UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-3114
Fidelity Select Portfolios
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
|
Date of fiscal year end: |
July 31 |
|
|
|
|
Date of reporting period: |
April 30, 2014 |
Item 1. Schedule of Investments
Quarterly Holdings Report
for
Fidelity Advisor® International
Real Estate Fund
Class A
Class T
Class B
Class C
Institutional Class
April 30, 2014
Class A, Class T, Class B, Class C
and Institutional Class are classes of
Fidelity ® International Real Estate Fund
1.847932.107
AIRE-QTLY-0614
Showing Percentage of Net Assets
|
Common Stocks - 92.7% |
|||
|
Shares |
Value |
||
|
Australia - 14.2% |
|||
|
Abacus Property Group unit |
2,507,194 |
$ 5,683,207 |
|
|
Ardent Leisure Group unit |
850,000 |
2,108,366 |
|
|
Charter Hall Group unit |
755,063 |
2,946,105 |
|
|
GDI Property Group unit (a) |
1,344,100 |
1,148,775 |
|
|
Goodman Group unit |
1,352,545 |
6,257,441 |
|
|
Hotel Property Investments unit (a) |
706,295 |
1,351,665 |
|
|
Mirvac Group unit |
3,808,432 |
6,191,558 |
|
|
National Storage (REIT) unit (a) |
2,889,255 |
3,288,044 |
|
|
Ramsay Health Care Ltd. |
24,164 |
1,005,911 |
|
|
Westfield Group unit |
2,266,802 |
23,059,157 |
|
|
TOTAL AUSTRALIA |
53,040,229 |
||
|
Belgium - 1.5% |
|||
|
Warehouses de Pauw |
71,735 |
5,533,398 |
|
|
Bermuda - 4.4% |
|||
|
Great Eagle Holdings Ltd. |
1,148,088 |
4,109,332 |
|
|
Hongkong Land Holdings Ltd. |
1,522,000 |
10,654,000 |
|
|
Tai Cheung Holdings Ltd. |
2,589,000 |
1,789,904 |
|
|
TOTAL BERMUDA |
16,553,236 |
||
|
Brazil - 0.7% |
|||
|
BHG SA (Brazil Hospitality Group) (a) |
174,300 |
1,086,566 |
|
|
BR Malls Participacoes SA |
171,000 |
1,471,685 |
|
|
TOTAL BRAZIL |
2,558,251 |
||
|
Cayman Islands - 1.4% |
|||
|
iKang Healthcare Group, Inc. sponsored ADR |
37,500 |
514,875 |
|
|
KWG Property Holding Ltd. |
2,644,000 |
1,463,025 |
|
|
Langham Hospitality Investment unit |
3,711,905 |
1,838,489 |
|
|
Longfor Properties Co. Ltd. |
1,110,000 |
1,434,577 |
|
|
TOTAL CAYMAN ISLANDS |
5,250,966 |
||
|
France - 3.1% |
|||
|
Altarea |
10,309 |
1,930,796 |
|
|
Societe de la Tour Eiffel |
11,025 |
795,062 |
|
|
Societe Fonciere Lyonnaise SA |
104,486 |
5,469,290 |
|
|
Unibail-Rodamco |
12,057 |
3,252,619 |
|
|
TOTAL FRANCE |
11,447,767 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
Germany - 3.5% |
|||
|
LEG Immobilien AG |
165,595 |
$ 11,045,814 |
|
|
Patrizia Immobilien AG |
172,564 |
2,037,351 |
|
|
TOTAL GERMANY |
13,083,165 |
||
|
Greece - 0.3% |
|||
|
Eurobank Properties Real Estate Investment Co. |
95,739 |
1,107,748 |
|
|
Hong Kong - 9.3% |
|||
|
Hang Lung Properties Ltd. |
2,250,000 |
6,689,389 |
|
|
Hysan Development Co. Ltd. |
657,703 |
2,812,201 |
|
|
Magnificent Estates Ltd. |
38,167,000 |
1,846,088 |
|
|
Sino Land Ltd. |
5,127,348 |
7,671,562 |
|
|
Sun Hung Kai Properties Ltd. |
1,230,044 |
15,492,657 |
|
|
TOTAL HONG KONG |
34,511,897 |
