# EDGAR Filing Document

**Accession Number:** 0000320351
**File Stem:** 0000320351-25-000276
**Filing Date:** 2025-9
**Character Count:** 270383
**Document Hash:** 3c7181f070befb757a3f53d5b02f654c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000320351-25-000276.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0000320351-25-000276

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**EFFECTIVENESS DATE**: 20250922

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SELECT PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000320351

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03114
- **FILM NUMBER:** 251329173

**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           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

<u>Fidelity Select Portfolios</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, Massachusetts 02210</u>

(Address of principal executive offices) (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| Date of fiscal year end: | July 31 |
| Date of reporting period: | July 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Real Estate Investment Portfolio<br> **Fidelity® Real Estate Investment Portfolio : FRESX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Real Estate Investment Portfolio for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Real Estate Investment Portfolio  | $65  | 0.64% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI US IMI Real Estate 25/50 Linked Index for the fiscal year, especially in health care. Stock picks in real estate services also boosted the fund's relative performance, as did an underweight in timber.

• The top individual relative contributor was an overweight in Ventas (+27%), one of the fund's largest holdings this period. Avoiding Alexandria Real Estate Equities, an index component that returned -31%, helped as well. Outsized exposure to CBRE (+37%), which was among the fund's biggest holdings, was another plus.

• In contrast, the biggest detractor from performance versus the real estate index was stock selection in the retail group. Picks and an overweight in industrial also hampered the fund's result, in addition to an underweight in health care.

• The biggest individual relative detractor was an overweight in Americold Realty Trust (-44%), though we increased our investment this period. Not owning Simon Property Group, an index component that gained 12%, also hurt. A larger-than index position in Prologis (-12%) pressured performance as well. The company was among the fund's biggest holdings.

• Notable changes in positioning include decreased exposure to the self-storage industry and a higher allocation to other specialized real estate stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Real Estate Investment Portfolio<br>| $10000 | $12400<br>| $11788<br>| $12157<br>| $13651<br>| $12812<br>| $16843<br>| $16469<br>| $14924<br>| $16459<br>| $16981<br>|
| MSCI US IMI Real Estate 25/50 Linked Index<br>| $10000 | $12092<br>| $11407<br>| $11847<br>| $13138<br>| $10996<br>| $14876<br>| $14246<br>| $12870<br>| $14251<br>| $14625<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111493_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Real Estate Investment Portfolio | 3.17% | 5.80% | 5.44% |
| MSCI US IMI Real Estate 25/50 Linked Index | 2.63%<br>| 5.87%<br>| 3.87% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3156139782<br>|
| Number of Holdings | 44<br>|
| Total Advisory Fee | $19488780<br>|
| Portfolio Turnover | 35%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 35.6 |
| Industrial REITs | 15.6 |
| Retail REITs | 15.4 |
| Residential REITs | 13.7 |
| Health Care REITs | 11.2 |
| Real Estate Management & Development | 8.1 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img303_20250731_AA.jpg) <br>|

---

Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.4 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img303_20250731_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| American Tower Corp | 9.9<br>|
| Prologis Inc | 9.2<br>|
| Equinix Inc | 7.7<br>|
| Welltower Inc | 7.5<br>|
| Kimco Realty Corp | 4.5<br>|
| Digital Realty Trust Inc | 4.2<br>|
| NNN REIT Inc | 4.2<br>|
| UDR Inc | 4.0<br>|
| Public Storage Operating Co | 4.0<br>|
| CBRE Group Inc Class A | 3.9<br>|
|  | 59.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img303_20250731_2.jpg)<br>| ![](img111493_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913431.101 303-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® International Real Estate Fund<br> **Fidelity® International Real Estate Fund : FIREX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® International Real Estate Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® International Real Estate Fund  | $90  | 0.88% |

---

**What affected the Fund's performance this period?**

• A broad-based rally in global equity markets contributed to the strong performance of international real estate stocks for the 12 months ending July 31, 2025, partly attributable to rising foreign currencies versus the U.S. dollar and lower interest rates.

• Against this backdrop, security selection in Europe ex U.K., along with stock picks and an underweight in Asia Pacific ex Japan detracted from the fund's performance versus the FTSE EPRA/NAREIT Developed Ex North America Index for the fiscal year.

• By industry, the primary detractors from performance versus the real estate index were picks and an underweight in real estate operating companies. Also hurting our result were overweights in the multi-family residential and self-storage groups.

• The biggest individual relative detractor was an overweight in Big Yellow (-17%). The stock was among our biggest holdings. The second-largest relative detractor was an underweight in Sun Hung Kai Properties (+44%). The stock was not held at period end. An underweight in Link Real Estate Investment Trust (+42%) also detracted. The stock was not held at period end.

• In contrast, from a regional standpoint, an overweight in Europe ex U.K., primarily in Italy, and a non-index allocation to Canada contributed to the fund's performance versus the real estate index.

• By industry, the biggest relative contributor to performance was stock picking in internet services & infrastructure. Security selection in real estate development also boosted the fund's relative performance. Also contributing to our result was an overweight in health care.

• The top individual relative contributor was our stake in Sunevision Holdings (+159%). The stock was not held at period end. A second notable relative contributor was an underweight in Mitsui Fudosan (-12%). The stock was not held at period end. Another notable relative contributor was an underweight in Segro (-24%). The stock was not held at period end.

• Notable changes in geographic positioning include increased exposure to Belgium and a lower allocation to the United States. By industry, meaningful shifts included increased exposure to real estate operating companies and a lower allocation to industrials.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® International Real Estate Fund<br>| $10000 | $10194<br>| $11187<br>| $12176<br>| $12966<br>| $13223<br>| $17036<br>| $14395<br>| $12784<br>| $12861<br>| $13450<br>|
| FTSE® EPRA℠/NAREIT® Developed ex North America Index<br>| $10000 | $10542<br>| $10894<br>| $11749<br>| $12215<br>| $10719<br>| $13828<br>| $11314<br>| $10228<br>| $10683<br>| $11854<br>|
| MSCI EAFE Index<br>| $10000 | $9264<br>| $10933<br>| $11658<br>| $11381<br>| $11212<br>| $14637<br>| $12569<br>| $14712<br>| $16398<br>| $18543<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111561_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® International Real Estate Fund | 4.58% | 0.34% | 3.01% |
| FTSE® EPRA℠/NAREIT® Developed ex North America Index | 10.95%<br>| 2.03%<br>| 1.72% |
| MSCI EAFE Index | 13.08%<br>| 10.59%<br>| 6.37% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $324780846<br>|
| Number of Holdings | 75<br>|
| Total Advisory Fee | $2572880<br>|
| Portfolio Turnover | 77%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Real Estate Management & Development | 41.1 |
| Specialized REITs | 11.7 |
| Residential REITs | 11.2 |
| Industrial REITs | 10.2 |
| Health Care REITs | 5.9 |
| Diversified REITs | 3.4 |
| Household Durables | 3.3 |
| Retail REITs | 2.8 |
| Health Care Providers & Services | 2.6 |
| Others | 2.8 |

---

Common Stocks 95.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 5.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1368_20250731_AA.jpg) <br>|

---

Common Stocks - 95.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 5.0 <br>

---

| | |
|:---|:---|
| Japan | 20.7 |
| Australia | 14.1 |
| United Kingdom | 10.2 |
| Singapore | 9.3 |
| Belgium | 7.1 |
| United States | 7.0 |
| France | 4.9 |
| Hong Kong | 4.9 |
| Germany | 4.8 |
| Others | 17.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1368_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 20.7&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;Australia - 14.1&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;United Kingdom - 10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 9.3&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;Belgium - 7.1&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;United States - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 4.9&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;Hong Kong - 4.9&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;Germany - 4.8&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;Others - 17.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wing Tai Holdings Ltd | 4.9<br>|
| Ingenia Communities Group unit | 3.6<br>|
| National Storage REIT unit | 3.6<br>|
| Arena REIT unit | 3.2<br>|
| Advance Residence Investment Corp | 3.2<br>|
| Big Yellow Group PLC (The) | 3.2<br>|
| Stockland unit | 3.1<br>|
| Tosei Corp | 3.1<br>|
| Health Care & Medical Investment Corp | 3.0<br>|
| Parkway Life Real Estate Investment Trust | 2.9<br>|
|  | 33.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1368_20250731_2.jpg)<br>| ![](img111561_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913454.101 1368-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® International Real Estate Fund<br> **Fidelity Advisor® International Real Estate Fund Class Z : FIKLX** <br>|

---

This annual shareholder report contains information about Fidelity® International Real Estate Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $80  | 0.78% |

---

**What affected the Fund's performance this period?**

• A broad-based rally in global equity markets contributed to the strong performance of international real estate stocks for the 12 months ending July 31, 2025, partly attributable to rising foreign currencies versus the U.S. dollar and lower interest rates.

• Against this backdrop, security selection in Europe ex U.K., along with stock picks and an underweight in Asia Pacific ex Japan detracted from the fund's performance versus the FTSE EPRA/NAREIT Developed Ex North America Index for the fiscal year.

• By industry, the primary detractors from performance versus the real estate index were picks and an underweight in real estate operating companies. Also hurting our result were overweights in the multi-family residential and self-storage groups.

• The biggest individual relative detractor was an overweight in Big Yellow (-17%). The stock was among our biggest holdings. The second-largest relative detractor was an underweight in Sun Hung Kai Properties (+44%). The stock was not held at period end. An underweight in Link Real Estate Investment Trust (+42%) also detracted. The stock was not held at period end.

• In contrast, from a regional standpoint, an overweight in Europe ex U.K., primarily in Italy, and a non-index allocation to Canada contributed to the fund's performance versus the real estate index.

