Quarterly Holdings Report
for
Fidelity® Select Portfolios®
Health Care Services Portfolio
May 31, 2025
MED-NPRT1-0725
1.802180.121
Common Stocks - 98.9%
 
  
Shares
Value ($)
 
UNITED STATES - 98.9%
 
  
  
Health Care - 98.9%
  
  
  
Health Care Providers & Services - 97.6%
  
  
  
Acadia Healthcare Co Inc (a)
  
346,900
7,853,816
agilon health Inc (a)
  
4,902,760
10,884,127
Alignment Healthcare Inc (a)
  
955,933
14,692,690
Astrana Health Inc (a)(b)
  
235,300
5,833,087
BrightSpring Health Services Inc (a)(b)
  
1,136,700
27,064,827
Cencora Inc
 
160,600
46,773,144
Centene Corp (a)
  
817,484
46,138,797
Chemed Corp
 
56,500
32,478,460
Cigna Group/The
 
345,072
109,263,598
CVS Health Corp
 
1,759,670
112,689,267
Elevance Health Inc
 
74,602
28,635,232
Encompass Health Corp
 
343,900
41,577,510
HCA Healthcare Inc
 
65,300
24,904,767
Hinge Health Inc (a)
  
56,300
2,186,692
Humana Inc
 
56,500
13,171,845
LifeStance Health Group Inc (a)
  
3,353,059
19,917,170
McKesson Corp
 
108,000
77,707,080
Molina Healthcare Inc (a)
  
152,100
46,396,584
Option Care Health Inc (a)
  
774,100
25,297,588
Privia Health Group Inc (a)
  
1,061,764
24,165,749
Surgery Partners Inc (a)
  
1,218,436
28,767,274
Tenet Healthcare Corp (a)
  
182,800
30,851,156
UnitedHealth Group Inc
 
539,550
162,895,541
US Physical Therapy Inc (b)
  
163,300
12,245,867
 
  
  
952,391,868
Health Care Technology - 1.3%
  
  
  
Waystar Holding Corp (a)
  
325,200
13,001,496
TOTAL HEALTH CARE
  
  
965,393,364
 
  
  
  
 
TOTAL COMMON STOCKS
 (Cost $618,643,716)
  
  
  
965,393,364
 
  
  
  
Convertible Preferred Stocks - 0.6%
 
  
Shares
Value ($)
 
UNITED STATES - 0.6%
 
  
  
Health Care - 0.6%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
Thriveworks Topco LLC Class B (a)(c)(d)(e)
  
69,639
285,520
Health Care Technology - 0.6%
  
  
  
Aledade Inc Series B1 (a)(c)(e)
  
52,232
1,849,535
Aledade Inc Series E1 (a)(c)(e)
  
40,149
1,421,676
Aledade Inc Series F (a)(c)(e)
  
59,859
2,119,607
 
  
  
5,390,818
TOTAL HEALTH CARE
  
  
5,676,338
 
  
  
  
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $9,178,959)
  
  
  
5,676,338
 
  
  
  
Money Market Funds - 1.0%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
  
4.32
6,063,982
6,065,195
Fidelity Securities Lending Cash Central Fund (f)(g)
  
4.32
4,083,818
4,084,226
 
TOTAL MONEY MARKET FUNDS
 (Cost $10,149,421)
  
  
  
10,149,421
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.5%
 (Cost $637,972,096)
 
  
 
981,219,123
NET OTHER ASSETS (LIABILITIES) - (0.5)%  
(4,927,433)
NET ASSETS - 100.0%
976,291,690
 
  
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 $5,676,338 or 0.6% of net assets.
 
(d)
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
 
(e)
Level 3 security
 
(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
 
  
  
Aledade Inc Series F
6/07/23
2,999,983
 
  
  
Thriveworks Topco LLC Class B
7/23/21 - 2/25/22
2,178,978
 
  
  
 
 
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 ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
1,773,554
41,955,255
37,663,614
46,269
-
-
6,065,195
6,063,982
0.0%
Fidelity Securities Lending Cash Central Fund
14,351,080
63,077,077
73,343,931
1,606
-
-
4,084,226
4,083,818
0.0%
Total
16,124,634
105,032,332
111,007,545
47,875
-
-
10,149,421
  
  
 
  
  
  
  
  
  
  
  
  
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 income 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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