||
|
Italy - 1.3% |
|||
|
Beni Stabili SpA SIIQ |
1,917,933 |
1,712,253 |
|
|
Immobiliare Grande Distribuzione SpA |
1,700,000 |
3,155,666 |
|
|
TOTAL ITALY |
4,867,919 |
||
|
Japan - 23.3% |
|||
|
Advance Residence Investment Corp. |
6,407 |
14,495,418 |
|
|
Fukuoka (REIT) Investment Fund |
5,303 |
8,527,541 |
|
|
Goldcrest Co. Ltd. |
131,100 |
2,732,666 |
|
|
Hulic Co. Ltd. |
287,300 |
3,453,726 |
|
|
Ichigo Group Holdings Co. Ltd. |
355,100 |
1,048,958 |
|
|
Kenedix, Inc. (a)(d) |
376,900 |
1,297,685 |
|
|
Message Co. Ltd. |
40,000 |
1,281,362 |
|
|
Mitsubishi Estate Co. Ltd. |
215,000 |
4,866,337 |
|
|
Mitsui Fudosan Co. Ltd. |
996,000 |
29,431,370 |
|
|
Ship Healthcare Holdings, Inc. |
58,900 |
2,004,910 |
|
|
Sumitomo Realty & Development Co. Ltd. |
417,000 |
16,152,198 |
|
|
Tosei Corp. |
189,700 |
1,146,717 |
|
|
Uchiyama Holdings Co. Ltd. |
41,300 |
264,197 |
|
|
TOTAL JAPAN |
86,703,085 |
||
|
Luxembourg - 2.4% |
|||
|
GAGFAH SA (a) |
475,200 |
7,502,478 |
|
|
Grand City Properties SA (a) |
125,000 |
1,408,160 |
|
|
TOTAL LUXEMBOURG |
8,910,638 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
Netherlands - 2.0% |
|||
|
Eurocommercial (Certificaten Van Aandelen) unit |
88,317 |
$ 4,054,405 |
|
|
VastNed Retail NV |
64,255 |
3,304,575 |
|
|
TOTAL NETHERLANDS |
7,358,980 |
||
|
Norway - 0.5% |
|||
|
Olav Thon Eiendomsselskap A/S |
11,200 |
2,068,805 |
|
|
Singapore - 10.0% |
|||
|
CDL Hospitality Trusts unit |
3,387,000 |
4,849,378 |
|
|
Global Logistic Properties Ltd. |
4,337,358 |
9,859,991 |
|
|
Parkway Life REIT |
4,958,000 |
9,926,282 |
|
|
UOL Group Ltd. |
1,260,000 |
6,452,261 |
|
|
Wing Tai Holdings Ltd. |
3,806,181 |
6,071,917 |
|
|
TOTAL SINGAPORE |
37,159,829 |
||
|
Spain - 0.5% |
|||
|
Inmobiliaria Colonial SA |
1,977,300 |
1,837,949 |
|
|
Sweden - 2.7% |
|||
|
Castellum AB |
328,300 |
5,584,261 |
|
|
Hemfosa Fastigheter AB (a) |
83,800 |
1,379,010 |
|
|
Hufvudstaden AB Series A |
216,300 |
3,160,238 |
|
|
TOTAL SWEDEN |
10,123,509 |
||
|
United Kingdom - 11.6% |
|||
|
Big Yellow Group PLC |
612,100 |
5,312,034 |
|
|
Derwent London PLC |
182,700 |
8,390,403 |
|
|
Helical Bar PLC |
1,317,027 |
8,071,916 |
|
|
Mckay Securities PLC |
414,795 |
1,519,738 |
|
|
Quintain Estates & Development PLC (a) |
846,600 |
1,450,840 |
|
|
Safestore Holdings PLC |
1,609,700 |
6,257,775 |
|
|
Segro PLC |
1,019,108 |
6,020,596 |
|
|
St. Modwen Properties PLC |
257,625 |
1,615,929 |
|
|
Unite Group PLC |
668,290 |
4,767,240 |
|
|
TOTAL UNITED KINGDOM |
43,406,471 |
||
|
TOTAL COMMON STOCKS (Cost $330,659,373) |
|
||
|
Money Market Funds - 7.5% |
|||
|
Shares |
Value |
||
|
Fidelity Cash Central Fund, 0.11% (b) |
27,148,184 |
$ 27,148,184 |
|
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
642,400 |
642,400 |
|
|
TOTAL MONEY MARKET FUNDS (Cost $27,790,584) |
|
||
|
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $358,449,957) |
373,314,426 |
||
