Fidelity® Telecom and Utilities Fund

Semi-Annual Report

July 31, 2016

Contents

Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example

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

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2016

	% of fund's net assets	% of fund's net assets 6 months ago
AT&T, Inc.	23.5	24.3
NextEra Energy, Inc.	7.9	9.2
Sempra Energy	6.5	5.4
Exelon Corp.	6.0	8.1
PG&E Corp.	4.8	0.7
PPL Corp.	3.9	3.6
Dominion Resources, Inc.	3.9	4.9
Level 3 Communications, Inc.	3.6	4.6
Comcast Corp. Class A	2.9	3.2
T-Mobile U.S., Inc.	2.8	3.0
	65.8

Top Five Industries as of July 31, 2016

	% of fund's net assets	% of fund's net assets 6 months ago
Diversified Telecommunication Services	37.0	34.7
Electric Utilities	29.0	27.8
Multi-Utilities	13.5	15.2
Wireless Telecommunication Services	5.3	6.2
Real Estate Investment Trusts	4.8	3.1

Asset Allocation (% of fund's net assets)

As of July 31, 2016
	Stocks	97.8%
	Short-Term Investments and Net Other Assets (Liabilities)	2.2%

As of January 31, 2016
	Stocks	97.6%
	Short-Term Investments and Net Other Assets (Liabilities)	2.4%

Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares	Value (000s)
CONSUMER DISCRETIONARY - 2.9%
Media - 2.9%
Comcast Corp. Class A	490,200	$32,966
ENERGY - 1.7%
Oil, Gas & Consumable Fuels - 1.7%
Cheniere Energy Partners LP Holdings LLC	968,700	19,616
FINANCIALS - 4.8%
Real Estate Investment Trusts - 4.8%
American Tower Corp.	96,400	11,160
Communications Sales & Leasing, Inc.	762,260	23,691
Crown Castle International Corp.	216,600	21,017
		55,868
TELECOMMUNICATION SERVICES - 42.3%
Diversified Telecommunication Services - 37.0%
AT&T, Inc.	6,249,699	270,549
Cogent Communications Group, Inc.	551,351	23,559
FairPoint Communications, Inc. (a)(b)	536,676	8,689
Frontier Communications Corp. (b)	3,215,000	16,718
Level 3 Communications, Inc. (a)	816,800	41,330
SBA Communications Corp. Class A (a)	199,076	22,894
Verizon Communications, Inc.	476,800	26,419
Zayo Group Holdings, Inc. (a)	541,500	15,324
		425,482
Wireless Telecommunication Services - 5.3%
Sprint Corp. (a)	936,700	5,751
T-Mobile U.S., Inc. (a)	704,071	32,627
Telephone & Data Systems, Inc.	710,854	22,385
		60,763

TOTAL TELECOMMUNICATION SERVICES		486,245

UTILITIES - 46.1%
Electric Utilities - 29.0%
Edison International	366,100	28,329
Exelon Corp.	1,841,125	68,637
FirstEnergy Corp.	495,100	17,289
ITC Holdings Corp.	142,650	6,598
NextEra Energy, Inc.	705,837	90,552
OGE Energy Corp.	445,608	14,335
PG&E Corp.	865,400	55,334
PPL Corp.	1,197,900	45,173
Westar Energy, Inc.	120,700	6,707
		332,954
Independent Power and Renewable Electricity Producers - 3.6%
Calpine Corp. (a)	1,258,465	17,291
Dynegy, Inc. (a)	776,291	11,745
NextEra Energy Partners LP	329,100	10,278
The AES Corp.	154,300	1,906
		41,220
Multi-Utilities - 13.5%
Avangrid, Inc.	696,170	31,425
CenterPoint Energy, Inc.	26,700	639
Dominion Resources, Inc.	578,361	45,124
NiSource, Inc.	164,165	4,212
Sempra Energy	664,209	74,312
		155,712

TOTAL UTILITIES		529,886

TOTAL COMMON STOCKS
(Cost $931,915)		1,124,581

Money Market Funds - 3.0%
Fidelity Cash Central Fund, 0.42% (c)	27,865,245	27,865
Fidelity Securities Lending Cash Central Fund, 0.45% (c)(d)	6,470,675	6,471
TOTAL MONEY MARKET FUNDS
(Cost $34,336)		34,336
TOTAL INVESTMENT PORTFOLIO - 100.8%
(Cost $966,251)		1,158,917
NET OTHER ASSETS (LIABILITIES) - (0.8)%		(8,663)
NET ASSETS - 100%		$1,150,254

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
	(Amounts in thousands)
Fidelity Cash Central Fund	$42
Fidelity Securities Lending Cash Central Fund	85
Total	$127

Investment Valuation

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

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)		July 31, 2016 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $6,430) — See accompanying schedule: Unaffiliated issuers (cost $931,915)	$1,124,581
Fidelity Central Funds (cost $34,336)	34,336
Total Investments (cost $966,251)		$1,158,917
Receivable for fund shares sold		1,643
Dividends receivable		3,489
Distributions receivable from Fidelity Central Funds		12
Other receivables		57
Total assets		1,164,118
Liabilities
Payable for investments purchased	$5,735
Payable for fund shares redeemed	1,034
Accrued management fee	363
Other affiliated payables	180
Other payables and accrued expenses	81
Collateral on securities loaned, at value	6,471
Total liabilities		13,864
Net Assets		$1,150,254
Net Assets consist of:
Paid in capital		$954,589
Undistributed net investment income		4,297
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(1,298)
Net unrealized appreciation (depreciation) on investments		192,666
Net Assets, for 43,798 shares outstanding		$1,150,254
Net Asset Value, offering price and redemption price per share ($1,150,254 ÷ 43,798 shares)		$26.26

