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)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(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: |
May 31, 2012 |
Item 1. Schedule of Investments
Quarterly Holdings Report
for
Fidelity ® Select Air Transportation Portfolio
May 31, 2012
1.802153.108
AIR-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 94.7% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 29.9% |
|||
Aerospace & Defense - 29.9% |
|||
Bombardier, Inc. Class B (sub. vtg.) |
130,600 |
$ 477,967 |
|
Embraer SA sponsored ADR |
32,800 |
924,960 |
|
Goodrich Corp. |
34,400 |
4,326,488 |
|
Meggitt PLC |
59,845 |
349,592 |
|
Precision Castparts Corp. |
19,900 |
3,307,579 |
|
Rockwell Collins, Inc. |
66,300 |
3,339,531 |
|
Textron, Inc. |
130,800 |
3,090,804 |
|
The Boeing Co. |
48,800 |
3,396,968 |
|
TransDigm Group, Inc. (a) |
4,000 |
492,000 |
|
United Technologies Corp. |
13,500 |
1,000,485 |
|
|
20,706,374 |
||
AIR FREIGHT & LOGISTICS - 29.5% |
|||
Air Freight & Logistics - 29.5% |
|||
Air Transport Services Group, Inc. (a) |
66,200 |
335,634 |
|
C.H. Robinson Worldwide, Inc. |
32,200 |
1,875,972 |
|
Expeditors International of Washington, Inc. |
34,700 |
1,327,275 |
|
FedEx Corp. |
38,700 |
3,449,718 |
|
Pacer International, Inc. (a) |
83,400 |
470,376 |
|
United Parcel Service, Inc. Class B |
137,500 |
10,304,251 |
|
UTI Worldwide, Inc. |
172,900 |
2,704,156 |
|
|
20,467,382 |
||
AIRLINES - 32.8% |
|||
Airlines - 32.8% |
|||
Alaska Air Group, Inc. (a) |
55,400 |
1,900,220 |
|
Allegiant Travel Co. (a) |
19,500 |
1,264,575 |
|
Copa Holdings SA Class A |
15,500 |
1,286,810 |
|
Dart Group PLC |
441,486 |
450,419 |
|
Delta Air Lines, Inc. (a) |
318,902 |
3,858,714 |
|
JetBlue Airways Corp. (a)(d) |
149,800 |
783,454 |
|
Ryanair Holdings PLC sponsored ADR (a) |
101,400 |
3,112,980 |
|
SkyWest, Inc. |
30,000 |
211,500 |
|
Southwest Airlines Co. |
352,900 |
3,186,687 |
|
United Continental Holdings, Inc. (a)(d) |
132,785 |
3,342,198 |
|
US Airways Group, Inc. (a)(d) |
128,000 |
1,692,160 |
|
WestJet Airlines Ltd. |
110,000 |
1,629,472 |
|
|
22,719,189 |
||
|
|||
Shares |
Value |
||
MACHINERY - 0.4% |
|||
Construction & Farm Machinery & Heavy Trucks - 0.4% |
|||
ASL Marine Holdings Ltd. |
562,000 |
$ 248,595 |
|
MEDIA - 0.2% |
|||
Movies & Entertainment - 0.2% |
|||
Advanced Inflight Alliance AG |
26,100 |
121,643 |
|
ROAD & RAIL - 0.8% |
|||
Trucking - 0.8% |
|||
Tegma Gestao Logistica SA |
40,200 |
587,996 |
|
TRANSPORTATION INFRASTRUCTURE - 1.1% |
|||
Airport Services - 1.1% |
|||
Wesco Aircraft Holdings, Inc. (a) |
54,300 |
753,141 |
|
TOTAL COMMON STOCKS (Cost $54,543,621) |
|
||
Money Market Funds - 7.7% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
3,617,485 |
3,617,485 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
1,740,750 |
1,740,750 |
|
TOTAL MONEY MARKET FUNDS (Cost $5,358,235) |
|
TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $59,901,856) |
70,962,555 |
|
NET OTHER ASSETS (LIABILITIES) - (2.4)% |
(1,643,401) |
|
NET ASSETS - 100% |
$ 69,319,154 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 1,364 |
Fidelity Securities Lending Cash Central Fund |
865 |
Total |
$ 2,229 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 65,604,320 |
$ 64,682,666 |
$ 921,654 |
$ - |
Money Market Funds |
5,358,235 |
5,358,235 |
- |
- |
Total Investments in Securities: |
$ 70,962,555 |
$ 70,040,901 |
$ 921,654 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $60,045,350. Net unrealized appreciation aggregated $10,917,205, of which $12,416,188 related to appreciated investment securities and $1,498,983 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802157.108
BRO-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 81.6% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 0.0% |
|||
Aerospace & Defense - 0.0% |
|||
BAE Systems PLC |
100 |
$ 423 |
|
CAPITAL MARKETS - 59.6% |
|||
Asset Management & Custody Banks - 41.7% |
|||
A.F.P. Provida SA sponsored ADR |
148,539 |
10,889,394 |
|
Affiliated Managers Group, Inc. (a) |
22,418 |
2,310,623 |
|
AllianceBernstein Holding LP |
185,000 |
2,386,500 |
|
American Capital Ltd. (a) |
677,400 |
6,272,724 |
|
Ameriprise Financial, Inc. |
137,900 |
6,608,168 |
|
Apollo Global Management LLC Class A |
660,532 |
7,708,408 |
|
Apollo Investment Corp. |
76,543 |
569,480 |
|
Artio Global Investors, Inc. Class A (d) |
239,385 |
730,124 |
|
Bank of New York Mellon Corp. |
555,362 |
11,307,170 |
|
Bank Sarasin & Cie AG Series B (Reg.) (a) |
1,380 |
36,961 |
|
BlackRock Kelso Capital Corp. |
566,620 |
5,326,228 |
|
BlackRock, Inc. Class A |
63,400 |
10,828,720 |
|
Calamos Asset Management, Inc. |
30,000 |
326,400 |
|
Cetip SA |
124,200 |
1,792,012 |
|
Cetip SA rights 6/18/12 (a) |
447 |
554 |
|
Cohen & Steers, Inc. |
100 |
3,235 |
|
Eaton Vance Corp. (non-vtg.) |
62,200 |
1,513,948 |
|
EFG International (d) |
308,281 |
2,183,810 |
|
EFG International rights 5/31/12 (a) |
22,812 |
0 |
|
Federated Investors, Inc. Class B (non-vtg.) |
2,100 |
42,189 |
|
Fifth Street Finance Corp. |
300 |
2,853 |
|
Fortress Investment Group LLC |
2,022,019 |
6,248,039 |
|
Franklin Resources, Inc. |
61,900 |
6,610,301 |
|
Invesco Ltd. |
361,272 |
7,857,666 |
|
Janus Capital Group, Inc. |
1,448,059 |
10,570,831 |
|
Julius Baer Group Ltd. |
980 |
30,957 |
|
KKR & Co. LP |
2,600 |
30,550 |
|
Legg Mason, Inc. |
196,861 |
5,010,112 |
|
Man Group PLC |
20,311 |
22,948 |
|
MCG Capital Corp. |
95,707 |
422,068 |
|
MVC Capital, Inc. |
17,300 |
216,942 |
|
Northern Trust Corp. |
8,300 |
358,394 |
|
Oaktree Capital Group LLC |
1,000 |
38,150 |
|
Och-Ziff Capital Management Group LLC Class A |
649,449 |
4,708,505 |
|
PennantPark Investment Corp. |
359,370 |
3,503,858 |
|
Pzena Investment Management, Inc. |
36,849 |
151,818 |
|
SEI Investments Co. |
60,090 |
1,076,212 |
|
State Street Corp. |
158,700 |
6,540,027 |
|
T. Rowe Price Group, Inc. |
1,300 |
74,867 |
|
The Blackstone Group LP |
836,094 |
10,066,572 |
|
U.S. Global Investments, Inc. Class A |
483,112 |
2,420,391 |
|
Waddell & Reed Financial, Inc. Class A |
1,200 |
34,452 |
|
WisdomTree Investments, Inc. (a) |
59,000 |
394,120 |
|
|
137,227,281 |
||
|
|||
Shares |
Value |
||
Diversified Capital Markets - 1.2% |
|||
Credit Suisse Group sponsored ADR |
1,500 |
$ 28,695 |
|
Deutsche Bank AG (NY Shares) |
900 |
32,382 |
|
UBS AG |
29,730 |
337,578 |
|
UBS AG (NY Shares) |
304,985 |
3,470,729 |
|
|
3,869,384 |
||
Investment Banking & Brokerage - 16.7% |
|||
BGC Partners, Inc. Class A |
500 |
2,980 |
|
Charles Schwab Corp. |
2,700 |
33,642 |
|
Cowen Group, Inc. Class A (a) |
14,900 |
37,846 |
|
Duff & Phelps Corp. Class A |
100 |
1,425 |
|
E*TRADE Financial Corp. (a) |
188,700 |
1,602,063 |
|
Evercore Partners, Inc. Class A |
603,815 |
14,920,269 |
|
GFI Group, Inc. |
2,984,320 |
8,117,350 |
|
Gleacher & Co., Inc. (a) |
179,254 |
152,366 |
|
Goldman Sachs Group, Inc. |
34,900 |
3,339,930 |
|
Greenhill & Co., Inc. |
1,020 |
35,567 |
|
ICAP PLC |
59,200 |
311,655 |
|
Investment Technology Group, Inc. (a) |
447,896 |
4,246,054 |
|
Jefferies Group, Inc. |
61,949 |
827,639 |
|
KBW, Inc. |
53,800 |
872,098 |
|
Knight Capital Group, Inc. Class A (a) |
400 |
5,028 |
|
Lazard Ltd. Class A |
1,400 |
32,284 |
|
LPL Investment Holdings, Inc. |
26,700 |
864,546 |
|
Morgan Stanley |
504,675 |
6,742,458 |
|
Nomura Holdings, Inc. sponsored ADR |
8,800 |
28,600 |
|
Oppenheimer Holdings, Inc. Class A (non-vtg.) |
1,600 |
22,432 |
|
Piper Jaffray Companies (a) |
43,943 |
962,791 |
|
Raymond James Financial, Inc. |
311,167 |
10,635,688 |
|
Stifel Financial Corp. (a) |
1,100 |
34,969 |
|
SWS Group, Inc. |
205,719 |
1,182,884 |
|
TD Ameritrade Holding Corp. |
2,049 |
35,161 |
|
|
55,047,725 |
||
TOTAL CAPITAL MARKETS |
196,144,390 |
||
COMMERCIAL BANKS - 2.6% |
|||
Diversified Banks - 2.3% |
|||
Banco de Chile sponsored ADR |
400 |
32,916 |
|
Banco Santander SA (Spain) sponsored ADR (d) |
3,900 |
20,748 |
|
Banco Santander SA (Brasil) ADR |
4,400 |
34,980 |
|
BanColombia SA sponsored ADR |
118,400 |
7,010,464 |
|
Barclays PLC sponsored ADR |
2,862 |
31,625 |
|
BNP Paribas SA |
1,000 |
32,042 |
|
BPI-SGPS SA (a)(d) |
302,300 |
138,511 |
|
Comerica, Inc. |
1,506 |
45,813 |
|
ICICI Bank Ltd. sponsored ADR |
1,207 |
33,977 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
COMMERCIAL BANKS - CONTINUED |
|||
Diversified Banks - continued |
|||
Industrial & Commercial Bank of China Ltd. (H Shares) |
214,000 |
$ 130,139 |
|
The Toronto-Dominion Bank |
500 |
38,278 |
|
UniCredit SpA |
630 |
1,944 |
|
United Overseas Bank Ltd. |
3,000 |
41,184 |
|
|
7,592,621 |
||
Regional Banks - 0.3% |
|||
CIT Group, Inc. (a) |
1,200 |
41,028 |
|
Fifth Third Bancorp |
2,800 |
37,380 |
|
First Interstate Bancsystem, Inc. |
19,337 |
269,751 |
|
PNC Financial Services Group, Inc. |
8,400 |
515,928 |
|
Regions Financial Corp. |
7,284 |
45,816 |
|
SunTrust Banks, Inc. |
2,000 |
45,840 |
|
|
955,743 |
||
TOTAL COMMERCIAL BANKS |
8,548,364 |
||
CONSUMER FINANCE - 0.0% |
|||
Consumer Finance - 0.0% |
|||
SLM Corp. |
2,600 |
36,322 |
|
DIVERSIFIED CONSUMER SERVICES - 0.0% |
|||
Specialized Consumer Services - 0.0% |
|||
Sotheby's Class A (Ltd. vtg.) |
1,100 |
33,550 |
|
DIVERSIFIED FINANCIAL SERVICES - 10.1% |
|||
Other Diversified Financial Services - 0.5% |
|||
Bank of America Corp. |
4,854 |
35,677 |
|
Citigroup, Inc. |
62,210 |
1,649,187 |
|
JPMorgan Chase & Co. |
900 |
29,835 |
|
|
1,714,699 |
||
Specialized Finance - 9.6% |
|||
BM&F Bovespa SA |
301,300 |
1,426,688 |
|
Bursa Malaysia Bhd |
51,100 |
95,216 |
|
CBOE Holdings, Inc. |
502,300 |
12,683,075 |
|
CME Group, Inc. |
25,500 |
6,568,035 |
|
Deutsche Boerse AG |
6,500 |
311,028 |
|
FX Alliance, Inc. (d) |
15,800 |
260,068 |
|
Hellenic Exchanges Holding SA |
6,800 |
17,757 |
|
IntercontinentalExchange, Inc. (a) |
26,426 |
3,235,864 |
|
MSCI, Inc. Class A (a) |
2,200 |
74,382 |
|
NYSE Euronext |
100 |
2,431 |
|
The NASDAQ Stock Market, Inc. |
307,900 |
6,736,852 |
|
|
31,411,396 |
||
TOTAL DIVERSIFIED FINANCIAL SERVICES |
33,126,095 |
||
|
|||
Shares |
Value |
||
HOTELS, RESTAURANTS & LEISURE - 0.0% |
|||
Casinos & Gaming - 0.0% |
|||
Boyd Gaming Corp. (a) |
4,900 |
$ 37,338 |
|
Las Vegas Sands Corp. |
700 |
32,326 |
|
|
69,664 |
||
Hotels, Resorts & Cruise Lines - 0.0% |
|||
Starwood Hotels & Resorts Worldwide, Inc. |
700 |
36,995 |
|
TOTAL HOTELS, RESTAURANTS & LEISURE |
106,659 |
||
INSURANCE - 0.3% |
|||
Insurance Brokers - 0.3% |
|||
National Financial Partners Corp. (a) |
57,200 |
760,760 |
|
Life & Health Insurance - 0.0% |
|||
AFLAC, Inc. |
800 |
32,064 |
|
Multi-Line Insurance - 0.0% |
|||
American International Group, Inc. (a) |
1,400 |
40,852 |
|
Genworth Financial, Inc. Class A (a) |
6,300 |
33,012 |
|
|
73,864 |
||
Property & Casualty Insurance - 0.0% |
|||
Fidelity National Financial, Inc. Class A |
2,487 |
46,855 |
|
TOTAL INSURANCE |
913,543 |
||
INTERNET SOFTWARE & SERVICES - 0.0% |
|||
Internet Software & Services - 0.0% |
|||
China Finance Online Co. Ltd. ADR (a) |
1,600 |
2,416 |
|
eBay, Inc. (a) |
1,100 |
43,109 |
|
|
45,525 |
||
IT SERVICES - 6.1% |
|||
Data Processing & Outsourced Services - 6.1% |
|||
Fidelity National Information Services, Inc. |
2,100 |
68,838 |
|
Fiserv, Inc. (a) |
400 |
26,972 |
|
Jack Henry & Associates, Inc. |
12,300 |
406,023 |
|
MasterCard, Inc. Class A |
100 |
40,651 |
|
Redecard SA |
310,910 |
4,778,843 |
|
The Western Union Co. |
637,610 |
10,456,804 |
|
Total System Services, Inc. |
177,870 |
4,139,035 |
|
|
19,917,166 |
||
MEDIA - 0.0% |
|||
Publishing - 0.0% |
|||
Morningstar, Inc. |
700 |
39,158 |
|
PROFESSIONAL SERVICES - 0.0% |
|||
Research & Consulting Services - 0.0% |
|||
Equifax, Inc. |
900 |
40,653 |
|
IHS, Inc. Class A (a) |
500 |
49,495 |
|
|
90,148 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
REAL ESTATE INVESTMENT TRUSTS - 2.1% |
|||
Mortgage REITs - 1.9% |
|||
American Capital Agency Corp. |
123,200 |
$ 4,024,944 |
|
Two Harbors Investment Corp. (d) |
210,700 |
2,178,638 |
|
|
6,203,582 |
||
Retail REITs - 0.2% |
|||
Federal Realty Investment Trust (SBI) |
6,500 |
638,820 |
|
Specialized REITs - 0.0% |
|||
Big Yellow Group PLC |
19,400 |
85,365 |
|
Strategic Hotel & Resorts, Inc. (a) |
19,100 |
118,993 |
|
|
204,358 |
||
TOTAL REAL ESTATE INVESTMENT TRUSTS |
7,046,760 |
||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1% |
|||
Real Estate Services - 0.1% |
|||
CBRE Group, Inc. (a) |
22,437 |
369,089 |
|
Jones Lang LaSalle, Inc. |
500 |
36,250 |
|
|
405,339 |
||
ROAD & RAIL - 0.0% |
|||
Railroads - 0.0% |
|||
Canadian Pacific |
100 |
7,349 |
|
SPECIALTY RETAIL - 0.7% |
|||
Computer & Electronics Retail - 0.7% |
|||
Rent-A-Center, Inc. |
65,400 |
2,202,018 |
|
TRADING COMPANIES & DISTRIBUTORS - 0.0% |
|||
Trading Companies & Distributors - 0.0% |
|||
Noble Group Ltd. |
75,000 |
64,896 |
|
TOTAL COMMON STOCKS (Cost $328,817,122) |
|
||
Investment Companies - 5.8% |
|||
Shares |
Value |
||
Ares Capital Corp. |
1,194,005 |
$ 18,017,535 |
|
Solar Capital Ltd. |
47,664 |
1,037,645 |
|
TOTAL INVESTMENT COMPANIES (Cost $20,269,892) |
|
||
Money Market Funds - 13.4% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
42,784,471 |
42,784,471 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
1,215,500 |
1,215,500 |
|
TOTAL MONEY MARKET FUNDS (Cost $43,999,971) |
|
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $393,086,985) |
331,782,856 |
|
NET OTHER ASSETS (LIABILITIES) - (0.8)% |
(2,535,030) |
|
NET ASSETS - 100% |
$ 329,247,826 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 10,020 |
Fidelity Securities Lending Cash Central Fund |
7,293 |
Total |
$ 17,313 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 268,727,705 |
$ 265,216,726 |
$ 3,510,979 |
$ - |
Investment Companies |
19,055,180 |
19,055,180 |
- |
- |
Money Market Funds |
43,999,971 |
43,999,971 |
- |
- |
Total Investments in Securities: |
$ 331,782,856 |
$ 328,271,877 |
$ 3,510,979 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $402,417,322. Net unrealized depreciation aggregated $70,634,466, of which $2,396,655 related to appreciated investment securities and $73,031,121 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802154.108
AUT-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 94.0% |
|||
Shares |
Value |
||
AUTO COMPONENTS - 47.0% |
|||
Auto Parts & Equipment - 44.6% |
|||
American Axle & Manufacturing Holdings, Inc. (a) |
131,000 |
$ 1,213,060 |
|
Amerigon, Inc. (a) |
29,800 |
357,004 |
|
Autoliv, Inc. |
67,955 |
3,928,479 |
|
BorgWarner, Inc. (a)(e) |
72,000 |
5,166,000 |
|
Dana Holding Corp. |
147,700 |
1,967,364 |
|
Delphi Automotive PLC |
189,478 |
5,500,546 |
|
Dorman Products, Inc. (a) |
16,100 |
775,054 |
|
Drew Industries, Inc. (a) |
34,500 |
915,975 |
|
Exide Technologies (a) |
194,500 |
451,240 |
|
Federal-Mogul Corp. Class A (a) |
70,824 |
791,104 |
|
Fuel Systems Solutions, Inc. (a)(e) |
24,700 |
370,500 |
|
Gentex Corp. |
142,900 |
3,186,670 |
|
Johnson Controls, Inc. |
244,470 |
7,368,326 |
|
Lear Corp. |
75,000 |
2,988,750 |
|
Linamar Corp. |
47,700 |
987,390 |
|
Magna International, Inc. Class A (sub. vtg.) (e) |
88,084 |
3,560,543 |
|
Martinrea International, Inc. (a) |
89,100 |
708,245 |
|
Modine Manufacturing Co. (a) |
79,300 |
513,864 |
|
Motorcar Parts of America, Inc. (a) |
49,000 |
211,680 |
|
Spartan Motors, Inc. |
95,200 |
428,400 |
|
Standard Motor Products, Inc. |
28,900 |
390,439 |
|
Stoneridge, Inc. (a) |
56,789 |
400,362 |
|
Tenneco, Inc. (a) |
116,246 |
3,156,079 |
|
Tower International, Inc. (a) |
36,700 |
464,622 |
|
TRW Automotive Holdings Corp. (a) |
132,800 |
5,122,096 |
|
Visteon Corp. (a) |
21,500 |
860,000 |
|
|
51,783,792 |
||
Tires & Rubber - 2.4% |
|||
Cooper Tire & Rubber Co. |
74,400 |
1,151,712 |
|
The Goodyear Tire & Rubber Co. (a) |
157,626 |
1,647,192 |
|
|
2,798,904 |
||
TOTAL AUTO COMPONENTS |
54,582,696 |
||
AUTOMOBILES - 45.1% |
|||
Automobile Manufacturers - 41.3% |
|||
Ford Motor Co. |
1,079,061 |
11,394,884 |
|
General Motors Co. (a) |
298,944 |
6,636,557 |
|
Honda Motor Co. Ltd. sponsored ADR |
391,300 |
12,439,427 |
|
Thor Industries, Inc. |
41,400 |
1,273,050 |
|
Toyota Motor Corp. sponsored ADR (e) |
204,400 |
15,716,316 |
|
Winnebago Industries, Inc. (a)(e) |
52,700 |
472,192 |
|
|
47,932,426 |
||
Motorcycle Manufacturers - 3.8% |
|||
Harley-Davidson, Inc. |
92,300 |
4,447,014 |
|
TOTAL AUTOMOBILES |
52,379,440 |
||
|
|||
Shares |
Value |
||
HOUSEHOLD DURABLES - 0.3% |
|||
Consumer Electronics - 0.3% |
|||
Harman International Industries, Inc. |
10,700 |
$ 419,654 |
|
MACHINERY - 1.6% |
|||
Construction & Farm Machinery & Heavy Trucks - 1.6% |
|||
Meritor, Inc. (a) |
108,800 |
588,608 |
|
Westport Innovations, Inc. (a)(e) |
51,200 |
1,249,792 |
|
|
1,838,400 |
||
TOTAL COMMON STOCKS (Cost $97,363,550) |
|
Nonconvertible Bonds - 0.2% |
||||
|
Principal Amount |
|
||
AUTOMOBILES - 0.2% |
||||
Automobile Manufacturers - 0.2% |
||||
General Motors Corp. 6.75% 5/1/28 (d) |
|
$ 31,005,000 |
|
Money Market Funds - 15.4% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.17% (b) |
6,058,057 |
6,058,057 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
11,853,412 |
11,853,412 |
|
TOTAL MONEY MARKET FUNDS (Cost $17,911,469) |
|
||
TOTAL INVESTMENT PORTFOLIO - 109.6% (Cost $115,559,375) |
127,339,393 |
||
NET OTHER ASSETS (LIABILITIES) - (9.6)% |
(11,199,540) |
||
NET ASSETS - 100% |
$ 116,139,853 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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) Non-income producing - Security is in default. |
(e) 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 |
$ 2,664 |
Fidelity Securities Lending Cash Central Fund |
20,413 |
Total |
$ 23,077 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 109,220,190 |
$ 109,220,190 |
$ - |
$ - |
Nonconvertible Bonds |
207,734 |
- |
- |
207,734 |
Money Market Funds |
17,911,469 |
17,911,469 |
- |
- |
Total Investments in Securities: |
$ 127,339,393 |
$ 127,131,659 |
$ - |
$ 207,734 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Beginning Balance |
$ 207,734 |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
- |
Cost of Purchases |
- |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
- |
Transfers out of Level 3 |
- |
Ending Balance |
$ 207,734 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012 |
$ - |
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 May 31, 2012, the cost of investment securities for income tax purposes was $116,399,972. Net unrealized appreciation aggregated $10,939,421, of which $20,605,661 related to appreciated investment securities and $9,666,240 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security 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 value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These 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 Banking Portfolio
May 31, 2012
1.802155.108
BAN-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 96.9% |
|||
Shares |
Value |
||
CAPITAL MARKETS - 0.9% |
|||
Asset Management & Custody Banks - 0.9% |
|||
State Street Corp. |
103,400 |
$ 4,261,114 |
|
COMMERCIAL BANKS - 83.5% |
|||
Diversified Banks - 28.4% |
|||
Banco ABC Brasil SA |
350,000 |
1,926,271 |
|
BanColombia SA sponsored ADR |
57,400 |
3,398,654 |
|
Comerica, Inc. |
489,500 |
14,890,590 |
|
U.S. Bancorp |
1,821,900 |
56,679,309 |
|
Wells Fargo & Co. |
1,713,492 |
54,917,419 |
|
|
131,812,243 |
||
Regional Banks - 55.1% |
|||
American River Bankshares (a) |
128,500 |
935,480 |
|
Bank of the Ozarks, Inc. |
255,900 |
7,431,336 |
|
BB&T Corp. |
643,100 |
19,434,482 |
|
BBCN Bancorp, Inc. (a) |
582,012 |
6,279,909 |
|
CapitalSource, Inc. |
509,300 |
3,223,869 |
|
Central Valley Community Bancorp (a) |
133,300 |
1,029,076 |
|
Chemical Financial Corp. |
91,300 |
1,856,129 |
|
CIT Group, Inc. (a) |
331,000 |
11,316,890 |
|
City National Corp. |
155,700 |
7,735,176 |
|
Columbia Banking Systems, Inc. |
258,700 |
4,687,644 |
|
Commerce Bancshares, Inc. |
227,500 |
8,813,350 |
|
Cullen/Frost Bankers, Inc. |
157,200 |
8,943,108 |
|
CVB Financial Corp. (d) |
556,300 |
6,058,107 |
|
East West Bancorp, Inc. |
327,100 |
7,323,769 |
|
Fifth Third Bancorp |
726,300 |
9,696,105 |
|
First Niagara Financial Group, Inc. |
966,700 |
7,801,269 |
|
First Republic Bank (a) |
155,500 |
4,882,700 |
|
Huntington Bancshares, Inc. |
2,393,651 |
15,654,478 |
|
KeyCorp |
503,900 |
3,779,250 |
|
M&T Bank Corp. |
187,500 |
15,247,500 |
|
National Penn Bancshares, Inc. |
663,100 |
5,908,221 |
|
Oriental Financial Group, Inc. |
213,180 |
2,231,995 |
|
PacWest Bancorp |
216,846 |
4,946,257 |
|
PNC Financial Services Group, Inc. |
306,741 |
18,840,032 |
|
Regions Financial Corp. |
1,774,300 |
11,160,347 |
|
Signature Bank (a) |
33,800 |
2,075,658 |
|
SunTrust Banks, Inc. |
503,900 |
11,549,388 |
|
Susquehanna Bancshares, Inc. |
541,000 |
5,209,830 |
|
SVB Financial Group (a) |
156,865 |
9,358,566 |
|
Texas Capital Bancshares, Inc. (a) |
232,900 |
9,031,862 |
|
UMB Financial Corp. |
162,800 |
7,939,756 |
|
West Coast Bancorp (a) |
97,740 |
1,837,512 |
|
Western Alliance Bancorp. (a) |
765,300 |
6,673,416 |
|
Wintrust Financial Corp. (d) |
201,900 |
6,866,619 |
|
|
255,759,086 |
||
TOTAL COMMERCIAL BANKS |
387,571,329 |
||
|
|||
Shares |
Value |
||
CONSUMER FINANCE - 2.3% |
|||
Consumer Finance - 2.3% |
|||
Capital One Financial Corp. |
118,600 |
$ 6,092,482 |
|
SLM Corp. |
327,100 |
4,569,587 |
|
|
10,662,069 |
||
DIVERSIFIED FINANCIAL SERVICES - 1.2% |
|||
Other Diversified Financial Services - 1.2% |
|||
Citigroup, Inc. |
64,420 |
1,707,774 |
|
JPMorgan Chase & Co. |
102,200 |
3,387,930 |
|
NBH Holdings Corp. Class A (a)(e) |
13,300 |
239,400 |
|
|
5,335,104 |
||
IT SERVICES - 1.6% |
|||
Data Processing & Outsourced Services - 1.6% |
|||
Fiserv, Inc. (a) |
47,600 |
3,209,668 |
|
Visa, Inc. Class A |
37,300 |
4,296,960 |
|
|
7,506,628 |
||
THRIFTS & MORTGAGE FINANCE - 7.4% |
|||
Thrifts & Mortgage Finance - 7.4% |
|||
Flushing Financial Corp. |
275,300 |
3,551,370 |
|
Ocwen Financial Corp. (a) |
377,800 |
6,056,134 |
|
People's United Financial, Inc. |
722,500 |
8,402,675 |
|
Trustco Bank Corp., New York |
1,110,400 |
5,751,872 |
|
Washington Federal, Inc. |
349,000 |
5,727,090 |
|
WSFS Financial Corp. |
133,500 |
4,963,530 |
|
|
34,452,671 |
||
TOTAL COMMON STOCKS (Cost $463,114,451) |
|
||
Money Market Funds - 3.6% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
11,129,048 |
11,129,048 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
5,646,825 |
5,646,825 |
|
TOTAL MONEY MARKET FUNDS (Cost $16,775,873) |
|
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $479,890,324) |
466,564,788 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% |
(2,491,153) |
||
NET ASSETS - 100% |
$ 464,073,635 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 $239,400 or 0.1% 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 |
$ 6,365 |
Fidelity Securities Lending Cash Central Fund |
2,803 |
Total |
$ 9,168 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 449,788,915 |
$ 449,549,515 |
$ 239,400 |
$ - |
Money Market Funds |
16,775,873 |
16,775,873 |
- |
- |
Total Investments in Securities: |
$ 466,564,788 |
$ 466,325,388 |
$ 239,400 |
$ - |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Beginning Balance |
$ 216,125 |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
- |
Cost of Purchases |
- |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
- |
Transfers out of Level 3 |
(216,125) |
Ending Balance |
$ - |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012 |
$ - |
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 May 31, 2012, the cost of investment securities for income tax purposes was $520,664,683. Net unrealized depreciation aggregated $54,099,895, of which $22,452,981 related to appreciated investment securities and $76,552,876 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802156.108
BIO-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 99.5% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 93.7% |
|||
Biotechnology - 93.7% |
|||
Acadia Pharmaceuticals, Inc. (a)(d) |
2,450,726 |
$ 3,382,002 |
|
Achillion Pharmaceuticals, Inc. (a)(d) |
750,608 |
5,389,365 |
|
Acorda Therapeutics, Inc. (a) |
810,214 |
17,816,606 |
|
Aegerion Pharmaceuticals, Inc. (a) |
736,409 |
11,200,781 |
|
Affymax, Inc. (a) |
967,882 |
13,685,851 |
|
Agenus, Inc. (a) |
150,089 |
783,465 |
|
Agenus, Inc. warrants 6/9/18 (a)(f) |
1,548,000 |
657,180 |
|
Alexion Pharmaceuticals, Inc. (a) |
636,819 |
57,676,697 |
|
Alkermes PLC (a) |
923,548 |
14,425,820 |
|
Alnylam Pharmaceuticals, Inc. (a) |
1,563,203 |
16,007,199 |
|
AMAG Pharmaceuticals, Inc. (a) |
567,856 |
7,967,020 |
|
Amarin Corp. PLC ADR (a)(d) |
1,245,095 |
14,754,376 |
|
Amgen, Inc. |
995,895 |
69,234,620 |
|
Amicus Therapeutics, Inc. (a) |
580,666 |
2,746,550 |
|
Amylin Pharmaceuticals, Inc. (a) |
1,427,953 |
37,855,034 |
|
Anacor Pharmaceuticals, Inc. (a)(d) |
359,358 |
1,796,790 |
|
Arena Pharmaceuticals, Inc. (a)(d) |
5,458,773 |
36,519,191 |
|
ARIAD Pharmaceuticals, Inc. (a) |
1,712,005 |
28,367,923 |
|
ArQule, Inc. (a) |
1,456,494 |
8,651,574 |
|
AVEO Pharmaceuticals, Inc. (a)(d) |
389,487 |
4,958,170 |
|
AVI BioPharma, Inc. (a)(d) |
33,800 |
21,963 |
|
Biogen Idec, Inc. (a) |
981,744 |
128,363,028 |
|
BioInvent International AB (a)(d) |
557,920 |
1,054,994 |
|
BioMarin Pharmaceutical, Inc. (a) |
1,345,202 |
47,942,999 |
|
Bionovo, Inc. (a) |
714,685 |
22,870 |
|
Bionovo, Inc. warrants 2/2/16 (a) |
1,043,150 |
28,686 |
|
Biospecifics Technologies Corp. (a) |
21,004 |
357,068 |
|
BioTime, Inc. (a)(d) |
547,683 |
2,201,686 |
|
Catalyst Pharmaceutical Partners, Inc. (a)(e) |
1,722,318 |
981,721 |
|
Catalyst Pharmaceutical Partners, Inc.: |
|
|
|
unit (a) |
282,100 |
236,854 |
|
warrants 5/2/17 (a)(e) |
141,443 |
47,974 |
|
Celgene Corp. (a) |
1,577,414 |
107,658,506 |
|
Cell Therapeutics, Inc. (a)(d) |
10,165,268 |
9,145,692 |
|
Cell Therapeutics, Inc. warrants 7/6/16 (a) |
835,596 |
245,134 |
|
Celldex Therapeutics, Inc. (a) |
1,104,900 |
4,607,433 |
|
Cepheid, Inc. (a) |
537,200 |
20,322,276 |
|
Clovis Oncology, Inc. (d) |
275,387 |
4,904,642 |
|
Codexis, Inc. (a)(d) |
796,958 |
2,486,509 |
|
Cubist Pharmaceuticals, Inc. (a) |
558,508 |
22,407,341 |
|
Dendreon Corp. (a)(d) |
1,442,852 |
10,099,964 |
|
Dyax Corp. (a) |
110,055 |
204,702 |
|
Dynavax Technologies Corp. (a) |
2,495,512 |
9,408,080 |
|
Emergent BioSolutions, Inc. (a) |
275,700 |
3,975,594 |
|
Enzon Pharmaceuticals, Inc. (a)(d) |
468,666 |
3,013,522 |
|
Exact Sciences Corp. (a) |
766,261 |
7,570,659 |
|
Exelixis, Inc. (a)(d) |
1,142,168 |
5,288,238 |
|
Genomic Health, Inc. (a)(d) |
281,585 |
9,514,757 |
|
Geron Corp. (a) |
131,439 |
172,185 |
|
|
|||
Shares |
Value |
||
Gilead Sciences, Inc. (a) |
3,891,789 |
$ 194,394,857 |
|
Halozyme Therapeutics, Inc. (a) |
1,388,342 |
10,606,933 |
|
Horizon Pharma, Inc. (d) |
507,400 |
2,029,600 |
|
Horizon Pharma, Inc. (f) |
1,278,157 |
5,112,628 |
|
Horizon Pharma, Inc. warrants 2/28/17 (a)(f) |
319,539 |
95,047 |
|
Human Genome Sciences, Inc. (a) |
1,449,618 |
19,743,797 |
|
Idenix Pharmaceuticals, Inc. (a)(d) |
984,849 |
8,903,035 |
|
ImmunoGen, Inc. (a)(d) |
828,940 |
11,613,449 |
|
Immunomedics, Inc. (a) |
564,485 |
1,874,090 |
|
Incyte Corp. (a)(d) |
1,049,380 |
22,362,288 |
|
Infinity Pharmaceuticals, Inc. (a) |
282,041 |
3,669,353 |
|
InterMune, Inc. (a)(d) |
1,926,202 |
20,090,287 |
|
Ironwood Pharmaceuticals, Inc. Class A (a) |
1,469,338 |
17,514,509 |
|
Isis Pharmaceuticals, Inc. (a)(d) |
978,691 |
9,679,254 |
|
Keryx Biopharmaceuticals, Inc. (a)(d) |
792,900 |
1,395,504 |
|
Lexicon Pharmaceuticals, Inc. (a) |
7,531,523 |
11,975,122 |
|
Ligand Pharmaceuticals, Inc. Class B (a) |
472,128 |
5,915,764 |
|
MannKind Corp. (a)(d) |
839,622 |
1,528,112 |
|
Medivation, Inc. (a) |
668,398 |
56,299,164 |
|
Merrimack Pharmaceuticals, Inc. |
44,600 |
306,402 |
|
Metabolix, Inc. (a)(d) |
958,844 |
1,917,688 |
|
Momenta Pharmaceuticals, Inc. (a)(d) |
537,248 |
7,408,650 |
|
Myriad Genetics, Inc. (a) |
774,018 |
18,677,054 |
|
Neurocrine Biosciences, Inc. (a) |
730,369 |
4,886,169 |
|
NeurogesX, Inc. (a) |
581,785 |
212,410 |
|
NeurogesX, Inc. |
2,550,000 |
931,005 |
|
NewLink Genetics Corp. |
316,700 |
4,041,092 |
|
Novavax, Inc. (a)(d) |
6,006,281 |
7,627,977 |
|
Novelos Therapeutics, Inc. (a)(e) |
2,334,890 |
3,969,313 |
|
Novelos Therapeutics, Inc. warrants 12/6/16 (a)(e) |
2,362,400 |
2,656,651 |
|
NPS Pharmaceuticals, Inc. (a) |
1,640,126 |
12,940,594 |
|
OncoGenex Pharmaceuticals, Inc. (a) |
247,395 |
3,107,281 |
|
Oncothyreon, Inc. (a)(d) |
216,310 |
785,205 |
|
ONYX Pharmaceuticals, Inc. (a) |
567,861 |
25,996,677 |
|
Opko Health, Inc. (a)(d) |
2,180,300 |
10,029,380 |
|
OREXIGEN Therapeutics, Inc. (a) |
3,184,943 |
10,637,710 |
|
PDL BioPharma, Inc. (d) |
1,368,233 |
8,879,832 |
|
Pharmacyclics, Inc. (a)(d) |
605,503 |
19,024,904 |
|
PolyMedix, Inc. (a)(e) |
5,775,434 |
2,136,911 |
|
PolyMedix, Inc. warrants 4/10/16 (a)(e) |
2,961,167 |
763,551 |
|
Progenics Pharmaceuticals, Inc. (a)(e) |
2,218,354 |
19,210,946 |
|
PROLOR Biotech, Inc. (a)(d) |
1,232,084 |
6,271,308 |
|
Protalix BioTherapeutics, Inc. (a)(d) |
1,226,342 |
7,922,169 |
|
Puma Biotechnology, Inc. (f) |
522,668 |
7,056,018 |
|
Puma Biotechnology, Inc. warrants 10/4/21 (a)(f) |
522,668 |
5 |
|
Raptor Pharmaceutical Corp. (a)(d) |
1,595,879 |
8,569,870 |
|
Regeneron Pharmaceuticals, Inc. (a) |
730,287 |
99,063,432 |
|
Rigel Pharmaceuticals, Inc. (a) |
1,147,051 |
8,522,589 |
|
Sangamo Biosciences, Inc. (a)(d) |
1,205,172 |
5,350,964 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
BIOTECHNOLOGY - CONTINUED |
|||
Biotechnology - continued |
|||
Savient Pharmaceuticals, Inc. (a)(d) |
1,314,987 |
$ 952,445 |
|
Seattle Genetics, Inc. (a)(d) |
860,619 |
16,764,858 |
|
SIGA Technologies, Inc. (a)(d) |
1,726,114 |
3,987,323 |
|
Sophiris Bio, Inc. (a) |
2,502,000 |
847,848 |
|
Sorrento Therapeutics, Inc. (f) |
11,780,000 |
2,438,460 |
|
Spectrum Pharmaceuticals, Inc. (a)(d) |
1,462,171 |
16,946,562 |
|
Sunesis Pharmaceuticals, Inc. (a)(d) |
347,464 |
1,011,120 |
|
Synageva BioPharma Corp. (a) |
197,000 |
7,684,970 |
|
Synergy Pharmaceuticals, Inc. (a) |
708,800 |
3,033,664 |
|
Synergy Pharmaceuticals, Inc. warrants 11/14/16 (a) |
354,400 |
779,680 |
|
Synta Pharmaceuticals Corp. (a)(d) |
1,750,634 |
8,420,550 |
|
Targacept, Inc. (a) |
594,796 |
2,468,403 |
|
Theravance, Inc. (a)(d) |
714,253 |
14,777,895 |
|
Threshold Pharmaceuticals, Inc. (a)(d) |
1,572,778 |
11,528,463 |
|
Threshold Pharmaceuticals, Inc. warrants 3/16/16 (a) |
631,520 |
4,143,039 |
|
Trius Therapeutics, Inc. (a) |
988,906 |
5,073,088 |
|
United Therapeutics Corp. (a) |
559,951 |
24,772,232 |
|
Vanda Pharmaceuticals, Inc. (a)(e) |
1,625,800 |
6,909,650 |
|
Verastem, Inc. (d) |
135,900 |
1,364,436 |
|
Vertex Pharmaceuticals, Inc. (a) |
1,828,575 |
109,787,643 |
|
Vical, Inc. (a)(d) |
4,038,130 |
11,791,340 |
|
XOMA Corp. (a)(d) |
2,423,778 |
5,792,829 |
|
ZIOPHARM Oncology, Inc. (a)(d) |
2,149,292 |
11,047,361 |
|
|
1,742,191,700 |
||
HEALTH CARE EQUIPMENT & SUPPLIES - 0.2% |
|||
Health Care Equipment - 0.2% |
|||
Alsius Corp. (a) |
314,300 |
3 |
|
Aradigm Corp. (a) |
477,800 |
64,503 |
|
Aradigm Corp. |
5,920,360 |
799,249 |
|
InVivo Therapeutics Holdings Corp. (a) |
1,639,800 |
3,591,162 |
|
|
4,454,917 |
||
HEALTH CARE PROVIDERS & SERVICES - 0.1% |
|||
Health Care Services - 0.1% |
|||
OvaScience, Inc. (f) |
212,300 |
1,167,650 |
|
LIFE SCIENCES TOOLS & SERVICES - 0.5% |
|||
Life Sciences Tools & Services - 0.5% |
|||
BG Medicine, Inc. (a) |
722,017 |
3,862,791 |
|
ChromaDex, Inc. (a) |
2,417,600 |
1,692,320 |
|
Transgenomic, Inc. (a) |
554,882 |
466,101 |
|
Transgenomic, Inc. (f) |
2,838,000 |
2,383,920 |
|
Transgenomic, Inc. warrants 2/3/17 (a)(f) |
1,419,000 |
6,617 |
|
|
8,411,749 |