|
NET OTHER ASSETS (LIABILITIES) - (0.2)% |
(585,044) |
||
|
NET ASSETS - 100% |
$ 372,729,382 |
||
|
Legend |
|
(a) Non-income producing |
|
(b) 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. |
|
(c) Investment made with cash collateral received from securities on loan. |
|
(d) Security or a portion of the security is on loan at period end. |
|
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 Cash Central Fund |
$ 14,915 |
|
Fidelity Securities Lending Cash Central Fund |
47,405 |
|
Total |
$ 62,320 |
|
Other Information |
|
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
|
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
|
Income Tax Information |
|
At April 30, 2014, the cost of investment securities for income tax purposes was $362,069,400. Net unrealized appreciation aggregated $11,245,026, of which $35,190,239 related to appreciated investment securities and $23,945,213 related to depreciated investment 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations. 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly 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 visit advisor.fidelity.com or call
Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report. or an affiliate. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® International Real Estate Fund
April 30, 2014
1.815812.109
IRE-QTLY-0614
Showing Percentage of Net Assets
|
Common Stocks - 92.7% |
|||
|
Shares |
Value |
||
|
Australia - 14.2% |
|||
|
Abacus Property Group unit |
2,507,194 |
$ 5,683,207 |
|
|
Ardent Leisure Group unit |
850,000 |
2,108,366 |
|
|
Charter Hall Group unit |
755,063 |
2,946,105 |
|
|
GDI Property Group unit (a) |
1,344,100 |
1,148,775 |
|
|
Goodman Group unit |
1,352,545 |
6,257,441 |
|
|
Hotel Property Investments unit (a) |
706,295 |
1,351,665 |
|
|
Mirvac Group unit |
3,808,432 |
6,191,558 |
|
|
National Storage (REIT) unit (a) |
2,889,255 |
3,288,044 |
|
|
Ramsay Health Care Ltd. |
24,164 |
1,005,911 |
|
|
Westfield Group unit |
2,266,802 |
23,059,157 |
|
|
TOTAL AUSTRALIA |
53,040,229 |
||
|
Belgium - 1.5% |
|||
|
Warehouses de Pauw |
71,735 |
5,533,398 |
|
|
Bermuda - 4.4% |
|||
|
Great Eagle Holdings Ltd. |
1,148,088 |
4,109,332 |
|
|
Hongkong Land Holdings Ltd. |
1,522,000 |
10,654,000 |
|
|
Tai Cheung Holdings Ltd. |
2,589,000 |
1,789,904 |
|
|
TOTAL BERMUDA |
16,553,236 |
||
|
Brazil - 0.7% |
|||
|
BHG SA (Brazil Hospitality Group) (a) |
174,300 |
1,086,566 |
|
|
BR Malls Participacoes SA |
171,000 |
1,471,685 |
|
|
TOTAL BRAZIL |
2,558,251 |
||
|
Cayman Islands - 1.4% |
|||
|
iKang Healthcare Group, Inc. sponsored ADR |
37,500 |
514,875 |
|
|
KWG Property Holding Ltd. |
2,644,000 |
1,463,025 |
|
|
Langham Hospitality Investment unit |
3,711,905 |
1,838,489 |
|
|
Longfor Properties Co. Ltd. |
1,110,000 |
1,434,577 |
|
|
TOTAL CAYMAN ISLANDS |
5,250,966 |
||
|
France - 3.1% |
|||
|
Altarea |
10,309 |
1,930,796 |
|
|
