# EDGAR Filing Document

**Accession Number:** 0000320351
**File Stem:** 0000320351-23-000008
**Filing Date:** 2023-3
**Character Count:** 152254
**Document Hash:** 2fb5d6f111e305c3286603a3b005ae1e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000320351-23-000008.hdr.sgml**: 20230323

**ACCESSION NUMBER**: 0000320351-23-000008

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230323

**DATE AS OF CHANGE**: 20230323

**EFFECTIVENESS DATE**: 20230323

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SELECT PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000320351
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03114
- **FILM NUMBER:** 23755497

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

## Series and Classes Contracts Data

### Fidelity Real Estate Investment Portfolio (Series ID: S000039313)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000121124 | Fidelity Real Estate Investment Portfolio | FRESX           |

### Fidelity International Real Estate Fund (Series ID: S000039314)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000121125 | Fidelity Advisor International Real Estate Fund: Class A | FIRAX           |
| C000121127 | Fidelity Advisor International Real Estate Fund: Class C | FIRCX           |
| C000121128 | Fidelity Advisor International Real Estate Fund: Class M | FIRTX           |
| C000121129 | Fidelity International Real Estate Fund                  | FIREX           |
| C000121130 | Fidelity Advisor International Real Estate Fund: Class I | FIRIX           |
| C000205046 | Fidelity Advisor International Real Estate Fund: Class Z | FIKLX           |

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNITED STATES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECURITIES AND EXCHANGE COMMISSION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington, D.C. 20549

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FORM N-CSR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MANAGEMENT INVESTMENT COMPANIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Company Act file number <u>811-03114</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Fidelity Select Portfolios</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Exact name of registrant as specified in charter)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>245 Summer St., Boston, MA 02210</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Address of principal executive offices) (Zip code)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cynthia Lo Bessette, Secretary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 Summer St.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Boston, Massachusetts 02210</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Name and address of agent for service)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>617-563-7000</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of fiscal year end:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; July 31  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of reporting period:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; January 31, 2023  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Reports to Stockholders</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

**Fidelity® International Real Estate Fund**

**Semi-Annual Report**

**January 31, 2023**

Includes Fidelity and Fidelity Advisor share classes

![](img88918_1.jpg)

![](img88918_2.jpg)

**Contents**

---

| |
|:---|
| **[Investment Summary](#Sec_InvestmentSummary1368)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments1368)** |
| **[Financial Statements](#Sec_FinancialStatements1368)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Liquidity Risk Management Program](#Sec_Liquidity Risk Management Program)** |

---

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2023 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Mitsubishi Estate Co. Ltd.  | 4.9  |
| Vonovia SE  | 4.7  |
| CK Asset Holdings Ltd.  | 4.6  |
| Sino Land Ltd.  | 3.4  |
| Londonmetric Properity PLC  | 3.2  |
| Advance Residence Investment Corp.  | 3.1  |
| Great Eagle Holdings Ltd.  | 3.0  |
| Mitsui Fudosan Logistics Park, Inc.  | 2.7  |
| Segro PLC  | 2.6  |
| National Storage REIT unit  | 2.6  |
|  | 34.8  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Five REIT Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Five REIT Sectors (% of Fund's net assets)**  |
| REITs - Diversified  | 14.5  |
| REITs - Apartments  | 8.3  |
| REITs - Warehouse/Industrial  | 6.9  |
| REITs - Management/Investment  | 6.5  |
| REITs - Health Care  | 4.3  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88918_5.jpg)  |
| *Foreign investments - 93.8%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img88918_6.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.*  |

