Quarterly Holdings Report

for

Fidelity® Select Portfolios®

Health Care Services Portfolio

May 31, 2023

MED-NPRT1-0723

1.802180.119

Common Stocks - 98.1%
	Shares	Value ($)
Health Care Providers & Services - 96.7%
Health Care Distributors - 9.4%
AmerisourceBergen Corp.	444,900	75,699,735
McKesson Corp.	190,200	74,337,768
		150,037,503
Health Care Facilities - 14.7%
Acadia Healthcare Co., Inc. (a)	603,800	42,646,394
Encompass Health Corp.	532,900	33,050,458
HCA Holdings, Inc.	197,800	52,256,782
Surgery Partners, Inc. (a)	1,322,525	49,568,237
U.S. Physical Therapy, Inc. (b)	180,300	18,417,645
Universal Health Services, Inc. Class B	281,100	37,141,743
		233,081,259
Health Care Services - 23.9%
agilon health, Inc. (a)(b)	2,494,879	49,598,195
Andlauer Healthcare Group, Inc.	184,939	6,296,781
Chemed Corp.	52,200	27,862,794
Cigna Group	290,172	71,791,455
CVS Health Corp.	2,140,070	145,588,962
LifeStance Health Group, Inc. (a)(b)	3,273,650	26,811,194
Option Care Health, Inc. (a)	1,032,732	28,451,767
Privia Health Group, Inc. (a)	963,200	24,031,840
		380,432,988
Managed Health Care - 48.7%
Alignment Healthcare, Inc. (a)	829,296	4,867,968
Centene Corp. (a)	1,782,084	111,219,862
Elevance Health, Inc.	126,502	56,650,126
HealthEquity, Inc. (a)	460,900	25,257,320
Humana, Inc.	240,600	120,749,922
Molina Healthcare, Inc. (a)	230,900	63,243,510
UnitedHealth Group, Inc.	806,150	392,788,523
		774,777,231
TOTAL HEALTH CARE PROVIDERS & SERVICES		1,538,328,981
Health Care Technology - 1.4%
Health Care Technology - 1.4%
Evolent Health, Inc. (a)(b)	433,700	12,638,018
Evolent Health, Inc. (c)	120,300	3,330,265
Phreesia, Inc. (a)	239,335	7,184,837
		23,153,120
TOTAL COMMON STOCKS (Cost $988,851,978)		1,561,482,101

Preferred Stocks - 0.4%
	Shares	Value ($)
Convertible Preferred Stocks - 0.3%
Health Care Technology - 0.3%
Health Care Technology - 0.3%
Aledade, Inc.:
Series B1(a)(c)(d)	52,232	2,617,868
Series E1(c)(d)	40,149	2,012,268
		4,630,136
Nonconvertible Preferred Stocks - 0.1%
Financial Services - 0.1%
Diversified Financial Services - 0.1%
Thriveworks TopCo LLC Series B (a)(c)(d)(e)	69,639	1,044,585
TOTAL PREFERRED STOCKS (Cost $6,025,320)		5,674,721

Money Market Funds - 3.5%
	Shares	Value ($)
Fidelity Cash Central Fund 5.14% (f)	10,438,509	10,440,596
Fidelity Securities Lending Cash Central Fund 5.14% (f)(g)	45,219,511	45,224,033
TOTAL MONEY MARKET FUNDS (Cost $55,664,629)		55,664,629

TOTAL INVESTMENT IN SECURITIES - 102.0% (Cost $1,050,541,927)	1,622,821,451
NET OTHER ASSETS (LIABILITIES) - (2.0)%	(31,268,177)
NET ASSETS - 100.0%	1,591,553,274

Legend

(a) Non-income producing

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

(c) Restricted securities (including private placements) - 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 $9,004,986 or 0.6% of net assets.

(d) Level 3 security

(e) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

(f) 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.

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Aledade, Inc. Series B1	5/07/21	2,000,000
Aledade, Inc. Series E1	5/20/22	1,999,998
Evolent Health, Inc.	3/28/23	3,488,700
Thriveworks TopCo LLC Series B	7/23/21 - 2/25/22	1,998,863

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 5.14%	18,116,844	94,959,843	102,636,091	99,803	-	-	10,440,596	0.0%
Fidelity Securities Lending Cash Central Fund 5.14%	63,170,610	104,963,942	122,910,519	30,030	-	-	45,224,033	0.2%
Total	81,287,454	199,923,785	225,546,610	129,833	-	-	55,664,629

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.

Amounts in the dividend income column 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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