0000320351-14-000031.txt : 20140331 0000320351-14-000031.hdr.sgml : 20140331 20140331151651 ACCESSION NUMBER: 0000320351-14-000031 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20140131 FILED AS OF DATE: 20140331 DATE AS OF CHANGE: 20140331 EFFECTIVENESS DATE: 20140331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SELECT PORTFOLIOS CENTRAL INDEX KEY: 0000320351 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-03114 FILM NUMBER: 14729666 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210

0000320351 S000039312 Fidelity Telecom and Utilities Fund

C000121123 Fidelity Telecom and Utilities Fund FIUIX

NSAR-B 1 answer03114.fil ANSWER FILE PAGE 1 000 B000000 01/31/2014 000 C000000 0000320351 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 FIDELITY SELECT PORTFOLIOS 001 B000000 811-03114 001 C000000 6037917481 002 A000000 245 SUMMER STREET 002 B000000 BOSTON 002 C000000 MA 002 D010000 02210 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 Y 007 B000000 1 007 C014800 48 007 C024800 Fidelity Telecom and Utilities Fund 007 C034800 N 008 A00AA01 FIDELITY SELECTCO, LLC 008 B00AA01 A 008 C00AA01 801-77635 008 D01AA01 DENVER 008 D02AA01 CO 008 D03AA01 80202 008 A00AA02 FIDELITY MANAGEMENT & RESEARCH (U.K.), INC. 008 B00AA02 S 008 C00AA02 801-28773 008 D01AA02 BOSTON 008 D02AA02 MA 008 D03AA02 02210 008 A00AA03 FMR CO., INC. (FMRC) 008 B00AA03 S 008 C00AA03 801-3447 008 D01AA03 BOSTON 008 D02AA03 MA 008 D03AA03 02210 008 A00AA04 FIDELITY MANAGEMENT & RESEARCH (HONG KONG)LTD 008 B00AA04 S 008 C00AA04 801-69507 008 D01AA04 HONG KONG 008 D05AA04 HONG KONG, SAR 008 A00AA05 FIDELITY MANAGEMENT & RESEARCH (JAPAN) INC. 008 B00AA05 S 008 C00AA05 801-69571 PAGE 2 008 D01AA05 BOSTON 008 D02AA05 MA 008 D03AA05 02210 011 A00AA01 FIDELITY DISTRIBUTORS CORPORATION 011 B00AA01 8-8775 011 C01AA01 SMITHFIELD 011 C02AA01 RI 011 C03AA01 02917 012 A00AA01 FIDELITY INVESTMENTS INSTIT. OPERATIONS CO. 012 B00AA01 84-1839 012 C01AA01 BOSTON 012 C02AA01 MA 012 C03AA01 02210 013 A00AA01 PRICEWATERHOUSECOOPERS LLP 013 B01AA01 BOSTON 013 B02AA01 MA 013 B03AA01 02110 014 A00AA01 FIDELITY BROKERAGE SERVICES LLC 014 B00AA01 8-23292 014 A00AA02 FIDELITY DISTRIBUTORS CORPORATION 014 B00AA02 8-8775 014 A00AA03 NATIONAL FINANCIAL SERVICES LLC 014 B00AA03 8-26740 014 A00AA04 FIDELITY INVESTMENTS CANADA LTD. 014 B00AA04 8-0000 014 A00AA05 FIDELITY BROKERAGE SERVICES JAPAN LLC 014 B00AA05 8-00000 015 A00AA01 BROWN BROTHERS HARRIMAN & CO. 015 B00AA01 C 015 C01AA01 BOSTON 015 C02AA01 MA 015 C03AA01 02109 015 E01AA01 X 015 A00AA02 THE BANK OF NEW YORK COMPANY, INC. 015 B00AA02 C 015 C01AA02 NEW YORK 015 C02AA02 NY 015 C03AA02 10286 015 E01AA02 X 015 A00AA03 JPMORGAN CHASE BANK, N.A. 015 B00AA03 C 015 C01AA03 NEW YORK 015 C02AA03 NY 015 C03AA03 10022 015 E01AA03 X 015 A00AA04 BROWN BROTHERS HARRIMAN & CO. 015 B00AA04 S 015 C01AA04 BOSTON 015 C02AA04 MA 015 C03AA04 02109 015 E01AA04 X PAGE 3 018 00AA00 Y 019 A00AA00 Y 019 B00AA00 496 019 C00AA00 FIDELITYZZ 020 A000001 BANK OF AMERICA CORP. 020 B000001 04-3410012 020 C000001 194 020 A000002 JPMORGAN CHASE & CO. 020 B000002 13-3224016 020 C000002 189 020 A000003 UBS AG 020 B000003 13-3873456 020 C000003 97 020 A000004 DEUTSCHE BANK AG 020 B000004 36-6843535 020 C000004 82 020 A000005 MORGAN STANLEY 020 B000005 13-2655998 020 C000005 68 020 A000006 GOLDMAN SACHS GROUP, INC. 020 B000006 13-5108880 020 C000006 57 020 A000007 BARCLAYS PLC 020 B000007 13-4942190 020 C000007 56 020 A000008 CREDIT SUISSE GROUP 020 B000008 13-5659485 020 C000008 55 020 A000009 CITIGROUP, INC. 020 B000009 04-3531811 020 C000009 29 020 A000010 ROYAL BANK OF CANADA 020 B000010 66-0178435 020 C000010 28 021 000000 943 022 A000001 FIDELITY CASH CENTRAL FUND 022 B000001 04-3331103 022 C000001 599848 022 D000001 625140 022 A000002 BARCLAYS PLC 022 B000002 13-4942190 022 C000002 34938 022 D000002 0 022 A000003 MORGAN STANLEY 022 B000003 13-2655998 022 C000003 25128 022 D000003 0 022 A000004 BANK OF AMERICA CORP. 022 B000004 04-3410012 022 C000004 8633 022 D000004 0 PAGE 4 022 A000005 FIDELITY CONTRAFUND 022 B000005 04-6056833 022 C000005 0 022 D000005 6142 022 A000006 FIDELITY DISCIPLINED EQUITY FUND 022 B000006 04-3032268 022 C000006 2213 022 D000006 0 022 A000007 FIDELITY SERIES GROWTH & INCOME FUND 022 B000007 46-1134278 022 C000007 0 022 D000007 1992 022 A000008 FIDELITY GROWTH COMPANY FUND 022 B000008 04-2778701 022 C000008 0 022 D000008 1290 022 A000009 FID FUNDS - GLOBAL TELECOMM FUND 022 B000009 00-0000000 022 C000009 884 022 D000009 0 022 A000010 FIDELITY VALUE FUND 022 B000010 04-2657680 022 C000010 770 022 D000010 0 023 C000000 731055 023 D000000 635385 024 00AA00 N 026 A000000 N 026 B000000 Y 026 C000000 N 026 D000000 Y 026 E000000 Y 026 F000000 Y 026 G010000 