Societe de la Tour Eiffel |
11,025 |
795,062 |
|
|
Societe Fonciere Lyonnaise SA |
104,486 |
5,469,290 |
|
|
Unibail-Rodamco |
12,057 |
3,252,619 |
|
|
TOTAL FRANCE |
11,447,767 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
Germany - 3.5% |
|||
|
LEG Immobilien AG |
165,595 |
$ 11,045,814 |
|
|
Patrizia Immobilien AG |
172,564 |
2,037,351 |
|
|
TOTAL GERMANY |
13,083,165 |
||
|
Greece - 0.3% |
|||
|
Eurobank Properties Real Estate Investment Co. |
95,739 |
1,107,748 |
|
|
Hong Kong - 9.3% |
|||
|
Hang Lung Properties Ltd. |
2,250,000 |
6,689,389 |
|
|
Hysan Development Co. Ltd. |
657,703 |
2,812,201 |
|
|
Magnificent Estates Ltd. |
38,167,000 |
1,846,088 |
|
|
Sino Land Ltd. |
5,127,348 |
7,671,562 |
|
|
Sun Hung Kai Properties Ltd. |
1,230,044 |
15,492,657 |
|
|
TOTAL HONG KONG |
34,511,897 |
||
|
Italy - 1.3% |
|||
|
Beni Stabili SpA SIIQ |
1,917,933 |
1,712,253 |
|
|
Immobiliare Grande Distribuzione SpA |
1,700,000 |
3,155,666 |
|
|
TOTAL ITALY |
4,867,919 |
||
|
Japan - 23.3% |
|||
|
Advance Residence Investment Corp. |
6,407 |
14,495,418 |
|
|
Fukuoka (REIT) Investment Fund |
5,303 |
8,527,541 |
|
|
Goldcrest Co. Ltd. |
131,100 |
2,732,666 |
|
|
Hulic Co. Ltd. |
287,300 |
3,453,726 |
|
|
Ichigo Group Holdings Co. Ltd. |
355,100 |
1,048,958 |
|
|
Kenedix, Inc. (a)(d) |
376,900 |
1,297,685 |
|
|
Message Co. Ltd. |
40,000 |
1,281,362 |
|
|
Mitsubishi Estate Co. Ltd. |
215,000 |
4,866,337 |
|
|
Mitsui Fudosan Co. Ltd. |
996,000 |
29,431,370 |
|
|
Ship Healthcare Holdings, Inc. |
58,900 |
2,004,910 |
|
|
Sumitomo Realty & Development Co. Ltd. |
417,000 |
16,152,198 |
|
|
Tosei Corp. |
189,700 |
1,146,717 |
|
|
Uchiyama Holdings Co. Ltd. |
41,300 |
264,197 |
|
|
TOTAL JAPAN |
86,703,085 |
||
|
Luxembourg - 2.4% |
|||
|
GAGFAH SA (a) |
475,200 |
7,502,478 |
|
|
Grand City Properties SA (a) |
125,000 |
1,408,160 |
|
|
TOTAL LUXEMBOURG |
8,910,638 |
||
|
Common Stocks - continued |
|||
|
Shares |
Value |
||
|
Netherlands - 2.0% |
|||
|
Eurocommercial (Certificaten Van Aandelen) unit |
88,317 |
$ 4,054,405 |
|
|
VastNed Retail NV |
64,255 |
3,304,575 |
|
|
TOTAL NETHERLANDS |
7,358,980 |
||
|
Norway - 0.5% |
|||
|
Olav Thon Eiendomsselskap A/S |
11,200 |
2,068,805 |
|
|
Singapore - 10.0% |
|||
|
CDL Hospitality Trusts unit |
3,387,000 |
4,849,378 |
|
|
Global Logistic Properties Ltd. |
4,337,358 |
9,859,991 |
|
|
Parkway Life REIT |
4,958,000 |
9,926,282 |
|
|
UOL Group Ltd. |
1,260,000 |
6,452,261 |
|
|
Wing Tai Holdings Ltd. |
3,806,181 |
6,071,917 |
|
|
TOTAL SINGAPORE |
37,159,829 |
||
|
Spain - 0.5% |
|||
|
Inmobiliaria Colonial SA |
1,977,300 |
1,837,949 |
|
|
Sweden - 2.7% |
|||
|
Castellum AB |
328,300 |
5,584,261 |
|
|
Hemfosa Fastigheter AB (a) |
83,800 |
1,379,010 |
|
|
Hufvudstaden AB Series A |
216,300 |
3,160,238 |
|
|
TOTAL SWEDEN |
10,123,509 |
||
|
United Kingdom - 11.6% |
|||
|
Big Yellow Group PLC |
612,100 |
5,312,034 |
|
|
Derwent London PLC |
