Fidelity Select Health Care Portfolio NCSR Certified annual shareholder report (management investment company)

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 811-3114

Fidelity Select Portfolios

(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000


Date of fiscal year end:	July 31

Date of reporting period:	July 31, 2018

Item 1.

Reports to Stockholders

Fidelity Flex℠ Funds

Fidelity Flex℠ Real Estate Fund

Annual Report

July 31, 2018

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions

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 1-800-835-5092 to request a free copy of the proxy voting guidelines.

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended July 31, 2018	Past 1 year	Life of fund^A
Fidelity Flex℠ Real Estate Fund	3.28%	5.25%

^A From March 8, 2017

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Flex℠ Real Estate Fund on March 8, 2017, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Dow Jones U.S. Select Real Estate Securities Index℠ performed over the same period.

	Period Ending Values
	$10,742	Fidelity Flex℠ Real Estate Fund
	$10,752	Dow Jones U.S. Select Real Estate Securities Index℠

Management's Discussion of Fund Performance

Market Recap: The U.S. equity bellwether S&P 500^® index gained 16.24% for the 12 months ending July 31, 2018, despite a resurgence in volatility that challenged the multiyear bull market. Stocks maintained their steady growth until a sharp reversal in February, as volatility spiked amid fear that rising inflation and the potential for the economy to overheat would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. The index posted its first negative monthly result since October 2016, and then lost further ground in March on fear of a global trade war. The market stabilized in April and turned upward through mid-June, when escalating trade tension between the U.S. and China soured investor sentiment. The resulting uncertainty lingered into July, but strong corporate earnings helped the S&P 500 rise 3.72% that month to cap the period. For the full one-year period, growth handily topped value, while small-caps bested large-caps. By sector, information technology (+28%) led the way, boosted by strong earnings growth from several major index constituents. Consumer discretionary rose roughly 24%, driven by retailers (+49%). Energy (+20%) gained alongside higher oil prices. Laggards were telecommunication services (-2%), consumer staples (0%) and utilities (+3%), defensive groups that struggled amid rising interest rates and a general preference for risk. Real estate (+5%) fared a bit better but still lagged, as did financials, industrials, health care (each up 13%) and materials (+11%).

Comments from Portfolio Manager Steven Buller: For the fiscal year, the fund gained 3.28%, trailing the 3.85% return of the benchmark Dow Jones U.S. Select Real Estate Securities Index℠ and significantly lagging the broad-based S&P 500^®. The fund's underperformance of the Dow Jones real estate index the past 12 months was mostly due to underweightings in the strong hotels and self-storage groups. Subpar security selection among retail real estate investment trusts (REITs) also detracted from our relative result. However, the fund was well-positioned in the lagging diversified segment, where a combination of strong security selection and an underweighting added value versus the benchmark. Overweighting the strong industrial/office category also contributed, as did an underweighting in the weak health care REIT group. Here, an overweighting in Ventas, one of the fund's largest holdings, detracted, although we benefited from lacking exposure to another poor-performing benchmark component, HCP. Another detractor was mall owner Macerich, which, in hindsight, I bought and sold at inopportune times. In self storage, lacking exposure to index components Life Storage and CubeSmart and underweighting Public Storage for most of the period hurt relative performance. Over time, I added to Public Storage, one of our largest holdings on July 31. An overweight in Extra Space Storage added value. Among industrial REITs, DCT was a notable contributor, as it agreed to be acquired at a premium price during the period. Another industrial REIT, Duke Realty, further lifted the fund's relative result.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2018

	% of fund's net assets
Simon Property Group, Inc.	8.8
Prologis, Inc.	7.3
Public Storage	5.5
Boston Properties, Inc.	4.9
UDR, Inc.	4.9
Duke Realty Corp.	4.7
Equity Residential (SBI)	4.1
Ventas, Inc.	4.1
AvalonBay Communities, Inc.	3.9
Digital Realty Trust, Inc.	3.9
	52.1

Top Five REIT Sectors as of July 31, 2018

	% of fund's net assets
REITs - Apartments	19.2
REITs - Office Property	13.8
REITs - Diversified	11.9
REITs - Regional Malls	10.2
REITs - Warehouse/Industrial	9.2

Asset Allocation (% of fund's net assets)

As of July 31, 2018^*
	Stocks	99.0%
	Short-Term Investments and Net Other Assets (Liabilities)	1.0%

* Foreign investments - 0.5%

Schedule of Investments July 31, 2018

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares	Value
Equity Real Estate Investment Trusts (REITs) - 98.0%
REITs - Apartments - 19.2%
American Homes 4 Rent Class A	478	$10,583
Apartment Investment & Management Co. Class A	155	6,611
AvalonBay Communities, Inc.	159	28,119
Camden Property Trust (SBI)	131	12,129
Equity Residential (SBI)	447	29,247
Essex Property Trust, Inc.	65	15,629
UDR, Inc.	903	34,747
		137,065
REITs - Diversified - 11.4%
Cousins Properties, Inc.	463	4,315
Crown Castle International Corp.	32	3,547
Digital Realty Trust, Inc.	226	27,441
Duke Realty Corp.	1,136	33,080
Equinix, Inc.	20	8,786
Washington REIT (SBI)	124	3,781
		80,950
REITs - Health Care - 8.0%
Healthcare Trust of America, Inc.	87	2,377
Ventas, Inc.	512	28,867
Welltower, Inc.	413	25,854
		57,098
REITs - Hotels - 5.8%
Braemar Hotels & Resorts, Inc.	120	1,372
DiamondRock Hospitality Co.	742	8,845
Host Hotels & Resorts, Inc.	1,123	23,516
Park Hotels & Resorts, Inc.	69	2,158
RLJ Lodging Trust	244	5,512
		41,403
REITs - Manufactured Homes - 5.2%
Equity Lifestyle Properties, Inc.	242	22,020
Sun Communities, Inc.	155	15,029
		37,049
REITs - Office Property - 13.8%
Boston Properties, Inc.	280	35,148
Brandywine Realty Trust (SBI)	649	10,702
Douglas Emmett, Inc.	239	9,283
Highwoods Properties, Inc. (SBI)	146	7,170
Hudson Pacific Properties, Inc.	237	8,120
Piedmont Office Realty Trust, Inc. Class A	321	6,349
SL Green Realty Corp.	179	18,457
VEREIT, Inc.	453	3,456
		98,685
REITs - Regional Malls - 10.2%
Simon Property Group, Inc.	355	62,554
The Macerich Co.	173	10,217
		72,771
REITs - Shopping Centers - 6.1%
Acadia Realty Trust (SBI)	314	8,503
Brixmor Property Group, Inc.	440	7,784
Kimco Realty Corp.	605	10,097
Regency Centers Corp.	235	14,953
Urban Edge Properties	111	2,517
		43,854
REITs - Single Tenant - 0.6%
Spirit Realty Capital, Inc.	488	4,085
REITs - Storage - 8.5%
Extra Space Storage, Inc.	224	21,049
Public Storage	180	39,209
		60,258
REITs - Warehouse/Industrial - 9.2%
DCT Industrial Trust, Inc.	204	13,641
Prologis, Inc.	793	52,037
		65,678

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		698,896

Real Estate Management & Development - 1.0%
Real Estate Development - 0.5%
Instone Real Estate Group BV (a)	144	3,705
REITs - Diversified - 0.5%
VICI Properties, Inc.	164	3,337

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT		7,042

TOTAL COMMON STOCKS
(Cost $650,750)		705,938

Money Market Funds - 1.0%
Fidelity Cash Central Fund, 1.96% (b)
(Cost $7,023)	7,021	7,023
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $657,773)		712,961
NET OTHER ASSETS (LIABILITIES) - 0.0%		(356)
NET ASSETS - 100%		$712,605

Legend

(a) 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 $3,705 or 0.5% of net assets.

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$91
Total	$91

Amounts in the 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.

Investment Valuation

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

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

Financial Statements

Statement of Assets and Liabilities

		July 31, 2018
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $650,750)	$705,938
Fidelity Central Funds (cost $7,023)	7,023
Total Investment in Securities (cost $657,773)		$712,961
Receivable for investments sold		344
Distributions receivable from Fidelity Central Funds		12
Other receivables		5
Total assets		713,322
Liabilities
Payable for investments purchased	$717
Total liabilities		717
Net Assets		$712,605
Net Assets consist of:
Paid in capital		$675,644
Undistributed net investment income		3,773
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(22,000)
Net unrealized appreciation (depreciation) on investments		55,188
Net Assets, for 68,677 shares outstanding		$712,605
Net Asset Value, offering price and redemption price per share ($712,605 ÷ 68,677 shares)		$10.38

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

Statement of Operations

		Year ended July 31, 2018
Investment Income
Dividends		$10,890
Income from Fidelity Central Funds		91
Total income		10,981
Expenses
Independent trustees' fees and expenses	$4
Miscellaneous	20
Total expenses		24
Net investment income (loss)		10,957
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(21,737)
Foreign currency transactions	(5)
Total net realized gain (loss)		(21,742)
Change in net unrealized appreciation (depreciation) on investment securities		48,537
Net gain (loss)		26,795
Net increase (decrease) in net assets resulting from operations		$37,752

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

Statement of Changes in Net Assets

	Year ended July 31, 2018	For the period March 8, 2017 (commencement of operations) to July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$10,957	$2,678
Net realized gain (loss)	(21,742)	869
Change in net unrealized appreciation (depreciation)	48,537	6,651
Net increase (decrease) in net assets resulting from operations	37,752	10,198
Distributions to shareholders from net investment income	(8,803)	(1,250)
Distributions to shareholders from net realized gain	(936)	–
Total distributions	(9,739)	(1,250)
Share transactions
Proceeds from sales of shares	706,550	255,125
Reinvestment of distributions	9,739	1,250
Cost of shares redeemed	(297,020)	–
Net increase (decrease) in net assets resulting from share transactions	419,269	256,375
Total increase (decrease) in net assets	447,282	265,323
Net Assets
Beginning of period	265,323	–
End of period	$712,605	$265,323
Other Information
Undistributed net investment income end of period	$3,773	$1,428
Shares
Sold	72,635	25,513
Issued in reinvestment of distributions	962	123
Redeemed	(30,556)	–
Net increase (decrease)	43,041	25,636

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

Financial Highlights

Fidelity Flex Real Estate Fund


Years ended July 31,	2018	2017 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.35	$10.00
Income from Investment Operations
Net investment income (loss)^B	.28	.11
Net realized and unrealized gain (loss)	.05	.29
Total from investment operations	.33	.40
Distributions from net investment income	(.26)	(.05)
Distributions from net realized gain	(.04)	–
Total distributions	(.30)	(.05)
Net asset value, end of period	$10.38	$10.35
Total Return^C,^D	3.28%	4.01%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.01%	- %^G,^H
Expenses net of fee waivers, if any	.01%	- %^G,^H
Expenses net of all reductions	.01%	- %^G,^H
Net investment income (loss)	2.78%	2.64%^G
Supplemental Data
Net assets, end of period (000 omitted)	$713	$265
Portfolio turnover rate^I	91%	9%^J

^A For the period March 8, 2017 (commencement of operations) to July 31, 2017.

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

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

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

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

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

^G Annualized

^H Amount represents less than .005%.

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

^J Amount not annualized.

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

Notes to Financial Statements

For the period ended July 31, 2018

1. Organization.

Fidelity Flex 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. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts offered by Fidelity.

