# EDGAR Filing Document

**Accession Number:** 0000320351
**File Stem:** 0000320351-26-000064
**Filing Date:** 2026-3
**Character Count:** 225427
**Document Hash:** ab4c3a5b63cb89ee96aa434a1234dc29
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000320351-26-000064.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0000320351-26-000064

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**EFFECTIVENESS DATE**: 20260325

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03114
- **FILM NUMBER:** 26788988

**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           |
| C000270421 | Fidelity Real Estate Investment Portfolio: Class Z | FRVJX           |
| C000270422 | Fidelity Real Estate Investment Portfolio: Class I | FRVHX           |
| C000270423 | Fidelity Real Estate Investment Portfolio: Class A | FRVBX           |
| C000270424 | Fidelity Real Estate Investment Portfolio: Class M | FRVDX           |
| C000270425 | Fidelity Real Estate Investment Portfolio: Class C | FRVEX           |

### 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, MA 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (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>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;July 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;January 31, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Real Estate Investment Portfolio<br> **Fidelity® Real Estate Investment Portfolio : FRESX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Real Estate Investment Portfolio for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Real Estate Investment Portfolio  | $32  | 0.62% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3050854347<br>|
| Number of Holdings | 42<br>|
| Portfolio Turnover | 23%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 33.5 |
| Retail REITs | 17.5 |
| Industrial REITs | 15.3 |
| Health Care REITs | 12.9 |
| Residential REITs | 11.7 |
| Real Estate Management & Development | 8.4 |

---

Common Stocks 99.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img303_20260131_AA.jpg) <br>|

---

Common Stocks - 99.3&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) - 0.7 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img303_20260131_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)**  |  |
| Prologis Inc | 10.0<br>|
| Equinix Inc | 8.9<br>|
| Welltower Inc | 8.6<br>|
| American Tower Corp | 8.2<br>|
| NNN REIT Inc | 4.4<br>|
| Kimco Realty Corp | 4.3<br>|
| Public Storage | 4.1<br>|
| CBRE Group Inc Class A | 3.9<br>|
| Digital Realty Trust Inc | 3.9<br>|
| UDR Inc | 3.5<br>|
|  | 59.8 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img303_20260131_1.jpg)<br>| ![](img125519_2.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> 1.9915232.101 303-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® International Real Estate Fund<br> **Fidelity® International Real Estate Fund : FIREX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® International Real Estate Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® International Real Estate Fund  | $47  | 0.88% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $360223460<br>|
| Number of Holdings | 80<br>|
| Portfolio Turnover | 96%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Real Estate Management & Development | 47.2 |
| Industrial REITs | 10.6 |
| Residential REITs | 10.4 |
| Specialized REITs | 8.3 |
| Health Care REITs | 6.9 |
| Household Durables | 4.6 |
| Retail REITs | 4.4 |
| Diversified REITs | 2.8 |
| Health Care Providers & Services | 2.7 |
| Others | 1.7 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1368_20260131_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>

---

| | |
|:---|:---|
| Japan | 22.4 |
| Australia | 11.8 |
| United Kingdom | 11.5 |
| Singapore | 8.7 |
| Hong Kong | 8.5 |
| Belgium | 6.6 |
| Sweden | 5.0 |
| France | 4.2 |
| Germany | 3.6 |
| Others | 17.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1368_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 22.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 11.8&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;United Kingdom - 11.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 8.7&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;Hong Kong - 8.5&nbsp;&nbsp;&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 - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 3.6&nbsp;&nbsp;&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 - 17.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wing Tai Holdings Ltd | 4.9<br>|
| Sun Hung Kai Properties Ltd | 3.8<br>|
| Hulic Co Ltd | 3.2<br>|
| Advance Residence Investment Corp | 3.0<br>|
| Ingenia Communities Group unit | 3.0<br>|
| Warehouses De Pauw CVA | 2.8<br>|
| Health Care & Medical Investment Corp | 2.7<br>|
| Parkway Life Real Estate Investment Trust | 2.6<br>|
| Stockland unit | 2.5<br>|
| Prologis Inc | 2.4<br>|
|  | 30.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img1368_20260131_1.jpg)<br>| ![](img125587_2.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> 1.9915255.101 1368-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® International Real Estate Fund<br> **Fidelity Advisor® International Real Estate Fund Class Z : FIKLX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® International Real Estate Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $42  | 0.79% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $360223460<br>|
| Number of Holdings | 80<br>|
| Portfolio Turnover | 96%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Real Estate Management & Development | 47.2 |
| Industrial REITs | 10.6 |
| Residential REITs | 10.4 |
| Specialized REITs | 8.3 |
| Health Care REITs | 6.9 |
| Household Durables | 4.6 |
| Retail REITs | 4.4 |
| Diversified REITs | 2.8 |
| Health Care Providers & Services | 2.7 |
| Others | 1.7 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1368_20260131_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>

---

| | |
|:---|:---|
| Japan | 22.4 |
| Australia | 11.8 |
| United Kingdom | 11.5 |
| Singapore | 8.7 |
| Hong Kong | 8.5 |
| Belgium | 6.6 |
| Sweden | 5.0 |
| France | 4.2 |
| Germany | 3.6 |
| Others | 17.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1368_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 22.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 11.8&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;United Kingdom - 11.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 8.7&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;Hong Kong - 8.5&nbsp;&nbsp;&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 - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 3.6&nbsp;&nbsp;&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 - 17.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wing Tai Holdings Ltd | 4.9<br>|
| Sun Hung Kai Properties Ltd | 3.8<br>|
| Hulic Co Ltd | 3.2<br>|
| Advance Residence Investment Corp | 3.0<br>|
| Ingenia Communities Group unit | 3.0<br>|
| Warehouses De Pauw CVA | 2.8<br>|
| Health Care & Medical Investment Corp | 2.7<br>|
| Parkway Life Real Estate Investment Trust | 2.6<br>|
| Stockland unit | 2.5<br>|
| Prologis Inc | 2.4<br>|
|  | 30.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img1368_20260131_1.jpg)<br>| ![](img125588_2.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> 1.9915260.101 3301-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® International Real Estate Fund<br> **Fidelity Advisor® International Real Estate Fund Class M : FIRTX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® International Real Estate Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $76  | 1.42% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $360223460<br>|
| Number of Holdings | 80<br>|
| Portfolio Turnover | 96%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Real Estate Management & Development | 47.2 |
| Industrial REITs | 10.6 |
| Residential REITs | 10.4 |
| Specialized REITs | 8.3 |
| Health Care REITs | 6.9 |
| Household Durables | 4.6 |
| Retail REITs | 4.4 |
| Diversified REITs | 2.8 |
| Health Care Providers & Services | 2.7 |
| Others | 1.7 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1368_20260131_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>

---

| | |
|:---|:---|
| Japan | 22.4 |
| Australia | 11.8 |
| United Kingdom | 11.5 |
| Singapore | 8.7 |
| Hong Kong | 8.5 |
| Belgium | 6.6 |
| Sweden | 5.0 |
| France | 4.2 |
| Germany | 3.6 |
| Others | 17.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1368_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 22.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 11.8&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;United Kingdom - 11.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 8.7&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;Hong Kong - 8.5&nbsp;&nbsp;&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 - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 3.6&nbsp;&nbsp;&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 - 17.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wing Tai Holdings Ltd | 4.9<br>|
| Sun Hung Kai Properties Ltd | 3.8<br>|
| Hulic Co Ltd | 3.2<br>|
| Advance Residence Investment Corp | 3.0<br>|
| Ingenia Communities Group unit | 3.0<br>|
| Warehouses De Pauw CVA | 2.8<br>|
| Health Care & Medical Investment Corp | 2.7<br>|
| Parkway Life Real Estate Investment Trust | 2.6<br>|
| Stockland unit | 2.5<br>|
| Prologis Inc | 2.4<br>|
|  | 30.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img1368_20260131_1.jpg)<br>| ![](img125589_2.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> 1.9915258.101 1854-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® International Real Estate Fund<br> **Fidelity Advisor® International Real Estate Fund Class I : FIRIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® International Real Estate Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $48  | 0.91% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $360223460<br>|
| Number of Holdings | 80<br>|
| Portfolio Turnover | 96%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Real Estate Management & Development | 47.2 |
| Industrial REITs | 10.6 |
| Residential REITs | 10.4 |
| Specialized REITs | 8.3 |
| Health Care REITs | 6.9 |
| Household Durables | 4.6 |
| Retail REITs | 4.4 |
| Diversified REITs | 2.8 |
| Health Care Providers & Services | 2.7 |
| Others | 1.7 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1368_20260131_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>