N 026 G020000 Y 026 H000000 N 027 000000 Y 028 A014800 4640 028 A024800 0 028 A034800 0 028 A044800 17623 028 B014800 14911 028 B024800 0 028 B034800 0 028 B044800 12846 028 C014800 121151 028 C024800 3396 028 C034800 0 028 C044800 12175 028 D014800 82137 028 D024800 0 PAGE 5 028 D034800 0 028 D044800 10702 028 E014800 5740 028 E024800 5062 028 E034800 0 028 E044800 19343 028 F014800 9037 028 F024800 0 028 F034800 0 028 F044800 38447 028 G014800 237616 028 G024800 8458 028 G034800 0 028 G044800 111136 028 H004800 0 029 004800 N 030 A004800 0 030 B004800 0.00 030 C004800 0.00 031 A004800 0 031 B004800 0 032 004800 0 033 004800 0 034 004800 N 035 004800 0 036 B004800 0 037 004800 N 038 004800 0 039 004800 N 040 004800 Y 041 004800 N 042 A004800 0 042 B004800 0 042 C004800 0 042 D004800 0 042 E004800 0 042 F004800 0 042 G004800 0 042 H004800 0 043 004800 0 044 004800 1 045 004800 Y 046 004800 N 047 004800 N 048 004800 0.000 048 A014800 0 048 A024800 0.000 048 B014800 0 048 B024800 0.000 048 C014800 0 048 C024800 0.000 PAGE 6 048 D014800 0 048 D024800 0.000 048 E014800 0 048 E024800 0.000 048 F014800 0 048 F024800 0.000 048 G014800 0 048 G024800 0.000 048 H014800 0 048 H024800 0.000 048 I014800 0 048 I024800 0.000 048 J014800 0 048 J024800 0.000 048 K014800 0 048 K024800 0.000 049 004800 N 050 004800 N 051 004800 Y 052 004800 Y 053 A004800 Y 053 B004800 Y 053 C004800 N 054 A004800 Y 054 B004800 Y 054 C004800 N 054 D004800 N 054 E004800 N 054 F004800 N 054 G004800 Y 054 H004800 Y 054 I004800 N 054 J004800 Y 054 K004800 Y 054 L004800 N 054 M004800 Y 054 N004800 Y 054 O004800 Y 055 A004800 N 055 B004800 N 056 004800 Y 057 004800 N 058 A004800 N 059 004800 Y 060 A004800 N 060 B004800 N 061 004800 2500 062 A004800 N 062 B004800 0.0 062 C004800 0.0 062 D004800 0.0 PAGE 7 062 E004800 0.0 062 F004800 0.0 062 G004800 0.0 062 H004800 0.0 062 I004800 0.0 062 J004800 0.0 062 K004800 0.0 062 L004800 0.0 062 M004800 0.0 062 N004800 0.0 062 O004800 0.0 062 P004800 0.0 062 Q004800 0.0 062 R004800 0.0 063 A004800 0 063 B004800 0.0 066 A004800 Y 066 B004800 N 066 C004800 N 066 D004800 N 066 E004800 N 066 F004800 N 066 G004800 Y 067 004800 N 068 A004800 N 068 B004800 N 069 004800 N 070 A014800 Y 070 A024800 Y 070 B014800 Y 070 B024800 N 070 C014800 Y 070 C024800 N 070 D014800 Y 070 D024800 N 070 E014800 Y 070 E024800 N 070 F014800 Y 070 F024800 N 070 G014800 Y 070 G024800 N 070 H014800 Y 070 H024800 N 070 I014800 Y 070 I024800 N 070 J014800 Y 070 J024800 N 070 K014800 Y 070 K024800 Y 070 L014800 Y 070 L024800 Y PAGE 8 070 M014800 Y 070 M024800 Y 070 N014800 Y 070 N024800 Y 070 O014800 Y 070 O024800 N 070 P014800 Y 070 P024800 Y 070 Q014800 N 070 Q024800 N 070 R014800 Y 070 R024800 N 071 A004800 914038 071 B004800 857546 071 C004800 977749 071 D004800 88 072 A004800 12 072 B004800 0 072 C004800 27151 072 D004800 0 072 E004800 73 072 F004800 5169 072 G004800 0 072 H004800 0 072 I004800 1875 072 J004800 11 072 K004800 0 072 L004800 0 072 M004800 17 072 N004800 32 072 O004800 0 072 P004800 0 072 Q004800 330 072 R004800 63 072 S004800 19 072 T004800 0 072 U004800 0 072 V004800 0 072 W004800 12 072 X004800 7528 072 Y004800 23 072 Z004800 19719 072AA004800 94497 072BB004800 0 072CC014800 43752 072CC024800 0 072DD014800 19749 072DD024800 0 072EE004800 0 073 A014800 0.4200 073 A024800 0.0000 PAGE 9 073 B004800 0.0000 073 C004800 0.0000 074 A004800 0 074 B004800 0 074 C004800 0 074 D004800 0 074 E004800 9496 074 F004800 1101729 074 G004800 0 074 H004800 0 074 I004800 27092 074 J004800 5392 074 K004800 1 074 L004800 2553 074 M004800 6 074 N004800 1146269 074 O004800 30037 074 P004800 740 074 Q004800 0 074 R014800 0 074 R024800 0 074 R034800 0 074 R044800 688 074 S004800 0 074 T004800 1114804 074 U014800 50127 074 U024800 0 074 V014800 22.24 074 V024800 0.00 074 W004800 0.0000 074 X004800 45534 074 Y004800 0 075 A004800 0 075 B004800 992171 076 004800 0.00 077 A000000 Y 077 B000000 Y 077 C000000 N 077 D000000 N 077 E000000 N 077 F000000 N 077 G000000 N 077 H000000 N 077 I000000 N 077 J000000 N 077 K000000 N 077 L000000 N 077 M000000 N 077 N000000 N 077 O000000 N 077 P000000 N PAGE 10 077 Q010000 Y 077 Q020000 N 077 Q030000 N 078 000000 N 080 A00AA00 National Union Fire Insurance Co. of PITT PA 080 B00AA00 Westchester Fire Insurance Company (ACE) 080 C00AA00 220000 081 A00AA00 Y 081 B00AA00 395 082 A00AA00 Y 082 B00AA00 400 083 A00AA00 N 083 B00AA00 0 084 A00AA00 N 084 B00AA00 0 085 A00AA00 Y 085 B00AA00 N 086 A010000 0 086 A020000 0 086 B010000 0 086 B020000 0 086 C010000 0 086 C020000 0 086 D010000 0 086 D020000 0 086 E010000 0 086 E020000 0 086 F010000 0 086 F020000 0 SIGNATURE ADRIEN E. DEBERGHES TITLE PRESIDENT AND TREASURER EX-99.77Q1 OTHR EXHB 2 q77q1_forsubcustodiansbbh.htm SUB CUSTODIAN BBH