• By industry, the biggest relative contributor to performance was stock picking in internet services & infrastructure. Security selection in real estate development also boosted the fund's relative performance. Also contributing to our result was an overweight in health care.

• The top individual relative contributor was our stake in Sunevision Holdings (+159%). The stock was not held at period end. A second notable relative contributor was an underweight in Mitsui Fudosan (-12%). The stock was not held at period end. Another notable relative contributor was an underweight in Segro (-24%). The stock was not held at period end.

• Notable changes in geographic positioning include increased exposure to Belgium and a lower allocation to the United States. By industry, meaningful shifts included increased exposure to real estate operating companies and a lower allocation to industrials.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10977<br>| $11210<br>| $14459<br>| $12239<br>| $10892<br>| $10977<br>| $11489<br>|
| FTSE® EPRA℠/NAREIT® Developed ex North America Index<br>| $10000 | $10809<br>| $9486<br>| $12237<br>| $10013<br>| $9052<br>| $9454<br>| $10490<br>|
| MSCI EAFE Index<br>| $10000 | $9930<br>| $9782<br>| $12770<br>| $10966<br>| $12836<br>| $14307<br>| $16179<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111562_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 4.66% | 0.49% | 2.05% |
| FTSE® EPRA℠/NAREIT® Developed ex North America Index | 10.95%<br>| 2.03%<br>| 0.70% |
| MSCI EAFE Index | 13.08%<br>| 10.59%<br>| 7.30% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $324780846<br>|
| Number of Holdings | 75<br>|
| Total Advisory Fee | $2572880<br>|
| Portfolio Turnover | 77%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Real Estate Management & Development | 41.1 |
| Specialized REITs | 11.7 |
| Residential REITs | 11.2 |
| Industrial REITs | 10.2 |
| Health Care REITs | 5.9 |
| Diversified REITs | 3.4 |
| Household Durables | 3.3 |
| Retail REITs | 2.8 |
| Health Care Providers & Services | 2.6 |
| Others | 2.8 |

---

Common Stocks 95.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 5.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1368_20250731_AA.jpg) <br>|

---

Common Stocks - 95.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 5.0 <br>

---

| | |
|:---|:---|
| Japan | 20.7 |
| Australia | 14.1 |
| United Kingdom | 10.2 |
| Singapore | 9.3 |
| Belgium | 7.1 |
| United States | 7.0 |
| France | 4.9 |
| Hong Kong | 4.9 |
| Germany | 4.8 |
| Others | 17.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1368_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 20.7&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;Australia - 14.1&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;United Kingdom - 10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 9.3&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;Belgium - 7.1&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;United States - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 4.9&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;Hong Kong - 4.9&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;Germany - 4.8&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;Others - 17.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wing Tai Holdings Ltd | 4.9<br>|
| Ingenia Communities Group unit | 3.6<br>|
| National Storage REIT unit | 3.6<br>|
| Arena REIT unit | 3.2<br>|
| Advance Residence Investment Corp | 3.2<br>|
| Big Yellow Group PLC (The) | 3.2<br>|
| Stockland unit | 3.1<br>|
| Tosei Corp | 3.1<br>|
| Health Care & Medical Investment Corp | 3.0<br>|
| Parkway Life Real Estate Investment Trust | 2.9<br>|
|  | 33.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1368_20250731_2.jpg)<br>| ![](img111562_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913459.101 3301-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® International Real Estate Fund<br> **Fidelity Advisor® International Real Estate Fund Class M : FIRTX** <br>|

---

This annual shareholder report contains information about Fidelity® International Real Estate Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $146  | 1.43% |

---

**What affected the Fund's performance this period?**

• A broad-based rally in global equity markets contributed to the strong performance of international real estate stocks for the 12 months ending July 31, 2025, partly attributable to rising foreign currencies versus the U.S. dollar and lower interest rates.

• Against this backdrop, security selection in Europe ex U.K., along with stock picks and an underweight in Asia Pacific ex Japan detracted from the fund's performance versus the FTSE EPRA/NAREIT Developed Ex North America Index for the fiscal year.

• By industry, the primary detractors from performance versus the real estate index were picks and an underweight in real estate operating companies. Also hurting our result were overweights in the multi-family residential and self-storage groups.

• The biggest individual relative detractor was an overweight in Big Yellow (-17%). The stock was among our biggest holdings. The second-largest relative detractor was an underweight in Sun Hung Kai Properties (+44%). The stock was not held at period end. An underweight in Link Real Estate Investment Trust (+42%) also detracted. The stock was not held at period end.

• In contrast, from a regional standpoint, an overweight in Europe ex U.K., primarily in Italy, and a non-index allocation to Canada contributed to the fund's performance versus the real estate index.

• By industry, the biggest relative contributor to performance was stock picking in internet services & infrastructure. Security selection in real estate development also boosted the fund's relative performance. Also contributing to our result was an overweight in health care.

• The top individual relative contributor was our stake in Sunevision Holdings (+159%). The stock was not held at period end. A second notable relative contributor was an underweight in Mitsui Fudosan (-12%). The stock was not held at period end. Another notable relative contributor was an underweight in Segro (-24%). The stock was not held at period end.

• Notable changes in geographic positioning include increased exposure to Belgium and a lower allocation to the United States. By industry, meaningful shifts included increased exposure to real estate operating companies and a lower allocation to industrials.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $9788<br>| $10676<br>| $11550<br>| $12227<br>| $12400<br>| $15882<br>| $13339<br>| $11792<br>| $11809<br>| $12278<br>|
| FTSE® EPRA℠/NAREIT® Developed ex North America Index<br>| $10000 | $10542<br>| $10894<br>| $11749<br>| $12215<br>| $10719<br>| $13828<br>| $11314<br>| $10228<br>| $10683<br>| $11854<br>|
| MSCI EAFE Index<br>| $10000 | $9264<br>| $10933<br>| $11658<br>| $11381<br>| $11212<br>| $14637<br>| $12569<br>| $14712<br>| $16398<br>| $18543<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111563_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 0.33% | -0.91%<br>| 2.07% |
| Class M (without 3.50% sales charge) | 3.97% | -0.20% | 2.44% |
| FTSE® EPRA℠/NAREIT® Developed ex North America Index | 10.95%<br>| 2.03%<br>| 1.72% |
| MSCI EAFE Index | 13.08%<br>| 10.59%<br>| 6.37% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $324780846<br>|
| Number of Holdings | 75<br>|
| Total Advisory Fee | $2572880<br>|
| Portfolio Turnover | 77%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Real Estate Management & Development | 41.1 |
| Specialized REITs | 11.7 |
| Residential REITs | 11.2 |
| Industrial REITs | 10.2 |
| Health Care REITs | 5.9 |
| Diversified REITs | 3.4 |
| Household Durables | 3.3 |
| Retail REITs | 2.8 |
| Health Care Providers & Services | 2.6 |
| Others | 2.8 |

---

Common Stocks 95.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 5.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1368_20250731_AA.jpg) <br>|

---

Common Stocks - 95.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 5.0 <br>

---

| | |
|:---|:---|
| Japan | 20.7 |
| Australia | 14.1 |
| United Kingdom | 10.2 |
| Singapore | 9.3 |
| Belgium | 7.1 |
| United States | 7.0 |
| France | 4.9 |
| Hong Kong | 4.9 |
| Germany | 4.8 |
| Others | 17.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1368_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 20.7&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;Australia - 14.1&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;United Kingdom - 10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 9.3&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;Belgium - 7.1&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;United States - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 4.9&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;Hong Kong - 4.9&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;Germany - 4.8&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;Others - 17.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wing Tai Holdings Ltd | 4.9<br>|
| Ingenia Communities Group unit | 3.6<br>|
| National Storage REIT unit | 3.6<br>|
| Arena REIT unit | 3.2<br>|
| Advance Residence Investment Corp | 3.2<br>|
| Big Yellow Group PLC (The) | 3.2<br>|
| Stockland unit | 3.1<br>|
| Tosei Corp | 3.1<br>|
| Health Care & Medical Investment Corp | 3.0<br>|
| Parkway Life Real Estate Investment Trust | 2.9<br>|
|  | 33.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1368_20250731_2.jpg)<br>| ![](img111563_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913457.101 1854-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® International Real Estate Fund<br> **Fidelity Advisor® International Real Estate Fund Class I : FIRIX** <br>|

---

This annual shareholder report contains information about Fidelity® International Real Estate Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $92  | 0.90% |

---

**What affected the Fund's performance this period?**

• A broad-based rally in global equity markets contributed to the strong performance of international real estate stocks for the 12 months ending July 31, 2025, partly attributable to rising foreign currencies versus the U.S. dollar and lower interest rates.

• Against this backdrop, security selection in Europe ex U.K., along with stock picks and an underweight in Asia Pacific ex Japan detracted from the fund's performance versus the FTSE EPRA/NAREIT Developed Ex North America Index for the fiscal year.

• By industry, the primary detractors from performance versus the real estate index were picks and an underweight in real estate operating companies. Also hurting our result were overweights in the multi-family residential and self-storage groups.

• The biggest individual relative detractor was an overweight in Big Yellow (-17%). The stock was among our biggest holdings. The second-largest relative detractor was an underweight in Sun Hung Kai Properties (+44%). The stock was not held at period end. An underweight in Link Real Estate Investment Trust (+42%) also detracted. The stock was not held at period end.

• In contrast, from a regional standpoint, an overweight in Europe ex U.K., primarily in Italy, and a non-index allocation to Canada contributed to the fund's performance versus the real estate index.

• By industry, the biggest relative contributor to performance was stock picking in internet services & infrastructure. Security selection in real estate development also boosted the fund's relative performance. Also contributing to our result was an overweight in health care.