182,700 |
8,390,403 |
|
|
Helical Bar PLC |
1,317,027 |
8,071,916 |
|
|
Mckay Securities PLC |
414,795 |
1,519,738 |
|
|
Quintain Estates & Development PLC (a) |
846,600 |
1,450,840 |
|
|
Safestore Holdings PLC |
1,609,700 |
6,257,775 |
|
|
Segro PLC |
1,019,108 |
6,020,596 |
|
|
St. Modwen Properties PLC |
257,625 |
1,615,929 |
|
|
Unite Group PLC |
668,290 |
4,767,240 |
|
|
TOTAL UNITED KINGDOM |
43,406,471 |
||
|
TOTAL COMMON STOCKS (Cost $330,659,373) |
|
||
|
Money Market Funds - 7.5% |
|||
|
Shares |
Value |
||
|
Fidelity Cash Central Fund, 0.11% (b) |
27,148,184 |
$ 27,148,184 |
|
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
642,400 |
642,400 |
|
|
TOTAL MONEY MARKET FUNDS (Cost $27,790,584) |
|
||
|
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $358,449,957) |
373,314,426 |
||
|
NET OTHER ASSETS (LIABILITIES) - (0.2)% |
(585,044) |
||
|
NET ASSETS - 100% |
$ 372,729,382 |
||
|
Legend |
|
(a) Non-income producing |
|
(b) 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. |
|
(c) Investment made with cash collateral received from securities on loan. |
|
(d) Security or a portion of the security is on loan at period end. |
|
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 Cash Central Fund |
$ 14,915 |
|
Fidelity Securities Lending Cash Central Fund |
47,405 |
|
Total |
$ 62,320 |
|
Other Information |
|
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
|
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
|
Income Tax Information |
|
At April 30, 2014, the cost of investment securities for income tax purposes was $362,069,400. Net unrealized appreciation aggregated $11,245,026, of which $35,190,239 related to appreciated investment securities and $23,945,213 related to depreciated investment 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations. 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly 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. or an affiliate. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Real Estate
Investment Portfolio
April 30, 2014
1.800348.110
REA-QTLY-0614
Showing Percentage of Net Assets
|
Common Stocks - 99.0% |
|||
|
Shares |
Value (000s) |
||
|
REAL ESTATE INVESTMENT TRUSTS - 98.3% |
|||
|
REITs - Apartments - 16.1% |
|||
|
Apartment Investment & Management Co. Class A |
1,970,674 |
$ 60,756 |
|
|
AvalonBay Communities, Inc. |
714,000 |
97,497 |
|
|
Camden Property Trust (SBI) |
1,003,100 |
68,702 |
|
|
Equity Residential (SBI) |
2,804,800 |
166,717 |
|
|
Essex Property Trust, Inc. |
391,000 |
67,745 |
|
|
Home Properties, Inc. |
378,500 |
23,316 |
|
|
Post Properties, Inc. |
885,300 |
44,451 |
|
|
UDR, Inc. |
3,057,341 |
79,063 |
|
|
TOTAL REITS - APARTMENTS |
608,247 |
||
|
REITs - Factory Outlets - 1.8% |
|||
|
Tanger Factory Outlet Centers, Inc. |
1,907,300 |
68,052 |
|
|
REITs - Health Care Facilities - 11.0% |
|||
|
HCP, Inc. |
3,916,600 |
163,949 |
|
|
