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: |
February 28 |
|
|
Date of reporting period: |
November 30, 2014 |
Item 1. Schedule of Investments
Quarterly Holdings Report
for
Fidelity ® Select IT Services Portfolio
November 30, 2014
1.810669.110
BSO-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 99.8% |
|||
Shares |
Value |
||
DIVERSIFIED CONSUMER SERVICES - 0.7% |
|||
Specialized Consumer Services - 0.7% |
|||
H&R Block, Inc. |
189,700 |
$ 6,381,508 |
|
INTERNET SOFTWARE & SERVICES - 10.1% |
|||
Internet Software & Services - 10.1% |
|||
Cornerstone OnDemand, Inc. (a) |
151,100 |
4,800,447 |
|
Cvent, Inc. (a)(d) |
128,800 |
3,467,296 |
|
Endurance International Group Holdings, Inc. (a)(d) |
2,621,932 |
43,576,510 |
|
Marketo, Inc. (a)(d) |
106,300 |
3,397,348 |
|
Perficient, Inc. (a) |
365,500 |
6,326,805 |
|
Q2 Holdings, Inc. (a)(d) |
189,700 |
3,526,523 |
|
Web.com Group, Inc. (a) |
1,125,608 |
19,101,568 |
|
Wix.com Ltd. (a)(d) |
188,817 |
4,042,572 |
|
Xoom Corp. (a)(d) |
219,301 |
3,072,407 |
|
|
91,311,476 |
||
IT SERVICES - 84.4% |
|||
Data Processing & Outsourced Services - 57.9% |
|||
Alliance Data Systems Corp. (a) |
85,148 |
24,341,259 |
|
Automatic Data Processing, Inc. |
2,000 |
171,280 |
|
Broadridge Financial Solutions, Inc. |
7,800 |
353,262 |
|
Cardtronics, Inc. (a) |
61,100 |
2,392,676 |
|
Cass Information Systems, Inc. |
3,052 |
138,958 |
|
Computer Sciences Corp. |
209,500 |
13,278,110 |
|
Convergys Corp. |
85,100 |
1,774,335 |
|
CoreLogic, Inc. (a) |
553,000 |
18,370,660 |
|
CSG Systems International, Inc. |
100,070 |
2,513,758 |
|
DST Systems, Inc. |
41,600 |
4,128,800 |
|
Euronet Worldwide, Inc. (a) |
111,200 |
6,457,384 |
|
EVERTEC, Inc. |
73,400 |
1,617,736 |
|
ExlService Holdings, Inc. (a) |
869,570 |
24,374,047 |
|
Fidelity National Information Services, Inc. |
691,800 |
42,331,242 |
|
Fiserv, Inc. (a) |
135,400 |
9,679,746 |
|
FleetCor Technologies, Inc. (a) |
99,100 |
15,052,299 |
|
Global Cash Access Holdings, Inc. (a) |
1,487,700 |
10,562,670 |
|
Global Payments, Inc. |
116,700 |
10,078,212 |
|
Heartland Payment Systems, Inc. |
95,800 |
5,223,016 |
|
Higher One Holdings, Inc. (a) |
1,164,900 |
4,158,693 |
|
Jack Henry & Associates, Inc. |
1,600 |
98,336 |
|
MasterCard, Inc. Class A |
1,023,500 |
89,341,315 |
|
Maximus, Inc. |
83,100 |
4,353,609 |
|
MoneyGram International, Inc. (a) |
547,900 |
4,722,898 |
|
Neustar, Inc. Class A (a)(d) |
213,076 |
5,806,321 |
|
Paychex, Inc. |
3,500 |
165,935 |
|
Sykes Enterprises, Inc. (a) |
37,200 |
861,924 |
|
Syntel, Inc. (a) |
178,200 |
7,929,900 |
|
Teletech Holdings, Inc. (a) |
2,000 |
46,740 |
|
The Western Union Co. |
10,000 |
185,800 |
|
|
|||
Shares |
Value |
||
Total System Services, Inc. |
203,700 |
$ 6,720,063 |
|
Vantiv, Inc. (a) |
490,000 |
16,532,600 |
|
VeriFone Systems, Inc. (a) |
280,700 |
10,009,762 |
|
Visa, Inc. Class A |
555,912 |
143,530,919 |
|
WEX, Inc. (a) |
137,700 |
15,571,116 |
|
WNS Holdings Ltd. sponsored ADR (a) |
495,329 |
10,119,571 |
|
Xerox Corp. |
723,000 |
10,093,080 |
|
|
523,088,032 |
||
IT Consulting & Other Services - 26.5% |
|||
Accenture PLC Class A |
386,600 |
33,375,178 |
|
Acxiom Corp. (a) |
298,400 |
5,678,552 |
|
Atos Origin SA |
41,894 |
2,976,078 |
|
Booz Allen Hamilton Holding Corp. Class A |
577,600 |
15,716,496 |
|
CACI International, Inc. Class A (a) |
5,900 |
526,221 |
|
Cap Gemini SA |
2,500 |
183,191 |
|
Ciber, Inc. (a) |
1,048,800 |
3,177,864 |
|
Cognizant Technology Solutions Corp. Class A (a) |
1,186,032 |
64,033,868 |
|
Computer Task Group, Inc. |
7,800 |
72,696 |
|
EPAM Systems, Inc. (a) |
270,300 |
13,793,409 |
|
Forrester Research, Inc. |
10,300 |
409,013 |
|
Gartner, Inc. Class A (a) |
55,500 |
4,744,140 |
|
IBM Corp. |
298,150 |
48,350,986 |
|
iGATE Corp. (a) |
316,592 |
11,698,074 |
|
Leidos Holdings, Inc. |
14,725 |
595,037 |
|
Luxoft Holding, Inc. (a) |
223,150 |
8,809,962 |
|
Sapient Corp. (a) |
322,300 |
7,960,810 |
|
Science Applications International Corp. |
17,000 |
860,710 |
|
ServiceSource International, Inc. (a) |
277,300 |
1,128,611 |
|
Teradata Corp. (a) |
3,500 |
157,990 |
|
Unisys Corp. (a) |
230,590 |
6,161,365 |
|
Virtusa Corp. (a) |
231,298 |
9,268,111 |
|
|
239,678,362 |
||
TOTAL IT SERVICES |
762,766,394 |
||
PROFESSIONAL SERVICES - 1.7% |
|||
Research & Consulting Services - 1.7% |
|||
ICF International, Inc. (a) |
397,811 |
15,427,111 |
|
SOFTWARE - 1.4% |
|||
Application Software - 0.9% |
|||
CDK Global, Inc. |
66 |
2,513 |
|
Globant SA (a) |
319,100 |
4,403,580 |
|
Interactive Intelligence Group, Inc. (a) |
81,900 |
3,704,337 |
|
Workday, Inc. Class A (a) |
1,400 |
121,870 |
|
|
8,232,300 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
SOFTWARE - CONTINUED |
|||
Systems Software - 0.5% |
|||
CommVault Systems, Inc. (a) |
34 |
$ 1,608 |
|
Fleetmatics Group PLC (a) |
126,032 |
4,435,066 |
|
|
4,436,674 |
||
TOTAL SOFTWARE |
12,668,974 |
||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.5% |
|||
Technology Hardware, Storage & Peripherals - 1.5% |
|||
Electronics for Imaging, Inc. (a) |
237,800 |
10,570,210 |
|
Nimble Storage, Inc. (d) |
87,500 |
2,307,375 |
|
|
12,877,585 |
||
TOTAL COMMON STOCKS (Cost $633,406,246) |
|
||
Money Market Funds - 4.1% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.11% (b) |
2,532,154 |
$ 2,532,154 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
34,459,718 |
34,459,718 |
|
TOTAL MONEY MARKET FUNDS (Cost $36,991,872) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.9% (Cost $670,398,118) |
938,424,920 |
||
NET OTHER ASSETS (LIABILITIES) - (3.9)% |
(34,790,475) |
||
NET ASSETS - 100% |
$ 903,634,445 |
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 |
$ 1,540 |
Fidelity Securities Lending Cash Central Fund |
797,645 |
Total |
$ 799,185 |
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 November 30, 2014, the cost of investment securities for income tax purposes was $677,900,647. Net unrealized appreciation aggregated $260,524,273, of which $290,424,231 related to appreciated investment securities and $29,899,958 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Environment and
Alternative Energy Portfolio
November 30, 2014
1.810704.110
ENV-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 97.1% |
|||
Shares |
Value |
||
Energy Efficiency - 45.0% |
|||
Buildings Energy Efficiency - 6.3% |
|||
A.O. Smith Corp. |
55,100 |
$ 2,971,543 |
|
Aspen Aerogels, Inc. |
50,962 |
371,513 |
|
Johnson Controls, Inc. |
6,500 |
325,000 |
|
Lennox International, Inc. |
22,700 |
2,126,309 |
|
TOTAL BUILDINGS ENERGY EFFICIENCY |
5,794,365 |
||
Diversified Energy Efficiency - 13.1% |
|||
Honeywell International, Inc. |
99,900 |
9,897,093 |
|
Linear Technology Corp. |
42,000 |
1,933,260 |
|
TOTAL DIVERSIFIED ENERGY EFFICIENCY |
11,830,353 |
||
Industrial Energy Efficiency - 14.6% |
|||
Emerson Electric Co. |
66,000 |
4,207,500 |
|
EnerSys |
47,100 |
2,860,383 |
|
Praxair, Inc. |
7,100 |
911,498 |
|
Rockwell Automation, Inc. |
36,100 |
4,166,301 |
|
Rogers Corp. (a) |
14,200 |
1,005,644 |
|
TOTAL INDUSTRIAL ENERGY EFFICIENCY |
13,151,326 |
||
Transport Energy Efficiency - 11.0% |
|||
BorgWarner, Inc. |
31,500 |
1,781,640 |
|
Delphi Automotive PLC |
72,000 |
5,252,400 |
|
Innospec, Inc. |
68,200 |
2,923,052 |
|
TOTAL TRANSPORT ENERGY EFFICIENCY |
9,957,092 |
||
TOTAL ENERGY EFFICIENCY |
40,733,136 |
||
Environmental Support Services - 11.6% |
|||
Diversified Energy Efficiency - 5.4% |
|||
Parker Hannifin Corp. |
37,700 |
4,864,431 |
|
Diversified Environmental - 6.2% |
|||
3M Co. |
33,800 |
5,411,042 |
|
Dover Corp. |
2,300 |
177,077 |
|
TOTAL DIVERSIFIED ENVIRONMENTAL |
5,588,119 |
||
TOTAL ENVIRONMENTAL SUPPORT SERVICES |
10,452,550 |
||
Food Agriculture & Forestry - 6.5% |
|||
Logistics, Food Safety and Packaging - 0.5% |
|||
Bunge Ltd. |
4,800 |
435,696 |
|
|
|||
Shares |
Value |
||
Sustainable and Efficient Agriculture - 6.0% |
|||
Deere & Co. |
62,500 |
$ 5,413,750 |
|
TOTAL FOOD AGRICULTURE & FORESTRY |
5,849,446 |
||
Pollution Control - 10.7% |
|||
Environmental Testing and Gas Sensing - 0.9% |
|||
Thermo Fisher Scientific, Inc. |
6,000 |
775,740 |
|
Pollution Control Solutions - 9.8% |
|||
Cummins, Inc. |
36,500 |
5,315,130 |
|
Tenneco, Inc. (a) |
64,700 |
3,516,445 |
|
TOTAL POLLUTION CONTROL SOLUTIONS |
8,831,575 |
||
TOTAL POLLUTION CONTROL |
9,607,315 |
||
Renewable & Alternative Energy - 7.1% |
|||
Renewable Energy Developers and Independent Power Producers (IPPs) - 7.1% |
|||
Enel SpA |
179,444 |
865,743 |
|
Energias de Portugal SA |
183,639 |
753,313 |
|
Fortum Corp. |
31,500 |
790,424 |
|
Iberdrola SA |
431,920 |
3,193,424 |
|
IDACORP, Inc. |
5,800 |
360,238 |
|
Portland General Electric Co. |
12,300 |
453,501 |
|
TOTAL RENEWABLE & ALTERNATIVE |
6,416,643 |
||
Waste Management & Technologies - 1.1% |
|||
Recycling and Value Added Waste Processing - 1.1% |
|||
Copart, Inc. (a) |
26,900 |
977,546 |
|
Water Infrastructure & Technologies - 15.1% |
|||
Diversified Water Infrastructure and Technology - 2.1% |
|||
Danaher Corp. |
22,900 |
1,913,524 |
|
Water Infrastructure - 7.6% |
|||
Crane Co. |
4,000 |
236,120 |
|
Roper Industries, Inc. |
17,900 |
2,824,978 |
|
Valmont Industries, Inc. (d) |
28,100 |
3,799,682 |
|
TOTAL WATER INFRASTRUCTURE |
6,860,780 |
||
Water Treatment Equipment - 5.4% |
|||
Ashland, Inc. |
38,700 |
4,413,735 |
|
Ecolab, Inc. |
4,000 |
435,800 |
|
TOTAL WATER TREATMENT EQUIPMENT |
4,849,535 |
||
TOTAL WATER INFRASTRUCTURE & TECHNOLOGIES |
13,623,839 |
||
TOTAL COMMON STOCKS (Cost $82,420,041) |
|
||
Cash Equivalents - 6.8% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.11% (b) |
2,464,815 |
$ 2,464,815 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
3,695,150 |
3,695,150 |
|
TOTAL CASH EQUIVALENTS (Cost $6,159,965) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.9% (Cost $88,580,006) |
93,820,440 |
||
NET OTHER ASSETS (LIABILITIES) - (3.9)% |
(3,482,322) |
||
NET ASSETS - 100% |
$ 90,338,118 |
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 |
$ 1,982 |
Fidelity Securities Lending Cash Central Fund |
83,854 |
Total |
$ 85,836 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 87,660,475 |
$ 87,288,962 |
$ 371,513 |
$ - |
Money Market Funds |
6,159,965 |
6,159,965 |
- |
- |
Total Investments in Securities: |
$ 93,820,440 |
$ 93,448,927 |
$ 371,513 |
$ - |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $88,701,876. Net unrealized appreciation aggregated $5,118,564, of which $5,739,641 related to appreciated investment securities and $621,077 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Wireless Portfolio
November 30, 2014
1.810702.110
WIR-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 98.7% |
|||
Shares |
Value |
||
COMMUNICATIONS EQUIPMENT - 18.3% |
|||
Communications Equipment - 18.3% |
|||
Alcatel-Lucent SA sponsored ADR |
672,500 |
$ 2,387,375 |
|
Aruba Networks, Inc. (a) |
39,884 |
746,230 |
|
Harris Corp. |
22,100 |
1,583,907 |
|
Motorola Solutions, Inc. |
112,768 |
7,411,113 |
|
Nokia Corp. sponsored ADR |
536,000 |
4,416,640 |
|
QUALCOMM, Inc. |
355,350 |
25,905,015 |
|
Ruckus Wireless, Inc. (a) |
29,000 |
332,340 |
|
Sierra Wireless, Inc. (a) |
13,300 |
491,641 |
|
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d) |
434,500 |
5,470,355 |
|
ViaSat, Inc. (a)(d) |
23,400 |
1,551,420 |
|
|
50,296,036 |
||
DIVERSIFIED TELECOMMUNICATION SERVICES - 28.4% |
|||
Alternative Carriers - 1.3% |
|||
inContact, Inc. (a) |
233,500 |
1,928,710 |
|
Intelsat SA (a) |
53,700 |
945,657 |
|
Towerstream Corp. (a) |
334,423 |
535,077 |
|
|
3,409,444 |
||
Integrated Telecommunication Services - 27.1% |
|||
AT&T, Inc. |
28,000 |
990,640 |
|
BCE, Inc. |
126,900 |
5,960,471 |
|
BT Group PLC sponsored ADR |
159,600 |
10,208,016 |
|
Chunghwa Telecom Co. Ltd. sponsored ADR (d) |
91,500 |
2,753,235 |
|
Koninklijke KPN NV |
425 |
1,413 |
|
Orange SA |
442,600 |
7,799,682 |
|
Telecom Italia SpA (a)(d) |
2,461,500 |
2,772,484 |
|
Telefonica SA sponsored ADR |
1,311 |
20,976 |
|
TELUS Corp. |
165,000 |
6,286,882 |
|
Verizon Communications, Inc. |
742,697 |
37,573,040 |
|
|
74,366,839 |
||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES |
77,776,283 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 0.3% |
|||
Electronic Manufacturing Services - 0.3% |
|||
Neonode, Inc. (a)(d) |
344,100 |
843,045 |
|
INTERNET SOFTWARE & SERVICES - 8.9% |
|||
Internet Software & Services - 8.9% |
|||
Endurance International Group Holdings, Inc. (a) |
563,900 |
9,372,018 |
|
Gogo, Inc. (a)(d) |
62,700 |
991,914 |
|
Google, Inc. Class C (a) |
17,600 |
9,536,208 |
|
Web.com Group, Inc. (a) |
266,300 |
4,519,111 |
|
|
24,419,251 |
||
|
|||
Shares |
Value |
||
IT SERVICES - 2.7% |
|||
IT Consulting & Other Services - 2.7% |
|||
Amdocs Ltd. |
28,100 |
$ 1,369,735 |
|
Cognizant Technology Solutions Corp. Class A (a) |
111,700 |
6,030,683 |
|
|
7,400,418 |
||
MEDIA - 1.0% |
|||
Cable & Satellite - 1.0% |
|||
Numericable Group SA (a) |
69,300 |
2,896,210 |
|
REAL ESTATE INVESTMENT TRUSTS - 12.5% |
|||
Specialized REITs - 12.5% |
|||
American Tower Corp. |
177,792 |
18,669,938 |
|
Crown Castle International Corp. |
187,800 |
15,604,302 |
|
|
34,274,240 |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.0% |
|||
Semiconductors - 2.0% |
|||
RF Micro Devices, Inc. (a)(d) |
381,100 |
5,567,871 |
|
SOFTWARE - 2.9% |
|||
Application Software - 2.9% |
|||
GameLoft SE (a) |
100,662 |
468,129 |
|
Interactive Intelligence Group, Inc. (a)(d) |
37,800 |
1,709,694 |
|
Synchronoss Technologies, Inc. (a) |
47,536 |
2,035,967 |
|
Tangoe, Inc. (a)(d) |
278,300 |
3,619,292 |
|
|
7,833,082 |
||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 2.3% |
|||
Technology Hardware, Storage & Peripherals - 2.3% |
|||
Apple, Inc. |
2,900 |
344,897 |
|
Samsung Electronics Co. Ltd. |
5,140 |
5,942,063 |
|
|
6,286,960 |
||
WIRELESS TELECOMMUNICATION SERVICES - 19.4% |
|||
Wireless Telecommunication Services - 19.4% |
|||
America Movil S.A.B. de CV Series L sponsored ADR |
136,900 |
3,245,899 |
|
China Mobile Ltd. sponsored ADR |
37,900 |
2,339,188 |
|
Drillisch AG (d) |
53,800 |
1,974,483 |
|
Leap Wireless International, Inc. rights |
16,600 |
41,832 |
|
NTELOS Holdings Corp. (d) |
28,100 |
236,040 |
|
NTT DOCOMO, Inc. sponsored ADR |
45,800 |
714,938 |
|
RingCentral, Inc. (a) |
7,600 |
95,608 |
|
Rogers Communications, Inc. Class B (non-vtg.) (d) |
100,800 |
4,060,208 |
|
SBA Communications Corp. Class A (a) |
72,000 |
8,760,240 |
|
Shenandoah Telecommunications Co. |
1,300 |
38,519 |
|
Spok Holdings, Inc. |
20,000 |
317,200 |
|
Sprint Corp. (a) |
90,233 |
461,993 |
|
T-Mobile U.S., Inc. (a) |
233,175 |
6,806,378 |
|
Telephone & Data Systems, Inc. |
160,014 |
4,089,958 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED |
|||
Wireless Telecommunication Services - continued |
|||
U.S. Cellular Corp. (a) |
22,100 |
$ 850,629 |
|
Vodafone Group PLC sponsored ADR |
524,081 |
19,155,161 |
|
|
53,188,274 |
||
TOTAL COMMON STOCKS (Cost $225,270,455) |
|
||
Nonconvertible Preferred Stocks - 0.0% |
|||
|
|
|
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.0% |
|||
Integrated Telecommunication Services - 0.0% |
|||
Oi SA (PN) (a) |
158,800 |
|
|
Money Market Funds - 8.7% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
2,640,364 |
2,640,364 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
21,100,303 |
21,100,303 |
|
TOTAL MONEY MARKET FUNDS (Cost $23,740,667) |
|
TOTAL INVESTMENT PORTFOLIO - 107.4% (Cost $249,311,729) |
|
NET OTHER ASSETS (LIABILITIES) - (7.4)% |
(20,362,096) |
||
NET ASSETS - 100% |
$ 274,244,151 |
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 |
$ 2,038 |
Fidelity Securities Lending Cash Central Fund |
241,540 |
Total |
$ 243,578 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 270,781,670 |
$ 260,166,259 |
$ 10,573,579 |
$ 41,832 |
Nonconvertible Preferred Stocks |
83,910 |
83,910 |
- |
- |
Money Market Funds |
23,740,667 |
23,740,667 |
- |
- |
Total Investments in Securities: |
$ 294,606,247 |
$ 283,990,836 |
$ 10,573,579 |
$ 41,832 |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $250,418,343. Net unrealized appreciation aggregated $44,187,904, of which $54,679,395 related to appreciated investment securities and $10,491,491 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Air Transportation Portfolio
November 30, 2014
1.810665.110
AIR-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 95.3% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 32.1% |
|||
Aerospace & Defense - 32.1% |
|||
BE Aerospace, Inc. (a) |
214,200 |
$ 16,679,754 |
|
Bombardier, Inc. Class B (sub. vtg.) |
3,311,300 |
12,654,465 |
|
Honeywell International, Inc. |
23,200 |
2,298,424 |
|
Precision Castparts Corp. |
146,259 |
34,795,016 |
|
Rockwell Collins, Inc. |
110,500 |
9,451,065 |
|
Spirit AeroSystems Holdings, Inc. Class A (a) |
397,000 |
17,114,670 |
|
Textron, Inc. |
339,900 |
14,724,468 |
|
The Boeing Co. |
382,000 |
51,325,521 |
|
TransDigm Group, Inc. |
16,100 |
3,184,419 |
|
Triumph Group, Inc. |
175,700 |
11,958,142 |
|
United Technologies Corp. |
20,600 |
2,267,648 |
|
|
176,453,592 |
||
AIR FREIGHT & LOGISTICS - 25.9% |
|||
Air Freight & Logistics - 25.9% |
|||
Atlas Air Worldwide Holdings, Inc. (a) |
92,500 |
4,222,625 |
|
C.H. Robinson Worldwide, Inc. |
176,000 |
12,978,240 |
|
Expeditors International of Washington, Inc. |
304,307 |
14,247,654 |
|
FedEx Corp. |
229,900 |
40,963,582 |
|
Forward Air Corp. |
26,900 |
1,317,024 |
|
Hub Group, Inc. Class A (a) |
281,978 |
10,608,012 |
|
Park-Ohio Holdings Corp. |
87,390 |
4,908,696 |
|
United Parcel Service, Inc. Class B |
448,400 |
49,288,128 |
|
UTi Worldwide, Inc. (a) |
287,100 |
3,387,780 |
|
|
141,921,741 |
||
AIRLINES - 37.1% |
|||
Airlines - 37.1% |
|||
Air Canada (a) |
702,400 |
6,812,082 |
|
Alaska Air Group, Inc. |
203,500 |
12,012,605 |
|
American Airlines Group, Inc. |
973,900 |
47,263,367 |
|
Dart Group PLC |
5,286 |
22,252 |
|
Delta Air Lines, Inc. |
1,000,902 |
46,712,096 |
|
Hawaiian Holdings, Inc. (a)(d) |
140,700 |
2,854,803 |
|
JetBlue Airways Corp. (a)(d) |
883,300 |
12,922,679 |
|
Ryanair Holdings PLC sponsored ADR (a) |
114,000 |
7,169,460 |
|
Southwest Airlines Co. |
537,900 |
22,494,978 |
|
Spirit Airlines, Inc. (a) |
139,500 |
11,535,255 |
|
United Continental Holdings, Inc. (a) |
456,285 |
27,938,331 |
|
Virgin America, Inc. |
8,800 |
331,584 |
|
WestJet Airlines Ltd. |
205,700 |
5,810,328 |
|
|
203,879,820 |
||
|
|||
Shares |
Value |
||
MACHINERY - 0.0% |
|||
Construction Machinery & Heavy Trucks - 0.0% |
|||
ASL Marine Holdings Ltd. |
235,000 |
$ 87,394 |
|
ROAD & RAIL - 0.2% |
|||
Trucking - 0.2% |
|||
Roadrunner Transportation Systems, Inc. (a) |
47,100 |
1,060,221 |
|
TOTAL COMMON STOCKS (Cost $401,160,473) |
|
||
Nonconvertible Preferred Stocks - 1.9% |
|||
|
|
|
|
AEROSPACE & DEFENSE - 1.9% |
|||
Aerospace & Defense - 1.9% |
|||
Embraer SA sponsored ADR |
283,100 |
|
|
Money Market Funds - 4.9% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
16,319,595 |
16,319,595 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
10,720,836 |
10,720,836 |
|
TOTAL MONEY MARKET FUNDS (Cost $27,040,431) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $438,540,730) |
560,898,082 |
||
NET OTHER ASSETS (LIABILITIES) - (2.1)% |
(11,527,745) |
||
NET ASSETS - 100% |
$ 549,370,337 |
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 |
$ 8,022 |
Fidelity Securities Lending Cash Central Fund |
62,334 |
Total |
$ 70,356 |
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 November 30, 2014, the cost of investment securities for income tax purposes was $441,662,411. Net unrealized appreciation aggregated $119,235,671, of which $123,736,804 related to appreciated investment securities and $4,501,133 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Automotive Portfolio
November 30, 2014
1.810666.110
AUT-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 95.7% |
|||
Shares |
Value |
||
AUTO COMPONENTS - 37.1% |
|||
Auto Parts & Equipment - 35.9% |
|||
BorgWarner, Inc. |
108,400 |
$ 6,131,104 |
|
Continental AG |
14,100 |
2,968,551 |
|
Delphi Automotive PLC |
107,278 |
7,825,930 |
|
Johnson Controls, Inc. |
112,670 |
5,633,500 |
|
Linamar Corp. |
31,800 |
1,869,247 |
|
Magna International, Inc. Class A (sub. vtg.) (d) |
58,384 |
6,242,122 |
|
Martinrea International, Inc. |
82,500 |
726,265 |
|
Stoneridge, Inc. (a) |
161,800 |
1,757,148 |
|
Tenneco, Inc. (a) |
140,346 |
7,627,805 |
|
TRW Automotive Holdings Corp. (a) |
31,900 |
3,298,460 |
|
Visteon Corp. (a) |
70,100 |
6,869,800 |
|
|
50,949,932 |
||
Tires & Rubber - 1.2% |
|||
Cooper Tire & Rubber Co. |
50,300 |
1,706,679 |
|
TOTAL AUTO COMPONENTS |
52,656,611 |
||
AUTOMOBILES - 49.7% |
|||
Automobile Manufacturers - 44.8% |
|||
Ford Motor Co. |
1,053,361 |
16,569,369 |
|
General Motors Co. |
122,644 |
4,099,989 |
|
Honda Motor Co. Ltd. sponsored ADR (d) |
228,405 |
6,925,240 |
|
Renault SA |
73,800 |
5,924,829 |
|
Suzuki Motor Corp. |
86,800 |
2,742,535 |
|
Tata Motors Ltd. sponsored ADR |
89,800 |
4,100,268 |
|
Tesla Motors, Inc. (a)(d) |
19,400 |
4,743,688 |
|
Toyota Motor Corp. sponsored ADR (d) |
149,097 |
18,358,313 |
|
|
63,464,231 |
||
Motorcycle Manufacturers - 4.9% |
|||
Harley-Davidson, Inc. |
100,100 |
6,974,968 |
|
TOTAL AUTOMOBILES |
70,439,199 |
||
COMMERCIAL SERVICES & SUPPLIES - 3.0% |
|||
Diversified Support Services - 3.0% |
|||
KAR Auction Services, Inc. |
124,400 |
4,310,460 |
|
DISTRIBUTORS - 2.9% |
|||
Distributors - 2.9% |
|||
LKQ Corp. (a) |
141,500 |
4,110,575 |
|
|
|||
Shares |
Value |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 1.0% |
|||
Electronic Equipment & Instruments - 1.0% |
|||
Research Frontiers, Inc. (a)(d) |
275,970 |
$ 1,399,168 |
|
HOUSEHOLD DURABLES - 2.0% |
|||
Consumer Electronics - 2.0% |
|||
Harman International Industries, Inc. |
25,600 |
2,778,368 |
|
TOTAL COMMON STOCKS (Cost $87,085,997) |
|
||
Nonconvertible Preferred Stocks - 3.1% |
|||
|
|
|
|
AUTOMOBILES - 3.1% |
|||
Automobile Manufacturers - 3.1% |
|||
Volkswagen AG |
19,300 |
|
|
Money Market Funds - 10.8% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
1,420,409 |
1,420,409 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
13,956,950 |
13,956,950 |
|
TOTAL MONEY MARKET FUNDS (Cost $15,377,359) |
|
||
TOTAL INVESTMENT PORTFOLIO - 109.6% (Cost $106,545,306) |
155,519,316 |
||
NET OTHER ASSETS (LIABILITIES) - (9.6)% |
(13,666,553) |
||
NET ASSETS - 100% |
$ 141,852,763 |
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 |
$ 1,329 |
Fidelity Securities Lending Cash Central Fund |
74,845 |
Total |
$ 76,174 |
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 November 30, 2014, the cost of investment securities for income tax purposes was $106,891,567. Net unrealized appreciation aggregated $48,627,749, of which $50,123,175 related to appreciated investment securities and $1,495,426 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Banking Portfolio
November 30, 2014
1.810667.110
BAN-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 97.2% |
|||
Shares |
Value |
||
BANKS - 83.7% |
|||
Diversified Banks - 40.5% |
|||
BanColombia SA sponsored ADR |
74,300 |
$ 3,841,310 |
|
Bank of America Corp. |
2,395,100 |
40,812,504 |
|
Barclays PLC |
1,151,028 |
4,392,367 |
|
Citigroup, Inc. |
596,900 |
32,214,693 |
|
Comerica, Inc. |
366,500 |
17,082,565 |
|
JPMorgan Chase & Co. |
521,200 |
31,355,392 |
|
Nordea Bank AB |
253,600 |
3,168,066 |
|
Standard Chartered PLC (United Kingdom) |
329,337 |
4,820,671 |
|
U.S. Bancorp |
1,058,900 |
46,803,380 |
|
Wells Fargo & Co. |
1,189,692 |
64,814,420 |
|
|
249,305,368 |
||
Regional Banks - 43.2% |
|||
1st Source Corp. |
291,000 |
8,881,320 |
|
Bank of the Ozarks, Inc. |
230,800 |
8,354,960 |
|
BB&T Corp. |
144,200 |
5,420,478 |
|
CIT Group, Inc. |
417,500 |
20,374,000 |
|
City National Corp. |
175,200 |
13,523,688 |
|
Commerce Bancshares, Inc. |
238,657 |
10,219,293 |
|
Community Trust Bancorp, Inc. |
201,400 |
7,286,652 |
|
CVB Financial Corp. |
619,500 |
9,397,815 |
|
East West Bancorp, Inc. |
360,000 |
13,237,200 |
|
First Citizen Bancshares, Inc. |
31,500 |
7,988,400 |
|
First Republic Bank |
324,700 |
16,731,791 |
|
Hanmi Financial Corp. |
321,800 |
6,468,180 |
|
Heartland Financial U.S.A., Inc. |
10,900 |
273,263 |
|
M&T Bank Corp. (d) |
142,100 |
17,907,442 |
|
PacWest Bancorp |
371,436 |
17,271,774 |
|
PNC Financial Services Group, Inc. |
172,841 |
15,118,402 |
|
Prosperity Bancshares, Inc. |
492,200 |
27,651,796 |
|
Regions Financial Corp. |
1,981,800 |
19,956,726 |
|
Shinsei Bank Ltd. |
1,532,000 |
2,877,783 |
|
SunTrust Banks, Inc. |
773,900 |
30,406,531 |
|
SVB Financial Group (a) |
17,100 |
1,798,065 |
|
Wilshire Bancorp, Inc. |
559,200 |
5,357,136 |
|
|
266,502,695 |
||
TOTAL BANKS |
515,808,063 |
||
CAPITAL MARKETS - 2.3% |
|||
Asset Management & Custody Banks - 1.3% |
|||
The Blackstone Group LP |
232,700 |
7,800,104 |
|
Diversified Capital Markets - 1.0% |
|||
UBS Group AG |
358,400 |
6,447,616 |
|
TOTAL CAPITAL MARKETS |
14,247,720 |
||
CONSUMER FINANCE - 3.3% |
|||
Consumer Finance - 3.3% |
|||
Capital One Financial Corp. |
242,800 |
20,200,960 |
|
|
|||
Shares |
Value |
||
INSURANCE - 1.7% |
|||
Property & Casualty Insurance - 1.7% |
|||
First American Financial Corp. |
233,300 |
$ 7,467,933 |
|
Hilltop Holdings, Inc. (a) |
150,100 |
3,059,038 |
|
|
10,526,971 |
||
IT SERVICES - 1.5% |
|||
Data Processing & Outsourced Services - 1.5% |
|||
EVERTEC, Inc. |
278,000 |
6,127,120 |
|
Total System Services, Inc. |
92,600 |
3,054,874 |
|
|
9,181,994 |
||
REAL ESTATE INVESTMENT TRUSTS - 0.4% |
|||
Mortgage REITs - 0.4% |
|||
Altisource Residential Corp. Class B |
115,155 |
2,335,343 |
|
THRIFTS & MORTGAGE FINANCE - 4.3% |
|||
Thrifts & Mortgage Finance - 4.3% |
|||
BofI Holding, Inc. (a) |
83,000 |
6,550,360 |
|
Dime Community Bancshares, Inc. |
351,700 |
5,328,255 |
|
Meridian Bancorp, Inc. (a) |
571,165 |
6,259,968 |
|
TFS Financial Corp. |
557,400 |
8,455,758 |
|
|
26,594,341 |
||
TOTAL COMMON STOCKS (Cost $498,987,076) |
|
||
Nonconvertible Preferred Stocks - 0.4% |
|||
|
|
|
|
BANKS - 0.4% |
|||
Diversified Banks - 0.4% |
|||
Banco ABC Brasil SA |
492,400 |
|
|
Money Market Funds - 5.0% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
14,537,819 |
14,537,819 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
16,079,205 |
16,079,205 |
|
TOTAL MONEY MARKET FUNDS (Cost $30,617,024) |
|
TOTAL INVESTMENT PORTFOLIO - 102.6% (Cost $532,136,637) |
632,211,835 |
NET OTHER ASSETS (LIABILITIES) - (2.6)% |
(15,723,945) |
||
NET ASSETS - 100% |
$ 616,487,890 |
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 |
$ 7,863 |
Fidelity Securities Lending Cash Central Fund |
60,026 |
Total |
$ 67,889 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 598,895,392 |
$ 594,503,025 |
$ 4,392,367 |
$ - |
Nonconvertible Preferred Stocks |
2,699,419 |
2,699,419 |
- |
- |
Money Market Funds |
30,617,024 |
30,617,024 |
- |
- |
Total Investments in Securities: |
$ 632,211,835 |
$ 627,819,468 |
$ 4,392,367 |
$ - |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $533,572,520. Net unrealized appreciation aggregated $98,639,315, of which $107,445,400 related to appreciated investment securities and $8,806,085 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Biotechnology Portfolio
November 30, 2014
1.810668.110
BIO-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 99.3% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 91.6% |
|||
Biotechnology - 91.6% |
|||
ACADIA Pharmaceuticals, Inc. (a)(d) |
4,456,364 |
$ 133,111,593 |
|
Acceleron Pharma, Inc. (a)(d)(e) |
3,068,473 |
118,872,644 |
|
Achillion Pharmaceuticals, Inc. (a)(d)(e) |
5,848,600 |
75,271,482 |
|
Acorda Therapeutics, Inc. (a)(d)(e) |
3,741,353 |
136,372,317 |
|
Actelion Ltd. |
298,851 |
35,537,366 |
|
Adamas Pharmaceuticals, Inc. (e) |
1,530,349 |
22,480,827 |
|
ADMA Biologics, Inc. (a) |
372,800 |
4,611,536 |
|
Aegerion Pharmaceuticals, Inc. (a)(d)(e) |
2,618,718 |
55,176,388 |
|
Agenus, Inc. (a) |
150,089 |
444,263 |
|
Agenus, Inc. warrants 1/9/18 (a) |
1,548,000 |
8,839 |
|
Agios Pharmaceuticals, Inc. (a) |
175,090 |
17,650,823 |
|
Akebia Therapeutics, Inc. (a)(d) |
625,323 |
7,553,902 |
|
Alder Biopharmaceuticals, Inc. (d) |
307,469 |
5,017,894 |
|
Aldeyra Therapeutics, Inc. (d)(e) |
556,516 |
3,923,438 |
|
Alexion Pharmaceuticals, Inc. (a) |
2,438,569 |
475,277,098 |
|
Alkermes PLC (a) |
2,251,411 |
123,872,633 |
|
Alnylam Pharmaceuticals, Inc. (a) |
1,672,245 |
168,144,235 |
|
AMAG Pharmaceuticals, Inc. (a) |
950,909 |
35,373,815 |
|
Amgen, Inc. |
73,569 |
12,161,691 |
|
Anacor Pharmaceuticals, Inc. (a)(d) |
918,103 |
31,656,191 |
|
Applied Genetic Technologies Corp. (d)(e) |
1,124,588 |
22,705,432 |
|
Ardelyx, Inc. (d)(e) |
1,382,232 |
37,002,351 |
|
ARIAD Pharmaceuticals, Inc. (a)(d) |
5,543,251 |
39,412,515 |
|
Array BioPharma, Inc. (a) |
2,704,296 |
10,898,313 |
|
Arrowhead Research Corp. (a)(d) |
1,630,194 |
9,487,729 |
|
Asterias Biotherapeutics, Inc. (a)(d) |
653,913 |
2,550,261 |
|
Atara Biotherapeutics, Inc. (e) |
1,198,133 |
32,349,591 |
|
Auspex Pharmaceuticals, Inc. |
978,545 |
23,710,145 |
|
Avalanche Biotechnologies, Inc. |
537,368 |
19,098,596 |
|
Avalanche Biotechnologies, Inc. (a) |
170,189 |
6,720,764 |
|