---

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 95.9%**  | &nbsp;&nbsp; **Common Stocks - 95.9%**  | &nbsp;&nbsp; **Common Stocks - 95.9%**  |
|  | Shares  | Value ($) <br>|
| Australia - 6.9%  |  |  |
|  Abacus Property Group unit  | 4977140  | 9862590  |
|  Arena (REIT) unit  | 2312908  | 6135613  |
|  Charter Hall Group unit  | 521985  | 5139770  |
|  Ingenia Communities Group unit  | 1409476  | 4641797  |
|  National Storage REIT unit  | 10259997  | 16885273  |
|  NEXTDC Ltd. (a)  | 249013  | 1759797  |
|  TOTAL AUSTRALIA  |  | 44424840  |
| Belgium - 4.0%  |  |  |
|  Home Invest Belgium SA (b)  | 78791  | 1692081  |
|  Inclusio SA  | 271921  | 4212570  |
|  Montea SICAFI SCA  | 60537  | 4843822  |
|  Warehouses de Pauw  | 473635  | 14963351  |
|  TOTAL BELGIUM  |  | 25711824  |
| Bermuda - 4.6%  |  |  |
|  Great Eagle Holdings Ltd.  | 8050541  | 19333726  |
|  Tai Cheung Holdings Ltd.  | 13230000  | 7206677  |
|  Wing Tai Properties Ltd.  | 7204000  | 3329341  |
|  TOTAL BERMUDA  |  | 29869744  |
| Cayman Islands - 4.6%  |  |  |
|  CK Asset Holdings Ltd.  | 4646000  | 29704250  |
| France - 1.0%  |  |  |
|  ARGAN SA  | 74132  | 6294282  |
| Germany - 5.0%  |  |  |
|  Instone Real Estate Group BV (c)  | 179200  | 1821542  |
|  Vonovia SE  | 1086541  | 30692501  |
|  TOTAL GERMANY  |  | 32514043  |
| Hong Kong - 3.9%  |  |  |
|  Magnificent Hotel Investment Ltd. (a)  | 201209000  | 3045108  |
|  Sino Land Ltd.  | 17241275  | 22404661  |
|  TOTAL HONG KONG  |  | 25449769  |
| Ireland - 1.5%  |  |  |
|  Irish Residential Properties REIT PLC  | 8023700  | 9961627  |
| Italy - 0.5%  |  |  |
|  Infrastrutture Wireless Italiane SpA (c)  | 305800  | 3339465  |
| Japan - 22.2%  |  |  |
|  Advance Residence Investment Corp. (b)  | 8112  | 19815676  |
|  Daiwa Securities Living Invest  | 17295  | 14470850  |
|  Goldcrest Co. Ltd.  | 751500  | 9427774  |
|  Health Care & Medical Investment Corp.  | 11587  | 14435588  |
|  Ichigo, Inc.  | 693200  | 1588799  |
|  JTOWER, Inc. (a)(b)  | 139400  | 6676905  |
|  Katitas Co. Ltd.  | 208400  | 5110060  |
|  Kenedix Residential Investment Corp. (b)  | 5400  | 8048512  |
|  Kyoritsu Maintenance Co. Ltd. (b)  | 111300  | 5083512  |
|  Mirarth Holdings, Inc.  | 1724900  | 5106680  |
|  Mitsubishi Estate Co. Ltd.  | 2475300  | 31815332  |
|  Mitsui Fudosan Logistics Park, Inc.  | 5000  | 17450320  |
|  Nomura Real Estate Holdings, Inc.  | 217800  | 4800410  |
|  TOTAL JAPAN  |  | 143830418  |
| New Zealand - 2.7%  |  |  |
|  Arvida Group Ltd.  | 8145096  | 6118282  |
|  Auckland International Airport Ltd. (a)  | 910397  | 5010408  |
|  Stride Property Group unit  | 6917236  | 6221224  |
|  TOTAL NEW ZEALAND  |  | 17349914  |
| Singapore - 10.6%  |  |  |
|  CDL Hospitality Trusts unit  | 352884  | 364135  |
|  City Developments Ltd.  | 1592700  | 10108592  |
|  Keppel DC (REIT)  | 8207700  | 12793057  |
|  Parkway Life REIT  | 4487600  | 13889463  |
|  Singapore Land Group Ltd.  | 9109000  | 15632073  |
|  Wing Tai Holdings Ltd.  | 13631881  | 16018187  |
|  TOTAL SINGAPORE  |  | 68805507  |
| Spain - 3.4%  |  |  |
|  Aena SME SA (a)(c)  | 23300  | 3500800  |
|  Arima Real Estate SOCIMI SA (a)  | 1196569  | 9431162  |
|  Cellnex Telecom SA (c)  | 228710  | 8962689  |
|  TOTAL SPAIN  |  | 21894651  |
| Sweden - 5.7%  |  |  |
|  Catena AB  | 140600  | 5853852  |
|  Fastighets AB Balder (a)  | 776700  | 3977230  |
|  Fastighets AB Trianon Class B  | 362700  | 813314  |
|  Fastighetsbolaget Emilshus AB  | 681200  | 1922259  |
|  Heba Fastighets AB (B Shares)  | 1576800  | 5759807  |
|  Hemnet Group AB  | 539400  | 7510006  |
|  Nibe Industrier AB (B Shares)  | 438500  | 4710973  |
|  Wihlborgs Fastigheter AB  | 779960  | 6399228  |
|  TOTAL SWEDEN  |  | 36946669  |
| Switzerland - 2.9%  |  |  |
|  Flughafen Zuerich AG (a)  | 18300  | 3324184  |
|  PSP Swiss Property AG  | 122674  | 15262227  |
|  TOTAL SWITZERLAND  |  | 18586411  |
| United Kingdom - 14.3%  |  |  |
|  Berkeley Group Holdings PLC  | 20300  | 1037363  |
|  Big Yellow Group PLC  | 551600  | 8221684  |
|  Grainger Trust PLC  | 4030181  | 12898508  |
|  Great Portland Estates PLC  | 421048  | 2956212  |
|  Harworth Group PLC  | 2130300  | 3046555  |
|  Londonmetric Properity PLC  | 8817784  | 20470102  |
|  Rightmove PLC  | 674000  | 4897212  |
|  Safestore Holdings PLC  | 501519  | 6220075  |
|  Segro PLC  | 1667008  | 17062028  |
|  Shaftesbury PLC  | 695568  | 3375242  |
|  Unite Group PLC  | 785480  | 9654739  |
|  Urban Logistics REIT PLC  | 1708265  | 3022160  |
|  TOTAL UNITED KINGDOM  |  | 92861880  |
| United States of America - 2.1%  |  |  |
|  Airbnb, Inc. Class A (a)  | 93500  | 10388785  |
|  CoStar Group, Inc. (a)  | 39600  | 3084840  |
|  TOTAL UNITED STATES OF AMERICA  |  | 13473625  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $660,711,988)  |  | <br> **621018919**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 5.1%**  | &nbsp;&nbsp; **Money Market Funds - 5.1%**  | &nbsp;&nbsp; **Money Market Funds - 5.1%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.38% (d)  | 25042672  | 25047681  |
|  Fidelity Securities Lending Cash Central Fund 4.38% (d)(e)  | 8024040  | 8024843  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $33,072,524)  |  | **33072524**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.0%** <br> (Cost $693,784,512) <br>| <br>**654091443**  |
| **NET OTHER ASSETS (LIABILITIES) - (1.0)%**  | **(6610026)**  |
| **NET ASSETS - 100.0%**  | **647481417**  |

---

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

**Legend**

(a) Non-income producing

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

(c) 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 $17,624,496 or 2.7% of net assets.

(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, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.38%  | 25343355  | 126716039  | 127011714  | 246329  | 111  | (110)  | 25047681  | 0.1%  |
|  Fidelity Securities Lending Cash Central Fund 4.38%  | 5012018  | 28967592  | 25954767  | 75078  | -  | -  | 8024843  | 0.0%  |
| Total  | 30355373  | 155683631  | 152966481  | 321407  | 111  | (110)  | 33072524  |  |

---

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.

Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

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, 2023, 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:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 31386277  | 10849471  | 20536806  | -  |
| Consumer Discretionary  | 19554768  | 11426148  | 8128620  | -  |
| Health Care  | 6118282  | -  | 6118282  | -  |
| Industrials  | 19631205  | 11119997  | 8511208  | -  |
| Information Technology  | 1759797  | -  | 1759797  | -  |
| Real Estate  | 542568590  | 180135659  | 362432931  | -  |
|  Money Market Funds  | 33072524  | 33072524  | -  | -  |
| **Total Investments in Securities:**  | 654091443  | 246603799  | 407487644  | -  |