2. Investments in Fidelity Central Funds.

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

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

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

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2018, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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 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	$43,691
Gross unrealized depreciation	(11,876)
Net unrealized appreciation (depreciation)	$31,815
Tax Cost	$681,146

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

Undistributed ordinary income	$4,069
Undistributed long-term capital gain	$1,077
Net unrealized appreciation (depreciation) on securities and other investments	$31,815

The tax character of distributions paid was as follows:

	July 31, 2018	July 31, 2017^(a)
Ordinary Income	$8,828	$ 1,250
Long-term Capital Gains	911	–
Total	$9,739	$ 1,250

(a) For the period March 8, 2017(commencement of operations) to July 31, 2017.

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $786,229 and $359,616, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity SelectCo, LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $45 for the period.

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

6. Committed Line of Credit.

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

7. Other.

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

At the end of the period, the investment adviser or its affiliates were the owners of record of 38% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Flex Real Estate Fund (the "Fund"), a fund of Fidelity Select Portfolios, including the schedule of investments, as of July 31, 2018, the related statement of operations for the year then ended, the statement of changes in net assets and the financial highlights for the year then ended and for the period from March 8, 2017 (commencement of operations) to July 31, 2017, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations for the year then ended, and the changes in its net assets, and the financial highlights for the year then ended and for the period from March 8, 2017 (commencement of operations) to July 31, 2017, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2018, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 13, 2018

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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Michael E. Wiley, each of the Trustees oversees 286 funds. Mr. Wiley oversees 197 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity^® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity^® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity^® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity^® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged SelectCo and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through SelectCo, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. In addition, the Independent Trustees have worked with Fidelity to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), SelectCo's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2018

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity^® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2018

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as President of Fidelity SelectCo, LLC (investment adviser firm, 2017-present) and Fidelity Management & Research Company (FMR) (investment adviser firm, 2016-present), a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with SelectCo.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2018

Trustee

Mr. Dirks also serves as Trustee of other Fidelity^® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present), Board of Directors (2017-present) and Board of Trustees (2018-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity^® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity^® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

Alan J. Lacy (1953)

Year of Election or Appointment: 2018

Trustee

Mr. Lacy also serves as Trustee of other Fidelity^® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2018

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity^® funds. Mr. Lautenbach currently serves as Vice Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2018

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity^® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).

Cornelia M. Small (1944)

Year of Election or Appointment: 2018

Trustee

Ms. Small also serves as Trustee of other Fidelity^® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

Garnett A. Smith (1947)

Year of Election or Appointment: 2013

Trustee

Mr. Smith also serves as Trustee of other Fidelity^® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity^® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Mr. Thomas also serves as Trustee of other Fidelity^® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity^® funds. Mr. Wiley serves as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-present), a Director of Andeavor Logistics LP (natural resources logistics, 2015-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Trustee of other Fidelity^® funds (2008-2013), as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity^® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

William S. Stavropoulos (1939)

Year of Election or Appointment: 2018

Member of the Advisory Board

Mr. Stavropoulos also serves as Member of the Advisory Board of other Fidelity^® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of Artis-Naples in Naples, Florida. Previously, Mr. Stavropoulos served as Trustee of certain Fidelity^® funds (2001-2018) and as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

Carol B. Tomé (1957)

Year of Election or Appointment: 2017

Member of the Advisory Board

Ms. Tomé also serves as Member of the Advisory Board of other Fidelity^® funds. Ms. Tomé is Chief Financial Officer (2001-present) and Executive Vice President of Corporate Services (2007-present) of The Home Depot, Inc. (home improvement retailer) and a Director (2003-present) and Chair of the Audit Committee (2004-present) of United Parcel Service, Inc. (package delivery and supply chain management). Previously, Ms. Tomé served as Trustee of certain Fidelity^® funds (2017), Senior Vice President of Finance and Accounting/Treasurer (2000-2007) and Vice President and Treasurer (1995-2000) of The Home Depot, Inc. and Chair of the Board (2010-2012), Vice Chair of the Board (2009 and 2013), and a Director (2008-2013) of the Federal Reserve Bank of Atlanta. Ms. Tomé is also a director or trustee of many community and professional organizations.

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

Marc R. Bryant (1966)

Year of Election or Appointment: 2013

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Global Equity Research (2016-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2018

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity^® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2018

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity^® funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as a Vice President of other funds. Ms. Holding serves as Co-Head of Global Equity Research (2018-present) and is an employee of Fidelity Investments (2013-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2018

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity^® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity^® funds (2013-2016).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2018 to July 31, 2018).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

	Annualized Expense Ratio-^A	Beginning Account Value February 1, 2018	Ending Account Value July 31, 2018	Expenses Paid During Period-^B February 1, 2018 to July 31, 2018
Actual	- %-^C	$1,000.00	$1,058.80	$--^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D

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

^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^C Amount represents less than .005%.

^D Amount represents less than $.005.

^E 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Flex Real Estate Fund voted to pay on September 10, 2018, to shareholders of record at the opening of business on September 7, 2018, a distribution of $0.021 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.073 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2018, $1,314, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.15% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Fidelity Investments

Corporate Headquarters

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Boston, MA 02210

www.fidelity.com

ZXL-ANN-0918
1.9881647.101

Fidelity Advisor® International Real Estate Fund -

Class A, Class M, Class C and Class I

Annual Report

July 31, 2018

Class A, Class M, Class C and Class I are classes of Fidelity® International Real Estate Fund

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended July 31, 2018	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	2.25%	5.50%	4.13%
Class M (incl. 3.50% sales charge)	4.41%	5.69%	4.09%
Class C (incl. contingent deferred sales charge)	6.70%	5.97%	3.97%
Class I	8.88%	7.13%	5.06%

Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® International Real Estate Fund - Class A on July 31, 2008, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.

	Period Ending Values
	$14,993	Fidelity Advisor® International Real Estate Fund - Class A
	$14,233	MSCI EAFE Index

Management's Discussion of Fund Performance

Market Recap: For the 12 months ending July 31, 2018, global real estate stocks gained 5.67%, as measured by the FTSE^® EPRA℠/NAREIT^® Developed Index, partly held back by the headwind of a strengthening U.S. dollar against many currencies. In the U.S., it was an up-and-down 12 months for real estate investment trusts (REITs), which made up 52% of the index this period, on average. U.S. REITs corrected sharply in late 2017 and the first two months of 2018 before enjoying a strong upward trend through the end of July. For the full 12 months, the group rose about 4%. Higher interest rates posed a headwind for U.S. REITs, as income-seeking investors perceived a correlation between the two factors. Still, the fundamental backdrop for U.S. REITs remained solid, with positive, if decelerating, cash-flow growth across most categories. Continental European markets performed especially well this period, gaining roughly 11%, owing to the earlier stage of their real estate recovery. Almost every country in this region fared well, led by Austria (+35%), Germany (+23%) and Sweden (+16%). Conversely, notable laggards within Europe included France (+2%) and Switzerland (+1%). Meanwhile, Japan and Hong Kong, the next-largest index allocations, returned 5% and roughly 7%, respectively, the past 12 months, while Australia (+6%) and the U.K. (+8%) each outperformed the broader market.

Comments from Portfolio Manager Guillermo de las Casas: For the fiscal year, the fund's shares Classes (excluding sales charges, if applicable) gained roughly 8% to 9%, ahead of the 7.85% return of the FTSE^® EPRA℠/NAREIT^® Developed Ex North America Index. International real estate securities faced a challenging 2018 so far, but nonetheless posted a strong return the past 12 months, largely supported by strength from October 2017 through the first month of the new year. My focus on underlying earnings growth – rather than solely on investments with the highest yields – helped the fund outperform the FTSE index, as we avoided some of the index's higher-yielding components that weighed on the recent performance of the asset class. One good example of this is Unibail-Rodamco (-5%), a mall company in Europe. I generally avoid mall companies if I see deteriorating medium- to long-term prospects. Not owning Unibail was the fund’s largest individual relative contributor for the year, as the stock underperformed along with other mall stocks, which generally lagged those of real estate developers. A non-index stake in Ichigo, a Japanese real estate owner/operator with a focus on offices and hotels, was another contributor. The company also builds and operates solar power plants on unused land nationwide. Shares of Ichigo were propelled by the firm’s strong financial results and positive transactions in its solar business. We reduced our position in Ichigo this period to take some profits. Conversely, not owning index component Link Real Estate Investment Trust, Asia's largest REIT, detracted most. We avoided this Hong Kong-based REIT based on our skepticism about the sustainability of the country’s housing prices. Unfortunately for the fund, we missed out on Link’s roughly 26% gain the past 12 months.

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2018

	% of fund's net assets
Vonovia SE	6.0
Mitsubishi Estate Co. Ltd.	5.5
Mitsui Fudosan Co. Ltd.	4.5
Kojamo OYJ	3.4
Parkway Life REIT	2.9
Sino Land Ltd.	2.7
Irish Residential Properties REIT PLC	2.4
Hysan Development Co. Ltd.	2.4
Hufvudstaden AB Series A	2.4
LEG Immobilien AG	2.3
	34.5

Top Five Countries as of July 31, 2018

(excluding cash equivalents)	% of fund's net assets
Japan	17.6
United Kingdom	11.0
Germany	9.6
Singapore	8.0
Australia	7.0

Top Five REIT Sectors as of July 31, 2018

	% of fund's net assets
REITs - Management/Investment	7.8
REITs - Diversified	6.5
REITs - Apartments	5.7
REITs - Health Care	4.4
REITs - Office Property	2.6

Asset Allocation (% of fund's net assets)

As of July 31, 2018^*
	Stocks	95.8%
	Short-Term Investments and Net Other Assets (Liabilities)	4.2%

* Foreign investments - 95.3%

Schedule of Investments July 31, 2018

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares	Value
Australia - 7.0%
360 Capital Group Ltd. unit	6,024,853	$4,453,784
Abacus Property Group unit	2,606,270	7,241,868
Arena (REIT) unit	2,769,028	4,731,674
Mirvac Group unit	4,198,488	7,111,928
National Storage (REIT) unit	9,495,269	12,063,212
Propertylink Group unit	9,666,703	7,612,790

TOTAL AUSTRALIA		43,215,256

Bailiwick of Guernsey - 0.4%
Sirius Real Estate Ltd.	3,073,500	2,355,927
Belgium - 1.7%
Aedifica SA	22,500	2,146,927
Warehouses de Pauw	63,686	8,549,297

TOTAL BELGIUM		10,696,224

Bermuda - 6.4%
Great Eagle Holdings Ltd.	1,566,752	7,714,942
Hongkong Land Holdings Ltd.	1,747,200	12,702,144
Tai Cheung Holdings Ltd.	11,757,000	12,672,135
Wing Tai Properties Ltd.	7,822,000	6,118,840

TOTAL BERMUDA		39,208,061

Cayman Islands - 0.5%
Alibaba Group Holding Ltd. sponsored ADR (a)	15,600	2,920,788
Finland - 3.4%
Kojamo OYJ	1,993,800	21,099,623
France - 3.2%
Altarea SCA	27,594	6,059,751
ARGAN SA	30,961	1,618,330
Societe Fonciere Lyonnaise SA	171,794	11,731,819

TOTAL FRANCE		19,409,900

Germany - 9.6%
DIC Asset AG	271,700	3,100,873
LEG Immobilien AG	128,978	14,514,958
Scout24 AG (b)	94,400	4,912,205
Vonovia SE	757,654	36,687,715

