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(4,844,394)
Assets and liabilities in foreign currencies		(50,182)
Total change in net unrealized appreciation (depreciation)				(4,894,576)
Net gain (loss)				(20,806,397)
Net increase (decrease) in net assets resulting from operations			$	(14,134,525)

Statement of Changes in Net Assets

		Six months ended January 31, 2024 (Unaudited)		Year ended July 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	6,671,872	$	14,162,941
Net realized gain (loss)		(15,911,821)		(140,724,118)
Change in net unrealized appreciation (depreciation)		(4,894,576)		27,253,459
Net increase (decrease) in net assets resulting from operations		(14,134,525)		(99,307,718)
Distributions to shareholders		(10,710,493)		(31,353,019)

Share transactions - net increase (decrease)		(36,702,622)		(152,565,247)
Total increase (decrease) in net assets		(61,547,640)		(283,225,984)

Net Assets
Beginning of period		561,908,603		845,134,587
End of period	$	500,360,963	$	561,908,603

Financial Highlights

Fidelity Advisor® International Real Estate Fund Class A

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	10.12	$	11.88	$	14.84	$	11.74	$	12.14	$	11.63
Income from Investment Operations
Net investment income (loss) A,B		.11		.19		.18		.22		.17		.16
Net realized and unrealized gain (loss)		(.37)		(1.52)		(2.39)		3.08		.05		.55
Total from investment operations		(.26)		(1.33)		(2.21)		3.30		.22		.71
Distributions from net investment income		(.16)		(.03)		(.52)		(.20)		(.24)		(.17)
Distributions from net realized gain		-		(.40)		(.23)		-		(.38)		(.03)
Total distributions		(.16)		(.43)		(.75)		(.20)		(.62)		(.20)
Net asset value, end of period	$	9.70	$	10.12	$	11.88	$	14.84	$	11.74	$	12.14
Total Return C,D,E		(2.55)%		(11.35)%		(15.76)%		28.46%		1.71%		6.21%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.25% H		1.25%		1.23%		1.23%		1.27%		1.32%
Expenses net of fee waivers, if any		1.20% H		1.20%		1.22%		1.23%		1.27%		1.32%
Expenses net of all reductions		1.20% H		1.19%		1.22%		1.23%		1.26%		1.31%
Net investment income (loss)		2.29% H		1.91%		1.33%		1.66%		1.40%		1.35%
Supplemental Data
Net assets, end of period (000 omitted)	$	11,760	$	12,875	$	16,274	$	17,071	$	11,710	$	12,564
Portfolio turnover rate I		67% H		52%		47%		37%		69%		52%

ACalculated based on average shares outstanding during the period.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CTotal returns for periods of less than one year are not annualized.

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

ETotal returns do not include the effect of the sales charges.

FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® International Real Estate Fund Class M

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	10.01	$	11.76	$	14.71	$	11.64	$	12.02	$	11.53
Income from Investment Operations
Net investment income (loss) A,B		.10		.17		.14		.18		.13		.12
Net realized and unrealized gain (loss)		(.37)		(1.52)		(2.37)		3.05		.05		.54
Total from investment operations		(.27)		(1.35)		(2.23)		3.23		.18		.66
Distributions from net investment income		(.12)		-		(.49)		(.16)		(.18)		(.14)
Distributions from net realized gain		-		(.40)		(.23)		-		(.38)		(.03)
Total distributions		(.12)		(.40)		(.72)		(.16)		(.56)		(.17)
Net asset value, end of period	$	9.62	$	10.01	$	11.76	$	14.71	$	11.64	$	12.02
Total Return C,D,E		(2.69)%		(11.60)%		(16.01)%		28.08%		1.41%		5.86%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.51% H		1.52%		1.53%		1.55%		1.59%		1.62%
Expenses net of fee waivers, if any		1.45% H		1.45%		1.51%		1.55%		1.58%		1.62%
Expenses net of all reductions		1.45% H		1.43%		1.51%		1.54%		1.58%		1.61%
Net investment income (loss)		2.05% H		1.66%		1.04%		1.34%		1.08%		1.06%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,764	$	1,967	$	2,804	$	3,488	$	2,976	$	3,703
Portfolio turnover rate I		67% H		52%		47%		37%		69%		52%

ACalculated based on average shares outstanding during the period.