---

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $7,410,972) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $660,711,988)  | $621018919  |  |
|  Fidelity Central Funds (cost $33,072,524)  | 33072524  |  |
|  Total Investment in Securities (cost $693,784,512)  |  | $654091443  |
|  Foreign currency held at value (cost $7,144)  |  | 7137  |
| Receivable for investments sold  |  | 13007  |
|  Receivable for fund shares sold  |  | 1057672  |
|  Dividends receivable  |  | 2121632  |
|  Reclaims receivable  |  | 1192759  |
|  Distributions receivable from Fidelity Central Funds  |  | 54632  |
|  Prepaid expenses  |  | 2174  |
| Other receivables  |  | 7  |
| **Total assets**  |  | 658540463  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $1312800  |  |
|  Payable for fund shares redeemed  | 1200187  |  |
|  Accrued management fee  | 360868  |  |
|  Distribution and service plan fees payable  | 5161  |  |
|  Other affiliated payables  | 95796  |  |
|  Other payables and accrued expenses  | 59391  |  |
|  Collateral on securities loaned  | 8024843  |  |
| **Total Liabilities**  |  | 11059046  |
| **Net Assets**  |  | $647481417  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $803598103  |
|  Total accumulated earnings (loss)  |  | (156116686)  |
|  **Net Assets**  |  | $647481417  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Class A :**  |  |  |
|  **Net Asset Value** and redemption price per share ($13,692,860 ÷ 1,303,864 shares) <sup>(a)</sup>  |  | $10.50  |
|  Maximum offering price per share (100/94.25 of $10.50)  |  | $11.14  |
| **Class M :**  |  |  |
|  **Net Asset Value** and redemption price per share ($2,184,858 ÷ 209,996 shares) <sup>(a)</sup>  |  | $10.40  |
|  Maximum offering price per share (100/96.50 of $10.40)  |  | $10.78  |
| **Class C :**  |  |  |
|  **Net Asset Value** and offering price per share ($1,679,884 ÷ 165,336 shares) <sup>(a)</sup>  |  | $10.16  |
| **International Real Estate :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($271,740,340 ÷ 25,489,116 shares)  |  | $10.66  |
| **Class I :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($72,729,237 ÷ 6,863,673 shares)  |  | $10.60  |
| **Class Z :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($285,454,238 ÷ 26,994,851 shares)  |  | $10.57  |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.*  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $8733396  |
| Foreign Tax Reclaims  |  | 472322  |
| Income from Fidelity Central Funds (including $75,078 from security lending)  |  | 321407  |
| Income before foreign taxes withheld  |  | $9527125  |
| Less foreign taxes withheld  |  | (665471)  |
| **Total Income**  |  | 8861654  |
|  **Expenses**  |  |  |
| Management fee  | $2304687  |  |
| Transfer agent fees  | 436271  |  |
| Distribution and service plan fees  | 31818  |  |
| Accounting fees  | 160159  |  |
| Custodian fees and expenses  | 37658  |  |
| Independent trustees' fees and expenses  | 1243  |  |
| Registration fees  | 65519  |  |
| Audit  | 34090  |  |
| Legal  | 575  |  |
| Interest  | 2676  |  |
| Miscellaneous  | 2913  |  |
| Total expenses before reductions  | 3077609  |  |
| Expense reductions  | (62428)  |  |
| Total expenses after reductions  |  | 3015181  |
| **Net Investment income (loss)**  |  | 5846473  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (80189835)  |  |
| Fidelity Central Funds  | 111  |  |
| Foreign currency transactions  | (118228)  |  |
| Total net realized gain (loss)  |  | (80307952)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (1258505)  |  |
| Fidelity Central Funds  | (110)  |  |
| Assets and liabilities in foreign currencies  | (7311)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (1265926)  |
| **Net gain (loss)**  |  | (81573878)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(75727405)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $5846473  | $16306038  |
| &nbsp;&nbsp; Net realized gain (loss)  | (80307952) <br>| 18855234 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (1265926)  | (203391678) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (75727405) <br>| (168230406) <br>|
| Distributions to shareholders  | (31353019) <br>| (54162695) <br>|
| Share transactions - net increase (decrease)  | (90572746) <br>| 68244424 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (197653170) <br>| (154148677) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 845134587  | 999283264 <br>|
| &nbsp;&nbsp; End of period  | $647481417  | $845134587  |

---

**Financial Highlights** 

 **Fidelity Advisor® International Real Estate Fund Class A** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.88  | $14.84  | $11.74  | $12.14  | $11.63  | $11.03  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .07  | .18  | .22  | .17  | .16  | .23  |
| Net realized and unrealized gain (loss)  | (1.02)  | (2.39)  | 3.08  | .05  | .55  | .69  |
| Total from investment operations  | (.95)  | (2.21)  | 3.30  | .22  | .71  | .92  |
| Distributions from net investment income  | (.03)  | (.52)  | (.20)  | (.24)  | (.17)  | (.21)  |
| Distributions from net realized gain  | (.40)  | (.23)  | -  | (.38)  | (.03)  | (.11)  |
| Total distributions  | (.43)  | (.75)  | (.20)  | (.62)  | (.20)  | (.32)  |
| Redemption fees added to paid in capital <sup>A</sup>  | -  | -  | -  | -  | -  | - <sup>C</sup>  |
| Net asset value, end of period  | $10.50  | $11.88  | $14.84  | $11.74  | $12.14  | $11.63  |
| **Total Return** <sup>D,E,F</sup>  | (8.03)%  | (15.76)%  | 28.46%  | 1.71%  | 6.21%  | 8.49%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | 1.25% <sup>I</sup>  | 1.23%  | 1.23%  | 1.27%  | 1.32%  | 1.36%  |
| Expenses net of fee waivers, if any  | 1.20% <sup>I</sup>  | 1.22%  | 1.23%  | 1.27%  | 1.32%  | 1.36%  |
| Expenses net of all reductions  | 1.20% <sup>I</sup>  | 1.22%  | 1.23%  | 1.26%  | 1.31%  | 1.35%  |
| Net investment income (loss)  | 1.40% <sup>I</sup>  | 1.33%  | 1.66%  | 1.40%  | 1.35%  | 2.03%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $13693  | $16274  | $17071  | $11710  | $12564  | $11319  |
| Portfolio turnover rate <sup>J</sup>  | 26% <sup>I</sup>  | 47%  | 37%  | 69%  | 52%  | 56%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net 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.*

<sup>C</sup> *Amount represents less than $.005 per share.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Total returns do not include the effect of the sales charges.*