---

| | |
|:---|:---|
| Japan | 22.4 |
| Australia | 11.8 |
| United Kingdom | 11.5 |
| Singapore | 8.7 |
| Hong Kong | 8.5 |
| Belgium | 6.6 |
| Sweden | 5.0 |
| France | 4.2 |
| Germany | 3.6 |
| Others | 17.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1368_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 22.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 11.8&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;United Kingdom - 11.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 8.7&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;Hong Kong - 8.5&nbsp;&nbsp;&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 - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 3.6&nbsp;&nbsp;&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 - 17.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wing Tai Holdings Ltd | 4.9<br>|
| Sun Hung Kai Properties Ltd | 3.8<br>|
| Hulic Co Ltd | 3.2<br>|
| Advance Residence Investment Corp | 3.0<br>|
| Ingenia Communities Group unit | 3.0<br>|
| Warehouses De Pauw CVA | 2.8<br>|
| Health Care & Medical Investment Corp | 2.7<br>|
| Parkway Life Real Estate Investment Trust | 2.6<br>|
| Stockland unit | 2.5<br>|
| Prologis Inc | 2.4<br>|
|  | 30.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img1368_20260131_1.jpg)<br>| ![](img125590_2.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> 1.9915259.101 1855-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® International Real Estate Fund<br> **Fidelity Advisor® International Real Estate Fund Class C : FIRCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® International Real Estate Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $103  | 1.92% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $360223460<br>|
| Number of Holdings | 80<br>|
| Portfolio Turnover | 96%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Real Estate Management & Development | 47.2 |
| Industrial REITs | 10.6 |
| Residential REITs | 10.4 |
| Specialized REITs | 8.3 |
| Health Care REITs | 6.9 |
| Household Durables | 4.6 |
| Retail REITs | 4.4 |
| Diversified REITs | 2.8 |
| Health Care Providers & Services | 2.7 |
| Others | 1.7 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1368_20260131_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>

---

| | |
|:---|:---|
| Japan | 22.4 |
| Australia | 11.8 |
| United Kingdom | 11.5 |
| Singapore | 8.7 |
| Hong Kong | 8.5 |
| Belgium | 6.6 |
| Sweden | 5.0 |
| France | 4.2 |
| Germany | 3.6 |
| Others | 17.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1368_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 22.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 11.8&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;United Kingdom - 11.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 8.7&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;Hong Kong - 8.5&nbsp;&nbsp;&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 - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 3.6&nbsp;&nbsp;&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 - 17.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wing Tai Holdings Ltd | 4.9<br>|
| Sun Hung Kai Properties Ltd | 3.8<br>|
| Hulic Co Ltd | 3.2<br>|
| Advance Residence Investment Corp | 3.0<br>|
| Ingenia Communities Group unit | 3.0<br>|
| Warehouses De Pauw CVA | 2.8<br>|
| Health Care & Medical Investment Corp | 2.7<br>|
| Parkway Life Real Estate Investment Trust | 2.6<br>|
| Stockland unit | 2.5<br>|
| Prologis Inc | 2.4<br>|
|  | 30.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img1368_20260131_1.jpg)<br>| ![](img125591_2.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> 1.9915257.101 1853-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® International Real Estate Fund<br> **Fidelity Advisor® International Real Estate Fund Class A : FIRAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® International Real Estate Fund for the period August 1, 2025 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $63  | 1.17% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $360223460<br>|
| Number of Holdings | 80<br>|
| Portfolio Turnover | 96%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Real Estate Management & Development | 47.2 |
| Industrial REITs | 10.6 |
| Residential REITs | 10.4 |
| Specialized REITs | 8.3 |
| Health Care REITs | 6.9 |
| Household Durables | 4.6 |
| Retail REITs | 4.4 |
| Diversified REITs | 2.8 |
| Health Care Providers & Services | 2.7 |
| Others | 1.7 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1368_20260131_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>

---

| | |
|:---|:---|
| Japan | 22.4 |
| Australia | 11.8 |
| United Kingdom | 11.5 |
| Singapore | 8.7 |
| Hong Kong | 8.5 |
| Belgium | 6.6 |
| Sweden | 5.0 |
| France | 4.2 |
| Germany | 3.6 |
| Others | 17.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1368_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 22.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 11.8&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;United Kingdom - 11.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 8.7&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;Hong Kong - 8.5&nbsp;&nbsp;&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 - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 3.6&nbsp;&nbsp;&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 - 17.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wing Tai Holdings Ltd | 4.9<br>|
| Sun Hung Kai Properties Ltd | 3.8<br>|
| Hulic Co Ltd | 3.2<br>|
| Advance Residence Investment Corp | 3.0<br>|
| Ingenia Communities Group unit | 3.0<br>|
| Warehouses De Pauw CVA | 2.8<br>|
| Health Care & Medical Investment Corp | 2.7<br>|
| Parkway Life Real Estate Investment Trust | 2.6<br>|
| Stockland unit | 2.5<br>|
| Prologis Inc | 2.4<br>|
|  | 30.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img1368_20260131_1.jpg)<br>| ![](img125592_2.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> 1.9915256.101 1851-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Real Estate Investment Portfolio<br> **Fidelity Advisor® Real Estate Fund Class A : FRVBX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Real Estate Investment Portfolio for the period January 15, 2026 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A A | $4  | 0.92% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3050854347<br>|
| Number of Holdings | 42<br>|
| Portfolio Turnover | 23%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 33.5 |
| Retail REITs | 17.5 |
| Industrial REITs | 15.3 |
| Health Care REITs | 12.9 |
| Residential REITs | 11.7 |
| Real Estate Management & Development | 8.4 |

---

Common Stocks 99.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img303_20260131_AA.jpg) <br>|

---

Common Stocks - 99.3&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) - 0.7 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img303_20260131_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)**  |  |
| Prologis Inc | 10.0<br>|
| Equinix Inc | 8.9<br>|
| Welltower Inc | 8.6<br>|
| American Tower Corp | 8.2<br>|
| NNN REIT Inc | 4.4<br>|
| Kimco Realty Corp | 4.3<br>|
| Public Storage | 4.1<br>|
| CBRE Group Inc Class A | 3.9<br>|
| Digital Realty Trust Inc | 3.9<br>|
| UDR Inc | 3.5<br>|
|  | 59.8 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img303_20260131_1.jpg)<br>| ![](img125677_2.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> 1.9921618.100 9188-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Real Estate Investment Portfolio<br> **Fidelity Advisor® Real Estate Fund Class M : FRVDX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Real Estate Investment Portfolio for the period January 15, 2026 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M A | $5  | 1.05% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3050854347<br>|
| Number of Holdings | 42<br>|
| Portfolio Turnover | 23%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 33.5 |
| Retail REITs | 17.5 |
| Industrial REITs | 15.3 |
| Health Care REITs | 12.9 |
| Residential REITs | 11.7 |
| Real Estate Management & Development | 8.4 |

---

Common Stocks 99.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img303_20260131_AA.jpg) <br>|

---

Common Stocks - 99.3&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) - 0.7 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img303_20260131_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)**  |  |
| Prologis Inc | 10.0<br>|
| Equinix Inc | 8.9<br>|
| Welltower Inc | 8.6<br>|
| American Tower Corp | 8.2<br>|
| NNN REIT Inc | 4.4<br>|
| Kimco Realty Corp | 4.3<br>|
| Public Storage | 4.1<br>|
| CBRE Group Inc Class A | 3.9<br>|
| Digital Realty Trust Inc | 3.9<br>|
| UDR Inc | 3.5<br>|
|  | 59.8 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img303_20260131_1.jpg)<br>| ![](img125678_2.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> 1.9921620.100 9189-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Real Estate Investment Portfolio<br> **Fidelity Advisor® Real Estate Fund Class C : FRVEX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Real Estate Investment Portfolio for the period January 15, 2026 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C A | $8  | 1.66% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3050854347<br>|
| Number of Holdings | 42<br>|
| Portfolio Turnover | 23%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 33.5 |
| Retail REITs | 17.5 |
| Industrial REITs | 15.3 |
| Health Care REITs | 12.9 |
| Residential REITs | 11.7 |
| Real Estate Management & Development | 8.4 |

---

Common Stocks 99.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img303_20260131_AA.jpg) <br>|

---

Common Stocks - 99.3&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) - 0.7 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img303_20260131_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)**  |  |
| Prologis Inc | 10.0<br>|
| Equinix Inc | 8.9<br>|
| Welltower Inc | 8.6<br>|
| American Tower Corp | 8.2<br>|
| NNN REIT Inc | 4.4<br>|
| Kimco Realty Corp | 4.3<br>|
| Public Storage | 4.1<br>|
| CBRE Group Inc Class A | 3.9<br>|
| Digital Realty Trust Inc | 3.9<br>|
| UDR Inc | 3.5<br>|
|  | 59.8 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img303_20260131_1.jpg)<br>| ![](img125679_2.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> 1.9921622.100 9190-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Real Estate Investment Portfolio<br> **Fidelity Advisor® Real Estate Fund Class I : FRVHX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Real Estate Investment Portfolio for the period January 15, 2026 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I A | $3  | 0.66% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3050854347<br>|
| Number of Holdings | 42<br>|
| Portfolio Turnover | 23%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 33.5 |
| Retail REITs | 17.5 |
| Industrial REITs | 15.3 |
| Health Care REITs | 12.9 |
| Residential REITs | 11.7 |
| Real Estate Management & Development | 8.4 |

---

Common Stocks 99.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img303_20260131_AA.jpg) <br>|