• The top individual relative contributor was our stake in Sunevision Holdings (+159%). The stock was not held at period end. A second notable relative contributor was an underweight in Mitsui Fudosan (-12%). The stock was not held at period end. Another notable relative contributor was an underweight in Segro (-24%). The stock was not held at period end.

• Notable changes in geographic positioning include increased exposure to Belgium and a lower allocation to the United States. By industry, meaningful shifts included increased exposure to real estate operating companies and a lower allocation to industrials.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10215<br>| $11225<br>| $12222<br>| $13030<br>| $13302<br>| $17137<br>| $14488<br>| $12873<br>| $12956<br>| $13549<br>|
| FTSE® EPRA℠/NAREIT® Developed ex North America Index<br>| $10000 | $10542<br>| $10894<br>| $11749<br>| $12215<br>| $10719<br>| $13828<br>| $11314<br>| $10228<br>| $10683<br>| $11854<br>|
| MSCI EAFE Index<br>| $10000 | $9264<br>| $10933<br>| $11658<br>| $11381<br>| $11212<br>| $14637<br>| $12569<br>| $14712<br>| $16398<br>| $18543<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111564_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 4.58% | 0.37% | 3.08% |
| FTSE® EPRA℠/NAREIT® Developed ex North America Index | 10.95%<br>| 2.03%<br>| 1.72% |
| MSCI EAFE Index | 13.08%<br>| 10.59%<br>| 6.37% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $324780846<br>|
| Number of Holdings | 75<br>|
| Total Advisory Fee | $2572880<br>|
| Portfolio Turnover | 77%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Real Estate Management & Development | 41.1 |
| Specialized REITs | 11.7 |
| Residential REITs | 11.2 |
| Industrial REITs | 10.2 |
| Health Care REITs | 5.9 |
| Diversified REITs | 3.4 |
| Household Durables | 3.3 |
| Retail REITs | 2.8 |
| Health Care Providers & Services | 2.6 |
| Others | 2.8 |

---

Common Stocks 95.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 5.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1368_20250731_AA.jpg) <br>|

---

Common Stocks - 95.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 5.0 <br>

---

| | |
|:---|:---|
| Japan | 20.7 |
| Australia | 14.1 |
| United Kingdom | 10.2 |
| Singapore | 9.3 |
| Belgium | 7.1 |
| United States | 7.0 |
| France | 4.9 |
| Hong Kong | 4.9 |
| Germany | 4.8 |
| Others | 17.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1368_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 20.7&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;Australia - 14.1&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;United Kingdom - 10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 9.3&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;Belgium - 7.1&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;United States - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 4.9&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;Hong Kong - 4.9&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;Germany - 4.8&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;Others - 17.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wing Tai Holdings Ltd | 4.9<br>|
| Ingenia Communities Group unit | 3.6<br>|
| National Storage REIT unit | 3.6<br>|
| Arena REIT unit | 3.2<br>|
| Advance Residence Investment Corp | 3.2<br>|
| Big Yellow Group PLC (The) | 3.2<br>|
| Stockland unit | 3.1<br>|
| Tosei Corp | 3.1<br>|
| Health Care & Medical Investment Corp | 3.0<br>|
| Parkway Life Real Estate Investment Trust | 2.9<br>|
|  | 33.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1368_20250731_2.jpg)<br>| ![](img111564_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913458.101 1855-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® International Real Estate Fund<br> **Fidelity Advisor® International Real Estate Fund Class C : FIRCX** <br>|

---

This annual shareholder report contains information about Fidelity® International Real Estate Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $196  | 1.93% |

---

**What affected the Fund's performance this period?**

• A broad-based rally in global equity markets contributed to the strong performance of international real estate stocks for the 12 months ending July 31, 2025, partly attributable to rising foreign currencies versus the U.S. dollar and lower interest rates.

• Against this backdrop, security selection in Europe ex U.K., along with stock picks and an underweight in Asia Pacific ex Japan detracted from the fund's performance versus the FTSE EPRA/NAREIT Developed Ex North America Index for the fiscal year.

• By industry, the primary detractors from performance versus the real estate index were picks and an underweight in real estate operating companies. Also hurting our result were overweights in the multi-family residential and self-storage groups.

• The biggest individual relative detractor was an overweight in Big Yellow (-17%). The stock was among our biggest holdings. The second-largest relative detractor was an underweight in Sun Hung Kai Properties (+44%). The stock was not held at period end. An underweight in Link Real Estate Investment Trust (+42%) also detracted. The stock was not held at period end.

• In contrast, from a regional standpoint, an overweight in Europe ex U.K., primarily in Italy, and a non-index allocation to Canada contributed to the fund's performance versus the real estate index.

• By industry, the biggest relative contributor to performance was stock picking in internet services & infrastructure. Security selection in real estate development also boosted the fund's relative performance. Also contributing to our result was an overweight in health care.

• The top individual relative contributor was our stake in Sunevision Holdings (+159%). The stock was not held at period end. A second notable relative contributor was an underweight in Mitsui Fudosan (-12%). The stock was not held at period end. Another notable relative contributor was an underweight in Segro (-24%). The stock was not held at period end.

• Notable changes in geographic positioning include increased exposure to Belgium and a lower allocation to the United States. By industry, meaningful shifts included increased exposure to real estate operating companies and a lower allocation to industrials.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10093<br>| $10971<br>| $11815<br>| $12473<br>| $12579<br>| $16031<br>| $13401<br>| $11790<br>| $11833<br>| $12329<br>|
| FTSE® EPRA℠/NAREIT® Developed ex North America Index<br>| $10000 | $10542<br>| $10894<br>| $11749<br>| $12215<br>| $10719<br>| $13828<br>| $11314<br>| $10228<br>| $10683<br>| $11854<br>|
| MSCI EAFE Index<br>| $10000 | $9264<br>| $10933<br>| $11658<br>| $11381<br>| $11212<br>| $14637<br>| $12569<br>| $14712<br>| $16398<br>| $18543<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111565_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 2.53% | -0.69%<br>| 2.12% |
| Class C | 3.53% | -0.69% | 2.12% |
| FTSE® EPRA℠/NAREIT® Developed ex North America Index | 10.95%<br>| 2.03%<br>| 1.72% |
| MSCI EAFE Index | 13.08%<br>| 10.59%<br>| 6.37% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $324780846<br>|
| Number of Holdings | 75<br>|
| Total Advisory Fee | $2572880<br>|
| Portfolio Turnover | 77%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Real Estate Management & Development | 41.1 |
| Specialized REITs | 11.7 |
| Residential REITs | 11.2 |
| Industrial REITs | 10.2 |
| Health Care REITs | 5.9 |
| Diversified REITs | 3.4 |
| Household Durables | 3.3 |
| Retail REITs | 2.8 |
| Health Care Providers & Services | 2.6 |
| Others | 2.8 |

---

Common Stocks 95.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 5.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1368_20250731_AA.jpg) <br>|

---

Common Stocks - 95.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 5.0 <br>

---

| | |
|:---|:---|
| Japan | 20.7 |
| Australia | 14.1 |
| United Kingdom | 10.2 |
| Singapore | 9.3 |
| Belgium | 7.1 |
| United States | 7.0 |
| France | 4.9 |
| Hong Kong | 4.9 |
| Germany | 4.8 |
| Others | 17.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1368_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 20.7&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;Australia - 14.1&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;United Kingdom - 10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 9.3&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;Belgium - 7.1&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;United States - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 4.9&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;Hong Kong - 4.9&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;Germany - 4.8&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;Others - 17.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wing Tai Holdings Ltd | 4.9<br>|
| Ingenia Communities Group unit | 3.6<br>|
| National Storage REIT unit | 3.6<br>|
| Arena REIT unit | 3.2<br>|
| Advance Residence Investment Corp | 3.2<br>|
| Big Yellow Group PLC (The) | 3.2<br>|
| Stockland unit | 3.1<br>|
| Tosei Corp | 3.1<br>|
| Health Care & Medical Investment Corp | 3.0<br>|
| Parkway Life Real Estate Investment Trust | 2.9<br>|
|  | 33.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1368_20250731_2.jpg)<br>| ![](img111565_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913456.101 1853-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® International Real Estate Fund<br> **Fidelity Advisor® International Real Estate Fund Class A : FIRAX** <br>|

---

This annual shareholder report contains information about Fidelity® International Real Estate Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $120  | 1.18% |

---

**What affected the Fund's performance this period?**

• A broad-based rally in global equity markets contributed to the strong performance of international real estate stocks for the 12 months ending July 31, 2025, partly attributable to rising foreign currencies versus the U.S. dollar and lower interest rates.

• Against this backdrop, security selection in Europe ex U.K., along with stock picks and an underweight in Asia Pacific ex Japan detracted from the fund's performance versus the FTSE EPRA/NAREIT Developed Ex North America Index for the fiscal year.

• By industry, the primary detractors from performance versus the real estate index were picks and an underweight in real estate operating companies. Also hurting our result were overweights in the multi-family residential and self-storage groups.

• The biggest individual relative detractor was an overweight in Big Yellow (-17%). The stock was among our biggest holdings. The second-largest relative detractor was an underweight in Sun Hung Kai Properties (+44%). The stock was not held at period end. An underweight in Link Real Estate Investment Trust (+42%) also detracted. The stock was not held at period end.

• In contrast, from a regional standpoint, an overweight in Europe ex U.K., primarily in Italy, and a non-index allocation to Canada contributed to the fund's performance versus the real estate index.

• By industry, the biggest relative contributor to performance was stock picking in internet services & infrastructure. Security selection in real estate development also boosted the fund's relative performance. Also contributing to our result was an overweight in health care.

• The top individual relative contributor was our stake in Sunevision Holdings (+159%). The stock was not held at period end. A second notable relative contributor was an underweight in Mitsui Fudosan (-12%). The stock was not held at period end. Another notable relative contributor was an underweight in Segro (-24%). The stock was not held at period end.