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

Statement of Operations

Amounts in thousands		Six months ended July 31, 2016 (Unaudited)
Investment Income
Dividends		$15,070
Income from Fidelity Central Funds		127
Total income		15,197
Expenses
Management fee
Basic fee	$2,267
Performance adjustment	(298)
Transfer agent fees	840
Accounting and security lending fees	170
Custodian fees and expenses	5
Independent trustees' fees and expenses	11
Registration fees	32
Audit	22
Legal	6
Miscellaneous	6
Total expenses before reductions	3,061
Expense reductions	(3)	3,058
Net investment income (loss)		12,139
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	490
Foreign currency transactions	(1)
Total net realized gain (loss)		489
Change in net unrealized appreciation (depreciation) on investment securities		159,887
Net gain (loss)		160,376
Net increase (decrease) in net assets resulting from operations		$172,515

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

Statement of Changes in Net Assets

Amounts in thousands	Six months ended July 31, 2016 (Unaudited)	Year ended January 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$12,139	$19,714
Net realized gain (loss)	489	21,326
Change in net unrealized appreciation (depreciation)	159,887	(76,544)
Net increase (decrease) in net assets resulting from operations	172,515	(35,504)
Distributions to shareholders from net investment income	(10,371)	(17,618)
Distributions to shareholders from net realized gain	–	(17,405)
Total distributions	(10,371)	(35,023)
Share transactions
Proceeds from sales of shares	205,196	61,814
Reinvestment of distributions	9,405	31,674
Cost of shares redeemed	(82,589)	(154,470)
Net increase (decrease) in net assets resulting from share transactions	132,012	(60,982)
Total increase (decrease) in net assets	294,156	(131,509)
Net Assets
Beginning of period	856,098	987,607
End of period	$1,150,254	$856,098
Other Information
Undistributed net investment income end of period	$4,297	$2,529
Shares
Sold	8,413	2,660
Issued in reinvestment of distributions	376	1,444
Redeemed	(3,372)	(6,628)
Net increase (decrease)	5,417	(2,524)

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

Financial Highlights — Fidelity Telecom and Utilities Fund

	Six months ended (Unaudited) July 31,	Years ended January 31,
	2016	2016	2015	2014	2013	2012
Selected Per–Share Data
Net asset value, beginning of period	$22.31	$24.14	$22.24	$19.29	$16.67	$16.13
Income from Investment Operations
Net investment income (loss)^A	.29	.50	.80^B	.41	.45	.50
Net realized and unrealized gain (loss)	3.91	(1.41)	1.88	2.96	2.61	.52
Total from investment operations	4.20	(.91)	2.68	3.37	3.06	1.02
Distributions from net investment income	(.25)	(.46)	(.78)	(.42)	(.44)	(.48)
Distributions from net realized gain	–	(.46)	–	–	–	–
Total distributions	(.25)	(.92)	(.78)	(.42)	(.44)	(.48)
Net asset value, end of period	$26.26	$22.31	$24.14	$22.24	$19.29	$16.67
Total Return^C,^D	18.87%	(3.67)%	12.17%	17.66%	18.48%	6.35%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.61%^G	.76%	.81%	.76%	.83%	.75%
Expenses net of fee waivers, if any	.61%^G	.75%	.81%	.76%	.83%	.75%
Expenses net of all reductions	.61%^G	.74%	.79%	.76%	.78%	.71%
Net investment income (loss)	2.41%^G	2.16%	3.37%^B	1.99%	2.48%	3.00%
Supplemental Data
Net assets, end of period (in millions)	$1,150	$856	$988	$1,115	$970	$839
Portfolio turnover rate^H	21%^G	65%	94%	88%	96%	160%

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

^B Net Investment income per share reflects large, non-recurring dividends which amounted to $.36 per share. Excluding these non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been 1.86%.

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

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

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

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

^G Annualized

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

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

Notes to Financial Statements (Unaudited)

For the period ended July 31, 2016
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

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

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

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

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

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

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

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

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

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

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 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, partnerships, deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$205,794
Gross unrealized depreciation	(14,152)
Net unrealized appreciation (depreciation) on securities	$191,642
Tax cost	$967,275

The Fund elected to defer to its next fiscal year approximately $812 of capital losses recognized during the period November 1, 2015 to January 31, 2016.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $234,071 and $103,901, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity SelectCo, 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 .20% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by Fidelity Management & Research Company (FMR) and the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .15% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the Russell 3000 Utilities Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .39% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .17% of average net assets.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $6 for the period.

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $85.

8. Expense Reductions.

During the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $3.

9. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2016 to July 31, 2016).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

	Annualized Expense Ratio-^A	Beginning Account Value February 1, 2016	Ending Account Value July 31, 2016	Expenses Paid During Period-^B February 1, 2016 to July 31, 2016
Actual	.61%	$1,000.00	$1,188.70	$3.32
Hypothetical-^C		$1,000.00	$1,021.83	$3.07

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

^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

^C 5% return per year before expenses

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

UIF-SANN-0916
1.706447.118


By:	/s/Adrien E. Deberghes
	Adrien E. Deberghes
	President and Treasurer

Date:	September 29, 2016


By:	/s/Adrien E. Deberghes
	Adrien E. Deberghes
	President and Treasurer

Date:	September 29, 2016


By:	/s/Howard J. Galligan III
	Howard J. Galligan III
	Chief Financial Officer

Date:	September 29, 2016


Date of fiscal year end:	January 31

Date of reporting period:	July 31, 2016


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