Exhibit 77Q1 - Additional Items

Item 15

Brown Brothers Harriman & Co.
Global Subcustodian Network

Market	Subcustodian	Zip Code	City / Country
Argentina	CITIBANK, N.A. - BUENOS AIRES BRANCH	C1036AAJ	Buenos Aires / Argentina
Australia	HSBC BANK AUSTRALIA LIMITED FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC)	2000	Sydney / Australia
Austria	Deutsche Bank AG Vienna Branch	1010	Vienna / Austria
Bahrain	HSBC BANK MIDDLE EAST LIMITED, BAHRAIN BRANCH FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC)	428	Manama / Bahrain
Bangladesh	Standard Chartered Bank, Bangladesh Branch	1000	Dhaka / Bangladesh
Belgium	BNP Paribas Securities Services	93500	Brussels / Belgium
Bermuda	HSBC BANK BERMUDA LIMITED FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC)	HM11	Hamilton / Bermuda
Bosnia	UNICREDIT BANK D.D. FOR UNICREDIT BANK AUSTRIA AG	1090	Vienna / Austria
Botswana	STANBIC BANK BOTSWANA LTD. FOR STANDARD BANK OF SOUTH AFRICA LIMITED	Not Applicable	Gaborone / Botswana
Brazil	Citibank N.A., São Paulo	01311-920	Sao Paulo / Brazil
Bulgaria	ING Bank, N.V., Sofia Branch	1404	Sofia / Bulgaria
Canada	RBC INVESTOR SERVICES TRUST FOR ROYAL BANK OF CANADA (RBC)	M5V 3L3	Toronto / Canada
Chile	Banco de Chile	7550611	Santiago / Chile
China	Standard Chartered Bank (China) Limited	200120	Shanghai / China
Colombia	Cititrust Colombia, S.A. Sociedad Fiduciaria	Not Applicable	Bogota / Colombia
Costa Rica	BANCO BCT SA FOR CORPORACION BCT SA	10103	San Jose / Costa Rica
Croatia	ZAGREBACKA BANKA D.D. FOR UNICREDIT BANK AUSTRIA AG	1090	Vienna / Austria
Cyprus	BNP Paribas Securities Services	115 28	Athens / Greece
Czech Republic	CITIBANK EUROPE PLC, ORGANIZAÈNÍ SLOZKA FOR CITIBANK, N.A.	158 02	Praha / Czech Republic
Denmark	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), DANMARK BRANCH	DK-1014	Copenhagen / Denmark
Egypt	HSBC Bank Egypt S.A.E. for the Hongkong & Shanghai Banking Corporation Limited (HSBC)	11511	Cairo / Egypt
Estonia	SWEDBANK AS FOR NORDEA BANK FINLAND PLC AND NORDEA BANK AB (PUBL)	FI-00020 NORDEA	Tallinn / Finland
Finland	Nordea Bank Finland Plc	FI-00020 NORDEA	Helsinki / Finland
France	BNP Paribas Securities Services S.A., Paris Branch	93500	Paris / France
Germany	Deutsche Bank AG, Frankfurt	D-65760	Frankfurt / Germany
Ghana	STANDARD CHARTERED BANK GHANA LIMITED FOR STANDARD CHARTERED BANK & STANDARD CHARTERED BANK GHANA LIMITED	00233	Accra / Ghana
Greece	HSBC BANK PLC - ATHENS BRANCH FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC)	11526	Athens / Greece
Hong Kong	The Hongkong & Shanghai Banking Corporation Limited (HSBC)	Not Applicable	Central / Hong Kong
Hungary	UNICREDIT BANK HUNGARY ZRT FOR UNICREDIT BANK HUNGARY ZRT AND UNICREDIT BANK AUSTRIA AG	HU-1054	Budapest / Hungary
Iceland	LANDSBANKINN HF.	155	Reykjavik / Iceland
India	Citibank, N.A., Mumbai Branch	400 051	Mumbai / India
	The Hongkong & Shanghai Banking Corporation Limited (HSBC), India Branch	400 0057	Mumbai / India
Indonesia	Citibank, N.A., Jakarta Branch	12190	Jakarta / Indonesia
Ireland	Citibank N.A., London Branch	E14 5LB	London / UK
Israel	Bank Hapoalim BM	66883	Tel Aviv / Israel
Italy	BNP Paribas Securities Services, Milan Branch	20123	Milan / Italy
Ivory Coast	STANDARD CHARTERED BANK COTE D'IVOIRE FOR STANDARD CHARTERED BANK	1141	Abidjan / Ivory Coast
Japan	Bank of Tokyo-Mitsubishi UFJ Ltd	103-0021	Tokyo / Japan
Jordan	HSBC BANK MIDDLE EAST LIMITED - JORDAN BRANCH FOR THEHONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC)	11190	Western Amman / Jordan
Kazakhstan	SB HSBC BANK KAZAKHSTAN JSC FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC)	50010	Almaty / Kazakhstan
Kenya	CFC STANBIC BANK LIMITED FOR STANDARD BANK OF SOUTH AFRICA LIMITED	00200	Nairobi / Kenya
Kuwait	HSBC BANK MIDDLE EAST LIMITED - KUWAIT BRANCH FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD. (HSBC)	13017	Kuwait City, Kuwait
Latvia	SWEDBANK" AS FOR NORDEA BANK FINLAND PLC AND NORDEA BANK AB (PUBL)	FI-00020 NORDEA	Helsinki / Finland
Lebanon	HSBC BANK MIDDLE EAST LIMITED - LEBANON BRANCH FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC)	Not Applicable	Beirut / Lebanon
Lituania	"SWEDBANK" AB FOR NORDEA BANK FINLAND PLC AND NORDEA BANK AB (PUBL)	FI-00020 NORDEA	Helsinki / Finland
Luxembourg	KBL European Private Bankers S.A.	L-2955	Luxembourg
Malaysia	Standard Chartered Bank Malaysia Berhad for Standard Chartered Bank	50250	Kuala Lumpur / Malaysia