BioCryst Pharmaceuticals, Inc. (a) |
965,000 |
10,431,650 |
|
Biogen Idec, Inc. (a) |
326,311 |
100,402,632 |
|
BioMarin Pharmaceutical, Inc. (a) |
2,719,765 |
244,017,316 |
|
Bionovo, Inc. warrants 2/2/16 (a) |
1,043,150 |
10 |
|
BioTime, Inc. warrants 10/1/18 (a)(d) |
30,113 |
31,318 |
|
Bluebird Bio, Inc. (a) |
196,319 |
8,094,232 |
|
Calithera Biosciences, Inc. (e) |
1,378,700 |
14,710,729 |
|
Cara Therapeutics, Inc. |
676,853 |
6,254,122 |
|
Catalyst Pharmaceutical Partners, Inc.: |
|
|
|
warrants 5/2/17 (a) |
141,443 |
212,672 |
|
warrants 5/30/17 (a) |
282,100 |
479,770 |
|
Celgene Corp. (a) |
4,958,551 |
563,737,663 |
|
Cell Therapeutics, Inc. warrants 7/6/16 (a) |
835,596 |
953 |
|
Celldex Therapeutics, Inc. (a)(d) |
3,024,456 |
61,335,968 |
|
Cepheid, Inc. (a)(d) |
589,900 |
32,491,692 |
|
Cerulean Pharma, Inc. (e) |
1,901,400 |
9,602,070 |
|
Chimerix, Inc. (a) |
959,474 |
33,811,864 |
|
Clovis Oncology, Inc. (a)(d) |
728,269 |
34,651,039 |
|
|
|||
Shares |
Value |
||
Coherus BioSciences, Inc. |
382,300 |
$ 5,248,979 |
|
CTI BioPharma Corp. (a)(d) |
2,928,123 |
6,412,589 |
|
Cubist Pharmaceuticals, Inc. (a) |
1,275,519 |
96,697,095 |
|
Cytokinetics, Inc. (a) |
1,063,466 |
4,966,386 |
|
Cytokinetics, Inc. warrants 6/25/17 (a) |
3,828,480 |
497,511 |
|
Dicerna Pharmaceuticals, Inc. |
293,221 |
3,465,872 |
|
Dyax Corp. (a) |
6,674,338 |
93,707,706 |
|
Eleven Biotherapeutics, Inc. (d) |
752,060 |
8,558,443 |
|
Emergent BioSolutions, Inc. (a) |
336,186 |
8,357,584 |
|
Enanta Pharmaceuticals, Inc. (a)(d) |
923,566 |
43,352,188 |
|
Epizyme, Inc. (a)(d)(e) |
3,358,275 |
76,770,167 |
|
Esperion Therapeutics, Inc. (a)(d)(e) |
1,114,710 |
35,258,277 |
|
Exact Sciences Corp. (a)(d) |
2,258,602 |
56,058,502 |
|
Exelixis, Inc. (a)(d) |
1,849,687 |
3,070,480 |
|
Fate Therapeutics, Inc. (a)(e) |
1,381,284 |
5,179,815 |
|
Fibrocell Science, Inc. (a)(d)(e) |
3,326,640 |
8,981,928 |
|
FibroGen, Inc. |
300,700 |
6,810,855 |
|
Forward Pharma A/S sponsored ADR |
119,800 |
2,388,812 |
|
Foundation Medicine, Inc. (a)(d) |
901,500 |
21,293,430 |
|
Genmab A/S (a) |
1,763,839 |
87,164,663 |
|
Genocea Biosciences, Inc. (d) |
609,781 |
5,530,714 |
|
Genomic Health, Inc. (a) |
516,228 |
17,169,743 |
|
Geron Corp. (a)(d)(e) |
15,693,826 |
57,753,280 |
|
Gilead Sciences, Inc. (a) |
9,966,721 |
999,861,443 |
|
Halozyme Therapeutics, Inc. (a)(d) |
2,796,723 |
24,555,228 |
|
Hyperion Therapeutics, Inc. (a)(d)(e) |
1,999,059 |
40,960,719 |
|
Ignyta, Inc. (a)(e) |
1,191,909 |
8,116,900 |
|
Immune Design Corp. (a)(d)(e) |
860,111 |
27,360,131 |
|
ImmunoGen, Inc. (a)(d) |
1,586,457 |
16,324,643 |
|
Immunomedics, Inc. (a)(d) |
4,378,682 |
18,083,957 |
|
Incyte Corp. (a) |
2,634,125 |
199,008,144 |
|
Infinity Pharmaceuticals, Inc. (a) |
2,169,133 |
32,558,686 |
|
Insys Therapeutics, Inc. (a)(d) |
869,478 |
33,674,883 |
|
Intercept Pharmaceuticals, Inc. (a)(d)(e) |
1,162,568 |
167,095,899 |
|
Intrexon Corp. (a)(d) |
721,453 |
19,140,148 |
|
Ironwood Pharmaceuticals, Inc. Class A (a) |
4,692,810 |
64,948,490 |
|
Isis Pharmaceuticals, Inc. (a)(d) |
2,384,987 |
123,518,477 |
|
KaloBios Pharmaceuticals, Inc. (a)(d) |
1,410,964 |
2,539,735 |
|
Karyopharm Therapeutics, Inc. (d)(e) |
2,977,328 |
124,690,497 |
|
Keryx Biopharmaceuticals, Inc. (a)(d) |
2,866,968 |
45,584,791 |
|
Kite Pharma, Inc. (d) |
835,120 |
35,058,338 |
|
KYTHERA Biopharmaceuticals, Inc. (a)(d)(e) |
1,304,079 |
49,881,022 |
|
La Jolla Pharmaceutical Co. (a)(e) |
916,697 |
10,202,838 |
|
Lexicon Pharmaceuticals, Inc. (a)(d) |
30,744,023 |
31,358,903 |
|
Ligand Pharmaceuticals, Inc. Class B (a)(d) |
853,643 |
45,968,676 |
|
Lion Biotechnologies, Inc. (a)(d) |
1,501,382 |
9,233,499 |
|
Macrogenics, Inc. (a)(e) |
2,523,785 |
71,322,164 |
|
MannKind Corp. (a)(d) |
8,063,306 |
49,589,332 |
|
Medivation, Inc. (a) |
2,549,127 |
295,418,328 |
|
Merrimack Pharmaceuticals, Inc. (a) |
422,049 |
3,865,969 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
BIOTECHNOLOGY - CONTINUED |
|||
Biotechnology - continued |
|||
MiMedx Group, Inc. (a)(d) |
1,006,364 |
$ 11,130,386 |
|
Minerva Neurosciences, Inc. (e) |
1,271,400 |
5,924,724 |
|
Mirati Therapeutics, Inc. (a) |
112,822 |
1,672,022 |
|
Momenta Pharmaceuticals, Inc. (a) |
1,062,677 |
12,465,201 |
|
Myriad Genetics, Inc. (a)(d) |
1,189,343 |
39,878,671 |
|
Neurocrine Biosciences, Inc. (a) |
3,582,851 |
71,406,220 |
|
NewLink Genetics Corp. (a)(d)(e) |
1,656,147 |
64,689,102 |
|
Novavax, Inc. (a)(d)(e) |
14,411,821 |
76,959,124 |
|
Novelos Therapeutics, Inc. warrants 12/6/16 (a) |
2,362,400 |
2,173 |
|
NPS Pharmaceuticals, Inc. (a) |
2,457,213 |
81,530,327 |
|
OncoMed Pharmaceuticals, Inc. (a)(d) |
731,932 |
16,124,462 |
|
Ophthotech Corp. (a)(d)(e) |
2,952,235 |
127,388,940 |
|
Opko Health, Inc. (a)(d) |
2,721,309 |
22,804,569 |
|
Oragenics, Inc. (a)(e) |
2,545,258 |
2,367,090 |
|
Orexigen Therapeutics, Inc. (a)(d)(e) |
9,154,009 |
53,001,712 |
|
Organovo Holdings, Inc. (a)(d) |
1,111,017 |
7,010,517 |
|
Osiris Therapeutics, Inc. (a)(d)(e) |
1,866,995 |
24,550,984 |
|
OvaScience, Inc. (a) |
790,857 |
19,977,048 |
|
Paratek Pharmaceuticals, Inc. (e) |
1,336,118 |
21,981,813 |
|
Pharmacyclics, Inc. (a)(d) |
1,073,523 |
149,638,371 |
|
PolyMedix, Inc. warrants 4/10/16 (a) |
2,961,167 |
30 |
|
Portola Pharmaceuticals, Inc. (a)(e) |
2,467,141 |
69,376,005 |
|
Progenics Pharmaceuticals, Inc. (a)(d)(e) |
4,448,736 |
30,963,203 |
|
ProQR Therapeutics BV (a)(e) |
61,100 |
926,887 |
|
ProQR Therapeutics BV (e) |
1,449,285 |
19,787,088 |
|
Proteon Therapeutics, Inc. |
712,500 |
7,495,500 |
|
Prothena Corp. PLC (a) |
600,335 |
14,552,120 |
|
PTC Therapeutics, Inc. (a)(d) |
1,545,576 |
69,164,526 |
|
Puma Biotechnology, Inc. (a) |
1,150,625 |
261,214,888 |
|
Radius Health, Inc. (a)(d) |
1,356,404 |
33,503,179 |
|
Raptor Pharmaceutical Corp. (a)(d) |
2,853,057 |
27,446,408 |
|
Receptos, Inc. (a)(e) |
2,237,240 |
302,698,572 |
|
Regeneron Pharmaceuticals, Inc. (a) |
1,114,585 |
463,789,964 |
|
Regulus Therapeutics, Inc. (a)(d) |
1,898,341 |
35,574,910 |
|
Repligen Corp. (a)(e) |
1,779,661 |
40,700,847 |
|
Rigel Pharmaceuticals, Inc. (a) |
3,913,851 |
8,375,641 |
|
Sage Therapeutics, Inc. (a)(e) |
1,243,683 |
49,175,226 |
|
Sage Therapeutics, Inc. (e) |
172,110 |
6,124,706 |
|
Sangamo Biosciences, Inc. (a)(d)(e) |
3,442,107 |
41,580,653 |
|
Sarepta Therapeutics, Inc. (a)(d) |
1,096,532 |
18,575,252 |
|
Seattle Genetics, Inc. (a)(d) |
1,983,060 |
72,262,706 |
|
Sophiris Bio, Inc. (a)(e) |
1,277,815 |
3,028,422 |
|
Spectrum Pharmaceuticals, Inc. (a)(d)(e) |
3,903,900 |
28,147,119 |
|
Stemline Therapeutics, Inc. (a)(d)(e) |
1,243,399 |
18,501,777 |
|
Sunesis Pharmaceuticals, Inc. (a)(d)(e) |
4,253,594 |
9,953,410 |
|
Synageva BioPharma Corp. (a)(d) |
1,037,994 |
84,285,113 |
|
Synergy Pharmaceuticals, Inc. (a)(d) |
1,522,672 |
4,537,563 |
|
Synta Pharmaceuticals Corp. (a)(d) |
3,254,017 |
10,315,234 |
|
TESARO, Inc. (a)(d) |
1,072,115 |
36,998,689 |
|
|
|||
Shares |
Value |
||
TG Therapeutics, Inc. (a)(d) |
411,180 |
$ 6,134,806 |
|
Threshold Pharmaceuticals, Inc. (a) |
366,950 |
1,064,155 |
|
Threshold Pharmaceuticals, Inc. warrants 3/16/16 (a) |
631,520 |
538,017 |
|
Tokai Pharmaceuticals, Inc. (d) |
484,000 |
7,100,280 |
|
Ultragenyx Pharmaceutical, Inc. (d)(e) |
1,801,751 |
78,538,326 |
|
uniQure B.V. |
644,496 |
9,699,665 |
|
United Therapeutics Corp. (a) |
995,809 |
132,014,399 |
|
Verastem, Inc. (a)(d)(e) |
1,343,833 |
12,497,647 |
|
Versartis, Inc. (a)(e) |
1,945,555 |
35,058,901 |
|
Vertex Pharmaceuticals, Inc. (a) |
4,835,194 |
569,972,669 |
|
Vical, Inc. (a)(e) |
5,921,845 |
6,454,811 |
|
Vitae Pharmaceuticals, Inc. (e) |
1,428,800 |
29,076,080 |
|
Vital Therapies, Inc. (d)(e) |
1,489,600 |
30,849,616 |
|
Xencor, Inc. |
1,252,746 |
14,043,283 |
|
Xenon Pharmaceuticals, Inc. (e) |
522,785 |
6,900,762 |
|
Xenon Pharmaceuticals, Inc. (e) |
285,920 |
3,396,730 |
|
XOMA Corp. (a) |
4,689,019 |
26,680,518 |
|
Zafgen, Inc. (e) |
1,446,976 |
34,163,103 |
|
Zafgen, Inc. (e) |
823,725 |
17,503,333 |
|
|
9,592,583,426 |
||
HEALTH CARE EQUIPMENT & SUPPLIES - 0.0% |
|||
Health Care Equipment - 0.0% |
|||
Alsius Corp. (a) |
314,300 |
3 |
|
Ocular Therapeutix, Inc. |
131,559 |
2,225,978 |
|
|
2,225,981 |
||
LIFE SCIENCES TOOLS & SERVICES - 0.1% |
|||
Life Sciences Tools & Services - 0.1% |
|||
Genfit (a)(d) |
195,869 |
9,705,599 |
|
Transgenomic, Inc. (a) |
236,500 |
532,125 |
|
Transgenomic, Inc. warrants 2/3/17 (a) |
1,419,000 |
2,001 |
|
|
10,239,725 |
||
PERSONAL PRODUCTS - 0.0% |
|||
Personal Products - 0.0% |
|||
MYOS Corp. (a) |
33,334 |
262,005 |
|
PHARMACEUTICALS - 7.6% |
|||
Pharmaceuticals - 7.6% |
|||
AcelRx Pharmaceuticals, Inc. (a)(d) |
610,629 |
4,066,789 |
|
Achaogen, Inc. (a)(e) |
901,382 |
8,310,742 |
|
Adimab LLC unit (f)(g) |
1,181,435 |
16,800,006 |
|
Aradigm Corp. (a) |
159,954 |
1,199,656 |
|
Auris Medical Holding AG (a) |
1,405,000 |
6,266,300 |
|
AVANIR Pharmaceuticals, Inc. Class A (a)(e) |
10,581,952 |
157,882,724 |
|
Dermira, Inc. (e) |
1,056,500 |
18,224,625 |
|
Dermira, Inc. (e) |
875,705 |
13,595,320 |
|
Egalet Corp. (d)(e) |
1,161,226 |
6,990,581 |
|
GW Pharmaceuticals PLC ADR (a) |
108,583 |
8,407,582 |
|
Horizon Pharma PLC (a)(d) |
5,259,946 |
67,222,110 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
PHARMACEUTICALS - CONTINUED |
|||
Pharmaceuticals - continued |
|||
Horizon Pharma PLC warrants 9/25/17 (a) |
759,050 |
$ 6,552,689 |
|
Intra-Cellular Therapies, Inc. (a)(d)(e) |
1,536,950 |
22,085,972 |
|
Jazz Pharmaceuticals PLC (a) |
1,036,908 |
183,626,038 |
|
Nektar Therapeutics (a) |
1,198,594 |
19,980,562 |
|
NeurogesX, Inc. (a)(e) |
2,550,000 |
17,085 |
|
Pacira Pharmaceuticals, Inc. (a) |
957,533 |
89,941,075 |
|
Parnell Pharmaceuticals Holdings Ltd. (e) |
692,482 |
2,977,673 |
|
Relypsa, Inc. |
114,895 |
2,859,737 |
|
Repros Therapeutics, Inc. (a)(e) |
2,310,945 |
19,781,689 |
|
Tetraphase Pharmaceuticals, Inc. (a) |
1,284,643 |
33,914,575 |
|
TherapeuticsMD, Inc. (a)(d) |
4,433,062 |
17,022,958 |
|
Theravance, Inc. (d) |
1,336,806 |
20,225,875 |
|
Zogenix, Inc. (a)(d)(e) |
9,804,706 |
11,177,365 |
|
Zogenix, Inc. warrants 7/27/17 (a) |
498,465 |
27,480 |
|
ZS Pharma, Inc. (d)(e) |
1,202,575 |
51,662,622 |
|
|
790,819,830 |
||
TOTAL COMMON STOCKS (Cost $6,144,641,838) |
|
||
Preferred Stocks - 0.6% |
|||
|
|
|
|
Convertible Preferred Stocks - 0.6% |
|||
BIOTECHNOLOGY - 0.4% |
|||
Biotechnology - 0.4% |
|||
Juno Therapeutics, Inc. Series B, 8.00% (g) |
4,635,811 |
25,033,379 |
|
Seres Health, Inc. 8.00% (g) |
1,292,035 |
15,715,280 |
|
|
40,748,659 |
||
PHARMACEUTICALS - 0.2% |
|||
Pharmaceuticals - 0.2% |
|||
aTyr Pharma, Inc. 8.00% (a)(g) |
3,455,296 |
8,738,444 |
|
Kolltan Pharmaceuticals, Inc. Series D (g) |
10,639,609 |
10,639,609 |
|
Syros Pharmaceuticals, Inc. Series B, 6.00% (g) |
860,442 |
2,707,037 |
|
|
22,085,090 |
||
TOTAL CONVERTIBLE PREFERRED STOCKS |
62,833,749 |
||
Nonconvertible Preferred Stocks - 0.0% |
|||
BIOTECHNOLOGY - 0.0% |
|||
Biotechnology - 0.0% |
|||
Moderna LLC Series D, 8.00% (g) |
207,494 |
4,425,847 |
|
|
|||
Shares |
Value |
||
PHARMACEUTICALS - 0.0% |
|||
Pharmaceuticals - 0.0% |
|||
Equilibrate Asia Therapeutics Series D (a)(g) |
3,661,108 |
$ 59,749 |
|
Equilibrate Worldwide Therapeutics Series D (a)(g) |
3,661,108 |
147,067 |
|
Neuropathic Worldwide Therapeutics Series D (a)(g) |
3,661,108 |
27,568 |
|
Oculus Worldwide Therapeutics Series D (a)(g) |
3,661,108 |
45,947 |
|
Orchestrate U.S. Therapeutics, Inc. Series D (a)(g) |
3,661,108 |
64,326 |
|
Orchestrate Worldwide Therapeutics Series D (a)(g) |
3,661,108 |
114,886 |
|
|
459,543 |
||
TOTAL NONCONVERTIBLE PREFERRED STOCKS |
4,885,390 |
||
TOTAL PREFERRED STOCKS (Cost $55,341,524) |
|
||
Money Market Funds - 11.4% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
32,629,816 |
32,629,816 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
1,161,547,033 |
1,161,547,033 |
|
TOTAL MONEY MARKET FUNDS (Cost $1,194,176,849) |
|
||
TOTAL INVESTMENT PORTFOLIO - 111.3% (Cost $7,394,160,211) |
11,658,026,955 |
||
NET OTHER ASSETS (LIABILITIES) - (11.3)% |
(1,184,507,358) |
||
NET ASSETS - 100% |
$ 10,473,519,597 |
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. |
(e) Affiliated company |
(f) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund. |
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $84,519,144 or 0.8% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
aTyr Pharma, Inc. 8.00% |
4/8/13 - 5/17/13 |
$ 8,738,444 |
Equilibrate Asia Therapeutics Series D |
5/17/13 |
$ 59,749 |
Equilibrate Worldwide Therapeutics Series D |
5/17/13 |
$ 147,067 |
Adimab LLC unit |
9/17/14 |
$ 16,800,006 |
Juno Therapeutics, Inc. Series B, 8.00% |
8/1/14 |
$ 12,655,764 |
Kolltan Pharmaceuticals, Inc. Series D |
3/13/14 |
$ 10,639,609 |
Moderna LLC Series D, 8.00% |
11/6/13 |
$ 4,425,847 |
Neuropathic Worldwide Therapeutics Series D |
5/17/13 |
$ 27,568 |
Oculus Worldwide Therapeutics Series D |
5/17/13 |
$ 45,947 |
Orchestrate U.S. Therapeutics, Inc. Series D |
5/17/13 |
$ 64,326 |
Orchestrate Worldwide Therapeutics Series D |
5/17/13 |
$ 114,886 |
Seres Health, Inc. 8.00% |
11/24/14 |
$ 15,715,280 |
Syros Pharmaceuticals, Inc. Series B, 6.00% |
10/9/14 |
$ 2,707,037 |
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 |
$ 17,282 |
Fidelity Securities Lending Cash Central Fund |
18,912,241 |
Total |
$ 18,929,523 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Acceleron Pharma, Inc. |
$ 101,569,144 |
$ 31,579,605 |
$ - |
$ - |
$ 118,872,644 |
Achaogen, Inc. |
- |
13,240,330 |
- |
- |
8,310,742 |
Achillion Pharmaceuticals, Inc. |
- |
49,906,561 |
4,281,716 |
- |
75,271,482 |
Acorda Therapeutics, Inc. |
84,899,094 |
55,203,527 |
6,391,224 |
- |
136,372,317 |
Adamas Pharmaceuticals, Inc. |
- |
24,559,988 |
- |
- |
22,480,827 |
Aegerion Pharmaceuticals, Inc. |
119,020,586 |
14,798,857 |
- |
- |
55,176,388 |
Aldeyra Therapeutics, Inc. |
- |
4,434,130 |
- |
- |
3,923,438 |
Applied Genetic Technologies Corp. |
- |
19,319,015 |
480,459 |
- |
22,705,432 |
Ardelyx, Inc. |
- |
20,211,679 |
- |
- |
37,002,351 |
Arrowhead Research Corp. |
60,456,164 |
8,029,578 |
13,992,829 |
- |
- |
Atara Biotherapeutics, Inc. |
- |
13,140,699 |
- |
- |
32,349,591 |
AVANIR Pharmaceuticals, Inc. Class A |
43,921,334 |
9,253,698 |
2,658,660 |
- |
157,882,724 |
Calithera Biosciences, Inc. |
- |
13,747,673 |
- |
- |
14,710,729 |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Cara Therapeutics, Inc. |
$ 11,534,736 |
$ 12,547,839 |
$ 5,980,927 |
$ - |
$ - |
Cerulean Pharma, Inc. |
- |
13,309,800 |
- |
- |
9,602,070 |
Dermira, Inc. |
- |
16,526,224 |
- |
- |
18,224,625 |
Dermira, Inc. |
- |
8,431,291 |
- |
- |
13,595,320 |
Dyax Corp. |
98,099,858 |
- |
29,779,408 |
- |
- |
Egalet Corp. |
8,980,686 |
3,556,984 |
- |
- |
6,990,581 |
Enanta Pharmaceuticals, Inc. |
36,812,959 |
- |
2,538,445 |
- |
- |
Epizyme, Inc. |
91,633,035 |
8,166,865 |
- |
- |
76,770,167 |
Esperion Therapeutics, Inc. |
1,218,996 |
29,229,776 |
75,775 |
- |
35,258,277 |
Fate Therapeutics, Inc. |
7,348,431 |
- |
- |
- |
5,179,815 |
Fibrocell Science, Inc. |
18,928,582 |
- |
- |
- |
8,981,928 |
Geron Corp. |
73,457,551 |
509,309 |
- |
- |
57,753,280 |
Horizon Pharma PLC |
41,923,973 |
17,357,747 |
3,188,559 |
- |
- |
Horizon Pharma PLC warrants 2/28/17 |
2,561,134 |
- |
960,105 |
- |
- |
Horizon Pharma PLC warrants 9/25/17 |
5,935,680 |
- |
- |
- |
- |
Hyperion Therapeutics, Inc. |
61,970,829 |
- |
- |
- |
40,960,719 |
Ignyta, Inc. |
388,430 |
11,417,597 |
625,202 |
- |
8,116,900 |
Immune Design Corp. |
- |
11,343,216 |
3,563 |
- |
27,360,131 |
Intercept Pharmaceuticals, Inc. |
540,040,254 |
- |
70,454,324 |
- |
167,095,899 |
InterMune, Inc. |
136,623,843 |
24,540,674 |
385,864,998 |
- |
- |
Intra-Cellular Therapies, Inc. |
24,944,699 |
- |
- |
- |
22,085,972 |
Karyopharm Therapeutics, Inc. |
82,515,075 |
35,739,578 |
- |
- |
124,690,497 |
KYTHERA Biopharmaceuticals, Inc. |
65,164,828 |
- |
- |
- |
49,881,022 |
La Jolla Pharmaceutical Co. |
- |
9,649,404 |
- |
- |
10,202,838 |
Ligand Pharmaceuticals, Inc. Class B |
104,415,820 |
- |
31,597,867 |
- |
- |
Macrogenics, Inc. |
41,015,800 |
33,267,941 |
2,040,259 |
- |
71,322,164 |
Minerva Neurosciences, Inc. |
- |
7,628,400 |
- |
- |
5,924,724 |
NeurogesX, Inc. |
31,318 |
- |
2,792 |
- |
17,085 |
NewLink Genetics Corp. |
79,204,057 |
- |
2,733,987 |
- |
64,689,102 |
Novavax, Inc. |
99,795,974 |
- |
4,444,107 |
- |
76,959,124 |
Ophthotech Corp. |
63,936,838 |
48,944,875 |
4,087,185 |
- |
127,388,940 |
Oragenics, Inc. |
9,785,179 |
- |
163,396 |
- |
2,367,090 |
Orexigen Therapeutics, Inc. |
41,880,880 |
19,873,214 |
2,366,478 |
- |
53,001,712 |
Osiris Therapeutics, Inc. |
30,846,851 |
- |
1,954,322 |
- |
24,550,984 |
Paratek Pharmaceuticals, Inc. |
- |
15,400,000 |
- |
- |
21,981,813 |
Parnell Pharmaceuticals Holdings Ltd. |
- |
6,851,583 |
- |
- |
2,977,673 |
PolyMedix, Inc. |
3,003 |
- |
2,021 |
- |
- |
PolyMedix, Inc. warrants 4/10/16 |
30 |
- |
- |
- |
- |
Portola Pharmaceuticals, Inc. |
36,635,902 |
28,673,560 |
2,413,256 |
- |
69,376,005 |
Progenics Pharmaceuticals, Inc. |
17,989,120 |
4,186,127 |
1,023,011 |
- |
30,963,203 |
ProQR Therapeutics BV |
- |
794,300 |
- |
- |
926,887 |
ProQR Therapeutics BV |
- |
10,327,611 |
- |
- |
19,787,088 |
PTC Therapeutics, Inc. |
48,825,764 |
2,679,528 |
2,207,891 |
- |
- |
Raptor Pharmaceutical Corp. |
48,866,529 |
- |
1,843,301 |
- |
- |
Receptos, Inc. |
61,607,768 |
94,341,905 |
15,895,203 |
- |
302,698,572 |
Repligen Corp. |
- |
37,157,461 |
- |
- |
40,700,847 |
Repros Therapeutics, Inc. |
15,172,755 |
22,945,586 |
884,223 |
- |
19,781,689 |
Sage Therapeutics, Inc. |
- |
35,068,247 |
- |
- |
49,175,226 |
Sage Therapeutics, Inc. |
- |
2,295,726 |
- |
- |
6,124,706 |
Sangamo Biosciences, Inc. |
83,390,908 |
44,465,905 |
42,742,248 |
- |
41,580,653 |
Sophiris Bio, Inc. |
5,264,210 |
- |
38,074 |
- |
3,028,422 |
Spectrum Pharmaceuticals, Inc. |
35,269,565 |
- |
2,179,746 |
- |
28,147,119 |
Stemline Therapeutics, Inc. |
32,154,298 |
- |
- |
- |
18,501,777 |
Sunesis Pharmaceuticals, Inc. |
18,502,204 |
6,370,409 |
1,359,282 |
- |
9,953,410 |
Ultragenyx Pharmaceutical, Inc. |
- |
96,145,507 |
- |
- |
78,538,326 |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Verastem, Inc. |
$ 19,439,084 |
$ - |
$ 1,007,250 |
$ - |
$ 12,497,647 |
Versartis, Inc. |
- |
36,722,798 |
- |
- |
35,058,901 |
Vical, Inc. |
9,739,012 |
- |
560,601 |
- |
6,454,811 |
Vitae Pharmaceuticals, Inc. |
- |
11,435,178 |
- |
- |
29,076,080 |
Vital Therapies, Inc. |
- |
20,185,750 |
- |
- |
30,849,616 |
Xenon Pharmaceuticals, Inc. |
- |
4,705,065 |
- |
- |
6,900,762 |
Xenon Pharmaceuticals, Inc. |
- |
- |
- |
- |
3,396,730 |
Zafgen, Inc. |
- |
25,951,636 |
- |
- |
34,163,103 |
Zafgen, Inc. |
- |
- |
- |
- |
17,503,333 |
Zogenix, Inc. |
42,650,471 |
- |
- |
- |
11,177,365 |
Zogenix, Inc. warrants 7/27/17 |
433,839 |
- |
- |
- |
- |
ZS Pharma, Inc. |
- |
30,704,402 |
- |
- |
51,662,622 |
Total |
$ 2,666,807,080 |
$ 1,126,874,358 |
$ 648,822,694 |
$ - |
$ 2,777,014,017 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 10,396,130,967 |
$ 10,269,521,227 |
$ 109,809,731 |
$ 16,800,009 |
Preferred Stocks |
67,719,139 |
- |
- |
67,719,139 |
Money Market Funds |
1,194,176,849 |
1,194,176,849 |
- |
- |
Total Investments in Securities: |
$ 11,658,026,955 |
$ 11,463,698,076 |
$ 109,809,731 |
$ 84,519,148 |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $7,424,280,948. Net unrealized appreciation aggregated $4,233,746,007, of which $4,650,243,681 related to appreciated investment securities and $416,497,674 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Brokerage and Investment
Management Portfolio
November 30, 2014
1.810691.110
BRO-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 96.6% |
|||
Shares |
Value |
||
BANKS - 5.6% |
|||
Diversified Banks - 5.6% |
|||
Barclays PLC |
1,500,000 |
$ 5,724,057 |
|
Citigroup, Inc. |
200,000 |
10,794,000 |
|
JPMorgan Chase & Co. |
290,000 |
17,446,400 |
|
|
33,964,457 |
||
CAPITAL MARKETS - 85.5% |
|||
Asset Management & Custody Banks - 58.2% |
|||
Affiliated Managers Group, Inc. (a) |
165,000 |
33,592,350 |
|
Ameriprise Financial, Inc. |
347,700 |
45,816,429 |
|
Apollo Investment Corp. (d) |
500,000 |
4,120,000 |
|
Artisan Partners Asset Management, Inc. |
525,000 |
27,168,750 |
|
Azimut Holding SpA |
150,000 |
3,450,574 |
|
BlackRock, Inc. Class A |
105,000 |
37,703,400 |
|
Franklin Resources, Inc. |
670,000 |
38,096,200 |
|
Invesco Ltd. |
1,000,000 |
40,360,000 |
|
KKR & Co. LP |
450,000 |
10,026,000 |
|
Northern Trust Corp. |
325,000 |
22,012,250 |
|
Oaktree Capital Group LLC Class A |
225,000 |
10,419,750 |
|
SEI Investments Co. |
175,000 |
6,935,250 |
|
State Street Corp. |
475,000 |
36,446,750 |
|
The Blackstone Group LP |
400,000 |
13,408,000 |
|
Virtus Investment Partners, Inc. |
145,004 |
22,330,616 |
|
|
351,886,319 |
||
Diversified Capital Markets - 1.1% |
|||
UBS Group AG |
350,000 |
6,296,500 |
|
Investment Banking & Brokerage - 26.2% |
|||
Charles Schwab Corp. |
600,000 |
16,992,000 |
|
E*TRADE Financial Corp. (a) |
1,300,000 |
29,653,000 |
|
FXCM, Inc. Class A (d) |
800,000 |
12,880,000 |
|
Goldman Sachs Group, Inc. |
100,000 |
18,841,000 |
|
Lazard Ltd. Class A |
110,000 |
5,667,200 |
|
Moelis & Co. Class A (d) |
100,000 |
3,223,000 |
|
Morgan Stanley |
875,000 |
30,782,500 |
|
Raymond James Financial, Inc. |
500,000 |
28,150,000 |
|
TD Ameritrade Holding Corp. |
350,000 |
12,113,500 |
|
|
158,302,200 |
||
TOTAL CAPITAL MARKETS |
516,485,019 |
||
|
|||
Shares |
Value |
||
DIVERSIFIED FINANCIAL SERVICES - 4.4% |
|||
Specialized Finance - 4.4% |
|||
IntercontinentalExchange Group, Inc. |
55,000 |
$ 12,429,450 |
|
McGraw Hill Financial, Inc. |
150,000 |
14,019,000 |
|
|
26,448,450 |
||
INSURANCE - 1.1% |
|||
Life & Health Insurance - 1.1% |
|||
St. James's Place Capital PLC |
550,000 |
6,821,254 |
|
TOTAL COMMON STOCKS (Cost $476,582,944) |
|
||
Money Market Funds - 5.4% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
20,616,140 |
20,616,140 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
12,018,100 |
12,018,100 |
|
TOTAL MONEY MARKET FUNDS (Cost $32,634,240) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $509,217,184) |
616,353,420 |
||
NET OTHER ASSETS (LIABILITIES) - (2.0)% |
(11,820,592) |
||
NET ASSETS - 100% |
$ 604,532,828 |
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 |
$ 11,187 |
Fidelity Securities Lending Cash Central Fund |
7,437 |
Total |
$ 18,624 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 583,719,180 |
$ 577,995,123 |
$ 5,724,057 |
$ - |
Money Market Funds |
32,634,240 |
32,634,240 |
- |
- |
Total Investments in Securities: |
$ 616,353,420 |
$ 610,629,363 |
$ 5,724,057 |
$ - |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $510,615,582. Net unrealized appreciation aggregated $105,737,838, of which $114,083,269 related to appreciated investment securities and $8,345,431 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Communications
Equipment Portfolio
November 30, 2014
1.810680.110
DEV-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 94.7% |
|||
Shares |
Value |
||
COMMUNICATIONS EQUIPMENT - 81.8% |
|||
Communications Equipment - 81.8% |
|||
ADTRAN, Inc. |
80,700 |
$ 1,685,823 |
|
ADVA Optical Networking SE (a) |
274,702 |
984,087 |
|
Alcatel-Lucent SA sponsored ADR (d) |
2,779,043 |
9,865,603 |
|
Aruba Networks, Inc. (a) |
84,323 |
1,577,683 |
|
Ciena Corp. (a) |
174,300 |
2,881,179 |
|
Cisco Systems, Inc. |
1,599,276 |
44,203,989 |
|
CommScope Holding Co., Inc. (a) |
118,300 |
2,626,260 |
|
F5 Networks, Inc. (a) |
33,835 |
4,371,144 |
|
Finisar Corp. (a) |
192,600 |
3,283,830 |
|
InterDigital, Inc. |
50,500 |
2,518,940 |
|
Ixia (a) |
237,000 |
2,457,690 |
|
JDS Uniphase Corp. (a) |
299,900 |
4,000,666 |
|
Juniper Networks, Inc. |
578,112 |
12,810,962 |
|
Motorola Solutions, Inc. |
114,681 |
7,536,835 |
|
NETGEAR, Inc. (a) |
58,050 |
2,015,496 |
|
Nokia Corp. sponsored ADR |
1,816,720 |
14,969,773 |
|
Plantronics, Inc. |
93,200 |
4,862,244 |
|
Polycom, Inc. (a) |
299,563 |
3,945,245 |
|
Procera Networks, Inc. (a)(d) |
40,600 |
278,516 |
|
QUALCOMM, Inc. |
643,719 |
46,927,113 |
|
Radware Ltd. (a) |
106,100 |
2,149,586 |
|
Riverbed Technology, Inc. (a) |
472,942 |
9,778,076 |
|
Ruckus Wireless, Inc. (a) |
241,100 |
2,763,006 |
|
ShoreTel, Inc. (a) |
187,200 |
1,400,256 |
|
Sonus Networks, Inc. (a) |
746,200 |
2,760,940 |
|
Spirent Communications PLC |
1,621,700 |
1,702,240 |
|
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d) |
967,080 |
12,175,537 |
|
Transmode AB |
81,400 |
723,223 |
|
ViaSat, Inc. (a)(d) |
40,400 |
2,678,520 |
|
Wi-Lan, Inc. |
250,900 |
794,279 |
|
|
210,728,741 |
||
ELECTRICAL EQUIPMENT - 0.4% |
|||
Electrical Components & Equipment - 0.4% |
|||
General Cable Corp. |
77,200 |
1,062,272 |
|
ELECTRONIC EQUIPMENT & COMPONENTS - 0.3% |
|||
Electronic Components - 0.3% |
|||
II-VI, Inc. (a) |
51,500 |
683,405 |
|
HEALTH CARE TECHNOLOGY - 0.4% |
|||
Health Care Technology - 0.4% |
|||
Vocera Communications, Inc. (a) |
115,900 |
1,119,594 |
|
INTERNET SOFTWARE & SERVICES - 2.9% |
|||
Internet Software & Services - 2.9% |
|||
Google, Inc.: |
|
|
|
Class A (a) |
5,500 |
3,019,940 |
|
Class C (a) |
5,600 |
3,034,248 |
|
|
|||
Shares |
Value |
||
Rackspace Hosting, Inc. (a) |
14,900 |
$ 684,059 |
|
Web.com Group, Inc. (a) |
39,300 |
666,921 |
|
|
7,405,168 |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.3% |
|||
Semiconductors - 3.3% |
|||
Altera Corp. |
124,200 |
4,672,404 |
|
GSI Technology, Inc. (a) |
105,900 |
551,739 |
|
Semtech Corp. (a) |
63,300 |
1,611,618 |
|
Xilinx, Inc. |
34,800 |
1,581,312 |
|
|
8,417,073 |
||
SOFTWARE - 2.9% |
|||
Application Software - 0.7% |
|||
BroadSoft, Inc. (a) |
47,900 |
1,291,863 |
|
Comverse, Inc. (a) |
30,900 |
619,545 |
|
|
1,911,408 |
||
Systems Software - 2.2% |
|||
Infoblox, Inc. (a) |
71,000 |
1,278,000 |
|
Oracle Corp. |
73,100 |
3,100,171 |
|
Rovi Corp. (a) |
53,700 |
1,196,436 |
|
|
5,574,607 |
||
TOTAL SOFTWARE |
7,486,015 |
||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 2.7% |
|||
Technology Hardware, Storage & Peripherals - 2.7% |
|||
BlackBerry Ltd. (a)(d) |
436,600 |
4,536,276 |
|
QLogic Corp. (a) |
83,200 |
960,128 |
|
Samsung Electronics Co. Ltd. |
1,212 |
1,401,125 |
|
|
6,897,529 |
||
TOTAL COMMON STOCKS (Cost $222,446,850) |
|
||
Money Market Funds - 14.3% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
12,808,499 |
12,808,499 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
23,917,890 |
23,917,890 |
|
TOTAL MONEY MARKET FUNDS (Cost $36,726,389) |
|
TOTAL INVESTMENT PORTFOLIO - 109.0% (Cost $259,173,239) |
|
NET OTHER ASSETS (LIABILITIES) - (9.0)% |
(23,104,673) |
||
NET ASSETS - 100% |
$ 257,421,513 |
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 |
$ 6,053 |
Fidelity Securities Lending Cash Central Fund |
153,866 |
Total |
$ 159,919 |
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 November 30, 2014, the cost of investment securities for income tax purposes was $261,614,907. Net unrealized appreciation aggregated $18,911,279, of which $28,109,126 related to appreciated investment securities and $9,197,847 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Computers Portfolio
November 30, 2014
1.810671.110
COM-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 93.8% |
|||
Shares |
Value |
||
COMMUNICATIONS EQUIPMENT - 2.8% |
|||
Communications Equipment - 2.8% |
|||
QUALCOMM, Inc. |
310,600 |
$ 22,642,740 |
|
ELECTRONIC EQUIPMENT & COMPONENTS - 0.6% |
|||
Technology Distributors - 0.6% |
|||
Ingram Micro, Inc. Class A (a) |
182,500 |
5,005,975 |
|
INTERNET SOFTWARE & SERVICES - 6.5% |
|||
Internet Software & Services - 6.5% |
|||
Alibaba Group Holding Ltd. sponsored ADR |
21,600 |
2,411,424 |
|
Facebook, Inc. Class A (a) |
281,100 |
21,841,470 |
|
Google, Inc.: |
|
|
|
Class A (a) |
29,000 |
15,923,320 |
|
Class C (a) |
20,200 |
10,944,966 |
|
|
51,121,180 |
||
IT SERVICES - 11.1% |
|||
Data Processing & Outsourced Services - 1.4% |
|||
MasterCard, Inc. Class A |
42,100 |
3,674,909 |
|
Visa, Inc. Class A |
27,700 |
7,151,863 |
|
|
10,826,772 |
||
IT Consulting & Other Services - 9.7% |
|||
Datalink Corp. (a) |
1,069,800 |
13,072,956 |
|
IBM Corp. |
278,348 |
45,139,695 |
|
Teradata Corp. (a)(d) |
411,657 |
18,582,197 |
|
|
76,794,848 |
||
TOTAL IT SERVICES |
87,621,620 |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.7% |
|||
Semiconductors - 0.7% |
|||
Audience, Inc. (a)(d) |
444,407 |
1,546,536 |
|
Broadcom Corp. Class A |
88,200 |
3,804,066 |
|
|
5,350,602 |
||
SOFTWARE - 0.7% |
|||
Application Software - 0.6% |
|||
Nuance Communications, Inc. (a) |
294,300 |
4,452,759 |
|
Systems Software - 0.1% |
|||
CommVault Systems, Inc. (a) |
19,300 |
912,890 |
|
TOTAL SOFTWARE |
5,365,649 |
||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 71.4% |
|||
Technology Hardware, Storage & Peripherals - 71.4% |
|||
3D Systems Corp. (a)(d) |
7,700 |
271,656 |
|
Apple, Inc. |
1,007,548 |
119,827,685 |
|
Cray, Inc. (a)(d) |
371,500 |
12,474,970 |
|
|
|||
Shares |
Value |
||
Diebold, Inc. |
437,300 |
$ 15,821,514 |
|
Dot Hill Systems Corp. (a) |
2,274,900 |
10,601,034 |
|
Electronics for Imaging, Inc. (a) |
747,415 |
33,222,597 |
|
EMC Corp. |
2,075,378 |
62,987,722 |
|