||
PHARMACEUTICALS - 5.0% |
|||
Pharmaceuticals - 5.0% |
|||
AcelRx Pharmaceuticals, Inc. (a)(e) |
1,041,900 |
3,073,605 |
|
|
|||
Shares |
Value |
||
Akorn, Inc. (a) |
198,027 |
$ 2,703,069 |
|
Auxilium Pharmaceuticals, Inc. (a) |
384,251 |
7,339,194 |
|
AVANIR Pharmaceuticals Class A (a)(d) |
4,485,659 |
13,322,407 |
|
Corcept Therapeutics, Inc. (a)(d) |
996,798 |
4,076,904 |
|
Elan Corp. PLC sponsored ADR (a) |
666,230 |
9,300,571 |
|
Jazz Pharmaceuticals PLC (a) |
106,217 |
4,588,574 |
|
Omeros Corp. (a)(d) |
496,847 |
5,087,713 |
|
Optimer Pharmaceuticals, Inc. (a)(d) |
392,661 |
5,866,355 |
|
Pacira Pharmaceuticals, Inc. (a)(d) |
360,566 |
3,829,211 |
|
Santarus, Inc. (a) |
710,475 |
4,731,764 |
|
TherapeuticsMD, Inc. (a) |
1,409,900 |
3,820,829 |
|
Transcept Pharmaceuticals, Inc. (a) |
94,000 |
665,520 |
|
Ventrus Biosciences, Inc. (a)(d) |
437,701 |
4,425,157 |
|
ViroPharma, Inc. (a) |
331,699 |
6,680,418 |
|
VIVUS, Inc. (a)(d) |
222,050 |
5,504,620 |
|
XenoPort, Inc. (a) |
862,004 |
5,068,584 |
|
Zogenix, Inc. (a) |
2,105,408 |
3,789,734 |
|
|
93,874,229 |
||
TOTAL COMMON STOCKS (Cost $1,551,784,475) |
|
||
Convertible Preferred Stocks - 0.4% |
|||
|
|
|
|
BIOTECHNOLOGY - 0.2% |
|||
Biotechnology - 0.2% |
|||
Xenon Pharmaceuticals, Inc. Series E (a)(f) |
981,626 |
3,416,058 |
|
PHARMACEUTICALS - 0.2% |
|||
Pharmaceuticals - 0.2% |
|||
Agios Pharmaceuticals, Inc. Series C (f) |
229,509 |
1,127,142 |
|
KaloBios Pharmaceuticals, Inc. Series E (a)(f) |
693,000 |
2,356,200 |
|
|
3,483,342 |
||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $10,207,480) |
|
||
Money Market Funds - 13.3% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
9,959,859 |
9,959,859 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
237,568,662 |
237,568,662 |
|
TOTAL MONEY MARKET FUNDS (Cost $247,528,521) |
|
TOTAL INVESTMENT PORTFOLIO - 113.2% (Cost $1,809,520,476) |
2,104,528,166 |
NET OTHER ASSETS (LIABILITIES) - (13.2)% |
(245,846,749) |
||
NET ASSETS - 100% |
$ 1,858,681,417 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 $25,816,925 or 1.4% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Agenus, Inc. warrants 6/9/18 |
1/9/08 |
$ 1,930,622 |
Agios Pharmaceuticals, Inc. Series C |
11/16/11 |
$ 1,127,142 |
Horizon Pharma, Inc. |
2/29/12 |
$ 4,588,584 |
Horizon Pharma, Inc. warrants 2/28/17 |
2/29/12 |
$ 39,942 |
KaloBios Pharmaceuticals, Inc. Series E |
5/2/12 |
$ 2,356,200 |
OvaScience, Inc. |
3/29/12 |
$ 1,167,650 |
Puma Biotechnology, Inc. |
10/4/11 |
$ 1,959,999 |
Puma Biotechnology, Inc. warrants 10/4/21 |
10/4/11 |
$ 6 |
Sorrento Therapeutics, Inc. |
5/15/12 |
$ 1,884,800 |
Transgenomic, Inc. |
2/3/12 |
$ 2,828,200 |
Transgenomic, Inc. warrants 2/3/17 |
2/3/12 |
$ 9,800 |
Xenon Pharmaceuticals, Inc. Series E |
3/23/01 |
$ 6,724,138 |
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 |
$ 2,897 |
Fidelity Securities Lending Cash Central Fund |
1,298,033 |
Total |
$ 1,300,930 |
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: |
Affiliates |
Value, beginning of period |
Purchases |
Sales |
Dividend Income |
Value, |
Acadia Pharmaceuticals, Inc. |
$ 5,217,290 |
$ - |
$ 1,006,870 |
$ - |
$ - |
AcelRx Pharmaceuticals, Inc. |
2,938,158 |
- |
- |
- |
3,073,605 |
Catalyst Pharmaceutical Partners, Inc. |
1,960,391 |
- |
36,826 |
- |
981,721 |
Catalyst Pharmaceutical Partners, Inc. warrants 5/2/17 |
72,699 |
- |
- |
- |
47,974 |
Novelos Therapeutics, Inc. |
1,181,200 |
- |
54,744 |
- |
3,969,313 |
Novelos Therapeutics, Inc. warrants 12/6/16 |
46,546 |
- |
- |
- |
2,656,651 |
OREXIGEN Therapeutics, Inc. |
12,734,873 |
- |
247,587 |
- |
- |
PolyMedix, Inc. |
7,699,034 |
- |
151,839 |
- |
2,136,911 |
PolyMedix, Inc. warrants 4/10/16 |
2,392,472 |
- |
- |
- |
763,551 |
Progenics Pharmaceuticals, Inc. |
21,224,629 |
1,112,643 |
698,061 |
- |
19,210,946 |
Vanda Pharmaceuticals, Inc. |
- |
8,137,480 |
303,037 |
- |
6,909,650 |
Ventrus Biosciences, Inc. |
7,280,513 |
- |
2,561,734 |
- |
- |
Total |
$ 62,747,805 |
$ 9,250,123 |
$ 5,060,698 |
$ - |
$ 39,750,322 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 1,850,100,245 |
$ 1,836,558,400 |
$ 12,374,187 |
$ 1,167,658 |
Convertible Preferred Stocks |
6,899,400 |
- |
- |
6,899,400 |
Money Market Funds |
247,528,521 |
247,528,521 |
- |
- |
Total Investments in Securities: |
$ 2,104,528,166 |
$ 2,084,086,921 |
$ 12,374,187 |
$ 8,067,058 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Beginning Balance |
$ 6,503,213 |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
- |
Cost of Purchases |
3,523,850 |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
- |
Transfers out of Level 3 |
(1,960,005) |
Ending Balance |
$ 8,067,058 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012 |
$ - |
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 May 31, 2012, the cost of investment securities for income tax purposes was $1,830,795,928. Net unrealized appreciation aggregated $273,732,238, of which $439,403,008 related to appreciated investment securities and $165,670,770 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802159.108
CHE-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 93.0% |
|||
Shares |
Value |
||
CHEMICALS - 89.2% |
|||
Commodity Chemicals - 3.7% |
|||
Arkema SA (d) |
50,000 |
$ 3,300,521 |
|
PetroLogistics LP |
475,500 |
6,657,000 |
|
PT Chandra Asri Petrochemical Tbk |
108,500 |
21,931 |
|
TPC Group, Inc. (a) |
120,563 |
3,808,585 |
|
Westlake Chemical Corp. (d) |
302,900 |
16,505,021 |
|
|
30,293,058 |
||
Diversified Chemicals - 23.8% |
|||
Dow Chemical Co. |
2,102,238 |
65,295,512 |
|
E.I. du Pont de Nemours & Co. |
1,425,100 |
68,775,326 |
|
Eastman Chemical Co. |
954,300 |
44,432,208 |
|
LSB Industries, Inc. (a) |
9,193 |
255,749 |
|
PPG Industries, Inc. |
172,100 |
17,802,024 |
|
|
196,560,819 |
||
Fertilizers & Agricultural Chemicals - 15.7% |
|||
CF Industries Holdings, Inc. |
227,453 |
38,885,365 |
|
Monsanto Co. |
820,340 |
63,330,248 |
|
Rentech Nitrogen Partners LP |
368,922 |
8,658,599 |
|
The Mosaic Co. |
407,942 |
19,450,675 |
|
|
130,324,887 |
||
Industrial Gases - 12.0% |
|||
Air Products & Chemicals, Inc. |
370,200 |
29,260,608 |
|
Praxair, Inc. |
657,407 |
69,842,920 |
|
|
99,103,528 |
||
Specialty Chemicals - 34.0% |
|||
Albemarle Corp. |
105,202 |
6,385,761 |
|
Ashland, Inc. |
458,200 |
29,292,726 |
|
Celanese Corp. Class A |
93,100 |
3,706,311 |
|
Cytec Industries, Inc. |
270,143 |
16,332,846 |
|
Ecolab, Inc. |
821,699 |
51,939,594 |
|
Ferro Corp. (a) |
287,797 |
1,277,819 |
|
Innophos Holdings, Inc. |
321,805 |
16,244,716 |
|
Kraton Performance Polymers, Inc. (a) |
227,496 |
4,347,449 |
|
LyondellBasell Industries NV Class A |
1,155,678 |
45,603,054 |
|
Rockwood Holdings, Inc. (a) |
101,046 |
4,890,626 |
|
Sherwin-Williams Co. |
289,200 |
37,491,888 |
|
Sigma Aldrich Corp. |
406,400 |
28,191,968 |
|
Valspar Corp. |
202,300 |
9,752,883 |
|
W.R. Grace & Co. (a) |
491,984 |
25,829,160 |
|
|
281,286,801 |
||
TOTAL CHEMICALS |
737,569,093 |
||
COMMERCIAL SERVICES & SUPPLIES - 0.2% |
|||
Environmental & Facility Services - 0.2% |
|||
Swisher Hygiene, Inc. (a) |
549,240 |
983,689 |
|
Swisher Hygiene, Inc. (Canada) (a) |
559,700 |
1,113,802 |
|
|
2,097,491 |
||
|
|||
Shares |
Value |
||
ENERGY EQUIPMENT & SERVICES - 1.5% |
|||
Oil & Gas Drilling - 1.5% |
|||
Ocean Rig UDW, Inc. (United States) |
540,424 |
$ 8,079,339 |
|
Seadrill Ltd. |
120,600 |
4,032,864 |
|
|
12,112,203 |
||
MARINE - 0.9% |
|||
Marine - 0.9% |
|||
DryShips, Inc. (a)(d) |
3,238,820 |
7,157,792 |
|
OIL, GAS & CONSUMABLE FUELS - 1.2% |
|||
Oil & Gas Refining & Marketing - 0.7% |
|||
Rentech, Inc. (a) |
2,867,376 |
5,390,667 |
|
Oil & Gas Storage & Transport - 0.5% |
|||
Atlas Energy LP |
117,499 |
4,054,890 |
|
Cheniere Energy, Inc. (a) |
25,400 |
356,616 |
|
|
4,411,506 |
||
TOTAL OIL, GAS & CONSUMABLE FUELS |
9,802,173 |
||
TOTAL COMMON STOCKS (Cost $672,932,247) |
|
Convertible Bonds - 0.2% |
||||
|
Principal Amount |
|
||
MARINE - 0.2% |
||||
Marine - 0.2% |
||||
DryShips, Inc. 5% 12/1/14 |
|
$ 2,790,000 |
|
Money Market Funds - 9.7% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.17% (b) |
53,862,393 |
53,862,393 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
26,770,738 |
26,770,738 |
|
TOTAL MONEY MARKET FUNDS (Cost $80,633,131) |
|
TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $755,967,446) |
851,283,033 |
|
NET OTHER ASSETS (LIABILITIES) - (2.9)% |
(24,262,342) |
|
NET ASSETS - 100% |
$ 827,020,691 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 17,691 |
Fidelity Securities Lending Cash Central Fund |
78,330 |
Total |
$ 96,021 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 768,738,752 |
$ 764,454,542 |
$ 4,284,210 |
$ - |
Convertible Bonds |
1,911,150 |
- |
1,911,150 |
- |
Money Market Funds |
80,633,131 |
80,633,131 |
- |
- |
Total Investments in Securities: |
$ 851,283,033 |
$ 845,087,673 |
$ 6,195,360 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $767,901,463. Net unrealized appreciation aggregated $83,381,570, of which $115,767,295 related to appreciated investment securities and $32,385,725 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security 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 value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These 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 Communications
Equipment Portfolio
May 31, 2012
1.802166.108
DEV-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 99.1% |
|||
Shares |
Value |
||
COMMUNICATIONS EQUIPMENT - 87.0% |
|||
Communications Equipment - 87.0% |
|||
Acme Packet, Inc. (a)(d) |
167,291 |
$ 3,827,618 |
|
ADTRAN, Inc. |
171,600 |
5,015,868 |
|
Alcatel-Lucent SA sponsored ADR (a)(d) |
862,543 |
1,354,193 |
|
Aruba Networks, Inc. (a)(d) |
256,923 |
3,375,968 |
|
Brocade Communications Systems, Inc. (a) |
1,656,741 |
7,703,846 |
|
Calix Networks, Inc. (a)(d) |
82,400 |
661,672 |
|
Ciena Corp. (a)(d) |
88,900 |
1,204,595 |
|
Cisco Systems, Inc. |
2,828,276 |
46,185,747 |
|
Comtech Telecommunications Corp. |
107,000 |
3,090,160 |
|
Comverse Technology, Inc. (a) |
89,833 |
548,880 |
|
Emulex Corp. (a) |
84,900 |
570,528 |
|
F5 Networks, Inc. (a) |
29,035 |
3,004,542 |
|
Finisar Corp. (a) |
225,652 |
3,238,106 |
|
Harris Corp. |
154,500 |
6,146,010 |
|
Infinera Corp. (a)(d) |
395,400 |
2,534,514 |
|
InterDigital, Inc. (d) |
85,500 |
2,110,995 |
|
JDS Uniphase Corp. (a) |
57,300 |
581,595 |
|
Juniper Networks, Inc. (a) |
592,712 |
10,194,646 |
|
Motorola Solutions, Inc. |
171,081 |
8,225,574 |
|
NETGEAR, Inc. (a) |
114,250 |
3,586,308 |
|
Nokia Corp. sponsored ADR (d) |
1,719,930 |
4,592,213 |
|
Plantronics, Inc. |
57,000 |
1,715,130 |
|
Polycom, Inc. (a) |
680,163 |
7,781,065 |
|
QUALCOMM, Inc. |
815,319 |
46,725,930 |
|
Research In Motion Ltd. (a) |
81,100 |
837,763 |
|
Riverbed Technology, Inc. (a) |
345,042 |
5,658,689 |
|
Sycamore Networks, Inc. (a) |
122,400 |
1,623,024 |
|
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d) |
1,282,580 |
10,876,278 |
|
ViaSat, Inc. (a) |
93,100 |
3,912,062 |
|
Wi-Lan, Inc. |
259,200 |
1,269,838 |
|
|
198,153,357 |
||
COMPUTERS & PERIPHERALS - 0.7% |
|||
Computer Hardware - 0.7% |
|||
Apple, Inc. (a) |
2,600 |
1,502,098 |
|
ELECTRICAL EQUIPMENT - 0.3% |
|||
Electrical Components & Equipment - 0.3% |
|||
Prysmian SpA |
53,400 |
757,534 |
|
ELECTRONIC EQUIPMENT & COMPONENTS - 4.0% |
|||
Electronic Components - 0.3% |
|||
Vishay Intertechnology, Inc. (a) |
61,800 |
656,316 |
|
Electronic Manufacturing Services - 3.7% |
|||
Fabrinet (a) |
127,700 |
1,488,982 |
|
Flextronics International Ltd. (a) |
564,500 |
3,624,090 |
|
TE Connectivity Ltd. |
106,800 |
3,355,656 |
|
|
8,468,728 |
||
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS |
9,125,044 |
||
|
|||
Shares |
Value |
||
MEDIA - 0.3% |
|||
Advertising - 0.3% |
|||
Digital Generation, Inc. (a) |
75,700 |
$ 719,907 |
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.3% |
|||
Semiconductor Equipment - 0.8% |
|||
ASML Holding NV |
37,800 |
1,731,618 |
|
Semiconductors - 4.5% |
|||
Altera Corp. |
79,600 |
2,659,436 |
|
Analog Devices, Inc. |
120,500 |
4,382,585 |
|
GSI Technology, Inc. (a) |
188,100 |
771,210 |
|
ON Semiconductor Corp. (a) |
117,944 |
794,943 |
|
Texas Instruments, Inc. |
58,600 |
1,668,928 |
|
|
10,277,102 |
||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
12,008,720 |
||
SOFTWARE - 1.5% |
|||
Application Software - 0.3% |
|||
BroadSoft, Inc. (a)(d) |
25,000 |
682,750 |
|
Systems Software - 1.2% |
|||
Allot Communications Ltd. (a) |
24,300 |
632,286 |
|
Oracle Corp. |
83,300 |
2,204,951 |
|
|
2,837,237 |
||
TOTAL SOFTWARE |
3,519,987 |
||
TOTAL COMMON STOCKS (Cost $263,520,442) |
|
||
Money Market Funds - 8.5% |
|||
|
|
|
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
19,368,124 |
|
TOTAL INVESTMENT PORTFOLIO - 107.6% (Cost $282,888,566) |
245,154,771 |
NET OTHER ASSETS (LIABILITIES) - (7.6)% |
(17,343,502) |
||
NET ASSETS - 100% |
$ 227,811,269 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 1,846 |
Fidelity Securities Lending Cash Central Fund |
122,870 |
Total |
$ 124,716 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 225,786,647 |
$ 225,029,113 |
$ 757,534 |
$ - |
Money Market Funds |
19,368,124 |
19,368,124 |
- |
- |
Total Investments in Securities: |
$ 245,154,771 |
$ 244,397,237 |
$ 757,534 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $287,838,794. Net unrealized depreciation aggregated $42,684,023, of which $8,259,476 related to appreciated investment securities and $50,943,499 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802162.108
HOU-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 98.2% |
|||
Shares |
Value |
||
BUILDING PRODUCTS - 5.3% |
|||
Building Products - 5.3% |
|||
Armstrong World Industries, Inc. |
21,850 |
$ 1,017,992 |
|
Lennox International, Inc. |
45,000 |
1,930,050 |
|
Masco Corp. |
249,500 |
3,161,165 |
|
Owens Corning (a) |
165,169 |
5,097,115 |
|
USG Corp. (a)(d) |
32,000 |
493,440 |
|
|
11,699,762 |
||
COMMERCIAL SERVICES & SUPPLIES - 0.3% |
|||
Office Services & Supplies - 0.3% |
|||
Interface, Inc. |
60,000 |
761,400 |
|
CONSTRUCTION & ENGINEERING - 15.5% |
|||
Construction & Engineering - 15.5% |
|||
AECOM Technology Corp. (a) |
45,800 |
746,082 |
|
Dycom Industries, Inc. (a) |
55,700 |
1,090,606 |
|
Fluor Corp. |
214,200 |
10,041,696 |
|
Foster Wheeler AG (a) |
156,400 |
2,797,996 |
|
Jacobs Engineering Group, Inc. (a) |
121,000 |
4,297,920 |
|
KBR, Inc. |
134,500 |
3,425,715 |
|
MasTec, Inc. (a) |
71,600 |
1,170,660 |
|
Quanta Services, Inc. (a) |
333,400 |
7,528,172 |
|
Shaw Group, Inc. (a) |
48,650 |
1,235,710 |
|
URS Corp. |
54,271 |
1,962,982 |
|
|
34,297,539 |
||
CONSTRUCTION MATERIALS - 3.3% |
|||
Construction Materials - 3.3% |
|||
Eagle Materials, Inc. |
64,900 |
2,083,290 |
|
Vulcan Materials Co. |
153,800 |
5,329,170 |
|
|
7,412,460 |
||
ENERGY EQUIPMENT & SERVICES - 0.2% |
|||
Oil & Gas Equipment & Services - 0.2% |
|||
McDermott International, Inc. (a) |
50,000 |
507,500 |
|
HOUSEHOLD DURABLES - 14.8% |
|||
Homebuilding - 14.8% |
|||
D.R. Horton, Inc. |
404,237 |
6,710,334 |
|
Lennar Corp. Class A (d) |
233,978 |
6,385,260 |
|
PulteGroup, Inc. (a) |
364,683 |
3,413,433 |
|
Ryland Group, Inc. (d) |
231,070 |
5,166,725 |
|
Standard Pacific Corp. (a) |
153,800 |
793,608 |
|
Toll Brothers, Inc. (a) |
376,150 |
10,261,372 |
|
|
32,730,732 |
||
MACHINERY - 0.3% |
|||
Industrial Machinery - 0.3% |
|||
Snap-On, Inc. |
11,500 |
695,865 |
|
REAL ESTATE INVESTMENT TRUSTS - 21.4% |
|||
Residential REITs - 20.2% |
|||
Apartment Investment & Management Co. Class A |
118,071 |
3,196,182 |
|
|
|||
Shares |
Value |
||
AvalonBay Communities, Inc. |
22,959 |
$ 3,208,520 |
|
BRE Properties, Inc. |
79,000 |
3,889,170 |
|
Camden Property Trust (SBI) |
70,400 |
4,583,744 |
|
Colonial Properties Trust (SBI) |
20,600 |
436,926 |
|
Education Realty Trust, Inc. |
67,100 |
739,442 |
|
Equity Lifestyle Properties, Inc. |
14,700 |
968,142 |
|
Equity Residential (SBI) |
285,892 |
17,468,001 |
|
Essex Property Trust, Inc. |
14,200 |
2,136,532 |
|
Mid-America Apartment Communities, Inc. |
18,890 |
1,272,997 |
|
Post Properties, Inc. |
92,700 |
4,487,607 |
|
Sun Communities, Inc. |
39,800 |
1,640,158 |
|
UDR, Inc. |
31,138 |
806,474 |
|
|
44,833,895 |
||
Retail REITs - 1.2% |
|||
CBL & Associates Properties, Inc. |
147,500 |
2,575,350 |
|
TOTAL REAL ESTATE INVESTMENT TRUSTS |
47,409,245 |
||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2% |
|||
Real Estate Operating Companies - 1.2% |
|||
Forest City Enterprises, Inc. Class A (a) |
195,300 |
2,615,067 |
|
SPECIALTY RETAIL - 35.9% |
|||
Home Improvement Retail - 35.9% |
|||
Home Depot, Inc. |
948,890 |
46,818,233 |
|
Lowe's Companies, Inc. |
1,219,934 |
32,596,636 |
|
|
79,414,869 |
||
TOTAL COMMON STOCKS (Cost $209,253,699) |
|
||
Money Market Funds - 7.0% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
5,088,147 |
5,088,147 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
10,361,000 |
10,361,000 |
|
TOTAL MONEY MARKET FUNDS (Cost $15,449,147) |
|
TOTAL INVESTMENT PORTFOLIO - 105.2% (Cost $224,702,846) |
232,993,586 |
|
NET OTHER ASSETS (LIABILITIES) - (5.2)% |
(11,470,343) |
|
NET ASSETS - 100% |
$ 221,523,243 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 2,182 |
Fidelity Securities Lending Cash Central Fund |
15,653 |
Total |
$ 17,835 |
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 May 31, 2012, the cost of investment securities for income tax purposes was $229,254,033. Net unrealized appreciation aggregated $3,739,553, of which $19,117,810 related to appreciated investment securities and $15,378,257 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802161.108
COM-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 96.9% |
|||
Shares |
Value |
||
COMMUNICATIONS EQUIPMENT - 3.3% |
|||
Communications Equipment - 3.3% |
|||
Acme Packet, Inc. (a)(d) |
145,000 |
$ 3,317,600 |
|
Motorola Solutions, Inc. |
325,000 |
15,626,000 |
|
Polycom, Inc. (a) |
524,300 |
5,997,992 |
|
|
24,941,592 |
||
COMPUTERS & PERIPHERALS - 70.8% |
|||
Computer Hardware - 44.1% |
|||
Apple, Inc. (a) |
318,100 |
183,775,913 |
|
Avid Technology, Inc. (a) |
445,700 |
3,182,298 |
|
Cray, Inc. (a) |
767,500 |
8,196,900 |
|
Dell, Inc. (a) |
1,641,907 |
20,244,713 |
|
Diebold, Inc. |
344,300 |
12,742,543 |
|
Hewlett-Packard Co. |
1,684,905 |
38,213,645 |
|
NCR Corp. (a) |
1,965,200 |
42,094,584 |
|
Silicon Graphics International Corp. (a)(d) |
393,800 |
2,319,482 |
|
Stratasys, Inc. (a) |
352,531 |
16,752,273 |
|
Super Micro Computer, Inc. (a) |
428,200 |
6,825,508 |
|
|
334,347,859 |
||
Computer Storage & Peripherals - 26.7% |
|||
Catcher Technology Co. Ltd. |
790,000 |
5,011,549 |
|
Electronics for Imaging, Inc. (a) |
1,365,115 |
20,121,795 |
|
EMC Corp. (a) |
1,961,178 |
46,774,095 |
|
Imation Corp. (a) |
600,000 |
3,408,000 |
|
Immersion Corp. (a) |
567,690 |
3,184,741 |
|
Intermec, Inc. (a) |
736,500 |
4,352,715 |
|
Intevac, Inc. (a) |
258,790 |
1,953,865 |
|
Lexmark International, Inc. Class A |
190,800 |
4,771,908 |
|
NetApp, Inc. (a) |
889,460 |
26,470,330 |
|
Novatel Wireless, Inc. (a) |
826,424 |
1,710,698 |
|
OCZ Technology Group, Inc. (a)(d) |
823,200 |
3,687,936 |
|
QLogic Corp. (a) |
342,208 |
4,657,451 |
|
Quantum Corp. (a) |
2,773,200 |
5,407,740 |
|
Rimage Corp. |
185,000 |
1,420,800 |
|
SanDisk Corp. (a) |
460,100 |
15,045,270 |
|
Seagate Technology |
892,800 |
20,918,304 |
|
Smart Technologies, Inc. Class A (a) |
50,000 |
64,500 |
|
STEC, Inc. (a)(d) |
553,680 |
3,908,981 |
|
Synaptics, Inc. (a)(d) |
292,200 |
7,836,804 |
|
Western Digital Corp. (a) |
539,084 |
16,921,847 |
|
Xyratex Ltd. |
375,800 |
4,299,152 |
|
|
201,928,481 |
||
TOTAL COMPUTERS & PERIPHERALS |
536,276,340 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 3.0% |
|||
Electronic Manufacturing Services - 1.3% |
|||
Flextronics International Ltd. (a) |
1,500,000 |
9,630,000 |
|
|
|||
Shares |
Value |
||
Technology Distributors - 1.7% |
|||
Arrow Electronics, Inc. (a) |
279,900 |
$ 9,491,409 |
|
BrightPoint, Inc. (a) |
800,000 |
3,896,000 |
|
|
13,387,409 |
||
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS |
23,017,409 |
||
INTERNET SOFTWARE & SERVICES - 1.3% |
|||
Internet Software & Services - 1.3% |
|||
Active Network, Inc. |
420,000 |
5,896,800 |
|
Velti PLC (a)(d) |
518,600 |
3,785,780 |
|
|
9,682,580 |
||
IT SERVICES - 16.6% |
|||
IT Consulting & Other Services - 16.6% |
|||
EPAM Systems, Inc. |
273,800 |
4,791,500 |
|
IBM Corp. |
482,448 |
93,064,219 |
|
Teradata Corp. (a) |
421,557 |
28,025,109 |
|
|
125,880,828 |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.4% |
|||
Semiconductors - 1.4% |
|||
RF Micro Devices, Inc. (a) |
1,075,000 |
4,052,750 |
|
Skyworks Solutions, Inc. (a) |
250,000 |
6,715,000 |
|
|
10,767,750 |
||
SOFTWARE - 0.5% |
|||
Application Software - 0.5% |
|||
BroadSoft, Inc. (a)(d) |
149,600 |
4,085,576 |
|
TOTAL COMMON STOCKS (Cost $671,714,299) |
|
||
Money Market Funds - 5.2% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
20,002,270 |
20,002,270 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
19,567,024 |
19,567,024 |
|
TOTAL MONEY MARKET FUNDS (Cost $39,569,294) |
|
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $711,283,593) |
774,221,369 |
NET OTHER ASSETS (LIABILITIES) - (2.1)% |
(16,273,748) |
||
NET ASSETS - 100% |
$ 757,947,621 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 12,742 |
Fidelity Securities Lending Cash Central Fund |
83,339 |
Total |
$ 96,081 |
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 May 31, 2012, the cost of investment securities for income tax purposes was $744,026,882. Net unrealized appreciation aggregated $30,194,487, of which $123,658,458 related to appreciated investment securities and $93,463,971 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802172.108
FOO-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 98.7% |
|||
Shares |
Value |
||
BEVERAGES - 30.9% |
|||
Brewers - 5.8% |
|||
Anheuser-Busch InBev SA NV (d) |
858,528 |
$ 58,087,793 |
|
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR |
212,185 |
8,137,295 |
|
Compania Cervecerias Unidas SA sponsored ADR |
67,500 |
4,385,475 |
|
Molson Coors Brewing Co. Class B |
628,928 |
24,182,282 |
|
SABMiller PLC |
204,900 |
7,572,722 |
|
|
102,365,567 |
||
Distillers & Vintners - 8.9% |
|||
Constellation Brands, Inc. Class A (sub. vtg.) (a) |
1,899,220 |
36,635,954 |
|
Diageo PLC sponsored ADR |
599,627 |
57,168,438 |
|
Pernod Ricard SA |
328,901 |
32,123,899 |
|
Remy Cointreau SA |
291,476 |
28,939,232 |
|
Thai Beverage PCL |
6,002,000 |
1,560,352 |
|
Treasury Wine Estates Ltd. |
634,073 |
2,730,015 |
|
|
159,157,890 |
||
Soft Drinks - 16.2% |
|||
Coca-Cola Bottling Co. CONSOLIDATED |
85,513 |
5,239,382 |
|
Coca-Cola FEMSA SAB de CV sponsored ADR |
81,829 |
9,413,608 |
|
Coca-Cola Hellenic Bottling Co. SA sponsored ADR |
286,781 |
4,872,409 |
|
Coca-Cola Icecek A/S |
361,842 |
4,773,462 |
|
Embotelladora Andina SA: |
|
|
|
ADR |
37,089 |
938,352 |
|
sponsored ADR |
267,800 |
8,382,140 |
|
Fomento Economico Mexicano SAB de CV sponsored ADR |
10,187 |
803,041 |
|
PepsiCo, Inc. |
559,871 |
37,987,247 |
|
The Coca-Cola Co. |
2,887,692 |
215,797,223 |
|
|
288,206,864 |
||
TOTAL BEVERAGES |
549,730,321 |
||
FOOD & STAPLES RETAILING - 12.4% |
|||
Drug Retail - 9.8% |
|||
CVS Caremark Corp. |
3,049,863 |
137,060,843 |
|
Drogasil SA |
613,400 |
5,672,167 |
|
Rite Aid Corp. (a) |
2,073,600 |
2,695,680 |
|
Walgreen Co. |
964,160 |
29,426,163 |
|
|
174,854,853 |
||
Food Distributors - 0.1% |
|||
Chefs' Warehouse Holdings (a) |
32,900 |
626,745 |
|
Sysco Corp. |
33,400 |
932,194 |
|
|
1,558,939 |
||
Food Retail - 0.3% |
|||
Fresh Market, Inc. (a) |
11,800 |
685,816 |
|
The Pantry, Inc. (a) |
422,370 |
5,452,797 |
|
|
6,138,613 |
||
|
|||
Shares |
Value |
||
Hypermarkets & Super Centers - 2.2% |
|||
Wal-Mart Stores, Inc. |
594,696 |
$ 39,142,891 |
|
TOTAL FOOD & STAPLES RETAILING |
221,695,296 |
||
FOOD PRODUCTS - 8.8% |
|||
Agricultural Products - 2.9% |
|||
Archer Daniels Midland Co. |
238,461 |
7,602,137 |
|
Bunge Ltd. |
631,987 |
37,603,227 |
|
Cosan Ltd. Class A |
60,400 |
722,988 |
|
First Resources Ltd. |
1,467,000 |
1,895,511 |
|
SLC Agricola SA |
313,300 |
3,019,834 |
|
|
50,843,697 |
||
Packaged Foods & Meats - 5.9% |
|||
Annie's, Inc. |
1,500 |
60,225 |
|
Calavo Growers, Inc. |
92,773 |
2,541,052 |
|
Green Mountain Coffee Roasters, Inc. (a) |
362,037 |
8,544,073 |
|
Lindt & Spruengli AG |
121 |
4,193,974 |
|
Mead Johnson Nutrition Co. Class A |
334,432 |
27,002,040 |
|
Nestle SA |
383,063 |
21,736,698 |
|
Unilever NV (NY Reg.) |
1,163,871 |
36,498,995 |
|
Want Want China Holdings Ltd. |
3,977,000 |
4,555,215 |
|
|
105,132,272 |
||
TOTAL FOOD PRODUCTS |
155,975,969 |
||
HOUSEHOLD PRODUCTS - 19.6% |
|||
Household Products - 19.6% |
|||
Colgate-Palmolive Co. |
539,871 |
53,069,319 |
|
Procter & Gamble Co. |
4,530,558 |
282,208,455 |
|
Reckitt Benckiser Group PLC |
87,100 |
4,634,996 |
|
Spectrum Brands Holdings, Inc. (a) |
250,547 |
8,648,882 |
|
|
348,561,652 |
||
PERSONAL PRODUCTS - 2.5% |
|||
Personal Products - 2.5% |
|||
Herbalife Ltd. |
37,790 |
1,692,614 |
|
Hypermarcas SA |
362,500 |
1,982,485 |
|
L'Oreal SA |
207,200 |
23,328,997 |
|
Natura Cosmeticos SA |
135,900 |
2,917,654 |
|
Nu Skin Enterprises, Inc. Class A |
341,219 |
14,631,471 |
|
|
44,553,221 |
||
PHARMACEUTICALS - 2.5% |
|||
Pharmaceuticals - 2.5% |
|||
Johnson & Johnson |
724,160 |
45,209,309 |
|
SPECIALTY RETAIL - 0.0% |
|||
Specialty Stores - 0.0% |
|||
Teavana Holdings, Inc. (a)(d) |
49,777 |
661,039 |
|
TOBACCO - 22.0% |
|||
Tobacco - 22.0% |
|||
Altria Group, Inc. |
2,759,820 |
88,838,606 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
TOBACCO - CONTINUED |
|||
Tobacco - continued |
|||
British American Tobacco PLC sponsored ADR (d) |
2,583,391 |
$ 243,045,426 |
|
KT&G Corp. |
35,760 |
2,381,031 |
|
Lorillard, Inc. |
44,903 |
5,550,011 |
|
Philip Morris International, Inc. |
535,883 |
45,287,472 |
|
Souza Cruz SA |
455,200 |
6,093,859 |
|
|
391,196,405 |
||
TOTAL COMMON STOCKS (Cost $1,452,574,181) |
|
||
Money Market Funds - 2.3% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
35,264,663 |
35,264,663 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
5,375,089 |
5,375,089 |
|
TOTAL MONEY MARKET FUNDS (Cost $40,639,752) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $1,493,213,933) |
1,798,222,964 |
||
NET OTHER ASSETS (LIABILITIES) - (1.0)% |
(17,001,008) |
||
NET ASSETS - 100% |
$ 1,781,221,956 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 26,824 |
Fidelity Securities Lending Cash Central Fund |
232,277 |
Total |
$ 259,101 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 1,757,583,212 |
$ 1,576,964,901 |
$ 180,618,311 |
$ - |
Money Market Funds |
40,639,752 |
40,639,752 |
- |
- |
Total Investments in Securities: |
$ 1,798,222,964 |
$ 1,617,604,653 |
$ 180,618,311 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $1,496,958,475. Net unrealized appreciation aggregated $301,264,489, of which $331,793,167 related to appreciated investment securities and $30,528,678 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802163.108
CPR-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 99.2% |
|||
Shares |
Value |
||
AUTOMOBILES - 1.0% |
|||
Motorcycle Manufacturers - 1.0% |
|||
Harley-Davidson, Inc. |
60,200 |
$ 2,900,436 |
|
BUILDING PRODUCTS - 0.5% |
|||
Building Products - 0.5% |
|||
Owens Corning (a) |
45,330 |
1,398,884 |
|
CHEMICALS - 0.5% |
|||
Specialty Chemicals - 0.5% |
|||
Sherwin-Williams Co. |
12,306 |
1,595,350 |
|
COMMERCIAL SERVICES & SUPPLIES - 0.2% |
|||
Office Services & Supplies - 0.2% |
|||
Interface, Inc. |
47,100 |
597,699 |
|
DISTRIBUTORS - 1.1% |
|||
Distributors - 1.1% |
|||
LKQ Corp. (a) |
94,500 |
3,443,580 |
|
HOTELS, RESTAURANTS & LEISURE - 18.7% |
|||
Casinos & Gaming - 1.1% |
|||
Las Vegas Sands Corp. |
73,165 |
3,378,760 |
|
Hotels, Resorts & Cruise Lines - 0.7% |
|||
Wyndham Worldwide Corp. |
41,430 |
2,063,214 |
|
Restaurants - 16.9% |
|||
BJ's Restaurants, Inc. (a) |
54,884 |
2,403,370 |
|
Buffalo Wild Wings, Inc. (a) |
37,400 |
3,183,114 |
|
Chipotle Mexican Grill, Inc. (a) |
8,493 |
3,508,204 |
|
Domino's Pizza, Inc. |
93,500 |
2,871,385 |
|
Dunkin' Brands Group, Inc. |
444 |
14,417 |
|
McDonald's Corp. |
187,484 |
16,749,821 |
|
Panera Bread Co. Class A (a) |
20,100 |
2,953,695 |
|
Starbucks Corp. |
184,761 |
10,141,531 |
|
Texas Roadhouse, Inc. Class A |
86,400 |
1,570,752 |
|
Yum! Brands, Inc. |
111,271 |
7,829,028 |
|
|
51,225,317 |
||
TOTAL HOTELS, RESTAURANTS & LEISURE |
56,667,291 |
||
HOUSEHOLD DURABLES - 5.2% |
|||
Home Furnishings - 0.5% |
|||
Tempur-Pedic International, Inc. (a) |
35,400 |
1,635,834 |
|
Homebuilding - 1.6% |
|||
Lennar Corp. Class A (d) |
100,889 |
2,753,261 |
|
NVR, Inc. (a) |
2,700 |
2,172,960 |
|
|
4,926,221 |
||
Housewares & Specialties - 3.1% |
|||
Jarden Corp. |
107,300 |
4,361,745 |
|
Newell Rubbermaid, Inc. |
176,400 |
3,245,760 |
|
Tupperware Brands Corp. |
30,800 |
1,664,740 |
|
|
9,272,245 |
||
TOTAL HOUSEHOLD DURABLES |
15,834,300 |
||
|
|||
Shares |
Value |
||
INTERNET & CATALOG RETAIL - 6.9% |
|||
Internet Retail - 6.9% |
|||
Amazon.com, Inc. (a) |
66,295 |
$ 14,114,868 |
|
Priceline.com, Inc. (a) |
10,600 |
6,630,194 |
|
|
20,745,062 |
||
LEISURE EQUIPMENT & PRODUCTS - 1.3% |
|||
Leisure Products - 1.3% |
|||
Brunswick Corp. |
72,100 |
1,578,990 |
|
Polaris Industries, Inc. |
32,000 |
2,431,040 |
|
|
4,010,030 |
||
MEDIA - 21.5% |
|||
Broadcasting - 2.6% |
|||
CBS Corp. Class B |
128,132 |
4,089,973 |
|
Discovery Communications, Inc. (a) |
76,700 |
3,842,670 |
|
|
7,932,643 |
||
Cable & Satellite - 9.0% |
|||
Comcast Corp. Class A |
735,360 |
21,259,258 |
|
DIRECTV (a) |
102,928 |
4,575,150 |
|
Sirius XM Radio, Inc. (a)(d) |
802,607 |
1,516,927 |
|
|
27,351,335 |
||
Movies & Entertainment - 9.9% |
|||
News Corp. Class A |
519,506 |
9,974,515 |
|
The Walt Disney Co. |
433,820 |
19,829,912 |
|
|
29,804,427 |
||
TOTAL MEDIA |
65,088,405 |
||
MULTILINE RETAIL - 7.7% |
|||
Department Stores - 0.2% |
|||
PPR SA |
4,900 |
697,904 |
|
General Merchandise Stores - 7.5% |
|||
Dollar General Corp. (a) |
158,836 |
7,768,669 |
|
Dollar Tree, Inc. (a) |
81,058 |
8,363,564 |
|
Target Corp. |
110,819 |
6,417,528 |
|
|
22,549,761 |
||
TOTAL MULTILINE RETAIL |
23,247,665 |
||
SPECIALTY RETAIL - 30.1% |
|||
Apparel Retail - 6.7% |
|||
Abercrombie & Fitch Co. Class A |
26,100 |
875,394 |
|
Limited Brands, Inc. |
85,740 |
3,803,426 |
|
Ross Stores, Inc. |
79,000 |
4,995,170 |
|
rue21, Inc. (a) |
52,426 |
1,388,240 |
|
Tilly's, Inc. (a) |
36,800 |
599,104 |
|
TJX Companies, Inc. |
178,990 |
7,599,915 |
|
Urban Outfitters, Inc. (a) |
32,731 |
915,486 |
|
|
20,176,735 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
SPECIALTY RETAIL - CONTINUED |
|||
Automotive Retail - 3.3% |
|||
AutoZone, Inc. (a) |
12,025 |
$ 4,572,627 |
|
O'Reilly Automotive, Inc. (a) |
56,900 |
5,450,451 |
|
|
10,023,078 |
||
Home Improvement Retail - 8.1% |
|||
Home Depot, Inc. |
326,386 |
16,103,885 |
|
Lowe's Companies, Inc. |
321,543 |
8,591,629 |
|
|
24,695,514 |
||
Homefurnishing Retail - 2.4% |
|||
Bed Bath & Beyond, Inc. (a) |
79,231 |
5,724,440 |
|
Williams-Sonoma, Inc. |
42,217 |
1,473,795 |
|
|
7,198,235 |
||
Specialty Stores - 9.6% |
|||
Dick's Sporting Goods, Inc. |
113,600 |
5,282,400 |
|
GNC Holdings, Inc. |
65,300 |
2,516,009 |
|
Hibbett Sports, Inc. (a) |
52,700 |
2,952,781 |
|
PetSmart, Inc. |
71,100 |
4,581,684 |
|
Sally Beauty Holdings, Inc. (a) |
145,600 |
3,848,208 |
|
Tractor Supply Co. |
48,223 |
4,405,171 |
|
Ulta Salon, Cosmetics & Fragrance, Inc. |
36,330 |
3,246,812 |
|
Vitamin Shoppe, Inc. (a) |
47,173 |
2,336,007 |
|
|
29,169,072 |
||
TOTAL SPECIALTY RETAIL |
91,262,634 |
||
TEXTILES, APPAREL & LUXURY GOODS - 4.5% |
|||