---

Common Stocks - 99.3&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) - 0.7 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img303_20260131_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)**  |  |
| Prologis Inc | 10.0<br>|
| Equinix Inc | 8.9<br>|
| Welltower Inc | 8.6<br>|
| American Tower Corp | 8.2<br>|
| NNN REIT Inc | 4.4<br>|
| Kimco Realty Corp | 4.3<br>|
| Public Storage | 4.1<br>|
| CBRE Group Inc Class A | 3.9<br>|
| Digital Realty Trust Inc | 3.9<br>|
| UDR Inc | 3.5<br>|
|  | 59.8 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img303_20260131_1.jpg)<br>| ![](img125680_2.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> 1.9921624.100 9191-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Real Estate Investment Portfolio<br> **Fidelity Advisor® Real Estate Fund Class Z : FRVJX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Real Estate Investment Portfolio for the period January 15, 2026 to January 31, 2026. 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z A | $3  | 0.54% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3050854347<br>|
| Number of Holdings | 42<br>|
| Portfolio Turnover | 23%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 33.5 |
| Retail REITs | 17.5 |
| Industrial REITs | 15.3 |
| Health Care REITs | 12.9 |
| Residential REITs | 11.7 |
| Real Estate Management & Development | 8.4 |

---

Common Stocks 99.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img303_20260131_AA.jpg) <br>|

---

Common Stocks - 99.3&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) - 0.7 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img303_20260131_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)**  |  |
| Prologis Inc | 10.0<br>|
| Equinix Inc | 8.9<br>|
| Welltower Inc | 8.6<br>|
| American Tower Corp | 8.2<br>|
| NNN REIT Inc | 4.4<br>|
| Kimco Realty Corp | 4.3<br>|
| Public Storage | 4.1<br>|
| CBRE Group Inc Class A | 3.9<br>|
| Digital Realty Trust Inc | 3.9<br>|
| UDR Inc | 3.5<br>|
|  | 59.8 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img303_20260131_1.jpg)<br>| ![](img125681_2.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> 1.9921626.100 9192-TSRS-0426 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

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

Not applicable.

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

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

**Fidelity® Real Estate Investment Portfolio**

**Semi-Annual Report**

**January 31, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img125810_1.jpg)

![](img125810_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_REA-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Real Estate Investment Portfolio](#Sub_Sec_Fund_303_REA-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements303_REA-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_REA-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_REA-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_REA-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_REA-SANN)** |

---

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

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 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 (Semi-Annual Report)**

**Fidelity® Real Estate Investment Portfolio**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 99.3%  |  |  |
| Real Estate - 99.3% |  |  |
| Health Care REITs - 12.9% |  |  |
| Healthpeak Properties Inc  | 1808000 | 31169920 |
| Ventas Inc  | 1288638 | 100088513 |
| Welltower Inc  | 1391155 | 262037956 |
|  |  | 393296389 |
| Industrial REITs - 15.3% |  |  |
| Americold Realty Trust Inc  | 1313601 | 16301788 |
| Prologis Inc  | 2342314 | 305812516 |
| STAG Industrial Inc Class A  | 2729045 | 102366478 |
| Terreno Realty Corp  | 677592 | 41699012 |
|  |  | 466179794 |
| Real Estate Management & Development - 8.4% |  |  |
| CBRE Group Inc Class A (a) | 691658 | 117810107 |
| Compass Inc Class A (a) | 2389287 | 29913873 |
| CoStar Group Inc (a) | 856569 | 52678994 |
| Jones Lang LaSalle Inc (a) | 113667 | 40682556 |
| Zillow Group Inc Class C (a) | 255915 | 16130322 |
|  |  | 257215852 |
| Residential REITs - 11.7% |  |  |
| American Homes 4 Rent Class A  | 1795617 | 56238724 |
| Camden Property Trust  | 371519 | 40514147 |
| Equity Residential  | 1541894 | 96090834 |
| Invitation Homes Inc  | 1522091 | 40685492 |
| Sun Communities Inc  | 138274 | 17620256 |
| UDR Inc  | 2830675 | 105159577 |
|  |  | 356309030 |
| Retail REITs - 17.5% |  |  |
| Acadia Realty Trust  | 642056 | 12847541 |
| Curbline Properties Corp  | 363550 | 8816087 |
| FrontView REIT Inc  | 649929 | 10665335 |
| InvenTrust Properties Corp  | 353338 | 10384604 |
| Kimco Realty Corp  | 6126433 | 129145208 |
| Macerich Co/The  | 1291436 | 24446883 |
| NNN REIT Inc  | 3171289 | 132147613 |
| Phillips Edison & Co Inc  | 765426 | 27731384 |
| Realty Income Corp  | 1184100 | 72419556 |
| Regency Centers Corp  | 468748 | 34157667 |
| Tanger Inc  | 673578 | 22039472 |
| Urban Edge Properties  | 2553308 | 49610774 |
|  |  | 534412124 |
| Specialized REITs - 33.5% |  |  |
| American Tower Corp  | 1391257 | 249424555 |
| CubeSmart  | 718220 | 26954797 |
| Digital Realty Trust Inc  | 708612 | 117594161 |
| Equinix Inc  | 332577 | 273022438 |
| Extra Space Storage Inc  | 133958 | 18482185 |
| Four Corners Property Trust Inc  | 1171905 | 28887458 |
| Iron Mountain Inc  | 853052 | 78591681 |
| Lamar Advertising Co Class A  | 116869 | 14995461 |
| Public Storage  | 452586 | 124999727 |
| SBA Communications Corp Class A  | 289183 | 53241482 |
| Weyerhaeuser Co  | 1376322 | 35481581 |
|  |  | 1021675526 |
| TOTAL UNITED STATES |  | 3029088715 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,260,763,222) |  | <br> **3029088715** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (b)<br>(Cost $16,327,476)<br>| 3.70 | 16324211 | **16327476** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $2,277,090,698)<br>| <br>**3045416191** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **5438156** |
| **NET ASSETS - 100.0%** | **3050854347** |

---

**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 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 | 11778890 | 238794148 | 234247796 | 396529 | 2226 | - | 16327476 | 16324211 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 890991 | 890991 | 41 | - | - | - | - | 0.0% |
| Total | 11778890 | 239685139 | 235138787 | 396570 | 2226 | - | 16327476 |  |  |

---

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.

Purchases and sales proceeds exclude the value of securities received and delivered through reorganization transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2026, 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 | 3029088715 | 3029088715 | - | - |
|  **Money Market Funds** | 16327476 | 16327476 | - | - |
| **Total Investments in Securities:** | 3045416191 | 3045416191 | - | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,260,763,222) | $3029088715 |  |
| Fidelity Central Funds (cost $16,327,476) | 16327476 |  |
| Total Investment in Securities (cost $2,277,090,698) |  | $3045416191 |
| Receivable for investments sold |  | 3727962 |
| Receivable for fund shares sold |  | 1864393 |
| Dividends receivable |  | 6243568 |
| Distributions receivable from Fidelity Central Funds |  | 89961 |
| Prepaid expenses |  | 2161 |
| Receivable from investment adviser for expense reductions |  | 4155 |
| Other receivables |  | 1224162 |
| **Total assets** |  | 3058572553 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $2732167 |  |
| Payable for fund shares redeemed | 2544370 |  |
| Accrued management fee | 1562278 |  |
| Distribution and service plan fees payable | 46797 |  |
| Deferred Trustees payable | 775784 |  |
| Other payables and accrued expenses | 56810 |  |
| **Total liabilities** |  | 7718206 |
| **Net Assets**  |  | $3050854347 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2279714333 |
| Total accumulated earnings (loss) |  | 771140014 |
| **Net Assets** |  | $3050854347 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($74,574,382 ÷ 1,908,869 shares)(a) |  | $39.07 |
| Maximum offering price per share (100/94.25 of $39.07) |  | $41.45 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($67,802,951 ÷ 1,735,637 shares)(a) |  | $39.07 |
| Maximum offering price per share (100/96.50 of $39.07) |  | $40.49 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($4,047,845 ÷ 103,653 shares)(a) |  | $39.05 |
| **Fidelity Real Estate Investment Portfolio :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,872,080,075 ÷ 73,496,767 shares) |  | $39.08 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($26,555,189 ÷ 679,524 shares) |  | $39.08 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($5,793,905 ÷ 148,259 shares) |  | $39.08 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $44042301 |
| Income from Fidelity Central Funds (including $41 from security lending)  |  | 396570 |
| **Total income** |  | 44438871 |
| **Expenses** |  |  |
| Management fee | $9242474 |  |
| Distribution and service plan fees | 11717 |  |
| Custodian fees and expenses | 17244 |  |
| Independent trustees' fees and expenses | 6418 |  |
| Registration fees | 46537 |  |
| Audit fees | 27111 |  |
| Legal | 1970 |  |
| Interest | 3022 |  |
| Miscellaneous | 5631 |  |
| **Total expenses** |  | 9362124 |
| **Net Investment income (loss)** |  | 35076747 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4450519 |  |
| Fidelity Central Funds | 2226 |  |
| Total net realized gain (loss) |  | 4452745 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 70574290 |
| **Net gain (loss)** |  | 75027035 |
| **Net increase (decrease) in net assets resulting from operations** |  | $110103782 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $35076747 | $70276193 |
| &nbsp;&nbsp;Net realized gain (loss) | 4452745<br>| 146202936<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 70574290 | (159028274)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 110103782<br>| 57450855<br>|
| Distributions to shareholders | (124815022)<br>| (159416642)<br>|
| Share transactions - net increase (decrease) | (90574195)<br>| 638932700<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (105285435)<br>| 536966913<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3156139782 | 2619172869<br>|
| &nbsp;&nbsp;End of period | $3050854347 | $3156139782 |