Hewlett-Packard Co. |
1,492,405 |
58,293,339 |
|
Imation Corp. (a) |
1,070,200 |
3,392,534 |
|
Intevac, Inc. (a) |
1,086,711 |
7,715,648 |
|
Lexmark International, Inc. Class A |
631,600 |
27,070,376 |
|
NCR Corp. (a) |
293,900 |
8,714,135 |
|
NetApp, Inc. |
376,960 |
16,039,648 |
|
QLogic Corp. (a) |
3,017,200 |
34,818,488 |
|
Quantum Corp. (a)(d) |
5,018,100 |
7,928,598 |
|
Samsung Electronics Co. Ltd. |
12,770 |
14,762,674 |
|
SanDisk Corp. |
200,000 |
20,692,000 |
|
Seagate Technology LLC |
595,300 |
39,355,283 |
|
Silicon Graphics International Corp. (a)(d) |
359,100 |
3,450,951 |
|
Super Micro Computer, Inc. (a) |
859,800 |
28,614,144 |
|
Western Digital Corp. |
361,034 |
37,283,981 |
|
|
563,338,977 |
||
TOTAL COMMON STOCKS (Cost $527,774,046) |
|
||
Money Market Funds - 6.1% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
42,798,109 |
42,798,109 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
5,435,475 |
5,435,475 |
|
TOTAL MONEY MARKET FUNDS (Cost $48,233,584) |
|
||
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $576,007,630) |
788,680,327 |
||
NET OTHER ASSETS (LIABILITIES) - 0.1% |
604,841 |
||
NET ASSETS - 100% |
$ 789,285,168 |
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 |
$ 14,469 |
Fidelity Securities Lending Cash Central Fund |
145,661 |
Total |
$ 160,130 |
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 November 30, 2014, the cost of investment securities for income tax purposes was $579,203,338. Net unrealized appreciation aggregated $209,476,989, of which $239,739,232 related to appreciated investment securities and $30,262,243 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Consumer
Discretionary Portfolio
(formerly Consumer
Industries Portfolio)
November 30, 2014
1.810692.110
CPR-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 96.7% |
|||
Shares |
Value |
||
AUTO COMPONENTS - 3.8% |
|||
Auto Parts & Equipment - 3.8% |
|||
Delphi Automotive PLC |
332,506 |
$ 24,256,313 |
|
Tenneco, Inc. (a) |
225,800 |
12,272,230 |
|
|
36,528,543 |
||
AUTOMOBILES - 1.9% |
|||
Automobile Manufacturers - 0.6% |
|||
Tata Motors Ltd. (a) |
677,941 |
5,775,194 |
|
Motorcycle Manufacturers - 1.3% |
|||
Harley-Davidson, Inc. |
180,700 |
12,591,176 |
|
TOTAL AUTOMOBILES |
18,366,370 |
||
BEVERAGES - 1.7% |
|||
Distillers & Vintners - 0.6% |
|||
Constellation Brands, Inc. Class A (sub. vtg.) (a) |
62,900 |
6,063,560 |
|
Soft Drinks - 1.1% |
|||
Monster Beverage Corp. (a) |
95,100 |
10,665,465 |
|
TOTAL BEVERAGES |
16,729,025 |
||
COMMERCIAL SERVICES & SUPPLIES - 1.5% |
|||
Diversified Support Services - 1.5% |
|||
KAR Auction Services, Inc. |
406,311 |
14,078,676 |
|
FOOD PRODUCTS - 1.9% |
|||
Packaged Foods & Meats - 1.9% |
|||
Associated British Foods PLC |
118,100 |
5,908,645 |
|
Keurig Green Mountain, Inc. |
83,600 |
11,882,904 |
|
|
17,791,549 |
||
HOTELS, RESTAURANTS & LEISURE - 18.6% |
|||
Casinos & Gaming - 2.8% |
|||
Las Vegas Sands Corp. |
228,200 |
14,534,058 |
|
Wynn Resorts Ltd. |
69,760 |
12,459,834 |
|
|
26,993,892 |
||
Hotels, Resorts & Cruise Lines - 5.0% |
|||
China Lodging Group Ltd. ADR (a) |
48,374 |
1,208,866 |
|
Marriott International, Inc. Class A |
194,450 |
15,320,716 |
|
Wyndham Worldwide Corp. |
376,904 |
31,418,717 |
|
|
47,948,299 |
||
Restaurants - 10.8% |
|||
Buffalo Wild Wings, Inc. (a) |
64,300 |
10,944,503 |
|
DineEquity, Inc. |
42,459 |
4,217,452 |
|
Domino's Pizza, Inc. |
79,800 |
7,489,230 |
|
Fiesta Restaurant Group, Inc. (a) |
226,700 |
12,708,802 |
|
Jubilant Foodworks Ltd. (a) |
225,724 |
5,187,189 |
|
McDonald's Corp. |
11,123 |
1,076,818 |
|
Ruth's Hospitality Group, Inc. |
875,587 |
11,505,213 |
|
|
|||
Shares |
Value |
||
Starbucks Corp. |
459,700 |
$ 37,332,237 |
|
Texas Roadhouse, Inc. Class A |
389,985 |
12,892,904 |
|
|
103,354,348 |
||
TOTAL HOTELS, RESTAURANTS & LEISURE |
178,296,539 |
||
HOUSEHOLD DURABLES - 1.3% |
|||
Homebuilding - 1.3% |
|||
Lennar Corp. Class A |
149,000 |
7,038,760 |
|
PulteGroup, Inc. |
252,000 |
5,450,760 |
|
|
12,489,520 |
||
INTERNET & CATALOG RETAIL - 5.3% |
|||
Internet Retail - 5.3% |
|||
Amazon.com, Inc. (a) |
26,800 |
9,075,552 |
|
Ocado Group PLC (a)(d) |
869,300 |
4,413,001 |
|
priceline.com, Inc. (a) |
32,298 |
37,471,817 |
|
Wayfair, LLC. |
1,900 |
46,094 |
|
|
51,006,464 |
||
INTERNET SOFTWARE & SERVICES - 0.8% |
|||
Internet Software & Services - 0.8% |
|||
Alibaba Group Holding Ltd. sponsored ADR |
23,900 |
2,668,196 |
|
HomeAway, Inc. (a) |
161,700 |
5,070,912 |
|
|
7,739,108 |
||
LEISURE PRODUCTS - 1.2% |
|||
Leisure Products - 1.2% |
|||
Brunswick Corp. |
230,000 |
11,426,400 |
|
MEDIA - 26.5% |
|||
Advertising - 0.2% |
|||
MDC Partners, Inc. Class A (sub. vtg.) |
100,850 |
2,225,760 |
|
Broadcasting - 2.3% |
|||
ITV PLC |
6,702,700 |
22,425,920 |
|
Cable & Satellite - 12.8% |
|||
Comcast Corp. Class A |
1,141,000 |
65,082,640 |
|
DIRECTV (a) |
215,186 |
18,873,964 |
|
Naspers Ltd. Class N |
170,600 |
22,089,309 |
|
Sirius XM Holdings, Inc. (a)(d) |
2,842,300 |
10,317,549 |
|
Time Warner Cable, Inc. |
41,200 |
6,150,336 |
|
|
122,513,798 |
||
Movies & Entertainment - 11.0% |
|||
CTS Eventim AG |
87,145 |
2,697,633 |
|
The Walt Disney Co. |
832,347 |
77,000,422 |
|
Time Warner, Inc. |
214,800 |
18,283,776 |
|
Twenty-First Century Fox, Inc. Class A |
183,789 |
6,763,435 |
|
|
104,745,266 |
||
Publishing - 0.2% |
|||
Rightmove PLC |
44,300 |
1,510,562 |
|
TOTAL MEDIA |
253,421,306 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
MULTILINE RETAIL - 0.7% |
|||
General Merchandise Stores - 0.7% |
|||
B&M European Value Retail S.A. |
920,812 |
$ 3,869,049 |
|
Don Quijote Holdings Co. Ltd. |
37,900 |
2,362,465 |
|
|
6,231,514 |
||
PERSONAL PRODUCTS - 0.4% |
|||
Personal Products - 0.4% |
|||
Estee Lauder Companies, Inc. Class A |
49,300 |
3,655,102 |
|
SPECIALTY RETAIL - 19.0% |
|||
Apparel Retail - 6.6% |
|||
L Brands, Inc. |
447,000 |
36,162,300 |
|
TJX Companies, Inc. |
412,595 |
27,297,285 |
|
|
63,459,585 |
||
Automotive Retail - 4.0% |
|||
AutoZone, Inc. (a) |
34,700 |
20,046,537 |
|
O'Reilly Automotive, Inc. (a) |
98,100 |
17,926,794 |
|
|
37,973,331 |
||
Home Improvement Retail - 6.0% |
|||
Home Depot, Inc. |
545,000 |
54,173,000 |
|
Lumber Liquidators Holdings, Inc. (a) |
51,900 |
3,300,321 |
|
|
57,473,321 |
||
Specialty Stores - 2.4% |
|||
Tiffany & Co., Inc. |
155,929 |
16,827,858 |
|
World Duty Free SpA (a) |
587,957 |
5,691,576 |
|
|
22,519,434 |
||
TOTAL SPECIALTY RETAIL |
181,425,671 |
||
TEXTILES, APPAREL & LUXURY GOODS - 12.1% |
|||
Apparel, Accessories & Luxury Goods - 8.2% |
|||
Compagnie Financiere Richemont SA Series A |
86,765 |
8,157,930 |
|
G-III Apparel Group Ltd. (a) |
92,100 |
8,149,929 |
|
PVH Corp. |
231,652 |
29,452,235 |
|
|
|||
Shares |
Value |
||
Ralph Lauren Corp. |
65,630 |
$ 12,134,987 |
|
VF Corp. |
274,238 |
20,614,470 |
|
|
78,509,551 |
||
Footwear - 3.9% |
|||
NIKE, Inc. Class B |
373,575 |
37,092,262 |
|
TOTAL TEXTILES, APPAREL & LUXURY GOODS |
115,601,813 |
||
TOTAL COMMON STOCKS (Cost $809,790,306) |
|
||
Money Market Funds - 3.9% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
34,282,289 |
34,282,289 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
3,486,515 |
3,486,515 |
|
TOTAL MONEY MARKET FUNDS (Cost $37,768,804) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $847,559,110) |
962,556,404 |
||
NET OTHER ASSETS (LIABILITIES) - (0.6)% |
(5,804,514) |
||
NET ASSETS - 100% |
$ 956,751,890 |
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 |
$ 15,325 |
Fidelity Securities Lending Cash Central Fund |
80,642 |
Total |
$ 95,967 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 924,787,600 |
$ 919,012,406 |
$ 5,775,194 |
$ - |
Money Market Funds |
37,768,804 |
37,768,804 |
- |
- |
Total Investments in Securities: |
$ 962,556,404 |
$ 956,781,210 |
$ 5,775,194 |
$ - |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $848,920,798. Net unrealized appreciation aggregated $113,635,606, of which $124,308,553 related to appreciated investment securities and $10,672,947 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Consumer Finance Portfolio
November 30, 2014
1.810686.110
SAV-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 99.7% |
|||
Shares |
Value |
||
BANKS - 3.9% |
|||
Diversified Banks - 3.9% |
|||
Bank of America Corp. |
178,600 |
$ 3,043,344 |
|
Citigroup, Inc. |
25,600 |
1,381,632 |
|
JPMorgan Chase & Co. |
23,900 |
1,437,824 |
|
|
5,862,800 |
||
CAPITAL MARKETS - 0.7% |
|||
Investment Banking & Brokerage - 0.7% |
|||
E*TRADE Financial Corp. (a) |
49,900 |
1,138,219 |
|
CONSUMER FINANCE - 38.7% |
|||
Consumer Finance - 38.7% |
|||
Ally Financial, Inc. (a) |
187,300 |
4,453,994 |
|
American Express Co. |
49,500 |
4,574,790 |
|
Capital One Financial Corp. |
138,200 |
11,498,240 |
|
Cash America International, Inc. |
26,419 |
644,888 |
|
Credit Acceptance Corp. (a) |
11,975 |
1,793,256 |
|
Discover Financial Services |
97,400 |
6,384,570 |
|
Enova International, Inc. (a) |
24,173 |
555,737 |
|
First Cash Financial Services, Inc. (a) |
29,200 |
1,687,176 |
|
Navient Corp. |
409,200 |
8,576,832 |
|
Nelnet, Inc. Class A |
33,300 |
1,526,472 |
|
Santander Consumer U.S.A. Holdings, Inc. |
201,300 |
3,742,167 |
|
SLM Corp. |
462,600 |
4,477,968 |
|
Springleaf Holdings, Inc. (a)(d) |
223,300 |
8,853,845 |
|
|
58,769,935 |
||
DIVERSIFIED FINANCIAL SERVICES - 0.3% |
|||
Specialized Finance - 0.3% |
|||
PHH Corp. (a)(d) |
18,000 |
416,880 |
|
INTERNET & CATALOG RETAIL - 0.0% |
|||
Internet Retail - 0.0% |
|||
Travelport Worldwide Ltd. |
2,300 |
39,905 |
|
IT SERVICES - 23.4% |
|||
Data Processing & Outsourced Services - 23.4% |
|||
Alliance Data Systems Corp. (a) |
21,800 |
6,231,966 |
|
EVERTEC, Inc. |
10 |
220 |
|
Fidelity National Information Services, Inc. |
46,900 |
2,869,811 |
|
Global Payments, Inc. |
9,700 |
837,692 |
|
MasterCard, Inc. Class A |
115,500 |
10,081,995 |
|
Total System Services, Inc. |
31,500 |
1,039,185 |
|
Vantiv, Inc. (a) |
38,800 |
1,309,112 |
|
Visa, Inc. Class A |
45,584 |
11,769,334 |
|
WEX, Inc. (a) |
12,800 |
1,447,424 |
|
|
35,586,739 |
||
REAL ESTATE INVESTMENT TRUSTS - 12.5% |
|||
Mortgage REITs - 12.5% |
|||
Altisource Residential Corp. Class B |
50,600 |
1,026,168 |
|
American Capital Agency Corp. |
302,200 |
6,973,265 |
|
|
|||
Shares |
Value |
||
Annaly Capital Management, Inc. |
67,300 |
$ 775,296 |
|
Capstead Mortgage Corp. (d) |
40,100 |
521,701 |
|
Chimera Investment Corp. |
910,500 |
3,077,490 |
|
Hatteras Financial Corp. |
104,500 |
2,002,220 |
|
Invesco Mortgage Capital, Inc. |
64,657 |
1,068,780 |
|
MFA Financial, Inc. |
166,700 |
1,396,946 |
|
New Residential Investment Corp. |
40,550 |
525,528 |
|
Redwood Trust, Inc. (d) |
81,800 |
1,599,190 |
|
|
18,966,584 |
||
SOFTWARE - 0.0% |
|||
Application Software - 0.0% |
|||
Yodlee, inc. |
1,100 |
13,013 |
|
THRIFTS & MORTGAGE FINANCE - 20.2% |
|||
Thrifts & Mortgage Finance - 20.2% |
|||
BofI Holding, Inc. (a) |
4,200 |
331,464 |
|
Capitol Federal Financial, Inc. |
54,500 |
682,340 |
|
EverBank Financial Corp. |
59,200 |
1,115,328 |
|
Flagstar Bancorp, Inc. (a) |
300 |
4,572 |
|
Hudson City Bancorp, Inc. |
317,785 |
3,111,115 |
|
Meridian Bancorp, Inc. (a) |
6,400 |
70,144 |
|
MGIC Investment Corp. (a) |
396,528 |
3,691,676 |
|
Nationstar Mortgage Holdings, Inc. (a)(d) |
63,200 |
1,894,104 |
|
New York Community Bancorp, Inc. (d) |
285,600 |
4,538,184 |
|
Northfield Bancorp, Inc. |
200 |
2,818 |
|
Ocwen Financial Corp. (a)(d) |
115,100 |
2,640,394 |
|
People's United Financial, Inc. |
160,600 |
2,373,668 |
|
Provident Financial Services, Inc. |
8,000 |
138,240 |
|
Radian Group, Inc. (d) |
192,765 |
3,286,643 |
|
TFS Financial Corp. |
303,300 |
4,601,061 |
|
United Financial Bancorp, Inc. New |
46,300 |
638,014 |
|
Washington Federal, Inc. |
43,800 |
947,832 |
|
WSFS Financial Corp. |
7,800 |
585,780 |
|
|
30,653,377 |
||
TOTAL COMMON STOCKS (Cost $114,961,135) |
|
||
Money Market Funds - 6.6% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.11% (b) |
370,743 |
$ 370,743 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
9,621,375 |
9,621,375 |
|
TOTAL MONEY MARKET FUNDS (Cost $9,992,118) |
|
TOTAL INVESTMENT PORTFOLIO - 106.3% (Cost $124,953,253) |
161,439,570 |
NET OTHER ASSETS (LIABILITIES) - (6.3)% |
(9,567,600) |
||
NET ASSETS - 100% |
$ 151,871,970 |
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 |
$ 834 |
Fidelity Securities Lending Cash Central Fund |
132,964 |
Total |
$ 133,798 |
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 November 30, 2014, the cost of investment securities for income tax purposes was $125,463,103. Net unrealized appreciation aggregated $35,976,467, of which $37,301,187 related to appreciated investment securities and $1,324,720 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Chemicals Portfolio
November 30, 2014
1.810670.110
CHE-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 98.6% |
|||
Shares |
Value |
||
CHEMICALS - 97.8% |
|||
Commodity Chemicals - 15.1% |
|||
Axiall Corp. |
738,175 |
$ 31,948,214 |
|
LG Chemical Ltd. |
91,257 |
16,928,744 |
|
LyondellBasell Industries NV Class A |
1,477,222 |
116,493,727 |
|
Methanex Corp. |
583,200 |
29,325,696 |
|
OCI Partners LP |
188,965 |
3,212,405 |
|
Orion Engineered Carbons SA (a) |
480,805 |
8,164,069 |
|
Tronox Ltd. Class A |
423,149 |
9,542,010 |
|
Westlake Chemical Corp. |
486,120 |
30,917,232 |
|
Westlake Chemical Partners LP |
29,300 |
828,897 |
|
|
247,360,994 |
||
Diversified Chemicals - 28.3% |
|||
E.I. du Pont de Nemours & Co. (d) |
3,105,300 |
221,718,419 |
|
Eastman Chemical Co. |
890,051 |
73,803,029 |
|
FMC Corp. |
490,322 |
26,673,517 |
|
Huntsman Corp. |
1,580,600 |
40,336,912 |
|
The Dow Chemical Co. |
2,088,006 |
101,623,252 |
|
|
464,155,129 |
||
Fertilizers & Agricultural Chemicals - 16.4% |
|||
Agrium, Inc. |
1,300 |
125,443 |
|
CF Industries Holdings, Inc. |
253,266 |
67,913,278 |
|
Monsanto Co. |
1,678,149 |
201,226,847 |
|
|
269,265,568 |
||
Industrial Gases - 9.2% |
|||
Airgas, Inc. |
402,500 |
46,541,075 |
|
Praxair, Inc. |
822,421 |
105,582,408 |
|
|
152,123,483 |
||
Specialty Chemicals - 28.8% |
|||
Albemarle Corp. (d) |
516,291 |
30,481,821 |
|
Ashland, Inc. |
547,450 |
62,436,673 |
|
Balchem Corp. |
6,935 |
450,775 |
|
Celanese Corp. Class A |
906,913 |
54,478,264 |
|
Cytec Industries, Inc. |
484,126 |
23,286,461 |
|
Ecolab, Inc. |
623,026 |
67,878,683 |
|
Ferro Corp. (a) |
2,297,810 |
29,572,815 |
|
Innophos Holdings, Inc. |
83,406 |
4,510,596 |
|
NewMarket Corp. |
10,000 |
3,937,200 |
|
Platform Specialty Products Corp. (a) |
163,400 |
4,086,634 |
|
PPG Industries, Inc. |
219,304 |
47,988,101 |
|
RPM International, Inc. |
885,279 |
42,227,808 |
|
|
|||
Shares |
Value |
||
Sigma Aldrich Corp. |
516,205 |
$ 70,513,603 |
|
W.R. Grace & Co. (a) |
323,084 |
31,038,680 |
|
|
472,888,114 |
||
TOTAL CHEMICALS |
1,605,793,288 |
||
OIL, GAS & CONSUMABLE FUELS - 0.8% |
|||
Oil & Gas Storage & Transport - 0.8% |
|||
GasLog Ltd. |
38 |
670 |
|
Hoegh LNG Holdings Ltd. (a) |
388,526 |
4,597,859 |
|
Kinder Morgan Holding Co. LLC (d) |
209,600 |
8,666,960 |
|
|
13,265,489 |
||
TOTAL COMMON STOCKS (Cost $1,227,574,554) |
|
||
Money Market Funds - 2.6% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
16,113,319 |
16,113,319 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
25,970,400 |
25,970,400 |
|
TOTAL MONEY MARKET FUNDS (Cost $42,083,719) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $1,269,658,273) |
1,661,142,496 |
||
NET OTHER ASSETS (LIABILITIES) - (1.2)% |
(19,279,500) |
||
NET ASSETS - 100% |
$ 1,641,862,996 |
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 |
$ 25,252 |
Fidelity Securities Lending Cash Central Fund |
237,317 |
Total |
$ 262,569 |
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 November 30, 2014, the cost of investment securities for income tax purposes was $1,274,776,679. Net unrealized appreciation aggregated $386,365,817, of which $409,261,694 related to appreciated investment securities and $22,895,877 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Consumer Staples Portfolio
November 30, 2014
1.810694.110
FOO-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 96.3% |
|||
Shares |
Value |
||
BEVERAGES - 24.4% |
|||
Brewers - 3.0% |
|||
Anadolu Efes Biracilik Ve Malt Sanayii A/S (a) |
271,272 |
$ 3,101,787 |
|
Anheuser-Busch InBev SA NV |
370,890 |
43,593,552 |
|
SABMiller PLC |
734,384 |
40,882,922 |
|
|
87,578,261 |
||
Distillers & Vintners - 4.0% |
|||
Diageo PLC sponsored ADR |
355,226 |
43,763,843 |
|
Pernod Ricard SA |
372,901 |
44,193,698 |
|
Remy Cointreau SA (d) |
367,176 |
27,608,485 |
|
|
115,566,026 |
||
Soft Drinks - 17.4% |
|||
Coca-Cola Bottling Co. Consolidated |
109,757 |
10,378,622 |
|
Coca-Cola Central Japan Co. Ltd. |
359,000 |
5,715,453 |
|
Coca-Cola FEMSA S.A.B. de CV sponsored ADR (d) |
47,529 |
4,751,949 |
|
Coca-Cola Icecek Sanayi A/S |
379,162 |
8,517,234 |
|
Embotelladora Andina SA: |
|
|
|
ADR |
336,112 |
5,051,763 |
|
sponsored ADR (d) |
188,900 |
3,477,649 |
|
Fomento Economico Mexicano S.A.B. de CV sponsored ADR |
69,687 |
6,762,426 |
|
Monster Beverage Corp. (a) |
540,400 |
60,605,860 |
|
PepsiCo, Inc. |
624,823 |
62,544,782 |
|
The Coca-Cola Co. |
7,481,718 |
335,405,420 |
|
|
503,211,158 |
||
TOTAL BEVERAGES |
706,355,445 |
||
BIOTECHNOLOGY - 0.1% |
|||
Biotechnology - 0.1% |
|||
Enzymotec Ltd. (a) |
507,078 |
4,152,969 |
|
CHEMICALS - 0.1% |
|||
Specialty Chemicals - 0.1% |
|||
Senomyx, Inc. (a)(d) |
277,400 |
1,614,468 |
|
FOOD & STAPLES RETAILING - 22.7% |
|||
Drug Retail - 7.9% |
|||
Clicks Group Ltd. |
505,789 |
3,635,369 |
|
CVS Health Corp. |
2,393,276 |
218,649,695 |
|
Drogasil SA |
634,100 |
6,134,544 |
|
|
228,419,608 |
||
Food Distributors - 0.9% |
|||
Chefs' Warehouse Holdings (a)(d) |
489,569 |
8,430,378 |
|
United Natural Foods, Inc. (a) |
228,781 |
17,202,043 |
|
|
25,632,421 |
||
Food Retail - 8.4% |
|||
Fresh Market, Inc. (a)(d) |
204,646 |
8,382,300 |
|
Kroger Co. |
2,663,018 |
159,354,997 |
|
|
|||
Shares |
Value |
||
Sprouts Farmers Market LLC (a)(d) |
363,700 |
$ 11,562,023 |
|
Whole Foods Market, Inc. |
1,285,900 |
63,047,677 |
|
|
242,346,997 |
||
Hypermarkets & Super Centers - 5.5% |
|||
Costco Wholesale Corp. |
211,250 |
30,022,850 |
|
Wal-Mart Stores, Inc. |
1,466,556 |
128,382,312 |
|
|
158,405,162 |
||
TOTAL FOOD & STAPLES RETAILING |
654,804,188 |
||
FOOD PRODUCTS - 15.2% |
|||
Agricultural Products - 4.8% |
|||
Archer Daniels Midland Co. |
1,052,516 |
55,446,543 |
|
Bunge Ltd. |
861,913 |
78,235,843 |
|
SLC Agricola SA |
1,040,500 |
5,837,602 |
|
|
139,519,988 |
||
Packaged Foods & Meats - 10.4% |
|||
Dean Foods Co. |
784,000 |
13,367,200 |
|
General Mills, Inc. |
538,300 |
28,395,325 |
|
Keurig Green Mountain, Inc. |
479,507 |
68,157,125 |
|
Lindt & Spruengli AG |
90 |
5,376,248 |
|
Mead Johnson Nutrition Co. Class A |
999,316 |
103,768,973 |
|
Nestle SA |
499,066 |
37,437,119 |
|
Orion Corp. |
6,025 |
5,292,873 |
|
The Hain Celestial Group, Inc. (a) |
151,839 |
17,191,212 |
|
Ulker Biskuvi Sanayi A/S |
820,525 |
6,168,528 |
|
Unilever NV (NY Reg.) |
290,998 |
11,826,159 |
|
Want Want China Holdings Ltd. |
1,523,000 |
1,999,180 |
|
|
298,979,942 |
||
TOTAL FOOD PRODUCTS |
438,499,930 |
||
HOTELS, RESTAURANTS & LEISURE - 0.5% |
|||
Restaurants - 0.5% |
|||
ARAMARK Holdings Corp. |
463,329 |
14,085,202 |
|
HOUSEHOLD DURABLES - 0.4% |
|||
Household Appliances - 0.1% |
|||
SodaStream International Ltd. (a)(d) |
169,815 |
3,732,534 |
|
Housewares & Specialties - 0.3% |
|||
Tupperware Brands Corp. |
99,200 |
6,671,200 |
|
TOTAL HOUSEHOLD DURABLES |
10,403,734 |
||
HOUSEHOLD PRODUCTS - 10.8% |
|||
Household Products - 10.8% |
|||
Colgate-Palmolive Co. |
1,062,575 |
73,944,594 |
|
Procter & Gamble Co. |
2,565,165 |
231,967,871 |
|
Svenska Cellulosa AB (SCA) (B Shares) |
297,300 |
7,013,306 |
|
|
312,925,771 |
||
PERSONAL PRODUCTS - 1.7% |
|||
Personal Products - 1.7% |
|||
Herbalife Ltd. |
311,490 |
13,471,943 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
PERSONAL PRODUCTS - CONTINUED |
|||
Personal Products - continued |
|||
L'Oreal SA |
146,400 |
$ 24,976,036 |
|
Nu Skin Enterprises, Inc. Class A (d) |
267,667 |
11,188,481 |
|
|
49,636,460 |
||
PHARMACEUTICALS - 0.2% |
|||
Pharmaceuticals - 0.2% |
|||
Perrigo Co. PLC |
43,306 |
6,937,188 |
|
TOBACCO - 20.2% |
|||
Tobacco - 20.2% |
|||
Altria Group, Inc. |
2,717,245 |
136,568,734 |
|
British American Tobacco PLC sponsored ADR (d) |
2,796,145 |
330,420,455 |
|
ITC Ltd. (a) |
1,720,070 |
10,040,884 |
|
Lorillard, Inc. |
728,003 |
45,966,109 |
|
Philip Morris International, Inc. |
574,458 |
49,937,634 |
|
Souza Cruz SA |
1,503,500 |
12,138,756 |
|
|
585,072,572 |
||
TOTAL COMMON STOCKS (Cost $1,868,703,641) |
|
||
Nonconvertible Preferred Stocks - 0.2% |
|||
|
|
|
|
BEVERAGES - 0.2% |
|||
Brewers - 0.2% |
|||
Ambev SA sponsored ADR |
1,039,910 |
|
|
Money Market Funds - 4.1% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.11% (b) |
87,211,047 |
$ 87,211,047 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
30,370,117 |
30,370,117 |
|
TOTAL MONEY MARKET FUNDS (Cost $117,581,164) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $1,988,981,750) |
2,908,880,502 |
||
NET OTHER ASSETS (LIABILITIES) - (0.6)% |
(18,276,710) |
||
NET ASSETS - 100% |
$ 2,890,603,792 |
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 |
$ 52,762 |
Fidelity Securities Lending Cash Central Fund |
324,401 |
Total |
$ 377,163 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 2,784,487,927 |
$ 2,703,457,256 |
$ 81,030,671 |
$ - |
Nonconvertible Preferred Stocks |
6,811,411 |
6,811,411 |
- |
- |
Money Market Funds |
117,581,164 |
117,581,164 |
- |
- |
Total Investments in Securities: |
$ 2,908,880,502 |
$ 2,827,849,831 |
$ 81,030,671 |
$ - |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $1,994,705,011. Net unrealized appreciation aggregated $914,175,491, of which $942,727,428 related to appreciated investment securities and $28,551,937 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Defense and Aerospace Portfolio
November 30, 2014
1.810679.110
DEF-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 98.5% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 97.1% |
|||
Aerospace & Defense - 97.1% |
|||
Alliant Techsystems, Inc. |
224,843 |
$ 25,560,152 |
|
BAE Systems PLC |
3,085,097 |
23,213,515 |
|
Esterline Technologies Corp. (a) |
241,934 |
28,749,017 |
|
Exelis, Inc. |
1,629,415 |
29,231,705 |
|
General Dynamics Corp. |
81,900 |
11,904,984 |
|
HEICO Corp. |
225,125 |
11,933,876 |
|
Honeywell International, Inc. |
373,576 |
37,010,174 |
|
Huntington Ingalls Industries, Inc. |
490,076 |
53,403,582 |
|
L-3 Communications Holdings, Inc. |
320,718 |
39,961,463 |
|
Meggitt PLC |
3,404,387 |
26,782,039 |
|
Precision Castparts Corp. |
54,594 |
12,987,913 |
|
Raytheon Co. |
150,856 |
16,096,335 |
|
Rockwell Collins, Inc. |
107,600 |
9,203,028 |
|
Safran SA |
294,800 |
19,085,626 |
|
Teledyne Technologies, Inc. (a) |
328,826 |
35,154,788 |
|
Textron, Inc. |
1,099,400 |
47,626,008 |
|
The Boeing Co. |
1,081,331 |
145,287,633 |
|
TransDigm Group, Inc. |
175,433 |
34,698,893 |
|
Triumph Group, Inc. |
476,935 |
32,460,196 |
|
United Technologies Corp. |
1,507,901 |
165,989,742 |
|
Vectrus, Inc. (a) |
94,056 |
2,658,023 |
|
|
808,998,692 |
||
CHEMICALS - 1.4% |
|||
Specialty Chemicals - 1.4% |
|||
Cytec Industries, Inc. |
236,432 |
11,372,379 |
|
ELECTRICAL EQUIPMENT - 0.0% |
|||
Electrical Components & Equipment - 0.0% |
|||
AMETEK, Inc. |
599 |
30,525 |
|
|
|||
Shares |
Value |
||
METALS & MINING - 0.0% |
|||
Steel - 0.0% |
|||
Carpenter Technology Corp. |
200 |
$ 10,084 |
|
TOTAL COMMON STOCKS (Cost $534,404,299) |
|
||
Money Market Funds - 1.2% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
10,505,303 |
|
|
TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $544,909,602) |
830,916,983 |
||
NET OTHER ASSETS (LIABILITIES) - 0.3% |
2,083,532 |
||
NET ASSETS - 100% |
$ 833,000,515 |
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. |
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 |
$ 3,498 |
Fidelity Securities Lending Cash Central Fund |
21,366 |
Total |
$ 24,864 |
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 November 30, 2014, the cost of investment securities for income tax purposes was $545,337,818. Net unrealized appreciation aggregated $285,579,165, of which $292,266,514 related to appreciated investment securities and $6,687,349 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Electronics Portfolio
November 30, 2014
1.810682.110
ELE-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 94.1% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 0.0% |
|||
Biotechnology - 0.0% |
|||
Arrowhead Research Corp. warrants 5/21/17 (a) |
285,468 |
$ 3 |
|
COMMERCIAL SERVICES & SUPPLIES - 0.4% |
|||
Office Services & Supplies - 0.4% |
|||
West Corp. |
228,633 |
7,142,495 |
|
COMMUNICATIONS EQUIPMENT - 5.6% |
|||
Communications Equipment - 5.6% |
|||
Aruba Networks, Inc. (a) |
249,000 |
4,658,790 |
|
Ciena Corp. (a) |
192,800 |
3,186,984 |
|
Finisar Corp. (a) |
415,800 |
7,089,390 |
|
Juniper Networks, Inc. |
394,300 |
8,737,688 |
|
QUALCOMM, Inc. |
1,198,532 |
87,372,983 |
|
|
111,045,835 |
||
ELECTRICAL EQUIPMENT - 0.2% |
|||
Electrical Components & Equipment - 0.2% |
|||
OSRAM Licht AG |
74,522 |
3,094,990 |
|
ELECTRONIC EQUIPMENT & COMPONENTS - 3.6% |
|||
Electronic Components - 0.2% |
|||
Corning, Inc. |
20,700 |
435,114 |
|
Knowles Corp. (a) |
149,300 |
3,118,877 |
|
|
3,553,991 |
||
Electronic Manufacturing Services - 3.1% |
|||
Jabil Circuit, Inc. |
825,932 |
17,138,089 |
|
Neonode, Inc. (a)(d) |
306,693 |
751,398 |
|
TE Connectivity Ltd. |
90,000 |
5,778,000 |
|
TTM Technologies, Inc. (a)(d)(e) |
5,579,506 |
37,717,461 |
|
Viasystems Group, Inc. (a) |
400 |
6,252 |
|
|
61,391,200 |
||
Technology Distributors - 0.3% |
|||
Avnet, Inc. |
151,282 |
6,624,639 |
|
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS |
71,569,830 |
||
INTERNET & CATALOG RETAIL - 0.0% |
|||
Internet Retail - 0.0% |
|||
Amazon.com, Inc. (a) |
95 |
32,171 |
|
INTERNET SOFTWARE & SERVICES - 2.8% |
|||
Internet Software & Services - 2.8% |
|||
Cornerstone OnDemand, Inc. (a) |
124,200 |
3,945,834 |
|
Demand Media, Inc. (a) |
27 |
151 |
|
Google, Inc.: |
|
|
|
Class A (a) |
89,550 |
49,170,114 |
|
Class C (a) |
190 |
102,948 |
|
Rightside Group Ltd. (a) |
27 |
219 |
|
Web.com Group, Inc. (a) |
195,100 |
3,310,847 |
|
|
56,530,113 |
||
|
|||
Shares |
Value |
||
IT SERVICES - 0.3% |
|||
Data Processing & Outsourced Services - 0.3% |
|||
EVERTEC, Inc. |
268,900 |
$ 5,926,556 |
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 75.2% |
|||
Semiconductor Equipment - 6.1% |
|||
Advanced Energy Industries, Inc. (a) |
571,500 |
11,675,745 |
|
Amkor Technology, Inc. (a) |
1,192,200 |
7,975,818 |
|
Entegris, Inc. (a) |
1,198,900 |
16,149,183 |
|
KLA-Tencor Corp. |
133,600 |
9,277,184 |
|
Lam Research Corp. |
713,573 |
58,969,673 |
|
PDF Solutions, Inc. (a) |
829,800 |
10,994,850 |
|
Ultratech, Inc. (a) |
400,000 |
7,788,000 |
|
|
122,830,453 |
||
Semiconductors - 69.1% |
|||
Advanced Micro Devices, Inc. (a) |
1,020,700 |
2,847,753 |
|
Altera Corp. |
2,001,018 |
75,278,297 |
|
Analog Devices, Inc. |
1,255,089 |
68,578,063 |
|
Applied Micro Circuits Corp. (a) |
286,905 |
1,695,609 |
|
Atmel Corp. (a) |
5,072,400 |
40,122,684 |
|
Audience, Inc. (a) |
478,000 |
1,663,440 |
|
Avago Technologies Ltd. |
62,900 |
5,874,860 |
|
Broadcom Corp. Class A |
3,651,959 |
157,508,988 |
|
Cree, Inc. (a) |
155,750 |
5,659,955 |
|
Cypress Semiconductor Corp. (d) |
3,342,202 |
35,427,341 |
|
EZchip Semiconductor Ltd. (a) |
141,500 |
2,728,120 |
|
Fairchild Semiconductor International, Inc. (a) |
202,715 |
3,269,793 |
|
Freescale Semiconductor, Inc. (a)(d) |
5,308,929 |
115,150,670 |
|
Himax Technologies, Inc. sponsored ADR (d) |
700,800 |
4,779,456 |
|
Hua Hong Semiconductor Ltd. (a) |
1,140,000 |
1,655,188 |
|
Inphi Corp. (a) |
847,241 |
12,445,970 |
|
Intel Corp. |
2,917,078 |
108,661,156 |
|
Intersil Corp. Class A |
3,489,767 |
45,750,845 |
|
MagnaChip Semiconductor Corp. (a)(e) |
1,909,582 |
23,258,709 |
|
Marvell Technology Group Ltd. |
5,234,334 |
74,955,663 |
|
Maxim Integrated Products, Inc. |
1,952,575 |
57,737,643 |
|
MaxLinear, Inc. Class A (a) |
1,771,666 |
12,933,162 |
|
Micrel, Inc. |
79,459 |
1,036,940 |
|
Microchip Technology, Inc. (d) |
948,100 |
42,806,715 |
|
Micron Technology, Inc. (a) |
1,901,640 |
68,363,958 |
|
Motech Industries, Inc. |
1 |
1 |
|
NVIDIA Corp. |
1,654,120 |
34,686,896 |
|
NXP Semiconductors NV (a) |
501,123 |
38,992,381 |
|
O2Micro International Ltd. sponsored ADR (a) |
949,378 |
2,183,569 |
|
ON Semiconductor Corp. (a) |
5,008,719 |
45,228,733 |
|
PMC-Sierra, Inc. (a) |
3,620,874 |
29,510,123 |
|
RF Micro Devices, Inc. (a) |
1,035,202 |
15,124,301 |
|
Semtech Corp. (a) |
1,577,079 |
40,152,431 |
|
Silicon Laboratories, Inc. (a) |
139,100 |
6,308,185 |
|
Skyworks Solutions, Inc. |
1,000 |
67,470 |
|
Spansion, Inc. Class A (a) |
874,688 |
20,441,459 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED |
|||
Semiconductors - continued |
|||
STMicroelectronics NV (NY Shares) unit |
322,300 |
$ 2,410,804 |
|
Texas Instruments, Inc. |
2,124,660 |
115,623,997 |
|
Xilinx, Inc. |
1,181,554 |