<sup>G</sup> *Fees 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.*

<sup>H</sup> *Expense 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.*

<sup>I</sup> *Annualized.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® International Real Estate Fund Class M** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.76  | $14.71  | $11.64  | $12.02  | $11.53  | $10.93  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .06  | .14  | .18  | .13  | .12  | .20  |
| Net realized and unrealized gain (loss)  | (1.02)  | (2.37)  | 3.05  | .05  | .54  | .68  |
| Total from investment operations  | (.96)  | (2.23)  | 3.23  | .18  | .66  | .88  |
| Distributions from net investment income  | -  | (.49)  | (.16)  | (.18)  | (.14)  | (.17)  |
| Distributions from net realized gain  | (.40)  | (.23)  | -  | (.38)  | (.03)  | (.11)  |
| Total distributions  | (.40)  | (.72)  | (.16)  | (.56)  | (.17)  | (.28)  |
| Redemption fees added to paid in capital <sup>A</sup>  | -  | -  | -  | -  | -  | - <sup>C</sup>  |
| Net asset value, end of period  | $10.40  | $11.76  | $14.71  | $11.64  | $12.02  | $11.53  |
| **Total Return** <sup>D,E,F</sup>  | (8.15)%  | (16.01)%  | 28.08%  | 1.41%  | 5.86%  | 8.19%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | 1.52% <sup>I</sup>  | 1.53%  | 1.55%  | 1.59%  | 1.62%  | 1.65%  |
| Expenses net of fee waivers, if any  | 1.45% <sup>I</sup>  | 1.51%  | 1.55%  | 1.58%  | 1.62%  | 1.65%  |
| Expenses net of all reductions  | 1.44% <sup>I</sup>  | 1.51%  | 1.54%  | 1.58%  | 1.61%  | 1.65%  |
| Net investment income (loss)  | 1.15% <sup>I</sup>  | 1.04%  | 1.34%  | 1.08%  | 1.06%  | 1.74%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $2185  | $2804  | $3488  | $2976  | $3703  | $4360  |
| Portfolio turnover rate <sup>J</sup>  | 26% <sup>I</sup>  | 47%  | 37%  | 69%  | 52%  | 56%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net 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.*

<sup>C</sup> *Amount represents less than $.005 per share.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Total returns do not include the effect of the sales charges.*

<sup>G</sup> *Fees 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.*

<sup>H</sup> *Expense 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.*

<sup>I</sup> *Annualized.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® International Real Estate Fund Class C** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.52  | $14.43  | $11.43  | $11.80  | $11.33  | $10.73  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .03  | .07  | .11  | .07  | .07  | .15  |
| Net realized and unrealized gain (loss)  | (.99)  | (2.32)  | 3.00  | .04  | .55  | .67  |
| Total from investment operations  | (.96)  | (2.25)  | 3.11  | .11  | .62  | .82  |
| Distributions from net investment income  | -  | (.43)  | (.11)  | (.10)  | (.12)  | (.10)  |
| Distributions from net realized gain  | (.40)  | (.23)  | -  | (.38)  | (.03)  | (.11)  |
| Total distributions  | (.40)  | (.66)  | (.11)  | (.48)  | (.15)  | (.22) <sup>C</sup>  |
| Redemption fees added to paid in capital <sup>A</sup>  | -  | -  | -  | -  | -  | - <sup>D</sup>  |
| Net asset value, end of period  | $10.16  | $11.52  | $14.43  | $11.43  | $11.80  | $11.33  |
| **Total Return** <sup>E,F,G</sup>  | (8.33)%  | (16.40)%  | 27.44%  | .85%  | 5.56%  | 7.70%  |
| **Ratios to Average Net Assets** <sup>B,H,I</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | 2.02% <sup>J</sup>  | 2.02%  | 2.05%  | 2.04%  | 2.02%  | 2.05%  |
| Expenses net of fee waivers, if any  | 1.95% <sup>J</sup>  | 2.01%  | 2.05%  | 2.03%  | 2.02%  | 2.04%  |
| Expenses net of all reductions  | 1.95% <sup>J</sup>  | 2.01%  | 2.04%  | 2.03%  | 2.01%  | 2.04%  |
| Net investment income (loss)  | .65% <sup>J</sup>  | .55%  | .85%  | .63%  | .66%  | 1.35%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $1680  | $2087  | $3036  | $3836  | $3869  | $4894  |
| Portfolio turnover rate <sup>K</sup>  | 26% <sup>J</sup>  | 47%  | 37%  | 69%  | 52%  | 56%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net 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.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Amount represents less than $.005 per share.*

<sup>E</sup> *Total returns for periods of less than one year are not annualized.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *Total returns do not include the effect of the contingent deferred sales charge.*

<sup>H</sup> *Fees 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.*

<sup>I</sup> *Expense 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.*

<sup>J</sup> *Annualized.*

<sup>K</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity® International Real Estate Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.06  | $15.04  | $11.90  | $12.31  | $11.78  | $11.17  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .08  | .22  | .26  | .20  | .19  | .27  |
| Net realized and unrealized gain (loss)  | (1.03)  | (2.42)  | 3.12  | .05  | .56  | .70  |
| Total from investment operations  | (.95)  | (2.20)  | 3.38  | .25  | .75  | .97  |
| Distributions from net investment income  | (.04)  | (.54)  | (.24)  | (.28)  | (.19)  | (.24)  |
| Distributions from net realized gain  | (.40)  | (.24)  | -  | (.38)  | (.03)  | (.11)  |
| Total distributions  | (.45) <sup>C</sup>  | (.78)  | (.24)  | (.66)  | (.22)  | (.36) <sup>C</sup>  |
| Redemption fees added to paid in capital <sup>A</sup>  | -  | -  | -  | -  | -  | - <sup>D</sup>  |
| Net asset value, end of period  | $10.66  | $12.06  | $15.04  | $11.90  | $12.31  | $11.78  |
| **Total Return** <sup>E,F</sup>  | (7.91)%  | (15.50)%  | 28.83%  | 1.98%  | 6.49%  | 8.84%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .98% <sup>I</sup>  | .95%  | .97%  | 1.00%  | 1.02%  | 1.05%  |
| Expenses net of fee waivers, if any  | .95% <sup>I</sup>  | .94%  | .97%  | 1.00%  | 1.02%  | 1.05%  |
| Expenses net of all reductions  | .95% <sup>I</sup>  | .94%  | .96%  | .99%  | 1.01%  | 1.04%  |
| Net investment income (loss)  | 1.65% <sup>I</sup>  | 1.61%  | 1.92%  | 1.67%  | 1.65%  | 2.34%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $271740  | $316203  | $360653  | $224266  | $251947  | $244195  |
| Portfolio turnover rate <sup>J</sup>  | 26% <sup>I</sup>  | 47%  | 37%  | 69%  | 52%  | 56%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net 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.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Amount represents less than $.005 per share.*

<sup>E</sup> *Total returns for periods of less than one year are not annualized.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *Fees 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.*

