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4442430.00000000 0.520387154723 Long EC CORP US N 1 N N N OLIN CORP 549300GKK294V7W57P06 OLIN CORP 680665205 2828150.00000000 NS USD 49549188.00000000 5.804201971031 Long EC CORP US N 1 N N N POLYONE CORP SM8L9RZYIB34LNTWO040 POLYONE CORP 73179P106 82700.00000000 NS USD 2607531.00000000 0.305446712259 Long EC CORP US N 1 N N N NEWMONT GOLDCORP CORP 549300VSP3RIX7FGDZ51 NEWMONT GOLDCORP CORP 651639106 803400.00000000 NS USD 30850560.00000000 3.613840879883 Long EC CORP US N 1 N N N INTERNATIONAL FLAVS and FRAG INC BZLRL03D3GPGMOGFO832 INTERNATIONAL FLAVORS and FRAGRA 459506101 135331.00000000 NS USD 19112797.13000000 2.238876947365 Long EC CORP US N 1 N N PPG INDUSTRIES INC 549300BKPEP01R3V6C59 PPG INDUSTRIES INC 693506107 232700.00000000 NS USD 29981068.00000000 3.511988409966 Long EC CORP US N 1 N N N 2019-12-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_509_20191130.htm

Quarterly Holdings Report
for

Fidelity® Select Portfolio®

Materials Portfolio

November 30, 2019







IND-QTLY-0120
1.810697.115





Schedule of Investments November 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%   
 Shares Value 
Chemicals - 72.1%   
Commodity Chemicals - 9.3%   
Olin Corp. 2,828,150 $49,549,188 
Orion Engineered Carbons SA 337,516 6,136,041 
Tronox Holdings PLC 2,069,603 23,966,003 
  79,651,232 
Diversified Chemicals - 6.6%   
Huntsman Corp. 203,000 4,591,860 
The Chemours Co. LLC (a) 3,273,680 51,691,407 
  56,283,267 
Fertilizers & Agricultural Chemicals - 5.2%   
CF Industries Holdings, Inc. 404,600 18,696,566 
Corteva, Inc. 735,911 19,148,404 
FMC Corp. 69,017 6,760,905 
  44,605,875 
Industrial Gases - 21.0%   
Air Products & Chemicals, Inc. 216,000 51,047,280 
Linde PLC 618,986 127,641,104 
  178,688,384 
Specialty Chemicals - 30.0%   
DowDuPont, Inc. 1,472,511 95,433,438 
Ecolab, Inc. 172,500 32,200,575 
Element Solutions, Inc. (b) 455,415 5,323,801 
Ingevity Corp. (b) 162,000 14,630,220 
International Flavors & Fragrances, Inc. (a) 135,331 19,112,797 
Livent Corp. (b) 706,597 5,511,457 
PolyOne Corp. 82,700 2,607,531 
PPG Industries, Inc. 232,700 29,981,068 
Sherwin-Williams Co. 81,500 47,525,095 
W.R. Grace & Co. 57,200 3,822,676 
  256,148,658 
TOTAL CHEMICALS  615,377,416 
Construction Materials - 6.4%   
Construction Materials - 6.4%   
Martin Marietta Materials, Inc. 93,500 25,095,400 
Summit Materials, Inc. (b) 127,900 3,052,973 
Vulcan Materials Co. 188,600 26,756,682 
  54,905,055 
Containers & Packaging - 12.6%   
Metal & Glass Containers - 8.3%   
Aptargroup, Inc. 209,500 23,489,140 
Ball Corp. 277,600 18,338,256 
Crown Holdings, Inc. (b) 382,159 29,005,868 
  70,833,264 
Paper Packaging - 4.3%   
Avery Dennison Corp. 248,500 32,396,945 
Packaging Corp. of America 39,700 4,442,430 
  36,839,375 
TOTAL CONTAINERS & PACKAGING  107,672,639 
Metals & Mining - 8.7%   
Gold - 4.5%   
Newmont Goldcorp Corp. 803,400 30,850,560 
Royal Gold, Inc. 64,300 7,540,461 
  38,391,021 
Silver - 1.0%   
Wheaton Precious Metals Corp. 309,800 8,568,887 
Steel - 3.2%   
Commercial Metals Co. 117,900 2,518,344 
Reliance Steel & Aluminum Co. 85,900 10,134,482 
Steel Dynamics, Inc. 428,800 14,463,424 
  27,116,250 
TOTAL METALS & MINING  74,076,158 
TOTAL COMMON STOCKS   
(Cost $809,049,371)  852,031,268 
Money Market Funds - 3.4%   
Fidelity Securities Lending Cash Central Fund 1.61% (c)(d)   
(Cost $28,842,064) 28,839,181 28,842,064 
TOTAL INVESTMENT IN SECURITIES - 103.2%   
(Cost $837,891,435)  880,873,332 
NET OTHER ASSETS (LIABILITIES) - (3.2)%  (27,369,461) 
NET ASSETS - 100%  $853,503,871 

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

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Securities Lending Cash Central Fund $28,842,064 
Total $28,842,064 

Amounts in the income column in the above table include any capital gain distributions from underlying funds. Amount 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 payments 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. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the 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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