Quarterly Holdings Report

for

Fidelity® Select Portfolios®

Telecommunications Portfolio

November 30, 2021

TEL-NPRT3-0122

1.810721.117

Common Stocks - 98.8%
	Shares	Value ($)
Construction & Engineering - 0.9%
Construction & Engineering - 0.9%
Dycom Industries, Inc. (a)	27,700	2,589,396
Diversified Telecommunication Services - 72.9%
Alternative Carriers - 28.3%
Anterix, Inc. (a)	80,300	4,830,848
Bandwidth, Inc. (a)	83,700	5,997,942
Cogent Communications Group, Inc.	181,739	13,617,703
EchoStar Holding Corp. Class A (a)(b)	359,200	9,831,304
Globalstar, Inc. (a)	840,700	1,168,573
Iridium Communications, Inc. (a)	280,311	10,777,958
Liberty Global PLC Class C (a)	482,736	12,860,087
Liberty Latin America Ltd. Class C (a)	1,027,833	11,552,843
Lumen Technologies, Inc. (b)	529,300	6,531,562
		77,168,820
Integrated Telecommunication Services - 44.6%
AT&T, Inc.	1,863,820	42,551,011
ATN International, Inc.	63,200	2,414,872
Radius Global Infrastructure, Inc. (a)(b)	530,900	8,759,850
Verizon Communications, Inc.	1,357,197	68,226,293
		121,952,026
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES		199,120,846
Equity Real Estate Investment Trusts (REITs) - 0.4%
Specialized REITs - 0.4%
American Tower Corp.	4,100	1,076,168
IT Services - 0.7%
Internet Services & Infrastructure - 0.4%
Twilio, Inc. Class A (a)	4,000	1,144,600
IT Consulting & Other Services - 0.3%
Amdocs Ltd.	13,300	928,606
TOTAL IT SERVICES		2,073,206
Media - 7.6%
Cable & Satellite - 7.6%
Charter Communications, Inc. Class A (a)	3,600	2,326,608
Comcast Corp. Class A	197,800	9,886,044
Liberty Broadband Corp. Class C (a)	55,124	8,535,951
		20,748,603
Oil, Gas & Consumable Fuels - 0.4%
Oil & Gas Refining & Marketing - 0.4%
Reliance Industries Ltd.	34,700	1,111,417
Software - 0.7%
Application Software - 0.7%
RingCentral, Inc. (a)	8,500	1,835,830
Wireless Telecommunication Services - 15.2%
Wireless Telecommunication Services - 15.2%
Gogo, Inc. (a)(b)	480,600	6,161,292
Millicom International Cellular SA (a)(b)	38,900	1,214,069
Shenandoah Telecommunications Co.	143,823	3,651,666
T-Mobile U.S., Inc. (a)	167,924	18,271,810
Telephone & Data Systems, Inc.	555,964	9,829,444
U.S. Cellular Corp. (a)(b)	78,900	2,296,779
		41,425,060
TOTAL COMMON STOCKS (Cost $238,810,084)		269,980,526

Money Market Funds - 8.7%
	Shares	Value ($)
Fidelity Cash Central Fund 0.06% (c)	3,174,067	3,174,702
Fidelity Securities Lending Cash Central Fund 0.07% (c)(d)	20,604,116	20,606,176
TOTAL MONEY MARKET FUNDS (Cost $23,780,878)		23,780,878

TOTAL INVESTMENT IN SECURITIES - 107.5% (Cost $262,590,962)	293,761,404
NET OTHER ASSETS (LIABILITIES) - (7.5)%	(20,605,872)
NET ASSETS - 100.0%	273,155,532

Legend

(a) Non-income producing

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

(c) 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.

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	%ownership, end of period
Fidelity Cash Central Fund 0.06%	2,585,116	64,151,042	63,561,456	900	-	-	3,174,702	0.0%
Fidelity Securities Lending Cash Central Fund 0.07%	6,843,676	114,828,617	101,066,117	4,571	-	-	20,606,176	0.1%
Total	9,428,792	178,979,659	164,627,573	5,471	-	-	23,780,878

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. Securities 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 inputs to valuation techniques used to value investments are categorized 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 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 any 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 any open-end mutual 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.

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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