Quarterly Holdings Report
for
Fidelity® Select Portfolios®
Financials Portfolio
May 31, 2025
FIN-NPRT1-0725
1.802171.121
Common Stocks - 99.8%
 
  
Shares
Value ($)
 
AUSTRALIA - 1.1%
 
  
  
Financials - 1.1%
  
  
  
Insurance - 1.1%
  
  
  
AUB Group Ltd
 
528,691
11,753,993
GRAND CAYMAN (UK OVERSEAS TER) - 0.5%
 
  
  
Financials - 0.5%
  
  
  
Capital Markets - 0.5%
  
  
  
Patria Investments Ltd Class A (a)
  
391,600
4,988,984
MEXICO - 0.5%
 
  
  
Financials - 0.5%
  
  
  
Capital Markets - 0.5%
  
  
  
Bolsa Mexicana de Valores SAB de CV
 
2,229,400
4,868,910
PUERTO RICO - 1.3%
 
  
  
Financials - 1.3%
  
  
  
Banks - 1.3%
  
  
  
Popular Inc
 
127,900
13,241,487
UNITED KINGDOM - 2.6%
 
  
  
Financials - 2.6%
  
  
  
Insurance - 2.6%
  
  
  
Hiscox Ltd
 
924,200
15,702,235
Lancashire Holdings Ltd
 
1,377,592
11,229,396
 
  
  
  
TOTAL UNITED KINGDOM
  
  
26,931,631
UNITED STATES - 93.8%
 
  
  
Financials - 92.6%
  
  
  
Banks - 30.3%
  
  
  
Associated Banc-Corp
 
363,400
8,419,978
Bank of America Corp
 
1,302,700
57,488,151
BOK Financial Corp
 
78,800
7,440,296
Cadence Bank
 
116,430
3,527,829
Citigroup Inc
 
483,000
36,379,560
East West Bancorp Inc
 
120,000
10,944,000
Eastern Bankshares Inc
 
540,500
8,107,500
First Hawaiian Inc (a)
  
243,300
5,810,004
First Interstate BancSystem Inc Class A
 
359,221
9,752,850
KeyCorp (a)
  
475,300
7,538,258
M&T Bank Corp
 
92,637
16,919,222
Old National Bancorp/IN
 
503,000
10,492,580
TriCo Bancshares
 
114,900
4,584,510
Truist Financial Corp (a)
  
381,600
15,073,200
UMB Financial Corp (a)
  
112,358
11,586,357
United Community Banks Inc/GA
 
192,800
5,541,072
US Bancorp
 
421,600
18,377,544
Wells Fargo & Co
 
856,190
64,025,889
WesBanco Inc (a)
  
194,500
5,986,710
Wintrust Financial Corp
 
32,400
3,868,884
Zions Bancorp NA
 
101,100
4,788,096
 
  
  
316,652,490
Capital Markets - 22.8%
  
  
  
AllianceBernstein Holding LP
 
215,000
8,589,250
Bridge Investment Group Holdings Inc Class A
 
682,500
6,279,000
Carlyle Group Inc/The (a)
  
252,700
11,422,040
Charles Schwab Corp/The
 
425,100
37,553,334
Lazard Inc (a)
  
219,792
9,538,973
LPL Financial Holdings Inc (a)
  
55,700
21,564,812
MarketAxess Holdings Inc
 
67,300
14,564,393
Moody's Corp
 
31,100
14,906,852
Morgan Stanley
 
189,100
24,210,473
Nasdaq Inc
 
249,800
20,868,292
Northern Trust Corp (a)
  
149,300
15,936,282
Perella Weinberg Partners Class A
 
212,423
3,689,787
Raymond James Financial Inc
 
38,000
5,585,240
State Street Corp
 
260,900
25,119,452
Stifel Financial Corp
 
51,800
4,880,596
Virtu Financial Inc Class A
 
332,900
13,379,251
 
  
  
238,088,027
Consumer Finance - 6.7%
  
  
  
Capital One Financial Corp
 
114,546
21,666,376
FirstCash Holdings Inc
 
133,911
17,128,556
OneMain Holdings Inc
 
243,600
12,628,224
SLM Corp (a)
  
592,400
19,175,988
 
  
  
70,599,144
Financial Services - 17.9%
  
  
  
Apollo Global Management Inc (a)
  
138,300
18,074,427
Corebridge Financial Inc
 
225,500
7,353,555
Corpay Inc (b)
  
20,900
6,794,799
Fiserv Inc (b)
  
101,100
16,458,069
Mastercard Inc Class A
 
187,400
109,741,440
PayPal Holdings Inc (b)
  
192,400
13,521,872
Voya Financial Inc (a)
  
233,100
15,505,812
 
  
  
187,449,974
Insurance - 14.9%
  
  
  
American Financial Group Inc/OH
 
115,100
14,270,098
Arthur J Gallagher & Co
 
53,900
18,727,016
Assurant Inc
 
67,300
13,660,554
Baldwin Insurance Group Inc/The Class A (b)
  
269,711
10,391,965
Chubb Ltd
 
115,000
34,178,000
Fidelity National Financial Inc
 
119,000
6,517,629
Marsh & McLennan Cos Inc
 
82,900
19,370,414
Reinsurance Group of America Inc
 
192,157
39,063,597
 
  
  
156,179,273
TOTAL FINANCIALS
  
  
968,968,908
 
  
  
  
Industrials - 1.2%
  
  
  
Professional Services - 1.2%
  
  
  
TransUnion (a)
  
148,600
12,724,618
TOTAL UNITED STATES
  
  
981,693,526
 
TOTAL COMMON STOCKS
 (Cost $773,281,491)
  
  
  
1,043,478,531
 
  
  
  
Money Market Funds - 7.5%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (c)
  
4.32
1,712,073
1,712,415
Fidelity Securities Lending Cash Central Fund (c)(d)
  
4.32
77,109,334
77,117,045
 
TOTAL MONEY MARKET FUNDS
 (Cost $78,829,460)
  
  
  
78,829,460
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 107.3%
 (Cost $852,110,951)
 
  
 
1,122,307,991
NET OTHER ASSETS (LIABILITIES) - (7.3)%  
(75,918,549)
NET ASSETS - 100.0%
1,046,389,442
 
  
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
4,695,880
43,521,853
46,505,318
23,352
-
-
1,712,415
1,712,073
0.0%
Fidelity Securities Lending Cash Central Fund
51,068,928
253,016,171
226,968,054
188,765
-
-
77,117,045
77,109,334
0.2%
Total
55,764,808
296,538,024
273,473,372
212,117
-
-
78,829,460
  
  
 
  
  
  
  
  
  
  
  
  
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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