Apparel, Accessories & Luxury Goods - 2.0% |
|||
Coach, Inc. |
55,100 |
3,716,495 |
|
PVH Corp. |
29,385 |
2,380,185 |
|
|
6,096,680 |
||
Footwear - 2.5% |
|||
NIKE, Inc. Class B |
70,781 |
7,657,089 |
|
TOTAL TEXTILES, APPAREL & LUXURY GOODS |
13,753,769 |
||
TOTAL COMMON STOCKS (Cost $265,468,533) |
|
||
Nonconvertible Preferred Stocks - 0.3% |
|||
Shares |
Value |
||
AUTOMOBILES - 0.3% |
|||
Automobile Manufacturers - 0.3% |
|||
Volkswagen AG |
6,400 |
$ 1,026,870 |
|
Money Market Funds - 1.9% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
1,573,910 |
1,573,910 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
4,065,596 |
4,065,596 |
|
TOTAL MONEY MARKET FUNDS (Cost $5,639,506) |
|
TOTAL INVESTMENT PORTFOLIO - 101.4% (Cost $272,323,241) |
307,211,481 |
NET OTHER ASSETS (LIABILITIES) - (1.4)% |
(4,273,590) |
||
NET ASSETS - 100% |
$ 302,937,891 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 1,319 |
Fidelity Securities Lending Cash Central Fund |
53,616 |
Total |
$ 54,935 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 300,545,105 |
$ 299,847,201 |
$ 697,904 |
$ - |
Nonconvertible Preferred Stocks |
1,026,870 |
- |
1,026,870 |
- |
Money Market Funds |
5,639,506 |
5,639,506 |
- |
- |
Total Investments in Securities: |
$ 307,211,481 |
$ 305,486,707 |
$ 1,724,774 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $274,206,286. Net unrealized appreciation aggregated $33,005,195, of which $42,405,946 related to appreciated investment securities and $9,400,751 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802165.108
DEF-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 94.4% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 87.7% |
|||
Aerospace & Defense - 87.7% |
|||
BE Aerospace, Inc. (a) |
143,969 |
$ 6,236,737 |
|
DigitalGlobe, Inc. (a) |
332,345 |
5,370,695 |
|
Ducommun, Inc. (a) |
42,449 |
383,314 |
|
Embraer SA sponsored ADR |
198,700 |
5,603,340 |
|
Esterline Technologies Corp. (a) |
396,934 |
25,637,967 |
|
General Dynamics Corp. |
219,899 |
14,075,735 |
|
HEICO Corp. (d) |
420,364 |
17,512,364 |
|
Honeywell International, Inc. |
742,828 |
41,345,806 |
|
Lockheed Martin Corp. |
99,638 |
8,250,026 |
|
Meggitt PLC |
1,492,500 |
8,718,615 |
|
Moog, Inc. Class A (a) |
287,431 |
10,928,127 |
|
MTU Aero Engines Holdings AG |
55,312 |
4,068,129 |
|
Orbital Sciences Corp. (a) |
965,511 |
10,804,068 |
|
Precision Castparts Corp. |
261,737 |
43,503,307 |
|
Raytheon Co. |
614,156 |
30,904,330 |
|
Rockwell Collins, Inc. |
588,954 |
29,665,613 |
|
Rolls-Royce Group PLC |
367,800 |
4,675,813 |
|
SIFCO Industries, Inc. |
82,763 |
1,571,669 |
|
Teledyne Technologies, Inc. (a) |
152,431 |
9,081,839 |
|
Textron, Inc. |
1,168,466 |
27,610,852 |
|
The Boeing Co. |
1,144,037 |
79,636,416 |
|
TransDigm Group, Inc. (a) |
217,833 |
26,793,459 |
|
United Technologies Corp. |
1,864,578 |
138,183,877 |
|
|
550,562,098 |
||
ELECTRICAL EQUIPMENT - 0.9% |
|||
Electrical Components & Equipment - 0.9% |
|||
AMETEK, Inc. |
109,343 |
5,544,784 |
|
ELECTRONIC EQUIPMENT & COMPONENTS - 0.8% |
|||
Electronic Equipment & Instruments - 0.8% |
|||
FLIR Systems, Inc. |
224,500 |
4,788,585 |
|
HOUSEHOLD DURABLES - 0.4% |
|||
Household Appliances - 0.4% |
|||
iRobot Corp. (a)(d) |
119,106 |
2,522,665 |
|
METALS & MINING - 2.2% |
|||
Diversified Metals & Mining - 0.4% |
|||
Titanium Metals Corp. |
244,400 |
2,805,712 |
|
Steel - 1.8% |
|||
Carpenter Technology Corp. |
163,700 |
7,376,322 |
|
Haynes International, Inc. |
77,909 |
3,973,359 |
|
|
11,349,681 |
||
TOTAL METALS & MINING |
14,155,393 |
||
|
|||
Shares |
Value |
||
TRADING COMPANIES & DISTRIBUTORS - 1.9% |
|||
Trading Companies & Distributors - 1.9% |
|||
AerCap Holdings NV (a) |
560,207 |
$ 6,408,768 |
|
Air Lease Corp. Class A (a)(d) |
263,800 |
5,521,334 |
|
|
11,930,102 |
||
TRANSPORTATION INFRASTRUCTURE - 0.5% |
|||
Airport Services - 0.5% |
|||
Wesco Aircraft Holdings, Inc. (a) |
207,066 |
2,872,005 |
|
TOTAL COMMON STOCKS (Cost $556,696,318) |
|
||
Nonconvertible Preferred Stocks - 0.0% |
|||
|
|
|
|
AEROSPACE & DEFENSE - 0.0% |
|||
Aerospace & Defense - 0.0% |
|||
Rolls-Royce Group PLC Class C |
38,986,800 |
|
|
Money Market Funds - 8.2% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
33,991,092 |
33,991,092 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
17,646,935 |
17,646,935 |
|
TOTAL MONEY MARKET FUNDS (Cost $51,638,027) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.6% (Cost $608,397,264) |
644,073,745 |
||
NET OTHER ASSETS (LIABILITIES) - (2.6)% |
(16,530,913) |
||
NET ASSETS - 100% |
$ 627,542,832 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 8,834 |
Fidelity Securities Lending Cash Central Fund |
20,671 |
Total |
$ 29,505 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 592,375,632 |
$ 574,913,075 |
$ 17,462,557 |
$ - |
Nonconvertible Preferred Stocks |
60,086 |
60,086 |
- |
- |
Money Market Funds |
51,638,027 |
51,638,027 |
- |
- |
Total Investments in Securities: |
$ 644,073,745 |
$ 626,611,188 |
$ 17,462,557 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $613,332,268. Net unrealized appreciation aggregated $30,741,477, of which $66,324,059 related to appreciated investment securities and $35,582,582 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 Advisor® Select
Consumer Staples Portfolio
Class A
Class T
Class B
Class C
Institutional Class
May 31, 2012
Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Select Consumer Staples Portfolio
1.851744.105
ACSF-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 98.7% |
|||
Shares |
Value |
||
BEVERAGES - 30.9% |
|||
Brewers - 5.8% |
|||
Anheuser-Busch InBev SA NV (d) |
858,528 |
$ 58,087,793 |
|
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR |
212,185 |
8,137,295 |
|
Compania Cervecerias Unidas SA sponsored ADR |
67,500 |
4,385,475 |
|
Molson Coors Brewing Co. Class B |
628,928 |
24,182,282 |
|
SABMiller PLC |
204,900 |
7,572,722 |
|
|
102,365,567 |
||
Distillers & Vintners - 8.9% |
|||
Constellation Brands, Inc. Class A (sub. vtg.) (a) |
1,899,220 |
36,635,954 |
|
Diageo PLC sponsored ADR |
599,627 |
57,168,438 |
|
Pernod Ricard SA |
328,901 |
32,123,899 |
|
Remy Cointreau SA |
291,476 |
28,939,232 |
|
Thai Beverage PCL |
6,002,000 |
1,560,352 |
|
Treasury Wine Estates Ltd. |
634,073 |
2,730,015 |
|
|
159,157,890 |
||
Soft Drinks - 16.2% |
|||
Coca-Cola Bottling Co. CONSOLIDATED |
85,513 |
5,239,382 |
|
Coca-Cola FEMSA SAB de CV sponsored ADR |
81,829 |
9,413,608 |
|
Coca-Cola Hellenic Bottling Co. SA sponsored ADR |
286,781 |
4,872,409 |
|
Coca-Cola Icecek A/S |
361,842 |
4,773,462 |
|
Embotelladora Andina SA: |
|
|
|
ADR |
37,089 |
938,352 |
|
sponsored ADR |
267,800 |
8,382,140 |
|
Fomento Economico Mexicano SAB de CV sponsored ADR |
10,187 |
803,041 |
|
PepsiCo, Inc. |
559,871 |
37,987,247 |
|
The Coca-Cola Co. |
2,887,692 |
215,797,223 |
|
|
288,206,864 |
||
TOTAL BEVERAGES |
549,730,321 |
||
FOOD & STAPLES RETAILING - 12.4% |
|||
Drug Retail - 9.8% |
|||
CVS Caremark Corp. |
3,049,863 |
137,060,843 |
|
Drogasil SA |
613,400 |
5,672,167 |
|
Rite Aid Corp. (a) |
2,073,600 |
2,695,680 |
|
Walgreen Co. |
964,160 |
29,426,163 |
|
|
174,854,853 |
||
Food Distributors - 0.1% |
|||
Chefs' Warehouse Holdings (a) |
32,900 |
626,745 |
|
Sysco Corp. |
33,400 |
932,194 |
|
|
1,558,939 |
||
Food Retail - 0.3% |
|||
Fresh Market, Inc. (a) |
11,800 |
685,816 |
|
The Pantry, Inc. (a) |
422,370 |
5,452,797 |
|
|
6,138,613 |
||
|
|||
Shares |
Value |
||
Hypermarkets & Super Centers - 2.2% |
|||
Wal-Mart Stores, Inc. |
594,696 |
$ 39,142,891 |
|
TOTAL FOOD & STAPLES RETAILING |
221,695,296 |
||
FOOD PRODUCTS - 8.8% |
|||
Agricultural Products - 2.9% |
|||
Archer Daniels Midland Co. |
238,461 |
7,602,137 |
|
Bunge Ltd. |
631,987 |
37,603,227 |
|
Cosan Ltd. Class A |
60,400 |
722,988 |
|
First Resources Ltd. |
1,467,000 |
1,895,511 |
|
SLC Agricola SA |
313,300 |
3,019,834 |
|
|
50,843,697 |
||
Packaged Foods & Meats - 5.9% |
|||
Annie's, Inc. |
1,500 |
60,225 |
|
Calavo Growers, Inc. |
92,773 |
2,541,052 |
|
Green Mountain Coffee Roasters, Inc. (a) |
362,037 |
8,544,073 |
|
Lindt & Spruengli AG |
121 |
4,193,974 |
|
Mead Johnson Nutrition Co. Class A |
334,432 |
27,002,040 |
|
Nestle SA |
383,063 |
21,736,698 |
|
Unilever NV (NY Reg.) |
1,163,871 |
36,498,995 |
|
Want Want China Holdings Ltd. |
3,977,000 |
4,555,215 |
|
|
105,132,272 |
||
TOTAL FOOD PRODUCTS |
155,975,969 |
||
HOUSEHOLD PRODUCTS - 19.6% |
|||
Household Products - 19.6% |
|||
Colgate-Palmolive Co. |
539,871 |
53,069,319 |
|
Procter & Gamble Co. |
4,530,558 |
282,208,455 |
|
Reckitt Benckiser Group PLC |
87,100 |
4,634,996 |
|
Spectrum Brands Holdings, Inc. (a) |
250,547 |
8,648,882 |
|
|
348,561,652 |
||
PERSONAL PRODUCTS - 2.5% |
|||
Personal Products - 2.5% |
|||
Herbalife Ltd. |
37,790 |
1,692,614 |
|
Hypermarcas SA |
362,500 |
1,982,485 |
|
L'Oreal SA |
207,200 |
23,328,997 |
|
Natura Cosmeticos SA |
135,900 |
2,917,654 |
|
Nu Skin Enterprises, Inc. Class A |
341,219 |
14,631,471 |
|
|
44,553,221 |
||
PHARMACEUTICALS - 2.5% |
|||
Pharmaceuticals - 2.5% |
|||
Johnson & Johnson |
724,160 |
45,209,309 |
|
SPECIALTY RETAIL - 0.0% |
|||
Specialty Stores - 0.0% |
|||
Teavana Holdings, Inc. (a)(d) |
49,777 |
661,039 |
|
TOBACCO - 22.0% |
|||
Tobacco - 22.0% |
|||
Altria Group, Inc. |
2,759,820 |
88,838,606 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
TOBACCO - CONTINUED |
|||
Tobacco - continued |
|||
British American Tobacco PLC sponsored ADR (d) |
2,583,391 |
$ 243,045,426 |
|
KT&G Corp. |
35,760 |
2,381,031 |
|
Lorillard, Inc. |
44,903 |
5,550,011 |
|
Philip Morris International, Inc. |
535,883 |
45,287,472 |
|
Souza Cruz SA |
455,200 |
6,093,859 |
|
|
391,196,405 |
||
TOTAL COMMON STOCKS (Cost $1,452,574,181) |
|
||
Money Market Funds - 2.3% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
35,264,663 |
35,264,663 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
5,375,089 |
5,375,089 |
|
TOTAL MONEY MARKET FUNDS (Cost $40,639,752) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $1,493,213,933) |
1,798,222,964 |
||
NET OTHER ASSETS (LIABILITIES) - (1.0)% |
(17,001,008) |
||
NET ASSETS - 100% |
$ 1,781,221,956 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 26,824 |
Fidelity Securities Lending Cash Central Fund |
232,277 |
Total |
$ 259,101 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 1,757,583,212 |
$ 1,576,964,901 |
$ 180,618,311 |
$ - |
Money Market Funds |
40,639,752 |
40,639,752 |
- |
- |
Total Investments in Securities: |
$ 1,798,222,964 |
$ 1,617,604,653 |
$ 180,618,311 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $1,496,958,475. Net unrealized appreciation aggregated $301,264,489, of which $331,793,167 related to appreciated investment securities and $30,528,678 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and
annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Electronics Portfolio
May 31, 2012
1.802167.108
ELE-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 99.5% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 0.0% |
|||
Biotechnology - 0.0% |
|||
Arrowhead Research Corp. warrants 5/21/17 (a)(f) |
285,468 |
$ 3 |
|
COMMUNICATIONS EQUIPMENT - 3.8% |
|||
Communications Equipment - 3.8% |
|||
Acme Packet, Inc. (a) |
125,200 |
2,864,576 |
|
Brocade Communications Systems, Inc. (a) |
668,004 |
3,106,219 |
|
Cisco Systems, Inc. |
220,103 |
3,594,282 |
|
Polycom, Inc. (a) |
382,800 |
4,379,232 |
|
QUALCOMM, Inc. |
392,328 |
22,484,318 |
|
Riverbed Technology, Inc. (a) |
27,200 |
446,080 |
|
|
36,874,707 |
||
COMPUTERS & PERIPHERALS - 2.3% |
|||
Computer Hardware - 0.6% |
|||
Hewlett-Packard Co. |
269,530 |
6,112,940 |
|
Computer Storage & Peripherals - 1.7% |
|||
Fusion-io, Inc. |
4,100 |
85,608 |
|
NetApp, Inc. (a) |
97,053 |
2,888,297 |
|
SanDisk Corp. (a) |
387,068 |
12,657,124 |
|
Synaptics, Inc. (a) |
9,100 |
244,062 |
|
|
15,875,091 |
||
TOTAL COMPUTERS & PERIPHERALS |
21,988,031 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 7.9% |
|||
Electronic Components - 2.1% |
|||
Aeroflex Holding Corp. (a) |
1,728,066 |
11,180,587 |
|
Amphenol Corp. Class A |
7,000 |
372,330 |
|
Corning, Inc. |
528,229 |
6,861,695 |
|
InvenSense, Inc. (d) |
127,300 |
1,265,362 |
|
|
19,679,974 |
||
Electronic Manufacturing Services - 5.4% |
|||
Benchmark Electronics, Inc. (a) |
506,579 |
6,859,080 |
|
Fabrinet (a) |
89,612 |
1,044,876 |
|
Flextronics International Ltd. (a) |
2,579,161 |
16,558,214 |
|
Jabil Circuit, Inc. |
879,451 |
16,823,898 |
|
Plexus Corp. (a) |
18 |
504 |
|
TE Connectivity Ltd. |
75,700 |
2,378,494 |
|
TTM Technologies, Inc. (a) |
932,578 |
8,617,021 |
|
|
52,282,087 |
||
Technology Distributors - 0.4% |
|||
Avnet, Inc. (a) |
9,600 |
292,704 |
|
BrightPoint, Inc. (a) |
724,100 |
3,526,367 |
|
|
3,819,071 |
||
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS |
75,781,132 |
||
|
|||
Shares |
Value |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 85.5% |
|||
Semiconductor Equipment - 7.1% |
|||
Advanced Energy Industries, Inc. (a) |
795 |
$ 10,852 |
|
Amkor Technology, Inc. (a)(d) |
1,597,858 |
7,557,868 |
|
Applied Materials, Inc. |
174,516 |
1,802,750 |
|
ASML Holding NV |
230,760 |
10,571,116 |
|
Cabot Microelectronics Corp. |
3,300 |
103,422 |
|
Cohu, Inc. |
1,100 |
10,274 |
|
Cymer, Inc. (a) |
268,150 |
14,525,686 |
|
Entegris, Inc. (a) |
574,409 |
4,428,693 |
|
KLA-Tencor Corp. |
71,000 |
3,253,930 |
|
Lam Research Corp. (a)(d) |
525,073 |
19,585,223 |
|
MEMC Electronic Materials, Inc. (a) |
630,958 |
1,053,700 |
|
Nanometrics, Inc. (a) |
22,900 |
355,637 |
|
Nova Measuring Instruments Ltd. (a) |
15,800 |
113,286 |
|
Teradyne, Inc. (a) |
1,730 |
24,999 |
|
Tessera Technologies, Inc. |
371,376 |
5,047,000 |
|
|
68,444,436 |
||
Semiconductors - 78.4% |
|||
Advanced Micro Devices, Inc. (a) |
4,634,387 |
28,177,073 |
|
Alpha & Omega Semiconductor Ltd. (a) |
515,306 |
4,622,295 |
|
Altera Corp. |
1,306,667 |
43,655,744 |
|
Analog Devices, Inc. |
175,900 |
6,397,483 |
|
Applied Micro Circuits Corp. (a) |
364,277 |
1,945,239 |
|
ARM Holdings PLC sponsored ADR |
17 |
399 |
|
Atmel Corp. (a) |
1,206,882 |
8,448,174 |
|
Avago Technologies Ltd. |
958,417 |
31,723,603 |
|
BCD Semiconductor Manufacturing Ltd. ADR (a)(e) |
1,198,901 |
5,718,758 |
|
Broadcom Corp. Class A |
2,496,116 |
80,749,353 |
|
Cirrus Logic, Inc. (a)(d) |
415,106 |
11,921,844 |
|
CSR PLC (d) |
722,876 |
2,317,440 |
|
Cypress Semiconductor Corp. |
953,609 |
12,578,103 |
|
Entropic Communications, Inc. (a) |
713,018 |
2,866,332 |
|
Exar Corp. (a) |
15,000 |
117,750 |
|
Fairchild Semiconductor International, Inc. (a) |
478,351 |
6,319,017 |
|
First Solar, Inc. (a) |
127,042 |
1,595,648 |
|
Freescale Semiconductor Holdings I Ltd. (d) |
4,479,956 |
41,215,595 |
|
Inphi Corp. (a) |
237,000 |
1,969,470 |
|
Intel Corp. |
1,482,563 |
38,309,428 |
|
Intermolecular, Inc. |
554,894 |
3,595,713 |
|
International Rectifier Corp. (a) |
614,977 |
11,586,167 |
|
Intersil Corp. Class A |
4,269,709 |
45,045,430 |
|
Linear Technology Corp. |
2,100 |
60,942 |
|
LSI Corp. (a) |
483,722 |
3,216,751 |
|
Marvell Technology Group Ltd. |
5,965,902 |
74,752,752 |
|
Maxim Integrated Products, Inc. |
145,800 |
3,668,328 |
|
MediaTek, Inc. |
284,000 |
2,509,909 |
|
Micron Technology, Inc. (a) |
3,969,812 |
23,183,702 |
|
Monolithic Power Systems, Inc. (a) |
200 |
3,758 |
|
Motech Industries, Inc. |
1 |
2 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED |
|||
Semiconductors - continued |
|||
NVIDIA Corp. (a) |
2,312,922 |
$ 28,749,620 |
|
NXP Semiconductors NV (a) |
1,627,303 |
34,352,366 |
|
O2Micro International Ltd. sponsored ADR (a) |
415,100 |
1,809,836 |
|
ON Semiconductor Corp. (a) |
4,561,410 |
30,743,903 |
|
PMC-Sierra, Inc. (a) |
2,022,670 |
12,904,635 |
|
RDA Microelectronics, Inc. sponsored ADR (a) |
57,882 |
607,182 |
|
Renesas Electronics Corp. (a)(d) |
517,600 |
1,644,278 |
|
RF Micro Devices, Inc. (a) |
1,765,044 |
6,654,216 |
|
Samsung Electronics Co. Ltd. |
857 |
879,164 |
|
Skyworks Solutions, Inc. (a) |
874,944 |
23,500,996 |
|
Spansion, Inc. Class A (a) |
718,553 |
7,760,372 |
|
STATS ChipPAC Ltd. (a) |
6,981,000 |
2,139,916 |
|
STMicroelectronics NV (NY Shares) unit (d) |
882,566 |
4,518,738 |
|
Texas Instruments, Inc. |
3,455,167 |
98,403,154 |
|
TriQuint Semiconductor, Inc. (a) |
298,677 |
1,556,107 |
|
Volterra Semiconductor Corp. (a) |
16,900 |
469,482 |
|
Xilinx, Inc. |
5,000 |
159,850 |
|
|
755,126,017 |
||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
823,570,453 |
||
SOFTWARE - 0.0% |
|||
Systems Software - 0.0% |
|||
Symantec Corp. (a) |
9,800 |
145,432 |
|
TOTAL COMMON STOCKS (Cost $1,241,705,910) |
|
Convertible Bonds - 0.1% |
||||
|
Principal Amount |
|
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1% |
||||
Semiconductor Equipment - 0.1% |
||||
Amkor Technology, Inc. 6% 4/15/14 |
|
$ 610,000 |
|
Money Market Funds - 6.5% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.17% (b) |
3,006,697 |
$ 3,006,697 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
60,029,555 |
60,029,555 |
|
TOTAL MONEY MARKET FUNDS (Cost $63,036,252) |
|
||
TOTAL INVESTMENT PORTFOLIO - 106.1% (Cost $1,305,352,162) |
1,022,428,923 |
||
NET OTHER ASSETS (LIABILITIES) - (6.1)% |
(58,767,806) |
||
NET ASSETS - 100% |
$ 963,661,117 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 $3 or 0.0% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Arrowhead Research Corp. warrants 5/21/17 |
5/18/07 |
$ 1,033,745 |
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 |
$ 4,433 |
Fidelity Securities Lending Cash Central Fund |
68,266 |
Total |
$ 72,699 |
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, |
BCD Semiconductor Manufacturing Ltd. ADR |
$ 7,544,993 |
$ - |
$ 1,325,633 |
$ - |
$ 5,718,758 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 958,359,758 |
$ 954,398,037 |
$ 3,961,718 |
$ 3 |
Convertible Bonds |
1,032,913 |
- |
1,032,913 |
- |
Money Market Funds |
63,036,252 |
63,036,252 |
- |
- |
Total Investments in Securities: |
$ 1,022,428,923 |
$ 1,017,434,289 |
$ 4,994,631 |
$ 3 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Beginning Balance |
$ 3 |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
- |
Cost of Purchases |
- |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
- |
Transfers out of Level 3 |
- |
Ending Balance |
$ 3 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012 |
$ - |
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 May 31, 2012, the cost of investment securities for income tax purposes was $1,315,673,222. Net unrealized depreciation aggregated $293,244,299, of which $12,578,319 related to appreciated investment securities and $305,822,618 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security 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 value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These 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
May 31, 2012
1.802168.108
ENE-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 99.3% |
|||
Shares |
Value |
||
CHEMICALS - 1.6% |
|||
Specialty Chemicals - 1.6% |
|||
LyondellBasell Industries NV Class A |
753,241 |
$ 29,722,890 |
|
CONSTRUCTION & ENGINEERING - 0.5% |
|||
Construction & Engineering - 0.5% |
|||
Foster Wheeler AG (a) |
508,600 |
9,098,854 |
|
ENERGY EQUIPMENT & SERVICES - 23.0% |
|||
Oil & Gas Drilling - 7.3% |
|||
Discovery Offshore S.A. (a)(e) |
2,394,308 |
4,111,307 |
|
Ensco PLC Class A |
770,473 |
34,601,942 |
|
Helmerich & Payne, Inc. |
125,270 |
5,674,731 |
|
Noble Corp. |
1,457,696 |
45,582,154 |
|
Northern Offshore Ltd. |
1,076,682 |
1,824,830 |
|
Ocean Rig UDW, Inc. (United States) |
553,900 |
8,280,805 |
|
Parker Drilling Co. (a) |
1,741,782 |
8,517,314 |
|
Rowan Companies PLC (a) |
682,084 |
20,462,520 |
|
Tuscany International Drilling, Inc. (a) |
3,442,200 |
1,733,015 |
|
Vantage Drilling Co. (a) |
3,038,700 |
4,558,050 |
|
|
135,346,668 |
||
Oil & Gas Equipment & Services - 15.7% |
|||
Cal Dive International, Inc. (a) |
536,955 |
1,379,974 |
|
Compagnie Generale de Geophysique SA (a) |
426,081 |
9,316,172 |
|
Fugro NV (Certificaten Van Aandelen) unit |
605,849 |
34,833,606 |
|
Gulfmark Offshore, Inc. Class A (a) |
349,835 |
12,485,611 |
|
Halliburton Co. |
828,083 |
24,892,175 |
|
Key Energy Services, Inc. (a) |
486,021 |
4,816,468 |
|
McDermott International, Inc. (a) |
546,700 |
5,549,005 |
|
National Oilwell Varco, Inc. |
1,474,108 |
98,396,709 |
|
Oil States International, Inc. (a) |
365,021 |
24,299,448 |
|
Schlumberger Ltd. |
820,208 |
51,878,156 |
|
Schoeller-Bleckmann Oilfield Equipment AG |
27,537 |
2,256,437 |
|
Superior Energy Services, Inc. (a) |
285,176 |
6,171,209 |
|
Total Energy Services, Inc. |
173,000 |
2,465,566 |
|
Weatherford International Ltd. (a) |
1,082,096 |
12,995,973 |
|
|
291,736,509 |
||
TOTAL ENERGY EQUIPMENT & SERVICES |
427,083,177 |
||
HOTELS, RESTAURANTS & LEISURE - 0.0% |
|||
Casinos & Gaming - 0.0% |
|||
Icahn Enterprises LP rights (a) |
215,902 |
2 |
|
OIL, GAS & CONSUMABLE FUELS - 74.2% |
|||
Coal & Consumable Fuels - 1.6% |
|||
Alpha Natural Resources, Inc. (a) |
450,022 |
4,716,231 |
|
Peabody Energy Corp. |
1,030,725 |
24,077,736 |
|
|
28,793,967 |
||
|
|||
Shares |
Value |
||
Integrated Oil & Gas - 40.3% |
|||
Chevron Corp. |
3,288,097 |
$ 323,252,815 |
|
Exxon Mobil Corp. |
1,567,502 |
123,252,682 |
|
Hess Corp. |
1,533,355 |
67,007,614 |
|
InterOil Corp. (a)(d) |
53,300 |
3,539,653 |
|
Murphy Oil Corp. |
414,352 |
19,317,090 |
|
Occidental Petroleum Corp. |
1,682,785 |
133,394,367 |
|
Royal Dutch Shell PLC Class A sponsored ADR |
720,718 |
44,814,245 |
|
Suncor Energy, Inc. |
1,223,600 |
33,206,669 |
|
|
747,785,135 |
||
Oil & Gas Exploration & Production - 24.4% |
|||
Anadarko Petroleum Corp. |
297,132 |
18,125,052 |
|
Apache Corp. |
468,907 |
38,159,652 |
|
Atlas Resource Partners LP (a) |
4,473 |
114,867 |
|
Bill Barrett Corp. (a) |
86,000 |
1,660,660 |
|
BPZ Energy, Inc. (a) |
807,923 |
2,496,482 |
|
C&C Energia Ltd. (a) |
295,500 |
1,939,769 |
|
Cabot Oil & Gas Corp. |
1,326,050 |
43,149,667 |
|
Carrizo Oil & Gas, Inc. (a) |
84,400 |
1,866,084 |
|
Cobalt International Energy, Inc. (a) |
460,500 |
10,430,325 |
|
Comstock Resources, Inc. (a) |
688,660 |
10,295,467 |
|
EOG Resources, Inc. |
437,979 |
43,491,315 |
|
EQT Corp. |
785,210 |
36,418,040 |
|
EV Energy Partners LP |
198,700 |
10,189,336 |
|
EXCO Resources, Inc. (d) |
731,800 |
5,268,960 |
|
Gran Tierra Energy, Inc. (Canada) (a) |
2,528,900 |
12,756,517 |
|
Halcon Resources Corp. (f) |
1,010,000 |
8,553,690 |
|
Kodiak Oil & Gas Corp. (a) |
254,600 |
2,064,806 |
|
Marathon Oil Corp. |
1,577,124 |
39,286,159 |
|
Midstates Petroleum Co., Inc. |
193,100 |
2,769,054 |
|
Noble Energy, Inc. |
456,044 |
38,517,476 |
|
Oasis Petroleum, Inc. (a) |
107,100 |
2,751,399 |
|
Painted Pony Petroleum Ltd. (a)(e) |
15,500 |
118,405 |
|
Pioneer Natural Resources Co. |
480,278 |
46,442,883 |
|
Plains Exploration & Production Co. (a) |
377,134 |
13,497,626 |
|
QEP Resources, Inc. |
128,800 |
3,390,016 |
|
Rosetta Resources, Inc. (a) |
562,700 |
21,770,863 |
|
SM Energy Co. |
586,965 |
31,748,937 |
|
Swift Energy Co. (a) |
175,100 |
3,486,241 |
|
TAG Oil Ltd. (a) |
220,600 |
1,997,008 |
|
TAG Oil Ltd. (e) |
36,500 |
330,421 |
|
|
453,087,177 |
||
Oil & Gas Refining & Marketing - 5.8% |
|||
Calumet Specialty Products Partners LP |
395,699 |
8,832,002 |
|
Essar Energy PLC (a)(d) |
2,495,196 |
5,277,080 |
|
HollyFrontier Corp. |
212,015 |
6,250,202 |
|
Marathon Petroleum Corp. |
1,046,706 |
37,754,685 |
|
Tesoro Corp. (a) |
137,688 |
3,045,659 |
|
Valero Energy Corp. |
2,227,367 |
46,997,444 |
|
|
108,157,072 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
|||
Oil & Gas Storage & Transport - 2.1% |
|||
Atlas Energy LP |
98,278 |
$ 3,391,574 |
|
Atlas Pipeline Partners, LP |
363,458 |
10,903,740 |
|
Cheniere Energy, Inc. (a) |
428,900 |
6,021,756 |
|
Markwest Energy Partners LP |
73,300 |
3,514,002 |
|
Williams Companies, Inc. |
499,960 |
15,263,779 |
|
|
39,094,851 |
||
TOTAL OIL, GAS & CONSUMABLE FUELS |
1,376,918,202 |
||
TOTAL COMMON STOCKS (Cost $1,775,125,451) |
|
||
Money Market Funds - 1.3% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
11,170,273 |
11,170,273 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
12,280,858 |
12,280,858 |
|
TOTAL MONEY MARKET FUNDS (Cost $23,451,131) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $1,798,576,582) |
1,866,274,256 |
||
NET OTHER ASSETS (LIABILITIES) - (0.6)% |
(11,183,113) |
||
NET ASSETS - 100% |
$ 1,855,091,143 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 $4,560,133 or 0.2% of net assets. |
(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 $8,553,690 or 0.5% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Halcon Resources Corp. |
3/1/12 |
$ 9,090,000 |
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 |
$ 1,894 |
Fidelity Securities Lending Cash Central Fund |
119,998 |
Total |
$ 121,892 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 1,842,823,125 |
$ 1,776,650,001 |
$ 62,061,815 |
$ 4,111,309 |
Money Market Funds |
23,451,131 |
23,451,131 |
- |
- |
Total Investments in Securities: |
$ 1,866,274,256 |
$ 1,800,101,132 |
$ 62,061,815 |
$ 4,111,309 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Beginning Balance |
$ - |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
(64,550) |
Cost of Purchases |
2 |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
4,175,857 |
Transfers out of Level 3 |
- |
Ending Balance |
$ 4,111,309 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012 |
$ (64,550) |
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 May 31, 2012, the cost of investment securities for income tax purposes was $1,801,723,282. Net unrealized appreciation aggregated $64,550,974, of which $248,117,238 related to appreciated investment securities and $183,566,264 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802170.108
ENV-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 98.6% |
|||
Shares |
Value |
||
Energy Efficiency - 30.9% |
|||
Buildings Energy Efficiency - 7.9% |
|||
Apogee Enterprises, Inc. |
33,600 |
$ 496,608 |
|
Cree, Inc. (a)(d) |
43,000 |
1,078,010 |
|
Hubbell, Inc. Class B |
30,000 |
2,367,600 |
|
Lennox International, Inc. |
24,000 |
1,029,360 |
|
TOTAL BUILDINGS ENERGY EFFICIENCY |
4,971,578 |
||
Diversified Energy Efficiency - 2.8% |
|||
Corning, Inc. |
115,200 |
1,496,448 |
|
Exide Technologies (a) |
104,700 |
242,904 |
|
TOTAL DIVERSIFIED ENERGY EFFICIENCY |
1,739,352 |
||
Industrial Energy Efficiency - 8.6% |
|||
Eaton Corp. |
49,300 |
2,103,138 |
|
Fairchild Semiconductor International, Inc. (a) |
71,900 |
949,799 |
|
Ingersoll-Rand PLC |
58,500 |
2,416,635 |
|
TOTAL INDUSTRIAL ENERGY EFFICIENCY |
5,469,572 |
||
Power Network Efficiency - 11.6% |
|||
Emerson Electric Co. |
118,900 |
5,560,953 |
|
ESCO Technologies, Inc. |
12,300 |
429,270 |
|
Quanta Services, Inc. (a) |
17,400 |
392,892 |
|
Sensata Technologies Holding BV (a) |
31,200 |
958,152 |
|
TOTAL POWER NETWORK EFFICIENCY |
7,341,267 |
||
TOTAL ENERGY EFFICIENCY |
19,521,769 |
||
Environmental Support Services - 13.4% |
|||
Carbon and Other Environmental Assets Trading - 0.7% |
|||
AECOM Technology Corp. (a) |
25,500 |
415,395 |
|
Environmental Consultancies - 12.7% |
|||
Air Products & Chemicals, Inc. |
39,400 |
3,114,176 |
|
Jacobs Engineering Group, Inc. (a) |
52,300 |
1,857,696 |
|
Parker Hannifin Corp. |
23,000 |
1,880,020 |
|
Praxair, Inc. |
11,300 |
1,200,512 |
|
TOTAL ENVIRONMENTAL CONSULTANCIES |
8,052,404 |
||
TOTAL ENVIRONMENTAL SUPPORT SERVICES |
8,467,799 |
||
Pollution Control - 5.5% |
|||
Pollution Control Solutions - 5.5% |
|||
Ecolab, Inc. |
55,100 |
3,482,871 |
|
|
|||
Shares |
Value |
||
Renewable & Alternative Energy - 13.9% |
|||
Biofuels - 2.9% |
|||
Amyris, Inc. (a)(d) |
110,100 |
$ 298,371 |
|
Novozymes A/S Series B |
37,800 |
1,017,208 |
|
Solazyme, Inc. (d) |
48,800 |
534,848 |
|
TOTAL BIOFUELS |
1,850,427 |
||
Renewable Energy Developers and Independent Power Producers - 11.0% |
|||
Empresa Nacional de Electricidad SA sponsored ADR |
33,200 |
1,572,352 |
|
Enel SpA |
841,670 |
2,400,509 |
|
Ormat Technologies, Inc. (d) |
51,200 |
1,039,872 |
|
Tractebel Energia SA |
117,800 |
1,953,745 |
|
TOTAL RENEWABLE ENERGY DEVELOPERS AND INDEPENDENT POWER PRODUCERS |
6,966,478 |
||
TOTAL RENEWABLE & ALTERNATIVE ENERGY |
8,816,905 |
||
Waste Management & Technologies - 18.9% |
|||
Hazardous Waste Management - 8.1% |
|||
Republic Services, Inc. |
193,500 |
5,100,660 |
|
Recycling and Value Added Waste Processing - 8.2% |
|||
EnergySolutions, Inc. (a) |
276,000 |
971,520 |
|
Stericycle, Inc. (a)(d) |
44,300 |
3,865,618 |
|
US Ecology, Inc. |
20,600 |
354,526 |
|
TOTAL RECYCLING AND VALUE ADDED WASTE PROCESSING |
5,191,664 |
||
Waste Technology Equipment - 2.6% |
|||
Commercial Metals Co. |
63,400 |
740,512 |
|
Interface, Inc. |
31,300 |
397,197 |
|
Schnitzer Steel Inds, Inc. Class A |
20,400 |
532,032 |
|
TOTAL WASTE TECHNOLOGY EQUIPMENT |
1,669,741 |
||
TOTAL WASTE MANAGEMENT & TECHNOLOGIES |
11,962,065 |
||
Water Infrastructure & Technologies - 16.0% |
|||
Water Infrastructure - 5.9% |
|||
Aegion Corp. (a) |
58,400 |
920,968 |
|
Ashland, Inc. |
43,600 |
2,787,348 |
|
TOTAL WATER INFRASTRUCTURE |
3,708,316 |
||
Water Utilities - 10.1% |
|||
Danaher Corp. |
123,600 |
6,423,491 |
|
TOTAL WATER INFRASTRUCTURE & TECHNOLOGIES |
10,131,807 |
||
TOTAL COMMON STOCKS (Cost $66,200,225) |
|
||
Convertible Bonds - 0.5% |
|||
Principal |
Value |
||
Energy Efficiency - 0.5% |
|||
Buildings Energy Efficiency - 0.5% |
|||
Aspen Aerogels, Inc. 8% 6/1/14 (e) |
$ 275,800 |
$ 275,800 |
|
Money Market Funds - 11.2% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.17% (b) |
496,839 |
496,839 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
6,586,566 |
6,586,566 |
|
TOTAL MONEY MARKET FUNDS (Cost $7,083,405) |
|
TOTAL INVESTMENT PORTFOLIO - 110.3% (Cost $73,559,430) |
69,742,421 |
NET OTHER ASSETS (LIABILITIES) - (10.3)% |
(6,484,972) |
||
NET ASSETS - 100% |
$ 63,257,449 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 $275,800 or 0.5% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Aspen Aerogels, Inc. 8% 6/1/14 |
6/1/11 |
$ 275,800 |
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 |
$ 169 |
Fidelity Securities Lending Cash Central Fund |
10,022 |
Total |
$ 10,191 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 62,383,216 |
$ 58,965,499 |
$ 3,417,717 |
$ - |
Convertible Bonds |
275,800 |
- |
- |
275,800 |
Money Market Funds |
7,083,405 |
7,083,405 |
- |
- |
Total Investments in Securities: |
$ 69,742,421 |
$ 66,048,904 |
$ 3,417,717 |
$ 275,800 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Beginning Balance |
$ 275,800 |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
- |
Cost of Purchases |
- |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
- |
Transfers out of Level 3 |
- |
Ending Balance |
$ 275,800 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012 |
$ - |
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 May 31, 2012, the cost of investment securities for income tax purposes was $74,363,640. Net unrealized depreciation aggregated $4,621,219, of which $4,148,653 related to appreciated investment securities and $8,769,872 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security 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 value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These 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 Service Portfolio
May 31, 2012
1.802169.108
ENS-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 97.2% |
|||
Shares |
Value |
||
CONSTRUCTION & ENGINEERING - 0.5% |
|||
Construction & Engineering - 0.5% |
|||
Fluor Corp. |
113,400 |
$ 5,316,192 |
|
ENERGY EQUIPMENT & SERVICES - 95.7% |
|||
Oil & Gas Drilling - 15.4% |
|||
Cathedral Energy Services Ltd. |