• Notable changes in geographic positioning include increased exposure to Belgium and a lower allocation to the United States. By industry, meaningful shifts included increased exposure to real estate operating companies and a lower allocation to industrials.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9590<br>| $10500<br>| $11391<br>| $12098<br>| $12306<br>| $15807<br>| $13316<br>| $11804<br>| $11848<br>| $12344<br>|
| FTSE® EPRA℠/NAREIT® Developed ex North America Index<br>| $10000 | $10542<br>| $10894<br>| $11749<br>| $12215<br>| $10719<br>| $13828<br>| $11314<br>| $10228<br>| $10683<br>| $11854<br>|
| MSCI EAFE Index<br>| $10000 | $9264<br>| $10933<br>| $11658<br>| $11381<br>| $11212<br>| $14637<br>| $12569<br>| $14712<br>| $16398<br>| $18543<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111566_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | -1.80% | -1.12%<br>| 2.13% |
| Class A (without 5.75% sales charge) | 4.19% | 0.06% | 2.73% |
| FTSE® EPRA℠/NAREIT® Developed ex North America Index | 10.95%<br>| 2.03%<br>| 1.72% |
| MSCI EAFE Index | 13.08%<br>| 10.59%<br>| 6.37% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $324780846<br>|
| Number of Holdings | 75<br>|
| Total Advisory Fee | $2572880<br>|
| Portfolio Turnover | 77%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Real Estate Management & Development | 41.1 |
| Specialized REITs | 11.7 |
| Residential REITs | 11.2 |
| Industrial REITs | 10.2 |
| Health Care REITs | 5.9 |
| Diversified REITs | 3.4 |
| Household Durables | 3.3 |
| Retail REITs | 2.8 |
| Health Care Providers & Services | 2.6 |
| Others | 2.8 |

---

Common Stocks 95.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 5.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1368_20250731_AA.jpg) <br>|

---

Common Stocks - 95.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 5.0 <br>

---

| | |
|:---|:---|
| Japan | 20.7 |
| Australia | 14.1 |
| United Kingdom | 10.2 |
| Singapore | 9.3 |
| Belgium | 7.1 |
| United States | 7.0 |
| France | 4.9 |
| Hong Kong | 4.9 |
| Germany | 4.8 |
| Others | 17.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1368_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 20.7&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;Australia - 14.1&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;United Kingdom - 10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 9.3&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;Belgium - 7.1&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;United States - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 4.9&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;Hong Kong - 4.9&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;Germany - 4.8&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;Others - 17.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wing Tai Holdings Ltd | 4.9<br>|
| Ingenia Communities Group unit | 3.6<br>|
| National Storage REIT unit | 3.6<br>|
| Arena REIT unit | 3.2<br>|
| Advance Residence Investment Corp | 3.2<br>|
| Big Yellow Group PLC (The) | 3.2<br>|
| Stockland unit | 3.1<br>|
| Tosei Corp | 3.1<br>|
| Health Care & Medical Investment Corp | 3.0<br>|
| Parkway Life Real Estate Investment Trust | 2.9<br>|
|  | 33.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1368_20250731_2.jpg)<br>| ![](img111566_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913455.101 1851-TSRA-0925 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, July 31, 2025, Fidelity Select Portfolios (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

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

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity International Real Estate Fund and Fidelity Real Estate Investment Portfolio (the "Funds"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>July 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity International Real Estate Fund | &nbsp;&nbsp;$46100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$9500  | &nbsp;&nbsp;$800  |
| &nbsp;&nbsp;Fidelity Real Estate Investment Portfolio | &nbsp;&nbsp;$39700  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8900  | &nbsp;&nbsp;$700  |

---

**<u>July 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity International Real Estate Fund | &nbsp;&nbsp;$43600  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$9700  | &nbsp;&nbsp;$1100  |
| &nbsp;&nbsp;Fidelity Real Estate Investment Portfolio | &nbsp;&nbsp;$38000  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$9100  | &nbsp;&nbsp;$1000  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>July 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>July 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$125000 | &nbsp;&nbsp;$200000 |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$2970400 | &nbsp;&nbsp;$1929500 |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>July 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>July 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Deloitte Entities | &nbsp;&nbsp;$3452100  | &nbsp;&nbsp;$4969400  |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

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>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Real Estate Investment Portfolio**

**Annual Report**

**July 31, 2025**

![](img111430_1.jpg)

![](img111430_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_REA-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Real Estate Investment Portfolio](#Sub_Sec_Fund_303_REA-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements303_REA-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_REA-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_REA-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_REA-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_REA-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_REA-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_REA-ANN)** |

---

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.© 2025 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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Real Estate Investment Portfolio**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 99.6%  |  |  |
| Real Estate - 99.6% |  |  |
| Health Care REITs - 11.2% |  |  |
| Ventas Inc  | 1742254 | 117044624 |
| Welltower Inc  | 1425240 | 235264367 |
|  |  | 352308991 |
| Industrial REITs - 15.6% |  |  |
| Americold Realty Trust Inc  | 4164000 | 66957120 |
| Prologis Inc  | 2696715 | 287955228 |
| STAG Industrial Inc Class A  | 2694500 | 92502185 |
| Terreno Realty Corp  | 810700 | 44985743 |
|  |  | 492400276 |
| Real Estate Management & Development - 8.1% |  |  |
| CBRE Group Inc Class A (a) | 794100 | 123673134 |
| Compass Inc Class A (a) | 4296200 | 34111828 |
| CoStar Group Inc (a) | 315300 | 30013407 |
| Jones Lang LaSalle Inc (a) | 143300 | 38742588 |
| Zillow Group Inc Class C (a) | 371400 | 29544869 |
|  |  | 256085826 |
| Residential REITs - 13.7% |  |  |
| American Homes 4 Rent Class A  | 1863500 | 64644815 |
| Camden Property Trust  | 388300 | 42402360 |
| Elme Communities  | 526000 | 7932080 |
| Equity LifeStyle Properties Inc  | 36974 | 2215482 |
| Equity Residential  | 1531400 | 96784480 |
| Invitation Homes Inc  | 1585200 | 48586380 |
| Mid-America Apartment Communities Inc  | 88800 | 12647784 |
| Sun Communities Inc  | 244563 | 30333149 |
| UDR Inc  | 3253041 | 127811981 |
|  |  | 433358511 |
| Retail REITs - 15.4% |  |  |
| Acadia Realty Trust  | 770500 | 14423760 |
| Curbline Properties Corp  | 278050 | 6144905 |
| FrontView REIT Inc  | 552985 | 6508633 |
| InvenTrust Properties Corp  | 404300 | 11146551 |
| Kimco Realty Corp  | 6736190 | 143009314 |
| Macerich Co/The  | 1846600 | 30856686 |
| NNN REIT Inc  | 3227000 | 133146020 |
| Phillips Edison & Co Inc  | 775800 | 26214282 |
| Regency Centers Corp  | 501100 | 35778540 |
| SITE Centers Corp  | 524925 | 5653442 |
| Tanger Inc  | 713100 | 21407262 |
| Urban Edge Properties  | 2680400 | 52857488 |
|  |  | 487146883 |
| Specialized REITs - 35.6% |  |  |
| American Tower Corp  | 1485000 | 309459150 |
| CubeSmart  | 739400 | 28770054 |
| Digital Realty Trust Inc  | 759000 | 133917960 |
| Equinix Inc  | 307500 | 241439775 |
| Extra Space Storage Inc  | 139440 | 18735158 |
| Four Corners Property Trust Inc  | 1226700 | 30961908 |
| Iron Mountain Inc  | 1024800 | 99774528 |
| Lamar Advertising Co Class A  | 347200 | 42445200 |
| Public Storage Operating Co  | 461700 | 125554698 |
| SBA Communications Corp Class A  | 281283 | 63209916 |
| Weyerhaeuser Co  | 1070100 | 26806005 |
|  |  | 1121074352 |
| TOTAL REAL ESTATE |  | 3142374839 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,475,300,704) |  | <br> **3142374839** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (b)<br>(Cost $11,778,890)<br>| 4.33 | 11776534 | **11778890** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $2,487,079,594)<br>| <br>**3154153729** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **1986053** |
| **NET ASSETS - 100.0%** | **3156139782** |

---

**Legend**

(a) Non-income producing.