<sup>H</sup> *Expense 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.*

<sup>I</sup> *Annualized.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® International Real Estate Fund Class I** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.98  | $14.94  | $11.83  | $12.23  | $11.70  | $11.13  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .09  | .22  | .27  | .21  | .20  | .28  |
| Net realized and unrealized gain (loss)  | (1.03)  | (2.40)  | 3.09  | .06  | .55  | .68  |
| Total from investment operations  | (.94)  | (2.18)  | 3.36  | .27  | .75  | .96  |
| Distributions from net investment income  | (.04)  | (.54)  | (.25)  | (.28)  | (.19)  | (.28)  |
| Distributions from net realized gain  | (.40)  | (.24)  | -  | (.38)  | (.03)  | (.11)  |
| Total distributions  | (.44)  | (.78)  | (.25)  | (.67) <sup>C</sup>  | (.22)  | (.39)  |
| Redemption fees added to paid in capital <sup>A</sup>  | -  | -  | -  | -  | -  | - <sup>D</sup>  |
| Net asset value, end of period  | $10.60  | $11.98  | $14.94  | $11.83  | $12.23  | $11.70  |
| **Total Return** <sup>E,F</sup>  | (7.84)%  | (15.46)%  | 28.83%  | 2.09%  | 6.61%  | 8.88%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .91% <sup>I</sup>  | .92%  | .90%  | .93%  | .94%  | .96%  |
| Expenses net of fee waivers, if any  | .91% <sup>I</sup>  | .91%  | .90%  | .93%  | .94%  | .96%  |
| Expenses net of all reductions  | .91% <sup>I</sup>  | .91%  | .90%  | .92%  | .93%  | .95%  |
| Net investment income (loss)  | 1.69% <sup>I</sup>  | 1.64%  | 1.99%  | 1.73%  | 1.74%  | 2.44%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $72729  | $95002  | $290807  | $145964  | $137778  | $350392  |
| Portfolio turnover rate <sup>J</sup>  | 26% <sup>I</sup>  | 47%  | 37%  | 69%  | 52%  | 56%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net 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.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Amount represents less than $.005 per share.*

<sup>E</sup> *Total returns for periods of less than one year are not annualized.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *Fees 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.*

<sup>H</sup> *Expense 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.*

<sup>I</sup> *Annualized.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **Fidelity Advisor® International Real Estate Fund Class Z** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.97  | $14.93  | $11.82  | $12.25  | $11.16  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .09  | .23  | .28  | .22  | .30  |
| Net realized and unrealized gain (loss)  | (1.03)  | (2.39)  | 3.09  | .05  | .79  |
| Total from investment operations  | (.94)  | (2.16)  | 3.37  | .27  | 1.09  |
| Distributions from net investment income  | (.06)  | (.55)  | (.26)  | (.32)  | -  |
| Distributions from net realized gain  | (.40)  | (.25)  | -  | (.38)  | -  |
| Total distributions  | (.46)  | (.80)  | (.26)  | (.70)  | -  |
| Net asset value, end of period  | $10.57  | $11.97  | $14.93  | $11.82  | $12.25  |
| **Total Return** <sup>D,E</sup>  | (7.87)%  | (15.35)%  | 28.99%  | 2.12%  | 9.77%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .81% <sup>H</sup>  | .79%  | .81%  | .83%  | .84% <sup>H</sup>  |
| Expenses net of fee waivers, if any  | .80% <sup>H</sup>  | .79%  | .81%  | .83%  | .84% <sup>H</sup>  |
| Expenses net of all reductions  | .80% <sup>H</sup>  | .79%  | .81%  | .82%  | .83% <sup>H</sup>  |
| Net investment income (loss)  | 1.80% <sup>H</sup>  | 1.76%  | 2.08%  | 1.83%  | 3.02% <sup>H</sup>  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $285454  | $412765  | $324228  | $110808  | $158056  |
| Portfolio turnover rate <sup>I</sup>  | 26% <sup>H</sup>  | 47%  | 37%  | 69%  | 52% <sup>H</sup>  |

---

<sup>A</sup> *For the period October 2, 2018 (commencement of sale of shares) through July 31, 2019.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net 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.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees 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.*

<sup>G</sup> *Expense 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.*

<sup>H</sup> *Annualized.*

<sup>I</sup> *Amount 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, 2023

**1. Organization.**

Fidelity International Real Estate Fund (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Real Estate, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. 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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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, 2023 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. 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. 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.

**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) 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**  | $49002215  |
| **Gross unrealized depreciation**  | <u>(100934198)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$(51931983)</u>  |
| **Tax cost**  | <u>$706023426</u>  |

---

The Fund elected to defer to its next fiscal year approximately $25,659,349 of capital losses recognized during the period November 1, 2021 to July 31, 2022.

**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**  | 85538963  | 206144692  |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .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%  | $17468  | $804  |
| **Class M**  | .25%  | .25%  | 5842  | -  |
| **Class C**  | .75%  | .25%  | <u>8508</u>  | <u>1462</u>  |
|  |  |  | <u>$31818</u>  | <u>$2266</u>  |

---

**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**  | $3558  |
| **Class M**  | 88  |
| **Class C** <sup>A</sup>  | <u>11</u>  |
|  | <u>$3657</u>  |

---

<sup>A</sup> *When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets** <sup>A</sup>  |
| **Class A**  | $16573  | .24  |
| **Class M**  | 3028  | .26  |
| **Class C**  | 2177  | .26  |
| **International Real Estate**  | 290927  | .21  |
| **Class I**  | 57172  | .15  |
| **Class Z**  | <u>66394</u>  | .04  |
|  | <u>$436271</u>  |  |

---

<sup>A</sup> *Annualized*

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

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **Fidelity International Real Estate Fund**  | .05  |

---

**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**  | $134  |

---

**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  | $2618556  | 4.09%  | $2676  |

---

**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**  | 368621  | 2422957  | 603750  |

---

**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**  | $1040  |

---

**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**  | $8081  | $-  | $-  |

---

**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, 2023. 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:

---

| | |
|:---|:---|
|  | **Reimbursement**  |
| **Class A** <br> 1.20% <sup>A</sup>  | $3504  |
| **Class M** <br> 1.45% <sup>A</sup>  | 816  |
| **Class C** <br> 1.95% <sup>A</sup>  | 560  |
| **International Real Estate** <br> .95% <sup>A</sup>  | 38809  |
| **Class I** <br> .95% <sup>A</sup>  | -  |
| **Class Z** <br> .80% <sup>A</sup>  | <u>5918</u>  |
|  | <u>$49607</u>  |

---

<sup>A</sup> *Expense limitation effective June 1, 2022.*

Through arrangements with the Fund's custodian and 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, custodian credits reduced the Fund's expenses by $41. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

---

| | |
|:---|:---|
|  | **Expense reduction**  |
| **Class A**  | $75  |
| **Class M**  | 88  |
| **Class C**  | <u>14</u>  |
|  | <u>$177</u>  |

---

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 $12,603.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **January 31, 2023**  | **Year ended** <br> **July 31, 2022**  |
| **Fidelity International Real Estate Fund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Class A  | $589083  | $865319  |
| Class M  | 95765  | 171713  |
| Class C  | 71168  | 135188  |
| International Real Estate  | 11787000  | 18841300  |
| Class I  | 3502573  | 9606899  |
| Class Z  | <u>15307430</u>  | <u>24542276</u>  |
| Total  | <u>$31353019</u>  | <u>$54162695</u>  |