914,900 |
5,004,778 |
|
Discovery Offshore S.A. (a)(e) |
578,100 |
992,665 |
|
Ensco PLC Class A |
674,400 |
30,287,304 |
|
Eurasia Drilling Co. Ltd. GDR (Reg. S) |
260,200 |
6,548,706 |
|
Helmerich & Payne, Inc. |
204,372 |
9,258,052 |
|
Noble Corp. |
1,543,835 |
48,275,720 |
|
Ocean Rig UDW, Inc. (Norway) |
1,500 |
25,021 |
|
Ocean Rig UDW, Inc. (United States) |
679,900 |
10,161,909 |
|
PHX Energy Services Corp. (d) |
106,700 |
876,038 |
|
Rowan Companies PLC (a) |
822,700 |
24,681,000 |
|
Tuscany International Drilling, Inc. (a)(d) |
10,295,700 |
5,183,486 |
|
Vantage Drilling Co. (a) |
7,516,000 |
11,274,000 |
|
Western Energy Services Corp. (a) |
259,800 |
1,936,835 |
|
Xtreme Drilling & Coil Services Corp. (a) |
1,629,200 |
3,612,207 |
|
|
158,117,721 |
||
Oil & Gas Equipment & Services - 80.3% |
|||
Anton Oilfield Services Group |
10,186,000 |
1,548,593 |
|
Baker Hughes, Inc. |
702,222 |
29,303,724 |
|
C&J Energy Services, Inc. (d) |
257,600 |
4,605,888 |
|
Cameron International Corp. (a) |
2,000,088 |
91,384,021 |
|
Core Laboratories NV |
62,300 |
7,968,170 |
|
Dresser-Rand Group, Inc. (a) |
689,600 |
30,259,648 |
|
Exterran Holdings, Inc. (a)(d) |
437,000 |
5,042,980 |
|
FMC Technologies, Inc. (a) |
1,099,662 |
44,250,399 |
|
Forum Energy Technologies, Inc. (d) |
539,400 |
11,586,312 |
|
Global Geophysical Services, Inc. (a) |
561,913 |
3,983,963 |
|
Halliburton Co. |
4,167,099 |
125,262,996 |
|
Helix Energy Solutions Group, Inc. (a) |
836,300 |
14,325,819 |
|
Hornbeck Offshore Services, Inc. (a) |
303,200 |
10,123,848 |
|
ION Geophysical Corp. (a) |
594,455 |
3,602,397 |
|
McDermott International, Inc. (a) |
2,272,100 |
23,061,815 |
|
National Oilwell Varco, Inc. |
1,705,862 |
113,866,289 |
|
Oceaneering International, Inc. |
775,300 |
35,834,366 |
|
Oil States International, Inc. (a) |
427,400 |
28,452,018 |
|
Petrofac Ltd. |
289,200 |
6,941,330 |
|
RigNet, Inc. (a) |
44,666 |
697,236 |
|
Schlumberger Ltd. |
2,965,311 |
187,555,921 |
|
Schoeller-Bleckmann Oilfield Equipment AG |
68,479 |
5,611,307 |
|
|
|||
Shares |
Value |
||
Tesco Corp. (a) |
902,085 |
$ 10,843,062 |
|
Weatherford International Ltd. (a) |
2,509,971 |
30,144,752 |
|
|
826,256,854 |
||
TOTAL ENERGY EQUIPMENT & SERVICES |
984,374,575 |
||
MACHINERY - 1.0% |
|||
Industrial Machinery - 1.0% |
|||
Rotork PLC |
312,900 |
9,813,741 |
|
TOTAL COMMON STOCKS (Cost $938,297,512) |
|
||
Money Market Funds - 2.8% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
23,921,592 |
23,921,592 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
4,867,720 |
4,867,720 |
|
TOTAL MONEY MARKET FUNDS (Cost $28,789,312) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $967,086,824) |
1,028,293,820 |
||
NET OTHER ASSETS (LIABILITIES) - 0.0% |
482,673 |
||
NET ASSETS - 100% |
$ 1,028,776,493 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 $992,665 or 0.1% 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 |
$ 16,363 |
Fidelity Securities Lending Cash Central Fund |
7,885 |
Total |
$ 24,248 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 999,504,508 |
$ 969,596,759 |
$ 28,915,084 |
$ 992,665 |
Money Market Funds |
28,789,312 |
28,789,312 |
- |
- |
Total Investments in Securities: |
$ 1,028,293,820 |
$ 998,386,071 |
$ 28,915,084 |
$ 992,665 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Beginning Balance |
$ - |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
(15,586) |
Cost of Purchases |
- |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
1,008,251 |
Transfers out of Level 3 |
- |
Ending Balance |
$ 992,665 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012 |
$ (15,586) |
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 May 31, 2012, the cost of investment securities for income tax purposes was $969,158,784. Net unrealized appreciation aggregated $59,135,036, of which $144,804,860 related to appreciated investment securities and $85,669,824 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802171.108
FIN-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 94.4% |
|||
Shares |
Value |
||
CAPITAL MARKETS - 12.1% |
|||
Asset Management & Custody Banks - 8.8% |
|||
A.F.P. Provida SA sponsored ADR |
16,700 |
$ 1,224,277 |
|
Affiliated Managers Group, Inc. (a) |
14,598 |
1,504,616 |
|
Ameriprise Financial, Inc. |
800 |
38,336 |
|
Apollo Global Management LLC Class A |
434,673 |
5,072,634 |
|
Bank of New York Mellon Corp. |
483,839 |
9,850,962 |
|
BlackRock, Inc. Class A |
6,693 |
1,143,164 |
|
Cetip SA |
183,500 |
2,647,619 |
|
Cetip SA rights 6/18/12 (a) |
114 |
141 |
|
Fortress Investment Group LLC |
203,500 |
628,815 |
|
Franklin Resources, Inc. |
37,932 |
4,050,758 |
|
Invesco Ltd. |
1,786 |
38,846 |
|
Julius Baer Group Ltd. |
910 |
28,746 |
|
Legg Mason, Inc. |
2,318 |
58,993 |
|
Northern Trust Corp. |
27,493 |
1,187,148 |
|
State Street Corp. |
25,173 |
1,037,379 |
|
The Blackstone Group LP |
581,158 |
6,997,142 |
|
|
35,509,576 |
||
Diversified Capital Markets - 0.5% |
|||
Credit Suisse Group sponsored ADR |
1,638 |
31,335 |
|
HFF, Inc. (a) |
23,200 |
303,456 |
|
UBS AG (NY Shares) |
145,437 |
1,655,073 |
|
|
1,989,864 |
||
Investment Banking & Brokerage - 2.8% |
|||
Charles Schwab Corp. |
2,400 |
29,904 |
|
E*TRADE Financial Corp. (a) |
4,464 |
37,899 |
|
Evercore Partners, Inc. Class A |
237,913 |
5,878,830 |
|
GFI Group, Inc. |
1,037,136 |
2,821,010 |
|
Goldman Sachs Group, Inc. |
10,785 |
1,032,125 |
|
Greenhill & Co., Inc. |
2,000 |
69,740 |
|
Investment Technology Group, Inc. (a) |
4,400 |
41,712 |
|
Lazard Ltd. Class A |
1,497 |
34,521 |
|
Macquarie Group Ltd. |
1,078 |
28,321 |
|
Monex Beans Holdings, Inc. |
116 |
17,748 |
|
Morgan Stanley |
92,208 |
1,231,899 |
|
Nomura Holdings, Inc. sponsored ADR |
9,700 |
31,525 |
|
|
11,255,234 |
||
TOTAL CAPITAL MARKETS |
48,754,674 |
||
COMMERCIAL BANKS - 18.0% |
|||
Diversified Banks - 5.9% |
|||
Banco ABC Brasil SA |
34,600 |
190,426 |
|
Banco Bradesco SA (PN) sponsored ADR |
1,900 |
27,816 |
|
Banco de Chile sponsored ADR |
418 |
34,397 |
|
Banco Macro SA sponsored ADR |
1,600 |
20,432 |
|
Banco Pine SA |
570 |
3,640 |
|
Banco Santander Chile sponsored ADR |
400 |
29,776 |
|
Banco Santander SA (Spain) sponsored ADR (d) |
6,400 |
34,048 |
|
Banco Santander SA (Brasil) ADR |
51,910 |
412,685 |
|
BanColombia SA sponsored ADR |
169,700 |
10,047,937 |
|
|
|||
Shares |
Value |
||
Bangkok Bank Public Co. Ltd. (For. Reg.) |
74,200 |
$ 437,225 |
|
Bank of Baroda |
23,878 |
293,468 |
|
Bank of the Philippine Islands (BPI) |
53,430 |
82,389 |
|
Barclays PLC sponsored ADR |
3,344 |
36,951 |
|
BBVA Banco Frances SA sponsored ADR (d) |
6,900 |
26,565 |
|
BNP Paribas SA |
948 |
30,376 |
|
China CITIC Bank Corp. Ltd. (H Shares) |
88,000 |
45,579 |
|
Comerica, Inc. |
36,061 |
1,096,976 |
|
CorpBanca SA sponsored ADR |
1,600 |
29,712 |
|
Credicorp Ltd. (NY Shares) |
7,100 |
885,867 |
|
Credit Agricole SA |
600 |
2,157 |
|
Development Credit Bank Ltd. (a) |
95,718 |
65,588 |
|
Grupo Financiero Galicia SA sponsored ADR (d) |
5,400 |
24,462 |
|
Guaranty Trust Bank PLC GDR (Reg. S) |
14,800 |
79,730 |
|
Hana Financial Group, Inc. |
11,260 |
354,835 |
|
Hong Leong Bank Bhd |
12,100 |
46,847 |
|
HSBC Holdings PLC sponsored ADR |
1,000 |
39,500 |
|
ICICI Bank Ltd. sponsored ADR |
1,400 |
39,410 |
|
Industrial & Commercial Bank of China Ltd. (H Shares) |
17,000 |
10,338 |
|
Intesa Sanpaolo SpA |
30,559 |
38,177 |
|
Itau Unibanco Banco Multiplo SA sponsored ADR |
1,875 |
27,131 |
|
KB Financial Group, Inc. |
10,300 |
321,117 |
|
Malayan Banking Bhd |
114,087 |
314,735 |
|
National Australia Bank Ltd. |
697 |
15,263 |
|
Nordea Bank AB |
3,400 |
25,281 |
|
PT Bank Bukopin Tbk |
15,446,000 |
1,051,643 |
|
PT Bank Central Asia Tbk |
37,000 |
27,553 |
|
Raiffeisen International Bank-Holding AG |
3,700 |
102,153 |
|
Sberbank (Savings Bank of the Russian Federation) sponsored ADR |
3,100 |
30,721 |
|
Standard Chartered PLC (United Kingdom) |
6,945 |
140,623 |
|
Sumitomo Mitsui Financial Group, Inc. |
5,900 |
171,906 |
|
Swedbank AB (A Shares) |
2,600 |
37,159 |
|
The Jammu & Kashmir Bank Ltd. |
20,167 |
334,173 |
|
The Toronto-Dominion Bank |
5,400 |
413,398 |
|
U.S. Bancorp |
65,837 |
2,048,189 |
|
UniCredit SpA |
1,710 |
5,276 |
|
United Overseas Bank Ltd. |
3,000 |
41,184 |
|
Wells Fargo & Co. |
127,642 |
4,090,926 |
|
Yes Bank Ltd. |
6,614 |
38,930 |
|
|
23,704,670 |
||
Regional Banks - 12.1% |
|||
Alerus Financial Corp. |
1,500 |
40,575 |
|
Banco Daycoval SA (PN) |
55,000 |
268,612 |
|
Bancorp New Jersey, Inc. |
300 |
2,889 |
|
BancTrust Financial Group, Inc. (a) |
83,350 |
245,049 |
|
Bank of Hawaii Corp. |
900 |
41,706 |
|
Bank of the Ozarks, Inc. |
1,448 |
42,050 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
COMMERCIAL BANKS - CONTINUED |
|||
Regional Banks - continued |
|||
BB&T Corp. |
2,629 |
$ 79,448 |
|
Boston Private Financial Holdings, Inc. |
6,000 |
54,120 |
|
Bridge Capital Holdings (a) |
132,440 |
2,031,630 |
|
BS Financial Group, Inc. |
206,930 |
2,033,417 |
|
Canadian Western Bank, Edmonton (d) |
23,700 |
610,599 |
|
Cascade Bancorp (a) |
2,530 |
13,915 |
|
CIT Group, Inc. (a) |
32,305 |
1,104,508 |
|
Citizens & Northern Corp. |
1,500 |
26,175 |
|
City Holding Co. |
1,200 |
38,616 |
|
City National Corp. |
872 |
43,321 |
|
CNB Financial Corp., Pennsylvania |
2,300 |
34,339 |
|
CoBiz, Inc. |
562,293 |
3,418,741 |
|
Cullen/Frost Bankers, Inc. |
400 |
22,756 |
|
Fifth Third Bancorp |
627,308 |
8,374,562 |
|
First Business Finance Services, Inc. |
2,000 |
43,000 |
|
First Commonwealth Financial Corp. |
71,700 |
449,559 |
|
First Interstate Bancsystem, Inc. |
289,931 |
4,044,537 |
|
First Midwest Bancorp, Inc., Delaware |
3,900 |
39,351 |
|
First Republic Bank (a) |
35,326 |
1,109,236 |
|
FirstMerit Corp. |
2,700 |
42,930 |
|
FNB Corp., Pennsylvania |
4,000 |
42,480 |
|
Glacier Bancorp, Inc. |
3,186 |
45,719 |
|
Huntington Bancshares, Inc. |
622,837 |
4,073,354 |
|
KeyCorp |
4,679 |
35,093 |
|
NBT Bancorp, Inc. |
400 |
7,948 |
|
Northrim Bancorp, Inc. |
6,100 |
132,614 |
|
Pacific Continental Corp. |
92,452 |
832,068 |
|
PNC Financial Services Group, Inc. |
197,462 |
12,128,116 |
|
PrivateBancorp, Inc. |
3,000 |
44,190 |
|
PT Bank Tabungan Negara Tbk |
4,918,000 |
627,830 |
|
Regions Financial Corp. |
7,112 |
44,734 |
|
Sandy Spring Bancorp, Inc. |
400 |
7,116 |
|
Savannah Bancorp, Inc. (a) |
41,015 |
206,716 |
|
SCBT Financial Corp. |
2,500 |
84,725 |
|
SunTrust Banks, Inc. |
18,198 |
417,098 |
|
Susquehanna Bancshares, Inc. |
147,875 |
1,424,036 |
|
SVB Financial Group (a) |
698 |
41,643 |
|
Synovus Financial Corp. |
82,201 |
157,004 |
|
TCF Financial Corp. |
4,073 |
48,021 |
|
Texas Capital Bancshares, Inc. (a) |
8,007 |
310,511 |
|
UMB Financial Corp. |
10,600 |
516,962 |
|
Umpqua Holdings Corp. |
400 |
5,132 |
|
Valley National Bancorp |
14,490 |
162,143 |
|
Virginia Commerce Bancorp, Inc. (a) |
9,600 |
79,200 |
|
Washington Trust Bancorp, Inc. |
25,900 |
610,204 |
|
Webster Financial Corp. |
63,600 |
1,289,172 |
|
Westamerica Bancorp. |
100 |
4,471 |
|
|
|||
Shares |
Value |
||
Western Alliance Bancorp. (a) |
165,861 |
$ 1,446,308 |
|
Zions Bancorporation |
200 |
3,806 |
|
|
49,084,055 |
||
TOTAL COMMERCIAL BANKS |
72,788,725 |
||
COMMERCIAL SERVICES & SUPPLIES - 0.0% |
|||
Diversified Support Services - 0.0% |
|||
Intrum Justitia AB |
2,600 |
36,338 |
|
CONSUMER FINANCE - 3.7% |
|||
Consumer Finance - 3.7% |
|||
American Express Co. |
73,125 |
4,082,569 |
|
Capital One Financial Corp. |
95,588 |
4,910,356 |
|
Discover Financial Services |
6,129 |
202,931 |
|
EZCORP, Inc. (non-vtg.) Class A (a) |
63,004 |
1,486,894 |
|
First Cash Financial Services, Inc. (a) |
16,028 |
600,409 |
|
Green Dot Corp. Class A (a) |
27,156 |
576,793 |
|
International Personal Finance PLC |
662 |
2,294 |
|
Nelnet, Inc. Class A |
1,800 |
42,012 |
|
Netspend Holdings, Inc. (a) |
3,724 |
27,595 |
|
PT Clipan Finance Indonesia Tbk |
928,000 |
38,009 |
|
Regional Management Corp. |
44,400 |
654,900 |
|
SLM Corp. |
176,959 |
2,472,117 |
|
|
15,096,879 |
||
DIVERSIFIED CONSUMER SERVICES - 0.0% |
|||
Specialized Consumer Services - 0.0% |
|||
Sotheby's Class A (Ltd. vtg.) |
1,130 |
34,465 |
|
DIVERSIFIED FINANCIAL SERVICES - 8.8% |
|||
Other Diversified Financial Services - 3.1% |
|||
Bank of America Corp. |
333,363 |
2,450,218 |
|
Citigroup, Inc. |
151,998 |
4,029,467 |
|
JPMorgan Chase & Co. |
184,424 |
6,113,656 |
|
|
12,593,341 |
||
Specialized Finance - 5.7% |
|||
BM&F Bovespa SA |
6,400 |
30,305 |
|
CBOE Holdings, Inc. |
228,449 |
5,768,337 |
|
CME Group, Inc. |
4,601 |
1,185,080 |
|
IntercontinentalExchange, Inc. (a) |
13,247 |
1,622,095 |
|
MarketAxess Holdings, Inc. |
3,800 |
122,702 |
|
Moody's Corp. |
19,927 |
729,129 |
|
NYSE Euronext |
1,300 |
31,603 |
|
PHH Corp. (a)(d) |
362,287 |
6,003,096 |
|
The NASDAQ Stock Market, Inc. |
334,913 |
7,327,896 |
|
|
22,820,243 |
||
TOTAL DIVERSIFIED FINANCIAL SERVICES |
35,413,584 |
||
ENERGY EQUIPMENT & SERVICES - 0.0% |
|||
Oil & Gas Equipment & Services - 0.0% |
|||
SBM Offshore NV |
3,500 |
45,663 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
HOTELS, RESTAURANTS & LEISURE - 0.1% |
|||
Casinos & Gaming - 0.0% |
|||
Las Vegas Sands Corp. |
829 |
$ 38,283 |
|
MGM Mirage, Inc. (a) |
3,000 |
32,490 |
|
Wynn Resorts Ltd. |
400 |
41,216 |
|
|
111,989 |
||
Hotels, Resorts & Cruise Lines - 0.0% |
|||
Starwood Hotels & Resorts Worldwide, Inc. |
849 |
44,870 |
|
Leisure Facilities - 0.1% |
|||
Cedar Fair LP (depository unit) |
15,600 |
418,080 |
|
TOTAL HOTELS, RESTAURANTS & LEISURE |
574,939 |
||
HOUSEHOLD DURABLES - 0.0% |
|||
Homebuilding - 0.0% |
|||
M.D.C. Holdings, Inc. |
1,500 |
43,080 |
|
PulteGroup, Inc. (a) |
5,200 |
48,672 |
|
|
91,752 |
||
INDUSTRIAL CONGLOMERATES - 0.0% |
|||
Industrial Conglomerates - 0.0% |
|||
General Electric Co. |
100 |
1,909 |
|
Keppel Corp. Ltd. |
4,000 |
30,979 |
|
|
32,888 |
||
INSURANCE - 13.1% |
|||
Insurance Brokers - 0.4% |
|||
Aon PLC |
900 |
41,850 |
|
Brasil Insurance Participacoes e Administracao SA |
52,600 |
445,973 |
|
Marsh & McLennan Companies, Inc. |
29,200 |
933,816 |
|
National Financial Partners Corp. (a) |
2,900 |
38,570 |
|
|
1,460,209 |
||
Life & Health Insurance - 4.2% |
|||
AFLAC, Inc. |
1,029 |
41,242 |
|
Citizens, Inc. Class A (a) |
5,800 |
46,806 |
|
CNO Financial Group, Inc. |
5,900 |
40,474 |
|
Delta Lloyd NV |
2,800 |
34,667 |
|
FBL Financial Group, Inc. Class A |
1,300 |
33,189 |
|
Lincoln National Corp. |
58,300 |
1,205,061 |
|
MetLife, Inc. |
324,418 |
9,476,250 |
|
Phoenix Companies, Inc. (a) |
15,700 |
25,434 |
|
Ping An Insurance Group Co. China Ltd. (H Shares) |
10,500 |
77,314 |
|
Prudential Financial, Inc. |
129,224 |
6,002,455 |
|
Resolution Ltd. |
8,700 |
25,975 |
|
StanCorp Financial Group, Inc. |
900 |
31,329 |
|
Symetra Financial Corp. |
3,000 |
33,900 |
|
Torchmark Corp. |
900 |
41,994 |
|
Unum Group |
1,900 |
37,905 |
|
|
17,153,995 |
||
|
|||
Shares |
Value |
||
Multi-Line Insurance - 1.2% |
|||
American International Group, Inc. (a) |
58,300 |
$ 1,701,194 |
|
Assurant, Inc. |
35,800 |
1,195,004 |
|
Fairfax Financial Holdings Ltd. (sub. vtg.) |
579 |
228,158 |
|
Genworth Financial, Inc. Class A (a) |
188,554 |
988,023 |
|
Hartford Financial Services Group, Inc. |
16,800 |
282,576 |
|
Loews Corp. |
9,000 |
350,010 |
|
Porto Seguro SA |
6,600 |
58,544 |
|
|
4,803,509 |
||
Property & Casualty Insurance - 4.6% |
|||
ACE Ltd. |
177,857 |
12,864,397 |
|
Allied World Assurance Co. Holdings Ltd. |
5,900 |
453,710 |
|
Allstate Corp. |
28,975 |
983,412 |
|
Assured Guaranty Ltd. |
2,600 |
31,044 |
|
Axis Capital Holdings Ltd. |
35,600 |
1,171,240 |
|
Berkshire Hathaway, Inc. Class B (a) |
490 |
38,886 |
|
Erie Indemnity Co. Class A |
437 |
31,407 |
|
Fidelity National Financial, Inc. Class A |
2,538 |
47,816 |
|
First American Financial Corp. |
38,900 |
613,064 |
|
RLI Corp. |
100 |
6,664 |
|
The Travelers Companies, Inc. |
200 |
12,498 |
|
W.R. Berkley Corp. |
11,800 |
452,176 |
|
XL Group PLC Class A |
89,312 |
1,823,751 |
|
|
18,530,065 |
||
Reinsurance - 2.7% |
|||
Arch Capital Group Ltd. (a) |
37,100 |
1,418,333 |
|
Everest Re Group Ltd. |
19,500 |
1,991,340 |
|
Montpelier Re Holdings Ltd. |
2,100 |
43,848 |
|
Platinum Underwriters Holdings Ltd. |
25,904 |
940,315 |
|
RenaissanceRe Holdings Ltd. |
30,600 |
2,358,342 |
|
Swiss Re Ltd. |
38,348 |
2,222,128 |
|
Validus Holdings Ltd. |
62,307 |
1,955,194 |
|
|
10,929,500 |
||
TOTAL INSURANCE |
52,877,278 |
||
INTERNET SOFTWARE & SERVICES - 0.0% |
|||
Internet Software & Services - 0.0% |
|||
eBay, Inc. (a) |
1,300 |
50,947 |
|
IT SERVICES - 8.6% |
|||
Data Processing & Outsourced Services - 8.6% |
|||
Alliance Data Systems Corp. (a) |
400 |
50,400 |
|
Cielo SA |
1,560 |
42,155 |
|
Fidelity National Information Services, Inc. |
1,800 |
59,004 |
|
Fiserv, Inc. (a) |
938 |
63,249 |
|
Global Cash Access Holdings, Inc. (a) |
47,700 |
336,285 |
|
Jack Henry & Associates, Inc. |
151,855 |
5,012,734 |
|
Lender Processing Services, Inc. |
200 |
4,616 |
|
MoneyGram International, Inc. (a) |
2,100 |
29,253 |
|
Redecard SA |
822,630 |
12,644,237 |
|
The Western Union Co. |
440,623 |
7,226,217 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
IT SERVICES - CONTINUED |
|||
Data Processing & Outsourced Services - continued |
|||
Total System Services, Inc. |
332,349 |
$ 7,733,761 |
|
VeriFone Systems, Inc. (a) |
39,734 |
1,434,795 |
|
Visa, Inc. Class A |
360 |
41,472 |
|
|
34,678,178 |
||
IT Consulting & Other Services - 0.0% |
|||
Accenture PLC Class A |
600 |
34,260 |
|
Cognizant Technology Solutions Corp. Class A (a) |
578 |
33,669 |
|
|
67,929 |
||
TOTAL IT SERVICES |
34,746,107 |
||
MACHINERY - 0.1% |
|||
Industrial Machinery - 0.1% |
|||
Middleby Corp. (a) |
2,211 |
226,119 |
|
MEDIA - 0.0% |
|||
Publishing - 0.0% |
|||
McGraw-Hill Companies, Inc. |
900 |
39,042 |
|
PROFESSIONAL SERVICES - 0.3% |
|||
Research & Consulting Services - 0.3% |
|||
Equifax, Inc. |
1,015 |
45,848 |
|
IHS, Inc. Class A (a) |
10,910 |
1,079,981 |
|
|
1,125,829 |
||
REAL ESTATE INVESTMENT TRUSTS - 27.3% |
|||
Diversified REITs - 0.1% |
|||
American Assets Trust, Inc. |
19,200 |
433,728 |
|
Vornado Realty Trust |
400 |
32,768 |
|
|
466,496 |
||
Industrial REITs - 0.9% |
|||
DCT Industrial Trust, Inc. |
140,500 |
817,710 |
|
First Potomac Realty Trust |
2,900 |
34,800 |
|
Prologis, Inc. |
80,700 |
2,580,786 |
|
Stag Industrial, Inc. |
3,000 |
41,250 |
|
|
3,474,546 |
||
Mortgage REITs - 1.7% |
|||
American Capital Agency Corp. |
88,164 |
2,880,318 |
|
American Capital Mortgage Investment Corp. |
4,800 |
114,192 |
|
Invesco Mortgage Capital, Inc. |
142,400 |
2,583,136 |
|
Pennymac Mortgage Investment Trust |
2,100 |
38,787 |
|
Two Harbors Investment Corp. |
103,800 |
1,073,292 |
|
|
6,689,725 |
||
Office REITs - 4.6% |
|||
Boston Properties, Inc. |
62,600 |
6,443,418 |
|
Corporate Office Properties Trust (SBI) |
1,200 |
26,412 |
|
Douglas Emmett, Inc. |
201,683 |
4,316,016 |
|
Highwoods Properties, Inc. (SBI) |
53,692 |
1,732,104 |
|
Kilroy Realty Corp. |
13,100 |
601,421 |
|
|
|||
Shares |
Value |
||
Lexington Corporate Properties Trust (d) |
657,047 |
$ 5,460,061 |
|
MPG Office Trust, Inc. (a) |
14,400 |
25,632 |
|
SL Green Realty Corp. |
500 |
37,505 |
|
|
18,642,569 |
||
Residential REITs - 4.5% |
|||
American Campus Communities, Inc. |
57,500 |
2,524,250 |
|
Apartment Investment & Management Co. Class A |
1,513 |
40,957 |
|
AvalonBay Communities, Inc. |
400 |
55,900 |
|
BRE Properties, Inc. |
1,400 |
68,922 |
|
Camden Property Trust (SBI) |
50,400 |
3,281,544 |
|
Campus Crest Communities, Inc. |
3,100 |
33,418 |
|
Colonial Properties Trust (SBI) |
132,300 |
2,806,083 |
|
Equity Lifestyle Properties, Inc. |
26,300 |
1,732,118 |
|
Equity Residential (SBI) |
48,938 |
2,990,112 |
|
Essex Property Trust, Inc. |
800 |
120,368 |
|
Home Properties, Inc. |
12,500 |
749,250 |
|
Post Properties, Inc. |
51,646 |
2,500,183 |
|
UDR, Inc. |
44,579 |
1,154,596 |
|
|
18,057,701 |
||
Retail REITs - 1.1% |
|||
Federal Realty Investment Trust (SBI) |
8,100 |
796,068 |
|
Glimcher Realty Trust |
1,278 |
11,758 |
|
Kimco Realty Corp. |
1,800 |
32,310 |
|
Realty Income Corp. |
35,700 |
1,368,381 |
|
Simon Property Group, Inc. |
15,268 |
2,252,335 |
|
Urstadt Biddle Properties, Inc. Class A |
3,900 |
69,420 |
|
|
4,530,272 |
||
Specialized REITs - 14.4% |
|||
American Tower Corp. |
700 |
45,416 |
|
Big Yellow Group PLC |
2,943,834 |
12,953,552 |
|
CubeSmart |
3,100 |
35,061 |
|
DiamondRock Hospitality Co. |
114,805 |
1,141,162 |
|
HCP, Inc. |
319,700 |
13,056,548 |
|
Health Care REIT, Inc. |
235,700 |
13,074,275 |
|
Host Hotels & Resorts, Inc. |
61,700 |
941,542 |
|
National Health Investors, Inc. |
22,300 |
1,076,421 |
|
Plum Creek Timber Co., Inc. |
2,300 |
83,950 |
|
Potlatch Corp. |
6,000 |
171,960 |
|
Public Storage |
8,318 |
1,110,203 |
|
Rayonier, Inc. |
53,500 |
2,298,895 |
|
Strategic Hotel & Resorts, Inc. (a) |
594,567 |
3,704,152 |
|
Sunstone Hotel Investors, Inc. (a) |
63,700 |
637,637 |
|
Ventas, Inc. |
110,720 |
6,512,550 |
|
Weyerhaeuser Co. |
74,700 |
1,487,277 |
|
|
58,330,601 |
||
TOTAL REAL ESTATE INVESTMENT TRUSTS |
110,191,910 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.1% |
|||
Diversified Real Estate Activities - 0.8% |
|||
Tejon Ranch Co. (a) |
23,367 |
$ 622,497 |
|
The St. Joe Co. (a)(d) |
166,905 |
2,665,473 |
|
|
3,287,970 |
||
Real Estate Development - 0.0% |
|||
Bukit Sembawang Estates Ltd. |
23,000 |
82,105 |
|
Real Estate Operating Companies - 0.1% |
|||
BR Malls Participacoes SA |
1,900 |
20,914 |
|
Castellum AB |
2,857 |
32,126 |
|
Forest City Enterprises, Inc. Class A (a) |
29,296 |
392,273 |
|
Thomas Properties Group, Inc. |
6,200 |
29,388 |
|
|
474,701 |
||
Real Estate Services - 0.2% |
|||
CBRE Group, Inc. (a) |
25,588 |
420,923 |
|
Jones Lang LaSalle, Inc. |
495 |
35,888 |
|
Kennedy-Wilson Holdings, Inc. |
6,100 |
79,544 |
|
|
536,355 |
||
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |
4,381,131 |
||
SOFTWARE - 0.0% |
|||
Application Software - 0.0% |
|||
EPIQ Systems, Inc. |
1,600 |
17,648 |
|
Fair Isaac Corp. |
200 |
8,132 |
|
|
25,780 |
||
SPECIALTY RETAIL - 1.1% |
|||
Computer & Electronics Retail - 1.1% |
|||
Rent-A-Center, Inc. |
136,402 |
4,592,655 |
|
THRIFTS & MORTGAGE FINANCE - 0.1% |
|||
Thrifts & Mortgage Finance - 0.1% |
|||
BankUnited, Inc. |
1,500 |
35,385 |
|
Brookline Bancorp, Inc., Delaware |
2,200 |
19,338 |
|
Cape Bancorp, Inc. (a) |
3,700 |
30,340 |
|
|
|||
Shares |
Value |
||
Cheviot Financial Corp. |
22,986 |
$ 196,530 |
|
Hudson City Bancorp, Inc. |
2,300 |
14,260 |
|
People's United Financial, Inc. |
3,000 |
34,890 |
|
|
330,743 |
||
TOTAL COMMON STOCKS (Cost $407,137,584) |
|
||
Investment Companies - 0.3% |
|||
|
|
|
|
Ares Capital Corp. |
72,900 |
|
Money Market Funds - 10.0% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
32,996,310 |
32,996,310 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
7,549,300 |
7,549,300 |
|
TOTAL MONEY MARKET FUNDS (Cost $40,545,610) |
|
||
TOTAL INVESTMENT PORTFOLIO - 104.7% (Cost $448,899,492) |
423,103,119 |
||
NET OTHER ASSETS (LIABILITIES) - (4.7)% |
(19,029,173) |
||
NET ASSETS - 100% |
$ 404,073,946 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 9,375 |
Fidelity Securities Lending Cash Central Fund |
33,738 |
Total |
$ 43,113 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 381,457,448 |
$ 365,104,256 |
$ 16,353,192 |
$ - |
Investment Companies |
1,100,061 |
1,100,061 |
- |
- |
Money Market Funds |
40,545,610 |
40,545,610 |
- |
- |
Total Investments in Securities: |
$ 423,103,119 |
$ 406,749,927 |
$ 16,353,192 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $454,112,412. Net unrealized depreciation aggregated $31,009,293, of which $7,391,711 related to appreciated investment securities and $38,401,004 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802174.108
HEA-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 93.9% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 23.8% |
|||
Biotechnology - 23.8% |
|||
Achillion Pharmaceuticals, Inc. (a)(d) |
900,000 |
$ 6,462,000 |
|
Acorda Therapeutics, Inc. (a) |
450,000 |
9,895,500 |
|
Alexion Pharmaceuticals, Inc. (a) |
140,000 |
12,679,800 |
|
AMAG Pharmaceuticals, Inc. (a) |
151,707 |
2,128,449 |
|
Amgen, Inc. |
1,800,000 |
125,136,000 |
|
Anthera Pharmaceuticals, Inc. (a) |
1,280,000 |
2,521,600 |
|
AVEO Pharmaceuticals, Inc. (a) |
517,323 |
6,585,522 |
|
Biogen Idec, Inc. (a) |
400,000 |
52,300,000 |
|
BioMarin Pharmaceutical, Inc. (a) |
1,150,000 |
40,986,000 |
|
Biovitrum AB (a) |
1,034,856 |
3,330,480 |
|
Discovery Laboratories, Inc. (a) |
1,489,100 |
3,916,333 |
|
Dynavax Technologies Corp. (a)(d) |
4,000,000 |
15,080,000 |
|
Gilead Sciences, Inc. (a) |
2,050,000 |
102,397,500 |
|
Grifols SA ADR |
1,000,000 |
8,470,000 |
|
Infinity Pharmaceuticals, Inc. (a) |
400,000 |
5,204,000 |
|
Medivation, Inc. (a) |
190,000 |
16,003,700 |
|
Merrimack Pharmaceuticals, Inc. |
37,600 |
258,312 |
|
Merrimack Pharmaceuticals, Inc. (f) |
350,000 |
2,164,050 |
|
Neurocrine Biosciences, Inc. (a) |
1,005,500 |
6,726,795 |
|
NPS Pharmaceuticals, Inc. (a) |
1,000,000 |
7,890,000 |
|
Puma Biotechnology, Inc. (f) |
555,556 |
7,500,006 |
|
Puma Biotechnology, Inc. warrants 10/4/21 (a)(f) |
555,556 |
6 |
|
Seattle Genetics, Inc. (a) |
500,000 |
9,740,000 |
|
Synageva BioPharma Corp. (a)(d) |
485,000 |
18,919,850 |
|
Targacept, Inc. (a) |
1,000,000 |
4,150,000 |
|
Theravance, Inc. (a)(d) |
500,000 |
10,345,000 |
|
United Therapeutics Corp. (a) |
300,000 |
13,272,000 |
|
Vertex Pharmaceuticals, Inc. (a) |
150,000 |
9,006,000 |
|
Vical, Inc. (a) |
1,280,000 |
3,737,600 |
|
ZIOPHARM Oncology, Inc. (a) |
486,920 |
2,502,769 |
|
|
509,309,272 |
||
DIVERSIFIED CONSUMER SERVICES - 0.3% |
|||
Specialized Consumer Services - 0.3% |
|||
Carriage Services, Inc. (e) |
996,904 |
7,297,337 |
|
FOOD & STAPLES RETAILING - 1.7% |
|||
Drug Retail - 1.7% |
|||
CVS Caremark Corp. |
400,000 |
17,976,000 |
|
Drogasil SA |
1,600,000 |
14,795,349 |
|
Rite Aid Corp. (a) |
2,989,300 |
3,886,090 |
|
|
36,657,439 |
||
HEALTH CARE EQUIPMENT & SUPPLIES - 12.2% |
|||
Health Care Equipment - 11.2% |
|||
Boston Scientific Corp. (a) |
8,200,000 |
47,068,000 |
|
C.R. Bard, Inc. |
330,000 |
32,072,700 |
|
|
|||
Shares |
Value |
||
China Kanghui Holdings sponsored ADR (a) |
362,252 |
$ 7,136,364 |
|
Conceptus, Inc. (a) |
450,000 |
7,578,000 |
|
CONMED Corp. |
250,000 |
6,697,500 |
|
Covidien PLC |
1,000,000 |
51,780,000 |
|
Cyberonics, Inc. (a) |
240,000 |
9,252,000 |
|
Genmark Diagnostics, Inc. (a)(e) |
1,280,000 |
5,760,000 |
|
HeartWare International, Inc. (a)(d) |
200,000 |
16,274,000 |
|
Insulet Corp. (a) |
449,768 |
8,284,727 |
|
Opto Circuits India Ltd. |
1,300,000 |
3,752,231 |
|
Volcano Corp. (a) |
250,000 |
7,147,500 |
|
William Demant Holding A/S (a) |
115,000 |
10,139,035 |
|
Wright Medical Group, Inc. (a) |
1,000,000 |
19,790,000 |
|
Zeltiq Aesthetics, Inc. (d) |
492,590 |
2,206,803 |
|
Zimmer Holdings, Inc. |
75,000 |
4,548,750 |
|
|
239,487,610 |
||
Health Care Supplies - 1.0% |
|||
The Cooper Companies, Inc. |
250,000 |
21,295,000 |
|
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
260,782,610 |
||
HEALTH CARE PROVIDERS & SERVICES - 28.1% |
|||
Health Care Distributors & Services - 1.4% |
|||
Amplifon SpA |
1,700,000 |
8,421,315 |
|
McKesson Corp. |
250,000 |
21,820,000 |
|
|
30,241,315 |
||
Health Care Facilities - 1.2% |
|||
Emeritus Corp. (a) |
425,980 |
6,479,156 |
|
Hanger Orthopedic Group, Inc. (a) |
300,000 |
6,471,000 |
|
LCA-Vision, Inc. (a) |
900,000 |
4,113,000 |
|
Sunrise Senior Living, Inc. (a)(d) |
1,280,000 |
7,705,600 |
|
|
24,768,756 |
||
Health Care Services - 9.7% |
|||
Accretive Health, Inc. (a) |
566,312 |
6,659,829 |
|
Catalyst Health Solutions, Inc. (a) |
625,000 |
54,293,750 |
|
Express Scripts Holding Co. (a) |
500,000 |
26,095,000 |
|
Fresenius Medical Care AG & Co. KGaA |
280,000 |
18,587,204 |
|
HMS Holdings Corp. (a) |
400,000 |
10,716,000 |
|
Laboratory Corp. of America Holdings (a) |
200,000 |
16,656,000 |
|
MEDNAX, Inc. (a) |
400,000 |
24,404,000 |
|
MModal, Inc. (a) |
170,386 |
2,141,752 |
|
Omnicare, Inc. |
650,000 |
20,488,000 |
|
Quest Diagnostics, Inc. |
500,000 |
28,450,000 |
|
|
208,491,535 |
||
Managed Health Care - 15.8% |
|||
Aetna, Inc. |
600,000 |
24,534,000 |
|
Centene Corp. (a) |
150,000 |
5,421,000 |
|
Health Net, Inc. (a) |
1,100,000 |
28,182,000 |
|
Humana, Inc. |
765,000 |
58,438,350 |
|
UnitedHealth Group, Inc. |
2,500,000 |
139,424,997 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
HEALTH CARE PROVIDERS & SERVICES - CONTINUED |
|||
Managed Health Care - continued |
|||
Universal American Spin Corp. (a) |
72,119 |
$ 708,930 |
|
WellPoint, Inc. |
1,206,700 |
81,319,513 |
|
|
338,028,790 |
||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
601,530,396 |
||
HEALTH CARE TECHNOLOGY - 4.7% |
|||
Health Care Technology - 4.7% |
|||
athenahealth, Inc. (a)(d) |
300,000 |
21,807,000 |
|
Cerner Corp. (a) |
430,000 |
33,522,800 |
|
Epocrates, Inc. (a) |
425,693 |
3,226,753 |
|
HealthStream, Inc. (a) |
200,000 |
4,224,000 |
|
SXC Health Solutions Corp. (a) |
406,000 |
37,303,965 |
|
|
100,084,518 |
||
LIFE SCIENCES TOOLS & SERVICES - 1.3% |
|||
Life Sciences Tools & Services - 1.3% |
|||
Furiex Pharmaceuticals, Inc. (a) |
280,000 |
5,611,200 |
|
Illumina, Inc. (a)(d) |
500,000 |
21,530,000 |
|
|
27,141,200 |
||
PERSONAL PRODUCTS - 0.5% |
|||
Personal Products - 0.5% |
|||
Prestige Brands Holdings, Inc. (a) |
770,000 |
10,572,100 |
|
PHARMACEUTICALS - 19.8% |
|||
Pharmaceuticals - 19.8% |
|||
Akorn, Inc. (a) |
500,000 |
6,825,000 |
|
Cadence Pharmaceuticals, Inc. (a)(d) |
1,416,900 |
3,896,475 |
|
Cardiome Pharma Corp. (a) |
1,800,000 |
738,003 |
|
Elan Corp. PLC sponsored ADR (a) |
1,600,000 |
22,336,000 |
|
Eli Lilly & Co. |
1,000,000 |
40,950,000 |
|
Endo Pharmaceuticals Holdings, Inc. (a) |
850,000 |
27,642,000 |
|
Meda AB (A Shares) |
800,000 |
7,669,512 |
|
Merck & Co., Inc. |
1,650,000 |
62,007,000 |
|
Optimer Pharmaceuticals, Inc. (a)(d) |
822,200 |
12,283,668 |
|
Pacira Pharmaceuticals, Inc. (a) |
250,000 |
2,655,000 |
|
Pfizer, Inc. |
5,300,000 |
115,911,000 |
|
Shire PLC sponsored ADR |
300,000 |
25,323,000 |
|
Valeant Pharmaceuticals International, Inc. (Canada) (a) |
600,000 |
29,318,875 |
|
ViroPharma, Inc. (a) |
1,150,000 |
23,161,000 |
|
Watson Pharmaceuticals, Inc. (a) |
560,000 |
39,922,400 |
|
XenoPort, Inc. (a) |
500,000 |
2,940,000 |
|
|
423,578,933 |
||
|
|||
Shares |
Value |
||
PROFESSIONAL SERVICES - 1.5% |
|||
Research & Consulting Services - 1.5% |
|||
Advisory Board Co. (a) |
190,000 |
$ 18,405,300 |
|
Qualicorp SA |
1,600,000 |
13,645,041 |
|
|
32,050,341 |
||
TOTAL COMMON STOCKS (Cost $1,754,713,650) |
|
||
Convertible Preferred Stocks - 0.6% |
|||
|
|
|
|
BIOTECHNOLOGY - 0.1% |
|||
Biotechnology - 0.1% |
|||
Ariosa Diagnostics (f) |
496,689 |
3,000,002 |
|
HEALTH CARE TECHNOLOGY - 0.5% |
|||
Health Care Technology - 0.5% |
|||
Castlight Health, Inc. Series D (a)(f) |
1,784,800 |
10,774,052 |
|
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $13,774,054) |
|
||
Money Market Funds - 8.2% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
116,148,992 |
116,148,992 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
58,437,255 |
58,437,255 |
|
TOTAL MONEY MARKET FUNDS (Cost $174,586,247) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.7% (Cost $1,943,073,951) |
2,197,364,447 |
||
NET OTHER ASSETS (LIABILITIES) - (2.7)% |
(57,390,904) |
||
NET ASSETS - 100% |
$ 2,139,973,543 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 $23,438,116 or 1.1% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Ariosa Diagnostics |
11/30/11 |
$ 3,000,002 |
Castlight Health, Inc. Series D |
4/25/12 |
$ 10,774,052 |
Merrimack Pharmaceuticals, Inc. |
3/31/11 |
$ 2,450,000 |