Mauritius	Hongkong & Shanghai Banking Corporation (HSBC), Mauritius Branch	Not Applicable	Port Louis / Mauritius
Mexico	Banco Nacional de Mexico, S.A. (Banamex) for Citibank N.A.	1210	Mexico City / Mexico
Morocco	Citibank Maghreb for Citibank N.A.	20190	Casablanca / Morocco
Namibia	Standard Bank Namibia Ltd for Standard Bank of South Africa Limited	Not Applicable	Windhoek / Namibia
Netherlands	BNP Paribas Securities Services,	93500	Amsterdam / Netherlands
New Zealand	Hongkong & Shanghai Banking Corporation Limited (HSBC), New Zealand Branch	1010	Auckland / New Zealand
Nigeria	Stanbic IBTC Bank Plc for Standard Bank of South Africa Limited	101007	Lagos / Nigeria
Norway	NORDEA BANK NORGE ASA FOR NORDEA BANK NORGE ASA AND NORDEA BANK AB (PUBL)	NO-0107	Oslo / Norway
Oman	HSBC BANK OMAN SAOG FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC)	PC 112	Ruwi / Oman
Pakistan	STANDARD CHARTERED BANK (PAKISTAN) LIMITED FOR STANDARD CHARTERED BANK	74000	Karachi / Pakistan
Palestine	HSBC BANK MIDDLE EAST LIMITED - PALESTINE BRANCH FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC)	Not Applicable	Ramallah / Palestine
Peru	Citibank del Peru S.A. for Citibank N.A.	27	Lima / Peru
Philippines	Hongkong & Shanghai Banking Corporation (HSBC), Philippine Branch	1634	Manila / Philippines
Poland	Bank Handlowy w Warszawie SA (BHS) for Citibank N.A.	00-923	Warsaw / Poland
Portugal	BNP Paribas Securities Services	93500	Paris / France
Qatar	HSBC BANK MIDDLE EAST LTD - QATAR BRANCH FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC)	JE4 8UB	Doha / Qatar
Romania	ING Bank N.V., Bucharest Branch	11745	Bucharest / Romania
Russia	ZAO Citibank for Citibank N.A.	125047	Moscow / Russia
Saudi Arabia	HSBC SAUDI ARABIA LIMITED FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC)	11413	Riyadh / Saudi Arabia
Serbia	UNICREDIT BANK SERBIA JSC FOR UNICREDIT BANK AUSTRIA AG	1090	Belgrade / Serbia
Singapore	Standard Chartered Bank, Singapore branch	18981	Singapore
Slovakia	ING Bank NV, Bratislava Branch	811 02	Bratislava / Slovakia
Slovenia	UNICREDIT BANKA SLOVENIJA DD FOR UNICREDIT BANKA SLOVENIJA DD & UNICREDIT BANK AUSTRIA AG	1090	Vienna / Austria
South Africa	Standard Bank of South Africa Limited (SBSA)	2001	Johannesburg / South Africa
South Korea	Citibank Korea Inc. for Citibank N.A.	100-180	Seoul / South Korea
Spain	Société Générale Sucursal en España S.A.	28016	Madrid / Spain
Sri Lanka	Hongkong & Shanghai Banking Corporation Limited (HSBC), Sri Lanka Branch	Not Applicable	Colombo / Sri Lanka
Swaziland	STANDARD BANK SWAZILAND LTD. FOR STANDARD BANK OF SOUTH AFRICA LIMITED	Not Applicable	Mbabane / Swaziland
Sweden	Skandinaviska Enskilda Banken AB (publ)	SE-106 40	Stockholm / Sweden
Switzerland	UBS AG	CH-8098	Zurich / Switzerland
Taiwan	Standard Chartered Bank (Taiwan) Ltd. For Standard Chartered Bank	105	Taipei / Taiwan
Tanzania	STANDARD CHARTERED BANK TANZANIA LIMITED AND STANDARD CHARTERED BANK (MAURITIUS) LIMITED FOR STANDARD CHARTERED BANK	Not Applicable	Port Louis / Mauritius
Thailand	Hongkong & Shanghai Banking Corporation Limited (HSBC), Thailand Branch	10500	Bangkok / Thailand
Transnational	Brown Brothers Harriman & Co. (BBH & Co.)	10005-1101	Boston, MA / New York, NY
Trinidad & Tobago	REPUBLIC BANK LIMITED	Not Applicable	Port of Spain / Trinidad & Tobago
Tunisia	BANQUE INTERNATIONALE ARABE DE TUNISIE (BIAT)	1080	Tunis / Tunisia
Turkey	Citibank Anonim Sirkiti for Citibank N.A.	34394	Istanbul / Turkey
Uganda	STANDARD CHARTERED BANK UGANDA LIMITED FOR STANDARD CHARTERED BANK	256	Kampala / Uganda
Ukraine	PJSC ING BANK UKRAINE FOR ING BANK N.V. AND PJSC ING BANK UKRAINE	4070	Kiev / Ukraine
United Arab Emirates (ADX, DFM and NASDAQ Dubai)	HSBC BANK MIDDLE EAST LIMITED FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC)	337-1500	Dubai / UAE
United Kingdom	HSBC Bank Plc	E14 5HQ	London / UK
Uruguay	BANCO ITAÚ URUGUAY S.A. FOR BANCO ITAÚ URUGUAY S.A. AND ITAÚ UNIBANCO S.A.	11000	Montevideo / Uruguay
Venezuela	Citibank, N.A., Caracas Branch	1050	Caracas / Venezuela
Vietnam	HSBC BANK (VIETNAM) LTD. FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC)	Not Applicable	Hanoi, Vietnam
Zambia	STANBIC BANK ZAMBIA LTD. FOR STANDARD BANK OF SOUTH AFRICA LIMITED	10101	Lusaka / Zambia
Zimbabwe	STANBIC BANK ZIMBABWE LTD. FOR STANDARD BANK OF SOUTH AFRICA LIMITED	Not Applicable	Harare / Zimbabwe

