Quarterly Holdings Report
for
Fidelity® Select Portfolios®
Transportation Portfolio
May 31, 2025
TRN-NPRT1-0725
1.802192.121
Common Stocks - 97.6%
 
  
Shares
Value ($)
 
BRAZIL - 0.5%
 
  
  
Industrials - 0.5%
  
  
  
Ground Transportation - 0.5%
  
  
  
Localiza Rent a Car SA
 
337,300
2,533,510
CANADA - 0.4%
 
  
  
Industrials - 0.4%
  
  
  
Ground Transportation - 0.4%
  
  
  
TFI International Inc
 
19,700
1,700,917
GREECE - 0.1%
 
  
  
Industrials - 0.1%
  
  
  
Marine Transportation - 0.1%
  
  
  
Star Bulk Carriers Corp
 
44,023
726,820
ITALY - 0.5%
 
  
  
Industrials - 0.5%
  
  
  
Passenger Airlines - 0.5%
  
  
  
Ryanair Holdings PLC ADR
 
44,185
2,456,686
MONACO - 0.3%
 
  
  
Industrials - 0.3%
  
  
  
Marine Transportation - 0.3%
  
  
  
Navios Maritime Partners LP (a)
  
33,000
1,292,610
PANAMA - 2.9%
 
  
  
Industrials - 2.9%
  
  
  
Passenger Airlines - 2.9%
  
  
  
Copa Holdings SA Class A
 
123,621
13,323,871
UNITED STATES - 92.9%
 
  
  
Energy - 2.2%
  
  
  
Energy Equipment & Services - 0.4%
  
  
  
Tidewater Inc (a)(b)
  
44,800
1,779,008
Oil, Gas & Consumable Fuels - 1.8%
  
  
  
DHT Holdings Inc
 
236,592
2,739,735
Navigator Holdings Ltd
 
391,900
5,553,223
 
  
  
8,292,958
TOTAL ENERGY
  
  
10,071,966
 
  
  
  
Industrials - 90.7%
  
  
  
Air Freight & Logistics - 16.7%
  
  
  
CH Robinson Worldwide Inc
 
89,707
8,609,181
Expeditors International of Washington Inc
 
66,581
7,505,676
FedEx Corp
 
80,121
17,474,390
GXO Logistics Inc (b)
  
51,931
2,136,441
Hub Group Inc Class A
 
49,476
1,667,836
United Parcel Service Inc Class B
 
416,226
40,598,684
 
  
  
77,992,208
Ground Transportation - 54.5%
  
  
  
Avis Budget Group Inc (a)(b)
  
18,303
2,229,122
Covenant Logistics Group Inc Class A
 
60,374
1,370,490
CSX Corp
 
722,501
22,823,807
Ftai Infrastructure Inc (a)
  
325,062
1,986,129
Hertz Global Holdings Inc (a)(b)
  
115,000
753,250
Knight-Swift Transportation Holdings Inc
 
156,429
6,932,933
Lyft Inc Class A (b)
  
379,998
5,791,170
Norfolk Southern Corp
 
92,110
22,762,223
Ryder System Inc
 
39,147
5,759,698
Saia Inc (a)(b)
  
28,177
7,450,281
U-Haul Holding Co Class N
 
99,436
5,671,829
Uber Technologies Inc (b)
  
1,102,666
92,800,371
Union Pacific Corp
 
347,735
77,078,940
Universal Logistics Holdings Inc
 
23,109
556,002
 
  
  
253,966,245
Marine Transportation - 2.8%
  
  
  
Kirby Corp (a)(b)
  
91,746
10,150,777
Matson Inc
 
24,623
2,778,706
 
  
  
12,929,483
Passenger Airlines - 16.7%
  
  
  
Alaska Air Group Inc (b)
  
208,943
10,641,467
American Airlines Group Inc (a)(b)
  
105,000
1,198,050
Delta Air Lines Inc
 
354,865
17,171,917
Joby Aviation Inc Class A (a)(b)
  
505,700
3,954,574
SkyWest Inc (b)
  
158,024
16,031,535
Southwest Airlines Co
 
108,500
3,621,730
Sun Country Airlines Holdings Inc (b)
  
646,694
7,488,717
United Airlines Holdings Inc (b)
  
219,508
17,438,813
 
  
  
77,546,803
TOTAL INDUSTRIALS
  
  
422,434,739
 
  
  
  
TOTAL UNITED STATES
  
  
432,506,705
 
TOTAL COMMON STOCKS
 (Cost $272,260,847)
  
  
  
454,541,119
 
  
  
  
Money Market Funds - 5.4%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (c)
  
4.32
8,883,616
8,885,393
Fidelity Securities Lending Cash Central Fund (c)(d)
  
4.32
16,422,630
16,424,272
 
TOTAL MONEY MARKET FUNDS
 (Cost $25,309,665)
  
  
  
25,309,665
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 103.0%
 (Cost $297,570,512)
 
  
 
479,850,784
NET OTHER ASSETS (LIABILITIES) - (3.0)%  
(14,105,723)
NET ASSETS - 100.0%
465,745,061
 
  
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
11,768,701
25,113,669
27,996,977
57,433
-
-
8,885,393
8,883,616
0.0%
Fidelity Securities Lending Cash Central Fund
13,253,897
29,188,735
26,018,360
4,988
-
-
16,424,272
16,422,630
0.1%
Total
25,022,598
54,302,404
54,015,337
62,421
-
-
25,309,665
  
  
 
  
  
  
  
  
  
  
  
  
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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