TOTAL GERMANY		59,215,751

Greece - 0.7%
Grivalia Properties REIC	430,891	4,318,101
Hong Kong - 6.1%
Hysan Development Co. Ltd.	2,736,703	14,975,238
Magnificent Hotel Investment Ltd.	220,237,000	5,695,990
Sino Land Ltd.	9,712,355	16,680,050

TOTAL HONG KONG		37,351,278

India - 0.6%
Oberoi Realty Ltd.	473,470	3,431,032
Ireland - 3.4%
Hibernia (REIT) PLC	3,445,908	5,866,912
Irish Residential Properties REIT PLC	9,360,600	15,039,553

TOTAL IRELAND		20,906,465

Israel - 0.5%
Azrieli Group	64,100	3,066,927
Japan - 17.6%
Advance Residence Investment Corp.	4,788	12,456,551
Comforia Residential REIT, Inc.	3,808	8,915,927
Daibiru Corp.	327,300	3,366,230
Ichigo, Inc.	664,500	2,959,540
Japan Rental Housing Investment, Inc.	14,674	11,942,351
Kenedix, Inc.	733,400	4,191,232
Mitsubishi Estate Co. Ltd.	1,964,400	34,087,481
Mitsui Fudosan Co. Ltd.	1,147,600	27,441,088
Ship Healthcare Holdings, Inc.	77,300	2,996,874

TOTAL JAPAN		108,357,274

Mexico - 0.9%
Corporacion Inmobiliaria Vesta S.A.B. de CV	3,468,062	5,494,862
Netherlands - 0.2%
Instone Real Estate Group BV (b)	48,376	1,244,506
New Zealand - 1.2%
Auckland International Airport Ltd.	1,649,741	7,505,794
Norway - 2.3%
Olav Thon Eiendomsselskap A/S	494,858	9,379,469
Self Storage Group ASA	1,548,544	3,132,533
Selvaag Bolig ASA	274,100	1,493,719

TOTAL NORWAY		14,005,721

Singapore - 8.0%
Parkway Life REIT	8,775,400	17,791,240
United Industrial Corp. Ltd.	4,115,200	9,522,077
UOL Group Ltd.	2,078,347	10,946,302
Wing Tai Holdings Ltd.	7,278,681	11,067,594

TOTAL SINGAPORE		49,327,213

Spain - 1.5%
Inmobiliaria Colonial SA	415,270	4,474,767
Melia Hotels International SA	362,600	4,770,071

TOTAL SPAIN		9,244,838

Sweden - 6.8%
Amasten Holding AB (a)(c)	12,594,747	6,775,104
D. Carnegie & Co. AB (a)	603,700	11,259,793
Fastighets AB Trianon Class B (d)	443,600	3,531,466
Hufvudstaden AB Series A	958,350	14,822,739
Wallenstam AB (B Shares)	547,600	5,629,856

TOTAL SWEDEN		42,018,958

Switzerland - 2.3%
PSP Swiss Property AG	152,534	14,372,996
United Kingdom - 11.0%
Assura PLC	12,492,420	9,280,660
Big Yellow Group PLC	610,400	7,623,233
Grainger Trust PLC	2,315,407	9,311,764
Great Portland Estates PLC	748,748	7,035,645
Helical Bar PLC	1,746,045	7,333,668
Land Securities Group PLC	663,518	8,210,850
Safestore Holdings PLC	1,102,054	8,100,405
Shaftesbury PLC	594,700	7,274,945
St. Modwen Properties PLC	651,725	3,464,458

TOTAL UNITED KINGDOM		67,635,628

United States of America - 0.5%
Alphabet, Inc. Class C (a)	1,300	1,582,438
Amazon.com, Inc. (a)	700	1,244,208

TOTAL UNITED STATES OF AMERICA		2,826,646

TOTAL COMMON STOCKS
(Cost $588,485,117)		589,229,769

Money Market Funds - 4.5%
Fidelity Cash Central Fund, 1.96% (e)	27,483,728	27,489,225
Fidelity Securities Lending Cash Central Fund 1.97% (e)(f)	58,767	58,773
TOTAL MONEY MARKET FUNDS
(Cost $27,548,692)		27,547,998
TOTAL INVESTMENT IN SECURITIES - 100.3%
(Cost $616,033,809)		616,777,767
NET OTHER ASSETS (LIABILITIES) - (0.3)%		(1,618,263)
NET ASSETS - 100%		$615,159,504

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

Legend

(a) Non-income producing

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,156,711 or 1.0% of net assets.

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

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$355,720
Fidelity Securities Lending Cash Central Fund	64,783
Total	$420,503

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Amasten Holding AB	$2,097,020	$3,945,378	$634,640	$--	$143,105	$1,224,241	$6,775,104
Total	$2,097,020	$3,945,378	$634,640	$--	$143,105	$1,224,241	$6,775,104

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$14,842,802	$14,842,802	$--	$--
Financials	7,612,790	7,612,790	--	--
Health Care	2,996,874	2,996,874	--	--
Industrials	7,505,794	7,505,794	--	--
Information Technology	9,415,431	9,415,431	--	--
Real Estate	546,856,078	485,327,509	61,528,569	--
Money Market Funds	27,547,998	27,547,998	--	--
Total Investments in Securities:	$616,777,767	$555,249,198	$61,528,569	$--

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers	Total
Level 1 to Level 2	$36,210,922
Level 2 to Level 1	$0

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

Financial Statements

Statement of Assets and Liabilities

		July 31, 2018
Assets
Investment in securities, at value (including securities loaned of $55,767) — See accompanying schedule: Unaffiliated issuers (cost $583,073,873)	$582,454,665
Fidelity Central Funds (cost $27,548,692)	27,547,998
Other affiliated issuers (cost $5,411,244)	6,775,104
Total Investment in Securities (cost $616,033,809)		$616,777,767
Receivable for investments sold		1,372,651
Receivable for fund shares sold		409,012
Dividends receivable		1,893,736
Distributions receivable from Fidelity Central Funds		45,506
Prepaid expenses		5,806
Other receivables		5,498
Total assets		620,509,976
Liabilities
Payable to custodian bank	$981
Payable for investments purchased	4,053,106
Payable for fund shares redeemed	667,708
Accrued management fee	350,754
Distribution and service plan fees payable	8,386
Other affiliated payables	116,730
Other payables and accrued expenses	94,637
Collateral on securities loaned	58,170
Total liabilities		5,350,472
Net Assets		$615,159,504
Net Assets consist of:
Paid in capital		$610,216,172
Undistributed net investment income		9,800,848
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(5,609,971)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		752,455
Net Assets		$615,159,504
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($11,318,576 ÷ 973,430 shares)		$11.63
Maximum offering price per share (100/94.25 of $11.63)		$12.34
Class M:
Net Asset Value and redemption price per share ($4,360,365 ÷ 378,274 shares)		$11.53
Maximum offering price per share (100/96.50 of $11.53)		$11.95
Class C:
Net Asset Value and offering price per share ($4,893,763 ÷ 431,765 shares)^(a)		$11.33
International Real Estate:
Net Asset Value, offering price and redemption price per share ($244,194,897 ÷ 20,733,961 shares)		$11.78
Class I:
Net Asset Value, offering price and redemption price per share ($350,391,903 ÷ 29,944,912 shares)		$11.70

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Statement of Operations

		Year ended July 31, 2018
Investment Income
Dividends		$18,885,224
Income from Fidelity Central Funds		420,503
Income before foreign taxes withheld		19,305,727
Less foreign taxes withheld		(1,574,477)
Total income		17,731,250
Expenses
Management fee	$3,622,340
Transfer agent fees	975,030
Distribution and service plan fees	100,019
Accounting and security lending fees	268,272
Custodian fees and expenses	141,917
Independent trustees' fees and expenses	6,775
Registration fees	154,592
Audit	64,900
Legal	5,493
Miscellaneous	24,328
Total expenses before reductions	5,363,666
Expense reductions	(39,019)
Total expenses after reductions		5,324,647
Net investment income (loss)		12,406,603
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $35,832)	36,328,223
Fidelity Central Funds	45
Other affiliated issuers	143,105
Foreign currency transactions	(52,157)
Total net realized gain (loss)		36,419,216
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(9,003,743)
Fidelity Central Funds	7
Other affiliated issuers	1,224,241
Assets and liabilities in foreign currencies	(38,756)
Total change in net unrealized appreciation (depreciation)		(7,818,251)
Net gain (loss)		28,600,965
Net increase (decrease) in net assets resulting from operations		$41,007,568

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

Statement of Changes in Net Assets

	Year ended July 31, 2018	Year ended July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$12,406,603	$7,521,781
Net realized gain (loss)	36,419,216	4,415,065
Change in net unrealized appreciation (depreciation)	(7,818,251)	19,827,836
Net increase (decrease) in net assets resulting from operations	41,007,568	31,764,682
Distributions to shareholders from net investment income	(10,124,814)	(6,452,012)
Distributions to shareholders from net realized gain	(4,548,679)	(10,755,458)
Total distributions	(14,673,493)	(17,207,470)
Share transactions - net increase (decrease)	172,199,968	(61,871,515)
Redemption fees	19,597	42,646
Total increase (decrease) in net assets	198,553,640	(47,271,657)
Net Assets
Beginning of period	416,605,864	463,877,521
End of period	$615,159,504	$416,605,864
Other Information
Undistributed net investment income end of period	$9,800,848	$7,518,086

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

Financial Highlights

Fidelity International Real Estate Fund Class A

Years ended July 31,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.03	$10.46	$10.56	$10.85	$10.11
Income from Investment Operations
Net investment income (loss)^A	.23	.16	.15	.26^B	.16
Net realized and unrealized gain (loss)	.69	.79	.02	(.10)^C	1.09
Total from investment operations	.92	.95	.17	.16	1.25
Distributions from net investment income	(.21)	(.13)	(.15)	(.14)	(.16)
Distributions from net realized gain	(.11)	(.25)	(.12)	(.31)	(.35)
Total distributions	(.32)	(.38)	(.27)	(.45)	(.51)
Redemption fees added to paid in capital^A,^D	–	–	–	–	–
Net asset value, end of period	$11.63	$11.03	$10.46	$10.56	$10.85
Total Return^E,^F	8.49%	9.48%	1.75%	1.67%^C	12.85%
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.36%	1.35%	1.35%	1.34%	1.38%
Expenses net of fee waivers, if any	1.36%	1.35%	1.35%	1.34%	1.38%
Expenses net of all reductions	1.35%	1.35%	1.33%	1.34%	1.38%
Net investment income (loss)	2.03%	1.60%	1.51%	2.45%^B	1.57%
Supplemental Data
Net assets, end of period (000 omitted)	$11,319	$10,170	$14,020	$17,162	$13,933
Portfolio turnover rate^I	56%	55%	71%	82%	59%

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

^B Net investment income per share reflects large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.15%.

^C Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 1.64%.