(b) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**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 ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 27028135 | 446386109 | 461635354 | 941447 | - | - | 11778890 | 11776534 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 66135212 | 66135212 | 10494 | - | - | - | - | 0.0% |
| Total | 27028135 | 512521321 | 527770566 | 951941 | - | - | 11778890 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income 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 July 31, 2025, 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>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Real Estate | 3142374839 | 3142374839 | - | - |
|  **Money Market Funds** | 11778890 | 11778890 | - | - |
| **Total Investments in Securities:** | 3154153729 | 3154153729 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,475,300,704) | $3142374839 |  |
| Fidelity Central Funds (cost $11,778,890) | 11778890 |  |
| Total Investment in Securities (cost $2,487,079,594) |  | $3154153729 |
| Receivable for investments sold |  | 3543987 |
| Receivable for fund shares sold |  | 3082269 |
| Dividends receivable |  | 2554682 |
| Distributions receivable from Fidelity Central Funds |  | 38352 |
| Prepaid expenses |  | 624 |
| Other receivables |  | 1045233 |
| **Total assets** |  | 3164418876 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $4307046 |  |
| Payable for fund shares redeemed | 1673900 |  |
| Accrued management fee | 1662867 |  |
| Deferred Trustees payable | 589516 |  |
| Other payables and accrued expenses | 45765 |  |
| **Total liabilities** |  | 8279094 |
| **Net Assets**  |  | $3156139782 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2400965596 |
| Total accumulated earnings (loss) |  | 755174186 |
| **Net Assets** |  | $3156139782 |
| **Net Asset Value**, offering price and redemption price per share ($3,156,139,782 ÷ 80,500,885 shares) |  | $39.21 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $89152724 |
| Income from Fidelity Central Funds (including $10,494 from security lending)  |  | 951941 |
| **Total income** |  | 90104665 |
| **Expenses** |  |  |
| Management fee | $19488780 |  |
| Custodian fees and expenses | 31550 |  |
| Independent trustees' fees and expenses | 12072 |  |
| Registration fees | 229792 |  |
| Audit fees | 55027 |  |
| Legal | 2297 |  |
| Interest | 1452 |  |
| Miscellaneous | 12010 |  |
| Total expenses before reductions | 19832980 |  |
| Expense reductions | (4508) |  |
| Total expenses after reductions |  | 19828472 |
| **Net Investment income (loss)** |  | 70276193 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 146175420 |  |
| Foreign currency transactions | 27516 |  |
| Total net realized gain (loss) |  | 146202936 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (159028274) |
| **Net gain (loss)** |  | (12825338) |
| **Net increase (decrease) in net assets resulting from operations** |  | $57450855 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $70276193 | $62951047 |
| &nbsp;&nbsp;Net realized gain (loss) | 146202936<br>| 40826157<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (159028274) | 131154577<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 57450855<br>| 234931781<br>|
| Distributions to shareholders | (159416642)<br>| (191622199)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1908819176 | 168716252 |
| Reinvestment of distributions | 128651744<br>| 177619677<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1398538220) | (596877130) |
| **Net increase (decrease) in net assets resulting from share transactions** | 638932700<br>| (250541201)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 536966913<br>| (207231619)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2619172869 | 2826404488<br>|
| &nbsp;&nbsp;End of period | $3156139782 | $2619172869 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 47386585 | 4605510 |
| Issued in reinvestment of distributions | 3259942<br>| 4913092<br>|
| &nbsp;&nbsp;Redeemed | (35396530) | (16451307) |
| &nbsp;&nbsp;Net increase (decrease) | 15249997 | (6932705) |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $40.14 | $39.16 | $47.48 | $50.45 | $40.16 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .91  | .90  | .95  | .72  | .73  |
| Net realized and unrealized gain (loss)  | .35 C | 2.78  | (5.36)  | (1.69)  | 11.34  |
| Total from investment operations  | 1.26  | 3.68  | (4.41)  | (.97)  | 12.07  |
| Distributions from net investment income  | (.85)  | (.92)  | (.75)  | (.42)  | (.75) D |
| Distributions from net realized gain  | (1.34)  | (1.79)  | (3.15)  | (1.58)  | (1.02) D |
| Total distributions  | (2.19)  | (2.70) E | (3.91) E | (2.00)  | (1.78) E |
| Net asset value, end of period  | $39.21 | $40.14 | $39.16 | $47.48 | $50.45 |
| **Total Return** F | 3.17% <br>| 10.28%  | (9.38)%  | (2.22)%  | 31.46%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .64%  | .70%  | .72%  | .71%  | .73%  |
| Expenses net of fee waivers, if any  | .64% <br>| .69%  | .72%  | .71%  | .73%  |
| Expenses net of all reductions, if any  | .64%  | .69%  | .72%  | .71%  | .72%  |
| Net investment income (loss)  | 2.27%  | 2.47%  | 2.38%  | 1.47%  | 1.74%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3156140 | $2619173 | $2826404 | $5119756 | $5732367 |
| Portfolio turnover rate I | 35% <br>| 34%  | 13%  | 18%  | 35%  |

---

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

B*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.*

C*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

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

E*Total distributions per share do not sum due to rounding.*

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

G*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.*

H*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.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended July 31, 2025

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

---

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025 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 and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

**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 deferred trustees payable, as applicable.

---

| | |
|:---|:---|
| **Fidelity Real Estate Investment Portfolio** | $589516 |

---

**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. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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 the short-term capital gain dividends, foreign currency transactions, certain corporate actions, deferred Trustee compensation and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $786760858 |
| **Gross unrealized depreciation**  | <u>(120889850)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$665871008</u> |
| **Tax Cost**  | <u>$2488282721</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$18355158</u> |
| **Undistributed long-term capital gain**  | <u>$71284584</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$665871008</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $68845889 | $64359222 |
| **Long-term Capital Gains**  | <u>90570753</u> | <u>127262977</u> |
| **Total**  | <u>$159416642</u> | <u>$191622199</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**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** | 1678752711 | 1076126690 |

---

**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.

Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity Real Estate Investment Portfolio** | .69 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Real Estate Investment Portfolio** | .63 |

---

**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** | 35779 |

---

**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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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 | 11449000 | 4.57% | 1452 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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** | 114317689 | 89143505 | 9624134 |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Real Estate Investment Portfolio** | 3379 |

---

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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** | 1120 | - | - |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $4,508.

**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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Select Portfolios and the Shareholders of Fidelity Real Estate Investment Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Real Estate Investment Portfolio (the "Fund"), a fund of Fidelity Select Portfolios, including the schedule of investments, as of July 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 11, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $152,412,565, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.08% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates 100% of the short-term capital gain dividend distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates $716,189 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 0.01%, 0.25%, and 0% of the dividends distributed in September, and December, and June, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 86.12%, 90.30%, and 100% of the dividends distributed in September, December, and June, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Real Estate Investment Portfolio**

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

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

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

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

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

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

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has a management fee based on tiered schedules and subject to a maximum rate (the management fee). The Board also considered that in exchange for the variable management fee, the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the fund's management fee and total expense ratio, the Board considered the effective management fee rate from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds and classes within the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

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

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

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

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

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

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img111430_4.jpg)<br>

1.700141.128 REA-ANN-0925

**Fidelity® International Real Estate Fund**

**Annual Report**

**July 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img111440_1.jpg)

![](img111440_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_IRE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Real Estate Fund](#Sub_Sec_Fund_1368_IRE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1368_IRE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_IRE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_IRE-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IRE-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IRE-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IRE-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IRE-ANN)** |

---

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.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

