Quarterly Holdings Report

for

Fidelity® Select Portfolios®

Utilities Portfolio

May 31, 2023

UTI-NPRT1-0723

1.802193.119

Common Stocks - 97.8%
	Shares	Value ($)
Electric Utilities - 62.7%
Electric Utilities - 62.7%
Constellation Energy Corp.	1,105,590	92,891,672
Duke Energy Corp.	156,447	13,969,153
Edison International	1,004,810	67,844,771
Enel SpA	550,200	3,462,961
Eversource Energy	714,000	49,430,220
Exelon Corp.	1,183,389	46,921,374
FirstEnergy Corp.	987,245	36,913,091
NextEra Energy, Inc.	2,769,206	203,425,871
NRG Energy, Inc. (a)	212,600	7,183,754
PG&E Corp. (b)	5,375,492	91,060,834
Pinnacle West Capital Corp.	333,040	25,737,331
PPL Corp.	968,400	25,372,080
Southern Co.	2,596,494	181,105,457
Xcel Energy, Inc.	300,600	19,626,174
		864,944,743
Electrical Equipment - 0.1%
Electrical Components & Equipment - 0.1%
Fluence Energy, Inc. (a)(b)	83,204	2,063,459
Independent Power and Renewable Electricity Producers - 7.2%
Independent Power Producers & Energy Traders - 4.9%
Energy Harbor Corp. (b)	231,300	17,896,838
The AES Corp.	690,900	13,638,366
Vistra Corp.	1,521,925	36,480,542
		68,015,746
Renewable Electricity - 2.3%
Clearway Energy, Inc.:
Class A	166,124	4,565,088
Class C	24,900	715,377
NextEra Energy Partners LP	324,112	19,420,791
Sunnova Energy International, Inc. (a)(b)	357,600	6,315,216
		31,016,472
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS		99,032,218
Multi-Utilities - 22.3%
Multi-Utilities - 22.3%
Black Hills Corp.	46,541	2,836,674
Dominion Energy, Inc.	1,210,960	60,887,069
DTE Energy Co.	384,100	41,329,160
NiSource, Inc.	1,965,419	52,850,117
Public Service Enterprise Group, Inc.	890,003	53,177,679
Sempra Energy	676,108	97,041,781
		308,122,480
Oil, Gas & Consumable Fuels - 1.0%
Oil & Gas Storage & Transportation - 1.0%
Cheniere Energy, Inc.	98,700	13,795,299
Water Utilities - 4.5%
Water Utilities - 4.5%
American Water Works Co., Inc.	427,600	61,766,820
TOTAL COMMON STOCKS (Cost $1,168,100,167)		1,349,725,019

Money Market Funds - 2.7%
	Shares	Value ($)
Fidelity Cash Central Fund 5.14% (c)	28,920,433	28,926,217
Fidelity Securities Lending Cash Central Fund 5.14% (c)(d)	8,019,648	8,020,450
TOTAL MONEY MARKET FUNDS (Cost $36,946,667)		36,946,667

TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $1,205,046,834)	1,386,671,686
NET OTHER ASSETS (LIABILITIES) - (0.5)%	(7,448,761)
NET ASSETS - 100.0%	1,379,222,925

Legend

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

(b) Non-income producing

(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 5.14%	13,606,856	323,126,470	307,807,109	279,121	-	-	28,926,217	0.1%
Fidelity Securities Lending Cash Central Fund 5.14%	9,119,850	32,215,766	33,315,166	2,243	-	-	8,020,450	0.0%
Total	22,726,706	355,342,236	341,122,275	281,364	-	-	36,946,667

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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