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

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

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

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

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

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

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

Fidelity International Real Estate Fund Class M

Years ended July 31,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$10.93	$10.39	$10.49	$10.76	$10.04
Income from Investment Operations
Net investment income (loss)^A	.20	.13	.12	.22^B	.13
Net realized and unrealized gain (loss)	.68	.77	.02	(.08)^C	1.07
Total from investment operations	.88	.90	.14	.14	1.20
Distributions from net investment income	(.17)	(.12)	(.11)	(.10)	(.14)
Distributions from net realized gain	(.11)	(.25)	(.12)	(.31)	(.35)
Total distributions	(.28)	(.36)^D	(.24)^E	(.41)	(.48)^F
Redemption fees added to paid in capital^A,^G	–	–	–	–	–
Net asset value, end of period	$11.53	$10.93	$10.39	$10.49	$10.76
Total Return^H,^I	8.19%	9.07%	1.43%	1.49%^C	12.50%
Ratios to Average Net Assets^J,^K
Expenses before reductions	1.65%	1.65%	1.66%	1.64%	1.66%
Expenses net of fee waivers, if any	1.65%	1.65%	1.66%	1.64%	1.66%
Expenses net of all reductions	1.65%	1.65%	1.64%	1.63%	1.65%
Net investment income (loss)	1.74%	1.31%	1.20%	2.15%^B	1.30%
Supplemental Data
Net assets, end of period (000 omitted)	$4,360	$4,147	$4,545	$4,939	$5,563
Portfolio turnover rate^L	56%	55%	71%	82%	59%

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

^B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .86%.

^D Total distributions of $.36 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.246 per share.

^E Total distributions of $.24 per share is comprised of distributions from net investment income of $.114 and distributions from net realized gain of $.121 per share.

^F Total distributions of $.48 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.348 per share.

^G Amount represents less than $.005 per share.

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

^I Total returns do not include the effect of the sales charges.

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

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

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

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

Fidelity International Real Estate Fund Class C

Years ended July 31,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$10.73	$10.21	$10.32	$10.60	$9.89
Income from Investment Operations
Net investment income (loss)^A	.15	.09	.07	.17^B	.08
Net realized and unrealized gain (loss)	.67	.76	.02	(.08)^C	1.07
Total from investment operations	.82	.85	.09	.09	1.15
Distributions from net investment income	(.10)	(.09)	(.07)	(.07)	(.09)
Distributions from net realized gain	(.11)	(.25)	(.12)	(.30)	(.35)
Total distributions	(.22)^D	(.33)^E	(.20)^F	(.37)	(.44)
Redemption fees added to paid in capital^A,^G	–	–	–	–	–
Net asset value, end of period	$11.33	$10.73	$10.21	$10.32	$10.60
Total Return^H,^I	7.70%	8.69%	.93%	.97%^C	12.04%
Ratios to Average Net Assets^J,^K
Expenses before reductions	2.05%	2.09%	2.10%	2.09%	2.13%
Expenses net of fee waivers, if any	2.04%	2.08%	2.10%	2.09%	2.13%
Expenses net of all reductions	2.04%	2.08%	2.09%	2.09%	2.13%
Net investment income (loss)	1.35%	.87%	.75%	1.70%^B	.82%
Supplemental Data
Net assets, end of period (000 omitted)	$4,894	$4,818	$5,668	$6,548	$6,504
Portfolio turnover rate^L	56%	55%	71%	82%	59%

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

^B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .41%.

^D Total distributions of $.22 per share is comprised of distributions from net investment income of $.103 and distributions from net realized gain of $.112 per share.

^E Total distributions of $.33 per share is comprised of distributions from net investment income of $.085 and distributions from net realized gain of $.246 per share.

^F Total distributions of $.20 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $.121 per share.

^G Amount represents less than $.005 per share.

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

^I Total returns do not include the effect of the contingent deferred sales charge.

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

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

Fidelity International Real Estate Fund

Years ended July 31,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.17	$10.58	$10.68	$10.96	$10.21
Income from Investment Operations
Net investment income (loss)^A	.27	.19	.17	.28^B	.19
Net realized and unrealized gain (loss)	.70	.79	.02	(.09)^C	1.09
Total from investment operations	.97	.98	.19	.19	1.28
Distributions from net investment income	(.24)	(.15)	(.17)	(.16)	(.18)
Distributions from net realized gain	(.11)	(.25)	(.12)	(.31)	(.35)
Total distributions	(.36)^D	(.39)^E	(.29)	(.47)	(.53)
Redemption fees added to paid in capital^A,^F	–	–	–	–	–
Net asset value, end of period	$11.78	$11.17	$10.58	$10.68	$10.96
Total Return^G	8.84%	9.74%	1.94%	1.95%^C	13.12%
Ratios to Average Net Assets^H,^I
Expenses before reductions	1.05%	1.12%	1.13%	1.12%	1.13%
Expenses net of fee waivers, if any	1.05%	1.12%	1.13%	1.12%	1.13%
Expenses net of all reductions	1.04%	1.11%	1.11%	1.12%	1.13%
Net investment income (loss)	2.34%	1.84%	1.73%	2.67%^B	1.82%
Supplemental Data
Net assets, end of period (000 omitted)	$244,195	$226,027	$341,407	$330,910	$342,960
Portfolio turnover rate^J	56%	55%	71%	82%	59%

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

^D Total distributions of $.36 per share is comprised of distributions from net investment income of $.244 and distributions from net realized gain of $.112 per share.

^E Total distributions of $.39 per share is comprised of distributions from net investment income of $.147 and distributions from net realized gain of $.246 per share.

^F Amount represents less than $.005 per share.

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

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

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

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

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

Fidelity International Real Estate Fund Class I

Years ended July 31,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.13	$10.54	$10.64	$10.92	$10.18
Income from Investment Operations
Net investment income (loss)^A	.28	.20	.19	.29^B	.19
Net realized and unrealized gain (loss)	.68	.79	.02	(.09)^C	1.09
Total from investment operations	.96	.99	.21	.20	1.28
Distributions from net investment income	(.28)	(.16)	(.19)	(.17)	(.19)
Distributions from net realized gain	(.11)	(.25)	(.12)	(.31)	(.35)
Total distributions	(.39)	(.40)^D	(.31)	(.48)	(.54)
Redemption fees added to paid in capital^A,^E	–	–	–	–	–
Net asset value, end of period	$11.70	$11.13	$10.54	$10.64	$10.92
Total Return^F	8.88%	9.89%	2.15%	2.01%^C	13.16%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.96%	.95%	.97%	1.03%	1.12%
Expenses net of fee waivers, if any	.96%	.95%	.97%	1.03%	1.12%
Expenses net of all reductions	.95%	.95%	.96%	1.03%	1.12%
Net investment income (loss)	2.44%	2.00%	1.89%	2.76%^B	1.84%
Supplemental Data
Net assets, end of period (000 omitted)	$350,392	$171,444	$98,238	$37,426	$7,336
Portfolio turnover rate^I	56%	55%	71%	82%	59%

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

^D Total distributions of $.40 per share is comprised of distributions from net investment income of $.157 and distributions from net realized gain of $.246 per share.

^E Amount represents less than $.005 per share.

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

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

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

Notes to Financial Statements

For the period ended July 31, 2018

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, and Class I shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2018, including information on transfers between Levels 1 and 2, 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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards, expiring 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	$26,483,698
Gross unrealized depreciation	(32,858,528)
Net unrealized appreciation (depreciation)	$(6,374,830)
Tax Cost	$623,152,597

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

Undistributed ordinary income	$11,312,387
Net unrealized appreciation (depreciation) on securities and other investments	$(6,369,056)

The tax character of distributions paid was as follows:

	July 31, 2018	July 31, 2017
Ordinary Income	$14,673,493	$ 17,207,470

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital. In November 2017, the Board of Trustees approved the elimination of these redemption fees effective December 18, 2017.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $444,045,345 and $280,337,762, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity SelectCo, LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by Fidelity Management & Research Company (FMR) and the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .69% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (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%	$28,146	$1,462
Class M	.25%	.25%	21,904	388
Class C	.75%	.25%	49,969	5,419
			$100,019	$7,269

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	$6,437
Class M	698
Class C^(a)	436
	$7,571

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

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$32,519	.29
Class M	14,626	.33
Class C	11,301	.23
International Real Estate	552,012	.23
Class I	364,572	.14
	$975,030

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annual rate of .05%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $2 for the period.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,414 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $64,783.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $34,477 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $52.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $4,490.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended July 31, 2018	Year ended July 31, 2017
From net investment income
Class A	$195,752	$172,831
Class M	63,177	49,722
Class C	47,241	46,498
International Real Estate	4,956,891	4,709,837
Class I	4,861,753	1,473,124
Total	$10,124,814	$6,452,012
From net realized gain
Class A	$107,906	$324,553
Class M	42,399	106,361
Class C	50,358	134,570
International Real Estate	2,282,039	7,881,767
Class I	2,065,977	2,308,207
Total	$4,548,679	$10,755,458

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended July 31, 2018	Year ended July 31, 2017	Year ended July 31, 2018	Year ended July 31, 2017
Class A
Shares sold	339,407	181,935	$3,867,962	$1,849,400
Reinvestment of distributions	27,005	48,795	298,868	481,116
Shares redeemed	(314,754)	(649,016)	(3,593,331)	(6,392,090)
Net increase (decrease)	51,658	(418,286)	$573,499	$(4,061,574)
Class M
Shares sold	64,048	32,803	$721,867	$332,037
Reinvestment of distributions	9,612	15,081	105,576	147,798
Shares redeemed	(74,640)	(106,218)	(848,189)	(1,035,018)
Net increase (decrease)	(980)	(58,334)	$(20,746)	$(555,183)
Class C
Shares sold	112,833	65,324	$1,260,510	$644,923
Reinvestment of distributions	8,329	16,794	90,113	162,226
Shares redeemed	(138,261)	(188,121)	(1,536,355)	(1,815,445)
Net increase (decrease)	(17,099)	(106,003)	$(185,732)	$(1,008,296)
International Real Estate
Shares sold	4,614,000	3,759,060	$53,516,447	$38,129,039
Reinvestment of distributions	611,665	1,216,426	6,842,405	12,127,770
Shares redeemed	(4,719,336)	(17,006,602)	(54,484,741)	(170,060,109)
Net increase (decrease)	506,329	(12,031,116)	$5,874,111	$(119,803,300)
Class I
Shares sold	17,465,869	10,978,201	$199,780,614	$111,375,436
Reinvestment of distributions	283,871	86,835	3,154,782	861,404
Shares redeemed	(3,206,769)	(4,985,602)	(36,976,560)	(48,680,002)
Net increase (decrease)	14,542,971	6,079,434	$165,958,836	$63,556,838

11. Other.

At the end of the period, Strategic Advisers Fidelity International Fund was the owner of record of approximately 10% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity International Real Estate Fund (the "Fund"), a fund of Fidelity Select Portfolios, including the schedule of investments, as of July 31, 2018, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 14, 2018

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

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-208-0098.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2018

Trustee

Chairman of the Board of Trustees

Charles S. Morrison (1960)

Year of Election or Appointment: 2018

Trustee

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with SelectCo.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2018

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2018

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2018

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2018

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2018

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2013

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

William S. Stavropoulos (1939)

Year of Election or Appointment: 2018

Member of the Advisory Board

Carol B. Tomé (1957)

Year of Election or Appointment: 2017

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Marc R. Bryant (1966)

Year of Election or Appointment: 2013

Secretary and Chief Legal Officer (CLO)

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2018

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2018

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as a Vice President of other funds. Ms. Holding serves as Co-Head of Global Equity Research (2018-present) and is an employee of Fidelity Investments (2013-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2018