---

**Financial Highlights** 

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

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $39.19 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .03  |
| Net realized and unrealized gain (loss)  | (.15) D |
| Total from investment operations  | (.12)  |
| Net asset value, end of period  | $39.07 |
| **Total Return** E,F | (.31)% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .92% I |
| Expenses net of fee waivers, if any  | .92% I<br>|
| Expenses net of all reductions, if any  | .92% I |
| Net investment income (loss)  | 2.14% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $74574 |
| Portfolio turnover rate J | 23% I,K<br>|

---

A*For the period January 15, 2026 (commencement of sale of shares) through January 31, 2026.*

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

C*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.*

D*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.*

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

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

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*Annualized.*

J*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.*

K*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $39.19 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | - D |
| Net realized and unrealized gain (loss)  | (.12) E |
| Total from investment operations  | (.12)  |
| Net asset value, end of period  | $39.07 |
| **Total Return** F,G | (.31)% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | 1.05% J |
| Expenses net of fee waivers, if any  | 1.05% J<br>|
| Expenses net of all reductions, if any  | 1.05% J |
| Net investment income (loss)  | .14% J |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $67803 |
| Portfolio turnover rate K | 23% J,L<br>|

---

A*For the period January 15, 2026 (commencement of sale of shares) through January 31, 2026.*

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

C*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.*

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

E*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.*

F*Total returns for periods of less than one year are not annualized.*

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

H*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.*

I*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.*

J*Annualized.*

K*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.*

L*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $39.19 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .88  |
| Net realized and unrealized gain (loss)  | (1.02) D |
| Total from investment operations  | (.14)  |
| Net asset value, end of period  | $39.05 |
| **Total Return** E,F | (.36)% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 1.66% I |
| Expenses net of fee waivers, if any  | 1.66% I<br>|
| Expenses net of all reductions, if any  | 1.66% I |
| Net investment income (loss)  | 58.55% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $4048 |
| Portfolio turnover rate J | 23% I,K<br>|

---

A*For the period January 15, 2026 (commencement of sale of shares) through January 31, 2026.*

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

C*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.*

D*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.*

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

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

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*Annualized.*

J*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.*

K*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.21 | $40.14 | $39.16 | $47.48 | $50.45 | $40.16 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .45  | .91  | .90  | .95  | .72  | .73  |
| Net realized and unrealized gain (loss)  | 1.00  | .35  | 2.78  | (5.36)  | (1.69)  | 11.34  |
| Total from investment operations  | 1.45  | 1.26  | 3.68  | (4.41)  | (.97)  | 12.07  |
| Distributions from net investment income  | (.70)  | (.85)  | (.92)  | (.75)  | (.42)  | (.75) C |
| Distributions from net realized gain  | (.88)  | (1.34)  | (1.79)  | (3.15)  | (1.58)  | (1.02) C |
| Total distributions  | (1.58)  | (2.19)  | (2.70) D | (3.91) D | (2.00)  | (1.78) D |
| Net asset value, end of period  | $39.08 | $39.21 | $40.14 | $39.16 | $47.48 | $50.45 |
| **Total Return** E,F | 3.79% <br>| 3.17%  | 10.28%  | (9.38)%  | (2.22)%  | 31.46%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .62% I | .64%  | .70%  | .72%  | .71%  | .73%  |
| Expenses net of fee waivers, if any  | .62% I<br>| .64%  | .69%  | .72%  | .71%  | .73%  |
| Expenses net of all reductions, if any  | .62% I | .64%  | .69%  | .72%  | .71%  | .72%  |
| Net investment income (loss)  | 2.33% I | 2.27%  | 2.47%  | 2.38%  | 1.47%  | 1.74%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2872080 | $3156140 | $2619173 | $2826404 | $5119756 | $5732367 |
| Portfolio turnover rate J | 23% I,K<br>| 35%  | 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 reflects reclassifications related to book to tax differences that were made in the year shown.*

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

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

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

G*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*Annualized.*

J*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.*

K*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $39.19 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | - D |
| Net realized and unrealized gain (loss)  | (.11) E |
| Total from investment operations  | (.11)  |
| Net asset value, end of period  | $39.08 |
| **Total Return** F | (.28)% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .66% I |
| Expenses net of fee waivers, if any  | .66% I<br>|
| Expenses net of all reductions, if any  | .66% I |
| Net investment income (loss)  | (.15)% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $26555 |
| Portfolio turnover rate J | 23% I,K<br>|

---

A*For the period January 15, 2026 (commencement of sale of shares) through January 31, 2026.*

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

C*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.*

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

E*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.*

F*Total returns for periods of less than one year are not annualized.*

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*Annualized.*

J*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.*

K*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $39.19 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .04  |
| Net realized and unrealized gain (loss)  | (.15) D |
| Total from investment operations  | (.11)  |
| Net asset value, end of period  | $39.08 |
| **Total Return** E | (.28)% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .54% H |
| Expenses net of fee waivers, if any  | .54% H<br>|
| Expenses net of all reductions, if any  | .54% H |
| Net investment income (loss)  | 2.70% H |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $5794 |
| Portfolio turnover rate I | 23% H,J<br>|

---

A*For the period January 15, 2026 (commencement of sale of shares) through January 31, 2026.*

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

C*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.*

D*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.*

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

F*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.*

G*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.*

H*Annualized.*

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.*

J*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

For the period ended January 31, 2026

**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. 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 commenced sale of Class A, Class M, Class C, Class I and Class Z shares on January 15, 2026. The Fund offers Class A, Class M, Class C, Fidelity Real Estate Investment Portfolio, 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 shares 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 January 31, 2026 is included at the end of the Fund's Schedule of Investments.

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

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to the short-term 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** | $841190046 |
| **Gross unrealized depreciation** | <u>(84687398)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$756502648</u> |
| **Tax cost** | <u>$2288913543</u> |

---

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Real Estate Investment Portfolio** | 346855079 | 703363582 |

---

**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** | .72 |
| **Class M** | .72 |
| **Class C** | .72 |
| **Fidelity Real Estate Investment Portfolio** | .69 |
| **Class I** | .71 |
| **Class Z** | .56 |

---

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** | .66 |
| **Class M** | .59 |
| **Class C** | .65 |
| **Fidelity Real Estate Investment Portfolio** | .61 |
| **Class I** | .65 |
| **Class Z** | .53 |

---

**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% | 3882 | - |
| **Class M** | .25% | .25% | 6964 | - |
| **Class C** | .75% | .25% | <u>871</u> | <u>35</u> |
|  |  |  | <u>11717</u> | <u>35</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** | 63 |
| **Class M** | 24 |
| **Class C**A | <u>3</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>90</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.*

**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** | $775784 |

---

**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** | 10226 |

---

**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 | 11806000 | 4.61% | 3022 |

---

**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** | 23692145 | 86035424 | 14998253 |

---

**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** | 2625 |

---

**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** | 4 | - | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **January 31, 2026A** | **Year ended**<br> **July 31, 2025** |
| **Fidelity Real Estate Investment Portfolio** |  |  |
| **Distributions to shareholders** | $- | $- |
| Class A | - | - |
| Class M | - | - |
| Class C | - | - |
| Fidelity Real Estate Investment Portfolio | 124815022 | 159416642 |
| Class I |  |  |
| Class Z | <u>-</u> | <u>-</u> |
| Total  | <u>$124815022</u> | <u>$</u> <u>159416642</u> |

---

*A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period January 15, 2026 (commencement of sale of shares) through January 31, 2026.*

**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** |
|  | **Six months ended** <br> **January 31, 2026A**  | **Year ended**<br> **July 31, 2025** | **Six months ended** <br> **January 31, 2026A**  | **Year ended**<br> **July 31, 2025** |
| **Fidelity Real Estate Investment Portfolio** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 10848 | - | $417067 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 1912033 | - | 74224865 | - |
| Shares redeemed | <u>(14012)</u> | <u>-</u> | <u>(543293)</u> | <u>-</u> |
| Net increase (decrease) | <u>1908869</u> | <u>-</u> | <u>$74098639</u> | <u>$</u> <u>-</u> |
| **Class M** |  |  |  |  |
| Shares sold | 859465 | - | $33265730 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 885318 | - | 34367989 | - |
| Shares redeemed | <u>(9146)</u> | <u>-</u> | <u>(356372)</u> | <u>-</u> |
| Net increase (decrease) | <u>1735637</u> | <u>-</u> | <u>$67277347</u> | <u>$</u> <u>-</u> |
| **Class C** |  |  |  |  |
| Shares sold | 2712 | - | $105946 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 102109 | - | 3962833 | - |
| Shares redeemed | <u>(1168)</u> | <u>-</u> | <u>(45600)</u> | <u>-</u> |
| Net increase (decrease) | <u>103653</u> | <u>-</u> | <u>$4023179</u> | <u>$</u> <u>-</u> |
| **Fidelity Real Estate Investment Portfolio** |  |  |  |  |
| Shares sold | 5821372 | 47386585 | $224777878 | $1908819176 |
| Reinvestment of distributions  | 2256988 | 3259942 | 86880504 | 128651744 |
| Shares redeemed | <u>(15082478)</u> | <u>(35396530)</u> | <u>(579772484)</u> | <u>(1398538220)</u> |
| Net increase (decrease) | <u>(7004118)</u> | <u>15249997</u> | <u>$(268114102)</u> | <u>$638932700</u> |
| **Class I** |  |  |  |  |
| Shares sold | 22434 | - | $869832 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 660394 | - | 25643079 | - |
| Shares redeemed | <u>(3304)</u> | <u>-</u> | <u>(128189)</u> | <u>-</u> |
| Net increase (decrease) | <u>679524</u> | <u>-</u> | <u>$26384722</u> | <u>$</u> <u>-</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 19326 | - | $749587 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 133126 | - | 5169304 | - |
| Shares redeemed | <u>(4193)</u> | <u>-</u> | <u>(162871)</u> | <u>-</u> |
| Net increase (decrease) | <u>148259</u> | <u>-</u> | <u>$5756020</u> | <u>$</u> <u>-</u> |