CTotal returns for periods of less than one year are not annualized.

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

ETotal returns do not include the effect of the sales charges.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® International Real Estate Fund Class C

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	9.75	$	11.52	$	14.43	$	11.43	$	11.80	$	11.33
Income from Investment Operations
Net investment income (loss) A,B		.07		.11		.07		.11		.07		.07
Net realized and unrealized gain (loss)		(.35)		(1.48)		(2.32)		3.00		.04		.55
Total from investment operations		(.28)		(1.37)		(2.25)		3.11		.11		.62
Distributions from net investment income		(.01)		-		(.43)		(.11)		(.10)		(.12)
Distributions from net realized gain		-		(.40)		(.23)		-		(.38)		(.03)
Total distributions		(.01)		(.40)		(.66)		(.11)		(.48)		(.15)
Net asset value, end of period	$	9.46	$	9.75	$	11.52	$	14.43	$	11.43	$	11.80
Total Return C,D,E		(2.88)%		(12.03)%		(16.40)%		27.44%		.85%		5.56%
Ratios to Average Net Assets B,F,G
Expenses before reductions		2.00% H		2.02%		2.02%		2.05%		2.04%		2.02%
Expenses net of fee waivers, if any		1.95% H		1.95%		2.01%		2.05%		2.03%		2.02%
Expenses net of all reductions		1.95% H		1.94%		2.01%		2.04%		2.03%		2.01%
Net investment income (loss)		1.54% H		1.16%		.55%		.85%		.63%		.66%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,262	$	1,487	$	2,087	$	3,036	$	3,836	$	3,869
Portfolio turnover rate I		67% H		52%		47%		37%		69%		52%

ACalculated based on average shares outstanding during the period.

CTotal returns for periods of less than one year are not annualized.

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

ETotal returns do not include the effect of the contingent deferred sales charge.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity® International Real Estate Fund

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	10.28	$	12.06	$	15.04	$	11.90	$	12.31	$	11.78
Income from Investment Operations
Net investment income (loss) A,B		.12		.22		.22		.26		.20		.19
Net realized and unrealized gain (loss)		(.37)		(1.55)		(2.42)		3.12		.05		.56
Total from investment operations		(.25)		(1.33)		(2.20)		3.38		.25		.75
Distributions from net investment income		(.19)		(.04)		(.54)		(.24)		(.28)		(.19)
Distributions from net realized gain		-		(.40)		(.24)		-		(.38)		(.03)
Total distributions		(.19)		(.45) C		(.78)		(.24)		(.66)		(.22)
Net asset value, end of period	$	9.84	$	10.28	$	12.06	$	15.04	$	11.90	$	12.31
Total Return D,E		(2.37)%		(11.19)%		(15.50)%		28.83%		1.98%		6.49%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.99% H		.98%		.95%		.97%		1.00%		1.02%
Expenses net of fee waivers, if any		.95% H		.95%		.94%		.97%		1.00%		1.02%
Expenses net of all reductions		.95% H		.95%		.94%		.96%		.99%		1.01%
Net investment income (loss)		2.54% H		2.15%		1.61%		1.92%		1.67%		1.65%
Supplemental Data
Net assets, end of period (000 omitted)	$	196,427	$	223,674	$	316,203	$	360,653	$	224,266	$	251,947
Portfolio turnover rate I		67% H		52%		47%		37%		69%		52%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

DTotal returns for periods of less than one year are not annualized.

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

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® International Real Estate Fund Class I

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	10.22	$	11.98	$	14.94	$	11.83	$	12.23	$	11.70
Income from Investment Operations
Net investment income (loss) A,B		.12		.22		.22		.27		.21		.20
Net realized and unrealized gain (loss)		(.37)		(1.54)		(2.40)		3.09		.06		.55
Total from investment operations		(.25)		(1.32)		(2.18)		3.36		.27		.75
Distributions from net investment income		(.19)		(.04)		(.54)		(.25)		(.28)		(.19)
Distributions from net realized gain		-		(.40)		(.24)		-		(.38)		(.03)
Total distributions		(.19)		(.44)		(.78)		(.25)		(.67) C		(.22)
Net asset value, end of period	$	9.78	$	10.22	$	11.98	$	14.94	$	11.83	$	12.23
Total Return D,E		(2.35)%		(11.15)%		(15.46)%		28.83%		2.09%		6.61%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.93% H		.92%		.92%		.90%		.93%		.94%
Expenses net of fee waivers, if any		.92% H		.91%		.91%		.90%		.93%		.94%
Expenses net of all reductions		.92% H		.91%		.91%		.90%		.92%		.93%
Net investment income (loss)		2.57% H		2.19%		1.64%		1.99%		1.73%		1.74%
Supplemental Data
Net assets, end of period (000 omitted)	$	40,572	$	58,592	$	95,002	$	290,807	$	145,964	$	137,778
Portfolio turnover rate I		67% H		52%		47%		37%		69%		52%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