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2017

Assistant Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2018 to July 31, 2018).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Annualized Expense Ratio-^A	Beginning Account Value February 1, 2018	Ending Account Value July 31, 2018	Expenses Paid During Period-^B February 1, 2018 to July 31, 2018
Class A	1.34%
Actual		$1,000.00	$970.00	$6.55
Hypothetical-^C		$1,000.00	$1,018.15	$6.71
Class M	1.64%
Actual		$1,000.00	$968.90	$8.01
Hypothetical-^C		$1,000.00	$1,016.66	$8.20
Class C	2.03%
Actual		$1,000.00	$966.70	$9.90
Hypothetical-^C		$1,000.00	$1,014.73	$10.14
International Real Estate	1.04%
Actual		$1,000.00	$971.90	$5.08
Hypothetical-^C		$1,000.00	$1,019.64	$5.21
Class I	.95%
Actual		$1,000.00	$971.80	$4.64
Hypothetical-^C		$1,000.00	$1,020.08	$4.76

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity International Real Estate Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity International Real Estate Fund
Class A	09/17/18	09/14/18	$0.165	$0.031
Class M	09/17/18	09/14/18	$0.141	$0.031
Class C	09/17/18	09/14/18	$0.118	$0.031
International Real Estate	09/17/18	09/14/18	$0.185	$0.031
Class I	09/17/18	09/14/18	$0.193	$0.031

Class A designates 68% and 45%, Class M designates 76% and 52%, Class C designates 95% and 67%, International Real Estate designates 62% and 39%, and Class I designates 55% and 38% of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

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

	Pay Date	Income	Taxes
Fidelity International Real Estate Fund
Class A	09/18/17	$0.2406	$0.0166
Class A	12/18/17	$0.0628	$0.0053
Class M	09/18/17	$0.2156	$0.0166
Class M	12/18/17	$0.0545	$0.0053
Class C	09/18/17	$0.1706	$0.0166
Class C	12/18/17	$0.0419	$0.0053
International Real Estate	09/18/17	$0.2646	$0.0166
International Real Estate	12/18/17	$0.0716	$0.0053
Class I	09/18/17	$0.2976	$0.0166
Class I	12/18/17	$0.0748	$0.0053

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Fidelity Investments

AIRE-ANN-0918
1.843179.111

Fidelity® International Real Estate Fund

Annual Report

July 31, 2018

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended July 31, 2018	Past 1 year	Past 5 years	Past 10 years
Fidelity® International Real Estate Fund	8.84%	7.02%	5.01%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® International Real Estate Fund, a class of the fund, on July 31, 2008.

The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.

	Period Ending Values
	$16,301	Fidelity® International Real Estate Fund
	$14,233	MSCI EAFE Index

Management's Discussion of Fund Performance

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2018

	% of fund's net assets
Vonovia SE	6.0
Mitsubishi Estate Co. Ltd.	5.5
Mitsui Fudosan Co. Ltd.	4.5
Kojamo OYJ	3.4
Parkway Life REIT	2.9
Sino Land Ltd.	2.7
Irish Residential Properties REIT PLC	2.4
Hysan Development Co. Ltd.	2.4
Hufvudstaden AB Series A	2.4
LEG Immobilien AG	2.3
	34.5

Top Five Countries as of July 31, 2018

(excluding cash equivalents)	% of fund's net assets
Japan	17.6
United Kingdom	11.0
Germany	9.6
Singapore	8.0
Australia	7.0

Top Five REIT Sectors as of July 31, 2018

	% of fund's net assets
REITs - Management/Investment	7.8
REITs - Diversified	6.5
REITs - Apartments	5.7
REITs - Health Care	4.4
REITs - Office Property	2.6

Asset Allocation (% of fund's net assets)

As of July 31, 2018 ^*
	Stocks	95.8%
	Short-Term Investments and Net Other Assets (Liabilities)	4.2%

* Foreign investments - 95.3%

Schedule of Investments July 31, 2018

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares	Value
Australia - 7.0%
360 Capital Group Ltd. unit	6,024,853	$4,453,784
Abacus Property Group unit	2,606,270	7,241,868
Arena (REIT) unit	2,769,028	4,731,674
Mirvac Group unit	4,198,488	7,111,928
National Storage (REIT) unit	9,495,269	12,063,212
Propertylink Group unit	9,666,703	7,612,790

TOTAL AUSTRALIA		43,215,256

Bailiwick of Guernsey - 0.4%
Sirius Real Estate Ltd.	3,073,500	2,355,927
Belgium - 1.7%
Aedifica SA	22,500	2,146,927
Warehouses de Pauw	63,686	8,549,297

TOTAL BELGIUM		10,696,224

Bermuda - 6.4%
Great Eagle Holdings Ltd.	1,566,752	7,714,942
Hongkong Land Holdings Ltd.	1,747,200	12,702,144
Tai Cheung Holdings Ltd.	11,757,000	12,672,135
Wing Tai Properties Ltd.	7,822,000	6,118,840

TOTAL BERMUDA		39,208,061

Cayman Islands - 0.5%
Alibaba Group Holding Ltd. sponsored ADR (a)	15,600	2,920,788
Finland - 3.4%
Kojamo OYJ	1,993,800	21,099,623
France - 3.2%
Altarea SCA	27,594	6,059,751
ARGAN SA	30,961	1,618,330
Societe Fonciere Lyonnaise SA	171,794	11,731,819

TOTAL FRANCE		19,409,900

Germany - 9.6%
DIC Asset AG	271,700	3,100,873
LEG Immobilien AG	128,978	14,514,958
Scout24 AG (b)	94,400	4,912,205
Vonovia SE	757,654	36,687,715

TOTAL GERMANY		59,215,751

Greece - 0.7%
Grivalia Properties REIC	430,891	4,318,101
Hong Kong - 6.1%
Hysan Development Co. Ltd.	2,736,703	14,975,238
Magnificent Hotel Investment Ltd.	220,237,000	5,695,990
Sino Land Ltd.	9,712,355	16,680,050

TOTAL HONG KONG		37,351,278

India - 0.6%
Oberoi Realty Ltd.	473,470	3,431,032
Ireland - 3.4%
Hibernia (REIT) PLC	3,445,908	5,866,912
Irish Residential Properties REIT PLC	9,360,600	15,039,553

TOTAL IRELAND		20,906,465

Israel - 0.5%
Azrieli Group	64,100	3,066,927
Japan - 17.6%
Advance Residence Investment Corp.	4,788	12,456,551
Comforia Residential REIT, Inc.	3,808	8,915,927
Daibiru Corp.	327,300	3,366,230
Ichigo, Inc.	664,500	2,959,540
Japan Rental Housing Investment, Inc.	14,674	11,942,351
Kenedix, Inc.	733,400	4,191,232
Mitsubishi Estate Co. Ltd.	1,964,400	34,087,481
Mitsui Fudosan Co. Ltd.	1,147,600	27,441,088
Ship Healthcare Holdings, Inc.	77,300	2,996,874

TOTAL JAPAN		108,357,274

Mexico - 0.9%
Corporacion Inmobiliaria Vesta S.A.B. de CV	3,468,062	5,494,862
Netherlands - 0.2%
Instone Real Estate Group BV (b)	48,376	1,244,506
New Zealand - 1.2%
Auckland International Airport Ltd.	1,649,741	7,505,794
Norway - 2.3%
Olav Thon Eiendomsselskap A/S	494,858	9,379,469
Self Storage Group ASA	1,548,544	3,132,533
Selvaag Bolig ASA	274,100	1,493,719

TOTAL NORWAY		14,005,721

Singapore - 8.0%
Parkway Life REIT	8,775,400	17,791,240
United Industrial Corp. Ltd.	4,115,200	9,522,077
UOL Group Ltd.	2,078,347	10,946,302
Wing Tai Holdings Ltd.	7,278,681	11,067,594

TOTAL SINGAPORE		49,327,213

Spain - 1.5%
Inmobiliaria Colonial SA	415,270	4,474,767
Melia Hotels International SA	362,600	4,770,071

TOTAL SPAIN		9,244,838

Sweden - 6.8%
Amasten Holding AB (a)(c)	12,594,747	6,775,104
D. Carnegie & Co. AB (a)	603,700	11,259,793
Fastighets AB Trianon Class B (d)	443,600	3,531,466
Hufvudstaden AB Series A	958,350	14,822,739
Wallenstam AB (B Shares)	547,600	5,629,856

TOTAL SWEDEN		42,018,958

Switzerland - 2.3%
PSP Swiss Property AG	152,534	14,372,996
United Kingdom - 11.0%
Assura PLC	12,492,420	9,280,660
Big Yellow Group PLC	610,400	7,623,233
Grainger Trust PLC	2,315,407	9,311,764
Great Portland Estates PLC	748,748	7,035,645
Helical Bar PLC	1,746,045	7,333,668
Land Securities Group PLC	663,518	8,210,850
Safestore Holdings PLC	1,102,054	8,100,405
Shaftesbury PLC	594,700	7,274,945
St. Modwen Properties PLC	651,725	3,464,458

TOTAL UNITED KINGDOM		67,635,628

United States of America - 0.5%
Alphabet, Inc. Class C (a)	1,300	1,582,438
Amazon.com, Inc. (a)	700	1,244,208

TOTAL UNITED STATES OF AMERICA		2,826,646

TOTAL COMMON STOCKS
(Cost $588,485,117)		589,229,769

Money Market Funds - 4.5%
Fidelity Cash Central Fund, 1.96% (e)	27,483,728	27,489,225
Fidelity Securities Lending Cash Central Fund 1.97% (e)(f)	58,767	58,773
TOTAL MONEY MARKET FUNDS
(Cost $27,548,692)		27,547,998
TOTAL INVESTMENT IN SECURITIES - 100.3%
(Cost $616,033,809)		616,777,767
NET OTHER ASSETS (LIABILITIES) - (0.3)%		(1,618,263)
NET ASSETS - 100%		$615,159,504

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

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$355,720
Fidelity Securities Lending Cash Central Fund	64,783
Total	$420,503

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Amasten Holding AB	$2,097,020	$3,945,378	$634,640	$--	$143,105	$1,224,241	$6,775,104
Total	$2,097,020	$3,945,378	$634,640	$--	$143,105	$1,224,241	$6,775,104

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$14,842,802	$14,842,802	$--	$--
Financials	7,612,790	7,612,790	--	--
Health Care	2,996,874	2,996,874	--	--
Industrials	7,505,794	7,505,794	--	--
Information Technology	9,415,431	9,415,431	--	--
Real Estate	546,856,078	485,327,509	61,528,569	--
Money Market Funds	27,547,998	27,547,998	--	--
Total Investments in Securities:	$616,777,767	$555,249,198	$61,528,569	$--