Senior Housing Properties Trust (SBI) |
119,600 |
2,807 |
|
|
Ventas, Inc. |
3,798,454 |
251,002 |
|
|
TOTAL REITS - HEALTH CARE FACILITIES |
417,758 |
||
|
REITs - Hotels - 5.1% |
|||
|
Host Hotels & Resorts, Inc. |
8,326,905 |
178,612 |
|
|
Sunstone Hotel Investors, Inc. |
885,500 |
12,672 |
|
|
TOTAL REITS - HOTELS |
191,284 |
||
|
REITs - Industrial Buildings - 17.4% |
|||
|
Chambers Street Properties (d) |
2,146,566 |
16,722 |
|
|
DCT Industrial Trust, Inc. |
2,756,300 |
21,554 |
|
|
Duke Realty LP |
4,736,800 |
82,989 |
|
|
DuPont Fabros Technology, Inc. (d) |
1,353,000 |
32,783 |
|
|
Extra Space Storage, Inc. |
1,177,700 |
61,629 |
|
|
Prologis, Inc. |
3,958,000 |
160,814 |
|
|
Public Storage |
1,571,000 |
275,726 |
|
|
Terreno Realty Corp. |
271,448 |
4,959 |
|
|
TOTAL REITS - INDUSTRIAL BUILDINGS |
657,176 |
||
|
REITs - Malls - 17.1% |
|||
|
General Growth Properties, Inc. |
2,938,900 |
67,507 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
REAL ESTATE INVESTMENT TRUSTS - CONTINUED |
|||
|
REITs - Malls - continued |
|||
|
Simon Property Group, Inc. |
2,839,872 |
$ 491,866 |
|
|
The Macerich Co. |
1,374,800 |
89,238 |
|
|
TOTAL REITS - MALLS |
648,611 |
||
|
REITs - Management/Investment - 4.0% |
|||
|
Digital Realty Trust, Inc. (d) |
1,646,300 |
87,912 |
|
|
Equity Lifestyle Properties, Inc. |
1,002,687 |
41,983 |
|
|
WP Carey, Inc. |
353,000 |
21,702 |
|
|
TOTAL REITS - MANAGEMENT/INVESTMENT |
151,597 |
||
|
REITs - Mobile Home Parks - 0.9% |
|||
|
Sun Communities, Inc. |
707,700 |
32,250 |
|
|
REITs - Office Buildings - 13.3% |
|||
|
Alexandria Real Estate Equities, Inc. |
234,000 |
17,274 |
|
|
BioMed Realty Trust, Inc. |
2,312,500 |
48,331 |
|
|
Boston Properties, Inc. |
1,317,500 |
154,332 |
|
|
Brandywine Realty Trust (SBI) |
2,560,100 |
37,249 |
|
|
Cousins Properties, Inc. |
1,745,000 |
20,294 |
|
|
Douglas Emmett, Inc. |
1,509,200 |
41,654 |
|
|
Highwoods Properties, Inc. (SBI) |
936,123 |
37,773 |
|
|
Hudson Pacific Properties, Inc. |
345,000 |
8,125 |
|
|
Piedmont Office Realty Trust, Inc. Class A (d) |
1,865,000 |
32,843 |
|
|
SL Green Realty Corp. |
1,022,446 |
107,060 |
|
|
TOTAL REITS - OFFICE BUILDINGS |
504,935 |
||
|
REITs - Prisons - 0.6% |
|||
|
Corrections Corp. of America |
640,000 |
20,992 |
|
|
REITs - Shopping Centers - 11.0% |
|||
|
Acadia Realty Trust (SBI) |
815,000 |
22,111 |
|
|
Cedar Shopping Centers, Inc. |
988,405 |
6,118 |
|
|
DDR Corp. |
5,950,867 |
102,176 |
|
|
Excel Trust, Inc. |
634,884 |
8,012 |
|
|
Glimcher Realty Trust |
1,919,279 |
19,557 |
|
|
Kimco Realty Corp. |
3,872,200 |
88,751 |
|
|
Kite Realty Group Trust |
970,000 |
6,014 |
|
|
Common Stocks - continued |
|||
|
Shares |
Value (000s) |
||
|
REAL ESTATE INVESTMENT TRUSTS - CONTINUED |
|||
|
REITs - Shopping Centers - continued |
|||
|
Ramco-Gershenson Properties Trust (SBI) |
977,124 |
$ 16,103 |
|
|
Vornado Realty Trust |
1,435,071 |
147,238 |
|
|
