Quarterly Holdings Report

for

Fidelity® Telecom and Utilities Fund

April 30, 2022

UIF-NPRT1-0622

1.800364.118

Common Stocks - 98.2%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 22.4%
Diversified Telecommunication Services - 13.4%
AT&T, Inc.	4,668,700	88,052
Frontier Communications Parent, Inc. (a)	79,500	2,098
Verizon Communications, Inc.	835,104	38,665
		128,815
Wireless Telecommunication Services - 9.0%
T-Mobile U.S., Inc. (a)	669,469	82,438
Telephone & Data Systems, Inc.	236,054	4,325
		86,763
TOTAL COMMUNICATION SERVICES		215,578
INDUSTRIALS - 0.3%
Commercial Services & Supplies - 0.2%
Charah Solutions, Inc. (a)(b)	557,916	2,165
Electrical Equipment - 0.1%
Sunrun, Inc. (a)	54,300	1,085
TOTAL INDUSTRIALS		3,250
UTILITIES - 75.5%
Electric Utilities - 49.8%
American Electric Power Co., Inc.	336,662	33,367
Constellation Energy Corp.	677,350	40,106
Duke Energy Corp.	147,199	16,215
Edison International	533,828	36,722
Entergy Corp.	118,063	14,032
Evergy, Inc.	401,388	27,234
Exelon Corp.	1,459,651	68,282
FirstEnergy Corp.	1,081,177	46,826
NextEra Energy, Inc.	1,257,963	89,340
PG&E Corp. (a)	3,613,374	45,709
PPL Corp.	453,209	12,830
Southern Co.	652,190	47,864
		478,527
Independent Power and Renewable Electricity Producers - 7.5%
Brookfield Renewable Corp.	73,500	2,639
NextEra Energy Partners LP (b)	297,154	19,808
Sunnova Energy International, Inc. (a)(b)	190,914	3,297
The AES Corp.	1,611,104	32,899
Vistra Corp.	543,841	13,607
		72,250
Multi-Utilities - 18.2%
CenterPoint Energy, Inc.	1,548,704	47,406
Dominion Energy, Inc.	355,348	29,011
NiSource, Inc.	432,400	12,591
Public Service Enterprise Group, Inc.	152,600	10,630
Sempra Energy	467,871	75,496
		175,134
TOTAL UTILITIES		725,911
TOTAL COMMON STOCKS (Cost $713,251)		944,739

Money Market Funds - 4.7%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 0.32% (c)	21,300,608	21,305
Fidelity Securities Lending Cash Central Fund 0.32% (c)(d)	23,558,757	23,561
TOTAL MONEY MARKET FUNDS (Cost $44,866)		44,866

TOTAL INVESTMENT IN SECURITIES - 102.9% (Cost $758,117)	989,605
NET OTHER ASSETS (LIABILITIES) - (2.9)%	(27,765)
NET ASSETS - 100.0%	961,840

Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

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 (Amounts in thousands)	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 0.32%	5,983	30,047	14,725	6	-	-	21,305	0.0%
Fidelity Securities Lending Cash Central Fund 0.32%	22,320	57,662	56,421	5	-	-	23,561	0.1%
Total	28,303	87,709	71,146	11	-	-	44,866

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 - Unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value 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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