Puma Biotechnology, Inc. |
10/4/11 |
$ 2,083,329 |
Puma Biotechnology, Inc. warrants 10/4/21 |
10/4/11 |
$ 6 |
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 |
$ 15,559 |
Fidelity Securities Lending Cash Central Fund |
142,446 |
Total |
$ 158,005 |
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: |
Affiliates |
Value, beginning of period |
Purchases |
Sales Proceeds |
Dividend Income |
Value, |
Carriage Services, Inc. |
$ 5,971,455 |
$ - |
$ - |
$ 24,923 |
$ 7,297,337 |
Genmark Diagnostics, Inc. |
3,923,962 |
1,379,691 |
- |
- |
5,760,000 |
Total |
$ 9,895,417 |
$ 1,379,691 |
$ - |
$ 24,923 |
$ 13,057,337 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 2,009,004,146 |
$ 1,958,692,544 |
$ 50,311,596 |
$ 6 |
Convertible Preferred Stocks |
13,774,054 |
- |
- |
13,774,054 |
Money Market Funds |
174,586,247 |
174,586,247 |
- |
- |
Total Investments in Securities: |
$ 2,197,364,447 |
$ 2,133,278,791 |
$ 50,311,596 |
$ 13,774,060 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Beginning Balance |
$ 7,603,342 |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
(69,999) |
Cost of Purchases |
10,774,052 |
Proceeds of Sales |
(2,450,000) |
Amortization/Accretion |
- |
Transfers in to Level 3 |
- |
Transfers out of Level 3 |
(2,083,335) |
Ending Balance |
$ 13,774,060 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012 |
$ - |
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 May 31, 2012, the cost of investment securities for income tax purposes was $1,950,360,360. Net unrealized appreciation aggregated $247,004,087, of which $338,505,044 related to appreciated investment securities and $91,500,957 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802175.108
SAV-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 95.3% |
|||
Shares |
Value |
||
CAPITAL MARKETS - 0.8% |
|||
Investment Banking & Brokerage - 0.8% |
|||
FXCM, Inc. Class A |
175,000 |
$ 1,799,000 |
|
COMMERCIAL BANKS - 28.4% |
|||
Diversified Banks - 10.1% |
|||
U.S. Bancorp |
362,700 |
11,283,597 |
|
Wells Fargo & Co. |
334,400 |
10,717,520 |
|
|
22,001,117 |
||
Regional Banks - 18.3% |
|||
BB&T Corp. |
50,000 |
1,511,000 |
|
Fifth Third Bancorp |
611,300 |
8,160,855 |
|
First Niagara Financial Group, Inc. |
500,000 |
4,035,000 |
|
First Republic Bank (a) |
40,000 |
1,256,000 |
|
KeyCorp |
1,077,100 |
8,078,250 |
|
M&T Bank Corp. |
19,300 |
1,569,476 |
|
PNC Financial Services Group, Inc. |
65,000 |
3,992,300 |
|
Popular, Inc. (a) |
20,000 |
305,400 |
|
Regions Financial Corp. |
930,800 |
5,854,732 |
|
SunTrust Banks, Inc. |
222,300 |
5,095,116 |
|
|
39,858,129 |
||
TOTAL COMMERCIAL BANKS |
61,859,246 |
||
COMMERCIAL SERVICES & SUPPLIES - 0.4% |
|||
Diversified Support Services - 0.4% |
|||
Intrum Justitia AB |
63,400 |
886,077 |
|
CONSUMER FINANCE - 20.6% |
|||
Consumer Finance - 20.6% |
|||
American Express Co. |
130,000 |
7,257,900 |
|
Capital One Financial Corp. |
283,500 |
14,563,395 |
|
DFC Global Corp. (a) |
107,600 |
1,773,248 |
|
Discover Financial Services |
252,000 |
8,343,720 |
|
International Personal Finance PLC |
100,000 |
346,484 |
|
Regional Management Corp. |
20,000 |
295,000 |
|
SLM Corp. |
890,100 |
12,434,697 |
|
|
45,014,444 |
||
DIVERSIFIED FINANCIAL SERVICES - 6.1% |
|||
Other Diversified Financial Services - 4.8% |
|||
Bank of America Corp. |
287,300 |
2,111,655 |
|
Citigroup, Inc. |
160,000 |
4,241,600 |
|
JPMorgan Chase & Co. |
125,000 |
4,143,750 |
|
|
10,497,005 |
||
Specialized Finance - 1.3% |
|||
PHH Corp. (a) |
170,100 |
2,818,557 |
|
TOTAL DIVERSIFIED FINANCIAL SERVICES |
13,315,562 |
||
|
|||
Shares |
Value |
||
INTERNET SOFTWARE & SERVICES - 0.6% |
|||
Internet Software & Services - 0.6% |
|||
Bankrate, Inc. (d) |
40,000 |
$ 695,200 |
|
eBay, Inc. (a) |
15,000 |
587,850 |
|
|
1,283,050 |
||
IT SERVICES - 16.2% |
|||
Data Processing & Outsourced Services - 16.2% |
|||
CoreLogic, Inc. (a) |
20,000 |
339,800 |
|
Fidelity National Information Services, Inc. |
73,700 |
2,415,886 |
|
Global Payments, Inc. |
22,700 |
964,296 |
|
MasterCard, Inc. Class A |
34,200 |
13,902,642 |
|
Total System Services, Inc. |
25,000 |
581,750 |
|
VeriFone Systems, Inc. (a) |
10,000 |
361,100 |
|
Visa, Inc. Class A |
145,000 |
16,704,000 |
|
|
35,269,474 |
||
REAL ESTATE INVESTMENT TRUSTS - 14.3% |
|||
Mortgage REITs - 14.3% |
|||
American Capital Agency Corp. |
240,000 |
7,840,800 |
|
Annaly Capital Management, Inc. |
235,300 |
3,910,686 |
|
Capstead Mortgage Corp. |
238,100 |
3,278,637 |
|
Chimera Investment Corp. |
317,200 |
888,160 |
|
Dynex Capital, Inc. |
141,700 |
1,316,393 |
|
Hatteras Financial Corp. |
50,000 |
1,427,500 |
|
Invesco Mortgage Capital, Inc. |
311,700 |
5,654,238 |
|
MFA Financial, Inc. |
340,100 |
2,591,562 |
|
Redwood Trust, Inc. |
350,000 |
4,238,500 |
|
|
31,146,476 |
||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.6% |
|||
Real Estate Services - 0.6% |
|||
Altisource Portfolio Solutions SA (a) |
22,600 |
1,307,636 |
|
SOFTWARE - 0.2% |
|||
Application Software - 0.2% |
|||
Intuit, Inc. |
10,000 |
562,300 |
|
THRIFTS & MORTGAGE FINANCE - 7.1% |
|||
Thrifts & Mortgage Finance - 7.1% |
|||
BankUnited, Inc. |
15,000 |
353,850 |
|
Dime Community Bancshares, Inc. |
5,000 |
65,300 |
|
Flushing Financial Corp. |
260,000 |
3,354,000 |
|
MGIC Investment Corp. (a)(d) |
180,000 |
457,200 |
|
New York Community Bancorp, Inc. (d) |
209,800 |
2,591,030 |
|
Ocwen Financial Corp. (a) |
294,900 |
4,727,247 |
|
People's United Financial, Inc. |
115,100 |
1,338,613 |
|
Radian Group, Inc. (d) |
125,000 |
310,000 |
|
WSFS Financial Corp. |
60,000 |
2,230,800 |
|
|
15,428,040 |
||
TOTAL COMMON STOCKS (Cost $205,067,500) |
|
||
Money Market Funds - 5.8% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.17% (b) |
10,113,849 |
$ 10,113,849 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
2,544,900 |
2,544,900 |
|
TOTAL MONEY MARKET FUNDS (Cost $12,658,749) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $217,726,249) |
220,530,054 |
||
NET OTHER ASSETS (LIABILITIES) - (1.1)% |
(2,407,507) |
||
NET ASSETS - 100% |
$ 218,122,547 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 3,325 |
Fidelity Securities Lending Cash Central Fund |
4,848 |
Total |
$ 8,173 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 207,871,305 |
$ 206,638,744 |
$ 1,232,561 |
$ - |
Money Market Funds |
12,658,749 |
12,658,749 |
- |
- |
Total Investments in Securities: |
$ 220,530,054 |
$ 219,297,493 |
$ 1,232,561 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $218,927,809. Net unrealized appreciation aggregated $1,602,245, of which $17,936,177 related to appreciated investment securities and $16,333,932 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802173.108
GOL-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 97.1% |
|||
Shares |
Value |
||
Australia - 10.0% |
|||
METALS & MINING - 10.0% |
|||
Gold - 10.0% |
|||
CGA Mining Ltd.: |
|
|
|
(Australia) (a) |
18,920 |
$ 36,676 |
|
(Canada) (a) |
525,000 |
828,533 |
|
Evolution Mining Ltd. (a) |
1,623,235 |
2,561,533 |
|
Gryphon Minerals Ltd. (a) |
317,692 |
208,888 |
|
Intrepid Mines Ltd.: |
|
|
|
(Australia) (a) |
8,709,798 |
4,666,318 |
|
(Canada) (a) |
320,000 |
167,304 |
|
Kingsgate Consolidated NL (d) |
3,265,767 |
16,669,402 |
|
Kula Gold Ltd. (a) |
31,245 |
15,218 |
|
Medusa Mining Ltd. |
2,507,885 |
12,825,387 |
|
Newcrest Mining Ltd. |
9,796,392 |
237,803,222 |
|
Papillon Resources Ltd. (a) |
100,000 |
90,104 |
|
Perseus Mining Ltd.: |
|
|
|
(Australia) (a) |
5,374,308 |
13,611,295 |
|
(Canada) (a) |
1,300,000 |
3,247,325 |
|
Regis Resources Ltd. (a) |
4,973,292 |
18,748,152 |
|
Resolute Mining Ltd. (a) |
4,911,661 |
7,248,440 |
|
St Barbara Ltd. (a) |
4,644,676 |
9,094,001 |
|
Troy Resources NL (a)(f) |
734,826 |
2,916,964 |
|
|
330,738,762 |
||
Bailiwick of Jersey - 4.3% |
|||
METALS & MINING - 4.3% |
|||
Gold - 4.3% |
|||
Centamin PLC (a) |
12,486,900 |
12,602,091 |
|
Polyus Gold International Ltd. sponsored GDR |
5,848,190 |
14,386,547 |
|
Randgold Resources Ltd. sponsored ADR (d) |
1,459,067 |
115,776,966 |
|
|
142,765,604 |
||
Bermuda - 0.0% |
|||
METALS & MINING - 0.0% |
|||
Gold - 0.0% |
|||
Continental Gold Ltd. (a) |
170,100 |
1,072,131 |
|
G-Resources Group Ltd. (a) |
3,099,000 |
206,801 |
|
|
1,278,932 |
||
Canada - 57.1% |
|||
METALS & MINING - 57.1% |
|||
Diversified Metals & Mining - 0.2% |
|||
Copper Mountain Mining Corp. (a) |
97,000 |
375,660 |
|
East Asia Minerals Corp. (a) |
5,000 |
1,501 |
|
Eastmain Resources, Inc. (a) |
10,000 |
8,520 |
|
Kimber Resources, Inc. (a)(e) |
16,100 |
10,444 |
|
Kimber Resources, Inc. (a)(e)(f) |
5,832,000 |
3,783,163 |
|
NovaCopper, Inc. (a)(d) |
488,333 |
1,134,724 |
|
Sabina Gold & Silver Corp. (a) |
465,000 |
1,026,480 |
|
|
6,340,492 |
||
|
|||
Shares |
Value |
||
Gold - 56.4% |
|||
Agnico-Eagle Mines Ltd. (Canada) |
2,218,400 |
$ 83,035,624 |
|
Alacer Gold Corp. (a) |
3,354,063 |
18,672,472 |
|
Alamos Gold, Inc. |
1,968,800 |
35,607,478 |
|
Argonaut Gold, Inc. (a) |
814,800 |
6,429,414 |
|
ATAC Resources Ltd. (a) |
67,200 |
171,115 |
|
AuRico Gold, Inc. (a) |
4,508,563 |
33,611,788 |
|
Aurizon Mines Ltd. (a) |
2,366,900 |
11,435,185 |
|
Avion Gold Corp. (a) |
4,835,000 |
2,387,423 |
|
B2Gold Corp. (a) |
5,287,400 |
15,920,815 |
|
Banro Corp. (a) |
3,188,482 |
13,274,408 |
|
Barrick Gold Corp. (d) |
10,804,019 |
424,587,431 |
|
Bearing Resources Ltd. (a) |
29,687 |
9,485 |
|
Belo Sun Mining Corp. (a) |
245,000 |
260,929 |
|
Canaco Resources, Inc. (a) |
710,100 |
209,692 |
|
Canaco Resources, Inc. (f) |
561,600 |
165,840 |
|
Centerra Gold, Inc. (d) |
2,306,200 |
24,092,461 |
|
Colossus Minerals, Inc. (a) |
1,436,100 |
5,909,304 |
|
Corvus Gold, Inc. (a) |
138,350 |
125,913 |
|
Detour Gold Corp. (a) |
803,800 |
16,490,799 |
|
Detour Gold Corp. (a)(f) |
785,900 |
16,123,562 |
|
Eldorado Gold Corp. |
9,396,708 |
104,261,290 |
|
Exeter Resource Corp. (a) |
248,000 |
456,213 |
|
Extorre Gold Mines Ltd. (a) |
1,057,700 |
2,980,014 |
|
Extorre Gold Mines Ltd. (f) |
61,300 |
172,709 |
|
Franco-Nevada Corp. (d) |
1,694,900 |
71,268,342 |
|
Gabriel Resources Ltd. (a) |
630,000 |
1,146,730 |
|
Goldcorp, Inc. |
11,224,100 |
409,690,245 |
|
Gran Colombia Gold Corp. (a)(d) |
1,765,000 |
572,469 |
|
Great Basin Gold Ltd. (a)(d) |
5,547,298 |
3,115,102 |
|
Guyana Goldfields, Inc. (a) |
1,028,000 |
2,149,857 |
|
Guyana Goldfields, Inc. (a)(f) |
155,000 |
324,152 |
|
IAMGOLD Corp. |
5,023,200 |
53,838,238 |
|
International Minerals Corp.: |
|
|
|
(Canada) (a) |
157,100 |
692,070 |
|
(Switzerland) (a) |
15,000 |
65,563 |
|
International Tower Hill Mines Ltd. (a) |
546,700 |
1,847,299 |
|
Keegan Resources, Inc. (a) |
30,000 |
99,337 |
|
Kinross Gold Corp. |
15,557,091 |
124,866,423 |
|
Kinross Gold Corp. warrants 9/17/14 (a) |
1,192,793 |
554,331 |
|
Kirkland Lake Gold, Inc. (a) |
1,038,000 |
10,753,352 |
|
Lake Shore Gold Corp. (a) |
4,076,600 |
3,394,371 |
|
Nevsun Resources Ltd. |
50,000 |
180,084 |
|
New Gold, Inc. (a) |
6,642,855 |
58,720,304 |
|
Novagold Resources, Inc. (a)(d) |
2,930,000 |
16,765,552 |
|
OceanaGold Corp. (a) |
1,570,000 |
2,812,122 |
|
Orezone Gold Corp. (a) |
80,000 |
121,605 |
|
Osisko Mining Corp. (a) |
2,486,500 |
18,561,180 |
|
Osisko Mining Corp. (a)(f) |
3,000,000 |
22,394,346 |
|
Pilot Gold, Inc. (a) |
91,250 |
78,630 |
|
Premier Gold Mines Ltd. (a) |
3,678,500 |
16,133,616 |
|
Pretium Resources, Inc. (a)(f) |
225,000 |
2,940,892 |
|
Pretium Resources, Inc. (a)(g) |
225,000 |
2,940,892 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
Canada - continued |
|||
METALS & MINING - CONTINUED |
|||
Gold - continued |
|||
Primero Mining Corp. (a) |
489,300 |
$ 1,369,102 |
|
Queenston Mining, Inc. (a) |
504,900 |
1,784,272 |
|
Rainy River Resources Ltd. (a) |
1,485,000 |
6,469,962 |
|
Richmont Mines, Inc. (a) |
20,000 |
116,377 |
|
Romarco Minerals, Inc. (a) |
9,123,000 |
5,564,690 |
|
Romarco Minerals, Inc. (a)(f) |
5,900,000 |
3,598,780 |
|
Rubicon Minerals Corp. (a) |
2,696,352 |
7,440,193 |
|
San Gold Corp. (a) |
4,634,400 |
6,416,413 |
|
Seabridge Gold, Inc. (a) |
601,905 |
9,130,896 |
|
SEMAFO, Inc. |
4,875,000 |
24,779,736 |
|
Sulliden Gold Corp. Ltd. (a) |
175,000 |
172,823 |
|
Teranga Gold Corp. CDI unit (a) |
3,410,974 |
6,645,260 |
|
Torex Gold Resources, Inc. (a) |
7,222,500 |
12,796,800 |
|
Yamana Gold, Inc. |
9,678,100 |
142,053,537 |
|
|
1,870,757,309 |
||
Precious Metals & Minerals - 0.5% |
|||
Chesapeake Gold Corp. (a) |
6,000 |
54,141 |
|
Dalradian Resources, Inc. (a) |
46,000 |
36,966 |
|
Pan American Silver Corp. |
523,487 |
8,793,629 |
|
Pan American Silver Corp. warrants 12/7/14 (a) |
232,460 |
242,013 |
|
Silver Wheaton Corp. |
150,700 |
3,870,912 |
|
Silvercorp Metals, Inc. |
75,000 |
457,472 |
|
Tahoe Resources, Inc. (a) |
195,500 |
3,176,153 |
|
|
16,631,286 |
||
TOTAL METALS & MINING |
1,893,729,087 |
||
Cayman Islands - 0.0% |
|||
METALS & MINING - 0.0% |
|||
Gold - 0.0% |
|||
China Precious Metal Resources Holdings Co. Ltd. (a) |
970,000 |
199,520 |
|
China - 0.6% |
|||
METALS & MINING - 0.6% |
|||
Gold - 0.6% |
|||
Zhaojin Mining Industry Co. Ltd. (H Shares) |
553,650 |
651,978 |
|
Zijin Mining Group Co. Ltd. (H Shares) |
57,600,000 |
18,256,147 |
|
|
18,908,125 |
||
|
|||
Shares |
Value |
||
Peru - 1.9% |
|||
METALS & MINING - 1.9% |
|||
Gold - 1.9% |
|||
Compania de Minas Buenaventura SA sponsored ADR |
1,637,500 |
$ 64,091,750 |
|
South Africa - 10.9% |
|||
METALS & MINING - 10.9% |
|||
Gold - 10.9% |
|||
AngloGold Ashanti Ltd. sponsored ADR (d) |
5,032,952 |
181,488,249 |
|
Gold Fields Ltd. |
55,000 |
734,134 |
|
Gold Fields Ltd. sponsored ADR |
9,486,026 |
125,689,845 |
|
Harmony Gold Mining Co. Ltd. |
1,484,000 |
14,755,956 |
|
Harmony Gold Mining Co. Ltd. sponsored ADR (d) |
3,986,800 |
39,309,848 |
|
|
361,978,032 |
||
United Kingdom - 0.6% |
|||
METALS & MINING - 0.6% |
|||
Gold - 0.6% |
|||
African Barrick Gold Ltd. |
1,353,763 |
6,881,325 |
|
Patagonia Gold PLC (a) |
260,000 |
108,208 |
|
Petropavlovsk PLC |
2,155,929 |
12,224,380 |
|
|
19,213,913 |
||
United States of America - 11.7% |
|||
METALS & MINING - 11.6% |
|||
Gold - 11.6% |
|||
Allied Nevada Gold Corp. (a) |
1,341,300 |
34,793,322 |
|
Allied Nevada Gold Corp. (Canada) (a) |
45,000 |
1,163,286 |
|
Gold Resource Corp. (d) |
30,000 |
795,000 |
|
Newmont Mining Corp. |
6,251,850 |
294,837,246 |
|
Royal Gold, Inc. (d) |
768,313 |
51,968,691 |
|
|
383,557,545 |
||
Precious Metals & Minerals - 0.0% |
|||
Coeur d'Alene Mines Corp. (a) |
10,000 |
169,000 |
|
McEwen Mining, Inc. (a)(d) |
705,100 |
1,664,036 |
|
|
1,833,036 |
||
TOTAL METALS & MINING |
385,390,581 |
||
OIL, GAS & CONSUMABLE FUELS - 0.1% |
|||
Coal & Consumable Fuels - 0.1% |
|||
Peabody Energy Corp. |
65,000 |
1,518,400 |
|
TOTAL UNITED STATES OF AMERICA |
386,908,981 |
||
TOTAL COMMON STOCKS (Cost $3,178,812,726) |
|
||
Commodities - 2.3% |
|||
Troy Ounces |
Value |
||
Gold Bullion (a) |
49,500 |
$ 77,342,265 |
|
Money Market Funds - 14.3% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
26,607,451 |
26,607,451 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
447,522,719 |
447,522,719 |
|
TOTAL MONEY MARKET FUNDS (Cost $474,130,170) |
|
||
TOTAL INVESTMENT PORTFOLIO - 113.7% (Cost $3,718,061,046) |
3,771,285,141 |
||
NET OTHER ASSETS (LIABILITIES) - (13.7)% |
(454,308,238) |
||
NET ASSETS - 100% |
$ 3,316,976,903 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 $52,420,408 or 1.6% 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 $2,940,892 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 |
$ 1,552 |
Fidelity Securities Lending Cash Central Fund |
160,215 |
Total |
$ 161,767 |
Consolidated Subsidiary |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Fidelity Select Gold Cayman Ltd. |
$ 43,125,922 |
$ 38,830,806 |
$ - |
$ - |
$ 77,330,295 |
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, |
Kimber Resources, Inc. |
$ 16,919 |
$ - |
$ - |
$ - |
$ 10,444 |
Kimber Resources, Inc. |
6,128,712 |
- |
- |
- |
3,783,163 |
Total |
$ 6,145,631 |
$ - |
$ - |
$ - |
$ 3,793,607 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 3,219,812,706 |
$ 3,153,942,889 |
$ 65,869,817 |
$ - |
Commodities |
77,342,265 |
77,342,265 |
- |
- |
Money Market Funds |
474,130,170 |
474,130,170 |
- |
- |
Total Investments in Securities: |
$ 3,771,285,141 |
$ 3,705,415,324 |
$ 65,869,817 |
$ - |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Beginning Balance |
$ 73,258 |
Total Realized Gain (Loss) |
(68,718) |
Total Unrealized Gain (Loss) |
41,724 |
Cost of Purchases |
- |
Proceeds of Sales |
(46,264) |
Amortization/Accretion |
- |
Transfers in to Level 3 |
- |
Transfers out of Level 3 |
- |
Ending Balance |
$ - |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012 |
$ - |
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 May 31, 2012, the cost of investment securities for income tax purposes, on an unconsolidated basis, was $4,006,411,019. Net unrealized depreciation aggregated $235,137,849, of which $309,219,385 related to appreciated investment securities and $544,357,234 related to depreciated investment securities. |
Consolidated Subsidiary |
The Fund invests in certain precious metals through the Fidelity Select Gold Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of May 31, 2012, the Fund held $77,330,295 in the Subsidiary, representing 2.3% of the Fund's net assets. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
Consolidated Quarterly Holdings Report
for
Fidelity ® Advisor Select
Gold Portfolio
Class A
Class T
Class B
Class C
Institutional Class
May 31, 2012
Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Select Gold Portfolio
1.851741.105
AGLD-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 97.1% |
|||
Shares |
Value |
||
Australia - 10.0% |
|||
METALS & MINING - 10.0% |
|||
Gold - 10.0% |
|||
CGA Mining Ltd.: |
|
|
|
(Australia) (a) |
18,920 |
$ 36,676 |
|
(Canada) (a) |
525,000 |
828,533 |
|
Evolution Mining Ltd. (a) |
1,623,235 |
2,561,533 |
|
Gryphon Minerals Ltd. (a) |
317,692 |
208,888 |
|
Intrepid Mines Ltd.: |
|
|
|
(Australia) (a) |
8,709,798 |
4,666,318 |
|
(Canada) (a) |
320,000 |
167,304 |
|
Kingsgate Consolidated NL (d) |
3,265,767 |
16,669,402 |
|
Kula Gold Ltd. (a) |
31,245 |
15,218 |
|
Medusa Mining Ltd. |
2,507,885 |
12,825,387 |
|
Newcrest Mining Ltd. |
9,796,392 |
237,803,222 |
|
Papillon Resources Ltd. (a) |
100,000 |
90,104 |
|
Perseus Mining Ltd.: |
|
|
|
(Australia) (a) |
5,374,308 |
13,611,295 |
|
(Canada) (a) |
1,300,000 |
3,247,325 |
|
Regis Resources Ltd. (a) |
4,973,292 |
18,748,152 |
|
Resolute Mining Ltd. (a) |
4,911,661 |
7,248,440 |
|
St Barbara Ltd. (a) |
4,644,676 |
9,094,001 |
|
Troy Resources NL (a)(f) |
734,826 |
2,916,964 |
|
|
330,738,762 |
||
Bailiwick of Jersey - 4.3% |
|||
METALS & MINING - 4.3% |
|||
Gold - 4.3% |
|||
Centamin PLC (a) |
12,486,900 |
12,602,091 |
|
Polyus Gold International Ltd. sponsored GDR |
5,848,190 |
14,386,547 |
|
Randgold Resources Ltd. sponsored ADR (d) |
1,459,067 |
115,776,966 |
|
|
142,765,604 |
||
Bermuda - 0.0% |
|||
METALS & MINING - 0.0% |
|||
Gold - 0.0% |
|||
Continental Gold Ltd. (a) |
170,100 |
1,072,131 |
|
G-Resources Group Ltd. (a) |
3,099,000 |
206,801 |
|
|
1,278,932 |
||
Canada - 57.1% |
|||
METALS & MINING - 57.1% |
|||
Diversified Metals & Mining - 0.2% |
|||
Copper Mountain Mining Corp. (a) |
97,000 |
375,660 |
|
East Asia Minerals Corp. (a) |
5,000 |
1,501 |
|
Eastmain Resources, Inc. (a) |
10,000 |
8,520 |
|
Kimber Resources, Inc. (a)(e) |
16,100 |
10,444 |
|
Kimber Resources, Inc. (a)(e)(f) |
5,832,000 |
3,783,163 |
|
NovaCopper, Inc. (a)(d) |
488,333 |
1,134,724 |
|
Sabina Gold & Silver Corp. (a) |
465,000 |
1,026,480 |
|
|
6,340,492 |
||
|
|||
Shares |
Value |
||
Gold - 56.4% |
|||
Agnico-Eagle Mines Ltd. (Canada) |
2,218,400 |
$ 83,035,624 |
|
Alacer Gold Corp. (a) |
3,354,063 |
18,672,472 |
|
Alamos Gold, Inc. |
1,968,800 |
35,607,478 |
|
Argonaut Gold, Inc. (a) |
814,800 |
6,429,414 |
|
ATAC Resources Ltd. (a) |
67,200 |
171,115 |
|
AuRico Gold, Inc. (a) |
4,508,563 |
33,611,788 |
|
Aurizon Mines Ltd. (a) |
2,366,900 |
11,435,185 |
|
Avion Gold Corp. (a) |
4,835,000 |
2,387,423 |
|
B2Gold Corp. (a) |
5,287,400 |
15,920,815 |
|
Banro Corp. (a) |
3,188,482 |
13,274,408 |
|
Barrick Gold Corp. (d) |
10,804,019 |
424,587,431 |
|
Bearing Resources Ltd. (a) |
29,687 |
9,485 |
|
Belo Sun Mining Corp. (a) |
245,000 |
260,929 |
|
Canaco Resources, Inc. (a) |
710,100 |
209,692 |
|
Canaco Resources, Inc. (f) |
561,600 |
165,840 |
|
Centerra Gold, Inc. (d) |
2,306,200 |
24,092,461 |
|
Colossus Minerals, Inc. (a) |
1,436,100 |
5,909,304 |
|
Corvus Gold, Inc. (a) |
138,350 |
125,913 |
|
Detour Gold Corp. (a) |
803,800 |
16,490,799 |
|
Detour Gold Corp. (a)(f) |
785,900 |
16,123,562 |
|
Eldorado Gold Corp. |
9,396,708 |
104,261,290 |
|
Exeter Resource Corp. (a) |
248,000 |
456,213 |
|
Extorre Gold Mines Ltd. (a) |
1,057,700 |
2,980,014 |
|
Extorre Gold Mines Ltd. (f) |
61,300 |
172,709 |
|
Franco-Nevada Corp. (d) |
1,694,900 |
71,268,342 |
|
Gabriel Resources Ltd. (a) |
630,000 |
1,146,730 |
|
Goldcorp, Inc. |
11,224,100 |
409,690,245 |
|
Gran Colombia Gold Corp. (a)(d) |
1,765,000 |
572,469 |
|
Great Basin Gold Ltd. (a)(d) |
5,547,298 |
3,115,102 |
|
Guyana Goldfields, Inc. (a) |
1,028,000 |
2,149,857 |
|
Guyana Goldfields, Inc. (a)(f) |
155,000 |
324,152 |
|
IAMGOLD Corp. |
5,023,200 |
53,838,238 |
|
International Minerals Corp.: |
|
|
|
(Canada) (a) |
157,100 |
692,070 |
|
(Switzerland) (a) |
15,000 |
65,563 |
|
International Tower Hill Mines Ltd. (a) |
546,700 |
1,847,299 |
|
Keegan Resources, Inc. (a) |
30,000 |
99,337 |
|
Kinross Gold Corp. |
15,557,091 |
124,866,423 |
|
Kinross Gold Corp. warrants 9/17/14 (a) |
1,192,793 |
554,331 |
|
Kirkland Lake Gold, Inc. (a) |
1,038,000 |
10,753,352 |
|
Lake Shore Gold Corp. (a) |
4,076,600 |
3,394,371 |
|
Nevsun Resources Ltd. |
50,000 |
180,084 |
|
New Gold, Inc. (a) |
6,642,855 |
58,720,304 |
|
Novagold Resources, Inc. (a)(d) |
2,930,000 |
16,765,552 |
|
OceanaGold Corp. (a) |
1,570,000 |
2,812,122 |
|
Orezone Gold Corp. (a) |
80,000 |
121,605 |
|
Osisko Mining Corp. (a) |
2,486,500 |
18,561,180 |
|
Osisko Mining Corp. (a)(f) |
3,000,000 |
22,394,346 |
|
Pilot Gold, Inc. (a) |
91,250 |
78,630 |
|
Premier Gold Mines Ltd. (a) |
3,678,500 |
16,133,616 |
|
Pretium Resources, Inc. (a)(f) |
225,000 |
2,940,892 |
|
Pretium Resources, Inc. (a)(g) |
225,000 |
2,940,892 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
Canada - continued |
|||
METALS & MINING - CONTINUED |
|||
Gold - continued |
|||
Primero Mining Corp. (a) |
489,300 |
$ 1,369,102 |
|
Queenston Mining, Inc. (a) |
504,900 |
1,784,272 |
|
Rainy River Resources Ltd. (a) |
1,485,000 |
6,469,962 |
|
Richmont Mines, Inc. (a) |
20,000 |
116,377 |
|
Romarco Minerals, Inc. (a) |
9,123,000 |
5,564,690 |
|
Romarco Minerals, Inc. (a)(f) |
5,900,000 |
3,598,780 |
|
Rubicon Minerals Corp. (a) |
2,696,352 |
7,440,193 |
|
San Gold Corp. (a) |
4,634,400 |
6,416,413 |
|
Seabridge Gold, Inc. (a) |
601,905 |
9,130,896 |
|
SEMAFO, Inc. |
4,875,000 |
24,779,736 |
|
Sulliden Gold Corp. Ltd. (a) |
175,000 |
172,823 |
|
Teranga Gold Corp. CDI unit (a) |
3,410,974 |
6,645,260 |
|
Torex Gold Resources, Inc. (a) |
7,222,500 |
12,796,800 |
|
Yamana Gold, Inc. |
9,678,100 |
142,053,537 |
|
|
1,870,757,309 |
||
Precious Metals & Minerals - 0.5% |
|||
Chesapeake Gold Corp. (a) |
6,000 |
54,141 |
|
Dalradian Resources, Inc. (a) |
46,000 |
36,966 |
|
Pan American Silver Corp. |
523,487 |
8,793,629 |
|
Pan American Silver Corp. warrants 12/7/14 (a) |
232,460 |
242,013 |
|
Silver Wheaton Corp. |
150,700 |
3,870,912 |
|
Silvercorp Metals, Inc. |
75,000 |
457,472 |
|
Tahoe Resources, Inc. (a) |
195,500 |
3,176,153 |
|
|
16,631,286 |
||
TOTAL METALS & MINING |
1,893,729,087 |
||
Cayman Islands - 0.0% |
|||
METALS & MINING - 0.0% |
|||
Gold - 0.0% |
|||
China Precious Metal Resources Holdings Co. Ltd. (a) |
970,000 |
199,520 |
|
China - 0.6% |
|||
METALS & MINING - 0.6% |
|||
Gold - 0.6% |
|||
Zhaojin Mining Industry Co. Ltd. (H Shares) |
553,650 |
651,978 |
|
Zijin Mining Group Co. Ltd. (H Shares) |
57,600,000 |
18,256,147 |
|
|
18,908,125 |
||
|
|||
Shares |
Value |
||
Peru - 1.9% |
|||
METALS & MINING - 1.9% |
|||
Gold - 1.9% |
|||
Compania de Minas Buenaventura SA sponsored ADR |
1,637,500 |
$ 64,091,750 |
|
South Africa - 10.9% |
|||
METALS & MINING - 10.9% |
|||
Gold - 10.9% |
|||
AngloGold Ashanti Ltd. sponsored ADR (d) |
5,032,952 |
181,488,249 |
|
Gold Fields Ltd. |
55,000 |
734,134 |
|
Gold Fields Ltd. sponsored ADR |
9,486,026 |
125,689,845 |
|
Harmony Gold Mining Co. Ltd. |
1,484,000 |
14,755,956 |
|
Harmony Gold Mining Co. Ltd. sponsored ADR (d) |
3,986,800 |
39,309,848 |
|
|
361,978,032 |
||
United Kingdom - 0.6% |
|||
METALS & MINING - 0.6% |
|||
Gold - 0.6% |
|||
African Barrick Gold Ltd. |
1,353,763 |
6,881,325 |
|
Patagonia Gold PLC (a) |
260,000 |
108,208 |
|
Petropavlovsk PLC |
2,155,929 |
12,224,380 |
|
|
19,213,913 |
||
United States of America - 11.7% |
|||
METALS & MINING - 11.6% |
|||
Gold - 11.6% |
|||
Allied Nevada Gold Corp. (a) |
1,341,300 |
34,793,322 |
|
Allied Nevada Gold Corp. (Canada) (a) |
45,000 |
1,163,286 |
|
Gold Resource Corp. (d) |
30,000 |
795,000 |
|
Newmont Mining Corp. |
6,251,850 |
294,837,246 |
|
Royal Gold, Inc. (d) |
768,313 |
51,968,691 |
|
|
383,557,545 |
||
Precious Metals & Minerals - 0.0% |
|||
Coeur d'Alene Mines Corp. (a) |
10,000 |
169,000 |
|
McEwen Mining, Inc. (a)(d) |
705,100 |
1,664,036 |
|
|
1,833,036 |
||
TOTAL METALS & MINING |
385,390,581 |
||
OIL, GAS & CONSUMABLE FUELS - 0.1% |
|||
Coal & Consumable Fuels - 0.1% |
|||
Peabody Energy Corp. |
65,000 |
1,518,400 |
|
TOTAL UNITED STATES OF AMERICA |
386,908,981 |
||
TOTAL COMMON STOCKS (Cost $3,178,812,726) |
|
||
Commodities - 2.3% |
|||
Troy Ounces |
Value |
||
Gold Bullion (a) |
49,500 |
$ 77,342,265 |
|
Money Market Funds - 14.3% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
26,607,451 |
26,607,451 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
447,522,719 |
447,522,719 |
|
TOTAL MONEY MARKET FUNDS (Cost $474,130,170) |
|
||
TOTAL INVESTMENT PORTFOLIO - 113.7% (Cost $3,718,061,046) |
3,771,285,141 |
||
NET OTHER ASSETS (LIABILITIES) - (13.7)% |
(454,308,238) |
||
NET ASSETS - 100% |
$ 3,316,976,903 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 $52,420,408 or 1.6% 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 $2,940,892 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 |
$ 1,552 |
Fidelity Securities Lending Cash Central Fund |
160,215 |
Total |
$ 161,767 |
Consolidated Subsidiary |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Fidelity Select Gold Cayman Ltd. |
$ 43,125,922 |
$ 38,830,806 |
$ - |
$ - |
$ 77,330,295 |
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, |
Kimber Resources, Inc. |
$ 16,919 |
$ - |
$ - |
$ - |
$ 10,444 |
Kimber Resources, Inc. |
6,128,712 |
- |
- |
- |
3,783,163 |
Total |
$ 6,145,631 |
$ - |
$ - |
$ - |
$ 3,793,607 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 3,219,812,706 |
$ 3,153,942,889 |
$ 65,869,817 |
$ - |
Commodities |
77,342,265 |
77,342,265 |
- |
- |
Money Market Funds |
474,130,170 |
474,130,170 |
- |
- |
Total Investments in Securities: |
$ 3,771,285,141 |
$ 3,705,415,324 |
$ 65,869,817 |
$ - |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Beginning Balance |
$ 73,258 |
Total Realized Gain (Loss) |
(68,718) |
Total Unrealized Gain (Loss) |
41,724 |
Cost of Purchases |
- |
Proceeds of Sales |
(46,264) |
Amortization/Accretion |
- |
Transfers in to Level 3 |
- |
Transfers out of Level 3 |
- |
Ending Balance |
$ - |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012 |
$ - |
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 May 31, 2012, the cost of investment securities for income tax purposes, on an unconsolidated basis, was $4,006,411,019. Net unrealized depreciation aggregated $235,137,849, of which $309,219,385 related to appreciated investment securities and $544,357,234 related to depreciated investment securities. |
Consolidated Subsidiary |
The Fund invests in certain precious metals through the Fidelity Select Gold Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of May 31, 2012, the Fund held $77,330,295 in the Subsidiary, representing 2.3% of the Fund's net assets. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and
annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Insurance Portfolio
May 31, 2012
1.802178.108
PRC-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 98.5% |
|||
Shares |
Value |
||
CAPITAL MARKETS - 0.1% |
|||
Asset Management & Custody Banks - 0.1% |
|||
GP Investments Ltd. (depositary receipt) (a) |
122,040 |
$ 263,824 |
|
INSURANCE - 98.4% |
|||
Insurance Brokers - 11.2% |
|||
Aon PLC |
298,047 |
13,859,186 |
|
Brasil Insurance Participacoes e Administracao SA |
743,500 |
6,303,815 |
|
Brown & Brown, Inc. |
119,600 |
3,061,760 |
|
Charles Taylor Consulting PLC |
57,900 |
130,168 |
|
Jardine Lloyd Thompson Group PLC |
137,093 |
1,445,339 |
|
Marsh & McLennan Companies, Inc. |
144,000 |
4,605,120 |
|
|
29,405,388 |
||
Life & Health Insurance - 18.8% |
|||
AFLAC, Inc. |
218,200 |
8,745,456 |
|
Lincoln National Corp. |
55,000 |
1,136,850 |
|
MetLife, Inc. |
556,675 |
16,260,477 |
|
Principal Financial Group, Inc. |
223,900 |
5,498,984 |
|
Prudential Financial, Inc. |
342,189 |
15,894,679 |
|
Unum Group |
77,800 |
1,552,110 |
|
|
49,088,556 |
||
Multi-Line Insurance - 4.8% |
|||
American International Group, Inc. (a) |
270,600 |
7,896,108 |
|
American International Group, Inc. warrants 1/19/21 (a) |
109,969 |
1,121,684 |
|
Fairfax Financial Holdings Ltd. (sub. vtg.) |
1,529 |
602,511 |
|
Hartford Financial Services Group, Inc. |
176,300 |
2,965,366 |
|
|
12,585,669 |
||
Property & Casualty Insurance - 52.4% |
|||
ACE Ltd. |
258,149 |
18,671,917 |
|
Allied World Assurance Co. Holdings Ltd. |
175,400 |
13,488,260 |
|
Allstate Corp. |
165,700 |
5,623,858 |
|
Assured Guaranty Ltd. |
49,500 |
591,030 |
|
Axis Capital Holdings Ltd. |
234,500 |
7,715,050 |
|
Beazley PLC |
4,220,600 |
8,806,705 |
|
Berkshire Hathaway, Inc.: |
|
|
|
Class A (a) |
10 |
1,188,500 |
|
Class B (a) |
591,969 |
46,978,659 |
|
Dongbu Insurance Co. Ltd. |
50,640 |
2,026,938 |
|
|
|||
Shares |
Value |
||
Meadowbrook Insurance Group, Inc. |
41,700 |
$ 370,713 |
|
Progressive Corp. |
462,700 |
10,054,471 |
|
The Chubb Corp. |
114,958 |
8,285,023 |
|
The Travelers Companies, Inc. |
192,900 |
12,054,321 |
|
XL Group PLC Class A |
61,200 |
1,249,704 |
|
|
137,105,149 |
||
Reinsurance - 11.2% |
|||
Endurance Specialty Holdings Ltd. |
37,500 |
1,464,750 |
|
Everest Re Group Ltd. |
10,400 |
1,062,048 |
|
Flagstone Reinsurance Holdings Ltd. |
109,500 |
809,205 |
|
Greenlight Capital Re, Ltd. (a) |
27,500 |
680,900 |
|
Korean Reinsurance Co. |
2,440 |
23,874 |
|
Montpelier Re Holdings Ltd. |
425,500 |
8,884,440 |
|
Reinsurance Group of America, Inc. |
14,600 |
732,482 |
|
RenaissanceRe Holdings Ltd. |
11,800 |
909,426 |
|
Validus Holdings Ltd. |
467,700 |
14,676,426 |
|
|
29,243,551 |
||
TOTAL INSURANCE |
257,428,313 |
||
TOTAL COMMON STOCKS (Cost $255,142,873) |
|
||
Money Market Funds - 2.3% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
6,037,311 |
|
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $261,180,184) |
263,729,448 |
NET OTHER ASSETS (LIABILITIES) - (0.8)% |
(2,024,208) |
||
NET ASSETS - 100% |
$ 261,705,240 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 2,138 |
Fidelity Securities Lending Cash Central Fund |
5 |
Total |
$ 2,143 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 257,692,137 |
$ 247,309,925 |
$ 10,382,212 |
$ - |
Money Market Funds |
6,037,311 |
6,037,311 |
- |
- |
Total Investments in Securities: |
$ 263,729,448 |
$ 253,347,236 |