53,689,814 |
|
|
1,374,611,142 |
||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
1,497,441,595 |
||
SOFTWARE - 0.8% |
|||
Application Software - 0.5% |
|||
Comverse, Inc. (a) |
121,900 |
2,444,095 |
|
Nuance Communications, Inc. (a) |
180,900 |
2,737,017 |
|
SAP AG sponsored ADR (d) |
67,100 |
4,718,472 |
|
|
9,899,584 |
||
Systems Software - 0.3% |
|||
CommVault Systems, Inc. (a) |
121,200 |
5,732,760 |
|
TOTAL SOFTWARE |
15,632,344 |
||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 5.2% |
|||
Technology Hardware, Storage & Peripherals - 5.2% |
|||
Samsung Electronics Co. Ltd. |
89,688 |
103,683,221 |
|
TOTAL COMMON STOCKS (Cost $1,722,454,021) |
|
Convertible Bonds - 0.3% |
||||
|
Principal Amount |
|
||
ELECTRONIC EQUIPMENT & COMPONENTS - 0.3% |
||||
Electronic Components - 0.3% |
||||
InvenSense, Inc. 1.75% 11/1/18 |
|
$ 6,940,000 |
|
Money Market Funds - 9.4% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.11% (b) |
110,847,193 |
$ 110,847,193 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
76,816,200 |
76,816,200 |
|
TOTAL MONEY MARKET FUNDS (Cost $187,663,393) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.8% (Cost $1,916,485,014) |
2,066,143,009 |
||
NET OTHER ASSETS (LIABILITIES) - (3.8)% |
(76,191,566) |
||
NET ASSETS - 100% |
$ 1,989,951,443 |
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. |
(e) Affiliated company |
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 |
$ 57,405 |
Fidelity Securities Lending Cash Central Fund |
224,997 |
Total |
$ 282,402 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
MagnaChip Semiconductor Corp. |
$ 9,162,340 |
$ 18,020,416 |
$ - |
$ - |
$ 23,258,709 |
TTM Technologies, Inc. |
22,626,290 |
23,380,720 |
1,827,840* |
- |
37,717,461 |
Total |
$ 31,788,630 |
$ 41,401,136 |
$ 1,827,840 |
$ - |
$ 60,976,170 |
* Includes the value of securities delivered through in-kind transactions. |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 1,872,099,153 |
$ 1,872,099,149 |
$ 4 |
$ - |
Convertible Bonds |
6,380,463 |
- |
6,380,463 |
- |
Money Market Funds |
187,663,393 |
187,663,393 |
- |
- |
Total Investments in Securities: |
$ 2,066,143,009 |
$ 2,059,762,542 |
$ 6,380,467 |
$ - |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $1,933,506,197. Net unrealized appreciation aggregated $132,636,812, of which $202,864,024 related to appreciated investment securities and $70,227,212 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, changes in interest rates and credit quality. 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. |
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. |
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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Energy Portfolio
November 30, 2014
1.810683.110
ENE-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 99.9% |
|||
Shares |
Value |
||
ENERGY EQUIPMENT & SERVICES - 21.7% |
|||
Oil & Gas Drilling - 0.9% |
|||
Ocean Rig UDW, Inc. (United States) |
296,300 |
$ 3,552,637 |
|
Odfjell Drilling A/S |
1,539,580 |
3,730,746 |
|
Vantage Drilling Co. (a) |
5,412,507 |
4,167,630 |
|
Xtreme Drilling & Coil Services Corp. (a) |
2,252,600 |
5,358,174 |
|
|
16,809,187 |
||
Oil & Gas Equipment & Services - 20.8% |
|||
Baker Hughes, Inc. |
1,606,200 |
91,553,400 |
|
C&J Energy Services, Inc. (a) |
109,000 |
1,651,350 |
|
Dril-Quip, Inc. (a) |
173,674 |
13,850,502 |
|
FMC Technologies, Inc. (a) |
913,659 |
43,645,490 |
|
Halliburton Co. |
240,592 |
10,152,982 |
|
Oceaneering International, Inc. |
726,127 |
45,535,424 |
|
Schlumberger Ltd. |
1,953,381 |
167,893,097 |
|
Total Energy Services, Inc. |
148,900 |
2,261,822 |
|
Weatherford International Ltd. (a) |
1,786,700 |
23,405,770 |
|
|
399,949,837 |
||
TOTAL ENERGY EQUIPMENT & SERVICES |
416,759,024 |
||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.4% |
|||
Renewable Electricity - 0.4% |
|||
NextEra Energy Partners LP |
195,900 |
7,406,979 |
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.8% |
|||
Independent Power Producers & Energy Traders - 0.8% |
|||
Dynegy, Inc. (a) |
460,078 |
15,251,586 |
|
OIL, GAS & CONSUMABLE FUELS - 77.0% |
|||
Coal & Consumable Fuels - 0.5% |
|||
Peabody Energy Corp. (d) |
1,000,822 |
10,118,310 |
|
Integrated Oil & Gas - 25.4% |
|||
BG Group PLC |
1,812,923 |
25,462,121 |
|
Chevron Corp. |
1,391,123 |
151,451,561 |
|
Exxon Mobil Corp. |
3,278,648 |
296,848,789 |
|
Imperial Oil Ltd. |
311,500 |
13,647,704 |
|
|
487,410,175 |
||
Oil & Gas Exploration & Production - 31.7% |
|||
Anadarko Petroleum Corp. |
970,315 |
76,800,432 |
|
Bankers Petroleum Ltd. (a) |
1,607,000 |
4,890,564 |
|
Bonanza Creek Energy, Inc. (a) |
401,900 |
10,939,718 |
|
BPZ Energy, Inc. (a) |
1,804,900 |
1,082,940 |
|
Canadian Natural Resources Ltd. |
347,800 |
11,597,389 |
|
Cimarex Energy Co. |
721,945 |
75,768,128 |
|
Concho Resources, Inc. (a) |
511,900 |
48,758,475 |
|
ConocoPhillips Co. |
751,196 |
49,631,520 |
|
Continental Resources, Inc. (a)(d) |
435,772 |
17,857,937 |
|
Diamondback Energy, Inc. (a) |
32,300 |
1,821,720 |
|
|
|||
Shares |
Value |
||
Energy XXI (Bermuda) Ltd. |
659,600 |
$ 2,644,996 |
|
EOG Resources, Inc. |
1,462,864 |
126,859,566 |
|
Evolution Petroleum Corp. |
162,543 |
1,277,588 |
|
Kodiak Oil & Gas Corp. (a) |
2,192,351 |
16,069,933 |
|
Kosmos Energy Ltd. (a) |
570,500 |
4,757,970 |
|
Memorial Resource Development Corp. |
1,285,300 |
27,762,480 |
|
Newfield Exploration Co. (a) |
73,000 |
1,987,790 |
|
Noble Energy, Inc. |
1,235,988 |
60,785,890 |
|
Northern Oil & Gas, Inc. (a) |
509,501 |
4,427,564 |
|
Paramount Resources Ltd. Class A (a) |
133,400 |
4,319,897 |
|
PDC Energy, Inc. (a) |
269,551 |
7,954,450 |
|
Peyto Exploration & Development Corp. (d) |
148,000 |
4,441,941 |
|
Pioneer Natural Resources Co. |
138,199 |
19,794,243 |
|
SM Energy Co. |
35,800 |
1,555,510 |
|
Synergy Resources Corp. (a) |
375,820 |
3,686,794 |
|
TAG Oil Ltd. (a) |
1,401,975 |
1,924,880 |
|
Trilogy Energy Corp. |
451,900 |
4,343,140 |
|
Whiting Petroleum Corp. (a) |
317,526 |
13,263,061 |
|
|
607,006,516 |
||
Oil & Gas Refining & Marketing - 6.4% |
|||
Alon U.S.A. Energy, Inc. |
145,600 |
2,032,576 |
|
CVR Refining, LP |
93,434 |
2,082,644 |
|
Delek U.S. Holdings, Inc. |
64,800 |
1,937,520 |
|
Marathon Petroleum Corp. |
98,068 |
8,834,946 |
|
Phillips 66 Co. |
511,218 |
37,329,138 |
|
Tesoro Corp. |
187,000 |
14,327,940 |
|
Valero Energy Corp. |
1,039,881 |
50,548,615 |
|
World Fuel Services Corp. |
121,877 |
5,518,591 |
|
|
122,611,970 |
||
Oil & Gas Storage & Transport - 13.0% |
|||
Cheniere Energy, Inc. (a) |
299,100 |
19,737,609 |
|
Dominion Midstream Partners LP |
75,155 |
2,333,563 |
|
Enable Midstream Partners LP |
119,400 |
2,402,328 |
|
EQT Midstream Partners LP |
88,500 |
7,402,140 |
|
Golar LNG Ltd. |
353,200 |
14,664,864 |
|
Kinder Morgan Holding Co. LLC (d) |
1,390,900 |
57,513,715 |
|
Magellan Midstream Partners LP |
95,619 |
7,925,859 |
|
MPLX LP |
240,755 |
15,988,540 |
|
ONEOK, Inc. |
107,400 |
5,816,784 |
|
Phillips 66 Partners LP |
260,233 |
16,199,504 |
|
Plains GP Holdings LP Class A |
1,022,200 |
26,556,756 |
|
SemGroup Corp. Class A |
69,500 |
5,142,305 |
|
Targa Resources Corp. |
195,690 |
22,336,057 |
|
The Williams Companies, Inc. |
533,900 |
27,629,325 |
|
Valero Energy Partners LP |
440,065 |
18,359,512 |
|
|
250,008,861 |
||
TOTAL OIL, GAS & CONSUMABLE FUELS |
1,477,155,832 |
||
TOTAL COMMON STOCKS (Cost $1,887,691,361) |
|
||
Money Market Funds - 4.9% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.11% (b) |
4,299,154 |
$ 4,299,154 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
90,730,376 |
90,730,376 |
|
TOTAL MONEY MARKET FUNDS (Cost $95,029,530) |
|
TOTAL INVESTMENT PORTFOLIO - 104.8% (Cost $1,982,720,891) |
|
NET OTHER ASSETS (LIABILITIES) - (4.8)% |
(92,935,552) |
||
NET ASSETS - 100% |
$ 1,918,667,399 |
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 |
$ 33,397 |
Fidelity Securities Lending Cash Central Fund |
140,036 |
Total |
$ 173,433 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 1,916,573,421 |
$ 1,891,111,300 |
$ 25,462,121 |
$ - |
Money Market Funds |
95,029,530 |
95,029,530 |
- |
- |
Total Investments in Securities: |
$ 2,011,602,951 |
$ 1,986,140,830 |
$ 25,462,121 |
$ - |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $1,987,099,091. Net unrealized appreciation aggregated $24,503,860, of which $265,560,078 related to appreciated investment securities and $241,056,218 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Energy Service Portfolio
November 30, 2014
1.810703.110
ENS-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 99.8% |
|||
Shares |
Value |
||
AIRLINES - 0.5% |
|||
Airlines - 0.5% |
|||
CHC Group Ltd. (a) |
794,998 |
$ 3,656,991 |
|
CONSTRUCTION & ENGINEERING - 0.5% |
|||
Construction & Engineering - 0.5% |
|||
Enterprise Group, Inc. (a)(d)(e) |
9,258,800 |
4,127,973 |
|
ENERGY EQUIPMENT & SERVICES - 95.7% |
|||
Oil & Gas Drilling - 14.5% |
|||
Cathedral Energy Services Ltd. |
272,100 |
761,185 |
|
Ensco PLC Class A |
142,200 |
4,806,360 |
|
Hercules Offshore, Inc. (a)(d) |
448,000 |
555,520 |
|
Independence Contract Drilling, Inc. |
581,624 |
4,013,206 |
|
Nabors Industries Ltd. |
1,653,300 |
21,691,296 |
|
Ocean Rig UDW, Inc. (United States) |
1,139,961 |
13,668,132 |
|
Odfjell Drilling A/S (d) |
6,563,060 |
15,860,126 |
|
Paragon Offshore PLC (d) |
330,078 |
1,198,183 |
|
Precision Drilling Corp. (d) |
1,343,300 |
8,713,424 |
|
Rowan Companies PLC |
519,600 |
11,311,692 |
|
Vantage Drilling Co. (a)(e) |
18,078,100 |
13,920,137 |
|
Xtreme Drilling & Coil Services Corp. (a)(e) |
5,000,202 |
12,020,767 |
|
|
108,520,028 |
||
Oil & Gas Equipment & Services - 81.2% |
|||
Baker Hughes, Inc. |
647,422 |
36,903,054 |
|
BW Offshore Ltd. |
6,957,058 |
7,268,826 |
|
C&J Energy Services, Inc. (a) |
369,000 |
5,590,350 |
|
Cameron International Corp. (a) |
712,988 |
36,562,025 |
|
Core Laboratories NV |
77,500 |
9,984,325 |
|
Dril-Quip, Inc. (a) |
563,900 |
44,971,025 |
|
FMC Technologies, Inc. (a) |
721,162 |
34,449,909 |
|
Forbes Energy Services Ltd. (a)(e) |
1,773,543 |
3,529,351 |
|
Frank's International NV |
1,574,704 |
28,313,178 |
|
Gulfmark Offshore, Inc. Class A |
464,117 |
12,090,248 |
|
Halliburton Co. |
2,740,734 |
115,658,975 |
|
Key Energy Services, Inc. (a) |
816,600 |
1,535,208 |
|
National Oilwell Varco, Inc. |
756,962 |
50,746,732 |
|
Oceaneering International, Inc. |
587,600 |
36,848,396 |
|
RigNet, Inc. (a) |
58,700 |
2,403,765 |
|
Schlumberger Ltd. |
1,736,611 |
149,261,716 |
|
Seventy Seven Energy, Inc. (a) |
368,000 |
2,863,040 |
|
Spectrum ASA |
590,653 |
2,661,601 |
|
|
|||
Shares |
Value |
||
SPT Energy Group, Inc. |
9,108,000 |
$ 2,348,966 |
|
Trican Well Service Ltd. |
133,800 |
905,334 |
|
Weatherford International Ltd. (a) |
1,738,966 |
22,780,455 |
|
|
607,676,479 |
||
TOTAL ENERGY EQUIPMENT & SERVICES |
716,196,507 |
||
MACHINERY - 0.8% |
|||
Industrial Machinery - 0.8% |
|||
Superior Drilling Products, Inc. (d)(e) |
1,237,175 |
6,297,221 |
|
OIL, GAS & CONSUMABLE FUELS - 2.3% |
|||
Oil & Gas Storage & Transport - 2.3% |
|||
Golar LNG Ltd. |
47,633 |
1,977,722 |
|
StealthGas, Inc. (a) |
2,086,989 |
15,151,540 |
|
|
17,129,262 |
||
TOTAL COMMON STOCKS (Cost $661,296,885) |
|
||
Money Market Funds - 1.8% |
|||
|
|
|
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
13,201,100 |
|
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $674,497,985) |
|
NET OTHER ASSETS (LIABILITIES) - (1.6)% |
(11,939,629) |
||
NET ASSETS - 100% |
$ 748,669,425 |
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. |
(e) Affiliated company |
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 |
$ 13,976 |
Fidelity Securities Lending Cash Central Fund |
40,609 |
Total |
$ 54,585 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, beginning of period |
Purchases |
Sales Proceeds |
Dividend Income |
Value, |
Enterprise Group, Inc. |
$ - |
$ 6,030,628 |
$ - |
$ - |
$ 4,127,973 |
Forbes Energy Services Ltd. |
1,354,964 |
5,635,225 |
- |
- |
3,529,351 |
Superior Drilling Products, Inc. |
- |
5,451,699 |
- |
- |
6,297,221 |
Vantage Drilling Co. |
19,058,200 |
7,714,180 |
- |
- |
13,920,137 |
Xtreme Drilling & Coil Services Corp. |
14,367,927 |
3,742,447 |
- |
- |
12,020,767 |
Total |
$ 34,781,091 |
$ 28,574,179 |
$ - |
$ - |
$ 39,895,449 |
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 November 30, 2014, the cost of investment securities for income tax purposes was $677,876,491. Net unrealized appreciation aggregated $82,732,563, of which $205,445,506 related to appreciated investment securities and $122,712,943 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Leisure Portfolio
November 30, 2014
1.810675.110
LEI-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 98.0% |
|||
Shares |
Value |
||
COMMERCIAL SERVICES & SUPPLIES - 0.8% |
|||
Diversified Support Services - 0.8% |
|||
KAR Auction Services, Inc. |
102,200 |
$ 3,541,230 |
|
DIVERSIFIED CONSUMER SERVICES - 3.4% |
|||
Specialized Consumer Services - 3.4% |
|||
H&R Block, Inc. |
155,800 |
5,241,112 |
|
Service Corp. International |
15,200 |
343,520 |
|
Steiner Leisure Ltd. (a) |
193,444 |
8,563,766 |
|
|
14,148,398 |
||
FOOD PRODUCTS - 0.4% |
|||
Packaged Foods & Meats - 0.4% |
|||
Greencore Group PLC |
329,000 |
1,510,860 |
|
HOTELS, RESTAURANTS & LEISURE - 89.6% |
|||
Casinos & Gaming - 11.2% |
|||
Las Vegas Sands Corp. |
543,476 |
34,613,986 |
|
Melco Crown Entertainment Ltd. sponsored ADR |
131,535 |
3,404,126 |
|
MGM China Holdings Ltd. |
548,800 |
1,659,438 |
|
MGM Mirage, Inc. (a) |
58,900 |
1,343,509 |
|
Penn National Gaming, Inc. (a) |
46,697 |
663,097 |
|
Sands China Ltd. |
44,800 |
268,329 |
|
Scientific Games Corp. Class A (a)(d) |
151,900 |
2,299,766 |
|
Wynn Resorts Ltd. |
15,700 |
2,804,177 |
|
|
47,056,428 |
||
Hotels, Resorts & Cruise Lines - 17.5% |
|||
Extended Stay America, Inc. unit |
318,475 |
5,923,635 |
|
Hilton Worldwide Holdings, Inc. |
173,000 |
4,536,060 |
|
Home Inns & Hotels Management, Inc. sponsored ADR (a) |
18,100 |
558,566 |
|
Marriott International, Inc. Class A |
249,796 |
19,681,427 |
|
Starwood Hotels & Resorts Worldwide, Inc. |
244,890 |
19,346,310 |
|
Wyndham Worldwide Corp. |
283,970 |
23,671,739 |
|
|
73,717,737 |
||
Leisure Facilities - 1.3% |
|||
Cedar Fair LP (depositary unit) |
62,888 |
3,001,644 |
|
Vail Resorts, Inc. |
30,009 |
2,629,989 |
|
|
5,631,633 |
||
Restaurants - 59.6% |
|||
Bloomin' Brands, Inc. (a) |
162,752 |
3,705,863 |
|
Bravo Brio Restaurant Group, Inc. (a) |
74,143 |
973,498 |
|
Brinker International, Inc. |
145,400 |
8,190,382 |
|
Buffalo Wild Wings, Inc. (a) |
2,900 |
493,609 |
|
Chipotle Mexican Grill, Inc. (a) |
36,710 |
24,361,490 |
|
Darden Restaurants, Inc. |
44,100 |
2,513,259 |
|
DineEquity, Inc. |
6,400 |
635,712 |
|
Domino's Pizza, Inc. |
93,000 |
8,728,050 |
|
Dunkin' Brands Group, Inc. |
234,500 |
11,338,075 |
|
|
|||
Shares |
Value |
||
Fiesta Restaurant Group, Inc. (a) |
75,576 |
$ 4,236,791 |
|
Jack in the Box, Inc. |
183,998 |
13,707,851 |
|
McDonald's Corp. |
183,044 |
17,720,490 |
|
Noodles & Co. (a) |
29,300 |
717,264 |
|
Panera Bread Co. Class A (a)(d) |
74,786 |
12,519,176 |
|
Papa John's International, Inc. |
82,476 |
4,353,083 |
|
Red Robin Gourmet Burgers, Inc. (a) |
63,919 |
4,304,945 |
|
Ruth's Hospitality Group, Inc. |
537,237 |
7,059,294 |
|
Sonic Corp. |
254,968 |
6,932,580 |
|
Starbucks Corp. |
840,300 |
68,240,763 |
|
Texas Roadhouse, Inc. Class A |
129,108 |
4,268,310 |
|
The Cheesecake Factory, Inc. |
47,700 |
2,310,111 |
|
Whitbread PLC |
32,331 |
2,316,482 |
|
Yum! Brands, Inc. |
527,536 |
40,752,156 |
|
|
250,379,234 |
||
TOTAL HOTELS, RESTAURANTS & LEISURE |
376,785,032 |
||
INTERNET SOFTWARE & SERVICES - 0.4% |
|||
Internet Software & Services - 0.4% |
|||
Alibaba Group Holding Ltd. sponsored ADR |
8,000 |
893,120 |
|
Facebook, Inc. Class A (a) |
11,000 |
854,700 |
|
|
1,747,820 |
||
IT SERVICES - 0.2% |
|||
Data Processing & Outsourced Services - 0.2% |
|||
Visa, Inc. Class A |
3,300 |
852,027 |
|
MEDIA - 1.7% |
|||
Broadcasting - 0.2% |
|||
CBS Corp. Class B |
16,700 |
916,496 |
|
Cable & Satellite - 0.8% |
|||
DIRECTV (a) |
37,725 |
3,308,860 |
|
Movies & Entertainment - 0.7% |
|||
Twenty-First Century Fox, Inc. Class A |
79,800 |
2,936,640 |
|
TOTAL MEDIA |
7,161,996 |
||
REAL ESTATE INVESTMENT TRUSTS - 0.4% |
|||
Specialized REITs - 0.4% |
|||
Gaming & Leisure Properties |
48,195 |
1,537,421 |
|
SOFTWARE - 0.5% |
|||
Application Software - 0.5% |
|||
Intuit, Inc. |
21,300 |
1,999,431 |
|
SPECIALTY RETAIL - 0.6% |
|||
Computer & Electronics Retail - 0.3% |
|||
GameStop Corp. Class A |
33,600 |
1,270,416 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
SPECIALTY RETAIL - CONTINUED |
|||
Specialty Stores - 0.3% |
|||
Sally Beauty Holdings, Inc. (a) |
43,549 |
$ 1,378,326 |
|
TOTAL SPECIALTY RETAIL |
2,648,742 |
||
TOTAL COMMON STOCKS (Cost $259,326,059) |
|
||
Money Market Funds - 4.6% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
8,307,691 |
8,307,691 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
10,918,475 |
10,918,475 |
|
TOTAL MONEY MARKET FUNDS (Cost $19,226,166) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.6% (Cost $278,552,225) |
431,159,123 |
||
NET OTHER ASSETS (LIABILITIES) - (2.6)% |
(10,901,638) |
||
NET ASSETS - 100% |
$ 420,257,485 |
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 |
$ 1,692 |
Fidelity Securities Lending Cash Central Fund |
14,911 |
Total |
$ 16,603 |
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. |
During the period, 800,653 shares of the Fund held by affiliated entities were redeemed for cash and investments with a value of $105,518,036. The Fund recognized a net gain of $60,205,269 on investments delivered through in-kind redemptions. The Fund recognized no gain or loss for federal income tax purposes. |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $282,396,507. Net unrealized appreciation aggregated $148,762,616, of which $152,965,437 related to appreciated investment securities and $4,202,821 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Financial Services Portfolio
November 30, 2014
1.810693.110
FIN-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 95.8% |
|||
Shares |
Value |
||
BANKS - 28.1% |
|||
Diversified Banks - 23.2% |
|||
Bank of America Corp. |
3,664,617 |
$ 62,445,074 |
|
Citigroup, Inc. |
1,171,380 |
63,219,379 |
|
JPMorgan Chase & Co. |
1,043,110 |
62,753,498 |
|
PT Bank Rakyat Indonesia Tbk |
6,689,500 |
6,317,313 |
|
U.S. Bancorp |
1,269,084 |
56,093,513 |
|
Wells Fargo & Co. |
918,301 |
50,029,038 |
|
|
300,857,815 |
||
Regional Banks - 4.9% |
|||
CoBiz, Inc. |
386,265 |
4,434,322 |
|
Fifth Third Bancorp |
1,047,028 |
21,066,203 |
|
Popular, Inc. (a) |
166,927 |
5,448,497 |
|
Prosperity Bancshares, Inc. |
209,400 |
11,764,092 |
|
SunTrust Banks, Inc. |
523,500 |
20,568,315 |
|
|
63,281,429 |
||
TOTAL BANKS |
364,139,244 |
||
CAPITAL MARKETS - 12.4% |
|||
Asset Management & Custody Banks - 9.2% |
|||
Affiliated Managers Group, Inc. (a) |
56,883 |
11,580,810 |
|
Ameriprise Financial, Inc. |
157,040 |
20,693,161 |
|
Artisan Partners Asset Management, Inc. |
322,900 |
16,710,075 |
|
Franklin Resources, Inc. |
63,600 |
3,616,296 |
|
Invesco Ltd. |
785,310 |
31,695,112 |
|
Oaktree Capital Group LLC Class A |
258,500 |
11,971,135 |
|
The Blackstone Group LP |
706,804 |
23,692,070 |
|
|
119,958,659 |
||
Diversified Capital Markets - 0.5% |
|||
Close Brothers Group PLC |
255,400 |
6,051,841 |
|
Investment Banking & Brokerage - 2.7% |
|||
E*TRADE Financial Corp. (a) |
648,944 |
14,802,413 |
|
FXCM, Inc. Class A |
312,700 |
5,034,470 |
|
Raymond James Financial, Inc. |
260,461 |
14,663,954 |
|
|
34,500,837 |
||
TOTAL CAPITAL MARKETS |
160,511,337 |
||
CONSUMER FINANCE - 6.8% |
|||
Consumer Finance - 6.8% |
|||
Capital One Financial Corp. |
660,316 |
54,938,291 |
|
Navient Corp. |
908,559 |
19,043,397 |
|
Springleaf Holdings, Inc. (a) |
373,313 |
14,801,860 |
|
|
88,783,548 |
||
DIVERSIFIED CONSUMER SERVICES - 0.8% |
|||
Specialized Consumer Services - 0.8% |
|||
H&R Block, Inc. |
314,461 |
10,578,468 |
|
|
|||
Shares |
Value |
||
DIVERSIFIED FINANCIAL SERVICES - 9.5% |
|||
Multi-Sector Holdings - 4.5% |
|||
Berkshire Hathaway, Inc. Class B (a) |
392,690 |
$ 58,389,076 |
|
Specialized Finance - 5.0% |
|||
IntercontinentalExchange Group, Inc. |
134,247 |
30,338,480 |
|
McGraw Hill Financial, Inc. |
366,676 |
34,269,539 |
|
|
64,608,019 |
||
TOTAL DIVERSIFIED FINANCIAL SERVICES |
122,997,095 |
||
HEALTH CARE PROVIDERS & SERVICES - 0.8% |
|||
Health Care Facilities - 0.8% |
|||
Brookdale Senior Living, Inc. (a) |
286,500 |
10,147,830 |
|
INSURANCE - 12.5% |
|||
Insurance Brokers - 2.8% |
|||
Arthur J. Gallagher & Co. |
165,000 |
7,911,750 |
|
Brown & Brown, Inc. |
310,200 |
9,988,440 |
|
Marsh & McLennan Companies, Inc. |
323,264 |
18,293,510 |
|
|
36,193,700 |
||
Life & Health Insurance - 4.3% |
|||
MetLife, Inc. |
452,550 |
25,166,306 |
|
Prudential PLC |
392,642 |
9,476,915 |
|
Torchmark Corp. |
392,900 |
21,118,375 |
|
|
55,761,596 |
||
Property & Casualty Insurance - 5.4% |
|||
Allstate Corp. |
407,600 |
27,777,940 |
|
FNF Group |
463,500 |
15,017,400 |
|
The Travelers Companies, Inc. |
261,712 |
27,335,818 |
|
|
70,131,158 |
||
TOTAL INSURANCE |
162,086,454 |
||
INTERNET SOFTWARE & SERVICES - 1.1% |
|||
Internet Software & Services - 1.1% |
|||
eBay, Inc. (a) |
259,600 |
14,246,848 |
|
IT SERVICES - 4.7% |
|||
Data Processing & Outsourced Services - 4.7% |
|||
EVERTEC, Inc. |
565,870 |
12,471,775 |
|
Fiserv, Inc. (a) |
259,610 |
18,559,519 |
|
The Western Union Co. |
680,540 |
12,644,433 |
|
Visa, Inc. Class A |
70,100 |
18,099,119 |
|
|
61,774,846 |
||
REAL ESTATE INVESTMENT TRUSTS - 13.1% |
|||
Mortgage REITs - 4.5% |
|||
Altisource Residential Corp. Class B |
699,400 |
14,183,832 |
|
Blackstone Mortgage Trust, Inc. |
388,500 |
11,095,560 |
|
NorthStar Realty Finance Corp. |
830,600 |
15,175,062 |
|
Redwood Trust, Inc. (d) |
572,186 |
11,186,236 |
|
Starwood Property Trust, Inc. |
312,300 |
7,513,938 |
|
|
59,154,628 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
REAL ESTATE INVESTMENT TRUSTS - CONTINUED |
|||
Office REITs - 1.3% |
|||
Boston Properties, Inc. |
129,700 |
$ 16,814,308 |
|
Residential REITs - 1.3% |
|||
Essex Property Trust, Inc. |
81,200 |
16,435,692 |
|
Retail REITs - 1.1% |
|||
Washington Prime Group, Inc. |
837,589 |
14,431,658 |
|
Specialized REITs - 4.9% |
|||
American Tower Corp. |
497,372 |
52,229,034 |
|
Outfront Media, Inc. |
415,300 |
11,238,018 |
|
|
63,467,052 |
||
TOTAL REAL ESTATE INVESTMENT TRUSTS |
170,303,338 |
||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.7% |
|||
Real Estate Services - 3.7% |
|||
CBRE Group, Inc. (a) |
882,531 |
29,776,596 |
|
Realogy Holdings Corp. (a) |
389,400 |
17,920,188 |
|
|
47,696,784 |
||
THRIFTS & MORTGAGE FINANCE - 1.7% |
|||
Thrifts & Mortgage Finance - 1.7% |
|||
MGIC Investment Corp. (a) |
234,700 |
2,185,057 |
|
Ocwen Financial Corp. (a)(d) |
785,780 |
18,025,793 |
|
Radian Group, Inc. |
99,900 |
1,703,295 |
|
|
21,914,145 |
||
TRADING COMPANIES & DISTRIBUTORS - 0.6% |
|||
Trading Companies & Distributors - 0.6% |
|||
AerCap Holdings NV (a) |
181,900 |
8,059,989 |
|
TOTAL COMMON STOCKS (Cost $1,059,555,474) |
|
||
Money Market Funds - 5.8% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.11% (b) |
51,205,051 |
$ 51,205,051 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
24,393,225 |
24,393,225 |
|
TOTAL MONEY MARKET FUNDS (Cost $75,598,276) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $1,135,153,750) |
1,318,838,202 |
||
NET OTHER ASSETS (LIABILITIES) - (1.6)% |
(21,142,484) |
||
NET ASSETS - 100% |
$ 1,297,695,718 |
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 |
$ 31,238 |
Fidelity Securities Lending Cash Central Fund |
243,769 |
Total |
$ 275,007 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 1,243,239,926 |
$ 1,233,763,011 |
$ 9,476,915 |
$ - |
Money Market Funds |
75,598,276 |
75,598,276 |
- |
- |
Total Investments in Securities: |
$ 1,318,838,202 |
$ 1,309,361,287 |
$ 9,476,915 |
$ - |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $1,140,798,183. Net unrealized appreciation aggregated $178,040,019, of which $192,627,838 related to appreciated investment securities and $14,587,819 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Materials Portfolio
November 30, 2014
1.810697.110
IND-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 99.3% |
|||
Shares |
Value |
||
CHEMICALS - 67.5% |
|||
Commodity Chemicals - 12.2% |
|||
Axiall Corp. |
905,227 |
$ 39,178,225 |
|
Cabot Corp. |
1,077,587 |
46,422,448 |
|
Koppers Holdings, Inc. |
29,015 |
846,658 |
|
LyondellBasell Industries NV Class A |
1,320,196 |
104,110,657 |
|
Methanex Corp. |
927,400 |
46,633,489 |
|
Orion Engineered Carbons SA (a) |
888,000 |
15,078,240 |
|
|
252,269,717 |
||
Diversified Chemicals - 21.7% |
|||
E.I. du Pont de Nemours & Co. |
2,929,800 |
209,187,720 |
|
Eastman Chemical Co. |
1,509,230 |
125,145,352 |
|
FMC Corp. |
1,459,036 |
79,371,558 |
|
Huntsman Corp. |
1,336,100 |
34,097,272 |
|
|
447,801,902 |
||
Fertilizers & Agricultural Chemicals - 14.4% |
|||
CF Industries Holdings, Inc. |
293,262 |
78,638,205 |
|
Monsanto Co. |
1,423,230 |
170,659,509 |
|
The Mosaic Co. |
1,041,100 |
47,651,147 |
|
|
296,948,861 |
||
Industrial Gases - 8.1% |
|||
Airgas, Inc. |
400,996 |
46,367,167 |
|
Praxair, Inc. |
948,774 |
121,803,606 |
|
|
168,170,773 |
||
Specialty Chemicals - 11.1% |
|||
Ashland, Inc. |
281,300 |
32,082,265 |
|
Ecolab, Inc. |
332,220 |
36,195,369 |
|
NewMarket Corp. |
90,629 |
35,682,450 |
|
Sherwin-Williams Co. |
304,354 |
74,524,120 |
|
W.R. Grace & Co. (a) |
540,640 |
51,939,285 |
|
|
230,423,489 |
||
TOTAL CHEMICALS |
1,395,614,742 |
||
CONSTRUCTION MATERIALS - 2.9% |
|||
Construction Materials - 2.9% |
|||
Eagle Materials, Inc. |
617,655 |
50,888,595 |
|
Vulcan Materials Co. |
157,235 |
10,393,234 |
|
|
61,281,829 |
||
CONTAINERS & PACKAGING - 13.0% |
|||
Metal & Glass Containers - 2.1% |
|||
Aptargroup, Inc. |
655,924 |
42,799,041 |
|
Paper Packaging - 10.9% |
|||
Graphic Packaging Holding Co. (a) |
4,268,595 |
53,144,008 |
|
Packaging Corp. of America |
576,400 |
42,814,992 |
|
Rock-Tenn Co. Class A |
1,871,642 |
106,327,982 |
|
Sealed Air Corp. |
583,900 |
23,081,567 |
|
|
225,368,549 |
||
TOTAL CONTAINERS & PACKAGING |
268,167,590 |
||
|
|||
Shares |
Value |
||
ENERGY EQUIPMENT & SERVICES - 0.5% |
|||
Oil & Gas Equipment & Services - 0.5% |
|||
Aspen Aerogels, Inc. (c) |
1,452,587 |
$ 10,589,359 |
|
METALS & MINING - 14.7% |
|||
Diversified Metals & Mining - 4.6% |
|||
Copper Mountain Mining Corp. (a) |
3,636,327 |
6,167,038 |
|
Freeport-McMoRan, Inc. |
3,319,400 |
89,125,890 |
|
|
95,292,928 |
||
Gold - 2.3% |
|||
Franco-Nevada Corp. |
364,600 |
18,234,781 |
|
Royal Gold, Inc. |
474,404 |
30,210,047 |
|
|
48,444,828 |
||
Steel - 7.8% |
|||
Carpenter Technology Corp. |
552,233 |
27,843,588 |
|
Nucor Corp. |
1,014,800 |
54,423,724 |
|
Steel Dynamics, Inc. |
1,986,000 |
44,764,440 |
|
TimkenSteel Corp. |
500,300 |
17,820,686 |
|
Worthington Industries, Inc. |
413,072 |
15,576,945 |
|
|
160,429,383 |
||
TOTAL METALS & MINING |
304,167,139 |
||
PAPER & FOREST PRODUCTS - 0.7% |
|||
Paper Products - 0.7% |
|||
Domtar Corp. |
341,600 |
13,903,120 |
|
TOTAL COMMON STOCKS (Cost $1,697,832,641) |
|
||
Money Market Funds - 0.2% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
3,318,078 |
|
TOTAL INVESTMENT PORTFOLIO - 99.5% (Cost $1,701,150,719) |
|
NET OTHER ASSETS (LIABILITIES) - 0.5% |
9,910,949 |
||
NET ASSETS - 100% |
$ 2,066,952,806 |
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) Affiliated company |
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 |
$ 17,495 |
Fidelity Securities Lending Cash Central Fund |
152,882 |
Total |
$ 170,377 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales Proceeds |
Dividend Income |
Value, |
Aspen Aerogels, Inc. |
$ - |
$ 9,986,520 |
$ - |
$ - |
$ 10,589,359 |
Total |
$ - |
$ 9,986,520 |
$ - |
$ - |
$ 10,589,359 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 2,053,723,779 |
$ 2,043,134,420 |
$ 10,589,359 |
$ - |
Money Market Funds |
3,318,078 |
3,318,078 |
- |
- |
Total Investments in Securities: |
$ 2,057,041,857 |
$ 2,046,452,498 |
$ 10,589,359 |
$ - |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $1,705,681,142. Net unrealized appreciation aggregated $351,360,715, of which $410,374,065 related to appreciated investment securities and $59,013,350 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. |
Quarterly Report
Consolidated Quarterly Holdings Report
for
Fidelity ® Select Gold Portfolio
November 30, 2014
1.810695.110
GOL-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 89.9% |
|||
Shares |
Value |
||
Australia - 7.4% |
|||
METALS & MINING - 7.4% |
|||
Gold - 7.4% |
|||
Beadell Resources Ltd. (a)(d) |
7,992,418 |
$ 1,360,789 |
|
Evolution Mining Ltd. (d) |
1,437,195 |
654,564 |
|
Gryphon Minerals Ltd. (a) |
2,601,597 |
141,743 |
|
Intrepid Mines Ltd. (Australia) |
8,709,798 |
1,297,564 |
|
Kingsgate Consolidated NL (a) |
78,274 |
46,644 |
|
Medusa Mining Ltd. (a)(d) |
1,983,595 |
1,097,612 |
|
Newcrest Mining Ltd. (a) |
6,471,850 |
56,968,077 |
|
Northern Star Resources Ltd. |