---

*A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period January 15, 2026 (commencement of sale of shares) through January 31, 2026.*

**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.

**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.

**12. Reorganization Information.**

On January 23, 2026, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Real Estate Fund (Acquired Fund) pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees (the Board). The securities held by the Acquired Fund were the primary assets acquired by the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on January 15, 2026. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at their respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund and Share Class** | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Fidelity Advisor Real Estate Fund** | 176153147 | 30677068 |  |  |  |
| **Class A** |  |  | 74224865 | 4909458 | 0.3894590417 |
| **Class M** |  |  | 34367989 | 2287559 | 0.3870144256 |
| **Class C** |  |  | 3962833 | 280521 | 0.3639963927 |
| **Class I** |  |  | 25643079 | 1656691 | 0.3986221993 |
| **Class Z** |  |  | 5169304 | 335038 | 0.3973474118 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| **Fidelity Real Estate Investment Portfolio** | 2893960932 | 3037329002 |

---

Pro forma results of operations of the combined entity for the entire period ended January 31, 2026, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $37173132  |
| **Total net realized gain (loss)** | (12801407) |
| **Total change in net unrealized appreciation (depreciation)** | <u>89164233</u> |
| **Net increase (decrease) in net assets resulting from operations** | <u>$113535958</u>  |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that has been included in the Fund's accompanying Statement of Operations since January 23, 2026.

**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 Contract and Management Fees**

**Fidelity Real Estate Investment Portfolio**

At its October 2025 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) and certain of its affiliates (the Amended Contract) for the fund to add the management fee schedule and maximum management fee rate for each of the new classes of the fund: Class A, Class M, Class C, Class I and Class Z (each a New Class and together, the New Classes). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.

**Nature, Extent, and Quality of Services Provided.** The Board previously received and considered materials relating to the nature, extent and quality of services provided by FMR and certain of its affiliates to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of the fund in connection with the annual renewal of the fund's current management contract. At its May 2025 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing management contract should continue to benefit the fund's shareholders. In connection with its approval of the Amended Contract at its October 2025 meeting, the Board noted that such approval would not change the fund's portfolio managers, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to the New Classes of the fund under the Amended Contract will continue to benefit the fund's shareholders.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered the proposed tiered class-level management fee schedule and maximum class-level management fee rate of each New Class of the fund and the estimated total expense ratio of each New Class of the fund. 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. The Board noted that the projected class-level management fee and proposed maximum class-level management fee rate for each New Class of the fund is below the median of its competitor funds. The Board also considered that the estimated total net expense ratio of each New Class of the fund is below the median of those funds and classes used by the Board for management fee comparisons.

The Board noted that the difference in management fee rates between classes of the fund is the result of separate arrangements for class-level services and/or waivers of certain expenses. The Board further noted that such differences are 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.

Based on its review, the Board concluded that the projected management fee and estimated total expense ratio of each New Class of the fund was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by Fidelity in providing services to the fund and the level of Fidelity's profitability. At its October 2025 meeting, the Board concluded that it was satisfied that the profitability of Fidelity in connection with the operation of the fund was not excessive.

**Economies of Scale.** The Board considered that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the fund and of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is a potential realization of any further economies of scale and that it concluded, at its May 2025 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. 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 at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board will continue to review economies of scale in connection with future renewals of the Amended Contract.

**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 fee structure for the New Classes of the fund was fair and reasonable in light of all of the surrounding circumstances and that the fund's Amended Contract should be approved through May 31, 2026.

![](img125810_4.jpg)<br>

1.706448.127 REA-SANN-0426

**Fidelity® International Real Estate Fund**

**Semi-Annual Report**

**January 31, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img125820_1.jpg)

![](img125820_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_IRE-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Real Estate Fund](#Sub_Sec_Fund_1368_IRE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1368_IRE-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IRE-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IRE-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IRE-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IRE-SANN)** |

---

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 MSCI indexes are the exclusive property of MSCI Inc. ("MSCI"). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Fidelity. The financial products referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial products or any index on which such financial products are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any relevant financial products. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

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.© 2026 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 (Semi-Annual Report)**