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.© 2025 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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® International Real Estate Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.0%** | &nbsp;&nbsp;**Common Stocks - 95.0%** | &nbsp;&nbsp;**Common Stocks - 95.0%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 14.1%  |  |  |
| Real Estate - 14.1% |  |  |
| Diversified REITs - 3.1% |  |  |
| Stockland unit  | 2833697 | 10046273 |
| Real Estate Management & Development - 0.6% |  |  |
| GemLife Communities Pty Ltd unit  | 721154 | 1974281 |
| Residential REITs - 3.6% |  |  |
| Ingenia Communities Group unit  | 3503163 | 11774682 |
| Specialized REITs - 6.8% |  |  |
| Arena REIT unit  | 4398097 | 10348772 |
| National Storage REIT unit  | 7548793 | 11575023 |
|  |  | 21923795 |
| TOTAL AUSTRALIA |  | 45719031 |
| BELGIUM - 7.1%  |  |  |
| Real Estate - 7.1% |  |  |
| Industrial REITs - 3.7% |  |  |
| Montea NV  | 105523 | 7887697 |
| Warehouses De Pauw CVA  | 161250 | 3776059 |
|  |  | 11663756 |
| Real Estate Management & Development - 1.5% |  |  |
| Inclusio SA  | 250156 | 4881674 |
| Residential REITs - 1.2% |  |  |
| Xior Student Housing NV (a)(b) | 111925 | 3959593 |
| Xior Student Housing NV rights (c)(d) | 108842 | 61969 |
|  |  | 4021562 |
| Specialized REITs - 0.7% |  |  |
| Shurgard Self Storage Ltd  | 60600 | 2410112 |
| TOTAL BELGIUM |  | 22977104 |
| BRAZIL - 0.3%  |  |  |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| LOG Commercial Properties e Participacoes SA  | 228233 | 857165 |
| CANADA - 2.3%  |  |  |
| Health Care - 2.0% |  |  |
| Health Care Providers & Services - 2.0% |  |  |
| Chartwell Retirement Residences  | 128100 | 1637306 |
| Sienna Senior Living Inc (b) | 379800 | 4906481 |
|  |  | 6543787 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| StorageVault Canada Inc (b) | 265200 | 888083 |
| TOTAL CANADA |  | 7431870 |
| FINLAND - 0.8%  |  |  |
| Real Estate - 0.8% |  |  |
| Real Estate Management & Development - 0.8% |  |  |
| Kojamo Oyj (d) | 204100 | 2594717 |
| FRANCE - 4.9%  |  |  |
| Real Estate - 4.9% |  |  |
| Industrial REITs - 2.4% |  |  |
| ARGAN SA  | 105604 | 7941957 |
| Retail REITs - 2.5% |  |  |
| Unibail-Rodamco-Westfield unit  | 82800 | 8054444 |
| TOTAL FRANCE |  | 15996401 |
| GERMANY - 4.8%  |  |  |
| Real Estate - 4.8% |  |  |
| Real Estate Management & Development - 4.8% |  |  |
| Instone Real Estate Group SE (a)(e) | 369476 | 3942390 |
| LEG Immobilien SE  | 78101 | 6216738 |
| TAG Immobilien AG  | 333432 | 5376643 |
| TOTAL GERMANY |  | 15535771 |
| GREECE - 0.5%  |  |  |
| Real Estate - 0.5% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| LAMDA Development SA (d) | 100000 | 761180 |
| Retail REITs - 0.3% |  |  |
| Trade Estates Real Estate Investment SA  | 412089 | 797118 |
| TOTAL GREECE |  | 1558298 |
| HONG KONG - 4.9%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Magnificent Hotel Investment Ltd (d) | 51423000 | 478566 |
| Real Estate - 4.8% |  |  |
| Real Estate Management & Development - 4.8% |  |  |
| Great Eagle Holdings Ltd  | 2691541 | 5037400 |
| Hongkong Land Holdings Ltd (Singapore)  | 408600 | 2468244 |
| Sino Land Co Ltd  | 1930000 | 2224710 |
| TAI Cheung Holdings Ltd  | 11187116 | 4758813 |
| Wing Tai Properties Ltd  | 3692000 | 788479 |
|  |  | 15277646 |
| TOTAL HONG KONG |  | 15756212 |
| IRELAND - 2.4%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Household Durables - 0.7% |  |  |
| Glenveagh Properties PLC (a)(d)(e) | 1125159 | 2406275 |
| Industrials - 0.5% |  |  |
| Building Products - 0.5% |  |  |
| Kingspan Group PLC  | 18100 | 1500638 |
| Real Estate - 1.2% |  |  |
| Residential REITs - 1.2% |  |  |
| Irish Residential Properties Reit PLC  | 3426100 | 3816029 |
| TOTAL IRELAND |  | 7722942 |
| ISRAEL - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Household Durables - 0.4% |  |  |
| Azorim-Investment Development & Construction Co Ltd  | 214573 | 1392634 |
| JAPAN - 20.7%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| Kyoritsu Maintenance Co Ltd (b) | 104400 | 2513556 |
| Real Estate - 19.9% |  |  |
| Health Care REITs - 3.0% |  |  |
| Health Care & Medical Investment Corp (b) | 12587 | 9603619 |
| Industrial REITs - 0.6% |  |  |
| LaSalle Logiport REIT  | 2000 | 1903579 |
| Real Estate Management & Development - 11.1% |  |  |
| Hulic Co Ltd  | 865300 | 8252979 |
| JINUSHI Co Ltd  | 55400 | 869509 |
| Katitas Co Ltd  | 334900 | 5615674 |
| Nomura Real Estate Holdings Inc  | 1130700 | 6265904 |
| Starts Corp Inc  | 170400 | 5152452 |
| Tosei Corp  | 519100 | 10009552 |
|  |  | 36166070 |
| Residential REITs - 5.2% |  |  |
| Advance Residence Investment Corp (b) | 10000 | 10313575 |
| Daiwa Securities Living Investment Corporation  | 9654 | 6540955 |
|  |  | 16854530 |
| TOTAL REAL ESTATE |  | 64527798 |
| TOTAL JAPAN |  | 67041354 |
| MEXICO - 0.5%  |  |  |
| Real Estate - 0.5% |  |  |
| Real Estate Management & Development - 0.5% |  |  |
| Corp Inmobiliaria Vesta SAB de CV  | 573900 | 1614769 |
| NETHERLANDS - 0.5%  |  |  |
| Real Estate - 0.5% |  |  |
| Real Estate Management & Development - 0.5% |  |  |
| CTP NV (a)(b)(e) | 83962 | 1786037 |
| NEW ZEALAND - 1.4%  |  |  |
| Health Care - 0.6% |  |  |
| Health Care Providers & Services - 0.6% |  |  |
| Ryman Healthcare Ltd (d) | 1324711 | 1947219 |
| Industrials - 0.5% |  |  |
| Transportation Infrastructure - 0.5% |  |  |
| Auckland International Airport Ltd  | 350847 | 1556515 |
| Real Estate - 0.3% |  |  |
| Diversified REITs - 0.3% |  |  |
| Stride Property Group unit  | 1302032 | 950014 |
| TOTAL NEW ZEALAND |  | 4453748 |
| SINGAPORE - 9.3%  |  |  |
| Real Estate - 9.3% |  |  |
| Health Care REITs - 2.9% |  |  |
| Parkway Life Real Estate Investment Trust  | 3084200 | 9553827 |
| Real Estate Management & Development - 6.4% |  |  |
| Singapore Land Group Ltd  | 2429900 | 4984718 |
| Wing Tai Holdings Ltd  | 15198122 | 15807732 |
|  |  | 20792450 |
| TOTAL SINGAPORE |  | 30346277 |
| SPAIN - 1.8%  |  |  |
| Consumer Discretionary - 1.2% |  |  |
| Household Durables - 1.2% |  |  |
| Neinor Homes SA (a)(e) | 198798 | 3874910 |
| Real Estate - 0.6% |  |  |
| Real Estate Management & Development - 0.6% |  |  |
| Aedas Homes SL (a)(e) | 86384 | 2084997 |
| TOTAL SPAIN |  | 5959907 |
| SWEDEN - 4.4%  |  |  |
| Real Estate - 4.4% |  |  |
| Real Estate Management & Development - 4.4% |  |  |
| Catena AB  | 74300 | 3362352 |
| Dios Fastigheter AB  | 282700 | 1859783 |
| Heba Fastighets AB B Shares  | 1414747 | 4472909 |
| John Mattson Fastighetsforetagen AB (d) | 155100 | 975984 |
| Logistea AB B Shares  | 672900 | 1125939 |
| Stendorren Fastigheter AB B Shares (d) | 122722 | 2569963 |
| TOTAL SWEDEN |  | 14366930 |
| SWITZERLAND - 1.7%  |  |  |
| Real Estate - 1.7% |  |  |
| Real Estate Management & Development - 1.7% |  |  |
| PSP Swiss Property AG  | 33150 | 5636214 |
| UNITED KINGDOM - 10.2%  |  |  |
| Communication Services - 0.3% |  |  |
| Interactive Media & Services - 0.3% |  |  |
| Rightmove PLC  | 77700 | 840002 |
| Consumer Discretionary - 1.0% |  |  |
| Household Durables - 1.0% |  |  |
| Barratt Redrow PLC  | 524885 | 2593221 |
| Bellway PLC  | 24300 | 799086 |
|  |  | 3392307 |
| Real Estate - 8.9% |  |  |
| Industrial REITs - 2.4% |  |  |
| LondonMetric Property PLC  | 3028619 | 7639514 |
| Office REITs - 0.1% |  |  |
| Helical PLC  | 151896 | 454362 |
| Real Estate Management & Development - 2.6% |  |  |
| Grainger PLC  | 2398415 | 6509144 |
| Harworth Group PLC  | 807588 | 2015763 |
|  |  | 8524907 |
| Specialized REITs - 3.8% |  |  |
| Big Yellow Group PLC (The)  | 829000 | 10247505 |
| Safestore Holdings PLC  | 241262 | 2145924 |
|  |  | 12393429 |
| TOTAL REAL ESTATE |  | 29012212 |
| TOTAL UNITED KINGDOM |  | 33244521 |
| UNITED STATES - 2.0%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Airbnb Inc Class A (d) | 12800 | 1694848 |
| Real Estate - 1.5% |  |  |
| Industrial REITs - 1.1% |  |  |
| Prologis Inc  | 31900 | 3406282 |
| Specialized REITs - 0.4% |  |  |
| Equinix Inc  | 1800 | 1413306 |
| TOTAL REAL ESTATE |  | 4819588 |
| TOTAL UNITED STATES |  | 6514436 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $296,886,338) |  | <br> **308506338** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 11.0%** | &nbsp;&nbsp;**Money Market Funds - 11.0%** | &nbsp;&nbsp;**Money Market Funds - 11.0%** | &nbsp;&nbsp;**Money Market Funds - 11.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 13585715 | 13588431 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 22162537 | 22164753 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $35,753,185) |  |  | **35753184** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 106.0%**<br> (Cost $332,639,523)<br>| <br>**344259522** |
| **NET OTHER ASSETS (LIABILITIES) - (6.0)%**  | **(19478676)** |
| **NET ASSETS - 100.0%** | **324780846** |

---

**Legend**

(a) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $18,054,202 or 5.6% of net assets.

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

(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(d) Non-income producing.

(e) 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 $14,094,609 or 4.3% of net assets.