---

**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** <br> **January 31, 2023**  | **Year ended** <br> **July 31, 2022**  | **Six months ended** <br> **January 31, 2023**  | **Year ended** <br> **July 31, 2022**  |
| **Fidelity International Real Estate Fund**  |  |  |  |  |
| **Class A**  |  |  |  |  |
| Shares sold  | 125483  | 397495  | $1286884  | $5356663  |
| Reinvestment of distributions  | 54508  | 57737  | 575600  | 828355  |
| Shares redeemed  | <u>(246432)</u>  | <u>(235551)</u>  | <u>(2475766)</u>  | <u>(3133992)</u>  |
| Net increase (decrease)  | <u>(66441)</u>  | <u>219681</u>  | <u>$(613282)</u>  | <u>$3051026</u>  |
| **Class M**  |  |  |  |  |
| Shares sold  | 6705  | 25506  | $68442  | $335839  |
| Reinvestment of distributions  | 9147  | 12008  | 95765  | 171073  |
| Shares redeemed  | <u>(44376)</u>  | <u>(36172)</u>  | <u>(433166)</u>  | <u>(453163)</u>  |
| Net increase (decrease)  | <u>(28524)</u>  | <u>1342</u>  | <u>$(268959)</u>  | <u>$53749</u>  |
| **Class C**  |  |  |  |  |
| Shares sold  | 15385  | 49064  | $149968  | $639665  |
| Reinvestment of distributions  | 6950  | 9648  | 71168  | 135188  |
| Shares redeemed  | <u>(38117)</u>  | <u>(87967)</u>  | <u>(370418)</u>  | <u>(1156517)</u>  |
| Net increase (decrease)  | <u>(15782)</u>  | <u>(29255)</u>  | <u>$(149282)</u>  | <u>$(381664)</u>  |
| **International Real Estate**  |  |  |  |  |
| Shares sold  | 2939664  | 7944369  | $30924168  | $109613164  |
| Reinvestment of distributions  | 1034325  | 1218768  | 11077624  | 17718284  |
| Shares redeemed  | <u>(4714208)</u>  | <u>(6914301)</u>  | <u>(48302062)</u>  | <u>(92451752)</u>  |
| Net increase (decrease)  | <u>(740219)</u>  | <u>2248836</u>  | <u>$(6300270)</u>  | <u>$34879696</u>  |
| **Class I**  |  |  |  |  |
| Shares sold  | 1500853  | 5918552  | $15040412  | $82528405  |
| Reinvestment of distributions  | 318645  | 647187  | 3390384  | 9343048  |
| Shares redeemed  | <u>(2888235)</u>  | <u>(18092769)</u>  | <u>(28478454)</u>  | <u>(245224431)</u>  |
| Net increase (decrease)  | <u>(1068737)</u>  | <u>(11527030)</u>  | <u>$(10047658)</u>  | <u>$(153352978)</u>  |
| **Class Z**  |  |  |  |  |
| Shares sold  | 5665334  | 16160904  | $56831326  | $224896432  |
| Reinvestment of distributions  | 1117458  | 1165843  | 11856230  | 16803235  |
| Shares redeemed  | <u>(14283744)</u>  | <u>(4543486)</u>  | <u>(141880851)</u>  | <u>(57705072)</u>  |
| Net increase (decrease)  | <u>(7500952)</u>  | <u>12783261</u>  | <u>$(73193295)</u>  | <u>$183994595</u>  |

---

**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.

In addition, 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  | 13%  |

---

**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.

**Shareholder Expense Example**

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, 2022 to January 31, 2023). <br>

***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-** <sup>A</sup>  | **Beginning Account Value August 1, 2022**  | **Ending Account Value January 31, 2023**  | **Expenses Paid During Period-** <sup>C</sup> **August 1, 2022 to January 31, 2023**  |
| **Fidelity® International Real Estate Fund**  |  |  |  |  |
| **Class A**  | 1.20%  |  |  |  |
| **Actual**  |  | $1000  | $919.70  | $5.81 <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1019.16  | $6.11 <br>|
| **Class M**  | 1.45%  |  |  |  |
| **Actual**  |  | $1000  | $918.50  | $7.01 <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1017.90  | $7.38 <br>|
| **Class C**  | 1.95%  |  |  |  |
| **Actual**  |  | $1000  | $916.70  | $9.42 <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1015.38  | $9.91 <br>|
| **Fidelity® International Real Estate Fund**  | .95%  |  |  |  |
| **Actual**  |  | $1000  | $920.90  | $4.60 <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.42  | $4.84 <br>|
| **Class I**  | .91%  |  |  |  |
| **Actual**  |  | $1000  | $921.60  | $4.41 <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.62  | $4.63 <br>|
| **Class Z**  | .80%  |  |  |  |
| **Actual**  |  | $1000  | $921.30  | $3.87 <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.17  | $4.08 <br>|

---

*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/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**Liquidity Risk Management Program**

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, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.

![](img88918_2.jpg) <br>

1.801330.119 IRE-SANN-0423

**Fidelity® Real Estate Investment Portfolio**

**Semi-Annual Report**

**January 31, 2023**

![](img88908_1.jpg)

![](img88908_2.jpg)

**Contents**

---

| |
|:---|
| **[Investment Summary](#Sec_InvestmentSummary303)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments303)** |
| **[Financial Statements](#Sec_FinancialStatements303)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Liquidity Risk Management Program](#Sec_Liquidity Risk Management Program)** |

---

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2023 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Prologis (REIT), Inc.  | 10.6  |
| Crown Castle International Corp.  | 9.3  |
| SBA Communications Corp. Class A  | 7.0  |
| Equinix, Inc.  | 6.3  |
| Welltower, Inc.  | 4.7  |
| Ventas, Inc.  | 4.7  |
| Digital Realty Trust, Inc.  | 4.6  |
| UDR, Inc.  | 3.5  |
| CubeSmart  | 3.5  |
| Mid-America Apartment Communities, Inc.  | 3.5  |
|  | 57.7  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Five REIT Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Five REIT Sectors (% of Fund's net assets)**  |
| REITs - Diversified  | 32.6  |
| REITs - Apartments  | 10.7  |
| REITs - Warehouse/Industrial  | 10.6  |
| REITs - Health Care  | 9.4  |
| REITs - Storage  | 8.6  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88908_5.jpg)  |