TOTAL REITS - SHOPPING CENTERS |
416,080 |
||
|
TOTAL REAL ESTATE INVESTMENT TRUSTS |
3,716,982 |
||
|
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.7% |
|||
|
Real Estate Operating Companies - 0.7% |
|||
|
Forest City Enterprises, Inc. Class A (a) |
1,428,400 |
27,011 |
|
|
TOTAL COMMON STOCKS (Cost $2,953,279) |
|
||
|
Money Market Funds - 3.4% |
|||
|
|
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
27,209,505 |
27,210 |
|
|
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c) |
103,253,475 |
103,253 |
|
|
TOTAL MONEY MARKET FUNDS (Cost $130,463) |
|
||
|
TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $3,083,742) |
3,874,456 |
||
|
NET OTHER ASSETS (LIABILITIES) - (2.4)% |
(91,357) |
||
|
NET ASSETS - 100% |
$ 3,783,099 |
||
|
Legend |
|
(a) Non-income producing |
|
(b) 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. |
|
(c) Investment made with cash collateral received from securities on loan. |
|
(d) Security or a portion of the security is on loan at period end. |
|
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 Cash Central Fund |
$ 17 |
|
Fidelity Securities Lending Cash Central Fund |
271 |
|
Total |
$ 288 |
|
Other Information |
|
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
|
Income Tax Information |
|
At April 30, 2014, the cost of investment securities for income tax purposes was $3,127,266,000. Net unrealized appreciation aggregated $747,190,000, of which $893,979,000 related to appreciated investment securities and $146,789,000 related to depreciated investment 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations. 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly 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. or an affiliate. |
Quarterly Report
Item 2. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Select Portfolios's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 3. Exhibits
|
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Select Portfolios
|
By: |
/s/Adrien E. Deberghes |
|
|
Adrien E. Deberghes |
|
|
President and Treasurer |
|
|
|
|
Date: |
June 27, 2014 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By: |
/s/Adrien E. Deberghes |
|
|
Adrien E. Deberghes |
|
|
President and Treasurer |
|
|
|
|
Date: |
June 27, 2014 |
|
By: |
/s/Christine Reynolds |
|
|
Christine Reynolds |
|
|
Chief Financial Officer |
|
|
|
|
Date: |
June 27, 2014 |
Exhibit EX-99.CERT
I, Adrien E. Deberghes, certify that:
1. I have reviewed this report on Form N-Q of Fidelity Select Portfolios;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: June 27, 2014
|
/s/Adrien E. Deberghes |
|
Adrien E. Deberghes |
|
President and Treasurer |
I, Christine Reynolds, certify that:
1. I have reviewed this report on Form N-Q of Fidelity Select Portfolios;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: June 27, 2014
|
/s/Christine Reynolds |
|
Christine Reynolds |
|
Chief Financial Officer |