Transfers	Total
Level 1 to Level 2	$36,210,922
Level 2 to Level 1	$0

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

Financial Statements

Statement of Assets and Liabilities

		July 31, 2018
Assets
Investment in securities, at value (including securities loaned of $55,767) — See accompanying schedule: Unaffiliated issuers (cost $583,073,873)	$582,454,665
Fidelity Central Funds (cost $27,548,692)	27,547,998
Other affiliated issuers (cost $5,411,244)	6,775,104
Total Investment in Securities (cost $616,033,809)		$616,777,767
Receivable for investments sold		1,372,651
Receivable for fund shares sold		409,012
Dividends receivable		1,893,736
Distributions receivable from Fidelity Central Funds		45,506
Prepaid expenses		5,806
Other receivables		5,498
Total assets		620,509,976
Liabilities
Payable to custodian bank	$981
Payable for investments purchased	4,053,106
Payable for fund shares redeemed	667,708
Accrued management fee	350,754
Distribution and service plan fees payable	8,386
Other affiliated payables	116,730
Other payables and accrued expenses	94,637
Collateral on securities loaned	58,170
Total liabilities		5,350,472
Net Assets		$615,159,504
Net Assets consist of:
Paid in capital		$610,216,172
Undistributed net investment income		9,800,848
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(5,609,971)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		752,455
Net Assets		$615,159,504
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($11,318,576 ÷ 973,430 shares)		$11.63
Maximum offering price per share (100/94.25 of $11.63)		$12.34
Class M:
Net Asset Value and redemption price per share ($4,360,365 ÷ 378,274 shares)		$11.53
Maximum offering price per share (100/96.50 of $11.53)		$11.95
Class C:
Net Asset Value and offering price per share ($4,893,763 ÷ 431,765 shares)^(a)		$11.33
International Real Estate:
Net Asset Value, offering price and redemption price per share ($244,194,897 ÷ 20,733,961 shares)		$11.78
Class I:
Net Asset Value, offering price and redemption price per share ($350,391,903 ÷ 29,944,912 shares)		$11.70

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Statement of Operations

		Year ended July 31, 2018
Investment Income
Dividends		$18,885,224
Income from Fidelity Central Funds		420,503
Income before foreign taxes withheld		19,305,727
Less foreign taxes withheld		(1,574,477)
Total income		17,731,250
Expenses
Management fee	$3,622,340
Transfer agent fees	975,030
Distribution and service plan fees	100,019
Accounting and security lending fees	268,272
Custodian fees and expenses	141,917
Independent trustees' fees and expenses	6,775
Registration fees	154,592
Audit	64,900
Legal	5,493
Miscellaneous	24,328
Total expenses before reductions	5,363,666
Expense reductions	(39,019)
Total expenses after reductions		5,324,647
Net investment income (loss)		12,406,603
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $35,832)	36,328,223
Fidelity Central Funds	45
Other affiliated issuers	143,105
Foreign currency transactions	(52,157)
Total net realized gain (loss)		36,419,216
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(9,003,743)
Fidelity Central Funds	7
Other affiliated issuers	1,224,241
Assets and liabilities in foreign currencies	(38,756)
Total change in net unrealized appreciation (depreciation)		(7,818,251)
Net gain (loss)		28,600,965
Net increase (decrease) in net assets resulting from operations		$41,007,568

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

Statement of Changes in Net Assets

	Year ended July 31, 2018	Year ended July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$12,406,603	$7,521,781
Net realized gain (loss)	36,419,216	4,415,065
Change in net unrealized appreciation (depreciation)	(7,818,251)	19,827,836
Net increase (decrease) in net assets resulting from operations	41,007,568	31,764,682
Distributions to shareholders from net investment income	(10,124,814)	(6,452,012)
Distributions to shareholders from net realized gain	(4,548,679)	(10,755,458)
Total distributions	(14,673,493)	(17,207,470)
Share transactions - net increase (decrease)	172,199,968	(61,871,515)
Redemption fees	19,597	42,646
Total increase (decrease) in net assets	198,553,640	(47,271,657)
Net Assets
Beginning of period	416,605,864	463,877,521
End of period	$615,159,504	$416,605,864
Other Information
Undistributed net investment income end of period	$9,800,848	$7,518,086

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

Financial Highlights

Fidelity International Real Estate Fund Class A

Years ended July 31,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.03	$10.46	$10.56	$10.85	$10.11
Income from Investment Operations
Net investment income (loss)^A	.23	.16	.15	.26^B	.16
Net realized and unrealized gain (loss)	.69	.79	.02	(.10)^C	1.09
Total from investment operations	.92	.95	.17	.16	1.25
Distributions from net investment income	(.21)	(.13)	(.15)	(.14)	(.16)
Distributions from net realized gain	(.11)	(.25)	(.12)	(.31)	(.35)
Total distributions	(.32)	(.38)	(.27)	(.45)	(.51)
Redemption fees added to paid in capital^A,^D	–	–	–	–	–
Net asset value, end of period	$11.63	$11.03	$10.46	$10.56	$10.85
Total Return^E,^F	8.49%	9.48%	1.75%	1.67%^C	12.85%
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.36%	1.35%	1.35%	1.34%	1.38%
Expenses net of fee waivers, if any	1.36%	1.35%	1.35%	1.34%	1.38%
Expenses net of all reductions	1.35%	1.35%	1.33%	1.34%	1.38%
Net investment income (loss)	2.03%	1.60%	1.51%	2.45%^B	1.57%
Supplemental Data
Net assets, end of period (000 omitted)	$11,319	$10,170	$14,020	$17,162	$13,933
Portfolio turnover rate^I	56%	55%	71%	82%	59%

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

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

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

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

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

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

Fidelity International Real Estate Fund Class M

Years ended July 31,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$10.93	$10.39	$10.49	$10.76	$10.04
Income from Investment Operations
Net investment income (loss)^A	.20	.13	.12	.22^B	.13
Net realized and unrealized gain (loss)	.68	.77	.02	(.08)^C	1.07
Total from investment operations	.88	.90	.14	.14	1.20
Distributions from net investment income	(.17)	(.12)	(.11)	(.10)	(.14)
Distributions from net realized gain	(.11)	(.25)	(.12)	(.31)	(.35)
Total distributions	(.28)	(.36)^D	(.24)^E	(.41)	(.48)^F
Redemption fees added to paid in capital^A,^G	–	–	–	–	–
Net asset value, end of period	$11.53	$10.93	$10.39	$10.49	$10.76
Total Return^H,^I	8.19%	9.07%	1.43%	1.49%^C	12.50%
Ratios to Average Net Assets^J,^K
Expenses before reductions	1.65%	1.65%	1.66%	1.64%	1.66%
Expenses net of fee waivers, if any	1.65%	1.65%	1.66%	1.64%	1.66%
Expenses net of all reductions	1.65%	1.65%	1.64%	1.63%	1.65%
Net investment income (loss)	1.74%	1.31%	1.20%	2.15%^B	1.30%
Supplemental Data
Net assets, end of period (000 omitted)	$4,360	$4,147	$4,545	$4,939	$5,563
Portfolio turnover rate^L	56%	55%	71%	82%	59%

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

^D Total distributions of $.36 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.246 per share.

^E Total distributions of $.24 per share is comprised of distributions from net investment income of $.114 and distributions from net realized gain of $.121 per share.

^F Total distributions of $.48 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.348 per share.

^G Amount represents less than $.005 per share.

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

^I Total returns do not include the effect of the sales charges.

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

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

Fidelity International Real Estate Fund Class C

Years ended July 31,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$10.73	$10.21	$10.32	$10.60	$9.89
Income from Investment Operations
Net investment income (loss)^A	.15	.09	.07	.17^B	.08
Net realized and unrealized gain (loss)	.67	.76	.02	(.08)^C	1.07
Total from investment operations	.82	.85	.09	.09	1.15
Distributions from net investment income	(.10)	(.09)	(.07)	(.07)	(.09)
Distributions from net realized gain	(.11)	(.25)	(.12)	(.30)	(.35)
Total distributions	(.22)^D	(.33)^E	(.20)^F	(.37)	(.44)
Redemption fees added to paid in capital^A,^G	–	–	–	–	–
Net asset value, end of period	$11.33	$10.73	$10.21	$10.32	$10.60
Total Return^H,^I	7.70%	8.69%	.93%	.97%^C	12.04%
Ratios to Average Net Assets^J,^K
Expenses before reductions	2.05%	2.09%	2.10%	2.09%	2.13%
Expenses net of fee waivers, if any	2.04%	2.08%	2.10%	2.09%	2.13%
Expenses net of all reductions	2.04%	2.08%	2.09%	2.09%	2.13%
Net investment income (loss)	1.35%	.87%	.75%	1.70%^B	.82%
Supplemental Data
Net assets, end of period (000 omitted)	$4,894	$4,818	$5,668	$6,548	$6,504
Portfolio turnover rate^L	56%	55%	71%	82%	59%

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

^D Total distributions of $.22 per share is comprised of distributions from net investment income of $.103 and distributions from net realized gain of $.112 per share.

^E Total distributions of $.33 per share is comprised of distributions from net investment income of $.085 and distributions from net realized gain of $.246 per share.

^F Total distributions of $.20 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $.121 per share.

^G Amount represents less than $.005 per share.

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

^I Total returns do not include the effect of the contingent deferred sales charge.

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

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

Fidelity International Real Estate Fund

Years ended July 31,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.17	$10.58	$10.68	$10.96	$10.21
Income from Investment Operations
Net investment income (loss)^A	.27	.19	.17	.28^B	.19
Net realized and unrealized gain (loss)	.70	.79	.02	(.09)^C	1.09
Total from investment operations	.97	.98	.19	.19	1.28
Distributions from net investment income	(.24)	(.15)	(.17)	(.16)	(.18)
Distributions from net realized gain	(.11)	(.25)	(.12)	(.31)	(.35)
Total distributions	(.36)^D	(.39)^E	(.29)	(.47)	(.53)
Redemption fees added to paid in capital^A,^F	–	–	–	–	–
Net asset value, end of period	$11.78	$11.17	$10.58	$10.68	$10.96
Total Return^G	8.84%	9.74%	1.94%	1.95%^C	13.12%
Ratios to Average Net Assets^H,^I
Expenses before reductions	1.05%	1.12%	1.13%	1.12%	1.13%
Expenses net of fee waivers, if any	1.05%	1.12%	1.13%	1.12%	1.13%
Expenses net of all reductions	1.04%	1.11%	1.11%	1.12%	1.13%
Net investment income (loss)	2.34%	1.84%	1.73%	2.67%^B	1.82%
Supplemental Data
Net assets, end of period (000 omitted)	$244,195	$226,027	$341,407	$330,910	$342,960
Portfolio turnover rate^J	56%	55%	71%	82%	59%

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

^D Total distributions of $.36 per share is comprised of distributions from net investment income of $.244 and distributions from net realized gain of $.112 per share.

^E Total distributions of $.39 per share is comprised of distributions from net investment income of $.147 and distributions from net realized gain of $.246 per share.

^F Amount represents less than $.005 per share.

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

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

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

Fidelity International Real Estate Fund Class I

Years ended July 31,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.13	$10.54	$10.64	$10.92	$10.18
Income from Investment Operations
Net investment income (loss)^A	.28	.20	.19	.29^B	.19
Net realized and unrealized gain (loss)	.68	.79	.02	(.09)^C	1.09
Total from investment operations	.96	.99	.21	.20	1.28
Distributions from net investment income	(.28)	(.16)	(.19)	(.17)	(.19)
Distributions from net realized gain	(.11)	(.25)	(.12)	(.31)	(.35)
Total distributions	(.39)	(.40)^D	(.31)	(.48)	(.54)
Redemption fees added to paid in capital^A,^E	–	–	–	–	–
Net asset value, end of period	$11.70	$11.13	$10.54	$10.64	$10.92
Total Return^F	8.88%	9.89%	2.15%	2.01%^C	13.16%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.96%	.95%	.97%	1.03%	1.12%
Expenses net of fee waivers, if any	.96%	.95%	.97%	1.03%	1.12%
Expenses net of all reductions	.95%	.95%	.96%	1.03%	1.12%
Net investment income (loss)	2.44%	2.00%	1.89%	2.76%^B	1.84%
Supplemental Data
Net assets, end of period (000 omitted)	$350,392	$171,444	$98,238	$37,426	$7,336
Portfolio turnover rate^I	56%	55%	71%	82%	59%

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

^D Total distributions of $.40 per share is comprised of distributions from net investment income of $.157 and distributions from net realized gain of $.246 per share.