$ 10,382,212 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $263,984,216. Net unrealized depreciation aggregated $254,768, of which $14,435,538 related to appreciated investment securities and $14,690,306 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802176.108
INE-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 92.7% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 16.6% |
|||
Aerospace & Defense - 16.6% |
|||
Alliant Techsystems, Inc. |
17,500 |
$ 856,625 |
|
American Science & Engineering, Inc. |
17,900 |
867,255 |
|
Esterline Technologies Corp. (a) |
54,300 |
3,507,237 |
|
GeoEye, Inc. (a) |
35,500 |
680,180 |
|
Honeywell International, Inc. |
212,000 |
11,799,920 |
|
Precision Castparts Corp. |
40,800 |
6,781,368 |
|
Rockwell Collins, Inc. |
53,000 |
2,669,610 |
|
Teledyne Technologies, Inc. (a) |
21,400 |
1,275,012 |
|
Textron, Inc. |
70,600 |
1,668,278 |
|
TransDigm Group, Inc. (a) |
18,700 |
2,300,100 |
|
United Technologies Corp. |
227,700 |
16,874,847 |
|
|
49,280,432 |
||
AUTO COMPONENTS - 0.2% |
|||
Auto Parts & Equipment - 0.2% |
|||
WABCO Holdings, Inc. (a) |
14,400 |
745,344 |
|
BUILDING PRODUCTS - 6.6% |
|||
Building Products - 6.6% |
|||
A.O. Smith Corp. |
26,650 |
1,230,164 |
|
AAON, Inc. |
44,300 |
830,182 |
|
American Woodmark Corp. |
29,200 |
493,772 |
|
Armstrong World Industries, Inc. |
21,600 |
1,006,344 |
|
Gibraltar Industries, Inc. (a) |
183,388 |
1,874,225 |
|
Masco Corp. |
150,233 |
1,903,452 |
|
Owens Corning (a) |
55,100 |
1,700,386 |
|
Quanex Building Products Corp. (d) |
637,478 |
10,524,762 |
|
|
19,563,287 |
||
CONSTRUCTION & ENGINEERING - 3.6% |
|||
Construction & Engineering - 3.6% |
|||
EMCOR Group, Inc. |
60,200 |
1,646,470 |
|
Fluor Corp. |
66,800 |
3,131,584 |
|
Jacobs Engineering Group, Inc. (a) |
65,100 |
2,312,352 |
|
KBR, Inc. |
80,600 |
2,052,882 |
|
Larsen & Toubro Ltd. |
36,821 |
770,455 |
|
Primoris Services Corp. |
71,000 |
851,290 |
|
|
10,765,033 |
||
ELECTRICAL EQUIPMENT - 13.3% |
|||
Electrical Components & Equipment - 12.8% |
|||
Acuity Brands, Inc. |
24,600 |
1,340,700 |
|
AMETEK, Inc. |
58,700 |
2,976,677 |
|
Emerson Electric Co. |
249,200 |
11,655,084 |
|
GrafTech International Ltd. (a) |
100,100 |
1,068,067 |
|
Hubbell, Inc. Class B |
24,300 |
1,917,756 |
|
II-VI, Inc. (a) |
52,800 |
997,920 |
|
Regal-Beloit Corp. |
187,032 |
11,276,159 |
|
Rockwell Automation, Inc. |
46,300 |
3,357,213 |
|
Roper Industries, Inc. |
32,000 |
3,239,040 |
|
|
37,828,616 |
||
|
|||
Shares |
Value |
||
Heavy Electrical Equipment - 0.5% |
|||
AZZ, Inc. |
16,900 |
$ 906,347 |
|
Global Power Equipment Group, Inc. |
29,900 |
551,057 |
|
|
1,457,404 |
||
TOTAL ELECTRICAL EQUIPMENT |
39,286,020 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 0.5% |
|||
Electronic Equipment & Instruments - 0.5% |
|||
FLIR Systems, Inc. |
72,400 |
1,544,292 |
|
HOUSEHOLD DURABLES - 0.3% |
|||
Consumer Electronics - 0.3% |
|||
Cobra Electronics Corp. (a) |
171,007 |
762,691 |
|
INDUSTRIAL CONGLOMERATES - 16.1% |
|||
Industrial Conglomerates - 16.1% |
|||
Danaher Corp. |
175,900 |
9,141,523 |
|
Enka Insaat ve Sanayi A/S |
203,840 |
439,435 |
|
General Electric Co. |
1,950,055 |
37,226,551 |
|
Raven Industries, Inc. |
15,500 |
1,032,610 |
|
|
47,840,119 |
||
MACHINERY - 32.3% |
|||
Construction & Farm Machinery & Heavy Trucks - 14.9% |
|||
Ashok Leyland Ltd. |
1,652,871 |
737,362 |
|
Caterpillar, Inc. |
220,500 |
19,320,210 |
|
Cummins, Inc. |
128,200 |
12,428,990 |
|
Joy Global, Inc. |
71,700 |
4,005,162 |
|
Manitowoc Co., Inc. |
219,800 |
2,285,920 |
|
PACCAR, Inc. |
100,900 |
3,790,813 |
|
Wabtec Corp. |
22,500 |
1,633,725 |
|
|
44,202,182 |
||
Industrial Machinery - 17.4% |
|||
Actuant Corp. Class A |
35,100 |
918,567 |
|
Blount International, Inc. (a) |
68,300 |
930,246 |
|
CLARCOR, Inc. |
27,300 |
1,332,240 |
|
Donaldson Co., Inc. |
57,100 |
2,042,467 |
|
Flowserve Corp. |
21,000 |
2,158,380 |
|
Gorman-Rupp Co. |
31,900 |
893,519 |
|
Graco, Inc. |
36,000 |
1,734,120 |
|
Illinois Tool Works, Inc. |
216,800 |
12,173,320 |
|
Ingersoll-Rand PLC |
256,300 |
10,587,753 |
|
Key Technology, Inc. (a)(e) |
284,858 |
2,706,151 |
|
Lincoln Electric Holdings, Inc. |
35,600 |
1,693,848 |
|
Middleby Corp. (a) |
11,800 |
1,206,786 |
|
Nordson Corp. |
29,900 |
1,602,939 |
|
Pall Corp. |
42,000 |
2,337,720 |
|
Parker Hannifin Corp. |
56,100 |
4,585,614 |
|
Sun Hydraulics Corp. |
36,200 |
844,546 |
|
Valmont Industries, Inc. |
12,200 |
1,396,900 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
MACHINERY - CONTINUED |
|||
Industrial Machinery - continued |
|||
Weg SA |
104,400 |
$ 1,076,689 |
|
Woodward, Inc. |
34,300 |
1,293,453 |
|
|
51,515,258 |
||
TOTAL MACHINERY |
95,717,440 |
||
TRADING COMPANIES & DISTRIBUTORS - 2.9% |
|||
Trading Companies & Distributors - 2.9% |
|||
Applied Industrial Technologies, Inc. |
30,000 |
1,131,300 |
|
Houston Wire & Cable Co. |
72,100 |
821,940 |
|
MSC Industrial Direct Co., Inc. Class A |
22,200 |
1,591,962 |
|
Watsco, Inc. |
19,100 |
1,405,951 |
|
WESCO International, Inc. (a) |
59,800 |
3,557,502 |
|
|
8,508,655 |
||
TRANSPORTATION INFRASTRUCTURE - 0.3% |
|||
Highways & Railtracks - 0.3% |
|||
Companhia de Concessoes Rodoviarias |
100,200 |
779,999 |
|
TOTAL COMMON STOCKS (Cost $256,021,449) |
|
||
Money Market Funds - 7.8% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.17% (b) |
22,893,296 |
$ 22,893,296 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
136,000 |
136,000 |
|
TOTAL MONEY MARKET FUNDS (Cost $23,029,296) |
|
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $279,050,745) |
297,822,608 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% |
(1,488,575) |
||
NET ASSETS - 100% |
$ 296,334,033 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 5,930 |
Fidelity Securities Lending Cash Central Fund |
843 |
Total |
$ 6,773 |
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, |
Key Technology, Inc. |
$ 3,964,961 |
$ - |
$ 7,773 |
$ - |
$ 2,706,151 |
Total |
$ 3,964,961 |
$ - |
$ 7,773 |
$ - |
$ 2,706,151 |
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 May 31, 2012, the cost of investment securities for income tax purposes was $279,695,201. Net unrealized appreciation aggregated $18,127,407, of which $29,166,587 related to appreciated investment securities and $11,039,180 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802194.108
WIR-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 99.0% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 0.8% |
|||
Aerospace & Defense - 0.8% |
|||
Kratos Defense & Security Solutions, Inc. (a) |
331,600 |
$ 1,793,956 |
|
COMMUNICATIONS EQUIPMENT - 24.6% |
|||
Communications Equipment - 24.6% |
|||
Acme Packet, Inc. (a)(d) |
96,200 |
2,201,056 |
|
Aruba Networks, Inc. (a)(d) |
276,784 |
3,636,942 |
|
Globecomm Systems, Inc. (a) |
8,700 |
92,220 |
|
Harris Corp. |
95,700 |
3,806,946 |
|
InterDigital, Inc. (d) |
60,500 |
1,493,745 |
|
Motorola Solutions, Inc. |
185,668 |
8,926,917 |
|
Nokia Corp. sponsored ADR (d) |
374,000 |
998,580 |
|
Polycom, Inc. (a) |
245,000 |
2,802,800 |
|
QUALCOMM, Inc. |
414,850 |
23,775,054 |
|
Research In Motion Ltd. (a)(d) |
100,700 |
1,040,231 |
|
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR |
593,900 |
5,036,272 |
|
ViaSat, Inc. (a) |
37,400 |
1,571,548 |
|
|
55,382,311 |
||
COMPUTERS & PERIPHERALS - 2.9% |
|||
Computer Hardware - 2.9% |
|||
Apple, Inc. (a) |
11,200 |
6,470,576 |
|
CONSTRUCTION & ENGINEERING - 0.1% |
|||
Construction & Engineering - 0.1% |
|||
MasTec, Inc. (a) |
18,100 |
295,935 |
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 15.1% |
|||
Alternative Carriers - 0.0% |
|||
Iliad SA |
81 |
10,455 |
|
Integrated Telecommunication Services - 15.1% |
|||
AT&T, Inc. |
518,600 |
17,720,562 |
|
China Unicom Ltd. sponsored ADR (d) |
426,300 |
5,857,362 |
|
Nippon Telegraph & Telephone Corp. |
100 |
4,305 |
|
Telefonica SA sponsored ADR (d) |
399,500 |
4,422,465 |
|
Verizon Communications, Inc. |
143,800 |
5,987,832 |
|
|
33,992,526 |
||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES |
34,002,981 |
||
INTERNET SOFTWARE & SERVICES - 2.6% |
|||
Internet Software & Services - 2.6% |
|||
Google, Inc. Class A (a) |
3,700 |
2,149,182 |
|
VeriSign, Inc. |
45,800 |
1,750,934 |
|
Web.com, Inc. (a) |
127,800 |
2,034,576 |
|
|
5,934,692 |
||
IT SERVICES - 1.7% |
|||
Data Processing & Outsourced Services - 0.5% |
|||
NeuStar, Inc. Class A (a) |
34,500 |
1,110,210 |
|
|
|||
Shares |
Value |
||
IT Consulting & Other Services - 1.2% |
|||
Amdocs Ltd. (a) |
450 |
$ 12,938 |
|
Cognizant Technology Solutions Corp. Class A (a) |
47,700 |
2,778,525 |
|
|
2,791,463 |
||
TOTAL IT SERVICES |
3,901,673 |
||
MEDIA - 1.7% |
|||
Cable & Satellite - 1.7% |
|||
DISH Network Corp. Class A |
11,100 |
311,244 |
|
Virgin Media, Inc. (d) |
154,950 |
3,413,549 |
|
|
3,724,793 |
||
REAL ESTATE INVESTMENT TRUSTS - 5.8% |
|||
Specialized REITs - 5.8% |
|||
American Tower Corp. |
200,192 |
12,988,457 |
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.8% |
|||
Semiconductors - 2.8% |
|||
Freescale Semiconductor Holdings I Ltd. |
140,900 |
1,296,280 |
|
NVIDIA Corp. (a) |
550 |
6,837 |
|
NXP Semiconductors NV (a) |
74,500 |
1,572,695 |
|
RF Micro Devices, Inc. (a) |
742,600 |
2,799,602 |
|
Skyworks Solutions, Inc. (a) |
22,400 |
601,664 |
|
TriQuint Semiconductor, Inc. (a) |
21,400 |
111,494 |
|
|
6,388,572 |
||
SOFTWARE - 3.0% |
|||
Application Software - 2.4% |
|||
AsiaInfo-Linkage, Inc. (a) |
78,550 |
832,630 |
|
BroadSoft, Inc. (a)(d) |
60,700 |
1,657,717 |
|
Gameloft (a) |
362,062 |
2,192,327 |
|
Synchronoss Technologies, Inc. (a) |
37,250 |
667,148 |
|
|
5,349,822 |
||
Home Entertainment Software - 0.1% |
|||
Zynga, Inc. (d) |
34,200 |
214,092 |
|
Systems Software - 0.5% |
|||
Microsoft Corp. |
39,400 |
1,150,086 |
|
TOTAL SOFTWARE |
6,714,000 |
||
WIRELESS TELECOMMUNICATION SERVICES - 37.9% |
|||
Wireless Telecommunication Services - 37.9% |
|||
Boingo Wireless, Inc. |
250 |
2,395 |
|
China Mobile Ltd. sponsored ADR |
207,700 |
10,536,621 |
|
Clearwire Corp. Class A (a)(d) |
1,064,200 |
1,287,682 |
|
Crown Castle International Corp. (a) |
147,000 |
8,026,200 |
|
Leap Wireless International, Inc. (a)(d) |
308,850 |
1,782,065 |
|
MetroPCS Communications, Inc. (a) |
462,000 |
2,956,800 |
|
NII Holdings, Inc. (a) |
322,700 |
3,717,504 |
|
NTELOS Holdings Corp. |
18,950 |
362,703 |
|
NTT DoCoMo, Inc. sponsored ADR (d) |
256,800 |
4,103,664 |
|
Rogers Communications, Inc. Class B (non-vtg.) |
74,400 |
2,544,230 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED |
|||
Wireless Telecommunication Services - continued |
|||
SBA Communications Corp. Class A (a) |
167,600 |
$ 8,706,820 |
|
Shenandoah Telecommunications Co. |
1,300 |
13,858 |
|
Sprint Nextel Corp. (a) |
2,454,131 |
6,307,117 |
|
Telephone & Data Systems, Inc. |
90,614 |
1,798,688 |
|
U.S. Cellular Corp. (a) |
2,900 |
108,431 |
|
USA Mobility, Inc. |
36,400 |
452,088 |
|
Vodafone Group PLC sponsored ADR |
1,219,400 |
32,667,723 |
|
|
85,374,589 |
||
TOTAL COMMON STOCKS (Cost $226,539,260) |
|
||
Money Market Funds - 10.6% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
2,141,273 |
2,141,273 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
21,780,163 |
21,780,163 |
|
TOTAL MONEY MARKET FUNDS (Cost $23,921,436) |
|
TOTAL INVESTMENT PORTFOLIO - 109.6% (Cost $250,460,696) |
246,893,971 |
NET OTHER ASSETS (LIABILITIES) - (9.6)% |
(21,657,518) |
||
NET ASSETS - 100% |
$ 225,236,453 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 1,017 |
Fidelity Securities Lending Cash Central Fund |
45,997 |
Total |
$ 47,014 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 222,972,535 |
$ 220,765,448 |
$ 2,207,087 |
$ - |
Money Market Funds |
23,921,436 |
23,921,436 |
- |
- |
Total Investments in Securities: |
$ 246,893,971 |
$ 244,686,884 |
$ 2,207,087 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $259,232,990. Net unrealized depreciation aggregated $12,339,019, of which $23,026,556 related to appreciated investment securities and $35,365,575 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 IT Services Portfolio
May 31, 2012
1.802158.108
BSO-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 100.5% |
|||
Shares |
Value |
||
CAPITAL MARKETS - 0.4% |
|||
Investment Banking & Brokerage - 0.4% |
|||
Knight Capital Group, Inc. Class A (a) |
102,700 |
$ 1,290,939 |
|
COMPUTERS & PERIPHERALS - 0.0% |
|||
Computer Hardware - 0.0% |
|||
Hewlett-Packard Co. |
400 |
9,072 |
|
CONSUMER FINANCE - 1.0% |
|||
Consumer Finance - 1.0% |
|||
Green Dot Corp. Class A (a)(d) |
147,900 |
3,141,396 |
|
INTERNET SOFTWARE & SERVICES - 3.8% |
|||
Internet Software & Services - 3.8% |
|||
Constant Contact, Inc. (a) |
5 |
101 |
|
Cornerstone OnDemand, Inc. (a) |
88,100 |
1,766,405 |
|
Demandware, Inc. (d) |
18,220 |
566,824 |
|
VeriSign, Inc. |
127,900 |
4,889,617 |
|
Web.com, Inc. (a) |
282,400 |
4,495,808 |
|
|
11,718,755 |
||
IT SERVICES - 90.7% |
|||
Data Processing & Outsourced Services - 42.4% |
|||
Alliance Data Systems Corp. (a) |
18,648 |
2,349,648 |
|
Automatic Data Processing, Inc. |
600 |
31,290 |
|
Broadridge Financial Solutions, Inc. |
7,800 |
157,794 |
|
Cardtronics, Inc. (a) |
92,000 |
2,577,840 |
|
Cass Information Systems, Inc. |
12,320 |
453,746 |
|
Convergys Corp. |
60,900 |
849,555 |
|
CoreLogic, Inc. (a) |
1,600 |
27,184 |
|
CSG Systems International, Inc. (a) |
18,100 |
298,650 |
|
DST Systems, Inc. |
45,600 |
2,330,160 |
|
Euronet Worldwide, Inc. (a) |
42,500 |
764,575 |
|
ExlService Holdings, Inc. (a) |
434,600 |
9,417,782 |
|
Fidelity National Information Services, Inc. |
209,500 |
6,867,410 |
|
Fiserv, Inc. (a) |
124,000 |
8,361,320 |
|
FleetCor Technologies, Inc. (a) |
161,400 |
6,117,060 |
|
Global Cash Access Holdings, Inc. (a) |
351,300 |
2,476,665 |
|
Global Payments, Inc. |
69,200 |
2,939,616 |
|
Heartland Payment Systems, Inc. |
48,800 |
1,423,984 |
|
Higher One Holdings, Inc. (a)(d) |
48,700 |
618,977 |
|
Jack Henry & Associates, Inc. |
6,600 |
217,866 |
|
Lender Processing Services, Inc. |
64,300 |
1,484,044 |
|
MasterCard, Inc. Class A |
82,840 |
33,675,288 |
|
ModusLink Global Solutions, Inc. (a) |
4,400 |
19,756 |
|
NeuStar, Inc. Class A (a) |
191,600 |
6,165,688 |
|
Paychex, Inc. |
800 |
23,976 |
|
Syntel, Inc. |
40,900 |
2,286,310 |
|
Teletech Holdings, Inc. (a) |
59,700 |
889,530 |
|
The Western Union Co. |
168,300 |
2,760,120 |
|
TNS, Inc. (a) |
85,000 |
1,519,800 |
|
VeriFone Systems, Inc. (a) |
216,500 |
7,817,815 |
|
Visa, Inc. Class A |
216,812 |
24,976,742 |
|
|
|||
Shares |
Value |
||
WNS Holdings Ltd. sponsored ADR (a) |
148,929 |
$ 1,635,240 |
|
Wright Express Corp. (a) |
600 |
33,636 |
|
|
131,569,067 |
||
IT Consulting & Other Services - 48.3% |
|||
Accenture PLC Class A |
480,100 |
27,413,710 |
|
Acxiom Corp. (a) |
82,800 |
1,164,996 |
|
CACI International, Inc. Class A (a) |
700 |
29,960 |
|
Camelot Information Systems, Inc. ADR (a) |
805,344 |
1,779,810 |
|
CGI Group, Inc. Class A (sub. vtg.) (a) |
39,500 |
915,937 |
|
Ciber, Inc. (a) |
436,600 |
1,563,028 |
|
Cognizant Technology Solutions Corp. Class A (a) |
676,566 |
39,409,971 |
|
EPAM Systems, Inc. |
304,300 |
5,325,250 |
|
Forrester Research, Inc. |
7,600 |
245,328 |
|
Gartner, Inc. Class A (a) |
7,500 |
305,100 |
|
HCL Technologies Ltd. |
1,614 |
14,517 |
|
HiSoft Technology International Ltd. ADR (a) |
183,700 |
2,397,285 |
|
IBM Corp. |
122,650 |
23,659,185 |
|
iGate Corp. (a) |
92,607 |
1,517,829 |
|
Infosys Ltd. sponsored ADR |
200 |
8,420 |
|
ManTech International Corp. Class A |
1,400 |
30,520 |
|
Maximus, Inc. |
164,200 |
7,472,742 |
|
NCI, Inc. Class A (a) |
9,000 |
38,430 |
|
SAIC, Inc. |
2,700 |
29,997 |
|
Sapient Corp. |
1,106,300 |
12,169,300 |
|
ServiceSource International, Inc. (a) |
82,100 |
985,200 |
|
Teradata Corp. (a) |
128,800 |
8,562,624 |
|
Unisys Corp. (a)(d) |
107,940 |
1,695,737 |
|
Virtusa Corp. (a) |
904,332 |
13,230,377 |
|
|
149,965,253 |
||
TOTAL IT SERVICES |
281,534,320 |
||
OFFICE ELECTRONICS - 0.8% |
|||
Office Electronics - 0.8% |
|||
Xerox Corp. |
358,600 |
2,589,092 |
|
PROFESSIONAL SERVICES - 0.1% |
|||
Research & Consulting Services - 0.1% |
|||
eClerx |
24,389 |
270,198 |
|
SOFTWARE - 3.7% |
|||
Application Software - 2.6% |
|||
Autodesk, Inc. (a) |
161,200 |
5,161,624 |
|
Descartes Systems Group, Inc. (a) |
68,400 |
564,895 |
|
Guidewire Software, Inc. (d) |
72,900 |
1,888,839 |
|
Intuit, Inc. |
600 |
33,738 |
|
Jive Software, Inc. |
600 |
10,050 |
|
QLIK Technologies, Inc. (a) |
9,785 |
222,413 |
|
Splunk, Inc. |
600 |
19,536 |
|
Zensar Technologies Ltd. |
65,071 |
255,860 |
|
|
8,156,955 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
SOFTWARE - CONTINUED |
|||
Systems Software - 1.1% |
|||
Check Point Software Technologies Ltd. (a) |
65,000 |
$ 3,330,600 |
|
NetSuite, Inc. (a) |
600 |
28,152 |
|
Proofpoint, Inc. |
1,000 |
14,270 |
|
|
3,373,022 |
||
TOTAL SOFTWARE |
11,529,977 |
||
TOTAL COMMON STOCKS (Cost $286,675,572) |
|
||
Money Market Funds - 2.6% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
2,315,073 |
2,315,073 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
5,661,426 |
5,661,426 |
|
TOTAL MONEY MARKET FUNDS (Cost $7,976,499) |
|
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $294,652,071) |
320,060,248 |
NET OTHER ASSETS (LIABILITIES) - (3.1)% |
(9,626,682) |
||
NET ASSETS - 100% |
$ 310,433,566 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 4,233 |
Fidelity Securities Lending Cash Central Fund |
22,402 |
Total |
$ 26,635 |
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 May 31, 2012, the cost of investment securities for income tax purposes was $298,284,578. Net unrealized appreciation aggregated $21,775,670, of which $40,879,633 related to appreciated investment securities and $19,103,963 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802179.108
LEI-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 97.1% |
|||
Shares |
Value |
||
DIVERSIFIED CONSUMER SERVICES - 7.7% |
|||
Education Services - 2.2% |
|||
DeVry, Inc. |
165,250 |
$ 4,516,283 |
|
K12, Inc. (a)(d) |
245,246 |
5,375,792 |
|
|
9,892,075 |
||
Specialized Consumer Services - 5.5% |
|||
Carriage Services, Inc. |
62,874 |
460,238 |
|
Steiner Leisure Ltd. (a) |
339,063 |
15,539,257 |
|
Stewart Enterprises, Inc. Class A (d) |
224,552 |
1,385,486 |
|
Weight Watchers International, Inc. (d) |
125,160 |
7,101,578 |
|
|
24,486,559 |
||
TOTAL DIVERSIFIED CONSUMER SERVICES |
34,378,634 |
||
HOTELS, RESTAURANTS & LEISURE - 83.7% |
|||
Casinos & Gaming - 18.0% |
|||
International Game Technology |
350,300 |
5,009,290 |
|
Las Vegas Sands Corp. |
1,027,100 |
47,431,478 |
|
Las Vegas Sands Corp. warrants 11/16/13 (a) |
11,700 |
7,835,177 |
|
Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)(d) |
598,550 |
7,032,963 |
|
Penn National Gaming, Inc. (a) |
108,312 |
4,976,936 |
|
Wynn Resorts Ltd. |
73,200 |
7,542,528 |
|
|
79,828,372 |
||
Hotels, Resorts & Cruise Lines - 9.9% |
|||
Hyatt Hotels Corp. Class A (a) |
25,000 |
924,750 |
|
Marriott International, Inc. Class A |
112,409 |
4,351,352 |
|
Starwood Hotels & Resorts Worldwide, Inc. |
164,500 |
8,693,825 |
|
Wyndham Worldwide Corp. |
597,100 |
29,735,580 |
|
|
43,705,507 |
||
Leisure Facilities - 2.8% |
|||
Cedar Fair LP (depository unit) |
113,790 |
3,049,572 |
|
Life Time Fitness, Inc. (a) |
63,200 |
2,708,752 |
|
Vail Resorts, Inc. |
157,385 |
6,841,526 |
|
|
12,599,850 |
||
Restaurants - 53.0% |
|||
Arcos Dorados Holdings, Inc. |
88,800 |
1,200,576 |
|
BJ's Restaurants, Inc. (a) |
221,500 |
9,699,485 |
|
Bravo Brio Restaurant Group, Inc. (a) |
76,100 |
1,249,562 |
|
Brinker International, Inc. |
57,900 |
1,870,749 |
|
Chipotle Mexican Grill, Inc. (a) |
52,909 |
21,855,121 |
|
Denny's Corp. (a) |
1,266,909 |
5,460,378 |
|
McDonald's Corp. |
716,700 |
64,029,978 |
|
Panera Bread Co. Class A (a) |
149,500 |
21,969,025 |
|
Ruth's Hospitality Group, Inc. (a) |
461,222 |
3,025,616 |
|
Spur Corp. Ltd. |
1,373,500 |
2,709,759 |
|
Starbucks Corp. |
1,293,700 |
71,011,192 |
|
|
|||
Shares |
Value |
||
Texas Roadhouse, Inc. Class A |
536,308 |
$ 9,750,080 |
|
Yum! Brands, Inc. |
308,300 |
21,691,988 |
|
|
235,523,509 |
||
TOTAL HOTELS, RESTAURANTS & LEISURE |
371,657,238 |
||
HOUSEHOLD DURABLES - 0.6% |
|||
Household Appliances - 0.2% |
|||
iRobot Corp. (a)(d) |
49,000 |
1,037,820 |
|
Housewares & Specialties - 0.4% |
|||
Tupperware Brands Corp. |
29,900 |
1,616,095 |
|
TOTAL HOUSEHOLD DURABLES |
2,653,915 |
||
LEISURE EQUIPMENT & PRODUCTS - 0.2% |
|||
Leisure Products - 0.2% |
|||
Summer Infant, Inc. (a) |
209,253 |
636,129 |
|
MULTILINE RETAIL - 2.2% |
|||
General Merchandise Stores - 2.2% |
|||
Dollar General Corp. (a) |
201,000 |
9,830,910 |
|
PERSONAL PRODUCTS - 0.4% |
|||
Personal Products - 0.4% |
|||
Nu Skin Enterprises, Inc. Class A |
40,900 |
1,753,792 |
|
SOFTWARE - 0.8% |
|||
Application Software - 0.8% |
|||
Intuit, Inc. |
59,100 |
3,323,193 |
|
TEXTILES, APPAREL & LUXURY GOODS - 1.5% |
|||
Apparel, Accessories & Luxury Goods - 1.5% |
|||
G-III Apparel Group Ltd. (a) |
139,900 |
3,456,929 |
|
PVH Corp. |
40,940 |
3,316,140 |
|
|
6,773,069 |
||
TOTAL COMMON STOCKS (Cost $300,684,511) |
|
Convertible Bonds - 0.1% |
||||
|
Principal Amount |
|
||
HOTELS, RESTAURANTS & LEISURE - 0.1% |
||||
Casinos & Gaming - 0.1% |
||||
MGM Mirage, Inc. 4.25% 4/15/15 |
|
$ 300,000 |
|
Money Market Funds - 4.5% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.17% (b) |
10,610,978 |
$ 10,610,978 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
9,466,600 |
9,466,600 |
|
TOTAL MONEY MARKET FUNDS (Cost $20,077,578) |
|
TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $321,062,089) |
451,382,021 |
|
NET OTHER ASSETS (LIABILITIES) - (1.7)% |
(7,338,738) |
|
NET ASSETS - 100% |
$ 444,043,283 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 2,061 |
Fidelity Securities Lending Cash Central Fund |
228,568 |
Total |
$ 230,629 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 431,006,880 |
$ 423,171,703 |
$ 7,835,177 |
$ - |
Convertible Bonds |
297,563 |
- |
297,563 |
- |
Money Market Funds |
20,077,578 |
20,077,578 |
- |
- |
Total Investments in Securities: |
$ 451,382,021 |
$ 443,249,281 |
$ 8,132,740 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $322,885,549. Net unrealized appreciation aggregated $128,496,472, of which $143,862,358 related to appreciated investment securities and $15,365,886 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security 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 value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These 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 Advisor® Select
Materials Portfolio
Class A
Class T
Class B
Class C
Institutional Class
May 31, 2012
Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Select Materials Portfolio
1.851742.105
AMF-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 95.2% |
|||
Shares |
Value |
||
CHEMICALS - 66.9% |
|||
Commodity Chemicals - 2.0% |
|||
Arkema SA (d) |
152,001 |
$ 10,033,649 |
|
Georgia Gulf Corp. |
95,918 |
2,854,520 |
|
Westlake Chemical Corp. (d) |
213,970 |
11,659,225 |
|
|
24,547,394 |
||
Diversified Chemicals - 20.2% |
|||
Dow Chemical Co. |
1,791,578 |
55,646,413 |
|
E.I. du Pont de Nemours & Co. |
2,254,217 |
108,788,513 |
|
Eastman Chemical Co. |
718,508 |
33,453,732 |
|
FMC Corp. |
64,150 |
3,269,726 |
|
Lanxess AG |
83,693 |
5,591,901 |
|
Olin Corp. |
346,900 |
6,650,073 |
|
PPG Industries, Inc. |
401,476 |
41,528,677 |
|
|
254,929,035 |
||
Fertilizers & Agricultural Chemicals - 14.0% |
|||
CF Industries Holdings, Inc. |
145,924 |
24,947,167 |
|
Monsanto Co. |
1,299,099 |
100,290,443 |
|
Rentech Nitrogen Partners LP |
542,842 |
12,740,502 |
|
The Mosaic Co. |
804,095 |
38,339,250 |
|
|
176,317,362 |
||
Industrial Gases - 6.0% |
|||
Air Products & Chemicals, Inc. |
952,057 |
75,250,585 |
|
Specialty Chemicals - 24.7% |
|||
Albemarle Corp. |
387,653 |
23,530,537 |
|
Ashland, Inc. |
475,983 |
30,429,593 |
|
Celanese Corp. Class A |
492,666 |
19,613,033 |
|
Cytec Industries, Inc. |
209,346 |
12,657,059 |
|
Ecolab, Inc. |
854,274 |
53,998,660 |
|
Innophos Holdings, Inc. |
140,949 |
7,115,106 |
|
LyondellBasell Industries NV Class A |
1,106,380 |
43,657,755 |
|
OMNOVA Solutions, Inc. (a) |
739,017 |
5,320,922 |
|
Rockwood Holdings, Inc. (a) |
348,632 |
16,873,789 |
|
Sherwin-Williams Co. |
298,347 |
38,677,705 |
|
Sigma Aldrich Corp. |
424,787 |
29,467,474 |
|
W.R. Grace & Co. (a) |
571,296 |
29,993,040 |
|
|
311,334,673 |
||
TOTAL CHEMICALS |
842,379,049 |
||
COMMERCIAL SERVICES & SUPPLIES - 0.3% |
|||
Environmental & Facility Services - 0.3% |
|||
Swisher Hygiene, Inc. (a) |
262,171 |
469,548 |
|
Swisher Hygiene, Inc. (Canada) (a)(d) |
1,583,667 |
3,151,495 |
|
|
3,621,043 |
||
CONTAINERS & PACKAGING - 8.0% |
|||
Metal & Glass Containers - 5.6% |
|||
Aptargroup, Inc. |
476,800 |
24,159,456 |
|
|
|||
Shares |
Value |
||
Ball Corp. |
973,887 |
$ 38,926,263 |
|
Silgan Holdings, Inc. |
187,300 |
7,829,140 |
|
|
70,914,859 |
||
Paper Packaging - 2.4% |
|||
Boise, Inc. |
310,200 |
2,140,380 |
|
Rock-Tenn Co. Class A |
531,962 |
27,443,920 |
|
|
29,584,300 |
||
TOTAL CONTAINERS & PACKAGING |
100,499,159 |
||
ELECTRICAL EQUIPMENT - 0.5% |
|||
Electrical Components & Equipment - 0.5% |
|||
GrafTech International Ltd. (a) |
581,587 |
6,205,533 |
|
METALS & MINING - 19.5% |
|||
Diversified Metals & Mining - 5.4% |
|||
Copper Mountain Mining Corp. (a) |
1,913,200 |
7,409,401 |
|
First Quantum Minerals Ltd. |
1,297,900 |
22,732,256 |
|
Freeport-McMoRan Copper & Gold, Inc. |
691,748 |
22,163,606 |
|
HudBay Minerals, Inc. |
310,500 |
2,281,740 |
|
Ivanhoe Mines Ltd. (a) |
1,397,100 |
13,188,483 |
|
|
67,775,486 |
||
Gold - 6.9% |
|||
Goldcorp, Inc. |
361,400 |
13,191,441 |
|
Newcrest Mining Ltd. |
290,312 |
7,047,200 |
|
Newmont Mining Corp. |
1,093,986 |
51,592,380 |
|
Royal Gold, Inc. |
224,551 |
15,188,630 |
|
|
87,019,651 |
||
Steel - 7.2% |
|||
African Minerals Ltd. (a) |
529,923 |
3,078,184 |
|
ArcelorMittal SA Class A unit (d) |
379,084 |
5,265,477 |
|
Carpenter Technology Corp. |
359,155 |
16,183,524 |
|
Fortescue Metals Group Ltd. |
993,931 |
4,473,029 |
|
Haynes International, Inc. |
201,484 |
10,275,684 |
|
Nucor Corp. |
802,535 |
28,698,652 |
|
Reliance Steel & Aluminum Co. |
285,302 |
13,469,107 |
|
Steel Dynamics, Inc. |
955,509 |
10,071,065 |
|
|
91,514,722 |
||
TOTAL METALS & MINING |
246,309,859 |
||
TOTAL COMMON STOCKS (Cost $1,099,380,759) |
|
Convertible Bonds - 0.6% |
||||
|
Principal Amount |
|
||
BUILDING PRODUCTS - 0.6% |
||||
Building Products - 0.6% |
||||
Aspen Aerogels, Inc. 8% 6/1/14 (f) |
|
$ 7,861,200 |
|
|
U.S. Treasury Obligations - 0.1% |
||||
|
Principal Amount |
Value |
||
U.S. Treasury Bills, yield at date of purchase 0.08% 8/23/12 (e) |
|
$ 950,000 |
$ 949,847 |
Money Market Funds - 6.0% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.17% (b) |
53,925,551 |
53,925,551 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
21,645,068 |
21,645,068 |
|
TOTAL MONEY MARKET FUNDS (Cost $75,570,619) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $1,183,762,392) |
1,283,396,309 |
||
NET OTHER ASSETS (LIABILITIES) - (1.9)% |
(23,856,502) |
||
NET ASSETS - 100% |
$ 1,259,539,807 |
Futures Contracts |
|||||
|
Expiration Date |
Underlying Face Amount at Value |
Unrealized Appreciation/(Depreciation) |
||
Purchased |
|||||
Equity Index Contracts |
|||||
350 CME E-mini S&P Select Sector Materials Index Contracts |
June 2012 |
$ 12,418,000 |
$ (998,025) |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $949,847. |
(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 $7,861,200 or 0.6% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Aspen Aerogels, Inc. 8% 6/1/14 |
6/1/11 |
$ 7,861,200 |
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 |
$ 19,264 |
Fidelity Securities Lending Cash Central Fund |
114,922 |
Total |
$ 134,186 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 1,199,014,643 |
$ 1,179,841,361 |
$ 19,173,282 |
$ - |
Convertible Bonds |
7,861,200 |
- |
- |
7,861,200 |
U.S. Treasury Obligations |
949,847 |
- |
949,847 |
- |
Money Market Funds |
75,570,619 |
75,570,619 |
- |
- |
Total Investments in Securities: |
$ 1,283,396,309 |
$ 1,255,411,980 |
$ 20,123,129 |
$ 7,861,200 |
Derivative Instruments: |
||||
Liabilities |
||||
Futures Contracts |
$ (998,025) |
$ (998,025) |
$ - |
$ - |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Beginning Balance |
$ 7,861,200 |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
- |
Cost of Purchases |
- |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
- |
Transfers out of Level 3 |
- |
Ending Balance |
$ 7,861,200 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012 |
$ - |
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 May 31, 2012, the cost of investment securities for income tax purposes was $1,188,249,883. Net unrealized appreciation aggregated $95,146,426, of which $187,180,748 related to appreciated investment securities and $92,034,322 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security 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 value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds and U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. |
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded 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
visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and
annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Materials Portfolio
May 31, 2012
1.802177.108
IND-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 95.2% |
|||
Shares |
Value |
||
CHEMICALS - 66.9% |
|||
Commodity Chemicals - 2.0% |
|||
Arkema SA (d) |
152,001 |
$ 10,033,649 |
|
Georgia Gulf Corp. |
95,918 |
2,854,520 |
|
Westlake Chemical Corp. (d) |
213,970 |
11,659,225 |
|
|
24,547,394 |
||
Diversified Chemicals - 20.2% |
|||
Dow Chemical Co. |
1,791,578 |
55,646,413 |
|
E.I. du Pont de Nemours & Co. |
2,254,217 |
108,788,513 |
|
Eastman Chemical Co. |
718,508 |
33,453,732 |
|
FMC Corp. |
64,150 |
3,269,726 |
|
Lanxess AG |
83,693 |
5,591,901 |
|
Olin Corp. |
346,900 |
6,650,073 |
|
PPG Industries, Inc. |
401,476 |
41,528,677 |
|
|
254,929,035 |
||
Fertilizers & Agricultural Chemicals - 14.0% |
|||
CF Industries Holdings, Inc. |
145,924 |
24,947,167 |
|
Monsanto Co. |
1,299,099 |
100,290,443 |
|
Rentech Nitrogen Partners LP |
542,842 |
12,740,502 |
|
The Mosaic Co. |
804,095 |
38,339,250 |
|
|
176,317,362 |
||
Industrial Gases - 6.0% |
|||
Air Products & Chemicals, Inc. |
952,057 |
75,250,585 |
|
Specialty Chemicals - 24.7% |
|||
Albemarle Corp. |
387,653 |
23,530,537 |
|
Ashland, Inc. |
475,983 |
30,429,593 |
|
Celanese Corp. Class A |
492,666 |
19,613,033 |
|
Cytec Industries, Inc. |
209,346 |
12,657,059 |
|
Ecolab, Inc. |
854,274 |
53,998,660 |
|
Innophos Holdings, Inc. |
140,949 |
7,115,106 |
|
LyondellBasell Industries NV Class A |
1,106,380 |
43,657,755 |
|
OMNOVA Solutions, Inc. (a) |
739,017 |
5,320,922 |
|
Rockwood Holdings, Inc. (a) |
348,632 |
16,873,789 |
|
Sherwin-Williams Co. |
298,347 |
38,677,705 |
|
Sigma Aldrich Corp. |
424,787 |
29,467,474 |
|
W.R. Grace & Co. (a) |
571,296 |
29,993,040 |
|
|
311,334,673 |
||
TOTAL CHEMICALS |
842,379,049 |
||
COMMERCIAL SERVICES & SUPPLIES - 0.3% |
|||
Environmental & Facility Services - 0.3% |
|||
Swisher Hygiene, Inc. (a) |
262,171 |
469,548 |
|
Swisher Hygiene, Inc. (Canada) (a)(d) |
1,583,667 |
3,151,495 |
|
|
3,621,043 |
||
CONTAINERS & PACKAGING - 8.0% |
|||
Metal & Glass Containers - 5.6% |
|||
Aptargroup, Inc. |
476,800 |
24,159,456 |
|
|
|||
Shares |
Value |
||
Ball Corp. |
973,887 |
$ 38,926,263 |
|
Silgan Holdings, Inc. |
187,300 |
7,829,140 |
|
|
70,914,859 |
||
Paper Packaging - 2.4% |
|||
Boise, Inc. |
310,200 |
2,140,380 |
|
Rock-Tenn Co. Class A |
531,962 |
27,443,920 |
|
|
29,584,300 |
||
TOTAL CONTAINERS & PACKAGING |
100,499,159 |
||
ELECTRICAL EQUIPMENT - 0.5% |