---

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 99.1%**  | &nbsp;&nbsp; **Common Stocks - 99.1%**  | &nbsp;&nbsp; **Common Stocks - 99.1%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
| Equity Real Estate Investment Trusts (REITs) - 95.7%  |  |  |
| REITs - Apartments - 10.7%  |  |  |
|  American Homes 4 Rent Class A  | 1734900  | 59490  |
|  Invitation Homes, Inc.  | 1867400  | 60691  |
|  Mid-America Apartment Communities, Inc.  | 668400  | 111436  |
|  UDR, Inc.  | 2662841  | 113410  |
|  |  | 345027  |
| REITs - Diversified - 32.6%  |  |  |
|  Apartment Income (REIT) Corp.  | 1133068  | 43351  |
|  Crown Castle International Corp.  | 2023000  | 299627  |
|  Digital Realty Trust, Inc.  | 1290000  | 147860  |
|  Elme Communities (SBI)  | 1209700  | 23226  |
|  Equinix, Inc.  | 273700  | 202026  |
|  Gaming & Leisure Properties  | 1049410  | 56206  |
|  Lamar Advertising Co. Class A  | 461500  | 49168  |
|  SBA Communications Corp. Class A  | 760083  | 226147  |
|  |  | 1047611  |
| REITs - Health Care - 9.4%  |  |  |
|  Ventas, Inc.  | 2902054  | 150355  |
|  Welltower, Inc.  | 2008640  | 150728  |
|  |  | 301083  |
| REITs - Hotels - 5.5%  |  |  |
|  DiamondRock Hospitality Co.  | 3966900  | 38201  |
|  Host Hotels & Resorts, Inc.  | 4048000  | 76305  |
|  RLJ Lodging Trust  | 2621019  | 32946  |
|  Ryman Hospitality Properties, Inc.  | 307900  | 28601  |
|  |  | 176053  |
| REITs - Management/Investment - 4.3%  |  |  |
|  American Assets Trust, Inc.  | 772400  | 21983  |
|  LXP Industrial Trust (REIT)  | 2537800  | 29312  |
|  National Retail Properties, Inc.  | 1808500  | 85632  |
|  |  | 136927  |
| REITs - Manufactured Homes - 5.5%  |  |  |
|  Equity Lifestyle Properties, Inc.  | 1259674  | 90419  |
|  Sun Communities, Inc.  | 550863  | 86408  |
|  |  | 176827  |
| REITs - Shopping Centers - 6.0%  |  |  |
|  Kimco Realty Corp.  | 3107890  | 69803  |
|  Phillips Edison & Co., Inc. (a)  | 1275800  | 42765  |
|  Regency Centers Corp.  | 901800  | 60087  |
|  Urban Edge Properties  | 1276700  | 20108  |
|  |  | 192763  |
| REITs - Single Tenant - 2.5%  |  |  |
|  Four Corners Property Trust, Inc.  | 747200  | 21489  |
|  Spirit Realty Capital, Inc.  | 1346200  | 59071  |
|  |  | 80560  |
| REITs - Storage - 8.6%  |  |  |
|  CubeSmart  | 2469400  | 113074  |
|  Extra Space Storage, Inc.  | 644940  | 101791  |
|  Iron Mountain, Inc.  | 1105300  | 60327  |
|  |  | 275192  |
| REITs - Warehouse/Industrial - 10.6%  |  |  |
|  Prologis (REIT), Inc.  | 2642015  | 341561  |
|  TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)  |  | 3073604  |
| Real Estate Management & Development - 3.4%  |  |  |
| Real Estate Services - 3.4%  |  |  |
|  CBRE Group, Inc. (b)  | 1270200  | 108615  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $2,165,285)  |  | <br> **3182219**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 1.3%**  | &nbsp;&nbsp; **Money Market Funds - 1.3%**  | &nbsp;&nbsp; **Money Market Funds - 1.3%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
|  Fidelity Cash Central Fund 4.38% (c)  | 28321899  | 28328  |
|  Fidelity Securities Lending Cash Central Fund 4.38% (c)(d)  | 14018348  | 14020  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $42,348)  |  | **42348**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.4%** <br> (Cost $2,207,633) <br>| <br>**3224567**  |
| **NET OTHER ASSETS (LIABILITIES) - (0.4)%**  | **(13942)**  |
| **NET ASSETS - 100.0%**  | **3210625**  |

---

*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) 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**

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, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.38%  | 44732  | 833050  | 849454  | 684  | -  | -  | 28328  | 0.1%  |
|  Fidelity Securities Lending Cash Central Fund 4.38%  | 66732  | 131481  | 184193  | 19  | -  | -  | 14020  | 0.0%  |
| Total  | 111464  | 964531  | 1033647  | 703  | -  | -  | 42348  |  |

---

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.

Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

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, 2023, 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:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description** <br> **(Amounts in thousands)**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Common Stocks  | 3182219  | 3182219  | -  | -  |
|  Money Market Funds  | 42348  | 42348  | -  | -  |
| **Total Investments in Securities:**  | 3224567  | 3224567  | -  | -  |

---

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  **Amounts in thousands (except per-share amount)**  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $14,028) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $2,165,285)  | $3182219  |  |
|  Fidelity Central Funds (cost $42,348)  | 42348  |  |
|  Total Investment in Securities (cost $2,207,633)  |  | $3224567  |
| Receivable for investments sold  |  | 1305  |
|  Receivable for fund shares sold  |  | 1553  |
|  Dividends receivable  |  | 1114  |
|  Distributions receivable from Fidelity Central Funds  |  | 78  |
|  Prepaid expenses  |  | 14  |
| Other receivables  |  | 397  |
| **Total assets**  |  | 3229028  |
| **Liabilities**  |  |  |
|  Payable for fund shares redeemed  | $2116  |  |
|  Accrued management fee  | 1348  |  |
|  Other affiliated payables  | 493  |  |
|  Other payables and accrued expenses  | 426  |  |
|  Collateral on securities loaned  | 14020  |  |
| **Total Liabilities**  |  | 18403  |
| **Net Assets**  |  | $3210625  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $2181286  |
|  Total accumulated earnings (loss)  |  | 1029339  |
|  **Net Assets**  |  | $3210625  |
|  **Net Asset Value** , offering price and redemption price per share ($3,210,625 ÷ 77,631 shares)  |  | $41.36  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
| **Amounts in thousands**  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $49431  |
| Income from Fidelity Central Funds (including $19 from security lending)  |  | 703  |
| **Total Income**  |  | 50134  |
|  **Expenses**  |  |  |
| Management fee  | $9112  |  |
| Transfer agent fees  | 2928  |  |
| Accounting fees  | 414  |  |
| Custodian fees and expenses  | 14  |  |
| Independent trustees' fees and expenses  | 7  |  |
| Registration fees  | 48  |  |
| Audit  | 27  |  |
| Legal  | 3  |  |
| Interest  | 3  |  |
| Miscellaneous  | 17  |  |
| Total expenses before reductions  | 12573  |  |
| Expense reductions  | (65)  |  |
| Total expenses after reductions  |  | 12508  |
| **Net Investment income (loss)**  |  | 37626  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 137871  |  |
| Total net realized gain (loss)  |  | 137871  |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (515601)  |
| **Net gain (loss)**  |  | (377730)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(340104)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
| **Amount in thousands**  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $37626  | $83284  |
| &nbsp;&nbsp; Net realized gain (loss)  | 137871 <br>| 257355 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (515601)  | (482664) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (340104) <br>| (142025) <br>|
| Distributions to shareholders  | (332579) <br>| (230857) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 155988  | 1336283  |
| Reinvestment of distributions  | 303560 <br>| 213175 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (1695996)  | (1789187)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | (1236448) <br>| (239729) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (1909131) <br>| (612611) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 5119756  | 5732367 <br>|
| &nbsp;&nbsp; End of period  | $3210625  | $5119756  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 3707  | 27133  |
| Issued in reinvestment of distributions  | 7394 <br>| 4120 <br>|
| &nbsp;&nbsp; Redeemed  | (41291)  | (37055)  |
| &nbsp;&nbsp; Net increase (decrease)  | (30190)  | (5802)  |

