Quarterly Holdings Report
for

Fidelity® Select Portfolio®

Construction and Housing Portfolio

November 30, 2019

HOU-QTLY-0120
1.810672.115

Schedule of Investments November 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares	Value
Building Products - 14.8%
Building Products - 14.8%
A.O. Smith Corp.	119,500	$5,783,800
Allegion PLC	23,100	2,772,693
American Woodmark Corp. (a)	23,400	2,407,860
Armstrong World Industries, Inc.	50,700	4,868,214
Fortune Brands Home & Security, Inc.	164,500	10,406,270
Johnson Controls International PLC	542,334	23,228,165
Owens Corning	86,543	5,803,574
Patrick Industries, Inc.	60,300	2,986,056
Simpson Manufacturing Co. Ltd.	39,116	3,176,219
		61,432,851
Commercial Services & Supplies - 1.0%
Environmental & Facility Services - 1.0%
ABM Industries, Inc.	107,505	4,084,115
Construction & Engineering - 7.5%
Construction & Engineering - 7.5%
AECOM (a)	158,500	6,867,805
Arcosa, Inc.	51,800	2,031,078
Comfort Systems U.S.A., Inc.	69,900	3,571,890
Dycom Industries, Inc. (a)	34,200	1,780,110
Granite Construction, Inc.	56,000	1,442,560
Jacobs Engineering Group, Inc.	43,602	4,015,308
Quanta Services, Inc.	164,500	6,849,780
Williams Scotsman Corp. (a)(b)	252,867	4,490,918
		31,049,449
Construction Materials - 5.1%
Construction Materials - 5.1%
Summit Materials, Inc. (a)	190,100	4,537,687
Vulcan Materials Co.	118,131	16,759,245
		21,296,932
Equity Real Estate Investment Trusts (REITs) - 22.5%
Residential REITs - 19.7%
American Homes 4 Rent Class A	389,000	10,390,190
AvalonBay Communities, Inc.	171,800	36,835,638
Equity Lifestyle Properties, Inc.	108,174	8,013,530
Equity Residential (SBI)	72,300	6,152,730
Mid-America Apartment Communities, Inc.	132,900	18,089,019
UMH Properties, Inc. (b)	167,300	2,611,553
		82,092,660
Specialized REITs - 2.8%
Digital Realty Trust, Inc.	84,500	10,220,275
Weyerhaeuser Co.	50,300	1,484,353
		11,704,628
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		93,797,288
Household Durables - 11.4%
Homebuilding - 11.4%
Blu Homes, Inc. (a)(c)(d)	11,990,913	20,739
D.R. Horton, Inc.	270,100	14,950,035
M.D.C. Holdings, Inc.	114,000	4,510,980
NVR, Inc. (a)	2,585	9,802,036
PulteGroup, Inc.	254,400	10,086,960
Skyline Champion Corp. (a)	112,890	3,745,690
TopBuild Corp. (a)	39,900	4,400,172
		47,516,612
Mortgage Real Estate Investment Trusts - 1.6%
Mortgage REITs - 1.6%
MFA Financial, Inc.	868,900	6,655,774
Paper & Forest Products - 1.1%
Forest Products - 1.1%
Louisiana-Pacific Corp.	157,500	4,671,450
Real Estate Management & Development - 1.7%
Diversified Real Estate Activities - 0.8%
The RMR Group, Inc.	68,600	3,222,142
Real Estate Services - 0.9%
Jones Lang LaSalle, Inc.	23,500	3,908,755
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT		7,130,897
Specialty Retail - 32.5%
Home Improvement Retail - 32.5%
Lowe's Companies, Inc.	534,970	62,757,331
The Home Depot, Inc.	327,931	72,312,065
		135,069,396
TOTAL COMMON STOCKS
(Cost $304,309,785)		412,704,764
Money Market Funds - 1.2%
Fidelity Cash Central Fund 1.61% (e)	4,199,608	4,200,448
Fidelity Securities Lending Cash Central Fund 1.61% (e)(f)	638,336	638,400
TOTAL MONEY MARKET FUNDS
(Cost $4,838,848)		4,838,848
TOTAL INVESTMENT IN SECURITIES - 100.4%
(Cost $309,148,633)		417,543,612
NET OTHER ASSETS (LIABILITIES) - (0.4)%		(1,705,707)
NET ASSETS - 100%		$415,837,905

Legend

 (a) Non-income producing

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

 (c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $20,739 or 0.0% of net assets.

 (d) Level 3 security

 (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 are available on the SEC's website or upon request.

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Blu Homes, Inc.	6/10/13	$4,000,001

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	$44,386
Fidelity Securities Lending Cash Central Fund	193
Total	$44,579

Amounts in the income column in the above table include any capital gain distributions from underlying funds. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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. 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 each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

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