4,141,518 |
4,142,667 |
|
Perseus Mining Ltd.: |
|
|
|
(Australia) (a)(d) |
2,122,134 |
532,939 |
|
(Canada) (a) |
1,300,000 |
306,845 |
|
Regis Resources Ltd. (a)(d) |
2,525,393 |
3,095,808 |
|
Resolute Mng Ltd. (a) |
2,390,161 |
539,207 |
|
Saracen Mineral Holdings Ltd. (a) |
4,516,787 |
942,059 |
|
Silver Lake Resources Ltd. (a)(d) |
4,346,985 |
943,650 |
|
Troy Resources NL (a)(f) |
734,826 |
311,557 |
|
Troy Resources NL (a) |
195,000 |
82,172 |
|
|
72,463,897 |
||
Bailiwick of Jersey - 7.5% |
|||
METALS & MINING - 7.5% |
|||
Gold - 7.5% |
|||
Centamin PLC |
1,848,700 |
1,321,355 |
|
Lydian International Ltd. (a) |
2,325,200 |
1,219,617 |
|
Polyus Gold International Ltd. (a)(d) |
222,400 |
638,275 |
|
Polyus Gold International Ltd. sponsored GDR (a) |
1,754,831 |
4,895,978 |
|
Randgold Resources Ltd. sponsored ADR |
1,008,995 |
65,261,797 |
|
|
73,337,022 |
||
Bermuda - 0.9% |
|||
METALS & MINING - 0.9% |
|||
Gold - 0.9% |
|||
Continental Gold Ltd. (a) |
4,618,700 |
8,963,645 |
|
Steel - 0.0% |
|||
African Minerals Ltd. (a)(d) |
1,718,700 |
86,045 |
|
TOTAL METALS & MINING |
9,049,690 |
||
Canada - 59.0% |
|||
METALS & MINING - 59.0% |
|||
Diversified Metals & Mining - 0.3% |
|||
First Quantum Minerals Ltd. |
13,000 |
211,382 |
|
Ivanhoe Mines Ltd. (a) |
2,225,300 |
1,906,455 |
|
Ivanhoe Mines Ltd. Class A warrants 12/10/15 (a)(f) |
837,300 |
47,578 |
|
NovaCopper, Inc. (a) |
488,333 |
294,562 |
|
Sabina Gold & Silver Corp. (a)(d) |
980,000 |
329,837 |
|
True Gold Mining, Inc. (a) |
191,000 |
35,899 |
|
|
2,825,713 |
||
|
|||
Shares |
Value |
||
Gold - 57.9% |
|||
Agnico Eagle Mines Ltd. (Canada) |
1,869,701 |
$ 43,608,377 |
|
Alacer Gold Corp. |
2,207,363 |
3,936,551 |
|
Alamos Gold, Inc. |
1,150,300 |
7,783,304 |
|
Argonaut Gold, Inc. (a) |
4,428,962 |
7,085,410 |
|
ATAC Resources Ltd. (a) |
67,200 |
29,961 |
|
AuRico Gold, Inc. |
142,100 |
475,778 |
|
B2Gold Corp. (a) |
21,838,693 |
35,510,070 |
|
Barrick Gold Corp. (d) |
3,575,769 |
42,325,301 |
|
Centerra Gold, Inc. |
1,345,600 |
6,128,662 |
|
Detour Gold Corp. (a) |
2,042,100 |
15,138,568 |
|
Detour Gold Corp. (a)(f) |
785,900 |
5,826,062 |
|
Eldorado Gold Corp. |
8,717,308 |
54,335,524 |
|
Franco-Nevada Corp. |
1,326,600 |
66,347,396 |
|
Gabriel Resources Ltd. (a) |
1,020,600 |
517,482 |
|
Goldcorp, Inc. |
4,539,200 |
88,887,217 |
|
Golden Queen Mining Co. Ltd. (a) |
15,000 |
15,211 |
|
GoldQuest Mining Corp. (a) |
2,318,500 |
192,550 |
|
Guyana Goldfields, Inc. (a)(f) |
155,000 |
379,404 |
|
Guyana Goldfields, Inc. (a)(d) |
2,966,500 |
7,261,299 |
|
IAMGOLD Corp. (a) |
3,152,700 |
6,173,659 |
|
Kinross Gold Corp. (a) |
4,394,591 |
12,178,384 |
|
Kirkland Lake Gold, Inc. (a)(d) |
406,000 |
1,213,847 |
|
Lake Shore Gold Corp. (a)(d) |
2,806,600 |
2,257,253 |
|
Midas Gold Corp. (a) |
100,500 |
43,929 |
|
New Gold, Inc. (a) |
6,820,175 |
27,187,689 |
|
NGEx Resources, Inc. (a) |
65,000 |
69,324 |
|
Novagold Resources, Inc. (a) |
1,935,700 |
5,381,175 |
|
OceanaGold Corp. (a) |
2,842,300 |
5,193,117 |
|
Orezone Gold Corp. (a) |
371,100 |
145,987 |
|
Osisko Gold Royalties Ltd. (d) |
385,193 |
4,593,087 |
|
Pilot Gold, Inc. (a) |
1,418,150 |
954,607 |
|
Premier Gold Mines Ltd. (a)(e) |
10,038,422 |
17,287,955 |
|
Pretium Resources, Inc. (a) |
960,438 |
5,272,795 |
|
Pretium Resources, Inc. (a)(f) |
225,000 |
1,235,248 |
|
Pretium Resources, Inc. (a)(g) |
225,000 |
1,235,248 |
|
Primero Mining Corp. (a) |
1,606,800 |
6,615,987 |
|
Probe Mines Ltd. (a) |
20,000 |
42,836 |
|
Richmont Mines, Inc. (a) |
239,900 |
677,399 |
|
Rio Alto Mining Ltd. (a) |
2,742,235 |
6,256,870 |
|
Romarco Minerals, Inc. (a)(f) |
5,900,000 |
2,682,053 |
|
Romarco Minerals, Inc. (a) |
14,328,600 |
6,513,569 |
|
Roxgold, Inc. (a) |
100,000 |
50,704 |
|
Rubicon Minerals Corp. (a)(d) |
5,376,402 |
5,264,070 |
|
Sandstorm Gold Ltd. (a) |
144,400 |
382,491 |
|
Seabridge Gold, Inc. (a) |
644,866 |
4,836,918 |
|
SEMAFO, Inc. (a) |
2,859,300 |
8,223,706 |
|
Teranga Gold Corp. (a)(d) |
85,000 |
36,039 |
|
Teranga Gold Corp. CDI unit (a)(d) |
3,338,072 |
1,562,935 |
|
Timmins Gold Corp. (a) |
122,600 |
112,536 |
|
Torex Gold Resources, Inc. (a) |
18,339,500 |
20,681,838 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
Canada - continued |
|||
METALS & MINING - CONTINUED |
|||
Gold - continued |
|||
Virginia Mines, Inc. (a) |
175,000 |
$ 1,919,967 |
|
Yamana Gold, Inc. |
7,086,720 |
25,586,287 |
|
|
567,653,636 |
||
Precious Metals & Minerals - 0.6% |
|||
Chesapeake Gold Corp. (a) |
12,000 |
22,030 |
|
Dalradian Resources, Inc. (a)(d) |
56,000 |
31,331 |
|
Gold Standard Ventures Corp. (a) |
2,125,400 |
966,175 |
|
Tahoe Resources, Inc. |
343,900 |
5,342,340 |
|
|
6,361,876 |
||
Silver - 0.2% |
|||
MAG Silver Corp. (a) |
171,000 |
1,082,297 |
|
Pan American Silver Corp. warrants 12/7/14 (a) |
232,460 |
2 |
|
Silver Wheaton Corp. |
54,900 |
1,083,698 |
|
|
2,165,997 |
||
TOTAL METALS & MINING |
579,007,222 |
||
Cayman Islands - 0.4% |
|||
METALS & MINING - 0.4% |
|||
Gold - 0.4% |
|||
Endeavour Mining Corp. (a) |
8,067,400 |
3,314,694 |
|
Peru - 0.6% |
|||
METALS & MINING - 0.6% |
|||
Gold - 0.6% |
|||
Compania de Minas Buenaventura SA sponsored ADR |
670,800 |
6,204,900 |
|
South Africa - 6.1% |
|||
METALS & MINING - 6.1% |
|||
Gold - 6.1% |
|||
AngloGold Ashanti Ltd. sponsored ADR (a) |
2,937,008 |
25,140,788 |
|
Gold Fields Ltd. sponsored ADR (d) |
5,426,026 |
22,246,707 |
|
Harmony Gold Mining Co. Ltd. (a) |
1,484,000 |
2,479,129 |
|
Harmony Gold Mining Co. Ltd. sponsored ADR (a)(d) |
1,707,900 |
2,920,509 |
|
Sibanye Gold Ltd. ADR |
1,023,906 |
7,034,234 |
|
|
59,821,367 |
||
United Kingdom - 0.3% |
|||
METALS & MINING - 0.3% |
|||
Gold - 0.3% |
|||
Acacia Mining PLC |
832,800 |
3,033,520 |
|
Pan African Resources PLC |
15,000 |
2,874 |
|
|
3,036,394 |
||
|
|||
Shares |
Value |
||
Precious Metals & Minerals - 0.0% |
|||
Fresnillo PLC |
9,700 |
$ 108,016 |
|
TOTAL METALS & MINING |
3,144,410 |
||
United States of America - 7.7% |
|||
METALS & MINING - 7.3% |
|||
Gold - 7.3% |
|||
Gold Resource Corp. (d) |
115,000 |
414,000 |
|
McEwen Mining, Inc. (a)(d) |
679,110 |
910,007 |
|
Newmont Mining Corp. |
1,722,500 |
31,694,000 |
|
Royal Gold, Inc. |
601,113 |
38,278,876 |
|
|
71,296,883 |
||
OIL, GAS & CONSUMABLE FUELS - 0.4% |
|||
Coal & Consumable Fuels - 0.4% |
|||
Cloud Peak Energy, Inc. (a) |
58,600 |
683,862 |
|
Peabody Energy Corp. |
324,500 |
3,280,695 |
|
|
3,964,557 |
||
TOTAL UNITED STATES OF AMERICA |
75,261,440 |
||
TOTAL COMMON STOCKS (Cost $1,401,603,842) |
|
||
Commodities - 10.1% |
|||
Troy |
|
||
Gold Bullion (a) |
47,510 |
55,482,178 |
|
Silver Bullion (a) |
2,837,000 |
43,900,305 |
|
TOTAL COMMODITIES (Cost $117,679,788) |
|
||
Money Market Funds - 6.3% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.11% (b) |
2,442,750 |
2,442,750 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
59,739,768 |
59,739,768 |
|
TOTAL MONEY MARKET FUNDS (Cost $62,182,518) |
|
TOTAL INVESTMENT PORTFOLIO - 106.3% (Cost $1,581,466,148) |
|
NET OTHER ASSETS (LIABILITIES) - (6.3)% |
(61,919,551) |
||
NET ASSETS - 100% |
$ 981,250,092 |
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. |
(e) Affiliated company |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $10,481,902 or 1.1% of net assets. |
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,235,248 or 0.1% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Pretium Resources, Inc. |
3/31/11 |
$ 2,172,293 |
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 |
$ 6,286 |
Fidelity Securities Lending Cash Central Fund |
370,211 |
Total |
$ 376,497 |
Consolidated Subsidiary |
|
Value, |
Purchases |
Sales |
Dividend Income |
Value, |
Fidelity Select Cayman Gold Ltd. |
$ 225,764,683 |
$ 43,547,155 |
$ 139,272,308 |
$ - |
$ 99,280,409 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend Income |
Value, |
Premier Gold Mines Ltd. |
$ 20,772,705 |
$ 955,824 |
$ 668,621 |
$ - |
$ 17,287,955 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 881,604,642 |
$ 879,125,511 |
$ 2,479,131 |
$ - |
Commodities |
99,382,483 |
99,382,483 |
- |
- |
Money Market Funds |
62,182,518 |
62,182,518 |
- |
- |
Total Investments in Securities: |
$ 1,043,169,643 |
$ 1,040,690,512 |
$ 2,479,131 |
$ - |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes on an unconsolidated basis was $1,712,426,331. Net unrealized depreciation aggregated $669,358,764, of which $103,864,223 related to appreciated investment securities and $773,222,987 related to depreciated investment securities. |
Consolidated Subsidiary |
The Fund invests in certain commodity-related investments through Fidelity Select Gold Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of November 30, 2014, the Fund held $99,280,409 in the Subsidiary, representing 10.1% of the Fund's net assets. The Quarterly Holdings report is consolidated and includes the holdings of the Fund and the Subsidiary. |
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 commodities are valued at their last traded price prior to 4:00 p.m. Eastern time each business day and are categorized as Level 1 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Medical Delivery Portfolio
November 30, 2014
1.810676.110
MED-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 98.6% |
|||
Shares |
Value |
||
COMMERCIAL SERVICES & SUPPLIES - 0.2% |
|||
Environmental & Facility Services - 0.2% |
|||
Stericycle, Inc. (a) |
9,000 |
$ 1,160,280 |
|
DIVERSIFIED CONSUMER SERVICES - 0.4% |
|||
Specialized Consumer Services - 0.4% |
|||
H&R Block, Inc. |
103,200 |
3,471,648 |
|
FOOD & STAPLES RETAILING - 0.6% |
|||
Drug Retail - 0.6% |
|||
CVS Health Corp. |
42,700 |
3,901,072 |
|
Jean Coutu Group, Inc. Class A |
33,000 |
778,914 |
|
|
4,679,986 |
||
HEALTH CARE EQUIPMENT & SUPPLIES - 0.2% |
|||
Health Care Equipment - 0.2% |
|||
IDEXX Laboratories, Inc. (a) |
13,000 |
1,941,550 |
|
HEALTH CARE PROVIDERS & SERVICES - 92.8% |
|||
Health Care Distributors & Services - 19.9% |
|||
AmerisourceBergen Corp. |
98,900 |
9,004,845 |
|
Cardinal Health, Inc. |
735,200 |
60,426,088 |
|
Henry Schein, Inc. (a) |
14,200 |
1,948,240 |
|
McKesson Corp. |
339,000 |
71,447,640 |
|
MWI Veterinary Supply, Inc. (a) |
85,400 |
13,956,068 |
|
|
156,782,881 |
||
Health Care Facilities - 13.3% |
|||
AmSurg Corp. (a) |
427,516 |
22,047,000 |
|
Community Health Systems, Inc. (a) |
531,200 |
25,008,896 |
|
HCA Holdings, Inc. (a) |
555,500 |
38,712,795 |
|
LifePoint Hospitals, Inc. (a) |
184,600 |
12,772,474 |
|
U.S. Physical Therapy, Inc. |
155,600 |
6,048,172 |
|
|
104,589,337 |
||
Health Care Services - 38.3% |
|||
Accretive Health, Inc. (a)(d) |
1,140,700 |
9,695,950 |
|
Adeptus Health, Inc. Class A |
58,100 |
1,768,564 |
|
Air Methods Corp. (a)(d) |
306,599 |
13,606,864 |
|
AMN Healthcare Services, Inc. (a) |
334,376 |
5,724,517 |
|
BioScrip, Inc. (a)(d) |
716,002 |
4,639,693 |
|
Catamaran Corp. (a) |
307,612 |
15,535,226 |
|
Corvel Corp. (a) |
84,200 |
2,918,372 |
|
DaVita HealthCare Partners, Inc. (a) |
453,500 |
34,706,355 |
|
Express Scripts Holding Co. (a) |
1,229,050 |
102,195,508 |
|
Fresenius SE & Co. KGaA |
333,800 |
18,107,067 |
|
IPC The Hospitalist Co., Inc. (a) |
169,700 |
7,480,376 |
|
Laboratory Corp. of America Holdings (a) |
96,200 |
10,066,368 |
|
Landauer, Inc. |
63,100 |
2,082,300 |
|
MEDNAX, Inc. (a) |
285,500 |
18,688,830 |
|
Omnicare, Inc. |
214,500 |
15,083,640 |
|
Providence Service Corp. (a) |
60,500 |
2,367,365 |
|
|
|||
Shares |
Value |
||
Quest Diagnostics, Inc. |
438,700 |
$ 28,651,497 |
|
Team Health Holdings, Inc. (a) |
160,500 |
9,174,180 |
|
|
302,492,672 |
||
Managed Health Care - 21.3% |
|||
Cigna Corp. |
373,300 |
38,408,837 |
|
UnitedHealth Group, Inc. |
1,316,397 |
129,836,235 |
|
|
168,245,072 |
||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
732,109,963 |
||
HEALTH CARE TECHNOLOGY - 1.5% |
|||
Health Care Technology - 1.5% |
|||
Castlight Health, Inc. Class B (a) |
4,500 |
55,935 |
|
MedAssets, Inc. (a) |
624,700 |
12,081,698 |
|
|
12,137,633 |
||
INDUSTRIAL CONGLOMERATES - 0.1% |
|||
Industrial Conglomerates - 0.1% |
|||
Danaher Corp. |
13,800 |
1,153,128 |
|
IT SERVICES - 0.5% |
|||
Data Processing & Outsourced Services - 0.5% |
|||
Maximus, Inc. |
14,900 |
780,611 |
|
Xerox Corp. |
239,100 |
3,337,836 |
|
|
4,118,447 |
||
MACHINERY - 0.1% |
|||
Industrial Machinery - 0.1% |
|||
Pall Corp. |
3,800 |
365,218 |
|
PROFESSIONAL SERVICES - 0.4% |
|||
Research & Consulting Services - 0.4% |
|||
Huron Consulting Group, Inc. (a) |
29,600 |
2,047,136 |
|
Verisk Analytics, Inc. (a) |
16,500 |
1,022,670 |
|
|
3,069,806 |
||
SPECIALTY RETAIL - 1.8% |
|||
Specialty Stores - 1.8% |
|||
PetSmart, Inc. |
175,500 |
13,822,380 |
|
TOTAL COMMON STOCKS (Cost $461,491,731) |
|
||
Money Market Funds - 3.6% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.11% (b) |
15,587,186 |
$ 15,587,186 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
12,680,339 |
12,680,339 |
|
TOTAL MONEY MARKET FUNDS (Cost $28,267,525) |
|
TOTAL INVESTMENT PORTFOLIO - 102.2% (Cost $489,759,256) |
|
NET OTHER ASSETS (LIABILITIES) - (2.2)% |
(17,622,861) |
||
NET ASSETS - 100% |
$ 788,674,703 |
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 |
$ 7,679 |
Fidelity Securities Lending Cash Central Fund |
56,272 |
Total |
$ 63,951 |
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 November 30, 2014, the cost of investment securities for income tax purposes was $492,375,668. Net unrealized appreciation aggregated $313,921,896, of which $320,327,843 related to appreciated investment securities and $6,405,947 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Medical Equipment and
Systems Portfolio
November 30, 2014
1.810698.110
MES-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 98.0% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 0.8% |
|||
Biotechnology - 0.8% |
|||
Puma Biotechnology, Inc. (a) |
63,300 |
$ 14,370,366 |
|
ELECTRONIC EQUIPMENT & COMPONENTS - 0.7% |
|||
Electronic Equipment & Instruments - 0.7% |
|||
Keysight Technologies, Inc. (a) |
400,003 |
14,080,106 |
|
HEALTH CARE EQUIPMENT & SUPPLIES - 84.8% |
|||
Health Care Equipment - 79.9% |
|||
Abbott Laboratories |
3,280,000 |
145,992,800 |
|
Atricure, Inc. (a) |
1,000,000 |
18,730,000 |
|
Boston Scientific Corp. (a) |
14,000,000 |
180,180,000 |
|
Cardiovascular Systems, Inc. (a) |
400,000 |
12,264,000 |
|
CONMED Corp. |
520,000 |
22,063,600 |
|
Covidien PLC |
1,000,000 |
101,000,000 |
|
DexCom, Inc. (a) |
180,000 |
9,262,800 |
|
Edwards Lifesciences Corp. (a) |
600,000 |
77,808,000 |
|
Exactech, Inc. (a) |
300,000 |
6,654,000 |
|
Genmark Diagnostics, Inc. (a)(d) |
1,266,906 |
14,392,052 |
|
HeartWare International, Inc. (a)(d) |
257,700 |
18,948,681 |
|
Inogen, Inc. |
400,000 |
9,716,000 |
|
Integra LifeSciences Holdings Corp. (a) |
480,000 |
23,635,200 |
|
Intuitive Surgical, Inc. (a) |
82,000 |
42,457,140 |
|
Lumenis Ltd. Class B |
485,140 |
4,924,171 |
|
Masimo Corp. (a) |
330,000 |
8,662,500 |
|
Medtronic, Inc. |
4,360,000 |
322,073,200 |
|
Natus Medical, Inc. (a) |
600,000 |
20,538,000 |
|
Neovasc, Inc. (a) |
2,225,000 |
14,106,500 |
|
Nevro Corp. |
350,000 |
9,446,500 |
|
NxStage Medical, Inc. (a) |
1,280,000 |
22,118,400 |
|
PW Medtech Group Ltd. (a) |
12,000,000 |
6,266,723 |
|
ResMed, Inc. (d) |
900,000 |
47,880,000 |
|
Roka Bioscience, Inc. |
284,115 |
1,012,586 |
|
Smith & Nephew PLC sponsored ADR (d) |
630,000 |
21,867,300 |
|
St. Jude Medical, Inc. |
400,000 |
27,184,000 |
|
Steris Corp. |
520,000 |
33,150,000 |
|
Stryker Corp. |
700,000 |
65,037,000 |
|
Teleflex, Inc. |
50,000 |
5,957,500 |
|
Thoratec Corp. (a) |
180,000 |
5,614,200 |
|
Tornier NV (a) |
1,000,000 |
26,690,000 |
|
TriVascular Technologies, Inc. (d) |
400,000 |
5,388,000 |
|
Volcano Corp. (a) |
1,100,000 |
12,166,000 |
|
Zeltiq Aesthetics, Inc. (a)(d) |
440,000 |
12,042,800 |
|
Zimmer Holdings, Inc. |
1,200,000 |
134,748,000 |
|
|
1,489,977,653 |
||
Health Care Supplies - 4.9% |
|||
ASAHI INTECC Co. Ltd. |
160,000 |
7,870,951 |
|
Derma Sciences, Inc. (a) |
400,000 |
3,284,000 |
|
Sientra, Inc. |
300,000 |
5,211,000 |
|
The Cooper Companies, Inc. |
350,000 |
59,115,000 |
|
|
|||
Shares |
Value |
||
The Spectranetics Corp. (a) |
250,000 |
$ 8,207,500 |
|
Vascular Solutions, Inc. (a) |
280,000 |
7,201,600 |
|
|
90,890,051 |
||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
1,580,867,704 |
||
HEALTH CARE PROVIDERS & SERVICES - 0.9% |
|||
Health Care Distributors & Services - 0.5% |
|||
Amplifon SpA |
1,600,000 |
9,967,495 |
|
Health Care Services - 0.4% |
|||
Miraca Holdings, Inc. |
200,000 |
7,589,605 |
|
TOTAL HEALTH CARE PROVIDERS & SERVICES |
17,557,100 |
||
HEALTH CARE TECHNOLOGY - 0.7% |
|||
Health Care Technology - 0.7% |
|||
Castlight Health, Inc. |
999,300 |
12,421,299 |
|
Castlight Health, Inc. Class B (a)(d) |
9,000 |
111,870 |
|
|
12,533,169 |
||
INDUSTRIAL CONGLOMERATES - 2.0% |
|||
Industrial Conglomerates - 2.0% |
|||
Danaher Corp. |
450,000 |
37,602,000 |
|
LIFE SCIENCES TOOLS & SERVICES - 3.1% |
|||
Life Sciences Tools & Services - 3.1% |
|||
Agilent Technologies, Inc. |
786,900 |
33,632,106 |
|
Bruker BioSciences Corp. (a) |
660,000 |
12,658,800 |
|
Thermo Fisher Scientific, Inc. |
90,000 |
11,636,100 |
|
|
57,927,006 |
||
PHARMACEUTICALS - 5.0% |
|||
Pharmaceuticals - 5.0% |
|||
Actavis PLC (a) |
240,000 |
64,946,400 |
|
Mallinckrodt PLC (a) |
300,000 |
27,666,000 |
|
|
92,612,400 |
||
TOTAL COMMON STOCKS (Cost $1,283,737,173) |
|
||
Preferred Stocks - 1.2% |
|||
|
|
|
|
Convertible Preferred Stocks - 0.6% |
|||
BIOTECHNOLOGY - 0.2% |
|||
Biotechnology - 0.2% |
|||
Ariosa Diagnostics (a)(e) |
173,891 |
3,164,816 |
|
Ariosa Diagnostics Series B (a)(e) |
26,588 |
483,902 |
|
|
3,648,718 |
||
HEALTH CARE PROVIDERS & SERVICES - 0.2% |
|||
Health Care Services - 0.2% |
|||
1Life Healthcare, Inc. Series G (e) |
455,526 |
3,329,895 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Convertible Preferred Stocks - continued |
|||
LIFE SCIENCES TOOLS & SERVICES - 0.2% |
|||
Life Sciences Tools & Services - 0.2% |
|||
Penumbra, Inc. (e) |
265,152 |
$ 3,876,522 |
|
TOTAL CONVERTIBLE PREFERRED STOCKS |
10,855,135 |
||
Nonconvertible Preferred Stocks - 0.6% |
|||
HEALTH CARE EQUIPMENT & SUPPLIES - 0.6% |
|||
Health Care Equipment - 0.6% |
|||
Sartorius AG (non-vtg.) |
100,000 |
11,598,902 |
|
TOTAL PREFERRED STOCKS (Cost $18,314,751) |
|
||
Money Market Funds - 4.0% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
21,729,585 |
21,729,585 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
52,830,032 |
52,830,032 |
|
TOTAL MONEY MARKET FUNDS (Cost $74,559,617) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.2% (Cost $1,376,611,541) |
1,924,563,505 |
||
NET OTHER ASSETS (LIABILITIES) - (3.2)% |
(60,248,831) |
||
NET ASSETS - 100% |
$ 1,864,314,674 |
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. |
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,855,135 or 0.6% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
1Life Healthcare, Inc. Series G |
4/10/14 |
$ 3,000,003 |
Ariosa Diagnostics |
11/30/11 - 3/1/13 |
$ 2,100,603 |
Ariosa Diagnostics Series B |
3/1/13 |
$ 321,189 |
Penumbra, Inc. |
5/16/14 |
$ 3,500,006 |
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 |
$ 11,259 |
Fidelity Securities Lending Cash Central Fund |
756,616 |
Total |
$ 767,875 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Exactech, Inc. |
$ 18,640,000 |
$ - |
$ 11,323,958 |
$ - |
$ - |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 1,827,549,851 |
$ 1,826,537,265 |
$ 1,012,586 |
$ - |
Preferred Stocks |
22,454,037 |
11,598,902 |
- |
10,855,135 |
Money Market Funds |
74,559,617 |
74,559,617 |
- |
- |
Total Investments in Securities: |
$ 1,924,563,505 |
$ 1,912,695,784 |
$ 1,012,586 |
$ 10,855,135 |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $1,379,007,961. Net unrealized appreciation aggregated $545,555,544, of which $562,979,339 related to appreciated investment securities and $17,423,795 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Industrial Equipment Portfolio
November 30, 2014
1.810687.110
INE-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 101.2% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 33.4% |
|||
Aerospace & Defense - 33.4% |
|||
Alliant Techsystems, Inc. |
39,200 |
$ 4,456,256 |
|
Honeywell International, Inc. |
66,600 |
6,598,062 |
|
Huntington Ingalls Industries, Inc. |
42,500 |
4,631,225 |
|
L-3 Communications Holdings, Inc. |
75,300 |
9,382,380 |
|
Teledyne Technologies, Inc. (a) |
28,600 |
3,057,626 |
|
Textron, Inc. |
48,700 |
2,109,684 |
|
The Boeing Co. |
181,300 |
24,359,468 |
|
Triumph Group, Inc. |
61,000 |
4,151,660 |
|
United Technologies Corp. |
237,000 |
26,088,961 |
|
|
84,835,322 |
||
AIR FREIGHT & LOGISTICS - 1.2% |
|||
Air Freight & Logistics - 1.2% |
|||
Atlas Air Worldwide Holdings, Inc. (a) |
68,300 |
3,117,895 |
|
AUTO COMPONENTS - 1.9% |
|||
Auto Parts & Equipment - 1.9% |
|||
Johnson Controls, Inc. |
98,000 |
4,900,000 |
|
AUTOMOBILES - 0.7% |
|||
Automobile Manufacturers - 0.7% |
|||
Hyundai Motor Co. |
11,240 |
1,807,236 |
|
BUILDING PRODUCTS - 1.4% |
|||
Building Products - 1.4% |
|||
Lennox International, Inc. |
37,500 |
3,512,625 |
|
CONSTRUCTION & ENGINEERING - 6.0% |
|||
Construction & Engineering - 6.0% |
|||
AECOM Technology Corp. (a) |
396,717 |
12,698,906 |
|
MasTec, Inc. (a) |
104,400 |
2,516,040 |
|
|
15,214,946 |
||
DIVERSIFIED CONSUMER SERVICES - 1.4% |
|||
Specialized Consumer Services - 1.4% |
|||
H&R Block, Inc. |
104,500 |
3,515,380 |
|
ELECTRICAL EQUIPMENT - 5.8% |
|||
Electrical Components & Equipment - 4.1% |
|||
AMETEK, Inc. |
60,500 |
3,083,080 |
|
Regal-Beloit Corp. |
34,828 |
2,518,761 |
|
Rockwell Automation, Inc. |
41,400 |
4,777,974 |
|
|
10,379,815 |
||
Heavy Electrical Equipment - 1.7% |
|||
Babcock & Wilcox Co. |
146,000 |
4,325,980 |
|
TOTAL ELECTRICAL EQUIPMENT |
14,705,795 |
||
|
|||
Shares |
Value |
||
INDUSTRIAL CONGLOMERATES - 11.1% |
|||
Industrial Conglomerates - 11.1% |
|||
Danaher Corp. |
153,500 |
$ 12,826,460 |
|
General Electric Co. |
585,055 |
15,498,107 |
|
|
28,324,567 |
||
MACHINERY - 32.4% |
|||
Agricultural & Farm Machinery - 0.1% |
|||
Deere & Co. |
2,000 |
173,240 |
|
Construction Machinery & Heavy Trucks - 22.0% |
|||
Allison Transmission Holdings, Inc. |
206,433 |
6,789,581 |
|
Caterpillar, Inc. |
132,700 |
13,349,620 |
|
Cummins, Inc. |
76,000 |
11,067,120 |
|
Manitowoc Co., Inc. |
962,600 |
19,386,764 |
|
Navistar International Corp. (a)(d) |
78,900 |
2,824,620 |
|
Terex Corp. |
84,800 |
2,433,760 |
|
|
55,851,465 |
||
Industrial Machinery - 10.3% |
|||
Global Brass & Copper Holdings, Inc. |
515,200 |
6,311,200 |
|
Hy-Lok Corp. |
25,686 |
730,240 |
|
Illinois Tool Works, Inc. |
8,900 |
844,877 |
|
Ingersoll-Rand PLC |
60,500 |
3,815,130 |
|
Metka SA |
64,999 |
727,407 |
|
Parker Hannifin Corp. |
34,500 |
4,451,535 |
|
TriMas Corp. (a) |
76,500 |
2,381,445 |
|
Valmont Industries, Inc. (d) |
52,300 |
7,072,006 |
|
|
26,333,840 |
||
TOTAL MACHINERY |
82,358,545 |
||
PROFESSIONAL SERVICES - 3.8% |
|||
Human Resource & Employment Services - 0.5% |
|||
Towers Watson & Co. |
11,598 |
1,310,110 |
|
Research & Consulting Services - 3.3% |
|||
CBIZ, Inc. (a) |
288,800 |
2,498,120 |
|
CRA International, Inc. (a) |
26,000 |
773,500 |
|
Dun & Bradstreet Corp. |
40,800 |
5,179,560 |
|
|
8,451,180 |
||
TOTAL PROFESSIONAL SERVICES |
9,761,290 |
||
ROAD & RAIL - 1.3% |
|||
Trucking - 1.3% |
|||
J.B. Hunt Transport Services, Inc. |
39,700 |
3,276,441 |
|
TRADING COMPANIES & DISTRIBUTORS - 0.8% |
|||
Trading Companies & Distributors - 0.8% |
|||
WESCO International, Inc. (a) |
23,900 |
1,969,121 |
|
TOTAL COMMON STOCKS (Cost $211,566,303) |
|
||
Money Market Funds - 2.9% |
|||
Shares |
Value |
||
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
7,252,000 |
$ 7,252,000 |
TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $218,818,303) |
|
NET OTHER ASSETS (LIABILITIES) - (4.1)% |
(10,335,986) |
||
NET ASSETS - 100% |
$ 254,215,177 |
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 |
$ 1,383 |
Fidelity Securities Lending Cash Central Fund |
40,989 |
Total |
$ 42,372 |
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 November 30, 2014, the cost of investment securities for income tax purposes was $219,054,095. Net unrealized appreciation aggregated $45,497,068, of which $55,927,562 related to appreciated investment securities and $10,430,494 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Multimedia Portfolio
November 30, 2014
1.810700.110
BAM-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 99.9% |
|||
Shares |
Value |
||
INTERNET & CATALOG RETAIL - 0.0% |
|||
Internet Retail - 0.0% |
|||
Wayfair, LLC. (d) |
2,100 |
$ 50,946 |
|
INTERNET SOFTWARE & SERVICES - 7.1% |
|||
Internet Software & Services - 7.1% |
|||
Facebook, Inc. Class A (a) |
235,700 |
18,313,890 |
|
Google, Inc.: |
|
|
|
Class A (a) |
20,000 |
10,981,600 |
|
Class C (a) |
27,700 |
15,008,691 |
|
HomeAway, Inc. (a) |
266,100 |
8,344,896 |
|
Yahoo!, Inc. (a) |
162,200 |
8,392,228 |
|
|
61,041,305 |
||
MEDIA - 92.8% |
|||
Advertising - 1.0% |
|||
Interpublic Group of Companies, Inc. |
319,000 |
6,472,510 |
|
Omnicom Group, Inc. |
22,000 |
1,699,940 |
|
|
8,172,450 |
||
Broadcasting - 5.6% |
|||
CBS Corp. Class B |
459,400 |
25,211,872 |
|
Cumulus Media, Inc. Class A (a) |
210 |
838 |
|
Discovery Communications, Inc. Class A (a) |
450 |
15,705 |
|
Entercom Communications Corp. Class A (a) |
3,053 |
32,423 |
|
Liberty Media Corp.: |
|
|
|
Class A (a) |
128,093 |
4,709,980 |
|
Class C (a) |
256,186 |
9,358,475 |
|
Nexstar Broadcasting Group, Inc. Class A |
80,400 |
4,125,324 |
|
Sinclair Broadcast Group, Inc. Class A (d) |
155,600 |
4,537,296 |
|
|
47,991,913 |
||
Cable & Satellite - 37.3% |
|||
Charter Communications, Inc. Class A (a) |
151,900 |
25,777,430 |
|
Comcast Corp. Class A |
2,477,150 |
141,296,636 |
|
DIRECTV (a) |
452,413 |
39,681,144 |
|
DISH Network Corp. Class A (a) |
147,600 |
11,720,916 |
|
Liberty Broadband Corp.: |
|
|
|
Class A (a) |
32,023 |
1,756,141 |
|
Class C (a) |
64,046 |
3,484,102 |
|
Liberty Global PLC: |
|
|
|
Class A (a) |
244,789 |
12,726,580 |
|
Class C |
613,847 |
30,643,242 |
|
Starz Series A (a) |
444,300 |
14,657,457 |
|
Time Warner Cable, Inc. |
264,669 |
39,509,788 |
|
|
321,253,436 |
||
|
|||
Shares |
Value |
||
Movies & Entertainment - 47.7% |
|||
AMC Entertainment Holdings, Inc. Class A |
12,185 |
$ 319,491 |
|
DreamWorks Animation SKG, Inc. Class A (a)(d) |
533,800 |
12,725,792 |
|
Lions Gate Entertainment Corp. (d) |
504,577 |
17,105,160 |
|
Live Nation Entertainment, Inc. (a) |
1,377,800 |
36,925,040 |
|
SFX Entertainment, Inc. (a)(d) |
327,800 |
1,425,930 |
|
The Madison Square Garden Co. Class A (a) |
250,200 |
18,274,608 |
|
The Walt Disney Co. |
1,985,104 |
183,641,971 |
|
Time Warner, Inc. |
994,022 |
84,611,153 |
|
Twenty-First Century Fox, Inc. Class A |
1,163,707 |
42,824,418 |
|
Viacom, Inc. Class B (non-vtg.) |
165,400 |
12,509,202 |
|
|
410,362,765 |
||
Publishing - 1.2% |
|||
Gannett Co., Inc. |
326,900 |
10,640,595 |
|
TOTAL MEDIA |
798,421,159 |
||
TOTAL COMMON STOCKS (Cost $538,250,959) |
|
||
Money Market Funds - 3.0% |
|||
|
|
|
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
26,048,075 |
|
|
TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $564,299,034) |
885,561,485 |
||
NET OTHER ASSETS (LIABILITIES) - (2.9)% |
(25,182,936) |
||
NET ASSETS - 100% |
$ 860,378,549 |
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 |
$ 1,502 |
Fidelity Securities Lending Cash Central Fund |
394,253 |
Total |
$ 395,755 |
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 November 30, 2014, the cost of investment securities for income tax purposes was $566,352,977. Net unrealized appreciation aggregated $319,208,508, of which $323,724,380 related to appreciated investment securities and $4,515,872 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Health Care Portfolio
November 30, 2014
1.810696.110
HEA-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 97.6% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 25.2% |
|||
Biotechnology - 25.2% |
|||
Acceleron Pharma, Inc. (a) |
318,241 |
$ 12,328,656 |
|
Acorda Therapeutics, Inc. (a) |
649,973 |
23,691,516 |
|
Actelion Ltd. |
260,000 |
30,917,464 |
|
Alexion Pharmaceuticals, Inc. (a) |
1,600,000 |
311,840,000 |
|
Alnylam Pharmaceuticals, Inc. (a) |
379,800 |
38,188,890 |
|
Amgen, Inc. |
1,900,000 |
314,089,000 |
|
Array BioPharma, Inc. (a)(d) |
2,400,000 |
9,672,000 |
|
Avalanche Biotechnologies, Inc. (a)(d) |
158,110 |
6,243,764 |
|
BioCryst Pharmaceuticals, Inc. (a) |
1,400,000 |
15,134,000 |
|
Biogen Idec, Inc. (a) |
264,000 |
81,230,160 |
|
BioMarin Pharmaceutical, Inc. (a) |
800,000 |
71,776,000 |
|
Celgene Corp. (a) |
2,600,000 |
295,594,000 |
|
Celldex Therapeutics, Inc. (a) |
448,700 |
9,099,636 |
|
Cubist Pharmaceuticals, Inc. (a) |
1,426,314 |
108,128,864 |
|
Discovery Laboratories, Inc. (a) |
3,863,741 |
6,066,073 |
|
Dyax Corp. (a) |
1,400,000 |
19,656,000 |
|
Genomic Health, Inc. (a)(d) |
530,000 |
17,627,800 |
|
Gilead Sciences, Inc. (a) |
1,500,000 |
150,480,000 |
|
Innate Pharma SA (a)(d) |
1,280,000 |
14,069,885 |
|
Insmed, Inc. (a) |
1,489,298 |
21,013,995 |
|
Intercept Pharmaceuticals, Inc. (a) |
230,000 |
