Quarterly Holdings Report
for
Fidelity® Select Portfolios®
Utilities Portfolio
May 31, 2026
UTI-NPRT1-0726
1.802193.122
Common Stocks - 97.1%
 
  
Shares
Value ($)
 
CANADA - 0.1%
 
  
  
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Cameco Corp (United States)
 
47,600
5,364,519
GERMANY - 0.5%
 
  
  
Industrials - 0.5%
  
  
  
Electrical Equipment - 0.5%
  
  
  
Siemens Energy AG
 
97,200
18,507,185
UNITED STATES - 96.5%
 
  
  
Communication Services - 0.3%
  
  
  
Media - 0.3%
  
  
  
EchoStar Corp Class A (a)(b)
  
76,100
9,831,359
Industrials - 3.8%
  
  
  
Commercial Services & Supplies - 0.2%
  
  
  
Waste Connections Inc (United States)
 
48,500
7,227,469
Construction & Engineering - 1.4%
  
  
  
Centuri Holdings Inc (b)
  
93,644
2,878,617
MasTec Inc (b)
  
71,200
26,939,944
Quanta Services Inc
 
37,300
26,547,529
 
  
  
56,366,090
Electrical Equipment - 2.0%
  
  
  
Bloom Energy Corp Class A (a)(b)
  
29,800
8,493,000
GE Vernova Inc
 
20,200
19,560,064
Nextpower Inc Class A (b)
  
311,909
48,782,568
 
  
  
76,835,632
Machinery - 0.2%
  
  
  
Caterpillar Inc
 
10,800
9,459,396
TOTAL INDUSTRIALS
  
  
149,888,587
Information Technology - 0.4%
  
  
  
Semiconductors & Semiconductor Equipment - 0.4%
  
  
  
Monolithic Power Systems Inc
 
10,100
15,818,721
Utilities - 92.0%
  
  
  
Electric Utilities - 65.7%
  
  
  
Alliant Energy Corp (a)
  
1,572,800
112,628,208
American Electric Power Co Inc
 
1,892,420
239,712,841
Constellation Energy Corp (a)
  
900,452
259,105,063
Duke Energy Corp
 
1,915,381
235,074,710
Entergy Corp
 
1,792,599
195,482,921
Evergy Inc (a)
  
1,420,954
116,575,066
Exelon Corp
 
1,141,155
52,082,314
IDACORP Inc (a)
  
335,200
47,018,504
NextEra Energy Inc
 
5,738,325
499,291,658
NRG Energy Inc
 
1,397,916
187,432,577
Oklo Inc Class A (a)(b)
  
86,200
5,765,056
PG&E Corp
 
7,781,890
127,156,083
Pinnacle West Capital Corp
 
283,705
28,296,737
PPL Corp
 
3,660,440
129,542,972
Southern Co/The (a)
  
1,522,579
140,153,397
Xcel Energy Inc
 
2,380,297
189,233,612
 
  
  
2,564,551,719
Gas Utilities - 0.2%
  
  
  
UGI Corp (a)
  
263,748
9,210,080
Independent Power and Renewable Electricity Producers - 7.2%
  
  
  
Fervo Energy Co (b)
  
604,548
22,162,730
Ormat Technologies Inc (a)
  
186,100
25,538,503
Talen Energy Corp (b)
  
111,500
43,128,200
Vistra Corp
 
1,180,308
189,120,751
 
  
  
279,950,184
Multi-Utilities - 18.9%
  
  
  
Ameren Corp
 
1,336,998
144,355,674
CenterPoint Energy Inc (a)
  
3,439,388
145,348,537
Dominion Energy Inc
 
1,663,830
111,376,780
NiSource Inc
 
2,801,827
129,500,444
Sempra
 
2,298,656
204,879,209
 
  
  
735,460,644
TOTAL UTILITIES
  
  
3,589,172,627
TOTAL UNITED STATES
  
  
3,764,711,294
 
TOTAL COMMON STOCKS
 (Cost $2,814,125,613)
  
  
  
3,788,582,998
 
  
  
  
Money Market Funds - 5.7%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (c)
  
3.67
108,858,857
108,880,629
Fidelity Securities Lending Cash Central Fund (c)(d)
  
3.67
113,389,508
113,400,847
 
TOTAL MONEY MARKET FUNDS
 (Cost $222,281,476)
  
  
  
222,281,476
 
  
  
  
  
 
 
TOTAL INVESTMENT IN SECURITIES - 102.8%
 (Cost $3,036,407,089)
 
  
 
4,010,864,474
NET OTHER ASSETS (LIABILITIES) - (2.8)%  
(109,657,748)
NET ASSETS - 100.0%
3,901,206,726
 
  
 
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.
 
At period end, the value of non-cash collateral for securities on loan amounted to $19,411,854.
 
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
54,780,439
270,621,849
216,521,659
989,242
-
-
108,880,629
108,858,857
0.2%
Fidelity Securities Lending Cash Central Fund
38,768,386
512,421,153
437,788,692
22,175
-
-
113,400,847
113,389,508
0.3%
Total
93,548,825
783,043,002
654,310,351
1,011,417
-
-
222,281,476
  
  
 
  
  
  
  
  
  
  
  
  
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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