EX-99.77Q1 OTHR EXHB 3 q77q1_managementcontract.htm MANAGEMENT CONTRACT

MANAGEMENT CONTRACT
BETWEEN
FIDELITY SELECT PORTFOLIOS:
FIDELITY TELECOM AND UTILITIES FUND
and
FIDELITY SELECTCO, LLC

AGREEMENT made as of this 1st day of August, 2013, by and between Fidelity Select Portfolios, a Massachusetts business trust which may issue one or more series of shares of beneficial interest (hereinafter called the "Fund"), on behalf of Fidelity Telecom and Utilities Fund (hereinafter called the "Portfolio"), and Fidelity SelectCo, LLC, a Delaware limited liability company (hereinafter called the "Adviser"), as set forth in its entirety below.

1. (a) Investment Advisory Services. The Adviser undertakes to act as investment adviser of the Portfolio and shall, subject to the supervision of the Fund's Board of Trustees, direct the investments of the Portfolio in accordance with the investment objective, policies and limitations as provided in the Portfolio's Prospectus or other governing instruments, as amended from time to time, the Investment Company Act of 1940 and rules thereunder, as amended from time to time (the "1940 Act"), and such other limitations as the Portfolio may impose by notice in writing to the Adviser. The Adviser shall also furnish for the use of the Portfolio office space and all necessary office facilities, equipment and personnel for servicing the investments of the Portfolio; and shall pay the salaries and fees of all officers of the Fund, of all Trustees of the Fund who are "interested persons" of the Fund or of the Adviser performing services relating to research, statistical and investment activities. The Adviser is authorized, in its discretion and without prior consultation with the Portfolio, to buy, sell, lend and otherwise trade in any stocks, bonds and other securities and investment instruments on behalf of the Portfolio. The investment policies and all other actions of the Portfolio are and shall at all times be subject to the control and direction of the Fund's Board of Trustees.

(b) Management Services. The Adviser shall perform (or arrange for the performance by its affiliates of) the management and administrative services necessary for the operation of the Fund. The Adviser shall, subject to the supervision of the Board of Trustees, perform various services for the Portfolio, including but not limited to: (i) providing the Portfolio with office space, equipment and facilities (which may be its own) for maintaining its organization; (ii) on behalf of the Portfolio, supervising relations with, and monitoring the performance of, custodians, depositories, transfer and pricing agents, accountants, attorneys, underwriters, brokers and dealers, insurers and other persons in any capacity deemed to be necessary or desirable; (iii) preparing all general shareholder communications, including shareholder reports; (iv) conducting shareholder relations; (v) maintaining the Fund's existence and its records; (vi) during such times as shares are publicly offered, maintaining the registration and qualification of the Portfolio's shares under federal and state law; and (vii) investigating the development of and developing and implementing, if appropriate, management and shareholder services designed to enhance the value or convenience of the Portfolio as an investment vehicle.

The Adviser shall also furnish such reports, evaluations, information or analyses to the Fund as the Fund's Board of Trustees may request from time to time or as the Adviser may deem to be desirable. The Adviser shall make recommendations to the Fund's Board of Trustees with respect to Fund policies, and shall carry out such policies as are adopted by the Trustees. The Adviser shall, subject to review by the Board of Trustees, furnish such other services as the Adviser shall from time to time determine to be necessary or useful to perform its obligations under this Contract.

(c) The Adviser shall place all orders for the purchase and sale of portfolio securities for the Portfolio's account with brokers or dealers selected by the Adviser, which may include brokers or dealers affiliated with the Adviser. The Adviser shall use its best efforts to seek to execute portfolio transactions at prices which are advantageous to the Portfolio and at commission rates which are reasonable in relation to the benefits received. In selecting brokers or dealers qualified to execute a particular transaction, brokers or dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) to the Portfolio and/or the other accounts over which the Adviser or its affiliates exercise investment discretion. The Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Portfolio which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities which the Adviser and its affiliates have with respect to accounts over which they exercise investment discretion. The Trustees of the Fund shall periodically review the commissions paid by the Portfolio to determine if the commissions paid over representative periods of time were reasonable in relation to the benefits to the Portfolio.

The Adviser shall, in acting hereunder, be an independent contractor. The Adviser shall not be an agent of the Portfolio.

2. It is understood that the Trustees, officers and shareholders of the Fund are or may be or become interested in the Adviser as directors, officers or otherwise and that directors, officers and stockholders of the Adviser are or may be or become similarly interested in the Fund, and that the Adviser may be or become interested in the Fund as a shareholder or otherwise.

3. The Adviser will be compensated on the following basis for the services and facilities to be furnished hereunder. The Adviser shall receive a monthly management fee, payable monthly as soon as practicable after the last day of each month, composed of a Basic Fee and a Performance Adjustment. Except as otherwise provided in sub-paragraph (e) of this paragraph 3, the Performance Adjustment is added to or subtracted from the Basic Fee depending on whether the Portfolio experienced better or worse performance than the Russell 3000 Utilities Index (the "Index"). The Performance Adjustment is not cumulative. An increased fee will result even though the performance of the Portfolio over some period of time shorter than the performance period has been behind that of the Index, and, conversely, a reduction in the fee will be made for a month even though the performance of the Portfolio over some period of time shorter than the performance period has been ahead of that of the Index. The Basic Fee and the Performance Adjustment will be computed as follows:

(a) Basic Fee Rate: The annual Basic Fee Rate shall be the sum of the Group Fee Rate and the Individual Fund Fee Rate calculated to the nearest millionth decimal place as follows:

(i) Group Fee Rate. The Group Fee Rate shall be based upon the monthly average of the net assets of the registered investment companies having Advisory and Service or Management Contracts with the Adviser and Fidelity Management & Research Company (computed in the manner set forth in the fund's Declaration of Trust or other organizational document) determined as of the close of business on each business day throughout the month. The Group Fee Rate shall be determined on a cumulative basis pursuant to the following schedule:

Average Group Assets	Annualized Rate
0 - $3 billion	.5200%
3 - 6	.4900
6 - 9	.4600
9 - 12	.4300
12 - 15	.4000
15 - 18	.3850
18 - 21	.3700
21 - 24	.3600
24 - 30	.3500
30 - 36	.3450
36 - 42	.3400
42 - 48	.3350
48 - 66	.3250
66 - 84	.3200
84 - 102	.3150
102 - 138	.3100
138 - 174	.3050
174 - 210	.3000
210 - 246	.2950
246 - 282	.2900
282 - 318	.2850
318 - 354	.2800
354 - 390	.2750
390 - 426	.2700
426 - 462	.2650
462 - 498	.2600
498 - 534	.2550
534 - 587	.2500
587 - 646	.2463
646 - 711	.2426
711 - 782	.2389
782 - 860	.2352
860 - 946	.2315
946 - 1,041	.2278
1,041 - 1,145	.2241
1,145 - 1,260	.2204
1,260 - 1,386	.2167
1,386 - 1,525	.2130
1,525 - 1,677	.2093
1,677 - 1,845	.2056
over 1,845	.2019

(ii) Individual Fund Fee Rate. The Individual Fund Fee Rate shall be .20%.

(b) Basic Fee. One-twelfth of the Basic Fee Rate shall be applied to the average of the net assets of the Portfolio (computed in the manner set forth in the Fund's Declaration of Trust or other organizational document) determined as of the close of business on each business day throughout the month. The resulting dollar amount comprises the Basic Fee.

(c) Performance Adjustment Rate: Except as otherwise provided in sub-paragraph (e) of this paragraph 3, the Performance Adjustment Rate is 0.02% for each percentage point (the performance of the Portfolio and the Index each being calculated to the nearest 0.01%) that the Portfolio's investment performance for the performance period was better or worse than the record of the Index as then constituted. The maximum performance adjustment rate is 0.15%.

The performance period consists of the current month plus the previous 35 months.

The Portfolio's investment performance will be measured by comparing (i) the opening net asset value of one share of the Portfolio on the first business day of the performance period with (ii) the closing net asset value of one share of the Portfolio as of the last business day of such period. In computing the investment performance of the Portfolio and the investment record of the Index, distributions of realized capital gains, the value of capital gains taxes per share paid or payable on undistributed realized long-term capital gains accumulated to the end of such period and dividends paid out of investment income on the part of the Portfolio, and all cash distributions of the securities included in the Index, will be treated as reinvested in accordance with Rule 205-1 or any other applicable rules under the Investment Advisers Act of 1940, as the same from time to time may be amended.

(d) Performance Adjustment. One-twelfth of the annual Performance Adjustment Rate will be applied to the average of the net assets of the Portfolio (computed in the manner set forth in the Fund's Declaration of Trust or other organizational document) determined as of the close of business on each business day throughout the month and the performance period.

(e) For the 35 month period commencing on December 1, 1998 (the Commencement Date) (such period hereafter referred to as the Transition Period), the Performance Adjustment Rate shall be calculated by comparing the Portfolio's investment performance against the blended investment records of the Index and the Standard & Poor's Utilities Index (the index used to calculate the Portfolio's Performance Adjustment prior to the Commencement Date (the Prior Index)), such calculation being performed as follows:

For the first month of the Transition Period, the Performance Adjustment Rate shall be calculated by comparing the Portfolio's investment performance over the 36 month performance period against a blended index investment record that reflects the investment record of the Prior Index for the first 35 months of the performance period and the investment record of the Index for the 36th month of the performance period. For each subsequent month of the Transition Period, the Performance Adjustment Rate shall be calculated by comparing the Portfolio's investment performance over the 36 month performance period against a blended index investment record that reflects one additional month of the Index's performance and one less month of the Prior Index's performance. This calculation methodology shall continue until the expiration of the Transition Period, at which time the investment record of the Prior Index shall be eliminated from the Performance Adjustment calculation, and the calculation shall include only the investment record of the Index.

(f) In case of termination of this Contract during any month, the fee for that month shall be reduced proportionately on the basis of the number of business days during which it is in effect for that month. The Basic Fee Rate will be computed on the basis of and applied to net assets averaged over that month ending on the last business day on which this Contract is in effect. The amount of this Performance Adjustment to the Basic Fee will be computed on the basis of and applied to net assets averaged over the 36-month period ending on the last business day on which this Contract is in effect provided that if this Contract has been in effect less than 36 months, the computation will be made on the basis of the period of time during which it has been in effect.

4. It is understood that the Portfolio will pay all its expenses, which expenses payable by the Portfolio shall include, without limitation, (i) interest and taxes; (ii) brokerage commissions and other costs in connection with the purchase or sale of securities and other investment instruments; (iii) fees and expenses of the Fund's Trustees other than those who are "interested persons" of the Fund or the Adviser; (iv) legal and audit expenses; (v) custodian, registrar and transfer agent fees and expenses; (vi) fees and expenses related to the registration and qualification of the Fund and the Portfolio's shares for distribution under state and federal securities laws; (vii) expenses of printing and mailing reports and notices and proxy material to shareholders of the Portfolio; (viii) all other expenses incidental to holding meetings of the Portfolio's shareholders, including proxy solicitations therefor; (ix) a pro rata share, based on relative net assets of the Portfolio and other registered investment companies having Advisory and Service or Management Contracts with the Adviser, of 50% of insurance premiums for fidelity and other coverage; (x) its proportionate share of association membership dues; (xi) expenses of typesetting for printing Prospectuses and Statements of Additional Information and supplements thereto; (xii) expenses of printing and mailing Prospectuses and Statements of Additional Information and supplements thereto sent to existing shareholders; and (xiii) such non-recurring or extraordinary expenses as may arise, including those relating to actions, suits or proceedings to which the Portfolio is a party and the legal obligation which the Portfolio may have to indemnify the Fund's Trustees and officers with respect thereto.

5. The services of the Adviser to the Portfolio are not to be deemed exclusive, the Adviser being free to render services to others and engage in other activities, provided, however, that such other services and activities do not, during the term of this Contract, interfere, in a material manner, with the Adviser's ability to meet all of its obligations with respect to rendering services to the Portfolio hereunder. In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of obligations or duties hereunder on the part of the Adviser, the Adviser shall not be subject to liability to the Portfolio or to any shareholder of the Portfolio for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security or other investment instrument.

