Quarterly Holdings Report

for

Fidelity® Select Portfolios®

Defense and Aerospace Portfolio

November 30, 2022

DEF-NPRT3-0123

1.810679.118

Common Stocks - 98.4%
	Shares	Value ($)
Aerospace & Defense - 91.6%
Aerospace & Defense - 91.6%
AerSale Corp. (a)	409,300	6,487,405
Airbus Group NV	257,600	29,571,330
Axon Enterprise, Inc. (a)	63,100	11,612,293
BWX Technologies, Inc.	531,800	32,381,302
Curtiss-Wright Corp.	101,500	17,929,975
Elbit Systems Ltd. (b)	83,100	14,511,753
General Dynamics Corp.	164,800	41,593,872
HEICO Corp. Class A (b)	504,500	63,960,510
Howmet Aerospace, Inc.	1,796,500	67,674,155
Huntington Ingalls Industries, Inc.	159,300	36,951,228
Kratos Defense & Security Solutions, Inc. (a)	931,300	8,865,976
L3Harris Technologies, Inc.	228,600	51,910,488
Lockheed Martin Corp.	502,200	243,662,418
Maxar Technologies, Inc. (b)	668,200	16,170,440
Mercury Systems, Inc. (a)	401,000	20,378,820
Northrop Grumman Corp.	134,900	71,940,821
Raytheon Technologies Corp.	1,974,000	194,873,280
Spirit AeroSystems Holdings, Inc. Class A	659,300	17,280,253
Textron, Inc.	549,600	39,230,448
The Boeing Co. (a)	1,317,800	235,728,064
TransDigm Group, Inc.	114,200	71,774,700
Triumph Group, Inc. (a)	1,386,500	15,875,425
Woodward, Inc.	249,600	23,911,680
		1,334,276,636
Electronic Equipment & Components - 2.4%
Electronic Equipment & Instruments - 2.4%
Teledyne Technologies, Inc. (a)	84,200	35,372,420
Professional Services - 4.4%
Research & Consulting Services - 4.4%
Booz Allen Hamilton Holding Corp. Class A	316,700	33,696,880
CACI International, Inc. Class A (a)	97,600	30,480,480
		64,177,360
TOTAL COMMON STOCKS (Cost $1,008,285,121)		1,433,826,416

Money Market Funds - 3.2%
	Shares	Value ($)
Fidelity Cash Central Fund 3.86% (c)	19,675,620	19,679,556
Fidelity Securities Lending Cash Central Fund 3.86% (c)(d)	25,873,371	25,875,958
TOTAL MONEY MARKET FUNDS (Cost $45,555,514)		45,555,514

TOTAL INVESTMENT IN SECURITIES - 101.6% (Cost $1,053,840,635)	1,479,381,930
NET OTHER ASSETS (LIABILITIES) - (1.6)%	(22,634,289)
NET ASSETS - 100.0%	1,456,747,641

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 3.86%	10,252,211	197,077,201	187,649,856	186,528	-	-	19,679,556	0.0%
Fidelity Securities Lending Cash Central Fund 3.86%	19,275,358	154,830,481	148,229,881	17,354	-	-	25,875,958	0.1%
Total	29,527,569	351,907,682	335,879,737	203,882	-	-	45,555,514

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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 service 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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