Quarterly Holdings Report
for
Fidelity® Select Portfolios®
Materials Portfolio
May 31, 2025
IND-NPRT1-0725
1.802177.121
Common Stocks - 99.7%
 
  
Shares
Value ($)
 
BRAZIL - 3.0%
 
  
  
Materials - 3.0%
  
  
  
Metals & Mining - 3.0%
  
  
  
Wheaton Precious Metals Corp
 
250,000
21,661,748
CANADA - 7.3%
 
  
  
Materials - 7.3%
  
  
  
Chemicals - 1.6%
  
  
  
Nutrien Ltd (United States) (a)
  
197,700
11,670,231
Metals & Mining - 5.7%
  
  
  
Agnico Eagle Mines Ltd/CA
 
119,100
14,039,281
Alamos Gold Inc Class A
 
227,400
5,889,020
Altius Minerals Corp
 
256,700
4,926,934
Metalla Royalty & Streaming Ltd (b)
  
648,100
2,092,092
Orla Mining Ltd (b)
  
318,200
3,364,362
Teck Resources Ltd Class B (United States)
 
279,900
10,370,295
 
  
  
40,681,984
TOTAL CANADA
  
  
52,352,215
CONGO DEMOCRATIC REPUBLIC OF - 0.2%
 
  
  
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
Ivanhoe Mine Ltd Class A (a)(b)
  
158,625
1,228,683
GERMANY - 0.2%
 
  
  
Materials - 0.2%
  
  
  
Chemicals - 0.2%
  
  
  
Orion SA
 
150,300
1,636,767
UNITED STATES - 86.0%
 
  
  
Industrials - 1.0%
  
  
  
Aerospace & Defense - 1.0%
  
  
  
ATI Inc (b)
  
94,500
7,525,980
Materials - 85.0%
  
  
  
Chemicals - 55.6%
  
  
  
Air Products and Chemicals Inc
 
140,300
39,131,073
Axalta Coating Systems Ltd (b)
  
672,700
20,719,160
Balchem Corp
 
129,258
21,547,309
Cabot Corp
 
60,000
4,481,399
CF Industries Holdings Inc
 
57,100
5,179,541
Chemours Co/The
 
831,761
8,425,739
Corteva Inc
 
510,811
36,165,419
DuPont de Nemours Inc
 
69,700
4,655,960
Ecolab Inc
 
243,600
64,705,032
Element Solutions Inc
 
753,100
16,101,278
Linde PLC
 
271,286
126,847,908
Mosaic Co/The
 
918,000
33,176,520
Sherwin-Williams Co/The
 
52,200
18,729,882
 
  
  
399,866,220
Construction Materials - 9.1%
  
  
  
CRH PLC
 
252,100
22,981,436
Martin Marietta Materials Inc
 
39,700
21,737,735
Vulcan Materials Co
 
78,500
20,807,995
 
  
  
65,527,166
Containers & Packaging - 11.7%
  
  
  
AptarGroup Inc
 
175,400
27,783,360
Avery Dennison Corp
 
59,000
10,486,070
Crown Holdings Inc
 
96,759
9,530,762
Greif Inc Class A
 
39,800
2,212,880
International Paper Co
 
557,000
26,630,170
Smurfit WestRock PLC
 
168,900
7,318,437
 
  
  
83,961,679
Metals & Mining - 8.6%
  
  
  
Alcoa Corp
 
89,400
2,393,238
Commercial Metals Co
 
112,900
5,260,011
Freeport-McMoRan Inc
 
392,100
15,088,008
Hecla Mining Co
 
629,400
3,235,116
Newmont Corp
 
78,000
4,112,160
Nucor Corp
 
165,400
18,088,144
Steel Dynamics Inc
 
109,200
13,439,244
 
  
  
61,615,921
TOTAL MATERIALS
  
  
610,970,986
 
  
  
  
TOTAL UNITED STATES
  
  
618,496,966
ZAMBIA - 3.0%
 
  
  
Materials - 3.0%
  
  
  
Metals & Mining - 3.0%
  
  
  
First Quantum Minerals Ltd (b)
  
1,433,400
21,234,395
 
TOTAL COMMON STOCKS
 (Cost $528,908,026)
  
  
  
716,610,774
 
  
  
  
Money Market Funds - 2.1%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (c)
  
4.32
1,029,805
1,030,011
Fidelity Securities Lending Cash Central Fund (c)(d)
  
4.32
13,954,815
13,956,210
 
TOTAL MONEY MARKET FUNDS
 (Cost $14,986,221)
  
  
  
14,986,221
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 101.8%
 (Cost $543,894,247)
 
  
 
731,596,995
NET OTHER ASSETS (LIABILITIES) - (1.8)%  
(12,618,815)
NET ASSETS - 100.0%
718,978,180
 
  
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 ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
3,904,522
42,487,358
45,361,869
45,882
-
-
1,030,011
1,029,805
0.0%
Fidelity Securities Lending Cash Central Fund
25,673,070
45,746,941
57,463,801
4,067
-
-
13,956,210
13,954,815
0.0%
Total
29,577,592
88,234,299
102,825,670
49,949
-
-
14,986,221
  
  
 
  
  
  
  
  
  
  
  
  
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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