(f) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(g) 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 ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 20401364 | 195467339 | 202280272 | 298606 | - | - | 13588431 | 13585715 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 35459374 | 147602924 | 160897544 | 38906 | - | (1) | 22164753 | 22162537 | 0.1% |
| Total | 55860738 | 343070263 | 363177816 | 337512 | - | (1) | 35753184 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income 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 July 31, 2025, 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>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 840002 | 840002 | - | - |
| Consumer Discretionary | 15753096 | 12760974 | 2992122 | - |
| Health Care | 8491006 | 6543787 | 1947219 | - |
| Industrials | 3057153 | 1500638 | 1556515 | - |
| Real Estate | 280365081 | 123544315 | 156820766 | - |
|  **Money Market Funds** | 35753184 | 35753184 | - | - |
| **Total Investments in Securities:** | 344259522 | 180942900 | 163316622 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $21,088,784) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $296,886,338) | $308506338 |  |
| Fidelity Central Funds (cost $35,753,185) | 35753184 |  |
| Total Investment in Securities (cost $332,639,523) |  | $344259522 |
| Cash |  | 111 |
| Foreign currency held at value (cost $489,867) |  | 489874 |
| Receivable for investments sold |  | 996567 |
| Receivable for fund shares sold |  | 76652 |
| Dividends receivable |  | 1110513 |
| Reclaims receivable |  | 1802875 |
| Distributions receivable from Fidelity Central Funds |  | 36008 |
| Prepaid expenses |  | 31 |
| Other receivables |  | 6 |
| **Total assets** |  | 348772159 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $1352018 |  |
| Delayed delivery | 61969 |  |
| Payable for fund shares redeemed | 139706 |  |
| Accrued management fee | 215305 |  |
| Distribution and service plan fees payable | 3656 |  |
| Other payables and accrued expenses | 53906 |  |
| Collateral on securities loaned | 22164753 |  |
| **Total liabilities** |  | 23991313 |
| **Net Assets**  |  | $324780846 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $516643714 |
| Total accumulated earnings (loss) |  | (191862868) |
| **Net Assets** |  | $324780846 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($10,388,049 ÷ 1,043,825 shares)(a) |  | $9.95 |
| Maximum offering price per share (100/94.25 of $9.95) |  | $10.56 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($1,313,332 ÷ 133,200 shares)(a) |  | $9.86 |
| Maximum offering price per share (100/96.50 of $9.86) |  | $10.22 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($1,026,492 ÷ 106,275 shares)(a) |  | $9.66 |
| **International Real Estate :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($155,324,317 ÷ 15,345,301 shares) |  | $10.12 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($27,780,189 ÷ 2,758,947 shares) |  | $10.07 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($128,948,467 ÷ 12,835,217 shares) |  | $10.05 |
| *(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** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $13215510 |
| Foreign Tax Reclaims |  | 753648 |
| Income from Fidelity Central Funds (including $38,906 from security lending)  |  | 337512 |
| Income before foreign taxes withheld |  | $14306670 |
| Less foreign taxes withheld |  | (1517910) |
| **Total income** |  | 12788760 |
| **Expenses** |  |  |
| Management fee | $2572880 |  |
| Distribution and service plan fees | 43878 |  |
| Custodian fees and expenses | 45454 |  |
| Independent trustees' fees and expenses | 1433 |  |
| Registration fees | 86045 |  |
| Audit fees | 67394 |  |
| Legal | 892 |  |
| Miscellaneous | 5443 |  |
| **Total expenses** |  | 2823419 |
| **Net Investment income (loss)** |  | 9965341 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (6679437) |  |
| Foreign currency transactions | 181059 |  |
| Total net realized gain (loss) |  | (6498378) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 13023617 |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 6515 |  |
| Total change in net unrealized appreciation (depreciation) |  | 13030131 |
| **Net gain (loss)** |  | 6531753 |
| **Net increase (decrease) in net assets resulting from operations** |  | $16497094 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $9965341 | $15067132 |
| &nbsp;&nbsp;Net realized gain (loss) | (6498378)<br>| (24272692)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 13030131 | 9808407<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 16497094<br>| 602847<br>|
| Distributions to shareholders | (16333476)<br>| (10710496)<br>|
| Share transactions - net increase (decrease) | (161108061)<br>| (66075665)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (160944443)<br>| (76183314)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 485725289 | 561908603<br>|
| &nbsp;&nbsp;End of period | $324780846 | $485725289 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.99 | $10.12 | $11.88 | $14.84 | $11.74 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .26  | .26  | .19  | .18  | .22  |
| Net realized and unrealized gain (loss)  | .15  | (.23)  | (1.52)  | (2.39)  | 3.08  |
| Total from investment operations  | .41  | .03  | (1.33)  | (2.21)  | 3.30  |
| Distributions from net investment income  | (.45)  | (.16)  | (.03)  | (.52)  | (.20)  |
| Distributions from net realized gain  | -  | -  | (.40)  | (.23)  | -  |
| Total distributions  | (.45)  | (.16)  | (.43)  | (.75)  | (.20)  |
| Net asset value, end of period  | $9.95 | $9.99 | $10.12 | $11.88 | $14.84 |
| **Total Return** C,D | 4.19% <br>| .37%  | (11.35)%  | (15.76)%  | 28.46%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.18%  | 1.22%  | 1.25%  | 1.23%  | 1.23%  |
| Expenses net of fee waivers, if any  | 1.18% <br>| 1.20%  | 1.20%  | 1.22%  | 1.23%  |
| Expenses net of all reductions, if any  | 1.18%  | 1.20%  | 1.19%  | 1.22%  | 1.23%  |
| Net investment income (loss)  | 2.70%  | 2.70%  | 1.91%  | 1.33%  | 1.66%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10388 | $11353 | $12875 | $16274 | $17071 |
| Portfolio turnover rate G | 77% <br>| 84%  | 52%  | 47%  | 37%  |

---

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

B*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.*

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

D*Total returns do not include the effect of the sales charges.*

E*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.*

F*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.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.90 | $10.01 | $11.76 | $14.71 | $11.64 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .23  | .23  | .17  | .14  | .18  |
| Net realized and unrealized gain (loss)  | .15  | (.22)  | (1.52)  | (2.37)  | 3.05  |
| Total from investment operations  | .38  | .01  | (1.35)  | (2.23)  | 3.23  |
| Distributions from net investment income  | (.42)  | (.12)  | -  | (.49)  | (.16)  |
| Distributions from net realized gain  | -  | -  | (.40)  | (.23)  | -  |
| Total distributions  | (.42)  | (.12)  | (.40)  | (.72)  | (.16)  |
| Net asset value, end of period  | $9.86 | $9.90 | $10.01 | $11.76 | $14.71 |
| **Total Return** C,D | 3.97% <br>| .15%  | (11.60)%  | (16.01)%  | 28.08%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.43%  | 1.47%  | 1.52%  | 1.53%  | 1.55%  |
| Expenses net of fee waivers, if any  | 1.43% <br>| 1.45%  | 1.45%  | 1.51%  | 1.55%  |
| Expenses net of all reductions, if any  | 1.43%  | 1.45%  | 1.43%  | 1.51%  | 1.54%  |
| Net investment income (loss)  | 2.45%  | 2.45%  | 1.66%  | 1.04%  | 1.34%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1313 | $1661 | $1967 | $2804 | $3488 |
| Portfolio turnover rate G | 77% <br>| 84%  | 52%  | 47%  | 37%  |

---

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

B*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.*

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

D*Total returns do not include the effect of the sales charges.*

E*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.*

F*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.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.70 | $9.75 | $11.52 | $14.43 | $11.43 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .18  | .18  | .11  | .07  | .11  |
| Net realized and unrealized gain (loss)  | .15  | (.22)  | (1.48)  | (2.32)  | 3.00  |
| Total from investment operations  | .33  | (.04)  | (1.37)  | (2.25)  | 3.11  |
| Distributions from net investment income  | (.37)  | (.01)  | -  | (.43)  | (.11)  |
| Distributions from net realized gain  | -  | -  | (.40)  | (.23)  | -  |
| Total distributions  | (.37)  | (.01)  | (.40)  | (.66)  | (.11)  |
| Net asset value, end of period  | $9.66 | $9.70 | $9.75 | $11.52 | $14.43 |
| **Total Return** C,D | 3.53% <br>| (.42)%  | (12.03)%  | (16.40)%  | 27.44%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.93%  | 1.97%  | 2.02%  | 2.02%  | 2.05%  |
| Expenses net of fee waivers, if any  | 1.93% <br>| 1.95%  | 1.95%  | 2.01%  | 2.05%  |
| Expenses net of all reductions, if any  | 1.93%  | 1.95%  | 1.94%  | 2.01%  | 2.04%  |
| Net investment income (loss)  | 1.95%  | 1.95%  | 1.16%  | .55%  | .85%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1026 | $1209 | $1487 | $2087 | $3036 |
| Portfolio turnover rate G | 77% <br>| 84%  | 52%  | 47%  | 37%  |

---

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

B*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.*

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

D*Total returns do not include the effect of the contingent deferred sales charge.*

E*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.*

F*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.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.14 | $10.28 | $12.06 | $15.04 | $11.90 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .29  | .29  | .22  | .22  | .26  |
| Net realized and unrealized gain (loss)  | .16  | (.24)  | (1.55)  | (2.42)  | 3.12  |
| Total from investment operations  | .45  | .05  | (1.33)  | (2.20)  | 3.38  |
| Distributions from net investment income  | (.47)  | (.19)  | (.04)  | (.54)  | (.24)  |
| Distributions from net realized gain  | -  | -  | (.40)  | (.24)  | -  |
| Total distributions  | (.47)  | (.19)  | (.45) C | (.78)  | (.24)  |
| Net asset value, end of period  | $10.12 | $10.14 | $10.28 | $12.06 | $15.04 |
| **Total Return** D | 4.58% <br>| .60%  | (11.19)%  | (15.50)%  | 28.83%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .88%  | .95%  | .98%  | .95%  | .97%  |
| Expenses net of fee waivers, if any  | .88% <br>| .94%  | .95%  | .94%  | .97%  |
| Expenses net of all reductions, if any  | .88%  | .94%  | .95%  | .94%  | .96%  |
| Net investment income (loss)  | 3.00%  | 2.95%  | 2.15%  | 1.61%  | 1.92%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $155324 | $167627 | $223674 | $316203 | $360653 |
| Portfolio turnover rate G | 77% <br>| 84%  | 52%  | 47%  | 37%  |

---

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

B*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.*

C*Total distributions per share do not sum due to rounding.*

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

E*Fees and expenses of any underlying 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.*

F*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.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.08 | $10.22 | $11.98 | $14.94 | $11.83 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .29  | .29  | .22  | .22  | .27  |
| Net realized and unrealized gain (loss)  | .16  | (.24)  | (1.54)  | (2.40)  | 3.09  |
| Total from investment operations  | .45  | .05  | (1.32)  | (2.18)  | 3.36  |
| Distributions from net investment income  | (.46)  | (.19)  | (.04)  | (.54)  | (.25)  |
| Distributions from net realized gain  | -  | -  | (.40)  | (.24)  | -  |
| Total distributions  | (.46)  | (.19)  | (.44)  | (.78)  | (.25)  |
| Net asset value, end of period  | $10.07 | $10.08 | $10.22 | $11.98 | $14.94 |
| **Total Return** C | 4.58% <br>| .64%  | (11.15)%  | (15.46)%  | 28.83%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .90%  | .92%  | .92%  | .92%  | .90%  |
| Expenses net of fee waivers, if any  | .90% <br>| .91%  | .91%  | .91%  | .90%  |
| Expenses net of all reductions, if any  | .90%  | .91%  | .91%  | .91%  | .90%  |
| Net investment income (loss)  | 2.98%  | 2.99%  | 2.19%  | 1.64%  | 1.99%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $27780 | $38800 | $58592 | $95002 | $290807 |
| Portfolio turnover rate F | 77% <br>| 84%  | 52%  | 47%  | 37%  |