6. (a) Subject to prior termination as provided in sub-paragraph (d) of this paragraph 6, this Contract shall continue in force until July 31, 2015 and indefinitely thereafter, but only so long as the continuance after such date shall be specifically approved at least annually by vote of the Trustees of the Fund or by vote of a majority of the outstanding voting securities of the Portfolio.

(b) This Contract may be modified by mutual consent subject to the provisions of Section 15 of the 1940 Act, as modified by or interpreted by any applicable order or orders of the Securities and Exchange Commission (the "Commission") or any rules or regulations adopted by, or interpretative releases of, the Commission.

(c) In addition to the requirements of sub-paragraphs (a) and (b) of this paragraph 6, the terms of any continuance or modification of this Contract must have been approved by the vote of a majority of those Trustees of the Fund who are not parties to the Contract or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval.

(d) Either party hereto may, at any time on sixty (60) days' prior written notice to the other, terminate this Contract, without payment of any penalty, by action of its Trustees or Board of Directors, as the case may be, or with respect to the Portfolio by vote of a majority of the outstanding voting securities of the Portfolio. This Contract shall terminate automatically in the event of its assignment.

7. The Adviser is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Fund's Declaration of Trust or other organizational document and agrees that the obligations assumed by the Fund pursuant to this Contract shall be limited in all cases to the Portfolio and its assets, and the Adviser shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the Portfolio or any other Portfolios of the Fund. In addition, the Adviser shall not seek satisfaction of any such obligations from the Trustees or any individual Trustee. The Adviser understands that the rights and obligations of any Portfolio under the Declaration of Trust or other organizational document are separate and distinct from those of any and all other Portfolios.

8. This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Massachusetts, without giving effect to the choice of laws provisions thereof.

The terms "vote of a majority of the outstanding voting securities," "assignment," and "interested persons," when used herein, shall have the respective meanings specified in the 1940 Act, as now in effect or as hereafter amended, and subject to such orders as may be granted by the Commission.

IN WITNESS WHEREOF the parties have caused this instrument to be signed in their behalf by their respective officers thereunto duly authorized, and their respective seals to be hereunto affixed, all as of the date written above.

	FIDELITY SELECT PORTFOLIOS
	on behalf of Fidelity Telecom and Utilities Fund

	By:	/s/Kenneth B. Robins
		Kenneth B. Robins
		President and Treasurer

	FIDELITY SELECTCO, LLC

\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|\|	By:	/s/Anthony R. Rochte
		Anthony R. Rochte
		President

EX-99.77Q1 OTHR EXHB 4 q77q1_managementcontract_2.htm MANAGEMENT CONTRACT

SUB-ADVISORY AGREEMENT

between

FMR CO., INC. and

FIDELITY SELECTCO, LLC

AGREEMENT made this 1^st day of August, 2013, by and between FMR Co., Inc., a Massachusetts corporation with principal offices at 245 Summer Street, Boston, Massachusetts (hereinafter called the "Sub-Adviser") and Fidelity SelectCo, LLC, a Delaware limited liability company with principal offices at 1225 17th Street, Denver, Colorado (hereinafter called the "Adviser").

WHEREAS the Adviser has entered into a Management Contract with Fidelity Select Portfolios, a Massachusetts business trust which may issue one or more series of shares of beneficial interest (hereinafter called the "Fund"), on behalf of Fidelity Telecom and Utilities Fund (hereinafter called the "Portfolio"), pursuant to which the Adviser is to act as investment manager and adviser to the Portfolio, and

WHEREAS the Sub-Adviser was formed for the purpose of providing investment management of equity and high income funds and advising generally with respect to equity and high income instruments.

NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the Adviser and the Sub-Adviser agree as follows:

1. (a) The Sub-Adviser shall, subject to the supervision of the Adviser, direct the investments of all or such portion of the Portfolio's assets as the Adviser shall designate in accordance with the investment objective, policies and limitations as provided in the Portfolio's Prospectus or other governing instruments, as amended from time to time, the Investment Company Act of l940 and rules thereunder, as amended from time to time (the "l940 Act"), and such other limitations as the Portfolio may impose by notice in writing to the Adviser or Sub-Adviser. The Sub-Adviser shall also furnish for the use of the Portfolio office space and all necessary office facilities, equipment and personnel for servicing the investments of the Portfolio; and shall pay the salaries and fees of all personnel of the Sub-Adviser performing services for the Portfolio relating to research, statistical and investment activities. The Sub-Adviser is authorized, in its discretion and without prior consultation with the Portfolio or the Adviser, to buy, sell, lend and otherwise trade in any stocks, bonds and other securities and investment instruments on behalf of the Portfolio. The investment policies and all other actions of the Portfolio are and shall at all times be subject to the control and direction of the Fund's Board of Trustees.

(b) The Sub-Adviser shall also furnish such reports, evaluations, information or analyses to the Fund and the Adviser as the Fund's Board of Trustees or the Adviser may request from time to time or as the Sub-Adviser may deem to be desirable. The Sub-Adviser shall make recommendations to the Fund's Board of Trustees with respect to Portfolio policies, and shall carry out such policies as are adopted by the Trustees. The Sub-Adviser shall, subject to review by the Board of Trustees, furnish such other services as the Sub-Adviser shall from time to time determine to be necessary or useful to perform its obligations under this Agreement and which are not otherwise furnished by the Adviser.

(c) The Sub-Adviser shall place all orders for the purchase and sale of portfolio securities for the Portfolio's account with brokers or dealers selected by the Sub-Adviser, which may include brokers or dealers affiliated with the Adviser or Sub-Adviser. The Sub-Adviser shall use its best efforts to seek to execute portfolio transactions at prices which are advantageous to the Portfolio and at commission rates which are reasonable in relation to the benefits received. In selecting brokers or dealers qualified to execute a particular transaction, brokers or dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of l934) to the Portfolio and/or the other accounts over which the Sub-Adviser, Adviser or their affiliates exercise investment discretion. The Sub-Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Portfolio which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Sub-Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Adviser and its affiliates have with respect to accounts over which they exercise investment discretion. The Trustees of the Fund shall periodically review the commissions paid by the Portfolio to determine if the commissions paid over representative periods of time were reasonable in relation to the benefits to the Portfolio.