|||
Electrical Components & Equipment - 0.5% |
|||
GrafTech International Ltd. (a) |
581,587 |
6,205,533 |
|
METALS & MINING - 19.5% |
|||
Diversified Metals & Mining - 5.4% |
|||
Copper Mountain Mining Corp. (a) |
1,913,200 |
7,409,401 |
|
First Quantum Minerals Ltd. |
1,297,900 |
22,732,256 |
|
Freeport-McMoRan Copper & Gold, Inc. |
691,748 |
22,163,606 |
|
HudBay Minerals, Inc. |
310,500 |
2,281,740 |
|
Ivanhoe Mines Ltd. (a) |
1,397,100 |
13,188,483 |
|
|
67,775,486 |
||
Gold - 6.9% |
|||
Goldcorp, Inc. |
361,400 |
13,191,441 |
|
Newcrest Mining Ltd. |
290,312 |
7,047,200 |
|
Newmont Mining Corp. |
1,093,986 |
51,592,380 |
|
Royal Gold, Inc. |
224,551 |
15,188,630 |
|
|
87,019,651 |
||
Steel - 7.2% |
|||
African Minerals Ltd. (a) |
529,923 |
3,078,184 |
|
ArcelorMittal SA Class A unit (d) |
379,084 |
5,265,477 |
|
Carpenter Technology Corp. |
359,155 |
16,183,524 |
|
Fortescue Metals Group Ltd. |
993,931 |
4,473,029 |
|
Haynes International, Inc. |
201,484 |
10,275,684 |
|
Nucor Corp. |
802,535 |
28,698,652 |
|
Reliance Steel & Aluminum Co. |
285,302 |
13,469,107 |
|
Steel Dynamics, Inc. |
955,509 |
10,071,065 |
|
|
91,514,722 |
||
TOTAL METALS & MINING |
246,309,859 |
||
TOTAL COMMON STOCKS (Cost $1,099,380,759) |
|
Convertible Bonds - 0.6% |
||||
|
Principal Amount |
|
||
BUILDING PRODUCTS - 0.6% |
||||
Building Products - 0.6% |
||||
Aspen Aerogels, Inc. 8% 6/1/14 (f) |
|
$ 7,861,200 |
|
|
U.S. Treasury Obligations - 0.1% |
||||
|
Principal Amount |
Value |
||
U.S. Treasury Bills, yield at date of purchase 0.08% 8/23/12 (e) |
|
$ 950,000 |
$ 949,847 |
Money Market Funds - 6.0% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.17% (b) |
53,925,551 |
53,925,551 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
21,645,068 |
21,645,068 |
|
TOTAL MONEY MARKET FUNDS (Cost $75,570,619) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $1,183,762,392) |
1,283,396,309 |
||
NET OTHER ASSETS (LIABILITIES) - (1.9)% |
(23,856,502) |
||
NET ASSETS - 100% |
$ 1,259,539,807 |
Futures Contracts |
|||||
|
Expiration Date |
Underlying Face Amount at Value |
Unrealized Appreciation/(Depreciation) |
||
Purchased |
|||||
Equity Index Contracts |
|||||
350 CME E-mini S&P Select Sector Materials Index Contracts |
June 2012 |
$ 12,418,000 |
$ (998,025) |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $949,847. |
(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 $7,861,200 or 0.6% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Aspen Aerogels, Inc. 8% 6/1/14 |
6/1/11 |
$ 7,861,200 |
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 |
$ 19,264 |
Fidelity Securities Lending Cash Central Fund |
114,922 |
Total |
$ 134,186 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 1,199,014,643 |
$ 1,179,841,361 |
$ 19,173,282 |
$ - |
Convertible Bonds |
7,861,200 |
- |
- |
7,861,200 |
U.S. Treasury Obligations |
949,847 |
- |
949,847 |
- |
Money Market Funds |
75,570,619 |
75,570,619 |
- |
- |
Total Investments in Securities: |
$ 1,283,396,309 |
$ 1,255,411,980 |
$ 20,123,129 |
$ 7,861,200 |
Derivative Instruments: |
||||
Liabilities |
||||
Futures Contracts |
$ (998,025) |
$ (998,025) |
$ - |
$ - |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Beginning Balance |
$ 7,861,200 |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
- |
Cost of Purchases |
- |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
- |
Transfers out of Level 3 |
- |
Ending Balance |
$ 7,861,200 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012 |
$ - |
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 May 31, 2012, the cost of investment securities for income tax purposes was $1,188,249,883. Net unrealized appreciation aggregated $95,146,426, of which $187,180,748 related to appreciated investment securities and $92,034,322 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security 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 value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds and U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. |
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded 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 Retailing Portfolio
May 31, 2012
1.802188.108
RET-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 98.2% |
|||
Shares |
Value |
||
FOOD & STAPLES RETAILING - 3.2% |
|||
Food Retail - 0.2% |
|||
Susser Holdings Corp. (a) |
37,228 |
$ 1,088,919 |
|
Hypermarkets & Super Centers - 3.0% |
|||
Costco Wholesale Corp. |
47,000 |
4,060,330 |
|
Wal-Mart Stores, Inc. |
180,000 |
11,847,600 |
|
|
15,907,930 |
||
TOTAL FOOD & STAPLES RETAILING |
16,996,849 |
||
INTERNET & CATALOG RETAIL - 19.2% |
|||
Internet Retail - 19.2% |
|||
Amazon.com, Inc. (a) |
336,000 |
71,537,759 |
|
Priceline.com, Inc. (a) |
45,500 |
28,459,795 |
|
|
99,997,554 |
||
MULTILINE RETAIL - 3.0% |
|||
Department Stores - 0.5% |
|||
Macy's, Inc. |
67,554 |
2,570,430 |
|
General Merchandise Stores - 2.5% |
|||
Target Corp. |
222,621 |
12,891,982 |
|
TOTAL MULTILINE RETAIL |
15,462,412 |
||
SOFTWARE - 0.8% |
|||
Home Entertainment Software - 0.8% |
|||
Take-Two Interactive Software, Inc. (a) |
382,000 |
4,400,640 |
|
SPECIALTY RETAIL - 65.0% |
|||
Apparel Retail - 23.9% |
|||
Citi Trends, Inc. (a) |
126,633 |
1,750,068 |
|
DSW, Inc. Class A |
67,800 |
4,046,304 |
|
Express, Inc. (a) |
858,497 |
15,882,195 |
|
Inditex SA |
106,654 |
8,823,067 |
|
Limited Brands, Inc. |
634,198 |
28,133,023 |
|
Ross Stores, Inc. |
412,200 |
26,063,406 |
|
rue21, Inc. (a)(d) |
107,070 |
2,835,214 |
|
TJX Companies, Inc. |
872,400 |
37,042,104 |
|
|
124,575,381 |
||
Automotive Retail - 10.8% |
|||
Advance Auto Parts, Inc. |
174,081 |
12,697,468 |
|
Asbury Automotive Group, Inc. (a) |
105,400 |
2,817,342 |
|
AutoZone, Inc. (a) |
68,883 |
26,193,450 |
|
O'Reilly Automotive, Inc. (a) |
152,000 |
14,560,080 |
|
|
56,268,340 |
||
Computer & Electronics Retail - 1.1% |
|||
Best Buy Co., Inc. |
297,019 |
5,560,196 |
|
|
|||
Shares |
Value |
||
Home Improvement Retail - 17.7% |
|||
Home Depot, Inc. |
770,200 |
$ 38,001,668 |
|
Lowe's Companies, Inc. |
2,033,400 |
54,332,448 |
|
|
92,334,116 |
||
Homefurnishing Retail - 4.9% |
|||
Bed Bath & Beyond, Inc. (a) |
357,500 |
25,829,375 |
|
Specialty Stores - 6.6% |
|||
Dick's Sporting Goods, Inc. |
257,000 |
11,950,500 |
|
GNC Holdings, Inc. |
27,000 |
1,040,310 |
|
Sally Beauty Holdings, Inc. (a) |
405,714 |
10,723,021 |
|
Ulta Salon, Cosmetics & Fragrance, Inc. |
119,000 |
10,635,030 |
|
|
34,348,861 |
||
TOTAL SPECIALTY RETAIL |
338,916,269 |
||
TEXTILES, APPAREL & LUXURY GOODS - 7.0% |
|||
Apparel, Accessories & Luxury Goods - 4.6% |
|||
Coach, Inc. |
27,000 |
1,821,150 |
|
G-III Apparel Group Ltd. (a) |
389,500 |
9,624,545 |
|
lululemon athletica, Inc. (a) |
64,908 |
4,714,917 |
|
VF Corp. |
55,600 |
7,841,824 |
|
|
24,002,436 |
||
Footwear - 2.4% |
|||
NIKE, Inc. Class B |
79,928 |
8,646,611 |
|
Steven Madden Ltd. (a) |
96,400 |
3,908,056 |
|
|
12,554,667 |
||
TOTAL TEXTILES, APPAREL & LUXURY GOODS |
36,557,103 |
||
TOTAL COMMON STOCKS (Cost $450,793,587) |
|
Convertible Bonds - 0.2% |
||||
|
Principal Amount |
|
||
SOFTWARE - 0.2% |
||||
Home Entertainment Software - 0.2% |
||||
Take-Two Interactive Software, Inc. 1.75% 12/1/16 (e) |
|
$ 1,000,000 |
|
Money Market Funds - 2.4% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.17% (b) |
11,196,048 |
$ 11,196,048 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
1,310,400 |
1,310,400 |
|
TOTAL MONEY MARKET FUNDS (Cost $12,506,448) |
|
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $464,300,035) |
525,767,900 |
NET OTHER ASSETS (LIABILITIES) - (0.8)% |
(4,138,234) |
||
NET ASSETS - 100% |
$ 521,629,666 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 $930,625 or 0.2% 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 |
$ 4,370 |
Fidelity Securities Lending Cash Central Fund |
22,365 |
Total |
$ 26,735 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 512,330,827 |
$ 503,507,760 |
$ 8,823,067 |
$ - |
Convertible Bonds |
930,625 |
- |
930,625 |
- |
Money Market Funds |
12,506,448 |
12,506,448 |
- |
- |
Total Investments in Securities: |
$ 525,767,900 |
$ 516,014,208 |
$ 9,753,692 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $466,790,786. Net unrealized appreciation aggregated $58,977,114, of which $76,573,433 related to appreciated investment securities and $17,596,319 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security 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 value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These 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 Technology Portfolio
May 31, 2012
1.802190.108
TEC-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 95.2% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 0.2% |
|||
Aerospace & Defense - 0.2% |
|||
DigitalGlobe, Inc. (a) |
208,406 |
$ 3,367,841 |
|
GeoEye, Inc. (a) |
80,929 |
1,550,600 |
|
|
4,918,441 |
||
AUTOMOBILES - 0.1% |
|||
Automobile Manufacturers - 0.1% |
|||
Tesla Motors, Inc. (a) |
40,095 |
1,182,803 |
|
CHEMICALS - 0.3% |
|||
Specialty Chemicals - 0.3% |
|||
JSR Corp. |
419,200 |
7,227,954 |
|
COMMUNICATIONS EQUIPMENT - 7.2% |
|||
Communications Equipment - 7.2% |
|||
AAC Acoustic Technology Holdings, Inc. |
70,000 |
220,961 |
|
Acme Packet, Inc. (a)(d) |
483,924 |
11,072,181 |
|
ADTRAN, Inc. |
417,505 |
12,203,671 |
|
ADVA AG Optical Networking (a) |
97,916 |
559,920 |
|
Aruba Networks, Inc. (a)(d) |
89,731 |
1,179,065 |
|
Brocade Communications Systems, Inc. (a) |
40,810 |
189,767 |
|
Ciena Corp. (a)(d) |
356,762 |
4,834,125 |
|
Cisco Systems, Inc. |
1,188,599 |
19,409,822 |
|
Comba Telecom Systems Holdings Ltd. |
571,500 |
258,449 |
|
F5 Networks, Inc. (a) |
54,336 |
5,622,689 |
|
Finisar Corp. (a) |
228,814 |
3,283,481 |
|
Infinera Corp. (a) |
310,023 |
1,987,247 |
|
JDS Uniphase Corp. (a) |
16,663 |
169,129 |
|
Juniper Networks, Inc. (a) |
12,066 |
207,535 |
|
Motorola Solutions, Inc. |
34,703 |
1,668,520 |
|
NETGEAR, Inc. (a) |
49,300 |
1,547,527 |
|
Polycom, Inc. (a) |
991,199 |
11,339,317 |
|
QUALCOMM, Inc. |
1,165,581 |
66,799,447 |
|
Riverbed Technology, Inc. (a) |
1,287 |
21,107 |
|
Sandvine Corp. (a) |
1,941,200 |
2,814,725 |
|
Sandvine Corp. (U.K.) (a) |
2,252,512 |
3,576,627 |
|
Spirent Communications PLC |
590,700 |
1,459,607 |
|
ZTE Corp. (H Shares) |
2,062,000 |
4,085,983 |
|
|
154,510,902 |
||
COMPUTERS & PERIPHERALS - 22.1% |
|||
Computer Hardware - 20.1% |
|||
Advantech Co. Ltd. |
411,000 |
1,403,388 |
|
Apple, Inc. (a) |
723,178 |
417,801,621 |
|
Hewlett-Packard Co. |
190,439 |
4,319,157 |
|
Lenovo Group Ltd. |
2,760,000 |
2,346,954 |
|
Pegatron Corp. |
613,000 |
850,591 |
|
Stratasys, Inc. (a) |
122,227 |
5,808,227 |
|
Wistron Corp. |
163,000 |
206,806 |
|
|
432,736,744 |
||
|
|||
Shares |
Value |
||
Computer Storage & Peripherals - 2.0% |
|||
ADLINK Technology, Inc. |
5,000 |
$ 6,076 |
|
Catcher Technology Co. Ltd. |
345,000 |
2,188,588 |
|
EMC Corp. (a) |
1,028,492 |
24,529,534 |
|
Fusion-io, Inc. |
132,500 |
2,766,600 |
|
Gemalto NV |
31,414 |
2,004,278 |
|
NetApp, Inc. (a) |
460 |
13,690 |
|
SanDisk Corp. (a) |
127,694 |
4,175,594 |
|
SIMPLO Technology Co. Ltd. |
60,000 |
429,834 |
|
Synaptics, Inc. (a) |
205,929 |
5,523,016 |
|
Wacom Co. Ltd. |
480 |
958,169 |
|
|
42,595,379 |
||
TOTAL COMPUTERS & PERIPHERALS |
475,332,123 |
||
DIVERSIFIED CONSUMER SERVICES - 0.0% |
|||
Education Services - 0.0% |
|||
Educomp Solutions Ltd. |
53,012 |
132,766 |
|
ELECTRICAL EQUIPMENT - 0.1% |
|||
Electrical Components & Equipment - 0.1% |
|||
Dynapack International Technology Corp. |
40,000 |
206,883 |
|
Furukawa Electric Co. Ltd. |
883,000 |
1,888,103 |
|
|
2,094,986 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 2.6% |
|||
Electronic Components - 1.4% |
|||
Aeroflex Holding Corp. (a) |
60,538 |
391,681 |
|
Amphenol Corp. Class A |
379 |
20,159 |
|
Cheng Uei Precision Industries Co. Ltd. |
204,703 |
428,977 |
|
Chimei Innolux Corp. (a) |
51,000 |
21,426 |
|
FLEXium Interconnect, Inc. |
57,000 |
223,253 |
|
InvenSense, Inc. (d) |
182,564 |
1,814,686 |
|
Largan Precision Co. Ltd. |
11,000 |
207,686 |
|
Omron Corp. |
31,600 |
623,271 |
|
Taiyo Yuden Co. Ltd. |
22,300 |
195,950 |
|
TDK Corp. |
4,700 |
202,413 |
|
Tong Hsing Electronics Industries Ltd. |
2,095,000 |
6,732,726 |
|
Universal Display Corp. (a)(d) |
651,469 |
18,338,852 |
|
Vishay Intertechnology, Inc. (a) |
2,109 |
22,398 |
|
Yageo Corp. |
6,108,000 |
1,844,341 |
|
|
31,067,819 |
||
Electronic Equipment & Instruments - 0.3% |
|||
Chroma ATE, Inc. |
914,644 |
2,054,520 |
|
Hitachi High-Technologies Corp. |
14,900 |
330,749 |
|
Keyence Corp. |
5,850 |
1,321,590 |
|
National Instruments Corp. |
42,688 |
1,111,596 |
|
SFA Engineering Corp. |
4,365 |
202,263 |
|
SNU Precision Co. Ltd. (a) |
22,427 |
138,878 |
|
Test Research, Inc. |
57,298 |
78,643 |
|
TPK Holdings Co. |
49,000 |
729,948 |
|
|
5,968,187 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
ELECTRONIC EQUIPMENT & COMPONENTS - CONTINUED |
|||
Electronic Manufacturing Services - 0.8% |
|||
Hon Hai Precision Industry Co. Ltd. (Foxconn) |
76,000 |
$ 222,617 |
|
Jabil Circuit, Inc. |
394,949 |
7,555,374 |
|
KEMET Corp. (a) |
4,077 |
23,443 |
|
TE Connectivity Ltd. |
23,294 |
731,897 |
|
Trimble Navigation Ltd. (a) |
173,876 |
8,200,862 |
|
|
16,734,193 |
||
Technology Distributors - 0.1% |
|||
Arrow Electronics, Inc. (a) |
47 |
1,594 |
|
Digital China Holdings Ltd. (H Shares) |
1,410,000 |
2,288,976 |
|
VST Holdings Ltd. |
2,990,000 |
531,621 |
|
WPG Holding Co. Ltd. |
340,200 |
405,434 |
|
WT Microelectronics Co. Ltd. |
51,000 |
66,584 |
|
|
3,294,209 |
||
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS |
57,064,408 |
||
HEALTH CARE EQUIPMENT & SUPPLIES - 0.2% |
|||
Health Care Equipment - 0.2% |
|||
Biosensors International Group Ltd. (a) |
4,569,000 |
4,343,493 |
|
China Kanghui Holdings sponsored ADR (a) |
500 |
9,850 |
|
|
4,353,343 |
||
HEALTH CARE TECHNOLOGY - 0.2% |
|||
Health Care Technology - 0.2% |
|||
athenahealth, Inc. (a) |
1,500 |
109,035 |
|
So-net M3, Inc. |
756 |
3,360,683 |
|
|
3,469,718 |
||
HOUSEHOLD DURABLES - 0.0% |
|||
Household Appliances - 0.0% |
|||
Haier Electronics Group Co. Ltd. (a) |
53,000 |
62,345 |
|
HOUSEHOLD PRODUCTS - 0.1% |
|||
Household Products - 0.1% |
|||
NVC Lighting Holdings Ltd. |
5,651,000 |
1,295,976 |
|
INDUSTRIAL CONGLOMERATES - 0.0% |
|||
Industrial Conglomerates - 0.0% |
|||
Samsung Techwin Co. Ltd. |
9,811 |
619,177 |
|
INTERNET & CATALOG RETAIL - 1.3% |
|||
Internet Retail - 1.3% |
|||
Amazon.com, Inc. (a) |
74,778 |
15,920,984 |
|
E-Commerce China Dangdang, Inc. ADR (a) |
990 |
4,930 |
|
Expedia, Inc. |
27,100 |
1,243,619 |
|
Rakuten, Inc. |
7,963 |
8,512,915 |
|
Start Today Co. Ltd. (d) |
154,300 |
2,271,071 |
|
TripAdvisor, Inc. (a) |
26,892 |
1,153,129 |
|
|
29,106,648 |
||
|
|||
Shares |
Value |
||
INTERNET SOFTWARE & SERVICES - 11.2% |
|||
Internet Software & Services - 11.2% |
|||
Active Network, Inc. |
96,219 |
$ 1,350,915 |
|
Akamai Technologies, Inc. (a) |
369,053 |
10,828,015 |
|
Baidu.com, Inc. sponsored ADR (a) |
4,900 |
577,073 |
|
Bankrate, Inc. (d) |
96,219 |
1,672,286 |
|
Bazaarvoice, Inc. (d) |
8,500 |
146,965 |
|
Blinkx PLC (a) |
500,000 |
319,062 |
|
Cornerstone OnDemand, Inc. (a) |
114,615 |
2,298,031 |
|
DealerTrack Holdings, Inc. (a) |
7,000 |
191,100 |
|
eBay, Inc. (a) |
677,621 |
26,555,967 |
|
ExactTarget, Inc. |
48,500 |
960,785 |
|
Facebook, Inc.: |
|
|
|
Class A |
211,500 |
6,266,745 |
|
Class B (a)(f) |
122,522 |
3,267,294 |
|
Google, Inc. Class A (a) |
186,760 |
108,481,414 |
|
INFO Edge India Ltd. |
57,194 |
728,856 |
|
Kakaku.com, Inc. (d) |
211,400 |
6,593,800 |
|
LogMeIn, Inc. (a) |
81,606 |
2,615,472 |
|
Mail.ru Group Ltd. GDR (a)(e) |
5,600 |
175,672 |
|
MercadoLibre, Inc. |
92,036 |
6,464,609 |
|
Millennial Media, Inc. (d) |
96,600 |
1,331,148 |
|
NHN Corp. |
12,715 |
2,611,999 |
|
Open Text Corp. (a) |
400 |
19,345 |
|
PChome Online, Inc. |
154,000 |
835,163 |
|
Qihoo 360 Technology Co. Ltd. ADR (a)(d) |
203,700 |
4,074,000 |
|
Rackspace Hosting, Inc. (a) |
246,985 |
12,218,348 |
|
Renren, Inc. ADR (d) |
18,800 |
89,300 |
|
Responsys, Inc. (a) |
309,663 |
3,180,239 |
|
Saba Software, Inc. (a) |
10,000 |
83,500 |
|
SciQuest, Inc. (a) |
155,853 |
2,453,126 |
|
SINA Corp. (a) |
110,831 |
5,903,967 |
|
SouFun Holdings Ltd. ADR (d) |
102,600 |
1,619,028 |
|
Tencent Holdings Ltd. |
102,100 |
2,807,189 |
|
Tudou Holdings Ltd. ADR |
58,700 |
2,092,655 |
|
Velti PLC (a) |
162,300 |
1,184,790 |
|
VeriSign, Inc. |
184,500 |
7,053,435 |
|
Vocus, Inc. (a) |
139,100 |
2,243,683 |
|
XO Group, Inc. (a) |
16,300 |
143,929 |
|
Yahoo!, Inc. (a) |
559,950 |
8,533,638 |
|
Yandex NV |
121,949 |
2,430,444 |
|
|
240,402,987 |
||
IT SERVICES - 11.5% |
|||
Data Processing & Outsourced Services - 5.0% |
|||
Automatic Data Processing, Inc. |
267,983 |
13,975,313 |
|
Fidelity National Information Services, Inc. |
293,434 |
9,618,767 |
|
Fiserv, Inc. (a) |
68,500 |
4,618,955 |
|
Global Payments, Inc. |
132,000 |
5,607,360 |
|
Jack Henry & Associates, Inc. |
68,508 |
2,261,449 |
|
MasterCard, Inc. Class A |
27,065 |
11,002,193 |
|
Paychex, Inc. |
75,092 |
2,250,507 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
IT SERVICES - CONTINUED |
|||
Data Processing & Outsourced Services - continued |
|||
Syntel, Inc. |
23,201 |
$ 1,296,936 |
|
VeriFone Systems, Inc. (a) |
136,469 |
4,927,896 |
|
Visa, Inc. Class A |
460,236 |
53,019,187 |
|
WNS Holdings Ltd. sponsored ADR (a) |
26,900 |
295,362 |
|
|
108,873,925 |
||
IT Consulting & Other Services - 6.5% |
|||
Accenture PLC Class A |
318,730 |
18,199,483 |
|
Bit-isle, Inc. (d) |
4,900 |
53,086 |
|
Camelot Information Systems, Inc. ADR (a) |
555 |
1,227 |
|
ChinaSoft International Ltd. (a) |
50,000 |
12,884 |
|
Cognizant Technology Solutions Corp. Class A (a) |
183,928 |
10,713,806 |
|
HiSoft Technology International Ltd. ADR (a) |
36,166 |
471,966 |
|
IBM Corp. |
445,128 |
85,865,191 |
|
ServiceSource International, Inc. (a)(d) |
1,409,362 |
16,912,344 |
|
Teradata Corp. (a) |
108,776 |
7,231,428 |
|
|
139,461,415 |
||
TOTAL IT SERVICES |
248,335,340 |
||
LIFE SCIENCES TOOLS & SERVICES - 0.3% |
|||
Life Sciences Tools & Services - 0.3% |
|||
Illumina, Inc. (a) |
117,100 |
5,042,326 |
|
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) |
87,200 |
1,283,584 |
|
|
6,325,910 |
||
MACHINERY - 0.6% |
|||
Industrial Machinery - 0.6% |
|||
Airtac International Group |
509,000 |
2,828,535 |
|
Fanuc Corp. |
6,600 |
1,134,188 |
|
HIWIN Technologies Corp. |
453,290 |
4,537,149 |
|
Mirle Automation Corp. |
293,100 |
211,446 |
|
Nippon Thompson Co. Ltd. |
505,000 |
2,300,230 |
|
Shin Zu Shing Co. Ltd. |
1,015,000 |
2,776,028 |
|
|
13,787,576 |
||
MEDIA - 0.3% |
|||
Advertising - 0.2% |
|||
Dentsu, Inc. |
500 |
13,989 |
|
Focus Media Holding Ltd. ADR (d) |
198,718 |
4,133,334 |
|
ReachLocal, Inc. (a) |
43,033 |
434,203 |
|
|
4,581,526 |
||
Cable & Satellite - 0.1% |
|||
DISH Network Corp. Class A |
37,100 |
1,040,284 |
|
Movies & Entertainment - 0.0% |
|||
IMAX Corp. (a) |
19,570 |
415,667 |
|
TOTAL MEDIA |
6,037,477 |
||
|
|||
Shares |
Value |
||
OFFICE ELECTRONICS - 0.0% |
|||
Office Electronics - 0.0% |
|||
Xerox Corp. |
27,023 |
$ 195,106 |
|
PHARMACEUTICALS - 0.1% |
|||
Pharmaceuticals - 0.1% |
|||
China Medical System Holding Ltd. |
3,994,500 |
1,698,353 |
|
PROFESSIONAL SERVICES - 0.2% |
|||
Research & Consulting Services - 0.2% |
|||
Acacia Research Corp. - Acacia Technologies (a) |
27,700 |
963,129 |
|
IHS, Inc. Class A (a) |
34,400 |
3,405,256 |
|
|
4,368,385 |
||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1% |
|||
Real Estate Services - 0.1% |
|||
E-House China Holdings Ltd. ADR |
301,438 |
1,642,837 |
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 14.2% |
|||
Semiconductor Equipment - 1.7% |
|||
Amkor Technology, Inc. (a)(d) |
4,848 |
22,931 |
|
Asia Pacific Systems, Inc. (a) |
66,305 |
758,272 |
|
ASM International NV: |
|
|
|
unit |
205,791 |
7,050,400 |
|
(Netherlands) |
150,000 |
5,099,968 |
|
ASML Holding NV |
47,803 |
2,189,855 |
|
Cymer, Inc. (a) |
143,900 |
7,795,063 |
|
Dainippon Screen Manufacturing Co. Ltd. |
56,000 |
403,261 |
|
Entegris, Inc. (a) |
322,643 |
2,487,578 |
|
GCL-Poly Energy Holdings Ltd. |
684,000 |
164,797 |
|
Genesis Photonics, Inc. |
47,000 |
47,988 |
|
GT Advanced Technologies, Inc. (a) |
4,100 |
17,220 |
|
ICD Co. Ltd. |
52,302 |
855,107 |
|
KLA-Tencor Corp. |
46,057 |
2,110,792 |
|
Lam Research Corp. (a) |
500 |
18,650 |
|
Micronics Japan Co. Ltd. |
105,900 |
357,521 |
|
Novellus Systems, Inc. (a) |
489 |
20,455 |
|
Rubicon Technology, Inc. (a)(d) |
21,726 |
191,623 |
|
Teradyne, Inc. (a) |
1,405 |
20,302 |
|
Ultratech, Inc. (a) |
202,095 |
6,127,520 |
|
Visual Photonics Epitaxy Co. Ltd. |
903,000 |
1,481,220 |
|
|
37,220,523 |
||
Semiconductors - 12.5% |
|||
Advanced Micro Devices, Inc. (a) |
31,211 |
189,763 |
|
Alpha & Omega Semiconductor Ltd. (a) |
25,812 |
231,534 |
|
Altera Corp. |
1,288,646 |
43,053,663 |
|
Analog Devices, Inc. |
5,826 |
211,892 |
|
Applied Micro Circuits Corp. (a) |
453,625 |
2,422,358 |
|
ARM Holdings PLC sponsored ADR |
18,575 |
436,327 |
|
Atmel Corp. (a) |
25,796 |
180,572 |
|
Avago Technologies Ltd. |
294,832 |
9,758,939 |
|
Broadcom Corp. Class A |
170,006 |
5,499,694 |
|
Cavium, Inc. (a)(d) |
588,035 |
14,236,327 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED |
|||
Semiconductors - continued |
|||
Cirrus Logic, Inc. (a) |
363,603 |
$ 10,442,678 |
|
Cree, Inc. (a)(d) |
1,382,089 |
34,648,971 |
|
Cypress Semiconductor Corp. |
83,194 |
1,097,329 |
|
Dialog Semiconductor PLC (a) |
136,134 |
2,645,932 |
|
Diodes, Inc. (a) |
1,138 |
22,271 |
|
Duksan Hi-Metal Co. Ltd. (a) |
99,604 |
2,012,380 |
|
Epistar Corp. |
5,000 |
11,064 |
|
Fairchild Semiconductor International, Inc. (a) |
1,780 |
23,514 |
|
Freescale Semiconductor Holdings I Ltd. |
225,472 |
2,074,342 |
|
Global Unichip Corp. |
125,000 |
477,035 |
|
Hittite Microwave Corp. (a) |
18,478 |
910,596 |
|
Imagination Technologies Group PLC (a) |
805,578 |
6,146,541 |
|
Infineon Technologies AG |
188,131 |
1,493,254 |
|
Inotera Memories, Inc. (a) |
13,232,000 |
3,401,907 |
|
Inphi Corp. (a) |
125,395 |
1,042,032 |
|
International Rectifier Corp. (a) |
58,126 |
1,095,094 |
|
Intersil Corp. Class A |
214,000 |
2,257,700 |
|
JA Solar Holdings Co. Ltd. ADR (a)(d) |
124,687 |
113,615 |
|
LSI Corp. (a) |
348,879 |
2,320,045 |
|
MagnaChip Semiconductor Corp. (a) |
236 |
2,247 |
|
Marvell Technology Group Ltd. |
1,741 |
21,815 |
|
Maxim Integrated Products, Inc. |
53 |
1,333 |
|
MediaTek, Inc. |
599,000 |
5,293,787 |
|
Mellanox Technologies Ltd. (a) |
52,100 |
3,149,445 |
|
Micrel, Inc. |
88,411 |
865,544 |
|
Micron Technology, Inc. (a) |
1,672,813 |
9,769,228 |
|
Monolithic Power Systems, Inc. (a) |
107,905 |
2,027,535 |
|
MStar Semiconductor, Inc. |
598,000 |
3,623,393 |
|
NVIDIA Corp. (a) |
18,332 |
227,867 |
|
NXP Semiconductors NV (a) |
1,258,080 |
26,558,069 |
|
O2Micro International Ltd. sponsored ADR (a) |
44,200 |
192,712 |
|
ON Semiconductor Corp. (a) |
28,538 |
192,346 |
|
Phison Electronics Corp. |
1,000 |
7,365 |
|
PMC-Sierra, Inc. (a) |
340,549 |
2,172,703 |
|
Power Integrations, Inc. |
78,302 |
3,195,505 |
|
Radiant Opto-Electronics Corp. |
490,000 |
2,206,247 |
|
Rambus, Inc. (a) |
502,661 |
2,417,799 |
|
RF Micro Devices, Inc. (a) |
235,205 |
886,723 |
|
Samsung Electronics Co. Ltd. |
8,343 |
8,558,769 |
|
Semtech Corp. (a) |
45,100 |
1,086,459 |
|
Seoul Semiconductor Co. Ltd. |
34,306 |
664,051 |
|
Silicon Laboratories, Inc. (a) |
5,500 |
189,915 |
|
SK Hynix, Inc. |
580 |
11,350 |
|
Skyworks Solutions, Inc. (a) |
443,960 |
11,924,766 |
|
Spreadtrum Communications, Inc. ADR (d) |
374,056 |
6,695,602 |
|
Standard Microsystems Corp. (a) |
139,870 |
5,124,837 |
|
STMicroelectronics NV |
550,407 |
2,814,851 |
|
STMicroelectronics NV (NY Shares) unit |
1,303,780 |
6,675,354 |
|
|
|||
Shares |
Value |
||
Taiwan Surface Mounting Technology Co. Ltd. |
225,000 |
$ 451,928 |
|
Texas Instruments, Inc. |
147,767 |
4,208,404 |
|
Trina Solar Ltd. (a)(d) |
30,406 |
186,997 |
|
TriQuint Semiconductor, Inc. (a) |
1,174,924 |
6,121,354 |
|
United Microelectronics Corp. |
11,000 |
4,775 |
|
Vanguard International Semiconductor Corp. |
437,000 |
226,751 |
|
Win Semiconductors Corp. |
932,399 |
1,434,244 |
|
Xilinx, Inc. |
670 |
21,420 |
|
YoungTek Electronics Corp. |
2,513 |
6,722 |
|
|
267,677,581 |
||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
304,898,104 |
||
SOFTWARE - 21.8% |
|||
Application Software - 11.8% |
|||
Adobe Systems, Inc. (a) |
511,618 |
15,885,739 |
|
ANSYS, Inc. (a) |
87,516 |
5,415,052 |
|
AsiaInfo-Linkage, Inc. (a) |
416,463 |
4,414,508 |
|
Aspen Technology, Inc. (a) |
657,471 |
14,530,109 |
|
Autodesk, Inc. (a) |
290,413 |
9,299,024 |
|
AutoNavi Holdings Ltd. ADR (a) |
103,811 |
1,147,112 |
|
BroadSoft, Inc. (a) |
253,852 |
6,932,698 |
|
Citrix Systems, Inc. (a) |
519,699 |
37,979,603 |
|
Concur Technologies, Inc. (a) |
148,117 |
9,161,036 |
|
Descartes Systems Group, Inc. (a) |
419,000 |
3,460,396 |
|
Informatica Corp. (a) |
216,285 |
8,960,688 |
|
Intuit, Inc. |
231,089 |
12,994,134 |
|
JDA Software Group, Inc. (a) |
46,937 |
1,299,216 |
|
Jive Software, Inc. |
5,500 |
92,125 |
|
Kingdee International Software Group Co. Ltd. |
29,525,600 |
4,907,270 |
|
Manhattan Associates, Inc. (a) |
14,555 |
691,363 |
|
MicroStrategy, Inc. Class A (a) |
50,897 |
6,208,416 |
|
Nuance Communications, Inc. (a) |
199,601 |
4,129,745 |
|
Parametric Technology Corp. (a) |
657,597 |
13,283,459 |
|
Pegasystems, Inc. (d) |
250,049 |
7,749,019 |
|
PROS Holdings, Inc. (a) |
26,200 |
393,786 |
|
QLIK Technologies, Inc. (a) |
235,554 |
5,354,142 |
|
RealPage, Inc. (a) |
13,700 |
244,545 |
|
salesforce.com, Inc. (a) |
405,242 |
56,174,646 |
|
SolarWinds, Inc. (a) |
229,212 |
10,511,662 |
|
Splunk, Inc. |
60,376 |
1,965,843 |
|
Synchronoss Technologies, Inc. (a) |
278,649 |
4,990,604 |
|
Synopsys, Inc. (a) |
7,993 |
236,193 |
|
TIBCO Software, Inc. (a) |
162,667 |
4,351,342 |
|
TiVo, Inc. (a) |
26,100 |
222,894 |
|
VanceInfo Technologies, Inc. ADR (a) |
257,500 |
2,363,850 |
|
|
255,350,219 |
||
Home Entertainment Software - 0.8% |
|||
Activision Blizzard, Inc. |
177,590 |
2,084,907 |
|
Capcom Co. Ltd. |
228,500 |
4,398,178 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
SOFTWARE - CONTINUED |
|||
Home Entertainment Software - continued |
|||
Giant Interactive Group, Inc. ADR |
238,641 |
$ 1,195,591 |
|
NCsoft Corp. |
2,241 |
455,615 |
|
Nintendo Co. Ltd. |
52,500 |
6,077,765 |
|
Take-Two Interactive Software, Inc. (a) |
195,638 |
2,253,750 |
|
|
16,465,806 |
||
Systems Software - 9.2% |
|||
Allot Communications Ltd. (a) |
47,600 |
1,238,552 |
|
Ariba, Inc. (a) |
240,757 |
10,817,212 |
|
BMC Software, Inc. (a) |
53,700 |
2,272,584 |
|
Check Point Software Technologies Ltd. (a) |
42,513 |
2,178,366 |
|
CommVault Systems, Inc. (a) |
170,865 |
8,008,443 |
|
Fortinet, Inc. (a) |
275,237 |
5,848,786 |
|
Infoblox, Inc. |
8,900 |
176,131 |
|
Insyde Software Corp. |
50,000 |
223,453 |
|
Microsoft Corp. |
3,167,433 |
92,457,369 |
|
NetSuite, Inc. (a) |
112,300 |
5,269,116 |
|
Oracle Corp. |
826,979 |
21,890,134 |
|
Progress Software Corp. (a) |
53,422 |
1,026,771 |
|
Red Hat, Inc. (a) |
372,909 |
19,160,064 |
|
Sourcefire, Inc. (a) |
79,006 |
4,357,971 |
|
Symantec Corp. (a) |
79,500 |
1,179,780 |
|
Totvs SA |
182,000 |
3,293,750 |
|
VMware, Inc. Class A (a) |
194,276 |
18,069,611 |
|
|
197,468,093 |
||
TOTAL SOFTWARE |
469,284,118 |
||
WIRELESS TELECOMMUNICATION SERVICES - 0.5% |
|||
Wireless Telecommunication Services - 0.5% |
|||
SBA Communications Corp. Class A (a) |
218,253 |
11,338,243 |
|
TOTAL COMMON STOCKS (Cost $1,945,760,191) |
|
Convertible Bonds - 0.2% |
||||
|
Principal Amount |
|
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2% |
||||
Semiconductors - 0.2% |
||||
JA Solar Holdings Co. Ltd. 4.5% 5/15/13 |
|
$ 6,990,000 |
|
Money Market Funds - 7.9% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.17% (b) |
89,879,355 |
$ 89,879,355 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
79,163,752 |
79,163,752 |
|
TOTAL MONEY MARKET FUNDS (Cost $169,043,107) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.3% (Cost $2,120,618,134) |
2,224,198,808 |
||
NET OTHER ASSETS (LIABILITIES) - (3.3)% |
(72,020,128) |
||
NET ASSETS - 100% |
$ 2,152,178,680 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 $175,672 or 0.0% of net assets. |
(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 $3,267,294 or 0.2% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Facebook, Inc. Class B |
3/31/11 - 5/19/11 |
$ 3,063,881 |
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 |
$ 54,820 |
Fidelity Securities Lending Cash Central Fund |
199,564 |
Total |
$ 254,384 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 2,049,686,026 |
$ 1,972,830,933 |
$ 76,855,093 |
$ - |
Convertible Bonds |
5,469,675 |
- |
5,469,675 |
- |
Money Market Funds |
169,043,107 |
169,043,107 |
- |
- |
Total Investments in Securities: |
$ 2,224,198,808 |
$ 2,141,874,040 |
$ 82,324,768 |
$ - |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Beginning Balance |
$ 3,770,069 |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
- |
Cost of Purchases |
- |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
- |
Transfers out of Level 3 |
(3,770,069) |
Ending Balance |
$ - |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012 |
$ - |
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 May 31, 2012, the cost of investment securities for income tax purposes was $2,144,828,517. Net unrealized appreciation aggregated $79,370,291, of which $282,985,487 related to appreciated investment securities and $203,615,196 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security 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 value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These 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 Medical Delivery Portfolio
May 31, 2012
1.802180.108
MED-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 99.2% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 1.4% |
|||
Biotechnology - 1.4% |
|||
ARIAD Pharmaceuticals, Inc. (a) |
672,600 |
$ 11,144,982 |
|
ZIOPHARM Oncology, Inc. (a) |
137,500 |
706,750 |
|
|
11,851,732 |
||
DIVERSIFIED CONSUMER SERVICES - 0.6% |
|||
Specialized Consumer Services - 0.6% |
|||
Weight Watchers International, Inc. (d) |
98,700 |
5,600,238 |
|
FOOD & STAPLES RETAILING - 3.1% |
|||
Drug Retail - 3.1% |
|||
CVS Caremark Corp. |
275,800 |
12,394,452 |
|
Drogasil SA |
335,785 |
3,105,035 |
|
Rite Aid Corp. (a) |
8,875,400 |
11,538,020 |
|
|
27,037,507 |
||
HEALTH CARE PROVIDERS & SERVICES - 87.2% |
|||
Health Care Distributors & Services - 12.1% |
|||
AmerisourceBergen Corp. |
976,052 |
36,104,163 |
|
Cardinal Health, Inc. |
101,100 |
4,183,518 |
|
McKesson Corp. |
752,700 |
65,695,656 |
|
|
105,983,337 |
||
Health Care Facilities - 4.1% |
|||
Brookdale Senior Living, Inc. (a) |
509,693 |
8,404,838 |
|
Capital Senior Living Corp. (a) |
603,000 |
5,957,640 |
|
Community Health Systems, Inc. (a) |
286,000 |
6,294,860 |
|
HCA Holdings, Inc. |
23,700 |
615,963 |
|
Kindred Healthcare, Inc. (a) |
330,900 |
2,736,543 |
|
LifePoint Hospitals, Inc. (a) |
500 |
18,410 |
|
Skilled Healthcare Group, Inc. (a) |
482,000 |
2,655,820 |
|
Sunrise Senior Living, Inc. (a)(d) |
1,156,492 |
6,962,082 |
|
Tenet Healthcare Corp. (a) |
31,000 |
146,010 |
|
Universal Health Services, Inc. Class B |
52,900 |
2,049,875 |
|
|
35,842,041 |
||
Health Care Services - 24.3% |
|||
Accretive Health, Inc. (a)(d) |
1,896,804 |
22,306,415 |
|
Amedisys, Inc. (a) |
78,829 |
864,754 |
|
Catalyst Health Solutions, Inc. (a) |
213,900 |
18,581,493 |
|
DaVita, Inc. (a) |
6,400 |
520,000 |
|
Express Scripts Holding Co. (a) |
2,338,650 |