**Fidelity® International Real Estate Fund**

**Schedule of Investments January 31, 2026 (Unaudited)**

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>|
| AUSTRALIA - 11.8%  |  |  |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| HMC Capital Ltd  | 298135 | 871946 |
| Real Estate - 11.6% |  |  |
| Diversified REITs - 2.5% |  |  |
| Stockland unit  | 2434448 | 9137278 |
| Office REITs - 0.1% |  |  |
| Abacus Group unit  | 434288 | 349291 |
| Real Estate Management & Development - 1.5% |  |  |
| Gemlife Communities Group unit  | 1529983 | 5358980 |
| Residential REITs - 3.0% |  |  |
| Ingenia Communities Group unit  | 3214822 | 10588774 |
| Retail REITs - 1.7% |  |  |
| Charter Hall Retail REIT  | 2296369 | 6284371 |
| Specialized REITs - 2.8% |  |  |
| Abacus Storage King unit  | 1851963 | 1998902 |
| Arena REIT unit  | 3176067 | 7851374 |
|  |  | 9850276 |
| TOTAL REAL ESTATE |  | 41568970 |
| TOTAL AUSTRALIA |  | 42440916 |
| BELGIUM - 6.6%  |  |  |
| Real Estate - 6.6% |  |  |
| Industrial REITs - 4.1% |  |  |
| Montea NV  | 55761 | 4719276 |
| Warehouses De Pauw CVA  | 358250 | 10149175 |
|  |  | 14868451 |
| Real Estate Management & Development - 1.3% |  |  |
| Inclusio SA  | 225642 | 4680633 |
| Residential REITs - 0.0% |  |  |
| Xior Student Housing NV rights (b)(e) | 108842 | 64366 |
| Specialized REITs - 1.2% |  |  |
| Shurgard Self Storage Ltd  | 115993 | 4207264 |
| TOTAL BELGIUM |  | 23820714 |
| BRAZIL - 0.5%  |  |  |
| Real Estate - 0.5% |  |  |
| Real Estate Management & Development - 0.5% |  |  |
| LOG Commercial Properties e Participacoes SA  | 316133 | 1671145 |
| CANADA - 2.2%  |  |  |
| Health Care - 2.0% |  |  |
| Health Care Providers & Services - 2.0% |  |  |
| Chartwell Retirement Residences  | 230000 | 3415415 |
| Sienna Senior Living Inc (a) | 223000 | 3473602 |
| TOTAL HEALTH CARE |  | 6889017 |
| Real Estate - 0.2% |  |  |
| Residential REITs - 0.2% |  |  |
| Killam Apartment Real Estate Investment Trust (a) | 69600 | 896548 |
| TOTAL CANADA |  | 7785565 |
| FINLAND - 1.8%  |  |  |
| Real Estate - 1.8% |  |  |
| Real Estate Management & Development - 1.8% |  |  |
| Cityvarasto Oyj (a) | 167207 | 3369380 |
| Kojamo Oyj (b) | 274300 | 3098598 |
| TOTAL FINLAND |  | 6467978 |
| FRANCE - 4.2%  |  |  |
| Real Estate - 4.2% |  |  |
| Industrial REITs - 1.8% |  |  |
| ARGAN SA  | 84204 | 6587540 |
| Retail REITs - 2.4% |  |  |
| Unibail-Rodamco-Westfield unit  | 76500 | 8433173 |
| TOTAL FRANCE |  | 15020713 |
| GERMANY - 3.6%  |  |  |
| Real Estate - 3.6% |  |  |
| Real Estate Management & Development - 3.6% |  |  |
| Instone Real Estate Group SE (c)(d) | 473076 | 4816934 |
| LEG Immobilien SE  | 76101 | 5484545 |
| TAG Immobilien AG  | 148832 | 2521013 |
| TOTAL GERMANY |  | 12822492 |
| GREECE - 0.5%  |  |  |
| Real Estate - 0.5% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| LAMDA Development SA (b) | 92200 | 773768 |
| Retail REITs - 0.3% |  |  |
| Trade Estates Real Estate Investment SA  | 412089 | 976939 |
| TOTAL GREECE |  | 1750707 |
| HONG KONG - 8.5%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Magnificent Hotel Investment Ltd (b) | 51423000 | 460773 |
| Real Estate - 8.4% |  |  |
| Real Estate Management & Development - 8.4% |  |  |
| CK Asset Holdings Ltd  | 991500 | 5817944 |
| Great Eagle Holdings Ltd  | 2272541 | 4698037 |
| Sun Hung Kai Properties Ltd  | 835500 | 13443550 |
| TAI Cheung Holdings Ltd  | 11187116 | 5413051 |
| Wing Tai Properties Ltd  | 3448000 | 860665 |
| TOTAL REAL ESTATE |  | 30233247 |
| TOTAL HONG KONG |  | 30694020 |
| IRELAND - 2.6%  |  |  |
| Consumer Discretionary - 1.5% |  |  |
| Household Durables - 1.5% |  |  |
| Cairn Homes PLC (Ireland)  | 1033600 | 2560622 |
| Glenveagh Properties PLC (b)(c)(d) | 1140159 | 2646212 |
| TOTAL CONSUMER DISCRETIONARY |  | 5206834 |
| Real Estate - 1.1% |  |  |
| Residential REITs - 1.1% |  |  |
| Irish Residential Properties Reit PLC  | 3380400 | 4047027 |
| TOTAL IRELAND |  | 9253861 |
| JAPAN - 22.4%  |  |  |
| Real Estate - 22.4% |  |  |
| Health Care REITs - 2.7% |  |  |
| Health Care & Medical Investment Corp (a) | 12587 | 9841219 |
| Industrial REITs - 0.9% |  |  |
| Japan Logistics Fund Inc (a) | 5000 | 3266348 |
| Real Estate Management & Development - 12.7% |  |  |
| Hulic Co Ltd  | 950800 | 11298276 |
| JINUSHI Co Ltd  | 55400 | 1132986 |
| Katitas Co Ltd  | 298500 | 5882819 |
| Nomura Real Estate Holdings Inc  | 1286600 | 8529669 |
| Starts Corp Inc  | 168200 | 5320102 |
| Tokyo Tatemono Co Ltd  | 244100 | 5723953 |
| Tosei Corp  | 754700 | 7661112 |
|  |  | 45548917 |
| Residential REITs - 6.1% |  |  |
| Advance Residence Investment Corp (a) | 10000 | 10855518 |
| Comforia Residential REIT Inc (a) | 4500 | 3250840 |
| Daiwa Securities Living Investments Corp  | 10654 | 7903071 |
|  |  | 22009429 |
| TOTAL JAPAN |  | 80665913 |
| MEXICO - 0.5%  |  |  |
| Real Estate - 0.5% |  |  |
| Real Estate Management & Development - 0.5% |  |  |
| Corp Inmobiliaria Vesta SAB de CV  | 541400 | 1674139 |
| NETHERLANDS - 1.2%  |  |  |
| Real Estate - 1.2% |  |  |
| Real Estate Management & Development - 1.2% |  |  |
| CTP NV (c)(d) | 206850 | 4491874 |
| NEW ZEALAND - 1.2%  |  |  |
| Health Care - 0.7% |  |  |
| Health Care Providers & Services - 0.7% |  |  |
| Ryman Healthcare Ltd (b) | 1504311 | 2517973 |
| Industrials - 0.2% |  |  |
| Transportation Infrastructure - 0.2% |  |  |
| Auckland International Airport Ltd  | 186043 | 925256 |
| Real Estate - 0.3% |  |  |
| Diversified REITs - 0.3% |  |  |
| Stride Property Group unit  | 1302032 | 991701 |
| TOTAL NEW ZEALAND |  | 4434930 |
| SINGAPORE - 8.7%  |  |  |
| Real Estate - 8.7% |  |  |
| Health Care REITs - 2.6% |  |  |
| Parkway Life Real Estate Investment Trust  | 2912200 | 9340284 |
| Real Estate Management & Development - 6.1% |  |  |
| Singapore Land Group Ltd  | 1625800 | 4460374 |
| Wing Tai Holdings Ltd  | 13517422 | 17533014 |
|  |  | 21993388 |
| TOTAL SINGAPORE |  | 31333672 |
| SPAIN - 1.8%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Cellnex Telecom SA (c)(d) | 26000 | 804184 |
| Consumer Discretionary - 1.6% |  |  |
| Household Durables - 1.6% |  |  |
| Neinor Homes SA (c)(d) | 235143 | 5602408 |
| TOTAL SPAIN |  | 6406592 |
| SWEDEN - 5.0%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| SkiStar AB B Shares  | 47500 | 895341 |
| Real Estate - 4.8% |  |  |
| Real Estate Management & Development - 4.8% |  |  |
| Catena AB  | 83380 | 4328366 |
| Dios Fastigheter AB  | 168200 | 1218895 |
| Heba Fastighets AB B Shares  | 824847 | 2778042 |
| Intea Fastigheter AB B Shares  | 145400 | 1067545 |
| John Mattson Fastighetsforetagen AB (b) | 155100 | 1149211 |
| Logistea AB B Shares  | 1843800 | 2980715 |
| Stendorren Fastigheter AB B Shares (a)(b) | 170536 | 3752462 |
| TOTAL REAL ESTATE |  | 17275236 |
| TOTAL SWEDEN |  | 18170577 |
| SWITZERLAND - 2.6%  |  |  |
| Industrials - 0.5% |  |  |
| Ground Transportation - 0.5% |  |  |
| Jungfraubahn Holding AG  | 4740 | 1867059 |
| Real Estate - 2.1% |  |  |
| Real Estate Management & Development - 2.1% |  |  |
| PSP Swiss Property AG  | 37910 | 7601125 |
| TOTAL SWITZERLAND |  | 9468184 |
| UNITED KINGDOM - 11.5%  |  |  |
| Consumer Discretionary - 1.5% |  |  |
| Household Durables - 1.5% |  |  |
| Bellway PLC  | 96006 | 3568004 |
| Persimmon PLC  | 93700 | 1802694 |
| TOTAL CONSUMER DISCRETIONARY |  | 5370698 |
| Real Estate - 10.0% |  |  |
| Health Care REITs - 1.6% |  |  |
| Primary Health Properties PLC  | 3174173 | 4499742 |
| Target Healthcare REIT PLC  | 979100 | 1390662 |
|  |  | 5890404 |
| Industrial REITs - 1.4% |  |  |
| LondonMetric Property PLC  | 1793367 | 4905453 |
| Office REITs - 0.2% |  |  |
| Helical PLC  | 395895 | 1047692 |
| Real Estate Management & Development - 2.5% |  |  |
| Grainger PLC  | 2048998 | 5439269 |
| Harworth Group PLC  | 1586145 | 3559458 |
|  |  | 8998727 |
| Specialized REITs - 4.3% |  |  |
| Big Yellow Group PLC (The)  | 594400 | 8377477 |
| Safestore Holdings PLC  | 615602 | 6966309 |
|  |  | 15343786 |
| TOTAL REAL ESTATE |  | 36186062 |
| TOTAL UNITED KINGDOM |  | 41556760 |
| UNITED STATES - 2.4%  |  |  |
| Real Estate - 2.4% |  |  |
| Industrial REITs - 2.4% |  |  |
| Prologis Inc  | 66600 | 8695296 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $322,303,453) |  | <br> **358626048** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 9.0%** | &nbsp;&nbsp;**Money Market Funds - 9.0%** | &nbsp;&nbsp;**Money Market Funds - 9.0%** | &nbsp;&nbsp;**Money Market Funds - 9.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.70 | 645491 | 645620 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.70 | 31808852 | 31812033 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $32,457,653) |  |  | **32457653** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 108.6%**<br> (Cost $354,761,106)<br>| <br>**391083701** |
| **NET OTHER ASSETS (LIABILITIES) - (8.6)%**  | **(30860241)** |
| **NET ASSETS - 100.0%** | **360223460** |

---

**Legend**

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

(b) Non-income producing.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $18,361,612 or 5.1% of net assets.

(d) 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 $18,361,612 or 5.1% of net assets.