33,057,900 |
|
Neurocrine Biosciences, Inc. (a) |
2,000,000 |
39,860,000 |
|
NPS Pharmaceuticals, Inc. (a) |
660,000 |
21,898,800 |
|
Prothena Corp. PLC (a) |
292,790 |
7,097,230 |
|
PTC Therapeutics, Inc. (a) |
600,000 |
26,850,000 |
|
Puma Biotechnology, Inc. (a) |
660,000 |
149,833,200 |
|
Swedish Orphan Biovitrum AB (a) |
56,958 |
640,119 |
|
Ultragenyx Pharmaceutical, Inc. |
720,000 |
31,384,800 |
|
Vanda Pharmaceuticals, Inc. (a)(d)(e) |
2,450,000 |
31,923,500 |
|
Vertex Pharmaceuticals, Inc. (a) |
1,880,000 |
221,614,400 |
|
|
2,121,007,652 |
||
DIVERSIFIED CONSUMER SERVICES - 0.2% |
|||
Specialized Consumer Services - 0.2% |
|||
Carriage Services, Inc. (d) |
850,000 |
16,328,500 |
|
ELECTRONIC EQUIPMENT & COMPONENTS - 1.0% |
|||
Electronic Equipment & Instruments - 1.0% |
|||
Keysight Technologies, Inc. (a) |
2,350,034 |
82,721,197 |
|
HEALTH CARE EQUIPMENT & SUPPLIES - 16.2% |
|||
Health Care Equipment - 15.3% |
|||
Boston Scientific Corp. (a) |
22,207,065 |
285,804,927 |
|
CONMED Corp. |
930,000 |
39,459,900 |
|
Covidien PLC |
280,000 |
28,280,000 |
|
Edwards Lifesciences Corp. (a) |
700,000 |
90,776,000 |
|
Genmark Diagnostics, Inc. (a)(e) |
2,145,486 |
24,372,721 |
|
HeartWare International, Inc. (a) |
674,990 |
49,632,015 |
|
Lumenis Ltd. Class B |
1,156,034 |
11,733,745 |
|
Medtronic, Inc. |
5,600,000 |
413,672,000 |
|
Nevro Corp. |
359,900 |
9,713,701 |
|
|
|||
Shares |
Value |
||
NxStage Medical, Inc. (a) |
2,200,000 |
$ 38,016,000 |
|
ResMed, Inc. (d) |
600,000 |
31,920,000 |
|
Steris Corp. |
800,000 |
51,000,000 |
|
TriVascular Technologies, Inc. (e) |
1,200,000 |
16,164,000 |
|
Volcano Corp. (a) |
2,200,000 |
24,332,000 |
|
Zeltiq Aesthetics, Inc. (a) |
1,080,000 |
29,559,600 |
|
Zimmer Holdings, Inc. |
1,280,000 |
143,731,200 |
|
|
1,288,167,809 |
||
Health Care Supplies - 0.9% |
|||
Derma Sciences, Inc. (a) |
1,000,000 |
8,210,000 |
|
The Cooper Companies, Inc. |
400,000 |
67,560,000 |
|
|
75,770,000 |
||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
1,363,937,809 |
||
HEALTH CARE PROVIDERS & SERVICES - 13.1% |
|||
Health Care Distributors & Services - 7.0% |
|||
Amplifon SpA |
3,000,000 |
18,689,054 |
|
Cardinal Health, Inc. |
1,700,000 |
139,723,000 |
|
EBOS Group Ltd. (d) |
3,280,000 |
24,239,167 |
|
McKesson Corp. |
1,828,000 |
385,269,280 |
|
United Drug PLC (United Kingdom) |
2,800,000 |
16,169,199 |
|
|
584,089,700 |
||
Health Care Facilities - 3.1% |
|||
Brookdale Senior Living, Inc. (a) |
1,760,000 |
62,339,200 |
|
HCA Holdings, Inc. (a) |
1,280,000 |
89,203,200 |
|
Surgical Care Affiliates, Inc. (a)(f) |
1,000,000 |
31,800,000 |
|
Universal Health Services, Inc. Class B |
700,000 |
73,234,000 |
|
|
256,576,400 |
||
Health Care Services - 0.7% |
|||
Air Methods Corp. (a)(d) |
1,400,000 |
62,132,000 |
|
Managed Health Care - 2.3% |
|||
Cigna Corp. |
900,000 |
92,601,000 |
|
Humana, Inc. |
500,000 |
68,985,000 |
|
UnitedHealth Group, Inc. |
350,000 |
34,520,500 |
|
|
196,106,500 |
||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
1,098,904,600 |
||
HEALTH CARE TECHNOLOGY - 4.2% |
|||
Health Care Technology - 4.2% |
|||
athenahealth, Inc. (a)(d) |
600,000 |
70,380,000 |
|
Castlight Health, Inc. |
1,875,650 |
23,314,330 |
|
Castlight Health, Inc. Class B (a) |
33,600 |
417,648 |
|
Cerner Corp. (a) |
2,880,000 |
185,472,000 |
|
HealthStream, Inc. (a) |
1,000,000 |
28,650,000 |
|
Medidata Solutions, Inc. (a) |
1,128,000 |
48,176,880 |
|
|
356,410,858 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
INDUSTRIAL CONGLOMERATES - 1.9% |
|||
Industrial Conglomerates - 1.9% |
|||
Danaher Corp. |
1,900,000 |
$ 158,764,000 |
|
LIFE SCIENCES TOOLS & SERVICES - 4.0% |
|||
Life Sciences Tools & Services - 4.0% |
|||
Agilent Technologies, Inc. |
4,328,125 |
184,984,063 |
|
Bruker BioSciences Corp. (a) |
2,280,000 |
43,730,400 |
|
Illumina, Inc. (a) |
210,000 |
40,086,900 |
|
PRA Health Sciences, Inc. |
1,100,000 |
24,024,000 |
|
Thermo Fisher Scientific, Inc. |
350,000 |
45,251,500 |
|
|
338,076,863 |
||
PHARMACEUTICALS - 31.4% |
|||
Pharmaceuticals - 31.4% |
|||
AbbVie, Inc. |
1,280,000 |
88,576,000 |
|
Actavis PLC (a) |
2,400,000 |
649,464,001 |
|
Allergan, Inc. |
1,240,100 |
265,244,989 |
|
Avanir Pharmaceuticals, Inc. Class A (a) |
4,600,000 |
68,632,000 |
|
Bristol-Myers Squibb Co. |
1,700,000 |
100,385,000 |
|
Dechra Pharmaceuticals PLC |
2,000,000 |
24,867,040 |
|
Endo Health Solutions, Inc. (a) |
1,100,000 |
80,487,000 |
|
Jazz Pharmaceuticals PLC (a) |
664,600 |
117,694,014 |
|
Mallinckrodt PLC (a) |
2,280,520 |
210,309,554 |
|
Meda AB: |
|
|
|
rights 12/4/14 (a) |
1,400,000 |
867,425 |
|
(A Shares) (d) |
1,400,000 |
20,070,944 |
|
Merck & Co., Inc. |
1,400,000 |
84,560,000 |
|
Mylan, Inc. (a) |
1,400,000 |
82,054,000 |
|
Omeros Corp. (a)(d) |
582,561 |
13,008,587 |
|
Pacira Pharmaceuticals, Inc. (a) |
260,000 |
24,421,800 |
|
Perrigo Co. PLC |
1,280,000 |
205,043,200 |
|
Prestige Brands Holdings, Inc. (a) |
1,700,000 |
56,865,000 |
|
Shire PLC sponsored ADR |
1,240,000 |
264,864,000 |
|
Teva Pharmaceutical Industries Ltd. sponsored ADR |
3,100,000 |
176,638,000 |
|
TherapeuticsMD, Inc. (a) |
3,600,000 |
13,824,000 |
|
UCB SA |
400,000 |
31,374,730 |
|
Valeant Pharmaceuticals International (Canada) (a) |
400,000 |
58,308,701 |
|
|
2,637,559,985 |
||
PROFESSIONAL SERVICES - 0.4% |
|||
Human Resource & Employment Services - 0.4% |
|||
WageWorks, Inc. (a) |
575,000 |
33,591,500 |
|
TOTAL COMMON STOCKS (Cost $6,087,658,616) |
|
||
Convertible Preferred Stocks - 0.4% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 0.1% |
|||
Biotechnology - 0.1% |
|||
Ariosa Diagnostics (a)(g) |
248,344 |
$ 4,519,861 |
|
HEALTH CARE PROVIDERS & SERVICES - 0.1% |
|||
Health Care Services - 0.1% |
|||
1Life Healthcare, Inc. Series G (g) |
1,639,892 |
11,987,611 |
|
LIFE SCIENCES TOOLS & SERVICES - 0.2% |
|||
Life Sciences Tools & Services - 0.2% |
|||
Penumbra, Inc. (g) |
1,250,000 |
18,275,000 |
|
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $30,300,003) |
|
||
Money Market Funds - 2.9% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
176,212,685 |
176,212,685 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
65,612,128 |
65,612,128 |
|
TOTAL MONEY MARKET FUNDS (Cost $241,824,813) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $6,359,783,432) |
8,483,910,249 |
||
NET OTHER ASSETS (LIABILITIES) - (0.9)% |
(77,969,165) |
||
NET ASSETS - 100% |
$ 8,405,941,084 |
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. |
(e) Affiliated company |
(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $34,782,472 or 0.4% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
1Life Healthcare, Inc. Series G |
4/10/14 |
$ 10,800,001 |
Ariosa Diagnostics |
11/30/11 |
$ 3,000,002 |
Penumbra, Inc. |
5/16/14 |
$ 16,500,000 |
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 |
$ 101,823 |
Fidelity Securities Lending Cash Central Fund |
531,325 |
Total |
$ 633,148 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Genmark Diagnostics, Inc. |
$ 25,254,925 |
$ 1,355,146 |
$ 96,624 |
$ - |
$ 24,372,721 |
TriVascular Technologies, Inc. |
- |
14,635,293 |
- |
- |
16,164,000 |
Vanda Pharmaceuticals, Inc. |
24,208,000 |
10,195,404 |
- |
- |
31,923,500 |
Total |
$ 49,462,925 |
$ 26,185,843 |
$ 96,624 |
$ - |
$ 72,460,221 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 8,207,302,964 |
$ 8,207,302,964 |
$ - |
$ - |
Convertible Preferred Stocks |
34,782,472 |
- |
- |
34,782,472 |
Money Market Funds |
241,824,813 |
241,824,813 |
- |
- |
Total Investments in Securities: |
$ 8,483,910,249 |
$ 8,449,127,777 |
$ - |
$ 34,782,472 |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $6,367,264,596. Net unrealized appreciation aggregated $2,116,645,653, of which $2,199,695,107 related to appreciated investment securities and $83,049,454 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Industrials Portfolio
November 30, 2014
1.810678.110
CYC-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 98.3% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 25.7% |
|||
Aerospace & Defense - 25.7% |
|||
Alliant Techsystems, Inc. |
80,400 |
$ 9,139,872 |
|
General Dynamics Corp. |
228,897 |
33,272,468 |
|
Honeywell International, Inc. |
534,759 |
52,978,574 |
|
L-3 Communications Holdings, Inc. |
100,000 |
12,460,000 |
|
Northrop Grumman Corp. |
132,400 |
18,659,132 |
|
Teledyne Technologies, Inc. (a) |
156,721 |
16,755,042 |
|
Textron, Inc. |
479,219 |
20,759,767 |
|
The Boeing Co. |
397,698 |
53,434,703 |
|
United Technologies Corp. |
698,571 |
76,898,698 |
|
|
294,358,256 |
||
AIR FREIGHT & LOGISTICS - 5.0% |
|||
Air Freight & Logistics - 5.0% |
|||
FedEx Corp. |
323,417 |
57,626,441 |
|
AIRLINES - 5.1% |
|||
Airlines - 5.1% |
|||
American Airlines Group, Inc. |
552,459 |
26,810,835 |
|
Delta Air Lines, Inc. |
681,273 |
31,795,011 |
|
|
58,605,846 |
||
BUILDING PRODUCTS - 3.5% |
|||
Building Products - 3.5% |
|||
A.O. Smith Corp. |
430,939 |
23,240,540 |
|
Lennox International, Inc. |
175,372 |
16,427,095 |
|
|
39,667,635 |
||
COMMERCIAL SERVICES & SUPPLIES - 3.2% |
|||
Diversified Support Services - 1.6% |
|||
KAR Auction Services, Inc. |
521,200 |
18,059,580 |
|
Environmental & Facility Services - 1.0% |
|||
Waste Connections, Inc. |
247,097 |
11,665,449 |
|
Office Services & Supplies - 0.6% |
|||
West Corp. |
224,503 |
7,013,474 |
|
TOTAL COMMERCIAL SERVICES & SUPPLIES |
36,738,503 |
||
CONSTRUCTION & ENGINEERING - 3.7% |
|||
Construction & Engineering - 3.7% |
|||
AECOM Technology Corp. (a) |
221,300 |
7,083,813 |
|
EMCOR Group, Inc. |
291,545 |
12,638,476 |
|
Jacobs Engineering Group, Inc. (a) |
353,200 |
16,406,140 |
|
Tutor Perini Corp. (a) |
227,517 |
5,744,804 |
|
|
41,873,233 |
||
CONSTRUCTION MATERIALS - 0.3% |
|||
Construction Materials - 0.3% |
|||
Caesarstone Sdot-Yam Ltd. |
60,200 |
3,732,400 |
|
|
|||
Shares |
Value |
||
ELECTRICAL EQUIPMENT - 3.4% |
|||
Electrical Components & Equipment - 2.3% |
|||
AMETEK, Inc. |
5,000 |
$ 254,800 |
|
EnerSys |
96,700 |
5,872,591 |
|
Hubbell, Inc. Class B |
71,593 |
7,646,132 |
|
Rockwell Automation, Inc. |
112,435 |
12,976,123 |
|
|
26,749,646 |
||
Heavy Electrical Equipment - 1.1% |
|||
Babcock & Wilcox Co. |
429,700 |
12,732,011 |
|
TOTAL ELECTRICAL EQUIPMENT |
39,481,657 |
||
ENERGY EQUIPMENT & SERVICES - 0.3% |
|||
Oil & Gas Equipment & Services - 0.3% |
|||
Aspen Aerogels, Inc. |
474,507 |
3,459,156 |
|
INDUSTRIAL CONGLOMERATES - 9.3% |
|||
Industrial Conglomerates - 9.3% |
|||
Danaher Corp. |
906,221 |
75,723,827 |
|
General Electric Co. |
1,172,784 |
31,067,048 |
|
|
106,790,875 |
||
MACHINERY - 15.8% |
|||
Agricultural & Farm Machinery - 2.1% |
|||
Deere & Co. |
283,450 |
24,552,439 |
|
Construction Machinery & Heavy Trucks - 7.1% |
|||
Caterpillar, Inc. |
375,796 |
37,805,078 |
|
Cummins, Inc. |
157,678 |
22,961,070 |
|
Manitowoc Co., Inc. |
1,001,543 |
20,171,076 |
|
|
80,937,224 |
||
Industrial Machinery - 6.6% |
|||
Flowserve Corp. |
141,500 |
8,330,105 |
|
Global Brass & Copper Holdings, Inc. |
180,377 |
2,209,618 |
|
Hyster-Yale Materials Handling Class A |
81,400 |
5,975,574 |
|
IDEX Corp. |
74,098 |
5,691,467 |
|
Ingersoll-Rand PLC |
210,700 |
13,286,742 |
|
Pall Corp. |
184,829 |
17,763,915 |
|
Valmont Industries, Inc. (d) |
169,638 |
22,938,450 |
|
|
76,195,871 |
||
TOTAL MACHINERY |
181,685,534 |
||
OIL, GAS & CONSUMABLE FUELS - 1.8% |
|||
Oil & Gas Storage & Transport - 1.8% |
|||
Golar LNG Ltd. |
244,600 |
10,155,792 |
|
Scorpio Tankers, Inc. |
1,283,608 |
10,589,766 |
|
|
20,745,558 |
||
PROFESSIONAL SERVICES - 9.7% |
|||
Human Resource & Employment Services - 2.7% |
|||
On Assignment, Inc. (a) |
223,700 |
6,874,301 |
|
Towers Watson & Co. |
209,428 |
23,656,987 |
|
|
30,531,288 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
PROFESSIONAL SERVICES - CONTINUED |
|||
Research & Consulting Services - 7.0% |
|||
Corporate Executive Board Co. |
192,800 |
$ 14,114,888 |
|
Dun & Bradstreet Corp. |
174,517 |
22,154,933 |
|
Huron Consulting Group, Inc. (a) |
262,208 |
18,134,305 |
|
Nielsen Holdings B.V. (d) |
264,951 |
11,067,003 |
|
Verisk Analytics, Inc. (a) |
248,550 |
15,405,129 |
|
|
80,876,258 |
||
TOTAL PROFESSIONAL SERVICES |
111,407,546 |
||
ROAD & RAIL - 10.9% |
|||
Railroads - 6.8% |
|||
CSX Corp. |
540,000 |
19,704,600 |
|
Union Pacific Corp. |
498,766 |
58,240,906 |
|
|
77,945,506 |
||
Trucking - 4.1% |
|||
J.B. Hunt Transport Services, Inc. |
393,820 |
32,501,965 |
|
Swift Transporation Co. (a) |
491,300 |
14,282,091 |
|
|
46,784,056 |
||
TOTAL ROAD & RAIL |
124,729,562 |
||
TRADING COMPANIES & DISTRIBUTORS - 0.6% |
|||
Trading Companies & Distributors - 0.6% |
|||
WESCO International, Inc. (a) |
89,766 |
7,395,821 |
|
TOTAL COMMON STOCKS (Cost $890,185,156) |
|
||
Money Market Funds - 2.4% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.11% (b) |
12,629,957 |
$ 12,629,957 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
15,194,400 |
15,194,400 |
|
TOTAL MONEY MARKET FUNDS (Cost $27,824,357) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $918,009,513) |
1,156,122,380 |
||
NET OTHER ASSETS (LIABILITIES) - (0.7)% |
(8,404,565) |
||
NET ASSETS - 100% |
$ 1,147,717,815 |
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 |
$ 9,614 |
Fidelity Securities Lending Cash Central Fund |
142,755 |
Total |
$ 152,369 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 1,128,298,023 |
$ 1,124,838,867 |
$ 3,459,156 |
$ - |
Money Market Funds |
27,824,357 |
27,824,357 |
- |
- |
Total Investments in Securities: |
$ 1,156,122,380 |
$ 1,152,663,224 |
$ 3,459,156 |
$ - |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $919,942,009. Net unrealized appreciation aggregated $236,180,371, of which $252,535,409 related to appreciated investment securities and $16,355,038 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Insurance Portfolio
November 30, 2014
1.810674.110
PRC-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 99.2% |
|||
Shares |
Value |
||
DIVERSIFIED FINANCIAL SERVICES - 1.5% |
|||
Multi-Sector Holdings - 1.5% |
|||
Berkshire Hathaway, Inc. Class B (a) |
41,500 |
$ 6,170,635 |
|
INSURANCE - 97.7% |
|||
Insurance Brokers - 11.5% |
|||
Aon PLC |
84,700 |
7,833,903 |
|
Arthur J. Gallagher & Co. |
148,400 |
7,115,780 |
|
Brown & Brown, Inc. |
148,700 |
4,788,140 |
|
Marsh & McLennan Companies, Inc. |
401,700 |
22,732,203 |
|
Willis Group Holdings PLC |
79,900 |
3,412,529 |
|
|
45,882,555 |
||
Life & Health Insurance - 27.5% |
|||
AFLAC, Inc. |
304,900 |
18,211,677 |
|
American Equity Investment Life Holding Co. |
600 |
16,200 |
|
CNO Financial Group, Inc. |
174,000 |
3,017,160 |
|
FBL Financial Group, Inc. Class A |
300 |
15,423 |
|
Lincoln National Corp. |
3,600 |
203,868 |
|
MetLife, Inc. |
655,175 |
36,434,282 |
|
Primerica, Inc. |
59,500 |
3,119,585 |
|
Principal Financial Group, Inc. |
262,300 |
13,972,721 |
|
Protective Life Corp. |
13,200 |
920,172 |
|
Prudential Financial, Inc. |
252,989 |
21,499,005 |
|
StanCorp Financial Group, Inc. |
31,600 |
2,088,760 |
|
Torchmark Corp. |
80,900 |
4,348,375 |
|
Unum Group |
191,400 |
6,358,308 |
|
|
110,205,536 |
||
Multi-Line Insurance - 16.9% |
|||
American International Group, Inc. |
804,800 |
44,103,038 |
|
Assurant, Inc. |
62,800 |
4,244,652 |
|
Genworth Financial, Inc. Class A (a) |
250,700 |
2,278,863 |
|
Hartford Financial Services Group, Inc. |
266,700 |
11,014,710 |
|
Loews Corp. |
90,700 |
3,776,748 |
|
Zurich Insurance Group AG |
7,915 |
2,480,375 |
|
|
67,898,386 |
||
Property & Casualty Insurance - 36.1% |
|||
ACE Ltd. |
267,049 |
30,534,383 |
|
Allied World Assurance Co. |
169,400 |
6,386,380 |
|
Allstate Corp. |
302,800 |
20,635,820 |
|
Amtrust Financial Services, Inc. (d) |
31,600 |
1,621,712 |
|
Arch Capital Group Ltd. (a) |
10,300 |
590,396 |
|
Argo Group International Holdings, Ltd. |
18,100 |
1,021,564 |
|
Assured Guaranty Ltd. |
110,200 |
2,816,712 |
|
Axis Capital Holdings Ltd. |
17,000 |
850,850 |
|
Beazley PLC |
280,296 |
1,189,126 |
|
Employers Holdings, Inc. |
800 |
16,224 |
|
esure Group PLC |
253,200 |
833,315 |
|
First American Financial Corp. |
67,600 |
2,163,876 |
|
FNF Group |
63,900 |
2,070,360 |
|
FNFV Group (a) |
21,299 |
303,937 |
|
Hanover Insurance Group, Inc. |
48,100 |
3,428,568 |
|
|
|||
Shares |
Value |
||
Hilltop Holdings, Inc. (a) |
500 |
$ 10,190 |
|
Hiscox Ltd. |
268,117 |
2,944,155 |
|
Markel Corp. (a) |
7,600 |
5,295,528 |
|
MBIA, Inc. (a) |
900 |
9,288 |
|
Meadowbrook Insurance Group, Inc. |
700 |
4,263 |
|
Mercury General Corp. |
200 |
11,032 |
|
ProAssurance Corp. |
104,500 |
4,711,905 |
|
Progressive Corp. |
135,400 |
3,688,296 |
|
Selective Insurance Group, Inc. |
160,500 |
4,296,585 |
|
The Chubb Corp. |
210,158 |
21,656,782 |
|
The Travelers Companies, Inc. |
190,200 |
19,866,390 |
|
W.R. Berkley Corp. |
25,000 |
1,306,000 |
|
XL Group PLC Class A |
188,600 |
6,699,072 |
|
|
144,962,709 |
||
Reinsurance - 5.7% |
|||
Alleghany Corp. (a) |
25 |
11,414 |
|
Everest Re Group Ltd. |
9,000 |
1,578,510 |
|
Maiden Holdings Ltd. |
700 |
9,142 |
|
Muenchener Rueckversicherungs AG |
19,600 |
4,037,159 |
|
PartnerRe Ltd. |
20,400 |
2,376,804 |
|
Reinsurance Group of America, Inc. |
97,233 |
8,334,813 |
|
Validus Holdings Ltd. |
158,300 |
6,569,450 |
|
|
22,917,292 |
||
TOTAL INSURANCE |
391,866,478 |
||
TOTAL COMMON STOCKS (Cost $294,827,839) |
|
||
Money Market Funds - 1.0% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
2,394,206 |
2,394,206 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
1,461,175 |
1,461,175 |
|
TOTAL MONEY MARKET FUNDS (Cost $3,855,381) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $298,683,220) |
401,892,494 |
||
NET OTHER ASSETS (LIABILITIES) - (0.2)% |
(757,063) |
||
NET ASSETS - 100% |
$ 401,135,431 |
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 |
$ 1,305 |
Fidelity Securities Lending Cash Central Fund |
45,187 |
Total |
$ 46,492 |
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 November 30, 2014, the cost of investment securities for income tax purposes was $300,330,993. Net unrealized appreciation aggregated $101,561,501, of which $103,271,612 related to appreciated investment securities and $1,710,111 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Software and
Computer Services Portfolio
November 30, 2014
1.810708.110
SOF-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 96.6% |
|||
Shares |
Value |
||
COMMERCIAL SERVICES & SUPPLIES - 0.3% |
|||
Security & Alarm Services - 0.3% |
|||
Mix Telematics Ltd. (a) |
29,426,200 |
$ 10,118,348 |
|
COMMUNICATIONS EQUIPMENT - 2.1% |
|||
Communications Equipment - 2.1% |
|||
QUALCOMM, Inc. |
432,000 |
31,492,800 |
|
Radware Ltd. (a) |
7 |
142 |
|
Riverbed Technology, Inc. (a) |
1,530,504 |
31,643,170 |
|
|
63,136,112 |
||
DIVERSIFIED CONSUMER SERVICES - 0.8% |
|||
Specialized Consumer Services - 0.8% |
|||
H&R Block, Inc. |
753,900 |
25,361,196 |
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.9% |
|||
Alternative Carriers - 0.9% |
|||
8x8, Inc. (a) |
13,100 |
101,918 |
|
inContact, Inc. (a)(e) |
3,337,956 |
27,571,517 |
|
|
27,673,435 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 0.5% |
|||
Electronic Manufacturing Services - 0.5% |
|||
Trimble Navigation Ltd. (a) |
539,000 |
15,159,375 |
|
HEALTH CARE TECHNOLOGY - 0.4% |
|||
Health Care Technology - 0.4% |
|||
Veeva Systems, Inc. Class A (a) |
335,903 |
11,034,414 |
|
INTERNET & CATALOG RETAIL - 1.2% |
|||
Internet Retail - 1.2% |
|||
Ctrip.com International Ltd. sponsored ADR (a) |
94,200 |
5,094,336 |
|
Groupon, Inc. Class A (a)(d) |
4,294,500 |
32,337,585 |
|
Wayfair, LLC. (d) |
7,200 |
174,672 |
|
|
37,606,593 |
||
INTERNET SOFTWARE & SERVICES - 33.8% |
|||
Internet Software & Services - 33.8% |
|||
Actua Corp. (a) |
367,789 |
6,200,923 |
|
Angie's List, Inc. (a)(d) |
75,575 |
448,916 |
|
Benefitfocus, Inc. (a) |
6,402 |
173,430 |
|
ChannelAdvisor Corp. (a)(d) |
783,112 |
13,782,771 |
|
Cornerstone OnDemand, Inc. (a) |
792,622 |
25,181,601 |
|
Cvent, Inc. (a) |
225,000 |
6,057,000 |
|
Demandware, Inc. (a)(d) |
431,550 |
24,166,800 |
|
E2open, Inc. (a)(d)(e) |
1,557,466 |
10,481,746 |
|
Endurance International Group Holdings, Inc. (a)(d) |
500,000 |
8,310,000 |
|
Facebook, Inc. Class A (a) |
2,152,100 |
167,218,170 |
|
Five9, Inc. (d) |
1,000,000 |
4,410,000 |
|
Google, Inc.: |
|
|
|
Class A (a) |
364,500 |
200,139,660 |
|
Class C (a) |
661,600 |
358,474,726 |
|
HomeAway, Inc. (a) |
16,700 |
523,712 |
|
Marketo, Inc. (a) |
154,800 |
4,947,408 |
|
|
|||
Shares |
Value |
||
MercadoLibre, Inc. |
38,300 |
$ 5,398,002 |
|
Opower, Inc. (d) |
266,800 |
4,154,076 |
|
Rackspace Hosting, Inc. (a) |
375,200 |
17,225,432 |
|
SciQuest, Inc. (a) |
1,099,257 |
16,389,922 |
|
SPS Commerce, Inc. (a) |
36 |
2,098 |
|
Textura Corp. (a) |
427,100 |
10,233,316 |
|
Twitter, Inc. |
887,900 |
37,060,946 |
|
Web.com Group, Inc. (a)(e) |
2,874,134 |
48,774,054 |
|
Wix.com Ltd. (a)(d) |
306,104 |
6,553,687 |
|
Yahoo!, Inc. (a) |
960,159 |
49,678,627 |
|
Yelp, Inc. (a) |
42,100 |
2,403,489 |
|
|
1,028,390,512 |
||
IT SERVICES - 19.2% |
|||
Data Processing & Outsourced Services - 15.9% |
|||
Computer Sciences Corp. |
166,500 |
10,552,770 |
|
ExlService Holdings, Inc. (a) |
660,310 |
18,508,489 |
|
Fidelity National Information Services, Inc. |
401,600 |
24,573,904 |
|
FleetCor Technologies, Inc. (a) |
78,300 |
11,892,987 |
|
MasterCard, Inc. Class A |
1,048,600 |
91,532,294 |
|
Quindell PLC |
889,967 |
922,139 |
|
The Western Union Co. |
298,600 |
5,547,988 |
|
Total System Services, Inc. |
407,300 |
13,436,827 |
|
Visa, Inc. Class A |
943,130 |
243,506,735 |
|
WEX, Inc. (a) |
46,400 |
5,246,912 |
|
WNS Holdings Ltd. sponsored ADR (a)(e) |
2,927,854 |
59,816,057 |
|
|
485,537,102 |
||
IT Consulting & Other Services - 3.3% |
|||
Cognizant Technology Solutions Corp. Class A (a) |
799,100 |
43,143,409 |
|
HCL Technologies Ltd. |
1 |
27 |
|
Lionbridge Technologies, Inc. (a)(e) |
6,154,175 |
31,201,667 |
|
Unisys Corp. (a) |
982,200 |
26,244,384 |
|
|
100,589,487 |
||
TOTAL IT SERVICES |
586,126,589 |
||
MEDIA - 2.9% |
|||
Advertising - 2.9% |
|||
MDC Partners, Inc.: |
|
|
|
Class A (e) |
619 |
13,661 |
|
Class A (sub. vtg.) (e) |
3,859,081 |
87,680,318 |
|
|
87,693,979 |
||
PROFESSIONAL SERVICES - 2.9% |
|||
Human Resource & Employment Services - 0.4% |
|||
WageWorks, Inc. (a) |
211,500 |
12,355,830 |
|
Research & Consulting Services - 2.5% |
|||
ICF International, Inc. (a)(e) |
1,938,336 |
75,168,670 |
|
TOTAL PROFESSIONAL SERVICES |
87,524,500 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
SOFTWARE - 31.5% |
|||
Application Software - 12.1% |
|||
Actuate Corp. (a) |
229,600 |
$ 826,560 |
|
Adobe Systems, Inc. (a) |
1,168,100 |
86,065,608 |
|
Autodesk, Inc. (a) |
777,700 |
48,217,400 |
|
BroadSoft, Inc. (a) |
1,161,600 |
31,328,352 |
|
Comverse, Inc. (a) |
349,700 |
7,011,485 |
|
Informatica Corp. (a) |
429,100 |
15,610,658 |
|
Interactive Intelligence Group, Inc. (a) |
120,928 |
5,469,573 |
|
Intuit, Inc. |
254,750 |
23,913,383 |
|
Kingdee International Software Group Co. Ltd. (a) |
13,170,000 |
4,313,634 |
|
Nuance Communications, Inc. (a) |
328,000 |
4,962,640 |
|
Qlik Technologies, Inc. (a) |
473,800 |
14,607,254 |
|
salesforce.com, Inc. (a) |
2,062,026 |
123,453,497 |
|
TiVo, Inc. (a) |
250,300 |
3,048,654 |
|
|
368,828,698 |
||
Home Entertainment Software - 0.5% |
|||
Activision Blizzard, Inc. |
747,900 |
16,192,035 |
|
Systems Software - 18.9% |
|||
CommVault Systems, Inc. (a) |
348,537 |
16,485,800 |
|
Covisint Corp. (a)(d) |
764,100 |
1,757,430 |
|
Imperva, Inc. (a)(d) |
861,874 |
36,664,120 |
|
Microsoft Corp. |
6,675,000 |
319,131,750 |
|
Oracle Corp. |
4,144,500 |
175,768,245 |
|
Red Hat, Inc. (a) |
316,300 |
19,658,045 |
|
Rovi Corp. (a) |
241,900 |
5,389,532 |
|
|
574,854,922 |
||
TOTAL SOFTWARE |
959,875,655 |
||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.0% |
|||
Technology Hardware, Storage & Peripherals - 0.0% |
|||
Cray, Inc. (a) |
7 |
235 |
|
WIRELESS TELECOMMUNICATION SERVICES - 0.1% |
|||
Wireless Telecommunication Services - 0.1% |
|||
RingCentral, Inc. (a) |
238,800 |
3,004,104 |
|
TOTAL COMMON STOCKS (Cost $2,094,561,283) |
|
||
Convertible Preferred Stocks - 0.4% |
|||
Shares |
Value |
||
SOFTWARE - 0.4% |
|||
Application Software - 0.4% |
|||
Deem, Inc. (a)(f) |
159,864,333 |
$ 11,190,503 |
|
Money Market Funds - 4.5% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
92,083,423 |
92,083,423 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
44,334,025 |
44,334,025 |
|
TOTAL MONEY MARKET FUNDS (Cost $136,417,448) |
|
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $2,239,043,247) |
|
NET OTHER ASSETS (LIABILITIES) - (1.5)% |
(44,781,768) |
||
NET ASSETS - 100% |
$ 3,045,531,230 |
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. |
(e) Affiliated company |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $11,190,503 or 0.4% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Deem, Inc. |
9/19/13 |
$ 8,064,516 |
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 |
$ 26,277 |
Fidelity Securities Lending Cash Central Fund |
659,166 |
Total |
$ 685,443 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
E2open, Inc. |
$ 24,811,468 |
$ 12,560,791 |
$ 3,681,400 |
$ - |
$ 10,481,746 |
ICF International, Inc. |
65,033,476 |
14,410,783 |
1,891,705 |
- |
75,168,670 |
inContact, Inc. |
30,108,363 |
- |
- |
- |
27,571,517 |
Lionbridge Technologies, Inc. |
44,063,893 |
- |
- |
- |
31,201,667 |
MDC Partners, Inc. Class A |
- |
12,739 |
- |
100 |
13,661 |
MDC Partners, Inc. Class A (sub. vtg.) |
76,723,790 |
9,200,458 |
- |
1,759,051 |
87,680,318 |
Move, Inc. |
- |
32,667,762 |
49,857,632 |
- |
- |
Web.com Group, Inc. |
108,103,592 |
9,195,354 |
13,488,809 |
- |
48,774,054 |
WNS Holdings Ltd. sponsored ADR |
58,235,016 |
- |
- |
- |
59,816,057 |
Total |
$ 407,079,598 |
$ 78,047,887 |
$ 68,919,546 |
$ 1,759,151 |
$ 340,707,690 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 2,942,705,047 |
$ 2,942,705,047 |
$ - |
$ - |
Convertible Preferred Stocks |
11,190,503 |
- |
- |
11,190,503 |
Money Market Funds |
136,417,448 |
136,417,448 |
- |
- |
Total Investments in Securities: |
$ 3,090,312,998 |
$ 3,079,122,495 |
$ - |
$ 11,190,503 |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $2,240,731,397. Net unrealized appreciation aggregated $849,581,601 of which $943,354,251 related to appreciated investment securities and $93,772,650 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Pharmaceuticals Portfolio
November 30, 2014
1.810707.110
PHR-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 98.9% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 7.4% |
|||
Biotechnology - 7.4% |
|||
Agios Pharmaceuticals, Inc. (a) |
27,953 |
$ 2,817,942 |
|
Alexion Pharmaceuticals, Inc. (a) |
58,300 |
11,362,670 |
|
Alnylam Pharmaceuticals, Inc. (a) |
27,400 |
2,755,070 |
|
AMAG Pharmaceuticals, Inc. (a) |
228,900 |
8,515,080 |
|
Cara Therapeutics, Inc. |
376,300 |
3,477,012 |
|
Celgene Corp. (a) |
228,900 |
26,023,641 |
|
Cubist Pharmaceuticals, Inc. (a) |
190,800 |
14,464,548 |
|
Genmab A/S (a) |
83,300 |
4,116,485 |
|
Innate Pharma SA (a)(d) |
302,300 |
3,322,911 |
|
Intercept Pharmaceuticals, Inc. (a) |
10,598 |
1,523,251 |
|
Knight Therapeutics, Inc. (a) |
471,500 |
2,787,355 |
|
Medivation, Inc. (a) |
83,500 |
9,676,815 |
|
MEI Pharma, Inc. (a) |
252,767 |
1,615,181 |
|
Novavax, Inc. (a) |
370,400 |
1,977,936 |
|
Oncothyreon, Inc. (a) |
971,900 |
1,700,825 |
|
Pfenex, Inc. (a)(d) |
333,500 |
2,551,275 |
|
Regeneron Pharmaceuticals, Inc. (a) |
39,400 |
16,394,734 |
|
Repligen Corp. (a) |
276,100 |
6,314,407 |
|
United Therapeutics Corp. (a) |
75,000 |
9,942,750 |
|
|
131,339,888 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 0.4% |
|||
Electronic Equipment & Instruments - 0.4% |
|||
Keysight Technologies, Inc. (a) |
186,250 |
6,556,000 |
|
FOOD & STAPLES RETAILING - 0.5% |
|||
Drug Retail - 0.5% |
|||
Tsuruha Holdings, Inc. |
142,400 |
8,036,727 |
|
HEALTH CARE EQUIPMENT & SUPPLIES - 2.7% |
|||
Health Care Equipment - 1.9% |
|||
Abbott Laboratories |
661,800 |
29,456,718 |
|
DBV Technologies SA (a)(d) |
76,200 |
3,884,787 |
|
|
33,341,505 |
||
Health Care Supplies - 0.8% |
|||
Sientra, Inc. |
79,700 |
1,384,389 |
|
West Pharmaceutical Services, Inc. |
248,500 |
12,924,485 |
|
|
14,308,874 |
||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
47,650,379 |
||
HEALTH CARE PROVIDERS & SERVICES - 3.4% |
|||
Health Care Distributors & Services - 2.1% |
|||
Arseus NV |
261,000 |
10,727,685 |
|
McKesson Corp. |
100,200 |
21,118,152 |
|
PharMerica Corp. (a) |
268,950 |
5,865,800 |
|
|
37,711,637 |
||
|
|||
Shares |
Value |
||
Health Care Services - 1.3% |
|||
Accretive Health, Inc. (a) |
406,452 |
$ 3,454,842 |
|
Express Scripts Holding Co. (a) |
235,300 |
19,565,195 |
|
|
23,020,037 |
||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
60,731,674 |
||
HOUSEHOLD PRODUCTS - 0.9% |
|||
Household Products - 0.9% |
|||
Reckitt Benckiser Group PLC |
200,267 |
16,438,536 |
|
LIFE SCIENCES TOOLS & SERVICES - 1.2% |
|||
Life Sciences Tools & Services - 1.2% |
|||
Agilent Technologies, Inc. |
241,500 |
10,321,710 |
|
Eurofins Scientific SA |
27,500 |
6,674,840 |
|
PRA Health Sciences, Inc. |
209,000 |
4,564,560 |
|
|
21,561,110 |
||
PERSONAL PRODUCTS - 0.0% |
|||