^E Amount represents less than $.005 per share.

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

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

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

Notes to Financial Statements

For the period ended July 31, 2018

1. Organization.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

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

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

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

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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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	$26,483,698
Gross unrealized depreciation	(32,858,528)
Net unrealized appreciation (depreciation)	$(6,374,830)
Tax Cost	$623,152,597

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

Undistributed ordinary income	$11,312,387
Net unrealized appreciation (depreciation) on securities and other investments	$(6,369,056)

The tax character of distributions paid was as follows:

	July 31, 2018	July 31, 2017
Ordinary Income	$14,673,493	$ 17,207,470

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $444,045,345 and $280,337,762, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$28,146	$1,462
Class M	.25%	.25%	21,904	388
Class C	.75%	.25%	49,969	5,419
			$100,019	$7,269

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$6,437
Class M	698
Class C^(a)	436
	$7,571

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$32,519	.29
Class M	14,626	.33
Class C	11,301	.23
International Real Estate	552,012	.23
Class I	364,572	.14
	$975,030

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,414 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

8. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $4,490.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended July 31, 2018	Year ended July 31, 2017
From net investment income
Class A	$195,752	$172,831
Class M	63,177	49,722
Class C	47,241	46,498
International Real Estate	4,956,891	4,709,837
Class I	4,861,753	1,473,124
Total	$10,124,814	$6,452,012
From net realized gain
Class A	$107,906	$324,553
Class M	42,399	106,361
Class C	50,358	134,570
International Real Estate	2,282,039	7,881,767
Class I	2,065,977	2,308,207
Total	$4,548,679	$10,755,458

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended July 31, 2018	Year ended July 31, 2017	Year ended July 31, 2018	Year ended July 31, 2017
Class A
Shares sold	339,407	181,935	$3,867,962	$1,849,400
Reinvestment of distributions	27,005	48,795	298,868	481,116
Shares redeemed	(314,754)	(649,016)	(3,593,331)	(6,392,090)
Net increase (decrease)	51,658	(418,286)	$573,499	$(4,061,574)
Class M
Shares sold	64,048	32,803	$721,867	$332,037
Reinvestment of distributions	9,612	15,081	105,576	147,798
Shares redeemed	(74,640)	(106,218)	(848,189)	(1,035,018)
Net increase (decrease)	(980)	(58,334)	$(20,746)	$(555,183)
Class C
Shares sold	112,833	65,324	$1,260,510	$644,923
Reinvestment of distributions	8,329	16,794	90,113	162,226
Shares redeemed	(138,261)	(188,121)	(1,536,355)	(1,815,445)
Net increase (decrease)	(17,099)	(106,003)	$(185,732)	$(1,008,296)
International Real Estate
Shares sold	4,614,000	3,759,060	$53,516,447	$38,129,039
Reinvestment of distributions	611,665	1,216,426	6,842,405	12,127,770
Shares redeemed	(4,719,336)	(17,006,602)	(54,484,741)	(170,060,109)
Net increase (decrease)	506,329	(12,031,116)	$5,874,111	$(119,803,300)
Class I
Shares sold	17,465,869	10,978,201	$199,780,614	$111,375,436
Reinvestment of distributions	283,871	86,835	3,154,782	861,404
Shares redeemed	(3,206,769)	(4,985,602)	(36,976,560)	(48,680,002)
Net increase (decrease)	14,542,971	6,079,434	$165,958,836	$63,556,838

11. Other.

At the end of the period, Strategic Advisers Fidelity International Fund was the owner of record of approximately 10% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 14, 2018

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

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2018

Trustee

Chairman of the Board of Trustees

Charles S. Morrison (1960)

Year of Election or Appointment: 2018

Trustee

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with SelectCo.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2018

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2018

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2018

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2018

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2018

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2013

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

William S. Stavropoulos (1939)

Year of Election or Appointment: 2018

Member of the Advisory Board

Carol B. Tomé (1957)

Year of Election or Appointment: 2017

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Marc R. Bryant (1966)

Year of Election or Appointment: 2013

Secretary and Chief Legal Officer (CLO)

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2018

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2018

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as a Vice President of other funds. Ms. Holding serves as Co-Head of Global Equity Research (2018-present) and is an employee of Fidelity Investments (2013-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2018

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2017

Assistant Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2018 to July 31, 2018).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value February 1, 2018	Ending Account Value July 31, 2018	Expenses Paid During Period-^B February 1, 2018 to July 31, 2018
Class A	1.34%
Actual		$1,000.00	$970.00	$6.55
Hypothetical-^C		$1,000.00	$1,018.15	$6.71
Class M	1.64%
Actual		$1,000.00	$968.90	$8.01
Hypothetical-^C		$1,000.00	$1,016.66	$8.20
Class C	2.03%
Actual		$1,000.00	$966.70	$9.90
Hypothetical-^C		$1,000.00	$1,014.73	$10.14
International Real Estate	1.04%
Actual		$1,000.00	$971.90	$5.08
Hypothetical-^C		$1,000.00	$1,019.64	$5.21
Class I	.95%
Actual		$1,000.00	$971.80	$4.64
Hypothetical-^C		$1,000.00	$1,020.08	$4.76

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity International Real Estate Fund
Class A	09/17/18	09/14/18	$0.165	$0.031
Class M	09/17/18	09/14/18	$0.141	$0.031
Class C	09/17/18	09/14/18	$0.118	$0.031
International Real Estate	09/17/18	09/14/18	$0.185	$0.031
Class I	09/17/18	09/14/18	$0.193	$0.031

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

	Pay Date	Income	Taxes
Fidelity International Real Estate Fund
Class A	09/18/17	$0.2406	$0.0166
Class A	12/18/17	$0.0628	$0.0053
Class M	09/18/17	$0.2156	$0.0166
Class M	12/18/17	$0.0545	$0.0053
Class C	09/18/17	$0.1706	$0.0166
Class C	12/18/17	$0.0419	$0.0053
International Real Estate	09/18/17	$0.2646	$0.0166
International Real Estate	12/18/17	$0.0716	$0.0053
Class I	09/18/17	$0.2976	$0.0166
Class I	12/18/17	$0.0748	$0.0053

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

IRE-ANN-0918
1.801328.113

Fidelity® Real Estate Investment Portfolio

Annual Report

July 31, 2018

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended July 31, 2018	Past 1 year	Past 5 years	Past 10 years
Fidelity® Real Estate Investment Portfolio	3.13%	8.60%	8.08%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Real Estate Investment Portfolio on July 31, 2008.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$21,743	Fidelity® Real Estate Investment Portfolio
	$27,551	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Steven Buller: For the fiscal year, the fund gained 3.13%, trailing the 3.85% return of the Dow Jones U.S. Select Real Estate Securities Index℠ and widely lagging the S&P 500^®. The fund's underperformance of the Dow Jones real estate index was mostly due to underweightings in two strong-performing real estate investment trust (REIT) categories – hotels and self storage. Subpar security selection among retail REITs also detracted from our relative result. Conversely, favorable positioning in the industrial/office category, where a combination of strong security selection and an overweighting, added value versus the benchmark. Our top-contributing industrial REITs were DCT and Prologis – which in April agreed to merge – as well as Duke Realty. Prologis and Duke Realty were among the fund's largest period-end holdings. Among health care REITs, an underperforming category, we lacked exposure to poor-performing benchmark component HCP, although that result was mostly offset by an overweighting in Ventas, one of the fund's largest holdings. Results also were mixed in self storage. An overweighting in Extra Space Storage helped, although lacking exposure to strong-performing index components Life Storage and CubeSmart and underweighting Public Storage for most of the period hurt relative performance. Over time, I added to Public Storage, one of our largest holdings on July 31. Another detractor was mall owner Macerich, which, in hindsight, I bought and sold at inopportune times.

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2018

	% of fund's net assets
Simon Property Group, Inc.	8.8
Prologis, Inc.	7.3
Public Storage	5.5
Boston Properties, Inc.	4.9
UDR, Inc.	4.9
Duke Realty Corp.	4.6
Equity Residential (SBI)	4.1
Ventas, Inc.	4.1
AvalonBay Communities, Inc.	3.9
Digital Realty Trust, Inc.	3.9
	52.0

Top Five REIT Sectors as of July 31, 2018

	% of fund's net assets
REITs - Apartments	19.2
REITs - Office Property	13.8
REITs - Diversified	11.8
REITs - Regional Malls	10.2
REITs - Warehouse/Industrial	9.2

Asset Allocation (% of fund's net assets)

As of July 31, 2018 ^*
	Stocks	98.8%
	Short-Term Investments and Net Other Assets (Liabilities)	1.2%

* Foreign investments - 0.5%

Schedule of Investments July 31, 2018

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares	Value (000s)
Equity Real Estate Investment Trusts (REITs) - 97.8%
REITs - Apartments - 19.2%
American Homes 4 Rent Class A	2,677,200	$59,273
Apartment Investment & Management Co. Class A	858,774	36,627
AvalonBay Communities, Inc.	879,000	155,451
Camden Property Trust (SBI)	724,300	67,063
Equity Residential (SBI)	2,460,900	161,017
Essex Property Trust, Inc.	361,200	86,851
UDR, Inc.	4,988,941	191,974
		758,256
REITs - Diversified - 11.3%
Cousins Properties, Inc.	2,473,600	23,054
Crown Castle International Corp.	177,800	19,706
Digital Realty Trust, Inc.	1,249,100	151,666
Duke Realty Corp.	6,268,700	182,545
Equinix, Inc.	108,200	47,530
Washington REIT (SBI)	679,600	20,721
		445,222
REITs - Health Care - 8.0%
Healthcare Trust of America, Inc.	479,500	13,100
Ventas, Inc.	2,828,854	159,491
Welltower, Inc.	2,274,240	142,367
		314,958
REITs - Hotels - 5.8%
Braemar Hotels & Resorts, Inc.	663,000	7,578
DiamondRock Hospitality Co.	4,076,900	48,597
Host Hotels & Resorts, Inc.	6,207,805	129,991
Park Hotels & Resorts, Inc.	364,342	11,397
RLJ Lodging Trust	1,347,300	30,436
		227,999
REITs - Manufactured Homes - 5.2%
Equity Lifestyle Properties, Inc.	1,334,787	121,452
Sun Communities, Inc.	849,763	82,393
		203,845
REITs - Office Property - 13.8%
Boston Properties, Inc.	1,540,000	193,316
Brandywine Realty Trust (SBI)	3,586,800	59,146
Douglas Emmett, Inc.	1,312,400	50,974
Highwoods Properties, Inc. (SBI)	802,923	39,432
Hudson Pacific Properties, Inc.	1,297,550	44,454
Piedmont Office Realty Trust, Inc. Class A	1,747,200	34,560
SL Green Realty Corp.	991,246	102,207
VEREIT, Inc.	2,505,700	19,118
		543,207
REITs - Regional Malls - 10.2%
Simon Property Group, Inc.	1,958,572	345,118
The Macerich Co.	949,900	56,101
		401,219
REITs - Shopping Centers - 6.1%
Acadia Realty Trust (SBI)	1,733,523	46,944
Brixmor Property Group, Inc.	2,385,596	42,201
Kimco Realty Corp.	3,316,090	55,346
Regency Centers Corp.	1,302,600	82,884
Urban Edge Properties	611,300	13,864
		241,239
REITs - Single Tenant - 0.6%
Spirit Realty Capital, Inc.	2,698,400	22,586
REITs - Storage - 8.4%
Extra Space Storage, Inc.	1,224,940	115,108
Public Storage	994,000	216,523
		331,631
REITs - Warehouse/Industrial - 9.2%
DCT Industrial Trust, Inc.	1,125,673	75,274
Prologis, Inc.	4,376,600	287,192
		362,466