DTotal returns for periods of less than one year are not annualized.

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

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® International Real Estate Fund Class Z

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019 A
Selected Per-Share Data
Net asset value, beginning of period	$	10.21	$	11.97	$	14.93	$	11.82	$	12.25	$	11.16
Income from Investment Operations
Net investment income (loss) B,C		.13		.23		.23		.28		.22		.30
Net realized and unrealized gain (loss)		(.38)		(1.53)		(2.39)		3.09		.05		.79
Total from investment operations		(.25)		(1.30)		(2.16)		3.37		.27		1.09
Distributions from net investment income		(.22)		(.06)		(.55)		(.26)		(.32)		-
Distributions from net realized gain		-		(.40)		(.25)		-		(.38)		-
Total distributions		(.22)		(.46)		(.80)		(.26)		(.70)		-
Net asset value, end of period	$	9.74	$	10.21	$	11.97	$	14.93	$	11.82	$	12.25
Total Return D,E		(2.43)%		(11.01)%		(15.35)%		28.99%		2.12%		9.77%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.81% H		.80%		.79%		.81%		.83%		.84% H
Expenses net of fee waivers, if any		.80% H		.80%		.79%		.81%		.83%		.84% H
Expenses net of all reductions		.80% H		.80%		.79%		.81%		.82%		.83% H
Net investment income (loss)		2.69% H		2.30%		1.76%		2.08%		1.83%		3.02% H
Supplemental Data
Net assets, end of period (000 omitted)	$	248,576	$	263,313	$	412,765	$	324,228	$	110,808	$	158,056
Portfolio turnover rate I		67% H		52%		47%		37%		69%		52%

AFor the period October 2, 2018 (commencement of sale of shares) through July 31, 2019.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DTotal returns for periods of less than one year are not annualized.

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

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Financial Statements (Unaudited)

For the period ended January 31, 2024

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. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 - unadjusted 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 service 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, 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. The aggregate value of investments by input level as of January 31, 2024 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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.

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, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

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	$47,833,711
Gross unrealized depreciation	(72,384,333)
Net unrealized appreciation (depreciation)	$(24,550,622)
Tax cost	$560,253,773

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.

Short-term	$(56,623,202)
Long-term	(111,730,599)
Total capital loss carryforward	$(168,353,801)

Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity International Real Estate Fund	168,147,088	206,496,084

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 .22% 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 .67% 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%	$14,759	$337
Class M	.25%	.25%	4,456	-
Class C	.75%	.25%	6,655	1,585
			$25,870	$1,922

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	$ 2,330
Class M	57
Class C A	7
	$2,394

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.

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Class A	.2000
Class M	.2000
Class C	.2000
International Real Estate	.2000
Class I	.1587

Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received 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 AssetsA
Class A	$ 13,660	.23
Class M	2,079	.23
Class C	1,547	.23
International Real Estate	226,077	.22
Class I	37,273	.16
Class Z	51,703	.04
	$332,339

A Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records.

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity International Real Estate Fund	.0487

During to December 1, 2023, the accounting fee was 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 International Real Estate Fund	.05

Subsequent Event - Management Fee. Effective March 1, 2024, the Fund's management contract will be amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate will pay certain expenses of managing and operating the Fund out of each class's management fee.

Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.

When determining a class's management fee, a mandate rate will be calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate will be subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class.

The annual management fee rate for a class of shares of the Fund will be the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Class A	.88
Class M	.88
Class C	.88
International Real Estate	.88
Class I	.84
Class Z	.72

One-twelfth of the management fee rate for a class will be applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month.

A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.

Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.

Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) will be amended to provide that the investment adviser will pay FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).

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 International Real Estate Fund	$ 28

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity International Real Estate Fund	Borrower	$ 5,885,895	5.57%	$17,312

Interfund Trades. Funds 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. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity International Real Estate Fund	83,713	4,901,165	(721,066)

6. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount
Fidelity International Real Estate Fund	$416

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the 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. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity International Real Estate Fund	$4,025	$-	$-

8. Expense Reductions.

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through November 30, 2024. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement
Class A	1.20%	$ 2,735
Class M	1.45%	429
Class C	1.95%	306
International Real Estate	.95%	37,415
Class Z	.80%	8,431
		$49,316

Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

	Expense reduction
Class A	$ 23
Class M	24
Class C	2
	$49

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 $22,170.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended January 31, 2024	Year ended July 31, 2023
Fidelity International Real Estate Fund
Distributions to shareholders
Class A	$ 197,332	$589,083
Class M	22,744	95,765
Class C	1,260	71,168
International Real Estate	3,991,533	11,787,000
Class I	968,390	3,502,573
Class Z	5,529,234	15,307,430
Total	$10,710,493	$31,353,019

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended January 31, 2024	Year ended July 31, 2023	Six months ended January 31, 2024	Year ended July 31, 2023
Fidelity International Real Estate Fund
Class A
Shares sold	85,440	220,957	$816,296	$2,249,865
Reinvestment of distributions	20,416	54,508	193,425	575,600
Shares redeemed	(165,690)	(372,948)	(1,574,345)	(3,743,643)
Net increase (decrease)	(59,834)	(97,483)	$(564,624)	$(918,178)
Class M
Shares sold	3,536	12,145	$33,256	$122,424
Reinvestment of distributions	2,419	9,147	22,744	95,765
Shares redeemed	(19,187)	(63,311)	(174,298)	(621,719)
Net increase (decrease)	(13,232)	(42,019)	$(118,298)	$(403,530)
Class C
Shares sold	10,301	38,043	$93,736	$370,214
Reinvestment of distributions	135	6,950	1,260	71,168
Shares redeemed	(29,578)	(73,601)	(273,556)	(715,903)
Net increase (decrease)	(19,142)	(28,608)	$(178,560)	$(274,521)
International Real Estate
Shares sold	2,351,229	4,016,231	$22,691,227	$41,915,010
Reinvestment of distributions	376,168	1,034,325	3,615,993	11,077,624
Shares redeemed	(4,511,058)	(9,529,052)	(43,386,088)	(97,458,769)
Net increase (decrease)	(1,783,661)	(4,478,496)	$(17,078,868)	$(44,466,135)
Class I
Shares sold	718,253	2,326,816	$6,816,924	$23,438,582
Reinvestment of distributions	96,829	318,645	924,857	3,390,384
Shares redeemed	(2,396,692)	(4,845,879)	(22,730,682)	(48,317,844)
Net increase (decrease)	(1,581,610)	(2,200,418)	$(14,988,901)	$(21,488,878)
Class Z
Shares sold	4,107,130	9,920,994	$38,844,803	$99,887,715
Reinvestment of distributions	531,173	1,117,458	5,058,654	11,856,230
Shares redeemed	(4,926,180)	(19,736,894)	(47,676,828)	(196,757,950)
Net increase (decrease)	(287,877)	(8,698,442)	$(3,773,371)	$(85,014,005)

11. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

	Strategic Advisers Fidelity International Fund
Fidelity International Real Estate Fund	15%

12. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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, 2023 to January 31, 2024).

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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio- A	Beginning Account Value August 1, 2023	Ending Account Value January 31, 2024	Expenses Paid During Period- C August 1, 2023 to January 31, 2024
Fidelity® International Real Estate Fund
Class A	1.20%
Actual		$ 1,000	$ 974.50	$ 5.96
Hypothetical-B		$ 1,000	$ 1,019.10	$ 6.09
Class M	1.45%
Actual		$ 1,000	$ 973.10	$ 7.19
Hypothetical-B		$ 1,000	$ 1,017.85	$ 7.35
Class C	1.95%
Actual		$ 1,000	$ 971.20	$ 9.66
Hypothetical-B		$ 1,000	$ 1,015.33	$ 9.88
Fidelity® International Real Estate Fund	.95%
Actual		$ 1,000	$ 976.30	$ 4.72
Hypothetical-B		$ 1,000	$ 1,020.36	$ 4.82
Class I	.92%
Actual		$ 1,000	$ 976.50	$ 4.57
Hypothetical-B		$ 1,000	$ 1,020.51	$ 4.67
Class Z	.80%
Actual		$ 1,000	$ 975.70	$ 3.97
Hypothetical-B		$ 1,000	$ 1,021.11	$ 4.06

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

B 5% return per year before expenses

C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.

Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.

In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.

The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.

The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.

Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the agreement with FIL was amended to provide that FMR will compensate FIL at a flat fee rate of 0.44% of the net assets sub-advised by it. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.

The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.

Notes to Financial Statements

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.

In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Highly liquid investments - cash or convertible to cash within three business days or less
Moderately liquid investments - convertible to cash in three to seven calendar days
Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments - cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.

1.801330.120

IRE-SANN-0324

Fidelity® Real Estate Investment Portfolio

Semi-Annual Report

January 31, 2024

Contents

Investment Summary

Schedule of Investments

Financial Statements

Investment Summary January 31, 2024 (Unaudited)

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Top Holdings (% of Fund's net assets)

Prologis, Inc.	11.4
Equinix, Inc.	7.3
Crown Castle, Inc.	6.2
Ventas, Inc.	5.9
SBA Communications Corp. Class A	5.8
Public Storage	4.3
Kimco Realty Corp.	3.5
Digital Realty Trust, Inc.	3.5
CubeSmart	3.2
NNN (REIT), Inc.	3.1
	54.2

Top REIT Sectors (% of Fund's net assets)

REITs - Diversified	26.4
REITs - Warehouse/Industrial	13.4
REITs - Shopping Centers	11.5
REITs - Apartments	11.0
REITs - Storage	10.9

Asset Allocation (% of Fund's net assets)

Schedule of Investments January 31, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares	Value ($) (000s)
Equity Real Estate Investment Trusts (REITs) - 93.3%
REITs - Apartments - 11.0%
American Homes 4 Rent Class A	1,379,500	48,351
Equity Residential (SBI)	994,600	59,865
Invitation Homes, Inc.	1,004,300	33,072
Mid-America Apartment Communities, Inc.	568,200	71,809
UDR, Inc.	2,014,341	72,557
		285,654
REITs - Diversified - 26.4%
Apartment Income (REIT) Corp.	1,281,868	41,904
Crown Castle, Inc.	1,492,800	161,596
Digital Realty Trust, Inc.	638,700	89,712
Elme Communities (SBI)	368,800	5,340
Equinix, Inc.	229,400	190,349
Gaming & Leisure Properties	314,010	14,335
Lamar Advertising Co. Class A	296,400	31,027
SBA Communications Corp. Class A	669,083	149,781
		684,044
REITs - Health Care - 8.5%
Ventas, Inc.	3,320,654	154,045
Welltower, Inc.	771,140	66,711
		220,756
REITs - Hotels - 2.4%
DiamondRock Hospitality Co.	3,962,900	36,221
Ryman Hospitality Properties, Inc.	234,400	25,761
		61,982
REITs - Management/Investment - 4.5%
NNN (REIT), Inc.	2,031,900	81,967
Weyerhaeuser Co.	1,090,000	35,719
		117,686
REITs - Manufactured Homes - 3.6%
Equity Lifestyle Properties, Inc.	211,574	14,321
Sun Communities, Inc.	634,063	79,480
		93,801
REITs - Regional Malls - 0.4%
Tanger, Inc.	384,900	10,354
REITs - Shopping Centers - 11.5%
Kimco Realty Corp.	4,524,690	91,399
Phillips Edison & Co., Inc. (a)	1,091,600	37,889
Realty Income Corp.	849,604	46,210
Regency Centers Corp.	1,073,900	67,301
SITE Centers Corp.	1,836,600	24,464
Urban Edge Properties	1,770,000	30,568
		297,831
REITs - Single Tenant - 0.7%
Four Corners Property Trust, Inc.	779,200	18,241
REITs - Storage - 10.9%
CubeSmart	1,943,200	83,985
Extra Space Storage, Inc.	207,840	30,020
Iron Mountain, Inc.	862,900	58,263
Public Storage	391,900	110,982
		283,250
REITs - Warehouse/Industrial - 13.4%
Americold Realty Trust	1,193,500	32,821
Prologis, Inc.	2,329,215	295,089
Terreno Realty Corp.	310,000	18,516
		346,426
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		2,420,025
Real Estate Management & Development - 4.9%
Real Estate Services - 4.9%
CBRE Group, Inc. (b)	940,200	81,149
CoStar Group, Inc. (b)	545,000	45,497
		126,646
TOTAL COMMON STOCKS (Cost $1,935,265)		2,546,671