Personal Products - 0.0% |
|||
MYOS Corp. (a) |
40,000 |
314,400 |
|
PHARMACEUTICALS - 82.4% |
|||
Pharmaceuticals - 82.4% |
|||
AbbVie, Inc. |
807,390 |
55,871,388 |
|
Actavis PLC (a) |
556,307 |
150,542,235 |
|
Akorn, Inc. (a)(d) |
295,300 |
11,832,671 |
|
Allergan, Inc. |
284,700 |
60,894,483 |
|
AstraZeneca PLC sponsored ADR (d) |
1,190,400 |
88,291,968 |
|
Avanir Pharmaceuticals, Inc. Class A (a) |
638,100 |
9,520,452 |
|
Bristol-Myers Squibb Co. |
1,701,910 |
100,497,786 |
|
Catalent, Inc. (a) |
743,000 |
21,390,970 |
|
DepoMed, Inc. (a) |
27,300 |
422,877 |
|
Eli Lilly & Co. |
295,700 |
20,143,084 |
|
Endo Health Solutions, Inc. (a) |
101,300 |
7,412,121 |
|
GlaxoSmithKline PLC sponsored ADR |
799,800 |
37,150,710 |
|
Impax Laboratories, Inc. (a) |
530,000 |
16,933,500 |
|
Jazz Pharmaceuticals PLC (a) |
94,300 |
16,699,587 |
|
Johnson & Johnson |
912,600 |
98,788,950 |
|
Lannett Co., Inc. (a) |
50,300 |
2,471,239 |
|
Mallinckrodt PLC (a) |
522,900 |
48,221,838 |
|
Merck & Co., Inc. |
638,236 |
38,549,454 |
|
Mylan, Inc. (a) |
807,300 |
47,315,853 |
|
Novartis AG sponsored ADR |
829,498 |
80,170,982 |
|
Novo Nordisk A/S Series B sponsored ADR |
1,167,800 |
53,088,188 |
|
Pacira Pharmaceuticals, Inc. (a) |
33,400 |
3,137,262 |
|
Perrigo Co. PLC |
410,352 |
65,734,287 |
|
Pfizer, Inc. |
1,123,688 |
35,002,881 |
|
Prestige Brands Holdings, Inc. (a) |
564,200 |
18,872,490 |
|
Recordati SpA |
840,400 |
14,692,635 |
|
Roche Holding AG (participation certificate) |
183,353 |
54,866,660 |
|
Sagent Pharmaceuticals, Inc. (a) |
393,300 |
11,338,839 |
|
Sanofi SA sponsored ADR |
1,659,622 |
80,143,146 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
PHARMACEUTICALS - CONTINUED |
|||
Pharmaceuticals - continued |
|||
Shire PLC sponsored ADR |
240,800 |
$ 51,434,880 |
|
Tetraphase Pharmaceuticals, Inc. (a) |
90,600 |
2,391,840 |
|
Teva Pharmaceutical Industries Ltd. sponsored ADR |
1,189,389 |
67,771,385 |
|
The Medicines Company (a) |
147,300 |
3,949,113 |
|
Valeant Pharmaceuticals International (Canada) (a) |
490,227 |
71,461,249 |
|
Zoetis, Inc. Class A |
200,300 |
8,999,479 |
|
|
1,456,006,482 |
||
TOTAL COMMON STOCKS (Cost $1,258,068,655) |
|
||
Convertible Preferred Stocks - 0.0% |
|||
|
|
|
|
LIFE SCIENCES TOOLS & SERVICES - 0.0% |
|||
Life Sciences Tools & Services - 0.0% |
|||
Living Proof, Inc. 8.00% (a)(e) |
112,714 |
|
|
Money Market Funds - 1.9% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
20,701,085 |
20,701,085 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
12,284,841 |
12,284,841 |
|
TOTAL MONEY MARKET FUNDS (Cost $32,985,926) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $1,291,254,581) |
1,782,289,516 |
||
NET OTHER ASSETS (LIABILITIES) - (0.8)% |
(14,999,533) |
||
NET ASSETS - 100% |
$ 1,767,289,983 |
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. |
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $668,394 or 0.0% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Living Proof, Inc. 8.00% |
2/13/13 |
$ 200,000 |
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 |
$ 11,632 |
Fidelity Securities Lending Cash Central Fund |
282,897 |
Total |
$ 294,529 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 1,748,635,196 |
$ 1,693,768,536 |
$ 54,866,660 |
$ - |
Convertible Preferred Stocks |
668,394 |
- |
- |
668,394 |
Money Market Funds |
32,985,926 |
32,985,926 |
- |
- |
Total Investments in Securities: |
$ 1,782,289,516 |
$ 1,726,754,462 |
$ 54,866,660 |
$ 668,394 |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $1,293,974,607. Net unrealized appreciation aggregated $488,314,909, of which $496,493,053 related to appreciated investment securities and $8,178,144 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Natural Gas Portfolio
November 30, 2014
1.810725.110
GAS-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 97.1% |
|||
Shares |
Value |
||
ENERGY EQUIPMENT & SERVICES - 21.8% |
|||
Oil & Gas Drilling - 1.6% |
|||
Archer Ltd. (a) |
3,174,400 |
$ 2,193,054 |
|
Pacific Drilling SA (a) |
371,400 |
2,284,110 |
|
Rowan Companies PLC |
246,400 |
5,364,128 |
|
|
9,841,292 |
||
Oil & Gas Equipment & Services - 20.2% |
|||
Baker Hughes, Inc. |
876,300 |
49,949,101 |
|
Cameron International Corp. (a) |
256,100 |
13,132,808 |
|
Era Group, Inc. (a) |
221,200 |
4,656,260 |
|
Forum Energy Technologies, Inc. (a) |
143,000 |
3,433,430 |
|
Halliburton Co. |
323,502 |
13,651,784 |
|
Oil States International, Inc. (a) |
211,500 |
10,543,275 |
|
Schlumberger Ltd. |
72,900 |
6,265,755 |
|
Superior Energy Services, Inc. |
176,000 |
3,398,560 |
|
Weatherford International Ltd. (a) |
1,659,300 |
21,736,830 |
|
|
126,767,803 |
||
TOTAL ENERGY EQUIPMENT & SERVICES |
136,609,095 |
||
GAS UTILITIES - 1.6% |
|||
Gas Utilities - 1.6% |
|||
AGL Resources, Inc. |
195,300 |
10,216,143 |
|
MULTI-UTILITIES - 2.6% |
|||
Multi-Utilities - 2.6% |
|||
NiSource, Inc. |
386,300 |
16,162,792 |
|
OIL, GAS & CONSUMABLE FUELS - 71.1% |
|||
Coal & Consumable Fuels - 0.4% |
|||
CONSOL Energy, Inc. |
59,500 |
2,328,235 |
|
Integrated Oil & Gas - 5.0% |
|||
Hess Corp. |
284,600 |
20,755,878 |
|
Suncor Energy, Inc. |
349,100 |
11,020,195 |
|
|
31,776,073 |
||
Oil & Gas Exploration & Production - 47.7% |
|||
Anadarko Petroleum Corp. |
171,900 |
13,605,885 |
|
Apache Corp. |
90,000 |
5,768,100 |
|
Bellatrix Exploration Ltd. (a) |
835,500 |
3,403,645 |
|
Cabot Oil & Gas Corp. |
211,824 |
6,998,665 |
|
Canadian Natural Resources Ltd. |
1,214,400 |
40,299,523 |
|
Chesapeake Energy Corp. |
71,500 |
1,448,590 |
|
Cimarex Energy Co. |
112,500 |
11,806,875 |
|
Crew Energy, Inc. (a) |
1,163,600 |
7,293,480 |
|
Crown Point Energy, Inc. (a)(e) |
181,658 |
32,555 |
|
Devon Energy Corp. |
794,246 |
46,836,687 |
|
Emerald Oil, Inc. warrants 2/4/16 (a) |
15,002 |
0 |
|
Encana Corp. |
2,869,500 |
45,203,593 |
|
EOG Resources, Inc. |
92,770 |
8,045,014 |
|
EQT Corp. |
78,300 |
7,123,734 |
|
Gulfport Energy Corp. (a) |
257,500 |
12,290,475 |
|
Lekoil Ltd. (a)(d) |
3,774,900 |
2,125,420 |
|
Marathon Oil Corp. |
952,900 |
27,557,868 |
|
|
|||
Shares |
Value |
||
Northern Blizzard Resources, Inc. |
341,700 |
$ 3,241,057 |
|
PDC Energy, Inc. (a) |
183,400 |
5,412,134 |
|
Range Resources Corp. |
34,100 |
2,238,665 |
|
Sanchez Energy Corp. (a)(d) |
68,100 |
768,849 |
|
Savannah Petroleum PLC (a) |
1,200,000 |
670,956 |
|
Southwestern Energy Co. (a) |
1,211,800 |
38,995,724 |
|
Surge Energy, Inc. (d) |
1,893,200 |
8,291,749 |
|
Whitecap Resources, Inc. (d) |
38,200 |
399,732 |
|
|
299,858,975 |
||
Oil & Gas Refining & Marketing - 2.2% |
|||
Phillips 66 Co. |
187,200 |
13,669,344 |
|
Oil & Gas Storage & Transport - 15.8% |
|||
Boardwalk Pipeline Partners, LP |
1,460,500 |
24,098,250 |
|
Kinder Morgan Holding Co. LLC (d) |
431,200 |
17,830,120 |
|
Spectra Energy Corp. |
93,400 |
3,537,992 |
|
The Williams Companies, Inc. |
741,000 |
38,346,750 |
|
TransCanada Corp. |
320,000 |
15,232,101 |
|
|
99,045,213 |
||
TOTAL OIL, GAS & CONSUMABLE FUELS |
446,677,840 |
||
TOTAL COMMON STOCKS (Cost $755,227,440) |
|
Convertible Bonds - 1.2% |
||||
|
Principal Amount |
|
||
OIL, GAS & CONSUMABLE FUELS - 1.2% |
||||
Oil & Gas Exploration & Production - 1.2% |
||||
American Energy Permian Holdings LLC 8% 5/1/22 (e) |
|
$ 8,000,000 |
|
Money Market Funds - 5.9% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.11% (b) |
9,192,802 |
9,192,802 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
27,465,975 |
27,465,975 |
|
TOTAL MONEY MARKET FUNDS (Cost $36,658,777) |
|
TOTAL INVESTMENT PORTFOLIO - 104.2% (Cost $799,566,813) |
|
NET OTHER ASSETS (LIABILITIES) - (4.2)% |
(26,232,992) |
||
NET ASSETS - 100% |
$ 627,751,655 |
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. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $7,692,555 or 1.2% of net assets. |
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 |
$ 29,192 |
Fidelity Securities Lending Cash Central Fund |
326,512 |
Total |
$ 355,704 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 609,665,870 |
$ 609,665,870 |
$ - |
$ - |
Convertible Bonds |
7,660,000 |
- |
7,660,000 |
- |
Money Market Funds |
36,658,777 |
36,658,777 |
- |
- |
Total Investments in Securities: |
$ 653,984,647 |
$ 646,324,647 |
$ 7,660,000 |
$ - |
During the period, 4,263,025 shares of the Fund held by affiliated entities were redeemed for cash and investments with a value of $191,196,708. The Fund recognized a net realized gain of $33,190,903 on investments delivered through in-kind redemptions. The Fund recognized no gain or loss for federal income tax purposes. |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $801,449,706. Net unrealized depreciation aggregated $147,465,059, of which $4,011,155 related to appreciated investment securities and $151,476,214 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, changes in interest rates and credit quality. 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. |
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. |
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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Natural Resources Portfolio
November 30, 2014
1.810716.110
NAT-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 99.4% |
|||
Shares |
Value |
||
CONTAINERS & PACKAGING - 4.8% |
|||
Metal & Glass Containers - 1.5% |
|||
Ball Corp. |
172,100 |
$ 11,542,747 |
|
Paper Packaging - 3.3% |
|||
Graphic Packaging Holding Co. (a) |
457,800 |
5,699,610 |
|
Packaging Corp. of America |
95,500 |
7,093,740 |
|
Rock-Tenn Co. Class A |
211,600 |
12,020,996 |
|
|
24,814,346 |
||
TOTAL CONTAINERS & PACKAGING |
36,357,093 |
||
ENERGY EQUIPMENT & SERVICES - 21.9% |
|||
Oil & Gas Drilling - 1.0% |
|||
Ocean Rig UDW, Inc. (United States) |
127,400 |
1,527,526 |
|
Odfjell Drilling A/S |
701,200 |
1,694,502 |
|
Vantage Drilling Co. (a) |
2,249,900 |
1,732,423 |
|
Xtreme Drilling & Coil Services Corp. (a) |
1,009,400 |
2,426,654 |
|
|
7,381,105 |
||
Oil & Gas Equipment & Services - 20.9% |
|||
Baker Hughes, Inc. |
583,000 |
33,231,000 |
|
C&J Energy Services, Inc. (a) |
44,400 |
672,660 |
|
Dril-Quip, Inc. (a) |
62,600 |
4,992,350 |
|
FMC Technologies, Inc. (a) |
370,200 |
17,684,454 |
|
Halliburton Co. |
31,000 |
1,308,200 |
|
National Oilwell Varco, Inc. |
98,858 |
6,627,440 |
|
Oceaneering International, Inc. |
294,500 |
18,468,095 |
|
Schlumberger Ltd. |
756,292 |
65,003,295 |
|
Total Energy Services, Inc. |
100,000 |
1,554,332 |
|
Weatherford International Ltd. (a) |
688,800 |
9,023,280 |
|
|
158,565,106 |
||
TOTAL ENERGY EQUIPMENT & SERVICES |
165,946,211 |
||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.4% |
|||
Renewable Electricity - 0.4% |
|||
NextEra Energy Partners LP |
79,200 |
2,994,552 |
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.8% |
|||
Independent Power Producers & Energy Traders - 0.8% |
|||
Dynegy, Inc. (a) |
183,712 |
6,090,053 |
|
METALS & MINING - 8.3% |
|||
Diversified Metals & Mining - 1.4% |
|||
Freeport-McMoRan, Inc. |
232,900 |
6,253,365 |
|
Teck Resources Ltd. Class B (sub. vtg.) |
187,800 |
2,896,050 |
|
Turquoise Hill Resources Ltd. (a) |
436,050 |
1,418,049 |
|
|
10,567,464 |
||
Gold - 6.2% |
|||
AngloGold Ashanti Ltd. sponsored ADR (a) |
325,400 |
2,785,424 |
|
B2Gold Corp. (a) |
884,000 |
1,437,398 |
|
Barrick Gold Corp. (d) |
244,200 |
2,890,522 |
|
Franco-Nevada Corp. |
198,600 |
9,932,604 |
|
|
|||
Shares |
Value |
||
Gold Fields Ltd. sponsored ADR |
1,768,900 |
$ 7,252,490 |
|
Goldcorp, Inc. |
226,900 |
4,443,186 |
|
Harmony Gold Mining Co. Ltd. sponsored ADR (a) |
530,400 |
906,984 |
|
IAMGOLD Corp. (a) |
508,200 |
995,164 |
|
Kinross Gold Corp. (a) |
295,867 |
819,913 |
|
Newmont Mining Corp. |
193,300 |
3,556,720 |
|
Randgold Resources Ltd. sponsored ADR |
129,400 |
8,369,592 |
|
Royal Gold, Inc. |
37,600 |
2,394,368 |
|
Yamana Gold, Inc. |
390,000 |
1,408,078 |
|
|
47,192,443 |
||
Silver - 0.7% |
|||
Pan American Silver Corp. |
128,600 |
1,191,678 |
|
Silver Wheaton Corp. |
193,600 |
3,821,565 |
|
|
5,013,243 |
||
TOTAL METALS & MINING |
62,773,150 |
||
OIL, GAS & CONSUMABLE FUELS - 63.2% |
|||
Coal & Consumable Fuels - 0.5% |
|||
Peabody Energy Corp. (d) |
429,200 |
4,339,212 |
|
Integrated Oil & Gas - 9.0% |
|||
BG Group PLC |
707,500 |
9,949,411 |
|
Chevron Corp. |
400,200 |
43,569,774 |
|
Exxon Mobil Corp. |
93,900 |
8,501,706 |
|
Imperial Oil Ltd. |
139,300 |
6,037,673 |
|
|
68,058,564 |
||
Oil & Gas Exploration & Production - 34.1% |
|||
Anadarko Petroleum Corp. |
378,200 |
29,934,530 |
|
Bankers Petroleum Ltd. (a) |
662,900 |
1,993,510 |
|
Bonanza Creek Energy, Inc. (a) |
151,500 |
4,123,830 |
|
BPZ Energy, Inc. (a) |
1,033,500 |
620,100 |
|
Canadian Natural Resources Ltd. |
510,400 |
16,937,481 |
|
Cimarex Energy Co. |
285,100 |
29,921,245 |
|
Concho Resources, Inc. (a) |
198,200 |
18,878,550 |
|
ConocoPhillips Co. |
310,900 |
20,541,163 |
|
Continental Resources, Inc. (a)(d) |
204,400 |
8,376,312 |
|
Diamondback Energy, Inc. (a) |
14,600 |
823,440 |
|
Energy XXI (Bermuda) Ltd. |
266,300 |
1,067,863 |
|
EOG Resources, Inc. |
553,800 |
48,025,536 |
|
Evolution Petroleum Corp. |
78,400 |
616,224 |
|
Kodiak Oil & Gas Corp. (a) |
916,000 |
6,714,280 |
|
Kosmos Energy Ltd. (a) |
229,000 |
1,909,860 |
|
Memorial Resource Development Corp. |
509,500 |
11,005,200 |
|
Murphy Oil Corp. |
46,900 |
2,270,898 |
|
Newfield Exploration Co. (a) |
35,300 |
961,219 |
|
Noble Energy, Inc. |
552,800 |
27,186,704 |
|
Northern Oil & Gas, Inc. (a)(d) |
317,795 |
2,761,639 |
|
Paramount Resources Ltd. Class A (a) |
52,400 |
1,707,730 |
|
PDC Energy, Inc. (a) |
99,700 |
2,942,147 |
|
Peyto Exploration & Development Corp. (d) |
61,300 |
1,799,505 |
|
Pioneer Natural Resources Co. |
53,600 |
7,677,128 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
|||
Oil & Gas Exploration & Production - continued |
|||
SM Energy Co. |
12,400 |
$ 538,780 |
|
Synergy Resources Corp. (a) |
159,600 |
1,565,676 |
|
TAG Oil Ltd. (a)(d) |
615,100 |
844,223 |
|
Trilogy Energy Corp. |
177,600 |
1,658,159 |
|
Whiting Petroleum Corp. (a) |
121,400 |
5,070,878 |
|
|
258,473,810 |
||
Oil & Gas Refining & Marketing - 6.6% |
|||
Alon U.S.A. Energy, Inc. |
61,900 |
864,124 |
|
CVR Refining, LP |
43,617 |
972,223 |
|
Marathon Petroleum Corp. |
53,300 |
4,801,797 |
|
Phillips 66 Co. |
191,300 |
13,968,726 |
|
Tesoro Corp. |
80,000 |
6,129,600 |
|
Valero Energy Corp. |
425,900 |
20,702,999 |
|
World Fuel Services Corp. |
52,700 |
2,386,256 |
|
|
49,825,725 |
||
Oil & Gas Storage & Transport - 13.0% |
|||
Cheniere Energy, Inc. (a) |
132,100 |
8,717,279 |
|
Dominion Midstream Partners LP |
30,010 |
931,811 |
|
Enable Midstream Partners LP |
53,700 |
1,080,444 |
|
EQT Midstream Partners LP |
39,100 |
3,270,324 |
|
Golar LNG Ltd. |
140,400 |
5,829,408 |
|
Kinder Morgan Holding Co. LLC (d) |
534,000 |
22,080,900 |
|
Magellan Midstream Partners LP |
47,400 |
3,928,986 |
|
MPLX LP |
109,200 |
7,251,972 |
|
Phillips 66 Partners LP |
116,700 |
7,264,575 |
|
Plains GP Holdings LP Class A |
338,500 |
8,794,230 |
|
SemGroup Corp. Class A |
30,000 |
2,219,700 |
|
Targa Resources Corp. |
78,800 |
8,994,232 |
|
|
|||
Shares |
Value |
||
The Williams Companies, Inc. |
213,600 |
$ 11,053,800 |
|
Valero Energy Partners LP |
179,425 |
7,485,611 |
|
|
98,903,272 |
||
TOTAL OIL, GAS & CONSUMABLE FUELS |
479,600,583 |
||
TOTAL COMMON STOCKS (Cost $819,039,947) |
|
||
Money Market Funds - 5.9% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
4,955,823 |
4,955,823 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
39,682,215 |
39,682,215 |
|
TOTAL MONEY MARKET FUNDS (Cost $44,638,038) |
|
||
TOTAL INVESTMENT PORTFOLIO - 105.3% (Cost $863,677,985) |
798,399,680 |
||
NET OTHER ASSETS (LIABILITIES) - (5.3)% |
(40,392,440) |
||
NET ASSETS - 100% |
$ 758,007,240 |
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 |
$ 10,728 |
Fidelity Securities Lending Cash Central Fund |
86,442 |
Total |
$ 97,170 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 753,761,642 |
$ 743,812,231 |
$ 9,949,411 |
$ - |
Money Market Funds |
44,638,038 |
44,638,038 |
- |
- |
Total Investments in Securities: |
$ 798,399,680 |
$ 788,450,269 |
$ 9,949,411 |
$ - |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $865,272,987. Net unrealized depreciation aggregated $66,873,307, of which $78,945,505 related to appreciated investment securities and $145,818,812 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Retailing Portfolio
November 30, 2014
1.810717.110
RET-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 97.5% |
|||
Shares |
Value |
||
FOOD & STAPLES RETAILING - 2.5% |
|||
Drug Retail - 0.6% |
|||
CVS Health Corp. |
54,000 |
$ 4,933,440 |
|
Hypermarkets & Super Centers - 1.9% |
|||
Costco Wholesale Corp. |
109,043 |
15,497,191 |
|
TOTAL FOOD & STAPLES RETAILING |
20,430,631 |
||
FOOD PRODUCTS - 1.4% |
|||
Packaged Foods & Meats - 1.4% |
|||
Associated British Foods PLC |
234,200 |
11,717,227 |
|
HOTELS, RESTAURANTS & LEISURE - 1.0% |
|||
Restaurants - 1.0% |
|||
Ruth's Hospitality Group, Inc. |
153,400 |
2,015,676 |
|
Starbucks Corp. |
74,100 |
6,017,661 |
|
|
8,033,337 |
||
HOUSEHOLD DURABLES - 1.1% |
|||
Household Appliances - 1.1% |
|||
Techtronic Industries Co. Ltd. |
2,674,500 |
8,552,606 |
|
INTERNET & CATALOG RETAIL - 19.6% |
|||
Internet Retail - 19.6% |
|||
Amazon.com, Inc. (a) |
207,880 |
70,396,483 |
|
Ocado Group PLC (a)(d) |
1,012,700 |
5,140,972 |
|
priceline.com, Inc. (a) |
72,120 |
83,672,903 |
|
Wayfair, LLC. (d) |
1,900 |
46,094 |
|
|
159,256,452 |
||
INTERNET SOFTWARE & SERVICES - 0.8% |
|||
Internet Software & Services - 0.8% |
|||
Alibaba Group Holding Ltd. sponsored ADR |
24,400 |
2,724,016 |
|
HomeAway, Inc. (a) |
110,200 |
3,455,872 |
|
|
6,179,888 |
||
MULTILINE RETAIL - 1.7% |
|||
Department Stores - 1.2% |
|||
Macy's, Inc. |
156,600 |
10,164,906 |
|
General Merchandise Stores - 0.5% |
|||
B&M European Value Retail S.A. |
961,833 |
4,041,411 |
|
TOTAL MULTILINE RETAIL |
14,206,317 |
||
SPECIALTY RETAIL - 53.5% |
|||
Apparel Retail - 16.9% |
|||
H&M Hennes & Mauritz AB (B Shares) |
134,863 |
5,776,833 |
|
Inditex SA |
353,310 |
10,286,756 |
|
L Brands, Inc. |
616,683 |
49,889,655 |
|
|
|||
Shares |
Value |
||
Ross Stores, Inc. |
183,600 |
$ 16,795,728 |
|
TJX Companies, Inc. |
823,100 |
54,456,296 |
|
|
137,205,268 |
||
Automotive Retail - 9.8% |
|||
AutoZone, Inc. (a) |
68,363 |
39,493,989 |
|
O'Reilly Automotive, Inc. (a) |
220,386 |
40,273,338 |
|
|
79,767,327 |
||
Home Improvement Retail - 21.7% |
|||
Home Depot, Inc. |
1,424,400 |
141,585,358 |
|
Lowe's Companies, Inc. |
409,600 |
26,144,768 |
|
Lumber Liquidators Holdings, Inc. (a)(d) |
134,900 |
8,578,291 |
|
|
176,308,417 |
||
Homefurnishing Retail - 1.0% |
|||
Restoration Hardware Holdings, Inc. (a)(d) |
90,900 |
7,678,323 |
|
Specialty Stores - 4.1% |
|||
Signet Jewelers Ltd. |
115,600 |
15,138,976 |
|
Tiffany & Co., Inc. |
147,300 |
15,896,616 |
|
World Duty Free SpA (a) |
267,861 |
2,592,964 |
|
|
33,628,556 |
||
TOTAL SPECIALTY RETAIL |
434,587,891 |
||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.5% |
|||
Technology Hardware, Storage & Peripherals - 0.5% |
|||
Apple, Inc. |
33,500 |
3,984,155 |
|
TEXTILES, APPAREL & LUXURY GOODS - 15.4% |
|||
Apparel, Accessories & Luxury Goods - 13.1% |
|||
Compagnie Financiere Richemont SA Series A |
85,500 |
8,038,991 |
|
G-III Apparel Group Ltd. (a) |
414,867 |
36,711,581 |
|
Kate Spade & Co. (a) |
121,400 |
3,888,442 |
|
lululemon athletica, Inc. (a)(d) |
239,357 |
11,534,614 |
|
Michael Kors Holdings Ltd. (a) |
149,900 |
11,498,829 |
|
Prada SpA (d) |
1,109,400 |
7,181,184 |
|
PVH Corp. |
126,000 |
16,019,640 |
|
Ralph Lauren Corp. |
24,900 |
4,604,010 |
|
Swatch Group AG (Bearer) (Reg.) |
73,447 |
6,761,305 |
|
|
106,238,596 |
||
Footwear - 2.3% |
|||
NIKE, Inc. Class B |
184,820 |
18,350,778 |
|
TOTAL TEXTILES, APPAREL & LUXURY GOODS |
124,589,374 |
||
TOTAL COMMON STOCKS (Cost $491,087,124) |
|
Convertible Bonds - 0.2% |
||||
|
Principal Amount |
Value |
||
SOFTWARE - 0.2% |
||||
Home Entertainment Software - 0.2% |
||||
Take-Two Interactive Software, Inc. 1.75% 12/1/16 |
|
$ 1,000,000 |
$ 1,506,875 |
Money Market Funds - 7.3% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.11% (b) |
25,198,991 |
25,198,991 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
33,892,351 |
33,892,351 |
|
TOTAL MONEY MARKET FUNDS (Cost $59,091,342) |
|
||
TOTAL INVESTMENT PORTFOLIO - 105.0% (Cost $551,178,466) |
852,136,095 |
||
NET OTHER ASSETS (LIABILITIES) - (5.0)% |
(40,610,984) |
||
NET ASSETS - 100% |
$ 811,525,111 |
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 |
$ 9,642 |
Fidelity Securities Lending Cash Central Fund |
183,756 |
Total |
$ 193,398 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 791,537,878 |
$ 791,537,878 |
$ - |
$ - |
Convertible Bonds |
1,506,875 |
- |
1,506,875 |
- |
Money Market Funds |
59,091,342 |
59,091,342 |
- |
- |
Total Investments in Securities: |
$ 852,136,095 |
$ 850,629,220 |
$ 1,506,875 |
$ - |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $552,676,070. Net unrealized appreciation aggregated $299,460,025, of which $313,463,752 related to appreciated investment securities and $14,003,727 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, changes in interest rates and credit quality. 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. |
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. |
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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Telecommunications Portfolio
November 30, 2014
1.810721.110
TEL-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 95.5% |
|||
Shares |
Value |
||
COMMUNICATIONS EQUIPMENT - 0.5% |
|||
Communications Equipment - 0.5% |
|||
Ruckus Wireless, Inc. (a) |
178,700 |
$ 2,047,902 |
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 61.2% |
|||
Alternative Carriers - 21.3% |
|||
8x8, Inc. (a) |
1,015,586 |
7,901,259 |
|
Cogent Communications Group, Inc. |
511,768 |
18,126,823 |
|
Globalstar, Inc. (a)(d) |
248,600 |
701,052 |
|
Iliad SA |
17,713 |
4,349,983 |
|
inContact, Inc. (a) |
705,823 |
5,830,098 |
|
Inmarsat PLC |
160,600 |
1,993,060 |
|
Iridium Communications, Inc. (a)(d) |
466,976 |
4,459,621 |
|
Level 3 Communications, Inc. (a) |
525,167 |
26,258,350 |
|
Lumos Networks Corp. |
515,878 |
8,532,622 |
|
magicJack VocalTec Ltd. (a)(d) |
201,700 |
1,639,821 |
|
Premiere Global Services, Inc. (a) |
489,383 |
5,162,991 |
|
Towerstream Corp. (a)(d) |
807,024 |
1,291,238 |
|
Vonage Holdings Corp. (a) |
984,871 |
3,358,410 |
|
|
89,605,328 |
||
Integrated Telecommunication Services - 39.9% |
|||
AT&T, Inc. |
943,650 |
33,386,337 |
|
Atlantic Tele-Network, Inc. |
102,000 |
6,933,960 |
|
Bezeq The Israel Telecommunication Corp. Ltd. |
1,709,200 |
3,024,006 |
|
CenturyLink, Inc. |
396,778 |
16,176,639 |
|
Cincinnati Bell, Inc. (a) |
818,814 |
2,914,978 |
|
Consolidated Communications Holdings, Inc. (d) |
168,298 |
4,613,048 |
|
Frontier Communications Corp. (d) |
670,083 |
4,724,085 |
|
General Communications, Inc. Class A (a) |
40,796 |
495,671 |
|
Hawaiian Telcom Holdco, Inc. (a)(d) |
79,965 |
2,079,090 |
|
IDT Corp. Class B |
191,681 |
3,247,076 |
|
Telecom Italia SpA (a)(d) |
1,130,500 |
1,273,327 |
|
Verizon Communications, Inc. |
1,761,197 |
89,098,957 |
|
Windstream Holdings, Inc. |
1,882 |
19,027 |
|
|
167,986,201 |
||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES |
257,591,529 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 0.2% |
|||
Technology Distributors - 0.2% |
|||
Ingram Micro, Inc. Class A (a) |
38,100 |
1,045,083 |
|
INTERNET SOFTWARE & SERVICES - 0.9% |
|||
Internet Software & Services - 0.9% |
|||
EarthLink Holdings Corp. |
3,600 |
15,804 |
|
Gogo, Inc. (a)(d) |
112,800 |
1,784,496 |
|
Rackspace Hosting, Inc. (a) |
42,300 |
1,941,993 |
|
|
3,742,293 |
||
|
|||
Shares |
Value |
||
IT SERVICES - 0.8% |
|||
IT Consulting & Other Services - 0.8% |
|||
Interxion Holding N.V. (a) |
118,600 |
$ 3,305,382 |
|
MEDIA - 10.8% |
|||
Cable & Satellite - 10.8% |
|||
DIRECTV (a) |
316,800 |
27,786,528 |
|
Liberty Global PLC Class C |
100,636 |
5,023,749 |
|
Time Warner Cable, Inc. |
83,500 |
12,464,880 |
|
|
45,275,157 |
||
REAL ESTATE INVESTMENT TRUSTS - 3.0% |
|||
Office REITs - 0.7% |
|||
CyrusOne, Inc. |
100,900 |
2,769,705 |
|
Specialized REITs - 2.3% |
|||
American Tower Corp. |
92,490 |
9,712,375 |
|
TOTAL REAL ESTATE INVESTMENT TRUSTS |
12,482,080 |
||
SOFTWARE - 0.8% |
|||
Application Software - 0.7% |
|||
Comverse, Inc. (a) |
56,800 |
1,138,840 |
|
Interactive Intelligence Group, Inc. (a) |
37,100 |
1,678,033 |
|
|
2,816,873 |
||
Systems Software - 0.1% |
|||
Rovi Corp. (a) |
29,600 |
659,488 |
|
TOTAL SOFTWARE |
3,476,361 |
||
WIRELESS TELECOMMUNICATION SERVICES - 17.3% |
|||
Wireless Telecommunication Services - 17.3% |
|||
KDDI Corp. |
56,100 |
3,593,349 |
|
Leap Wireless International, Inc. rights |
400 |
1,008 |
|
Mobistar SA (a) |
61,600 |
1,467,972 |
|
NTELOS Holdings Corp. (d) |
90,825 |
762,930 |
|
RingCentral, Inc. (a)(d) |
300,300 |
3,777,774 |
|
SBA Communications Corp. Class A (a) |
126,956 |
15,446,737 |
|
Shenandoah Telecommunications Co. |
78,126 |
2,314,873 |
|
Sprint Corp. (a)(d) |
801,985 |
4,106,163 |
|
T-Mobile U.S., Inc. (a) |
619,297 |
18,077,279 |
|
Telephone & Data Systems, Inc. |
548,164 |
14,011,072 |
|
U.S. Cellular Corp. (a) |
67,700 |
2,605,773 |
|
Vodafone Group PLC sponsored ADR |
188,500 |
6,889,675 |
|
|
73,054,605 |
||
TOTAL COMMON STOCKS (Cost $343,104,788) |
|
||
Nonconvertible Preferred Stocks - 0.9% |
|||
|
|
|
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.5% |
|||
Integrated Telecommunication Services - 0.5% |
|||
Telefonica Brasil SA sponsored ADR (d) |
97,900 |
2,012,824 |
|
Nonconvertible Preferred Stocks - continued |
|||
Shares |
Value |
||
WIRELESS TELECOMMUNICATION SERVICES - 0.4% |
|||
Wireless Telecommunication Services - 0.4% |
|||
TIM Participacoes SA sponsored ADR |
68,500 |
$ 1,667,975 |
|
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $3,922,640) |
|
||
Money Market Funds - 7.4% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
14,948,835 |
14,948,835 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
16,175,546 |
16,175,546 |
|
TOTAL MONEY MARKET FUNDS (Cost $31,124,381) |
|
TOTAL INVESTMENT PORTFOLIO - 103.8% (Cost $378,151,809) |
436,825,572 |
NET OTHER ASSETS (LIABILITIES) - (3.8)% |
(15,813,127) |
||
NET ASSETS - 100% |
$ 421,012,445 |
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 |
$ 5,386 |
Fidelity Securities Lending Cash Central Fund |
158,145 |
Total |
$ 163,531 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 402,020,392 |
$ 400,746,057 |
$ 1,273,327 |
$ 1,008 |
Nonconvertible Preferred Stocks |
3,680,799 |
3,680,799 |
- |
- |
Money Market Funds |
31,124,381 |
31,124,381 |
- |
- |
Total Investments in Securities: |
$ 436,825,572 |
$ 435,551,237 |
$ 1,273,327 |
$ 1,008 |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $381,580,058. Net unrealized appreciation aggregated $55,245,514, of which $64,407,239 related to appreciated investment securities and $9,161,725 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Technology Portfolio
November 30, 2014
1.810712.110
TEC-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 97.3% |
|||
Shares |
Value |
||
AUTO COMPONENTS - 0.0% |
|||
Auto Parts & Equipment - 0.0% |
|||
Weifu High-Technology Co. Ltd. (B Shares) |
80,200 |
$ 303,416 |
|
AUTOMOBILES - 1.6% |
|||
Automobile Manufacturers - 1.6% |
|||
Tesla Motors, Inc. (a)(d) |
176,956 |
43,269,281 |
|
CHEMICALS - 0.1% |
|||
Industrial Gases - 0.1% |
|||
Sodiff Advanced Materials Co. Ltd. |
27,733 |
1,370,109 |
|
COMMUNICATIONS EQUIPMENT - 3.4% |
|||
Communications Equipment - 3.4% |
|||
BYD Electronic International Co. Ltd. |
2,360,500 |
2,645,014 |
|
Cisco Systems, Inc. |
697,700 |
19,284,428 |
|
Ixia (a) |
596,476 |
6,185,456 |
|
Juniper Networks, Inc. |
731,956 |
16,220,145 |
|
Palo Alto Networks, Inc. (a) |
300 |
36,900 |
|
Procera Networks, Inc. (a)(d) |
42,300 |
290,178 |
|
QUALCOMM, Inc. |
193,000 |
14,069,700 |
|
Radware Ltd. (a) |
562,263 |
11,391,448 |
|
Riverbed Technology, Inc. (a) |
715,094 |
14,784,568 |
|
Sandvine Corp. (U.K.) (a) |
2,212 |
5,571 |
|
Spirent Communications PLC |
8,778,232 |
9,214,194 |
|
|
94,127,602 |
||
CONSTRUCTION MATERIALS - 0.0% |
|||
Construction Materials - 0.0% |
|||
Universal Cement Corp. |
877,200 |
740,342 |
|
DIVERSIFIED CONSUMER SERVICES - 0.1% |
|||
Specialized Consumer Services - 0.1% |
|||
LifeLock, Inc. (a)(d) |
157,600 |
2,601,976 |
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.2% |
|||
Alternative Carriers - 0.2% |
|||
8x8, Inc. (a) |
844,900 |
6,573,322 |
|
ELECTRICAL EQUIPMENT - 0.7% |
|||
Electrical Components & Equipment - 0.4% |
|||
Acuity Brands, Inc. |
38,900 |
5,375,980 |
|
Lumenpulse, Inc. (a) |
40,300 |
589,962 |
|
OSRAM Licht AG |
130,735 |
5,429,585 |
|
|
11,395,527 |
||
Heavy Electrical Equipment - 0.3% |
|||
Mitsubishi Electric Corp. |
635,000 |
7,630,270 |
|
TOTAL ELECTRICAL EQUIPMENT |
19,025,797 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 6.3% |
|||
Electronic Components - 3.0% |
|||
Alps Electric Co. Ltd. |
709,600 |
14,190,207 |
|
Delta Electronics, Inc. |
407,000 |
2,405,794 |
|
Iljin Materials Co. Ltd. (a) |
21,280 |
153,300 |
|
|
|||
