Quarterly Holdings Report

for

Fidelity® Select Portfolios®

Defense and Aerospace Portfolio

May 31, 2024

DEF-NPRT1-0724

1.802165.120

Common Stocks - 98.8%
	Shares	Value ($)
Aerospace & Defense - 96.2%
Aerospace & Defense - 96.2%
AerSale Corp. (a)	197,800	1,497,346
Axon Enterprise, Inc. (a)	183,300	51,630,111
BAE Systems PLC	495,300	8,819,318
Bombardier, Inc. Class B (sub. vtg.) (a)	162,600	10,945,779
BWX Technologies, Inc.	303,800	27,989,094
Curtiss-Wright Corp.	97,300	27,518,386
General Dynamics Corp.	341,800	102,461,386
General Electric Co.	1,545,100	255,157,814
HEICO Corp. Class A	468,100	82,226,446
Howmet Aerospace, Inc.	962,400	81,467,160
Huntington Ingalls Industries, Inc.	175,000	44,292,500
Kratos Defense & Security Solutions, Inc. (a)	1,208,578	26,274,486
L3Harris Technologies, Inc.	147,900	33,252,357
Leonardo DRS, Inc. (a)	377,700	8,894,835
Loar Holdings, Inc. (a)(b)	1,600	91,152
Lockheed Martin Corp.	233,100	109,636,254
MTU Aero Engines AG	49,500	12,365,008
Northrop Grumman Corp.	153,600	69,238,272
Rolls-Royce Holdings PLC (a)	3,171,100	18,521,980
RTX Corp.	1,471,800	158,674,758
Spirit AeroSystems Holdings, Inc. Class A (a)(b)	2,189,100	66,373,512
Textron, Inc.	462,200	40,493,342
Thales SA	77,700	14,111,200
The Boeing Co. (a)	1,069,600	189,971,656
TransDigm Group, Inc.	60,800	81,668,384
Triumph Group, Inc. (a)	1,563,600	22,062,396
Woodward, Inc.	227,400	42,410,100
		1,588,045,032
Metals & Mining - 1.0%
Steel - 1.0%
ATI, Inc. (a)	268,500	16,469,790
Professional Services - 1.1%
Research & Consulting Services - 1.1%
Leidos Holdings, Inc.	121,400	17,851,870
Trading Companies & Distributors - 0.5%
Trading Companies & Distributors - 0.5%
FTAI Aviation Ltd.	88,600	7,470,752
TOTAL COMMON STOCKS (Cost $1,015,407,579)		1,629,837,444

Money Market Funds - 1.5%
	Shares	Value ($)
Fidelity Cash Central Fund 5.39% (c)	19,359,743	19,363,615
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d)	5,686,115	5,686,683
TOTAL MONEY MARKET FUNDS (Cost $25,050,298)		25,050,298

TOTAL INVESTMENT IN SECURITIES - 100.3% (Cost $1,040,457,877)	1,654,887,742
NET OTHER ASSETS (LIABILITIES) - (0.3)%	(4,945,195)
NET ASSETS - 100.0%	1,649,942,547

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 5.39%	12,049,482	64,950,699	57,636,659	63,528	93	-	19,363,615	0.0%
Fidelity Securities Lending Cash Central Fund 5.39%	70,347,171	19,686,564	84,347,052	4,321	-	-	5,686,683	0.0%
Total	82,396,653	84,637,263	141,983,711	67,849	93	-	25,050,298

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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