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		3,852,628

Real Estate Management & Development - 1.0%
Real Estate Development - 0.5%
Instone Real Estate Group BV (a)	794,600	20,442
REITs - Diversified - 0.5%
VICI Properties, Inc.	907,200	18,462

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT		38,904

TOTAL COMMON STOCKS
(Cost $2,727,828)		3,891,532

Money Market Funds - 1.3%
Fidelity Cash Central Fund, 1.96% (b)
(Cost $51,860)	51,851,128	51,861
TOTAL INVESTMENT IN SECURITIES - 100.1%
(Cost $2,779,688)		3,943,393
NET OTHER ASSETS (LIABILITIES) - (0.1)%		(4,642)
NET ASSETS - 100%		$3,938,751

Legend

Affiliated Central Funds

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

Fund	Income earned
	(Amounts in thousands)
Fidelity Cash Central Fund	$942
Fidelity Securities Lending Cash Central Fund	5
Total	$947

Investment Valuation

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)		July 31, 2018
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $2,727,828)	$3,891,532
Fidelity Central Funds (cost $51,860)	51,861
Total Investment in Securities (cost $2,779,688)		$3,943,393
Receivable for investments sold		1,932
Receivable for fund shares sold		2,620
Distributions receivable from Fidelity Central Funds		144
Prepaid expenses		37
Other receivables		372
Total assets		3,948,498
Liabilities
Payable for investments purchased	$4,100
Payable for fund shares redeemed	2,872
Accrued management fee	1,762
Transfer agent fee payable	558
Other affiliated payables	86
Other payables and accrued expenses	369
Total liabilities		9,747
Net Assets		$3,938,751
Net Assets consist of:
Paid in capital		$2,724,213
Undistributed net investment income		15,806
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		35,027
Net unrealized appreciation (depreciation) on investments		1,163,705
Net Assets, for 92,719 shares outstanding		$3,938,751
Net Asset Value, offering price and redemption price per share ($3,938,751 ÷ 92,719 shares)		$42.48

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

Statement of Operations

Amounts in thousands		Year ended July 31, 2018
Investment Income
Dividends		$107,353
Income from Fidelity Central Funds		947
Total income		108,300
Expenses
Management fee	$21,420
Transfer agent fees	7,036
Accounting and security lending fees	1,039
Custodian fees and expenses	37
Independent trustees' fees and expenses	60
Registration fees	52
Audit	52
Legal	55
Miscellaneous	155
Total expenses before reductions	29,906
Expense reductions	(233)
Total expenses after reductions		29,673
Net investment income (loss)		78,627
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	86,645
Redemptions in-kind with affiliated entities	36,897
Fidelity Central Funds	(1)
Foreign currency transactions	60
Total net realized gain (loss)		123,601
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(107,444)
Fidelity Central Funds	(1)
Total change in net unrealized appreciation (depreciation)		(107,445)
Net gain (loss)		16,156
Net increase (decrease) in net assets resulting from operations		$94,783

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended July 31, 2018	Year ended July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$78,627	$80,058
Net realized gain (loss)	123,601	130,937
Change in net unrealized appreciation (depreciation)	(107,445)	(532,587)
Net increase (decrease) in net assets resulting from operations	94,783	(321,592)
Distributions to shareholders from net investment income	(79,829)	(80,022)
Distributions to shareholders from net realized gain	(91,546)	(155,078)
Total distributions	(171,375)	(235,100)
Share transactions
Proceeds from sales of shares	597,248	762,883
Reinvestment of distributions	161,468	215,725
Cost of shares redeemed	(1,064,135)	(1,668,598)
Net increase (decrease) in net assets resulting from share transactions	(305,419)	(689,990)
Redemption fees	–	369
Total increase (decrease) in net assets	(382,011)	(1,246,313)
Net Assets
Beginning of period	4,320,762	5,567,075
End of period	$3,938,751	$4,320,762
Other Information
Undistributed net investment income end of period	$15,806	$14,859
Shares
Sold	14,437	17,824
Issued in reinvestment of distributions	3,841	5,113
Redeemed	(26,234)	(39,833)
Net increase (decrease)	(7,956)	(16,896)

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

Financial Highlights

Fidelity Real Estate Investment Portfolio


Years ended July 31,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$42.92	$47.35	$40.80	$37.56	$34.03
Income from Investment Operations
Net investment income (loss)^A	.81	.72	.75	.67	.61
Net realized and unrealized gain (loss)	.49	(3.12)	8.36	3.19	3.58
Total from investment operations	1.30	(2.40)	9.11	3.86	4.19
Distributions from net investment income	(.82)	(.71)	(.73)	(.63)	(.64)
Distributions from net realized gain	(.92)	(1.32)	(1.83)	–	(.02)
Total distributions	(1.74)	(2.03)	(2.56)	(.63)	(.66)
Redemption fees added to paid in capital^A	–	–^B	–^B	.01	–^B
Net asset value, end of period	$42.48	$42.92	$47.35	$40.80	$37.56
Total Return^C	3.13%	(4.94)%	24.00%	10.34%	12.61%
Ratios to Average Net Assets^D,^E
Expenses before reductions	.76%	.76%	.78%	.78%	.80%
Expenses net of fee waivers, if any	.75%	.76%	.77%	.78%	.80%
Expenses net of all reductions	.75%	.76%	.77%	.78%	.80%
Net investment income (loss)	1.99%	1.69%	1.81%	1.66%	1.78%
Supplemental Data
Net assets, end of period (in millions)	$3,939	$4,321	$5,567	$4,382	$4,036
Portfolio turnover rate^F	20%^G	15%	24%	34%	24%

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

^B Amount represents less than $.005 per share.

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

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

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

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

^G Portfolio Turnover rate excludes securities received or delivered in-kind.

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

Notes to Financial Statements

For the period ended July 31, 2018
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $311 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

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

Book-tax differences are primarily due foreign currency transactions, redemptions in kind, non-taxable dividends, deferred trustees 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	$1,191,135
Gross unrealized depreciation	(49,249)
Net unrealized appreciation (depreciation)	$1,141,886
Tax Cost	$2,801,507

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

Undistributed ordinary income	$16,118
Undistributed long-term capital gain	$56,846
Net unrealized appreciation (depreciation) on securities and other investments	$1,141,886

The tax character of distributions paid was as follows:

	July 31, 2018	July 31, 2017
Ordinary Income	$79,829	$ 80,022
Long-term Capital Gains	91,546	155,078
Total	$171,375	$ 235,100

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $769,350 and $959,394, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by Fidelity Management & Research Company (FMR) and the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .54% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .18% of average net assets.

Redemptions In-Kind. During the period, 2,672 shares of the Fund held by an affiliated entity were redeemed in-kind for investments and cash, with a value of $102,755. The net realized gain of $36,897 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $11 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $5.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $194 for the period. Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $1.

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $38.

9. Other.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Real Estate Investment Portfolio (the "Fund"), a fund of Fidelity Select Portfolios, including the schedule of investments, as of July 31, 2018, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 12, 2018

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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Michael Wiley, each of the Trustees oversees 286 funds. Mr. Wiley oversees 197 funds.

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2018

Trustee

Chairman of the Board of Trustees

Charles S. Morrison (1960)

Year of Election or Appointment: 2018

Trustee

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with SelectCo.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2018

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2018

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2018

Trustee

Chairman of the Independent Trustees

Joseph Mauriello (1944)

Year of Election or Appointment: 2018

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2018

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2013

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

William S. Stavropoulos (1939)

Year of Election or Appointment: 2018

Member of the Advisory Board

Carol B. Tomé (1957)

Year of Election or Appointment: 2017

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Marc R. Bryant (1966)

Year of Election or Appointment: 2013

Secretary and Chief Legal Officer (CLO)

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2018

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2018

Deputy Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as a Vice President of other funds. Ms. Holding serves as Co-Head of Global Equity Research (2018-present) and is an employee of Fidelity Investments (2013-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2018

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2017

Assistant Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2018 to July 31, 2018).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Annualized Expense Ratio-^A	Beginning Account Value February 1, 2018	Ending Account Value July 31, 2018	Expenses Paid During Period-^B February 1, 2018 to July 31, 2018
Actual	.75%	$1,000.00	$1,061.40	$3.83
Hypothetical-^C		$1,000.00	$1,021.08	$3.76

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

^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Real Estate Investment Portfolio voted to pay on September 10, 2018, to shareholders of record at the opening of business on September 7, 2018, a distribution of $0.619 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.229 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2018, $84,727,263, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.13% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

REA-ANN-0918
1.700141.121

Item 2.

Code of Ethics

As of the end of the period, July 31, 2018, Fidelity Select Portfolios (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

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

Item 4.

Principal Accountant Fees and Services

Fees and Services

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

Services Billed by Deloitte Entities

July 31, 2018 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Flex Real Estate Fund	$39,000	$100	$6,200	$1,100
Fidelity International Real Estate Fund	$43,000	$100	$6,200	$1,300
Fidelity Real Estate Investment Portfolio	$39,000	$100	$6,000	$1,200

July 31, 2017 Fees^A,B


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Flex Real Estate Fund	$32,000	$-	$6,100	$300
Fidelity International Real Estate Fund	$47,000	$100	$6,300	$1,400
Fidelity Real Estate Investment Portfolio	$42,000	$100	$6,100	$1,200

^AAmounts may reflect rounding.

^BFidelity Flex Real Estate Fund commenced operations on March 8, 2017.

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

Services Billed by Deloitte Entities


	July 31, 2018^A	July 31, 2017^A,B
Audit-Related Fees	$5,000	$-
Tax Fees	$5,000	$25,000
All Other Fees	$-	$-

^A Amounts may reflect rounding.

^BMay include amounts billed prior to the Fidelity Flex Real Estate Fund’s commencement of operations.

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

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

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

Assurance services must be performed by an independent public accountant.

* * *

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


Billed By	July 31, 2018^A	July 31, 2017^A,B
Deloitte Entities	$365,000	$520,000

^A Amounts may reflect rounding.

^BMay include amounts billed prior to the Fidelity Flex Real Estate Fund’s commencement of operations.

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

Audit Committee Pre-Approval Policies and Procedures

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

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

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

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

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)

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

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.

Item 11.

Controls and Procedures

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

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

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies

Not applicable.

Item 13.

Exhibits


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

SIGNATURES

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

Fidelity Select Portfolios


By:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	September 26, 2018

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


By:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	September 26, 2018


By:	/s/John J. Burke III
	John J. Burke III
	Chief Financial Officer

Date:	September 26, 2018

Fidelity Select Health Care Portfolio (FSPHX) N-CSRCertified annual shareholder report (management investment company)