---

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

B*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.*

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

D*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.*

E*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.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.06 | $10.21 | $11.97 | $14.93 | $11.82 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .30  | .30  | .23  | .23  | .28  |
| Net realized and unrealized gain (loss)  | .15  | (.23)  | (1.53)  | (2.39)  | 3.09  |
| Total from investment operations  | .45  | .07  | (1.30)  | (2.16)  | 3.37  |
| Distributions from net investment income  | (.46)  | (.22)  | (.06)  | (.55)  | (.26)  |
| Distributions from net realized gain  | -  | -  | (.40)  | (.25)  | -  |
| Total distributions  | (.46)  | (.22)  | (.46)  | (.80)  | (.26)  |
| Net asset value, end of period  | $10.05 | $10.06 | $10.21 | $11.97 | $14.93 |
| **Total Return** C | 4.66% <br>| .78%  | (11.01)%  | (15.35)%  | 28.99%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .78%  | .80%  | .80%  | .79%  | .81%  |
| Expenses net of fee waivers, if any  | .78% <br>| .79%  | .80%  | .79%  | .81%  |
| Expenses net of all reductions, if any  | .78%  | .79%  | .80%  | .79%  | .81%  |
| Net investment income (loss)  | 3.10%  | 3.11%  | 2.30%  | 1.76%  | 2.08%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $128948 | $265075 | $263313 | $412765 | $324228 |
| Portfolio turnover rate F | 77% <br>| 84%  | 52%  | 47%  | 37%  |

---

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

B*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.*

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

D*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.*

E*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.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended July 31, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025 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 and include proceeds received from litigation. 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 tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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), partnerships, capital loss carryforwards and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $29463611 |
| **Gross unrealized depreciation**  | <u>(21297238)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$8166373</u> |
| **Tax Cost**  | <u>$336093149</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income** | <u>$6769412</u> |
| **Capital loss carryforward**  | <u>$(206862312)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$8230030</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(49541531) |
| Long-term | <u>(157320781)</u> |
| **Total capital loss carryforward** | <u>$(206862312)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $16333476 | $10710496 |
| **Long-term Capital Gains**  | <u>-</u> | <u>-</u> |
| **Total**  | <u>$16333476</u> | <u>$10710496</u> |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**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.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**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** | 249564722 | 406986102 |

---

**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 Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

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

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .86 |
| **Class M** | .86 |
| **Class C** | .86 |
| **International Real Estate** | .82 |
| **Class I** | .84 |
| **Class Z** | .72 |

---

**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% | 26179 | 563 |
| **Class M** | .25% | .25% | 7252 | 24 |
| **Class C** | .75% | .25% | <u>10447</u> | <u>2135</u> |
|  |  |  | <u>43878</u> | <u>2722</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** | 5769 |
| **Class M** | 85 |
| **Class C**A | &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>33</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>5887</u> |

---

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

**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** | 107 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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** | 6670055 | 6631715 | 148710 |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity International Real Estate Fund** | 387 |

---

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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** | 4007 | - | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Fidelity International Real Estate Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $495140 | $197335 |
| Class M | 69353 | 22744 |
| Class C | 44420 | 1260 |
| International Real Estate | 7468260 | 3991533 |
| Class I | 1291772 | 968390 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>6964531</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>5529234</u> |
| Total  | <u>$16333476</u> | <u>$10710496</u> |

---

**9. 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** |
|  | **Year ended** <br> **July 31, 2025**  | **Year ended**<br> **July 31, 2024** | **Year ended** <br> **July 31, 2025**  | **Year ended**<br> **July 31, 2024** |
| **Fidelity International Real Estate Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 203949 | 149127 | $1928724 | $1428737 |
| Reinvestment of distributions | 50399 | 20416 | 491979 | 193428 |
| Shares redeemed | <u>(347363)</u> | <u>(305525)</u> | <u>(3260406)</u> | <u>(2917719)</u> |
| Net increase (decrease) | <u>(93015)</u> | <u>(135982)</u> | <u>$(839703)</u> | <u>$(1295554)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 4003 | 7276 | $37744 | $68938 |
| Reinvestment of distributions | 7157 | 2419 | 69353 | 22744 |
| Shares redeemed | <u>(45739)</u> | <u>(38417)</u> | <u>(427140)</u> | <u>(358657)</u> |
| Net increase (decrease) | <u>(34579)</u> | <u>(28722)</u> | <u>$(320043)</u> | <u>$(266975)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 23417 | 24850 | $214552 | $230021 |
| Reinvestment of distributions | 4656 | 135 | 44420 | 1260 |
| Shares redeemed | <u>(46370)</u> | <u>(52923)</u> | <u>(428816)</u> | <u>(491721)</u> |
| Net increase (decrease) | <u>(18297)</u> | <u>(27938)</u> | <u>$(169844)</u> | <u>$(260440)</u> |
| **International Real Estate** |  |  |  |  |
| Shares sold | 3303593 | 3126185 | $31840134 | $30245628 |
| Reinvestment of distributions | 656083 | 376168 | 6492334 | 3615993 |
| Shares redeemed | <u>(5138153)</u> | <u>(8729414)</u> | <u>(49269704)</u> | <u>(84573131)</u> |
| Net increase (decrease) | <u>(1178477)</u> | <u>(5227061)</u> | <u>$(10937236)</u> | <u>$(50711510)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 900600 | 1040396 | $8351978 | $9949967 |
| Reinvestment of distributions | 122981 | 96829 | 1218259 | 924857 |
| Shares redeemed | <u>(2112510)</u> | <u>(3021341)</u> | <u>(20558133)</u> | <u>(28769275)</u> |
| Net increase (decrease) | <u>(1088929)</u> | <u>(1884116)</u> | <u>$(10987896)</u> | <u>$(17894451)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 900877 | 7081914 | $8652902 | $67663154 |
| Reinvestment of distributions | 678127 | 531173 | 6678730 | 5058654 |
| Shares redeemed | <u>(15101130)</u> | <u>(7053105)</u> | <u>(153184971)</u> | <u>(68368543)</u> |
| Net increase (decrease) | <u>(13522126)</u> | <u>559982</u> | <u>$(137853339)</u> | <u>$4353265</u> |

---

**10. Other.**

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

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

---

| | |
|:---|:---|
|  | **Strategic Advisers Fidelity International Fund** |
| Fidelity International Real Estate Fund | 25% |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Select Portfolios and the Shareholders of Fidelity International Real Estate Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities Fidelity International Real Estate Fund (the "Fund"), a fund of Fidelity Select Portfolios, including the schedule of investments, as of July 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 11, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund designates $435,347 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Class A designates 56.00% and 56.96%; Class M designates 58.55% and 61.25%; Class C designates 64.20% and 72.12%; International Real Estate designates 54.12% and 52.46%; Class I designates 55.04% and 54.82%; and Class Z designates 55.20% and 52.09% of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Class A designates 1.16% and 0.57%; Class M designates 1.21% and 0.61%; Class C designates 1.33% and 0.72%; International Real Estate designates 1.12% and 0.52%; Class I designates 1.14% and 0.55%; and Class Z designates 1.14% and 0.52% of the dividends distributed in September and December, respectively during the fiscal year as a section 199A dividend.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income**  | **Taxes** |
| **Fidelity International Real Estate Fund** |  |  |  |
| Class A | 09/16/2024 | $0.3307 | $0.0205 |
|  | 12/23/2024 | $0.1220 | $0.0074 |
| Class M | 09/16/2024 | $0.3163 | $0.0205 |
|  | 12/23/2024 | $0.1134 | $0.0074 |
| Class C | 09/16/2024 | $0.2885 | $0.0205 |
|  | 12/23/2024 | $0.0963 | $0.0074 |
| International Real Estate | 09/16/2024 | $0.3422 | $0.0205 |
|  | 12/23/2024 | $0.1324 | $0.0074 |
| Class I | 09/16/2024 | $0.3365 | $0.0205 |
|  | 12/23/2024 | $0.1267 | $0.0074 |
| Class Z | 09/16/2024 | $0.3355 | $0.0205 |
|  | 12/23/2024 | $0.1334 | $0.0074 |

---

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity International Real Estate Fund**

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

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

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

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

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

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

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The fund underperformed its benchmark and peers for the one- and three-year periods ended February 28, 2025, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of the retail class of the fund ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. The Board considered that the fund has a variable unified management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its competitive medians.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.20%, 1.45%, 1.95%, 0.95%, 0.80%, and 0.95% through November 30, 2025.

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

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

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

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

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

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img111440_4.jpg)<br>

1.801328.120 IRE-ANN-0925

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

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

Not applicable.

Item 13.

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

Not applicable.

Item 14.

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

Not applicable.

Item 15.

<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 trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's 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 17.

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

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH](code.htm) .

(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](select_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](select_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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; September 22, 2025 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; September 22, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; September 22, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

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

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Select Portfolios;

2. 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;

3. 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;

4. 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. 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. 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. 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. 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

5. 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. 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. 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.

Date:

September 22, 2025

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| |
|:---|
| &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp; Stacie M. Smith |
| &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Select Portfolios;

2. 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;

3. 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;

4. 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. 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.

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. 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. 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

5. 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. 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. 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.

Date:

September 22, 2025

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| |
|:---|
| &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp; Stephanie Caron |
| &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**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)**

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;1. 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;2. 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.

Dated: September 22, 2025

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| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: September 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

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.

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