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

(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 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 | 13588431 | 71953018 | 84893657 | 131576 | (2173) | 1 | 645620 | 645491 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 22164753 | 91823473 | 82176454 | 38156 | 261 | - | 31812033 | 31808852 | 0.1% |
| Total | 35753184 | 163776491 | 167070111 | 169732 | (1912) | 1 | 32457653 |  |  |

---

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 January 31, 2026, 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 | 804184 | - | 804184 | - |
| Consumer Discretionary | 17536054 | 17536054 | - | - |
| Financials | 871946 | 871946 | - | - |
| Health Care | 9406990 | 9406990 | - | - |
| Industrials | 2792315 | 2792315 | - | - |
| Real Estate | 327214559 | 327214559 | - | - |
|  **Money Market Funds** | 32457653 | 32457653 | - | - |
| **Total Investments in Securities:** | 391083701 | 390279517 | 804184 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $28,458,933) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $322,303,453) | $358626048 |  |
| Fidelity Central Funds (cost $32,457,653) | 32457653 |  |
| Total Investment in Securities (cost $354,761,106) |  | $391083701 |
| Foreign currency held at value (cost $25,584) |  | 25347 |
| Receivable for fund shares sold |  | 126306 |
| Dividends receivable |  | 1687315 |
| Reclaims receivable |  | 1662170 |
| Distributions receivable from Fidelity Central Funds |  | 39917 |
| Prepaid expenses |  | 223 |
| Other receivables |  | 6 |
| **Total assets** |  | 394624985 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $2079035 |  |
| Delayed delivery | 64366 |  |
| Payable for fund shares redeemed | 172828 |  |
| Accrued management fee | 229550 |  |
| Distribution and service plan fees payable | 3931 |  |
| Other payables and accrued expenses | 40043 |  |
| Collateral on securities loaned | 31811772 |  |
| **Total liabilities** |  | 34401525 |
| **Net Assets**  |  | $360223460 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $522514353 |
| Total accumulated earnings (loss) |  | (162290893) |
| **Net Assets** |  | $360223460 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($11,711,307 ÷ 1,078,385 shares)(a) |  | $10.86 |
| Maximum offering price per share (100/94.25 of $10.86) |  | $11.52 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($1,390,811 ÷ 129,053 shares)(a) |  | $10.78 |
| Maximum offering price per share (100/96.50 of $10.78) |  | $11.17 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($1,188,274 ÷ 112,481 shares)(a) |  | $10.56 |
| **International Real Estate :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($167,194,589 ÷ 15,145,809 shares) |  | $11.04 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($32,031,117 ÷ 2,918,020 shares) |  | $10.98 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($146,707,362 ÷ 13,400,835 shares) |  | $10.95 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $4957903 |
| Income from Fidelity Central Funds (including $38,156 from security lending)  |  | 169732 |
| Income before foreign taxes withheld |  | $5127635 |
| Less foreign taxes withheld |  | (495215) |
| **Total income** |  | 4632420 |
| **Expenses** |  |  |
| Management fee | $1327094 |  |
| Distribution and service plan fees | 22601 |  |
| Custodian fees and expenses | 18298 |  |
| Independent trustees' fees and expenses | 683 |  |
| Registration fees | 48008 |  |
| Audit fees | 34269 |  |
| Legal | 214 |  |
| Interest | 8849 |  |
| Miscellaneous | 519 |  |
| **Total expenses** |  | 1460535 |
| **Net Investment income (loss)** |  | 3171885 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 11788755 |  |
| Fidelity Central Funds | (1912) |  |
| Foreign currency transactions | 23636 |  |
| Total net realized gain (loss) |  | 11810479 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 24702595 |  |
| Fidelity Central Funds  | 1 |  |
| Assets and liabilities in foreign currencies | 98502 |  |
| Total change in net unrealized appreciation (depreciation) |  | 24801098 |
| **Net gain (loss)** |  | 36611577 |
| **Net increase (decrease) in net assets resulting from operations** |  | $39783462 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3171885 | $9965341 |
| &nbsp;&nbsp;Net realized gain (loss) | 11810479<br>| (6498378)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 24801098 | 13030131<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 39783462<br>| 16497094<br>|
| Distributions to shareholders | (10211487)<br>| (16333476)<br>|
| Share transactions - net increase (decrease) | 5870639<br>| (161108061)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 35442614<br>| (160944443)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 324780846 | 485725289<br>|
| &nbsp;&nbsp;End of period | $360223460 | $324780846 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.95 | $9.99 | $10.12 | $11.88 | $14.84 | $11.74 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .26  | .26  | .19  | .18  | .22  |
| Net realized and unrealized gain (loss)  | 1.12  | .15  | (.23)  | (1.52)  | (2.39)  | 3.08  |
| Total from investment operations  | 1.20  | .41  | .03  | (1.33)  | (2.21)  | 3.30  |
| Distributions from net investment income  | (.29)  | (.45)  | (.16)  | (.03)  | (.52)  | (.20)  |
| Distributions from net realized gain  | -  | -  | -  | (.40)  | (.23)  | -  |
| Total distributions  | (.29)  | (.45)  | (.16)  | (.43)  | (.75)  | (.20)  |
| Net asset value, end of period  | $10.86 | $9.95 | $9.99 | $10.12 | $11.88 | $14.84 |
| **Total Return** C,D,E | 12.19% <br>| 4.19%  | .37%  | (11.35)%  | (15.76)%  | 28.46%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.17% H | 1.18%  | 1.22%  | 1.25%  | 1.23%  | 1.23%  |
| Expenses net of fee waivers, if any  | 1.17% H<br>| 1.18%  | 1.20%  | 1.20%  | 1.22%  | 1.23%  |
| Expenses net of all reductions, if any  | 1.17% H | 1.18%  | 1.20%  | 1.19%  | 1.22%  | 1.23%  |
| Net investment income (loss)  | 1.54% H | 2.70%  | 2.70%  | 1.91%  | 1.33%  | 1.66%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $11711 | $10388 | $11353 | $12875 | $16274 | $17071 |
| Portfolio turnover rate I | 96% H<br>| 77%  | 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 for periods of less than one year are not annualized.*

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

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

F*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.*

G*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.*

H*Annualized.*

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.*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.86 | $9.90 | $10.01 | $11.76 | $14.71 | $11.64 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .07  | .23  | .23  | .17  | .14  | .18  |
| Net realized and unrealized gain (loss)  | 1.11  | .15  | (.22)  | (1.52)  | (2.37)  | 3.05  |
| Total from investment operations  | 1.18  | .38  | .01  | (1.35)  | (2.23)  | 3.23  |
| Distributions from net investment income  | (.26)  | (.42)  | (.12)  | -  | (.49)  | (.16)  |
| Distributions from net realized gain  | -  | -  | -  | (.40)  | (.23)  | -  |
| Total distributions  | (.26)  | (.42)  | (.12)  | (.40)  | (.72)  | (.16)  |
| Net asset value, end of period  | $10.78 | $9.86 | $9.90 | $10.01 | $11.76 | $14.71 |
| **Total Return** C,D,E | 12.06% <br>| 3.97%  | .15%  | (11.60)%  | (16.01)%  | 28.08%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.42% H | 1.43%  | 1.47%  | 1.52%  | 1.53%  | 1.55%  |
| Expenses net of fee waivers, if any  | 1.42% H<br>| 1.43%  | 1.45%  | 1.45%  | 1.51%  | 1.55%  |
| Expenses net of all reductions, if any  | 1.42% H | 1.43%  | 1.45%  | 1.43%  | 1.51%  | 1.54%  |
| Net investment income (loss)  | 1.30% H | 2.45%  | 2.45%  | 1.66%  | 1.04%  | 1.34%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1391 | $1313 | $1661 | $1967 | $2804 | $3488 |
| Portfolio turnover rate I | 96% H<br>| 77%  | 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 for periods of less than one year are not annualized.*

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

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

F*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.*

G*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.*

H*Annualized.*

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.*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.66 | $9.70 | $9.75 | $11.52 | $14.43 | $11.43 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .04  | .18  | .18  | .11  | .07  | .11  |
| Net realized and unrealized gain (loss)  | 1.08  | .15  | (.22)  | (1.48)  | (2.32)  | 3.00  |
| Total from investment operations  | 1.12  | .33  | (.04)  | (1.37)  | (2.25)  | 3.11  |
| Distributions from net investment income  | (.22)  | (.37)  | (.01)  | -  | (.43)  | (.11)  |
| Distributions from net realized gain  | -  | -  | -  | (.40)  | (.23)  | -  |
| Total distributions  | (.22)  | (.37)  | (.01)  | (.40)  | (.66)  | (.11)  |
| Net asset value, end of period  | $10.56 | $9.66 | $9.70 | $9.75 | $11.52 | $14.43 |
| **Total Return** C,D,E | 11.69% <br>| 3.53%  | (.42)%  | (12.03)%  | (16.40)%  | 27.44%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.92% H | 1.93%  | 1.97%  | 2.02%  | 2.02%  | 2.05%  |
| Expenses net of fee waivers, if any  | 1.92% H<br>| 1.93%  | 1.95%  | 1.95%  | 2.01%  | 2.05%  |
| Expenses net of all reductions, if any  | 1.92% H | 1.93%  | 1.95%  | 1.94%  | 2.01%  | 2.04%  |
| Net investment income (loss)  | .80% H | 1.95%  | 1.95%  | 1.16%  | .55%  | .85%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1188 | $1026 | $1209 | $1487 | $2087 | $3036 |
| Portfolio turnover rate I | 96% H<br>| 77%  | 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 for periods of less than one year are not annualized.*