Money Market Funds - 1.9%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.39% (c)	42,115,583	42,124
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d)	7,368,613	7,369
TOTAL MONEY MARKET FUNDS (Cost $49,493)		49,493

TOTAL INVESTMENT IN SECURITIES - 100.1% (Cost $1,984,758)	2,596,164
NET OTHER ASSETS (LIABILITIES) - (0.1)%	(1,902)
NET ASSETS - 100.0%	2,594,262

Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

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

(b)	Non-income producing

(c)

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.39%	91,636	168,059	217,571	1,332	-	-	42,124	0.1%
Fidelity Securities Lending Cash Central Fund 5.39%	44,244	77,969	114,844	15	-	-	7,369	0.0%
Total	135,880	246,028	332,415	1,347	-	-	49,493

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	2,546,671	2,546,671	-	-

Money Market Funds	49,493	49,493	-	-
Total Investments in Securities:	2,596,164	2,596,164	-	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
Amounts in thousands (except per-share amount)				January 31, 2024 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $7,008) - See accompanying schedule:
Unaffiliated issuers (cost $1,935,265)	$	2,546,671
Fidelity Central Funds (cost $49,493)		49,493


Total Investment in Securities (cost $1,984,758)			$	2,596,164
Receivable for investments sold				5,671
Receivable for fund shares sold				1,321
Dividends receivable				1,573
Distributions receivable from Fidelity Central Funds				202
Prepaid expenses				7
Other receivables				731
Total assets				2,605,669
Liabilities
Payable for fund shares redeemed	$	1,920
Accrued management fee		1,161
Other affiliated payables		433
Other payables and accrued expenses		524
Collateral on securities loaned		7,369
Total Liabilities				11,407
Net Assets			$	2,594,262
Net Assets consist of:
Paid in capital			$	1,960,061
Total accumulated earnings (loss)				634,201
Net Assets			$	2,594,262
Net Asset Value, offering price and redemption price per share ($2,594,262 ÷ 70,763 shares)			$	36.66

Statement of Operations
Amounts in thousands				Six months ended January 31, 2024 (Unaudited)
Investment Income
Dividends			$	36,729
Income from Fidelity Central Funds (including $15 from security lending)				1,347
Total Income				38,076
Expenses
Management fee	$	6,799
Transfer agent fees		2,253
Accounting fees		340
Custodian fees and expenses		17
Independent trustees' fees and expenses		8
Registration fees		23
Audit		28
Legal		2
Miscellaneous		6
Total expenses before reductions		9,476
Expense reductions		(114)
Total expenses after reductions				9,362
Net Investment income (loss)				28,714
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		52,350
Total net realized gain (loss)				52,350
Change in net unrealized appreciation (depreciation) on investment securities				(83,541)
Net gain (loss)				(31,191)
Net increase (decrease) in net assets resulting from operations			$	(2,477)

Statement of Changes in Net Assets

Amount in thousands		Six months ended January 31, 2024 (Unaudited)		Year ended July 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	28,714	$	75,941
Net realized gain (loss)		52,350		253,703
Change in net unrealized appreciation (depreciation)		(83,541)		(837,588)
Net increase (decrease) in net assets resulting from operations		(2,477)		(507,944)
Distributions to shareholders		(182,189)		(341,099)

Share transactions
Proceeds from sales of shares		86,525		258,410
Reinvestment of distributions		168,895		311,425
Cost of shares redeemed		(302,896)		(2,014,144)

Net increase (decrease) in net assets resulting from share transactions		(47,476)		(1,444,309)
Total increase (decrease) in net assets		(232,142)		(2,293,352)

Net Assets
Beginning of period		2,826,404		5,119,756
End of period	$	2,594,262	$	2,826,404