---

**Financial Highlights** 

 **Fidelity® Real Estate Investment Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $47.48  | $50.45  | $40.16  | $45.62  | $42.48  | $42.92  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .44  | .72  | .73  | .93  | 1.06  | .81  |
| Net realized and unrealized gain (loss)  | (2.77)  | (1.69)  | 11.34  | (3.48)  | 3.98  | .49  |
| Total from investment operations  | (2.33)  | (.97)  | 12.07  | (2.55)  | 5.04  | 1.30  |
| Distributions from net investment income  | (.64)  | (.42)  | (.75) <sup>C</sup>  | (.87)  | (1.04)  | (.82)  |
| Distributions from net realized gain  | (3.15)  | (1.58)  | (1.02) <sup>C</sup>  | (2.04)  | (.87)  | (.92)  |
| Total distributions  | (3.79)  | (2.00)  | (1.78) <sup>D</sup>  | (2.91)  | (1.90) <sup>D</sup>  | (1.74)  |
| Net asset value, end of period  | $41.36  | $47.48  | $50.45  | $40.16  | $45.62  | $42.48  |
| **Total Return** <sup>E,F</sup>  | (4.58)%  | (2.22)%  | 31.46%  | (6.15)%  | 12.29%  | 3.13%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .72% <sup>I</sup>  | .71%  | .73%  | .74%  | .74%  | .76%  |
| Expenses net of fee waivers, if any  | .72% <sup>I</sup>  | .71%  | .73%  | .74%  | .74%  | .75%  |
| Expenses net of all reductions  | .72% <sup>I</sup>  | .71%  | .72%  | .73%  | .74%  | .75%  |
| Net investment income (loss)  | 2.16% <sup>I</sup>  | 1.47%  | 1.74%  | 2.19%  | 2.46%  | 1.99%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $3211  | $5120  | $5732  | $4213  | $4304  | $3939  |
| Portfolio turnover rate <sup>J</sup>  | 7% <sup>I</sup>  | 18%  | 35%  | 38%  | 23%  | 20% <sup>K</sup>  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net 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.*

<sup>C</sup> *The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns for periods of less than one year are not annualized.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *Fees 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.*

<sup>H</sup> *Expense 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.*

<sup>I</sup> *Annualized.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>K</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended January 31, 2023

*(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.**

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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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, 2023 is included at the end of the Fund's Schedule of Investments.

**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.

**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**  | $396  |

---

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

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

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

Book-tax differences are primarily due to foreign currency transactions, deferred 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**  | $1067958  |
| **Gross unrealized depreciation**  | <u>(59492)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$1008466</u>  |
| **Tax cost**  | <u>$2216101</u>  |

---

The Fund elected to defer to its next fiscal year approximately $10,796 of capital losses recognized during the period November 1, 2021 to July 31, 2022.

**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**  | 125688  | 1552142  |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .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. 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 Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **Fidelity Real Estate Investment Portfolio**  | .02  |

---

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

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Real Estate Investment Portfolio**  | $17  |

---

**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 Real Estate Investment Portfolio**  | Borrower  | $11846  | 3.32%  | $3  |

---

**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 Real Estate Investment Portfolio**  | 581  | 83043  | 2647  |

---

**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 Real Estate Investment Portfolio**  | $6  |

---

**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 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 $65.

**9. 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.

**10. 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.

**Shareholder Expense Example**

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, 2022 to January 31, 2023). <br>

***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-** <sup>A</sup>  | **Beginning Account Value August 1, 2022**  | **Ending Account Value January 31, 2023**  | **Expenses Paid During Period-** <sup>C</sup> **August 1, 2022 to January 31, 2023**  |
| **Fidelity® Real Estate Investment Portfolio**  | .72%  |  |  |  |
| **Actual**  |  | $1000  | $954.20  | $3.55  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.58  | $3.67  |

---

*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/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**Liquidity Risk Management Program**

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, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.

![](img88908_2.jpg) <br>

1.706448.124 REA-SANN-0423

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

<u>Principal Accountant Fees and Services</u>

Not applicable.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 8.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 9.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 10.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Select Portfolios's Board of Trustees.

Item 11.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Select Portfolios's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 12.

<u>Disclosure of Securities Lending Activities for Closed-End Management</u>

<u>Investment Companies</u>

Not applicable.

Item 13.

<u>Exhibits</u>

(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.](ex99cert.htm)

(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.](ex99906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Select Portfolios

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer |
| Date: | March 23, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer |
| Date: | March 23, 2023 |

---

---

| | |
|:---|:---|
| By: | <u>/s/John J. Burke III</u> |
|  | John J. Burke III |
|  | Chief Financial Officer |
| Date: | March 23, 2023 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exhibit EX-99.CERT</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, Stacie M. Smith, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Fidelity Select Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant 's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant 's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 23, 2023

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/Stacie M. Smith</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stacie M. Smith  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Treasurer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, John J. Burke III, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Fidelity Select Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant 's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant 's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 23, 2023

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/John J. Burke III</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

## Exhibit 99.906

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit EX-99.906CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with the attached Report of Fidelity Select Portfolios (the "Trust ") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report "), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer 's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: March 23, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/Stacie M. Smith</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stacie M. Smith  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Treasurer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: March 23, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/John J. Burke III</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>