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

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

F*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.*

G*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.*

H*Annualized.*

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.*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.12 | $10.14 | $10.28 | $12.06 | $15.04 | $11.90 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .10  | .29  | .29  | .22  | .22  | .26  |
| Net realized and unrealized gain (loss)  | 1.13  | .16  | (.24)  | (1.55)  | (2.42)  | 3.12  |
| Total from investment operations  | 1.23  | .45  | .05  | (1.33)  | (2.20)  | 3.38  |
| Distributions from net investment income  | (.31)  | (.47)  | (.19)  | (.04)  | (.54)  | (.24)  |
| Distributions from net realized gain  | -  | -  | -  | (.40)  | (.24)  | -  |
| Total distributions  | (.31)  | (.47)  | (.19)  | (.45) C | (.78)  | (.24)  |
| Net asset value, end of period  | $11.04 | $10.12 | $10.14 | $10.28 | $12.06 | $15.04 |
| **Total Return** D,E | 12.37% <br>| 4.58%  | .60%  | (11.19)%  | (15.50)%  | 28.83%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .88% H | .88%  | .95%  | .98%  | .95%  | .97%  |
| Expenses net of fee waivers, if any  | .88% H<br>| .88%  | .94%  | .95%  | .94%  | .97%  |
| Expenses net of all reductions, if any  | .88% H | .88%  | .94%  | .95%  | .94%  | .96%  |
| Net investment income (loss)  | 1.84% H | 3.00%  | 2.95%  | 2.15%  | 1.61%  | 1.92%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $167195 | $155324 | $167627 | $223674 | $316203 | $360653 |
| Portfolio turnover rate I | 96% H<br>| 77%  | 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 for periods of less than one year are not annualized.*

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

F*Fees and expenses of any underlying 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.*

G*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.*

H*Annualized.*

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.*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.07 | $10.08 | $10.22 | $11.98 | $14.94 | $11.83 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .10  | .29  | .29  | .22  | .22  | .27  |
| Net realized and unrealized gain (loss)  | 1.13  | .16  | (.24)  | (1.54)  | (2.40)  | 3.09  |
| Total from investment operations  | 1.23  | .45  | .05  | (1.32)  | (2.18)  | 3.36  |
| Distributions from net investment income  | (.32)  | (.46)  | (.19)  | (.04)  | (.54)  | (.25)  |
| Distributions from net realized gain  | -  | -  | -  | (.40)  | (.24)  | -  |
| Total distributions  | (.32)  | (.46)  | (.19)  | (.44)  | (.78)  | (.25)  |
| Net asset value, end of period  | $10.98 | $10.07 | $10.08 | $10.22 | $11.98 | $14.94 |
| **Total Return** C,D | 12.34% <br>| 4.58%  | .64%  | (11.15)%  | (15.46)%  | 28.83%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .91% G | .90%  | .92%  | .92%  | .92%  | .90%  |
| Expenses net of fee waivers, if any  | .91% G<br>| .90%  | .91%  | .91%  | .91%  | .90%  |
| Expenses net of all reductions, if any  | .91% G | .90%  | .91%  | .91%  | .91%  | .90%  |
| Net investment income (loss)  | 1.81% G | 2.98%  | 2.99%  | 2.19%  | 1.64%  | 1.99%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $32031 | $27780 | $38800 | $58592 | $95002 | $290807 |
| Portfolio turnover rate H | 96% G<br>| 77%  | 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 for periods of less than one year are not annualized.*

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

E*Fees and expenses of any underlying 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*Annualized.*

H*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>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.05 | $10.06 | $10.21 | $11.97 | $14.93 | $11.82 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .10  | .30  | .30  | .23  | .23  | .28  |
| Net realized and unrealized gain (loss)  | 1.13  | .15  | (.23)  | (1.53)  | (2.39)  | 3.09  |
| Total from investment operations  | 1.23  | .45  | .07  | (1.30)  | (2.16)  | 3.37  |
| Distributions from net investment income  | (.33)  | (.46)  | (.22)  | (.06)  | (.55)  | (.26)  |
| Distributions from net realized gain  | -  | -  | -  | (.40)  | (.25)  | -  |
| Total distributions  | (.33)  | (.46)  | (.22)  | (.46)  | (.80)  | (.26)  |
| Net asset value, end of period  | $10.95 | $10.05 | $10.06 | $10.21 | $11.97 | $14.93 |
| **Total Return** C,D | 12.37% <br>| 4.66%  | .78%  | (11.01)%  | (15.35)%  | 28.99%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .79% G | .78%  | .80%  | .80%  | .79%  | .81%  |
| Expenses net of fee waivers, if any  | .79% G<br>| .78%  | .79%  | .80%  | .79%  | .81%  |
| Expenses net of all reductions, if any  | .79% G | .78%  | .79%  | .80%  | .79%  | .81%  |
| Net investment income (loss)  | 1.93% G | 3.10%  | 3.11%  | 2.30%  | 1.76%  | 2.08%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $146707 | $128948 | $265075 | $263313 | $412765 | $324228 |
| Portfolio turnover rate H | 96% G<br>| 77%  | 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 for periods of less than one year are not annualized.*

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

E*Fees and expenses of any underlying 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*Annualized.*

H*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** **(Unaudited)**

For the period ended January 31, 2026

**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 January 31, 2026 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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** | $45253708 |
| **Gross unrealized depreciation** | <u>(12297983)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$32955725</u> |
| **Tax cost** | <u>$358127976</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 prior fiscal period end and is subject to adjustment.

---

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

**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** | 172491206 | 158816162 |

---

**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** | .81 |
| **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% | 13695 | 348 |
| **Class M** | .25% | .25% | 3358 | 4 |
| **Class C** | .75% | .25% | <u>5548</u> | <u>1101</u> |
|  |  |  | <u>22601</u> | <u>1453</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** | 2787 |
| **Class M** | 30 |
| **Class C**A | <u>18</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2835</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** | 424 |

---

**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 International Real Estate Fund**  | Borrower | 6909727 | 4.19% | 8849 |

---

**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** | 1820266 | 2731157 | (101408) |

---

**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** | 277 |

---

**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** | 4360 | - | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **January 31, 2026** | **Year ended**<br> **July 31, 2025** |
| **Fidelity International Real Estate Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $301359 | $495140 |
| Class M | 32952 | 69353 |
| Class C | 23618 | 44420 |
| International Real Estate | 4733946 | 7468260 |
| Class I | 903468 | 1291772 |
| Class Z | <u>4216144</u> | <u>6964531</u> |
| Total  | <u>$10211487</u> | <u>$16333476</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** |
|  | **Six months ended** <br> **January 31, 2026**  | **Year ended**<br> **July 31, 2025** | **Six months ended** <br> **January 31, 2026**  | **Year ended**<br> **July 31, 2025** |
| **Fidelity International Real Estate Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 91763 | 203949 | $948758 | $1928724 |
| Reinvestment of distributions  | 28877 | 50399 | 298889 | 491979 |
| Shares redeemed | <u>(86080)</u> | <u>(347363)</u> | <u>(890240)</u> | <u>(3260406)</u> |
| Net increase (decrease) | <u>34560</u> | <u>(93015)</u> | <u>$357407</u> | <u>$(839703)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 2991 | 4003 | $30694 | $37744 |
| Reinvestment of distributions  | 3207 | 7157 | 32952 | 69353 |
| Shares redeemed | <u>(10345)</u> | <u>(45739)</u> | <u>(107112)</u> | <u>(427140)</u> |
| Net increase (decrease) | <u>(4147)</u> | <u>(34579)</u> | <u>$(43466)</u> | <u>$(320043)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 15174 | 23417 | $152963 | $214552 |
| Reinvestment of distributions  | 2345 | 4656 | 23618 | 44420 |
| Shares redeemed | <u>(11313)</u> | <u>(46370)</u> | <u>(113235)</u> | <u>(428816)</u> |
| Net increase (decrease) | <u>6206</u> | <u>(18297)</u> | <u>$63346</u> | <u>$(169844)</u> |
| **International Real Estate** |  |  |  |  |
| Shares sold | 1445046 | 3303593 | $15245324 | $31840134 |
| Reinvestment of distributions  | 403157 | 656083 | 4238637 | 6492334 |
| Shares redeemed | <u>(2047695)</u> | <u>(5138153)</u> | <u>(21545709)</u> | <u>(49269704)</u> |
| Net increase (decrease) | <u>(199492)</u> | <u>(1178477)</u> | <u>$(2061748)</u> | <u>$(10937236)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 385340 | 900600 | $4067114 | $8351978 |
| Reinvestment of distributions  | 81814 | 122981 | 855757 | 1218259 |
| Shares redeemed | <u>(308081)</u> | <u>(2112510)</u> | <u>(3265769)</u> | <u>(20558133)</u> |
| Net increase (decrease) | <u>159073</u> | <u>(1088929)</u> | <u>$1657102</u> | <u>$(10987896)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 662790 | 900877 | $6933985 | $8652902 |
| Reinvestment of distributions  | 303003 | 678127 | 3166953 | 6678730 |
| Shares redeemed | <u>(400175)</u> | <u>(15101130)</u> | <u>(4202940)</u> | <u>(153184971)</u> |
| Net increase (decrease) | <u>565618</u> | <u>(13522126)</u> | <u>$5897998</u> | <u>$(137853339)</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 | 26% |

---

**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.

**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)**

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

![](img125820_4.jpg)<br>

1.801330.122 IRE-SANN-0426

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

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

Item 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) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99.906cert.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; March 25, 2026 |

---

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; March 25, 2026 |

---

---

| | |
|:---|:---|
| &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; March 25, 2026 |

---

## 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:

March 25, 2026

---

| |
|:---|
| &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:

March 25, 2026

---

| |
|:---|
| &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: March 25, 2026

---

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

---

Dated: March 25, 2026

---

| |
|:---|
| &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.

<br>