Other Information
Shares
Sold		2,382		6,336
Issued in reinvestment of distributions		4,673		7,602
Redeemed		(8,476)		(49,575)
Net increase (decrease)		(1,421)		(35,637)

Financial Highlights

Fidelity® Real Estate Investment Portfolio

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	39.16	$	47.48	$	50.45	$	40.16	$	45.62	$	42.48
Income from Investment Operations
Net investment income (loss) A,B		.40		.95		.72		.73		.93		1.06
Net realized and unrealized gain (loss)		(.34)		(5.36)		(1.69)		11.34		(3.48)		3.98
Total from investment operations		.06		(4.41)		(.97)		12.07		(2.55)		5.04
Distributions from net investment income		(.77)		(.75)		(.42)		(.75) C		(.87)		(1.04)
Distributions from net realized gain		(1.79)		(3.15)		(1.58)		(1.02) C		(2.04)		(.87)
Total distributions		(2.56)		(3.91) D		(2.00)		(1.78) D		(2.91)		(1.90) D
Net asset value, end of period	$	36.66	$	39.16	$	47.48	$	50.45	$	40.16	$	45.62
Total Return E,F		.33%		(9.38)%		(2.22)%		31.46%		(6.15)%		12.29%
Ratios to Average Net Assets A,G,H
Expenses before reductions		.73% I		.72%		.71%		.73%		.74%		.74%
Expenses net of fee waivers, if any		.72% I		.72%		.71%		.73%		.74%		.74%
Expenses net of all reductions		.72% I		.72%		.71%		.72%		.73%		.74%
Net investment income (loss)		2.21% I		2.38%		1.47%		1.74%		2.19%		2.46%
Supplemental Data
Net assets, end of period (in millions)	$	2,594	$	2,826	$	5,120	$	5,732	$	4,213	$	4,304
Portfolio turnover rate J		29% I		13%		18%		35%		38%		23%

ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

BCalculated based on average shares outstanding during the period.

CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

DTotal distributions per share do not sum due to rounding.

ETotal returns for periods of less than one year are not annualized.

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

GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Financial Statements (Unaudited)

For the period ended January 31, 2024

(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.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund+	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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 - unadjusted 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.

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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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 certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Real Estate Investment Portfolio

$479

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 deferred Trustee compensation and losses deferred due to wash sales and excise tax regulations.

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	$722,080
Gross unrealized depreciation	(121,290)
Net unrealized appreciation (depreciation)	$600,790
Tax cost	$1,995,374

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Real Estate Investment Portfolio	367,666	517,368

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 .22% 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 .52% 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. During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of .1687% of average net assets. Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied 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 .17% of average net assets.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Real Estate Investment Portfolio	.0259

Prior to December1 2023 the accounting fee was 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	.03

Subsequent Event - Management Fee. Effective March 1, 2024, the Fund's management contract will be amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate will pay certain expenses of managing and operating the Fund out of each class's management fee.

Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.

	Maximum Management Fee Rate %
Fidelity Real Estate Investment Portfolio	0.69

	Amount
Fidelity Real Estate Investment Portfolio	$ 7

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Real Estate Investment Portfolio	12,200	23,112	(4,652)

6. Committed Line of Credit.

	Amount
Fidelity Real Estate Investment Portfolio	$2

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Real Estate Investment Portfolio	$2	$ -	$-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $114.

9. Other.

10. Risk and Uncertainties.

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, 2023 to January 31, 2024).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value August 1, 2023	Ending Account Value January 31, 2024	Expenses Paid During Period- C August 1, 2023 to January 31, 2024

Fidelity® Real Estate Investment Portfolio **	.72%
Actual		$ 1,000	$ 1,003.30	$ 3.63
Hypothetical-B		$ 1,000	$ 1,021.52	$ 3.66

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

B 5% return per year before expenses

** If fees and changes to the expense contract and/or expense cap, effective March 1, 2024, had been in effect during the current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:

	Annualized Expense Ratio- A	Expenses Paid

Fidelity® Real Estate Investment Portfolio	.65%
Actual		$ 3.27
Hypothetical- B		$ 3.30

A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses

At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.

Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund into a single fee based on tiered schedules and subject to a maximum rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.

The Board considered that the maximum Unified Fee for the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee.

Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.