2. As compensation for the services to be furnished by the Sub-Adviser hereunder, the Adviser agrees to pay the Sub-Adviser a monthly fee equal to 50% of the management fee (including performance adjustments, if any) that the Portfolio is obligated to pay the Adviser under the Portfolio's Management Contract with the Adviser in respect of that portion of the Portfolio's assets managed by the Sub-Adviser during such month. Such fee shall not be reduced to reflect expense reimbursements or fee waivers by the Adviser, if any, in effect from time to time.

3. It is understood that Trustees, officers, and shareholders of the Fund are or may be or become interested in the Adviser or the Sub-Adviser as directors, officers or otherwise and that directors, officers and stockholders of the Adviser or the Sub-Adviser are or may be or become similarly interested in the Fund, and that the Adviser or the Sub-Adviser may be or become interested in the Fund as a shareholder or otherwise.

4. It is understood that the Portfolio will pay all its expenses other than those expressly stated to be payable by the Sub-Adviser hereunder or by the Adviser under the Management Contract with the Portfolio, which expenses payable by the Portfolio shall include, without limitation, (i) interest and taxes; (ii) brokerage commissions and other costs in connection with the purchase or sale of securities and other investment instruments; (iii) fees and expenses of the Fund's Trustees other than those who are ´´interested persons" of the Fund, the Sub-Adviser or the Adviser; (iv) legal and audit expenses; (v) custodian, registrar and transfer agent fees and expenses; (vi) fees and expenses related to the registration and qualification of the Fund and the Portfolio's shares for distribution under state and federal securities laws; (vii) expenses of printing and mailing reports and notices and proxy material to shareholders of the Portfolio; (viii) all other expenses incidental to holding meetings of the Portfolio's shareholders, including proxy solicitations therefor; (ix) a pro rata share, based on relative net assets of the Portfolio and other registered investment companies having Advisory and Service or Management Contracts with the Adviser, of 50% of insurance premiums for fidelity and other coverage; (x) its proportionate share of association membership dues; (xi) expenses of typesetting for printing Prospectuses and Statements of Additional Information and supplements thereto; (xii) expenses of printing and mailing Prospectuses and Statements of Additional Information and supplements thereto sent to existing shareholders; and (xiii) such non-recurring or extraordinary expenses as may arise, including those relating to actions, suits or proceedings to which the Portfolio is a party and the legal obligation which the Portfolio may have to indemnify the Fund's Trustees and officers with respect thereto.

5. The Services of the Sub-Adviser to the Adviser are not to be deemed to be exclusive, the Sub-Adviser being free to render services to others and engage in other activities, provided, however, that such other services and activities do not, during the term of this Agreement, interfere, in a material manner, with the Sub-Adviser's ability to meet all of its obligations with respect to rendering investment advice hereunder. The Sub-Adviser shall for all purposes be an independent contractor and not an agent or employee of the Adviser or the Fund.

6. In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of obligations or duties hereunder on the part of the Sub-Adviser, the Sub-Adviser shall not be subject to liability to the Advisor, the Trust or to any shareholder of the Portfolio for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security.

7. (a) Subject to prior termination as provided in sub-paragraph (d) of this paragraph 7, this Agreement shall continue in force until July 31, 2015, and indefinitely thereafter, but only so long as the continuance after such period shall be specifically approved at least annually by vote of the Fund's Board of Trustees or by vote of a majority of the outstanding voting securities of the Portfolio.

(b) This Agreement may be modified by mutual consent subject to the provisions of Section 15 of the 1940 Act, as modified by or interpreted by any applicable order or orders of the Securities and Exchange Commission (the "Commission") or any rules or regulations adopted by, or interpretive releases of, the Commission.

(c) In addition to the requirements of sub-paragraphs (a) and (b) of this paragraph 7, the terms of any continuance or modification of the Agreement must have been approved by the vote of a majority of those Trustees of the Fund who are not parties to such Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval.

(d) Either the Adviser, the Sub-Adviser or the Portfolio may, at any time on sixty (60) days' prior written notice to the other parties, terminate this Agreement, without payment of any penalty, by action of its Board of Trustees or Directors, or by vote of a majority of its outstanding voting securities. This Agreement shall terminate automatically upon the termination of the Management Contract between the Fund, on behalf of the Portfolio, and the Adviser. This Agreement shall terminate automatically in the event of its assignment.

8. The Sub-Adviser is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Declaration of Trust or other organizational document of the Fund and agrees that any obligations of the Fund or the Portfolio arising in connection with this Agreement shall be limited in all cases to the Portfolio and its assets, and the Sub-Adviser shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the Portfolio. Nor shall the Sub-Adviser seek satisfaction of any such obligation from the Trustees or any individual Trustee.

9. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, WITHOUT GIVING EFFECT TO THE CHOICE OF LAWS PROVISIONS THEREOF.

The terms ´´registered investment company," ´´vote of a majority of the outstanding voting securities," ´´assignment," and ´´interested persons," when used herein, shall have the respective meanings specified in the Investment Company Act of 1940 as now in effect or as hereafter amended.

IN WITNESS WHEREOF the parties hereto have caused this instrument to be signed in their behalf by their respective officers thereunto duly authorized, and their respective seals to be hereunto affixed, all as of the date written above.

FMR CO., INC.

By /s/William E. Dailey

William E. Dailey

Treasurer

FIDELITY SELECTCO, LLC

By /s/Anthony R. Rochte

Anthony R. Rochte

President

EX-99.77B ACCT LTTR 5 q77b_pwcauditletter.htm PWC AUDIT LETTER

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

ON INTERNAL CONTROL REQUIRED BY FORM N-SAR

To the Board of Trustees and Shareholders of Fidelity Select Portfolios:

In planning and performing our audit of the financial statements of Fidelity Select Portfolios: Fidelity Telecom and Utilities Fund as of and for the year ended January 31, 2014, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Trust's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Trust's internal control over financial reporting.

The management of the Trust is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Trust's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Trust's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Trust's internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be material weaknesses as defined above as of January 31, 2014.

This report is intended solely for the information and use of management and the Board of Trustees of Fidelity Select Portfolios: Fidelity Telecom and Utilities Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

March 14, 2014