Shares |
Value |
||
Iriso Electronics Co. Ltd. |
4,600 |
$ 243,339 |
|
Japan Aviation Electronics Industry Ltd. |
14,000 |
311,924 |
|
Largan Precision Co. Ltd. |
34,000 |
2,563,242 |
|
Ledlink Optics, Inc. |
1,493,252 |
2,185,428 |
|
OMRON Corp. |
284,300 |
13,219,357 |
|
Partron Co. Ltd. |
160,996 |
1,525,679 |
|
Samsung Electro-Mechanics Co. Ltd. |
197,173 |
10,768,287 |
|
Samsung SDI Co. Ltd. |
104,144 |
12,535,298 |
|
Sunny Optical Technology Group Co. Ltd. |
2,297,000 |
4,057,754 |
|
TDK Corp. |
24,200 |
1,457,524 |
|
Universal Display Corp. (a)(d) |
178,784 |
4,959,468 |
|
Yageo Corp. |
7,353,217 |
11,970,353 |
|
Yaskawa Electric Corp. |
1,900 |
24,647 |
|
|
82,571,601 |
||
Electronic Equipment & Instruments - 1.2% |
|||
Chroma ATE, Inc. |
3,929,644 |
10,384,410 |
|
Cognex Corp. (a) |
62,900 |
2,560,659 |
|
FEI Co. |
8,700 |
745,068 |
|
PAX Global Technology Ltd. (a) |
2,476,000 |
2,723,353 |
|
Posiflex Technologies, Inc. |
225,205 |
1,053,567 |
|
TPK Holding Co. Ltd. |
2,438,000 |
15,335,895 |
|
|
32,802,952 |
||
Electronic Manufacturing Services - 1.7% |
|||
AIC, Inc. |
188,000 |
766,602 |
|
Merry Electronics Co. Ltd. |
301,000 |
999,029 |
|
TE Connectivity Ltd. |
140,126 |
8,996,089 |
|
Trimble Navigation Ltd. (a) |
1,344,721 |
37,820,278 |
|
|
48,581,998 |
||
Technology Distributors - 0.4% |
|||
Digital China Holdings Ltd. (H Shares) |
10,884,000 |
10,132,811 |
|
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS |
174,089,362 |
||
HEALTH CARE EQUIPMENT & SUPPLIES - 0.3% |
|||
Health Care Equipment - 0.3% |
|||
Intai Technology Corp. |
967,000 |
4,982,375 |
|
PW Medtech Group Ltd. (a) |
6,969,000 |
3,639,399 |
|
|
8,621,774 |
||
HEALTH CARE PROVIDERS & SERVICES - 0.0% |
|||
Managed Health Care - 0.0% |
|||
HealthEquity, Inc. (a) |
6,500 |
161,395 |
|
HEALTH CARE TECHNOLOGY - 1.5% |
|||
Health Care Technology - 1.5% |
|||
athenahealth, Inc. (a)(d) |
133,526 |
15,662,600 |
|
M3, Inc. |
476,600 |
8,197,930 |
|
Medidata Solutions, Inc. (a) |
405,000 |
17,297,550 |
|
|
41,158,080 |
||
HOUSEHOLD DURABLES - 0.2% |
|||
Consumer Electronics - 0.2% |
|||
Sony Corp. sponsored ADR |
295,200 |
6,491,448 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INTERNET & CATALOG RETAIL - 3.0% |
|||
Internet Retail - 3.0% |
|||
ASOS PLC (a) |
6,400 |
$ 244,222 |
|
Ctrip.com International Ltd. sponsored ADR (a) |
770,131 |
41,648,684 |
|
Groupon, Inc. Class A (a) |
3,703,000 |
27,883,590 |
|
Jumei International Holding Ltd. sponsored ADR (d) |
4,700 |
86,950 |
|
MySale Group PLC |
42,200 |
126,559 |
|
priceline.com, Inc. (a) |
100 |
116,019 |
|
Qunar Cayman Islands Ltd. sponsored ADR |
86,300 |
2,250,704 |
|
Travelport Worldwide Ltd. |
42,800 |
742,580 |
|
Vipshop Holdings Ltd. ADR (a) |
123,120 |
2,814,523 |
|
zulily, Inc. Class A (d) |
200,700 |
5,766,111 |
|
|
81,679,942 |
||
INTERNET SOFTWARE & SERVICES - 28.5% |
|||
Internet Software & Services - 28.5% |
|||
21Vianet Group, Inc. ADR (a)(d) |
390,200 |
7,343,564 |
|
58.com, Inc. ADR (d) |
367,500 |
17,930,325 |
|
Addcn Technology Co. Ltd. |
13,000 |
153,687 |
|
Alibaba Group Holding Ltd. sponsored ADR |
2,300 |
256,772 |
|
Autohome, Inc. ADR Class A |
5,581 |
241,211 |
|
Baidu.com, Inc. sponsored ADR (a) |
273,500 |
67,037,585 |
|
ChannelAdvisor Corp. (a) |
432,500 |
7,612,000 |
|
Constant Contact, Inc. (a) |
78,700 |
2,571,916 |
|
Cornerstone OnDemand, Inc. (a) |
493,386 |
15,674,873 |
|
Cvent, Inc. (a) |
135,564 |
3,649,383 |
|
Demandware, Inc. (a) |
199,474 |
11,170,544 |
|
E2open, Inc. (a) |
435,745 |
2,932,564 |
|
eBay, Inc. (a) |
500 |
27,440 |
|
eGain Communications Corp. (a) |
129,600 |
666,144 |
|
Endurance International Group Holdings, Inc. (a) |
1,124,120 |
18,682,874 |
|
Facebook, Inc. Class A (a) |
2,052,474 |
159,477,230 |
|
Google, Inc.: |
|
|
|
Class A (a) |
228,603 |
125,521,335 |
|
Class C (a) |
233,803 |
126,681,479 |
|
HomeAway, Inc. (a) |
301 |
9,439 |
|
Just Dial Ltd. |
9,985 |
257,088 |
|
Leju Holdings Ltd. ADR (d) |
80,600 |
1,054,248 |
|
LinkedIn Corp. (a) |
212,900 |
48,172,883 |
|
Marketo, Inc. (a)(d) |
227,964 |
7,285,729 |
|
NAVER Corp. |
72,541 |
49,260,739 |
|
NIC, Inc. |
119,768 |
2,158,219 |
|
Opower, Inc. |
151,233 |
2,354,698 |
|
Q2 Holdings, Inc. (a) |
75,500 |
1,403,545 |
|
Rackspace Hosting, Inc. (a) |
85,991 |
3,947,847 |
|
Rocket Internet AG (a) |
35 |
2,463 |
|
SciQuest, Inc. (a) |
99,542 |
1,484,171 |
|
|
|||
Shares |
Value |
||
SouFun Holdings Ltd. ADR |
599,834 |
$ 5,242,549 |
|
TelecityGroup PLC |
749,768 |
9,503,782 |
|
Textura Corp. (a) |
446,891 |
10,707,508 |
|
Trulia, Inc. (a) |
4,500 |
228,735 |
|
Twitter, Inc. |
848,800 |
35,428,912 |
|
Web.com Group, Inc. (a) |
383,898 |
6,514,749 |
|
Yandex NV (a) |
92,800 |
2,312,576 |
|
Yelp, Inc. (a)(d) |
542,824 |
30,989,822 |
|
|
785,950,628 |
||
IT SERVICES - 7.8% |
|||
Data Processing & Outsourced Services - 6.6% |
|||
DST Systems, Inc. |
100,380 |
9,962,715 |
|
Euronet Worldwide, Inc. (a) |
73,801 |
4,285,624 |
|
Fidelity National Information Services, Inc. |
1,025,568 |
62,754,506 |
|
Global Payments, Inc. |
20,600 |
1,779,016 |
|
MasterCard, Inc. Class A |
320,300 |
27,958,987 |
|
NETELLER PLC (a) |
1,465,403 |
8,881,163 |
|
Total System Services, Inc. |
618,099 |
20,391,086 |
|
Vantiv, Inc. (a) |
410,300 |
13,843,522 |
|
Visa, Inc. Class A |
127,900 |
33,022,501 |
|
|
182,879,120 |
||
IT Consulting & Other Services - 1.2% |
|||
Cognizant Technology Solutions Corp. Class A (a) |
250,812 |
13,541,340 |
|
EPAM Systems, Inc. (a) |
94,105 |
4,802,178 |
|
Leidos Holdings, Inc. |
7,600 |
307,116 |
|
Science Applications International Corp. |
57,900 |
2,931,477 |
|
Teradata Corp. (a) |
15,700 |
708,698 |
|
Unisys Corp. (a) |
265,500 |
7,094,160 |
|
Virtusa Corp. (a) |
49,000 |
1,963,430 |
|
|
31,348,399 |
||
TOTAL IT SERVICES |
214,227,519 |
||
LEISURE PRODUCTS - 1.0% |
|||
Leisure Products - 1.0% |
|||
Sega Sammy Holdings, Inc. |
1,909,800 |
26,302,683 |
|
MEDIA - 0.4% |
|||
Advertising - 0.0% |
|||
iCar Asia Ltd. (a) |
369,039 |
321,866 |
|
Cable & Satellite - 0.4% |
|||
Naspers Ltd. Class N |
82,102 |
10,630,577 |
|
Publishing - 0.0% |
|||
NEXT Co. Ltd. |
97,500 |
670,998 |
|
TOTAL MEDIA |
11,623,441 |
||
PROFESSIONAL SERVICES - 0.9% |
|||
Human Resource & Employment Services - 0.4% |
|||
51job, Inc. sponsored ADR (a) |
8,400 |
308,700 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
PROFESSIONAL SERVICES - CONTINUED |
|||
Human Resource & Employment Services - continued |
|||
Paylocity Holding Corp. (a)(d) |
109,228 |
$ 3,177,443 |
|
WageWorks, Inc. (a) |
120,700 |
7,051,294 |
|
|
10,537,437 |
||
Research & Consulting Services - 0.5% |
|||
ICF International, Inc. (a) |
61,500 |
2,384,970 |
|
Verisk Analytics, Inc. (a) |
210,100 |
13,021,998 |
|
|
15,406,968 |
||
TOTAL PROFESSIONAL SERVICES |
25,944,405 |
||
ROAD & RAIL - 0.1% |
|||
Trucking - 0.1% |
|||
eHi Car Service Co. Ltd. sponsored ADR |
207,800 |
2,493,600 |
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.1% |
|||
Semiconductor Equipment - 0.6% |
|||
Nanometrics, Inc. (a) |
21,591 |
320,410 |
|
Rubicon Technology, Inc. (a)(d) |
1,118,915 |
5,751,223 |
|
SMA Solar Technology AG (a)(d) |
106,937 |
2,810,338 |
|
SunEdison, Inc. (a) |
148,000 |
3,204,200 |
|
Tessera Technologies, Inc. |
520 |
17,774 |
|
Ultratech, Inc. (a) |
222,400 |
4,330,128 |
|
Wonik IPS Co. Ltd. (a) |
147,140 |
1,856,961 |
|
|
18,291,034 |
||
Semiconductors - 5.5% |
|||
Atmel Corp. (a) |
257,700 |
2,038,407 |
|
Audience, Inc. (a) |
499,900 |
1,739,652 |
|
Broadcom Corp. Class A |
97,619 |
4,210,307 |
|
Cree, Inc. (a) |
199,718 |
7,257,752 |
|
Duksan Hi-Metal Co. Ltd. (a) |
136,722 |
1,547,407 |
|
EPISTAR Corp. |
3,276,000 |
6,026,834 |
|
Everlight Electronics Co. Ltd. |
2,204,000 |
4,528,426 |
|
First Solar, Inc. (a) |
53,100 |
2,591,280 |
|
Freescale Semiconductor, Inc. (a) |
432,836 |
9,388,213 |
|
Genesis Photonics, Inc. (a) |
5,306,208 |
2,448,835 |
|
Himax Technologies, Inc. sponsored ADR |
461,500 |
3,147,430 |
|
Hua Hong Semiconductor Ltd. (a) |
6,848,000 |
9,942,746 |
|
Intermolecular, Inc. (a) |
837,612 |
1,809,242 |
|
Intersil Corp. Class A |
153,089 |
2,006,997 |
|
Lextar Electronics Corp. |
810,000 |
720,752 |
|
M/A-COM Technology Solutions Holdings, Inc. (a) |
109,800 |
2,726,334 |
|
MagnaChip Semiconductor Corp. (a) |
295,035 |
3,593,526 |
|
Melexis NV |
58,167 |
2,694,209 |
|
Mellanox Technologies Ltd. (a)(d) |
329,722 |
14,062,643 |
|
Micrel, Inc. |
104,100 |
1,358,505 |
|
Micron Technology, Inc. (a) |
8,300 |
298,385 |
|
Microsemi Corp. (a) |
106,100 |
2,885,920 |
|
Monolithic Power Systems, Inc. |
214,295 |
10,314,018 |
|
NXP Semiconductors NV (a) |
60,787 |
4,729,836 |
|
On-Bright Electronics, Inc. |
189,000 |
1,018,611 |
|
PixArt Imaging, Inc. |
41,000 |
84,759 |
|
|
|||
Shares |
Value |
||
PMC-Sierra, Inc. (a) |
367,900 |
$ 2,998,385 |
|
Power Integrations, Inc. |
52,800 |
2,648,448 |
|
Radiant Opto-Electronics Corp. |
996,000 |
3,195,566 |
|
RF Micro Devices, Inc. (a) |
268,358 |
3,920,710 |
|
Sanken Electric Co. Ltd. |
302,000 |
2,564,259 |
|
Semiconductor Manufacturing International Corp. (a) |
80,749,000 |
8,347,476 |
|
Semtech Corp. (a) |
60,300 |
1,535,238 |
|
Seoul Semiconductor Co. Ltd. |
513,330 |
8,207,526 |
|
Silicon Laboratories, Inc. (a) |
57,500 |
2,607,625 |
|
Spansion, Inc. Class A (a) |
114,500 |
2,675,865 |
|
SunEdison Semiconductor Ltd. |
58,862 |
1,106,606 |
|
TriQuint Semiconductor, Inc. (a) |
325,600 |
7,934,872 |
|
YoungTek Electronics Corp. |
866 |
1,656 |
|
|
150,915,258 |
||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
169,206,292 |
||
SOFTWARE - 16.2% |
|||
Application Software - 10.1% |
|||
Adobe Systems, Inc. (a) |
923,039 |
68,009,514 |
|
ANSYS, Inc. (a) |
33,514 |
2,799,089 |
|
Aspen Technology, Inc. (a) |
213,571 |
8,060,170 |
|
Autodesk, Inc. (a) |
277,200 |
17,186,400 |
|
Callidus Software, Inc. (a) |
102,500 |
1,636,925 |
|
Citrix Systems, Inc. (a) |
291,207 |
19,309,936 |
|
Guidewire Software, Inc. (a) |
411 |
20,743 |
|
Informatica Corp. (a) |
440,500 |
16,025,390 |
|
Interactive Intelligence Group, Inc. (a) |
275,390 |
12,455,890 |
|
Intuit, Inc. |
346,100 |
32,488,407 |
|
Jive Software, Inc. (a) |
103,646 |
611,511 |
|
Kingdee International Software Group Co. Ltd. (a) |
40,297,600 |
13,198,273 |
|
Linx SA |
53,600 |
1,206,823 |
|
MicroStrategy, Inc. Class A (a) |
118,245 |
20,307,396 |
|
Mobileye NV (a) |
100 |
4,408 |
|
Open Text Corp. |
4,700 |
278,178 |
|
PROS Holdings, Inc. (a) |
33,400 |
955,240 |
|
Qlik Technologies, Inc. (a) |
385,400 |
11,881,882 |
|
salesforce.com, Inc. (a) |
759,792 |
45,488,747 |
|
SolarWinds, Inc. (a) |
29,236 |
1,517,933 |
|
Splunk, Inc. (a) |
40,317 |
2,705,271 |
|
Ultimate Software Group, Inc. (a) |
117 |
17,227 |
|
Workday, Inc. Class A (a) |
2,546 |
221,629 |
|
Yodlee, inc. |
20,500 |
242,515 |
|
Zendesk, Inc. (d) |
80,675 |
1,916,838 |
|
|
278,546,335 |
||
Home Entertainment Software - 1.3% |
|||
Activision Blizzard, Inc. |
527,400 |
11,418,210 |
|
Nintendo Co. Ltd. |
160,800 |
18,637,982 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
SOFTWARE - CONTINUED |
|||
Home Entertainment Software - continued |
|||
Nintendo Co. Ltd. ADR |
58,100 |
$ 842,450 |
|
Ourgame International Holdings Ltd. |
6,751,000 |
3,360,157 |
|
|
34,258,799 |
||
Systems Software - 4.8% |
|||
Allot Communications Ltd. (a)(d) |
528,072 |
4,990,280 |
|
CommVault Systems, Inc. (a) |
44,500 |
2,104,850 |
|
Fleetmatics Group PLC (a) |
782,630 |
27,540,750 |
|
Imperva, Inc. (a) |
22,861 |
972,507 |
|
Infoblox, Inc. (a) |
1,700 |
30,600 |
|
NetSuite, Inc. (a)(d) |
250,484 |
26,488,683 |
|
Oracle Corp. |
509,400 |
21,603,654 |
|
Progress Software Corp. (a) |
105,100 |
2,710,529 |
|
Red Hat, Inc. (a) |
532,312 |
33,083,191 |
|
ServiceNow, Inc. (a) |
199,450 |
12,756,822 |
|
Tableau Software, Inc. (a) |
6,000 |
503,280 |
|
|
132,785,146 |
||
TOTAL SOFTWARE |
445,590,280 |
||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 18.6% |
|||
Technology Hardware, Storage & Peripherals - 18.6% |
|||
Apple, Inc. |
3,288,597 |
391,112,845 |
|
BlackBerry Ltd. (a)(d) |
2,700 |
28,053 |
|
Cray, Inc. (a) |
322,884 |
10,842,445 |
|
EMC Corp. |
900 |
27,315 |
|
Hewlett-Packard Co. |
1,207,100 |
47,149,326 |
|
Lite-On Technology Corp. |
5,048,300 |
5,984,099 |
|
NEC Corp. |
3,991,000 |
12,539,637 |
|
Nimble Storage, Inc. (d) |
9,400 |
247,878 |
|
Samsung Electronics Co. Ltd. |
34,959 |
40,414,121 |
|
Silicon Graphics International Corp. (a) |
439,166 |
4,220,385 |
|
Stratasys Ltd. (a) |
300 |
30,591 |
|
|
512,596,695 |
||
WIRELESS TELECOMMUNICATION SERVICES - 0.3% |
|||
Wireless Telecommunication Services - 0.3% |
|||
RingCentral, Inc. (a) |
658,700 |
8,286,446 |
|
TOTAL COMMON STOCKS (Cost $2,262,854,373) |
|
||
Convertible Preferred Stocks - 0.7% |
|||
|
|
|
|
INTERNET SOFTWARE & SERVICES - 0.6% |
|||
Internet Software & Services - 0.6% |
|||
Uber Technologies, Inc. 8.00% (e) |
128,924 |
17,181,701 |
|
|
|||
Shares |
Value |
||
IT SERVICES - 0.1% |
|||
Data Processing & Outsourced Services - 0.1% |
|||
Nutanix, Inc. Series E (e) |
72,872 |
$ 976,230 |
|
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $8,976,248) |
|
||
Money Market Funds - 6.3% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
80,307,780 |
80,307,780 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
93,581,500 |
93,581,500 |
|
TOTAL MONEY MARKET FUNDS (Cost $173,889,280) |
|
||
TOTAL INVESTMENT PORTFOLIO - 104.3% (Cost $2,445,719,901) |
2,874,483,046 |
||
NET OTHER ASSETS (LIABILITIES) - (4.3)% |
(118,373,951) |
||
NET ASSETS - 100% |
$ 2,756,109,095 |
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. |
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $18,157,931 or 0.7% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Nutanix, Inc. Series E |
8/26/14 |
$ 976,230 |
Uber Technologies, Inc. 8.00% |
6/6/14 |
$ 8,000,018 |
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 |
$ 61,836 |
Fidelity Securities Lending Cash Central Fund |
796,411 |
Total |
$ 858,247 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 2,682,435,835 |
$ 2,596,538,097 |
$ 85,897,738 |
$ - |
Convertible Preferred Stocks |
18,157,931 |
- |
- |
18,157,931 |
Money Market Funds |
173,889,280 |
173,889,280 |
- |
- |
Total Investments in Securities: |
$ 2,874,483,046 |
$ 2,770,427,377 |
$ 85,897,738 |
$ 18,157,931 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended November 30, 2014. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing: |
Transfers |
Total |
Level 1 to Level 2 |
$ 34,950,441 |
Level 2 to Level 1 |
$ 12,000,068 |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $2,456,577,870. Net unrealized appreciation aggregated $417,905,176, of which $544,189,372 related to appreciated investment securities and $126,284,196 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Transportation Portfolio
November 30, 2014
1.810722.110
TRN-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 96.1% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 0.2% |
|||
Aerospace & Defense - 0.2% |
|||
United Technologies Corp. |
22,800 |
$ 2,509,824 |
|
AIR FREIGHT & LOGISTICS - 21.0% |
|||
Air Freight & Logistics - 21.0% |
|||
Atlas Air Worldwide Holdings, Inc. (a) |
50,200 |
2,291,630 |
|
C.H. Robinson Worldwide, Inc. |
180,196 |
13,287,653 |
|
Expeditors International of Washington, Inc. |
276,000 |
12,922,320 |
|
FedEx Corp. |
290,300 |
51,725,654 |
|
Hub Group, Inc. Class A (a) |
288,500 |
10,853,370 |
|
Park-Ohio Holdings Corp. |
77,570 |
4,357,107 |
|
United Parcel Service, Inc. Class B |
1,168,700 |
128,463,504 |
|
|
223,901,238 |
||
AIRLINES - 26.2% |
|||
Airlines - 26.2% |
|||
Alaska Air Group, Inc. |
152,100 |
8,978,463 |
|
American Airlines Group, Inc. |
1,349,400 |
65,486,382 |
|
Delta Air Lines, Inc. |
1,533,002 |
71,545,203 |
|
JetBlue Airways Corp. (a)(d) |
1,023,000 |
14,966,490 |
|
Southwest Airlines Co. |
1,013,600 |
42,388,752 |
|
Spirit Airlines, Inc. (a) |
293,359 |
24,257,856 |
|
United Continental Holdings, Inc. (a) |
837,136 |
51,257,837 |
|
Virgin America, Inc. |
16,800 |
633,024 |
|
|
279,514,007 |
||
MACHINERY - 1.0% |
|||
Construction Machinery & Heavy Trucks - 0.7% |
|||
ASL Marine Holdings Ltd. |
1,319,200 |
490,597 |
|
Conrad Industries, Inc. |
131,700 |
4,339,515 |
|
Supreme Industries, Inc. Class A |
434,761 |
3,112,889 |
|
|
7,943,001 |
||
Industrial Machinery - 0.3% |
|||
Columbus McKinnon Corp. (NY Shares) |
69,600 |
1,859,016 |
|
Global Brass & Copper Holdings, Inc. |
94,200 |
1,153,950 |
|
|
3,012,966 |
||
TOTAL MACHINERY |
10,955,967 |
||
MARINE - 1.6% |
|||
Marine - 1.6% |
|||
Diana Shipping, Inc. (a) |
23,600 |
176,528 |
|
Kirby Corp. (a) |
174,700 |
16,795,658 |
|
|
16,972,186 |
||
OIL, GAS & CONSUMABLE FUELS - 0.9% |
|||
Oil & Gas Storage & Transport - 0.9% |
|||
Scorpio Tankers, Inc. |
1,207,633 |
9,962,972 |
|
ROAD & RAIL - 45.1% |
|||
Railroads - 27.8% |
|||
CSX Corp. |
1,687,719 |
61,584,866 |
|
|
|||
Shares |
Value |
||
Norfolk Southern Corp. |
413,800 |
$ 46,196,632 |
|
Union Pacific Corp. |
1,615,895 |
188,688,059 |
|
|
296,469,557 |
||
Trucking - 17.3% |
|||
ArcBest Corp. |
245,400 |
10,655,268 |
|
Con-way, Inc. |
455,500 |
22,565,470 |
|
Hertz Global Holdings, Inc. (a) |
1,273,700 |
30,237,638 |
|
J.B. Hunt Transport Services, Inc. |
73,800 |
6,090,714 |
|
Landstar System, Inc. |
191,500 |
15,392,770 |
|
Marten Transport Ltd. |
518,000 |
11,137,000 |
|
Quality Distribution, Inc. (a) |
46,126 |
556,741 |
|
Roadrunner Transportation Systems, Inc. (a) |
156,200 |
3,516,062 |
|
Ryder System, Inc. |
229,100 |
21,883,632 |
|
Saia, Inc. (a) |
188,500 |
10,456,095 |
|
Swift Transporation Co. (a) |
1,060,900 |
30,840,363 |
|
Universal Truckload Services, Inc. |
29,589 |
812,514 |
|
Werner Enterprises, Inc. |
341,500 |
10,593,330 |
|
YRC Worldwide, Inc. (a)(d) |
412,100 |
9,894,521 |
|
|
184,632,118 |
||
TOTAL ROAD & RAIL |
481,101,675 |
||
TRANSPORTATION INFRASTRUCTURE - 0.1% |
|||
Airport Services - 0.1% |
|||
Macquarie Infrastructure Co. LLC |
15,500 |
1,089,650 |
|
TOTAL COMMON STOCKS (Cost $771,934,995) |
|
||
Money Market Funds - 5.1% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
43,881,702 |
43,881,702 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
11,096,400 |
11,096,400 |
|
TOTAL MONEY MARKET FUNDS (Cost $54,978,102) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $826,913,097) |
1,080,985,621 |
||
NET OTHER ASSETS (LIABILITIES) - (1.2)% |
(12,815,457) |
||
NET ASSETS - 100% |
$ 1,068,170,164 |
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 |
$ 17,230 |
Fidelity Securities Lending Cash Central Fund |
55,839 |
Total |
$ 73,069 |
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 November 30, 2014, the cost of investment securities for income tax purposes was $831,033,185. Net unrealized appreciation aggregated $249,952,436, of which $260,495,321 related to appreciated investment securities and $10,542,885 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Utilities Portfolio
November 30, 2014
1.810724.110
UTI-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 99.1% |
|||
Shares |
Value |
||
CONSTRUCTION & ENGINEERING - 1.1% |
|||
Construction & Engineering - 1.1% |
|||
Abengoa SA Class B (d) |
4,367,300 |
$ 11,083,690 |
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 1.5% |
|||
Alternative Carriers - 1.5% |
|||
Cogent Communications Group, Inc. |
126,300 |
4,473,546 |
|
Level 3 Communications, Inc. (a) |
223,511 |
11,175,550 |
|
|
15,649,096 |
||
ELECTRIC UTILITIES - 37.9% |
|||
Electric Utilities - 37.9% |
|||
Edison International |
569,612 |
36,204,539 |
|
Exelon Corp. |
2,315,400 |
83,748,018 |
|
FirstEnergy Corp. |
968,200 |
35,707,216 |
|
ITC Holdings Corp. |
425,047 |
16,147,536 |
|
NextEra Energy, Inc. |
1,160,285 |
121,122,149 |
|
NRG Yield, Inc. Class A (d) |
325,691 |
15,434,496 |
|
OGE Energy Corp. |
833,985 |
29,764,925 |
|
PPL Corp. |
1,414,942 |
50,272,889 |
|
|
388,401,768 |
||
GAS UTILITIES - 0.4% |
|||
Gas Utilities - 0.4% |
|||
National Fuel Gas Co. |
62,200 |
4,308,594 |
|
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.3% |
|||
Renewable Electricity - 0.3% |
|||
Abengoa Yield PLC |
115,931 |
3,269,254 |
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 12.2% |
|||
Independent Power Producers & Energy Traders - 12.2% |
|||
Black Hills Corp. |
106,427 |
5,748,122 |
|
Calpine Corp. (a) |
1,788,637 |
41,067,106 |
|
Dynegy, Inc. (a) |
439,937 |
14,583,912 |
|
NRG Energy, Inc. |
1,059,522 |
33,120,658 |
|
The AES Corp. |
2,171,339 |
30,116,472 |
|
|
124,636,270 |
||
MEDIA - 2.4% |
|||
Cable & Satellite - 2.4% |
|||
DISH Network Corp. Class A (a) |
191,500 |
15,207,015 |
|
Liberty Global PLC Class A (a) |
181,700 |
9,446,583 |
|
|
24,653,598 |
||
MULTI-UTILITIES - 30.6% |
|||
Multi-Utilities - 30.6% |
|||
Dominion Resources, Inc. |
1,469,412 |
106,605,841 |
|
MDU Resources Group, Inc. |
454,190 |
11,136,739 |
|
NiSource, Inc. |
1,103,423 |
46,167,218 |
|
PG&E Corp. |
987,237 |
49,855,469 |
|
Sempra Energy |
899,051 |
100,450,968 |
|
|
314,216,235 |
||
|
|||
Shares |
Value |
||
OIL, GAS & CONSUMABLE FUELS - 9.3% |
|||
Oil & Gas Exploration & Production - 0.5% |
|||
EQT Corp. |
54,700 |
$ 4,976,606 |
|
Oil & Gas Storage & Transport - 8.8% |
|||
Boardwalk Pipeline Partners, LP |
147,600 |
2,435,400 |
|
Cheniere Energy Partners LP Holdings LLC |
916,950 |
19,732,764 |
|
Cheniere Energy, Inc. (a) |
149,749 |
9,881,937 |
|
Energy Transfer Equity LP |
575,317 |
34,168,077 |
|
Kinder Morgan Holding Co. LLC (d) |
268,300 |
11,094,205 |
|
Plains GP Holdings LP Class A |
513,550 |
13,342,029 |
|
|
90,654,412 |
||
TOTAL OIL, GAS & CONSUMABLE FUELS |
95,631,018 |
||
REAL ESTATE INVESTMENT TRUSTS - 1.6% |
|||
Specialized REITs - 1.6% |
|||
Crown Castle International Corp. |
190,900 |
15,861,881 |
|
WIRELESS TELECOMMUNICATION SERVICES - 1.8% |
|||
Wireless Telecommunication Services - 1.8% |
|||
T-Mobile U.S., Inc. (a) |
190,700 |
5,566,533 |
|
Telephone & Data Systems, Inc. |
511,886 |
13,083,806 |
|
|
18,650,339 |
||
TOTAL COMMON STOCKS (Cost $877,137,641) |
|
||
Money Market Funds - 3.3% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
7,691,862 |
7,691,862 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
25,562,043 |
25,562,043 |
|
TOTAL MONEY MARKET FUNDS (Cost $33,253,905) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $910,391,546) |
1,049,615,648 |
||
NET OTHER ASSETS (LIABILITIES) - (2.4)% |
(24,150,588) |
||
NET ASSETS - 100% |
$ 1,025,465,060 |
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 |
$ 12,271 |
Fidelity Securities Lending Cash Central Fund |
20,675 |
Total |
$ 32,946 |
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 November 30, 2014, the cost of investment securities for income tax purposes was $911,588,062. Net unrealized appreciation aggregated $138,027,586, of which $146,031,567 related to appreciated investment securities and $8,003,981 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Construction and
Housing Portfolio
November 30, 2014
1.810672.110
HOU-QTLY-0115
Showing Percentage of Net Assets
Common Stocks - 97.4% |
|||
Shares |
Value |
||
BUILDING PRODUCTS - 6.1% |
|||
Building Products - 6.1% |
|||
A.O. Smith Corp. |
166,100 |
$ 8,957,773 |
|
Fortune Brands Home & Security, Inc. |
226,400 |
10,169,888 |
|
Masco Corp. |
119,100 |
2,882,220 |
|
|
22,009,881 |
||
CONSTRUCTION & ENGINEERING - 9.6% |
|||
Construction & Engineering - 9.6% |
|||
AECOM Technology Corp. (a) |
378,116 |
12,103,487 |
|
Dycom Industries, Inc. (a) |
97,500 |
2,982,525 |
|
Jacobs Engineering Group, Inc. (a) |
144,850 |
6,728,283 |
|
MasTec, Inc. (a) |
57,300 |
1,380,930 |
|
Quanta Services, Inc. (a) |
266,800 |
8,137,400 |
|
Tutor Perini Corp. (a) |
139,061 |
3,511,290 |
|
|
34,843,915 |
||
CONSTRUCTION MATERIALS - 7.7% |
|||
Construction Materials - 7.7% |
|||
CEMEX S.A.B. de CV sponsored ADR |
184,000 |
2,301,840 |
|
Eagle Materials, Inc. |
122,900 |
10,125,731 |
|
Martin Marietta Materials, Inc. |
47,700 |
5,725,908 |
|
Vulcan Materials Co. |
148,065 |
9,787,097 |
|
|
27,940,576 |
||
HOUSEHOLD DURABLES - 16.7% |
|||
Homebuilding - 16.3% |
|||
D.R. Horton, Inc. |
364,900 |
9,301,301 |
|
Hovnanian Enterprises, Inc. Class A (a)(d) |
420,900 |
1,809,870 |
|
KB Home (d) |
629,401 |
11,058,576 |
|
Lennar Corp. Class A (d) |
228,428 |
10,790,939 |
|
LGI Homes, Inc. (d) |
150,553 |
2,405,837 |
|
PulteGroup, Inc. |
553,000 |
11,961,390 |
|
Taylor Morrison Home Corp. (a) |
350,565 |
6,779,927 |
|
William Lyon Homes, Inc. (a) |
235,805 |
4,852,867 |
|
|
58,960,707 |
||
Household Appliances - 0.4% |
|||
Whirlpool Corp. |
8,400 |
1,563,828 |
|
TOTAL HOUSEHOLD DURABLES |
60,524,535 |
||
PAPER & FOREST PRODUCTS - 0.4% |
|||
Forest Products - 0.4% |
|||
Boise Cascade Co. (a) |
41,988 |
1,498,552 |
|
REAL ESTATE INVESTMENT TRUSTS - 16.1% |
|||
Diversified REITs - 0.8% |
|||
American Realty Capital Properties, Inc. |
315,600 |
2,966,640 |
|
Residential REITs - 15.3% |
|||
American Campus Communities, Inc. |
238,654 |
9,546,160 |
|
American Homes 4 Rent Class A |
314,685 |
5,412,582 |
|
AvalonBay Communities, Inc. |
35,559 |
5,717,532 |
|
|
|||
Shares |
Value |
||
Essex Property Trust, Inc. |
68,488 |
$ 13,862,656 |
|
Mid-America Apartment Communities, Inc. |
82,665 |
6,089,104 |
|
UDR, Inc. |
488,300 |
15,029,874 |
|
|
55,657,908 |
||
TOTAL REAL ESTATE INVESTMENT TRUSTS |
58,624,548 |
||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 4.0% |
|||
Diversified Real Estate Activities - 0.5% |
|||
Countrywide PLC |
280,427 |
1,876,508 |
|
Real Estate Operating Companies - 2.4% |
|||
Forest City Enterprises, Inc. Class A (a) |
402,900 |
8,698,611 |
|
Real Estate Services - 1.1% |
|||
Realogy Holdings Corp. (a) |
86,600 |
3,985,332 |
|
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |
14,560,451 |
||
SPECIALTY RETAIL - 36.8% |
|||
Home Improvement Retail - 36.3% |
|||
Home Depot, Inc. |
878,901 |
87,362,756 |
|
Lowe's Companies, Inc. |
608,434 |
38,836,342 |
|
Lumber Liquidators Holdings, Inc. (a)(d) |
88,700 |
5,640,433 |
|
|
131,839,531 |
||
Homefurnishing Retail - 0.5% |
|||
Restoration Hardware Holdings, Inc. (a) |
19,433 |
1,641,506 |
|
TOTAL SPECIALTY RETAIL |
133,481,037 |
||
TOTAL COMMON STOCKS (Cost $247,592,338) |
|
||
Convertible Preferred Stocks - 1.2% |
|||
|
|
|
|
HOUSEHOLD DURABLES - 1.2% |
|||
Homebuilding - 1.2% |
|||
Blu Homes, Inc. Series A, 5.00% (a)(e) |
865,801 |
|
|
Money Market Funds - 8.6% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.11% (b) |
10,962,283 |
$ 10,962,283 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
20,339,700 |
20,339,700 |
|
TOTAL MONEY MARKET FUNDS (Cost $31,301,983) |
|
||
TOTAL INVESTMENT PORTFOLIO - 107.2% (Cost $282,894,322) |
389,010,587 |
||
NET OTHER ASSETS (LIABILITIES) - (7.2)% |
(26,269,489) |
||
NET ASSETS - 100% |
$ 362,741,098 |
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. |
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,225,109 or 1.2% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Blu Homes, Inc. Series A, 5.00% |
6/10/13 |
$ 4,000,001 |
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 |
$ 1,718 |
Fidelity Securities Lending Cash Central Fund |
22,075 |
Total |
$ 23,793 |
Other Information |
The following is a summary of the inputs used, as of November 30, 2014, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 353,483,495 |
$ 353,483,495 |
$ - |
$ - |
Convertible Preferred Stocks |
4,225,109 |
- |
- |
4,225,109 |
Money Market Funds |
31,301,983 |
31,301,983 |
- |
- |
Total Investments in Securities: |
$ 389,010,587 |
$ 384,785,478 |
$ - |
$ 4,225,109 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Convertible Preferred Stocks |
|
Beginning Balance |
$ 4,000,001 |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
225,108 |
Cost of Purchases |
- |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
- |
Transfers out of Level 3 |
- |
Ending Balance |
$ 4,225,109 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2014 |
$ 225,108 |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. |
Income Tax Information |
At November 30, 2014, the cost of investment securities for income tax purposes was $283,786,519. Net unrealized appreciation aggregated $105,224,068, of which $107,145,031 related to appreciated investment securities and $1,920,963 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. |
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. |
Asset Type |
Fair Value at 11/30/14 |
Valuation |
Unobservable |
Amount or Range/Weighted Average |
Impact to |
Convertible Preferred Stocks |
$ 4,225,109 |
Market Comparable |
Discount rate |
20.0% |
Decrease |
* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
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. |
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: |
January 29, 2015 |
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: |
January 29, 2015 |
By: |
/s/Howard J. Galligan III |
|
Howard J. Galligan III |
|
Chief Financial Officer |
|
|
Date: |
January 29, 2015 |
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: January 29, 2015
/s/Adrien E. Deberghes |
Adrien E. Deberghes |
President and Treasurer |
I, Howard J. Galligan III, 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: January 29, 2015
/s/Howard J. Galligan III |
Howard J. Galligan III |
Chief Financial Officer |