122,054,144 |
|
Gentiva Health Services, Inc. (a) |
997,500 |
5,595,975 |
|
HMS Holdings Corp. (a) |
373,900 |
10,016,781 |
|
Laboratory Corp. of America Holdings (a) |
2,000 |
166,560 |
|
Lincare Holdings, Inc. |
14,450 |
331,339 |
|
Metropolitan Health Networks, Inc. (a) |
662,000 |
5,759,400 |
|
Omnicare, Inc. |
599,800 |
18,905,696 |
|
Quest Diagnostics, Inc. |
7,500 |
426,750 |
|
Sun Healthcare Group, Inc. (a) |
100,200 |
485,970 |
|
Team Health Holdings, Inc. (a) |
275,100 |
6,255,774 |
|
|
212,271,051 |
||
|
|||
Shares |
Value |
||
Managed Health Care - 46.7% |
|||
Aetna, Inc. |
984,956 |
$ 40,274,851 |
|
Amil Participacoes SA |
867,300 |
8,170,513 |
|
Centene Corp. (a) |
169,300 |
6,118,502 |
|
CIGNA Corp. |
920,700 |
40,427,937 |
|
Health Net, Inc. (a) |
773,900 |
19,827,318 |
|
Humana, Inc. |
529,972 |
40,484,561 |
|
Molina Healthcare, Inc. (a) |
356,800 |
9,101,968 |
|
Odontoprev SA |
647,100 |
3,465,146 |
|
UnitedHealth Group, Inc. |
2,921,097 |
162,909,580 |
|
Wellcare Health Plans, Inc. (a) |
47,800 |
2,699,266 |
|
WellPoint, Inc. |
1,121,400 |
75,571,146 |
|
|
409,050,788 |
||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
763,147,217 |
||
HEALTH CARE TECHNOLOGY - 4.1% |
|||
Health Care Technology - 4.1% |
|||
athenahealth, Inc. (a)(d) |
34,700 |
2,522,343 |
|
SXC Health Solutions Corp. (a) |
357,600 |
32,856,891 |
|
|
35,379,234 |
||
INTERNET SOFTWARE & SERVICES - 0.0% |
|||
Internet Software & Services - 0.0% |
|||
WebMD Health Corp. (a) |
5,715 |
131,616 |
|
PHARMACEUTICALS - 2.3% |
|||
Pharmaceuticals - 2.3% |
|||
Endocyte, Inc. (a)(d) |
101,000 |
649,430 |
|
Valeant Pharmaceuticals International, Inc. (Canada) (a)(d) |
267,500 |
13,071,332 |
|
ViroPharma, Inc. (a) |
328,500 |
6,615,990 |
|
|
20,336,752 |
||
PROFESSIONAL SERVICES - 0.5% |
|||
Research & Consulting Services - 0.5% |
|||
Qualicorp SA |
546,000 |
4,656,370 |
|
TOTAL COMMON STOCKS (Cost $747,780,657) |
|
||
Money Market Funds - 3.0% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
1,206,011 |
1,206,011 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
25,255,050 |
25,255,050 |
|
TOTAL MONEY MARKET FUNDS (Cost $26,461,061) |
|
TOTAL INVESTMENT PORTFOLIO - 102.2% (Cost $774,241,718) |
894,601,727 |
NET OTHER ASSETS (LIABILITIES) - (2.2)% |
(19,287,864) |
||
NET ASSETS - 100% |
$ 875,313,863 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 6,719 |
Fidelity Securities Lending Cash Central Fund |
143,486 |
Total |
$ 150,205 |
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 May 31, 2012, the cost of investment securities for income tax purposes was $779,958,673. Net unrealized appreciation aggregated $114,643,054, of which $154,897,494 related to appreciated investment securities and $40,254,440 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802181.108
MES-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 97.0% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 1.0% |
|||
Biotechnology - 1.0% |
|||
Grifols SA ADR (d) |
1,500,000 |
$ 12,705,000 |
|
HEALTH CARE EQUIPMENT & SUPPLIES - 81.3% |
|||
Health Care Equipment - 70.2% |
|||
ArthroCare Corp. (a) |
280,000 |
7,330,400 |
|
Baxter International, Inc. |
1,450,000 |
73,399,000 |
|
Boston Scientific Corp. (a) |
15,000,000 |
86,100,000 |
|
C.R. Bard, Inc. |
820,000 |
79,695,800 |
|
CareFusion Corp. (a) |
850,000 |
20,604,000 |
|
China Kanghui Holdings sponsored ADR (a)(d) |
496,900 |
9,788,930 |
|
Conceptus, Inc. (a) |
600,000 |
10,104,000 |
|
CONMED Corp. |
300,000 |
8,037,000 |
|
Covidien PLC |
3,050,000 |
157,929,001 |
|
Cyberonics, Inc. (a) |
400,000 |
15,420,000 |
|
Edwards Lifesciences Corp. (a) |
300,000 |
25,611,000 |
|
Exactech, Inc. (a) |
525,000 |
8,536,500 |
|
Fisher & Paykel Healthcare Corp. |
4,000,000 |
6,179,520 |
|
Genmark Diagnostics, Inc. (a)(e) |
1,093,506 |
4,920,777 |
|
HeartWare International, Inc. CDI (a) |
5,500,000 |
12,429,516 |
|
Hill-Rom Holdings, Inc. |
750,000 |
22,057,500 |
|
Hologic, Inc. (a) |
500,000 |
8,380,000 |
|
Insulet Corp. (a) |
1,066,288 |
19,641,025 |
|
Integra LifeSciences Holdings Corp. (a) |
385,700 |
13,696,207 |
|
Intuitive Surgical, Inc. (a) |
53,000 |
27,724,300 |
|
Ion Beam Applications SA |
400,000 |
1,905,684 |
|
Mako Surgical Corp. (a)(d) |
260,000 |
5,904,600 |
|
Masimo Corp. (a) |
300,000 |
5,643,000 |
|
Medtronic, Inc. |
430,000 |
15,841,200 |
|
NxStage Medical, Inc. (a) |
600,000 |
9,114,000 |
|
Opto Circuits India Ltd. |
1,300,000 |
3,752,231 |
|
Orthofix International NV (a) |
60,000 |
2,274,000 |
|
Sirona Dental Systems, Inc. (a) |
125,000 |
5,347,500 |
|
St. Jude Medical, Inc. |
700,000 |
26,894,000 |
|
Stryker Corp. |
1,500,000 |
77,175,000 |
|
Tornier BV (a) |
750,000 |
14,812,500 |
|
Varian Medical Systems, Inc. (a) |
400,000 |
23,464,000 |
|
Volcano Corp. (a) |
880,000 |
25,159,200 |
|
Wright Medical Group, Inc. (a) |
1,000,000 |
19,790,000 |
|
Zeltiq Aesthetics, Inc. (d) |
527,167 |
2,361,708 |
|
Zimmer Holdings, Inc. |
600,000 |
36,390,000 |
|
|
893,413,099 |
||
Health Care Supplies - 11.1% |
|||
Align Technology, Inc. (a) |
550,000 |
17,176,500 |
|
DENTSPLY International, Inc. |
1,280,000 |
47,360,000 |
|
OraSure Technologies, Inc. (a) |
800,000 |
8,280,000 |
|
|
|||
Shares |
Value |
||
The Cooper Companies, Inc. |
500,000 |
$ 42,590,000 |
|
The Spectranetics Corp. (a) |
1,280,000 |
12,633,600 |
|
Unilife Corp. (a)(d) |
2,000,000 |
8,340,000 |
|
Vascular Solutions, Inc. (a) |
400,000 |
4,552,000 |
|
|
140,932,100 |
||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
1,034,345,199 |
||
HEALTH CARE PROVIDERS & SERVICES - 11.2% |
|||
Health Care Distributors & Services - 0.5% |
|||
Amplifon SpA (d) |
1,400,000 |
6,935,200 |
|
Health Care Facilities - 0.7% |
|||
Hanger Orthopedic Group, Inc. (a) |
300,000 |
6,471,000 |
|
LCA-Vision, Inc. (a) |
600,000 |
2,742,000 |
|
|
9,213,000 |
||
Health Care Services - 3.2% |
|||
Accretive Health, Inc. (a) |
301,700 |
3,547,992 |
|
Catalyst Health Solutions, Inc. (a) |
250,000 |
21,717,500 |
|
MModal, Inc. (a) |
102,500 |
1,288,425 |
|
Quest Diagnostics, Inc. |
250,000 |
14,225,000 |
|
|
40,778,917 |
||
Managed Health Care - 6.8% |
|||
Health Net, Inc. (a) |
600,000 |
15,372,000 |
|
UnitedHealth Group, Inc. |
800,000 |
44,616,000 |
|
WellPoint, Inc. |
384,100 |
25,884,499 |
|
|
85,872,499 |
||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
142,799,616 |
||
HEALTH CARE TECHNOLOGY - 2.6% |
|||
Health Care Technology - 2.6% |
|||
athenahealth, Inc. (a)(d) |
160,000 |
11,630,400 |
|
SXC Health Solutions Corp. (a) |
237,200 |
21,794,336 |
|
|
33,424,736 |
||
LIFE SCIENCES TOOLS & SERVICES - 0.9% |
|||
Life Sciences Tools & Services - 0.9% |
|||
Illumina, Inc. (a) |
250,000 |
10,765,000 |
|
TOTAL COMMON STOCKS (Cost $1,135,543,352) |
|
||
Convertible Preferred Stocks - 0.6% |
|||
|
|
|
|
BIOTECHNOLOGY - 0.1% |
|||
Biotechnology - 0.1% |
|||
Ariosa Diagnostics (f) |
331,126 |
2,000,001 |
|
Convertible Preferred Stocks - continued |
|||
Shares |
Value |
||
HEALTH CARE TECHNOLOGY - 0.5% |
|||
Health Care Technology - 0.5% |
|||
Castlight Health, Inc. Series D (a)(f) |
999,300 |
$ 6,032,334 |
|
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $8,032,335) |
|
||
Money Market Funds - 5.2% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
37,290,001 |
37,290,001 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
29,595,331 |
29,595,331 |
|
TOTAL MONEY MARKET FUNDS (Cost $66,885,332) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.8% (Cost $1,210,461,019) |
1,308,957,218 |
||
NET OTHER ASSETS (LIABILITIES) - (2.8)% |
(36,209,435) |
||
NET ASSETS - 100% |
$ 1,272,747,783 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 $8,032,335 or 0.6% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Ariosa Diagnostics |
11/30/11 |
$ 2,000,001 |
Castlight Health, Inc. Series D |
4/25/12 |
$ 6,032,334 |
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 |
$ 6,580 |
Fidelity Securities Lending Cash Central Fund |
238,687 |
Total |
$ 245,267 |
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, |
Genmark Diagnostics, Inc. |
$ 4,160,254 |
$ 383,771 |
$ - |
$ - |
$ 4,920,777 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 1,234,039,551 |
$ 1,225,198,667 |
$ 8,840,884 |
$ - |
Convertible Preferred Stocks |
8,032,335 |
- |
- |
8,032,335 |
Money Market Funds |
66,885,332 |
66,885,332 |
- |
- |
Total Investments in Securities: |
$ 1,308,957,218 |
$ 1,292,083,999 |
$ 8,840,884 |
$ 8,032,335 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Beginning Balance |
$ 2,000,001 |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
- |
Cost of Purchases |
6,032,334 |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
- |
Transfers out of Level 3 |
- |
Ending Balance |
$ 8,032,335 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012 |
$ - |
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 May 31, 2012, the cost of investment securities for income tax purposes was $1,214,627,473. Net unrealized appreciation aggregated $94,329,745, of which $156,536,947 related to appreciated investment securities and $62,207,202 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 Resources Portfolio
May 31, 2012
1.802184.108
NAT-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 99.5% |
|||
Shares |
Value |
||
CHEMICALS - 2.3% |
|||
Specialty Chemicals - 2.3% |
|||
LyondellBasell Industries NV Class A |
627,800 |
$ 24,772,988 |
|
CONSTRUCTION & ENGINEERING - 0.6% |
|||
Construction & Engineering - 0.6% |
|||
Foster Wheeler AG (a) |
328,800 |
5,882,232 |
|
CONTAINERS & PACKAGING - 1.7% |
|||
Metal & Glass Containers - 1.7% |
|||
Ball Corp. |
222,200 |
8,881,334 |
|
Crown Holdings, Inc. (a) |
276,600 |
9,429,294 |
|
|
18,310,628 |
||
ENERGY EQUIPMENT & SERVICES - 20.9% |
|||
Oil & Gas Drilling - 6.6% |
|||
Discovery Offshore S.A. (a)(e) |
1,522,800 |
2,614,826 |
|
Ensco PLC Class A |
448,000 |
20,119,680 |
|
Helmerich & Payne, Inc. |
68,600 |
3,107,580 |
|
Noble Corp. |
631,500 |
19,747,005 |
|
Northern Offshore Ltd. |
945,000 |
1,601,647 |
|
Ocean Rig UDW, Inc. (United States) |
426,700 |
6,379,165 |
|
Parker Drilling Co. (a) |
1,213,200 |
5,932,548 |
|
Rowan Companies PLC (a) |
235,600 |
7,068,000 |
|
Tuscany International Drilling, Inc. (a) |
885,100 |
445,614 |
|
Vantage Drilling Co. (a) |
1,977,700 |
2,966,550 |
|
|
69,982,615 |
||
Oil & Gas Equipment & Services - 14.3% |
|||
Compagnie Generale de Geophysique SA (a) |
261,600 |
5,719,829 |
|
Fugro NV (Certificaten Van Aandelen) unit |
349,700 |
20,106,185 |
|
Gulfmark Offshore, Inc. Class A (a) |
175,600 |
6,267,164 |
|
Halliburton Co. |
622,200 |
18,703,332 |
|
Key Energy Services, Inc. (a) |
367,400 |
3,640,934 |
|
McDermott International, Inc. (a) |
370,300 |
3,758,545 |
|
National Oilwell Varco, Inc. |
676,658 |
45,166,922 |
|
Oil States International, Inc. (a) |
184,300 |
12,268,851 |
|
Schlumberger Ltd. |
397,992 |
25,172,994 |
|
Schoeller-Bleckmann Oilfield Equipment AG |
23,300 |
1,909,249 |
|
Superior Energy Services, Inc. (a) |
73,600 |
1,592,704 |
|
Total Energy Services, Inc. |
100,000 |
1,425,183 |
|
Weatherford International Ltd. (a) |
519,300 |
6,236,793 |
|
|
151,968,685 |
||
TOTAL ENERGY EQUIPMENT & SERVICES |
221,951,300 |
||
HOTELS, RESTAURANTS & LEISURE - 0.0% |
|||
Casinos & Gaming - 0.0% |
|||
Icahn Enterprises LP rights (a) |
282,600 |
3 |
|
METALS & MINING - 13.6% |
|||
Diversified Metals & Mining - 3.3% |
|||
Anglo American PLC (United Kingdom) |
158,000 |
4,815,847 |
|
|
|||
Shares |
Value |
||
Freeport-McMoRan Copper & Gold, Inc. |
517,834 |
$ 16,591,401 |
|
Ivanhoe Mines Ltd. (a) |
161,500 |
1,524,544 |
|
Kenmare Resources PLC (a) |
5,361,500 |
3,728,972 |
|
Teck Resources Ltd. Class B (sub. vtg.) |
267,400 |
8,010,220 |
|
|
34,670,984 |
||
Gold - 9.4% |
|||
AngloGold Ashanti Ltd. sponsored ADR |
231,900 |
8,362,314 |
|
Barrick Gold Corp. (d) |
382,400 |
15,027,948 |
|
Gold Fields Ltd. sponsored ADR |
691,000 |
9,155,750 |
|
Goldcorp, Inc. |
323,200 |
11,797,105 |
|
Harmony Gold Mining Co. Ltd. sponsored ADR |
591,600 |
5,833,176 |
|
IAMGOLD Corp. |
597,700 |
6,406,099 |
|
Kinross Gold Corp. |
309,467 |
2,483,886 |
|
Newcrest Mining Ltd. |
532,191 |
12,918,709 |
|
Newmont Mining Corp. |
332,300 |
15,671,268 |
|
Randgold Resources Ltd. sponsored ADR |
55,600 |
4,411,860 |
|
Yamana Gold, Inc. |
525,500 |
7,713,201 |
|
|
99,781,316 |
||
Precious Metals & Minerals - 0.9% |
|||
Pan American Silver Corp. |
134,500 |
2,259,355 |
|
Silver Wheaton Corp. (d) |
271,900 |
6,984,080 |
|
|
9,243,435 |
||
TOTAL METALS & MINING |
143,695,735 |
||
OIL, GAS & CONSUMABLE FUELS - 60.4% |
|||
Coal & Consumable Fuels - 1.3% |
|||
Alpha Natural Resources, Inc. (a) |
211,422 |
2,215,703 |
|
Peabody Energy Corp. |
487,900 |
11,397,344 |
|
|
13,613,047 |
||
Integrated Oil & Gas - 26.9% |
|||
Chevron Corp. |
1,123,600 |
110,461,114 |
|
Hess Corp. |
911,500 |
39,832,550 |
|
InterOil Corp. (a)(d) |
25,000 |
1,660,250 |
|
Murphy Oil Corp. |
223,400 |
10,414,908 |
|
Occidental Petroleum Corp. |
994,400 |
78,826,088 |
|
Royal Dutch Shell PLC Class A sponsored ADR |
337,100 |
20,960,878 |
|
Suncor Energy, Inc. |
861,000 |
23,366,249 |
|
|
285,522,037 |
||
Oil & Gas Exploration & Production - 24.8% |
|||
Anadarko Petroleum Corp. |
31,100 |
1,897,100 |
|
Apache Corp. |
295,000 |
24,007,100 |
|
Atlas Resource Partners LP (a) |
4,257 |
109,320 |
|
BPZ Energy, Inc. (a) |
500,300 |
1,545,927 |
|
C&C Energia Ltd. (a) |
168,200 |
1,104,125 |
|
Cabot Oil & Gas Corp. |
705,200 |
22,947,208 |
|
Canadian Natural Resources Ltd. (d) |
178,100 |
5,114,437 |
|
Carrizo Oil & Gas, Inc. (a) |
47,600 |
1,052,436 |
|
Cobalt International Energy, Inc. (a) |
285,900 |
6,475,635 |
|
Comstock Resources, Inc. (a) |
324,600 |
4,852,770 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
|||
Oil & Gas Exploration & Production - continued |
|||
EOG Resources, Inc. |
272,700 |
$ 27,079,110 |
|
EQT Corp. |
466,300 |
21,626,994 |
|
EV Energy Partners LP |
139,500 |
7,153,560 |
|
EXCO Resources, Inc. (d) |
434,200 |
3,126,240 |
|
Gran Tierra Energy, Inc. (Canada) (a) |
2,240,000 |
11,299,221 |
|
Halcon Resources Corp. (f) |
570,000 |
4,827,330 |
|
Kodiak Oil & Gas Corp. (a) |
143,200 |
1,161,352 |
|
Marathon Oil Corp. |
966,400 |
24,073,024 |
|
Midstates Petroleum Co., Inc. |
108,300 |
1,553,022 |
|
Noble Energy, Inc. |
261,500 |
22,086,290 |
|
Oasis Petroleum, Inc. (a) |
52,000 |
1,335,880 |
|
Painted Pony Petroleum Ltd. (a)(e) |
9,500 |
72,571 |
|
Pioneer Natural Resources Co. |
272,800 |
26,379,760 |
|
Plains Exploration & Production Co. (a) |
201,600 |
7,215,264 |
|
QEP Resources, Inc. |
94,100 |
2,476,712 |
|
Rosetta Resources, Inc. (a) |
295,900 |
11,448,371 |
|
SM Energy Co. |
322,100 |
17,422,389 |
|
Swift Energy Co. (a) |
131,500 |
2,618,165 |
|
TAG Oil Ltd. (a) |
126,100 |
1,141,536 |
|
TAG Oil Ltd. (e) |
20,400 |
184,673 |
|
|
263,387,522 |
||
Oil & Gas Refining & Marketing - 5.1% |
|||
Calumet Specialty Products Partners LP |
232,200 |
5,182,704 |
|
HollyFrontier Corp. |
57,704 |
1,701,114 |
|
Marathon Petroleum Corp. |
604,700 |
21,811,529 |
|
Tesoro Corp. (a) |
96,200 |
2,127,944 |
|
Valero Energy Corp. |
1,095,700 |
23,119,270 |
|
|
53,942,561 |
||
Oil & Gas Storage & Transport - 2.3% |
|||
Atlas Energy LP |
73,000 |
2,519,230 |
|
Atlas Pipeline Partners, LP |
247,800 |
7,434,000 |
|
Cheniere Energy, Inc. (a) |
247,900 |
3,480,516 |
|
Markwest Energy Partners LP |
41,700 |
1,999,098 |
|
Williams Companies, Inc. |
291,700 |
8,905,601 |
|
|
24,338,445 |
||
TOTAL OIL, GAS & CONSUMABLE FUELS |
640,803,612 |
||
TOTAL COMMON STOCKS (Cost $1,128,557,726) |
|
||
Money Market Funds - 3.0% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.17% (b) |
6,513,510 |
$ 6,513,510 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
25,023,515 |
25,023,515 |
|
TOTAL MONEY MARKET FUNDS (Cost $31,537,025) |
|
TOTAL INVESTMENT PORTFOLIO - 102.5% (Cost $1,160,094,751) |
1,086,953,523 |
NET OTHER ASSETS (LIABILITIES) - (2.5)% |
(26,125,092) |
||
NET ASSETS - 100% |
$ 1,060,828,431 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 $2,872,070 or 0.3% of net assets. |
(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 $4,827,330 or 0.5% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Halcon Resources Corp. |
3/1/12 |
$ 5,130,000 |
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 |
$ 1,629 |
Fidelity Securities Lending Cash Central Fund |
66,848 |
Total |
$ 68,477 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 1,055,416,498 |
$ 1,010,092,610 |
$ 42,709,059 |
$ 2,614,829 |
Money Market Funds |
31,537,025 |
31,537,025 |
- |
- |
Total Investments in Securities: |
$ 1,086,953,523 |
$ 1,041,629,635 |
$ 42,709,059 |
$ 2,614,829 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Beginning Balance |
$ - |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
(41,054) |
Cost of Purchases |
3 |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
2,655,880 |
Transfers out of Level 3 |
- |
Ending Balance |
$ 2,614,829 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012 |
$ (41,054) |
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 May 31, 2012, the cost of investment securities for income tax purposes was $1,168,106,294. Net unrealized depreciation aggregated $81,152,771, of which $61,892,473 related to appreciated investment securities and $143,045,244 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802182.108
BAM-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 97.0% |
|||
Shares |
Value |
||
INTERNET & CATALOG RETAIL - 0.5% |
|||
Internet Retail - 0.5% |
|||
Amazon.com, Inc. (a) |
1,300 |
$ 276,783 |
|
Groupon, Inc. Class A (a)(d) |
23,300 |
247,912 |
|
Rakuten, Inc. |
446 |
476,800 |
|
|
1,001,495 |
||
INTERNET SOFTWARE & SERVICES - 1.7% |
|||
Internet Software & Services - 1.7% |
|||
Active Network, Inc. |
30,800 |
432,432 |
|
Baidu.com, Inc. sponsored ADR (a) |
6,000 |
706,620 |
|
Bankrate, Inc. |
42,400 |
736,912 |
|
Demand Media, Inc. (a)(d) |
26,700 |
244,572 |
|
Facebook, Inc. Class A |
5,600 |
165,928 |
|
Mail.ru Group Ltd. GDR (Reg. S) (a) |
11,600 |
365,328 |
|
Yahoo!, Inc. (a) |
6,400 |
97,536 |
|
Yandex NV |
38,100 |
759,333 |
|
|
3,508,661 |
||
MEDIA - 94.1% |
|||
Advertising - 4.8% |
|||
Aegis Group PLC |
339,150 |
852,226 |
|
Interpublic Group of Companies, Inc. |
237,504 |
2,467,667 |
|
Ipsos SA |
15,600 |
484,690 |
|
Lamar Advertising Co. Class A (a) |
16,700 |
410,987 |
|
National CineMedia, Inc. |
23,000 |
310,270 |
|
Omnicom Group, Inc. |
93,900 |
4,477,152 |
|
ReachLocal, Inc. (a) |
95,400 |
962,586 |
|
|
9,965,578 |
||
Broadcasting - 15.7% |
|||
Belo Corp. Series A |
201,500 |
1,164,670 |
|
CBS Corp. Class B |
311,300 |
9,936,696 |
|
Discovery Communications, Inc. (a) |
101,450 |
5,082,645 |
|
Discovery Communications, Inc. Class C (non-vtg.) (a) |
108,450 |
5,052,686 |
|
Entercom Communications Corp. Class A (a)(d) |
70,900 |
349,537 |
|
Liberty Media Corp. Capital Series A (a) |
76,293 |
6,467,358 |
|
LIN TV Corp. Class A (a) |
183,300 |
527,904 |
|
Scripps Networks Interactive, Inc. Class A |
48,400 |
2,650,868 |
|
Sinclair Broadcast Group, Inc. Class A |
127,900 |
1,041,106 |
|
|
32,273,470 |
||
Cable & Satellite - 31.7% |
|||
AMC Networks, Inc. Class A |
18,200 |
702,338 |
|
Cablevision Systems Corp. - NY Group Class A |
121,900 |
1,394,536 |
|
Charter Communications, Inc. Class A (a) |
21,600 |
1,354,320 |
|
Comcast Corp.: |
|
|
|
Class A |
760,150 |
21,975,937 |
|
Class A (special) (non-vtg.) |
147,000 |
4,221,840 |
|
DIRECTV (a) |
221,213 |
9,832,918 |
|
DISH Network Corp. Class A |
133,000 |
3,729,320 |
|
|
|||
Shares |
Value |
||
Liberty Global, Inc.: |
|
|
|
Class A (a) |
43,575 |
$ 2,013,165 |
|
Class C (a) |
38,900 |
1,738,441 |
|
Sirius XM Radio, Inc. (a)(d) |
1,938,460 |
3,663,689 |
|
Time Warner Cable, Inc. |
134,269 |
10,123,883 |
|
Virgin Media, Inc. (d) |
208,500 |
4,593,255 |
|
|
65,343,642 |
||
Movies & Entertainment - 37.5% |
|||
Cinemark Holdings, Inc. |
74,900 |
1,727,194 |
|
DreamWorks Animation SKG, Inc. Class A (a)(d) |
84,100 |
1,496,139 |
|
Lions Gate Entertainment Corp. (a)(d) |
136,500 |
1,818,180 |
|
Live Nation Entertainment, Inc. (a) |
51,500 |
481,525 |
|
Madison Square Garden Co. Class A (a) |
17,800 |
667,322 |
|
News Corp. Class A |
675,882 |
12,976,934 |
|
Regal Entertainment Group Class A (d) |
109,000 |
1,498,750 |
|
The Walt Disney Co. |
708,904 |
32,403,999 |
|
Time Warner, Inc. |
403,266 |
13,900,579 |
|
Viacom, Inc. Class B (non-vtg.) |
213,800 |
10,204,674 |
|
|
77,175,296 |
||
Publishing - 4.4% |
|||
E.W. Scripps Co. Class A (a) |
81,100 |
729,089 |
|
Gannett Co., Inc. |
121,600 |
1,588,096 |
|
John Wiley & Sons, Inc. Class A |
16,300 |
741,650 |
|
McGraw-Hill Companies, Inc. |
114,300 |
4,958,334 |
|
Meredith Corp. (d) |
18,400 |
544,456 |
|
The New York Times Co. Class A (a) |
71,000 |
472,150 |
|
|
9,033,775 |
||
TOTAL MEDIA |
193,791,761 |
||
SOFTWARE - 0.7% |
|||
Home Entertainment Software - 0.7% |
|||
Electronic Arts, Inc. (a) |
26,200 |
356,844 |
|
Nexon Co. Ltd. |
26,200 |
413,338 |
|
Take-Two Interactive Software, Inc. (a) |
42,300 |
487,296 |
|
Zynga, Inc. (d) |
35,800 |
224,108 |
|
|
1,481,586 |
||
TOTAL COMMON STOCKS (Cost $157,139,481) |
|
||
Money Market Funds - 14.7% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.17% (b) |
17,075,365 |
$ 17,075,365 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
13,305,069 |
13,305,069 |
|
TOTAL MONEY MARKET FUNDS (Cost $30,380,434) |
|
TOTAL INVESTMENT PORTFOLIO - 111.7% (Cost $187,519,915) |
230,163,937 |
NET OTHER ASSETS (LIABILITIES) - (11.7)% |
(24,168,091) |
||
NET ASSETS - 100% |
$ 205,995,846 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 2,378 |
Fidelity Securities Lending Cash Central Fund |
25,388 |
Total |
$ 27,766 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 199,783,503 |
$ 197,191,121 |
$ 2,592,382 |
$ - |
Money Market Funds |
30,380,434 |
30,380,434 |
- |
- |
Total Investments in Securities: |
$ 230,163,937 |
$ 227,571,555 |
$ 2,592,382 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $188,290,058. Net unrealized appreciation aggregated $41,873,879, of which $46,920,098 related to appreciated investment securities and $5,046,219 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802183.108
GAS-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 94.1% |
|||
Shares |
Value |
||
ELECTRIC UTILITIES - 12.2% |
|||
Electric Utilities - 12.2% |
|||
Duke Energy Corp. |
2,809,369 |
$ 61,749,931 |
|
Pepco Holdings, Inc. |
137,400 |
2,618,844 |
|
Southern Co. |
273,800 |
12,570,158 |
|
|
76,938,933 |
||
ENERGY EQUIPMENT & SERVICES - 9.9% |
|||
Oil & Gas Drilling - 5.1% |
|||
Ensco PLC Class A |
134,700 |
6,049,377 |
|
Helmerich & Payne, Inc. |
306,200 |
13,870,860 |
|
Ocean Rig UDW, Inc. (United States) |
34,100 |
509,795 |
|
Rowan Companies PLC (a) |
403,400 |
12,102,000 |
|
|
32,532,032 |
||
Oil & Gas Equipment & Services - 4.8% |
|||
Cameron International Corp. (a) |
523,200 |
23,905,008 |
|
Halliburton Co. |
207,000 |
6,222,420 |
|
|
30,127,428 |
||
TOTAL ENERGY EQUIPMENT & SERVICES |
62,659,460 |
||
GAS UTILITIES - 3.3% |
|||
Gas Utilities - 3.3% |
|||
Atmos Energy Corp. |
174,300 |
5,776,302 |
|
Chesapeake Utilities Corp. |
44,100 |
1,863,666 |
|
National Fuel Gas Co. |
312,400 |
13,505,052 |
|
|
21,145,020 |
||
MULTI-UTILITIES - 12.8% |
|||
Multi-Utilities - 12.8% |
|||
Dominion Resources, Inc. |
555,100 |
28,898,506 |
|
NiSource, Inc. |
413,600 |
10,377,224 |
|
Sempra Energy |
644,377 |
41,890,949 |
|
|
81,166,679 |
||
OIL, GAS & CONSUMABLE FUELS - 55.9% |
|||
Integrated Oil & Gas - 3.5% |
|||
InterOil Corp. (a)(d) |
167,900 |
11,150,239 |
|
Suncor Energy, Inc. |
395,700 |
10,738,705 |
|
|
21,888,944 |
||
Oil & Gas Exploration & Production - 45.3% |
|||
Americas Petrogas, Inc. (a) |
1,106,500 |
2,142,615 |
|
Americas Petrogas, Inc. (e) |
232,000 |
449,242 |
|
Anadarko Petroleum Corp. |
1,040,100 |
63,446,100 |
|
Apache Corp. |
782,133 |
63,649,982 |
|
Cabot Oil & Gas Corp. |
320,600 |
10,432,324 |
|
Celtic Exploration Ltd. (a) |
329,900 |
3,960,653 |
|
Chesapeake Energy Corp. (d) |
1,000,300 |
16,905,070 |
|
Cobalt International Energy, Inc. (a) |
30,000 |
679,500 |
|
Crown Point Ventures Ltd. (a)(e) |
747,316 |
506,483 |
|
|
|||
Shares |
Value |
||
Denbury Resources, Inc. (a) |
403,975 |
$ 6,108,102 |
|
Devon Energy Corp. |
306,946 |
18,269,426 |
|
Double Eagle Petroleum Co. (a)(d) |
177,399 |
745,076 |
|
EOG Resources, Inc. |
182,485 |
18,120,761 |
|
Epsilon Energy Ltd. (a) |
699,400 |
1,144,393 |
|
Halcon Resources Corp. (f) |
160,000 |
1,355,040 |
|
Kosmos Energy Ltd. |
168,200 |
1,752,644 |
|
Madalena Ventures, Inc. (a) |
3,242,500 |
1,569,686 |
|
Nexen, Inc. |
811,000 |
12,720,337 |
|
Niko Resources Ltd. (d) |
64,100 |
1,899,075 |
|
Noble Energy, Inc. |
427,607 |
36,115,687 |
|
Painted Pony Petroleum Ltd. (a)(e) |
5,500 |
42,015 |
|
Painted Pony Petroleum Ltd. Class A (a) |
635,100 |
4,851,565 |
|
Progress Energy Resources Corp. |
385,200 |
4,173,295 |
|
Southwestern Energy Co. (a) |
250,100 |
7,010,303 |
|
Voyager Oil & Gas, Inc. warrants 2/4/16 (a) |
105,016 |
20,080 |
|
WPX Energy, Inc. |
621,333 |
9,114,955 |
|
|
287,184,409 |
||
Oil & Gas Storage & Transport - 7.1% |
|||
Williams Companies, Inc. |
1,475,199 |
45,037,825 |
|
TOTAL OIL, GAS & CONSUMABLE FUELS |
354,111,178 |
||
TOTAL COMMON STOCKS (Cost $638,346,447) |
|
||
Money Market Funds - 10.6% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
40,427,977 |
40,427,977 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
26,999,320 |
26,999,320 |
|
TOTAL MONEY MARKET FUNDS (Cost $67,427,297) |
|
TOTAL INVESTMENT PORTFOLIO - 104.7% (Cost $705,773,744) |
663,448,567 |
NET OTHER ASSETS (LIABILITIES) - (4.7)% |
(29,847,487) |
||
NET ASSETS - 100% |
$ 633,601,080 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 $997,740 or 0.2% of net assets. |
(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 $1,355,040 or 0.2% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Halcon Resources Corp. |
3/1/12 |
$ 1,440,000 |
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 |
$ 11,304 |
Fidelity Securities Lending Cash Central Fund |
53,333 |
Total |
$ 64,637 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 596,021,270 |
$ 594,646,150 |
$ 1,375,120 |
$ - |
Money Market Funds |
67,427,297 |
67,427,297 |
- |
- |
Total Investments in Securities: |
$ 663,448,567 |
$ 662,073,447 |
$ 1,375,120 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $708,398,190. Net unrealized depreciation aggregated $44,949,623, of which $45,063,405 related to appreciated investment securities and $90,013,028 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802187.108
PHR-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 95.1% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 8.0% |
|||
Biotechnology - 8.0% |
|||
Acorda Therapeutics, Inc. (a) |
54,000 |
$ 1,187,460 |
|
Actelion Ltd. |
28,000 |
1,061,386 |
|
Alexion Pharmaceuticals, Inc. (a) |
33,072 |
2,995,331 |
|
Alnylam Pharmaceuticals, Inc. (a) |
38,800 |
397,312 |
|
AMAG Pharmaceuticals, Inc. (a) |
113,000 |
1,585,390 |
|
Amarin Corp. PLC ADR (a) |
25,000 |
296,250 |
|
Amicus Therapeutics, Inc. (a) |
15,000 |
70,950 |
|
Amylin Pharmaceuticals, Inc. (a) |
255,360 |
6,769,594 |
|
Ardea Biosciences, Inc. (a) |
104,949 |
3,353,121 |
|
ARIAD Pharmaceuticals, Inc. (a) |
152,500 |
2,526,925 |
|
Astex Pharmaceuticals, Inc. (a) |
237,000 |
417,120 |
|
BioMarin Pharmaceutical, Inc. (a) |
151,500 |
5,399,460 |
|
BioMimetic Therapeutics, Inc. (a) |
186,500 |
469,980 |
|
Biovitrum AB (a) |
10,000 |
32,183 |
|
Cubist Pharmaceuticals, Inc. (a) |
72,000 |
2,888,640 |
|
DUSA Pharmaceuticals, Inc. (a) |
90,000 |
464,400 |
|
ImmunoGen, Inc. (a) |
19,100 |
267,591 |
|
InterMune, Inc. (a) |
59,390 |
619,438 |
|
Medivation, Inc. (a) |
73,000 |
6,148,790 |
|
Merrimack Pharmaceuticals, Inc. |
13,500 |
92,745 |
|
Neurocrine Biosciences, Inc. (a) |
224,794 |
1,503,872 |
|
NPS Pharmaceuticals, Inc. (a) |
120,000 |
946,800 |
|
ONYX Pharmaceuticals, Inc. (a) |
63,800 |
2,920,764 |
|
Opko Health, Inc. (a) |
54,200 |
249,320 |
|
OREXIGEN Therapeutics, Inc. (a) |
1,896 |
6,333 |
|
Pharmacyclics, Inc. (a) |
16,000 |
502,720 |
|
Puma Biotechnology, Inc. (e) |
133,333 |
1,799,996 |
|
Puma Biotechnology, Inc. warrants 10/4/21 (a)(e) |
133,333 |
1 |
|
QLT, Inc. (a) |
98,500 |
749,585 |
|
Synageva BioPharma Corp. (a) |
4,600 |
179,446 |
|
Theravance, Inc. (a) |
119,900 |
2,480,731 |
|
Threshold Pharmaceuticals, Inc. (a) |
110,000 |
806,300 |
|
United Therapeutics Corp. (a) |
44,700 |
1,977,528 |
|
Vertex Pharmaceuticals, Inc. (a) |
70,800 |
4,250,832 |
|
Vical, Inc. (a) |
80,000 |
233,600 |
|
ZIOPHARM Oncology, Inc. (a) |
55,000 |
282,700 |
|
|
55,934,594 |
||
HEALTH CARE EQUIPMENT & SUPPLIES - 0.3% |
|||
Health Care Equipment - 0.3% |
|||
Conceptus, Inc. (a) |
115,000 |
1,936,600 |
|
Genmark Diagnostics, Inc. (a) |
45,500 |
204,750 |
|
|
2,141,350 |
||
Health Care Supplies - 0.0% |
|||
Antares Pharma, Inc. (a)(d) |
110,000 |
299,200 |
|
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
2,440,550 |
||
|
|||
Shares |
Value |
||
HEALTH CARE PROVIDERS & SERVICES - 2.4% |
|||
Health Care Services - 1.4% |
|||
Accretive Health, Inc. (a) |
125,378 |
$ 1,474,445 |
|
Catalyst Health Solutions, Inc. (a) |
46,500 |
4,039,455 |
|
Express Scripts Holding Co. (a) |
70,000 |
3,653,300 |
|
HMS Holdings Corp. (a) |
21,000 |
562,590 |
|
|
9,729,790 |
||
Managed Health Care - 1.0% |
|||
Health Net, Inc. (a) |
50,000 |
1,281,000 |
|
Molina Healthcare, Inc. (a) |
13,300 |
339,283 |
|
UnitedHealth Group, Inc. |
95,000 |
5,298,150 |
|
|
6,918,433 |
||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
16,648,223 |
||
HEALTH CARE TECHNOLOGY - 0.5% |
|||
Health Care Technology - 0.5% |
|||
SXC Health Solutions Corp. (a) |
37,000 |
3,399,622 |
|
LIFE SCIENCES TOOLS & SERVICES - 0.3% |
|||
Life Sciences Tools & Services - 0.3% |
|||
Illumina, Inc. (a) |
53,400 |
2,299,404 |
|
Patheon, Inc. (a) |
75,000 |
135,789 |
|
|
2,435,193 |
||
PERSONAL PRODUCTS - 0.2% |
|||
Personal Products - 0.2% |
|||
Prestige Brands Holdings, Inc. (a) |
121,892 |
1,673,577 |
|
PHARMACEUTICALS - 83.3% |
|||
Pharmaceuticals - 83.3% |
|||
Abbott Laboratories |
448,590 |
27,718,376 |
|
Akorn, Inc. (a) |
399,100 |
5,447,715 |
|
Alexza Pharmaceuticals, Inc. (a) |
390,000 |
142,350 |
|
Allergan, Inc. |
232,300 |
20,965,075 |
|
Astellas Pharma, Inc. |
55,000 |
2,159,823 |
|
AstraZeneca PLC sponsored ADR |
379,000 |
15,315,390 |
|
Auxilium Pharmaceuticals, Inc. (a) |
126,200 |
2,410,420 |
|
Bristol-Myers Squibb Co. |
676,110 |
22,541,507 |
|
Cadence Pharmaceuticals, Inc. (a)(d) |
331,300 |
911,075 |
|
Cardiome Pharma Corp. (a) |
297,400 |
121,934 |
|
Columbia Laboratories, Inc. (a) |
470,600 |
324,526 |
|
DepoMed, Inc. (a) |
264,000 |
1,356,960 |
|
Dr. Reddy's Laboratories Ltd. sponsored ADR (d) |
114,400 |
3,366,792 |
|
Durect Corp. (a) |
729,500 |
589,801 |
|
Elan Corp. PLC sponsored ADR (a) |
1,019,400 |
14,230,824 |
|
Eli Lilly & Co. |
534,200 |
21,875,490 |
|
Endo Pharmaceuticals Holdings, Inc. (a) |
212,400 |
6,907,248 |
|
Endo Pharmaceuticals Holdings, Inc. rights (a) |
9,000 |
0 |
|
Forest Laboratories, Inc. (a) |
297,520 |
10,413,200 |
|
GlaxoSmithKline PLC sponsored ADR |
1,083,400 |
47,788,774 |
|
Hi-Tech Pharmacal Co., Inc. (a) |
43,000 |
1,242,270 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
PHARMACEUTICALS - CONTINUED |
|||
Pharmaceuticals - continued |
|||
Hospira, Inc. (a) |
56,000 |
$ 1,750,560 |
|
Impax Laboratories, Inc. (a) |
163,500 |
3,389,355 |
|
Jazz Pharmaceuticals PLC (a) |
206,000 |
8,899,200 |
|
Johnson & Johnson |
235,000 |
14,671,050 |
|
KV Pharmaceutical Co. Class A (a)(d) |
415,000 |
464,800 |
|
MAP Pharmaceuticals, Inc. (a) |
27,112 |
319,108 |
|
Meda AB (A Shares) |
90,000 |
862,820 |
|
Medicis Pharmaceutical Corp. Class A |
160,200 |
5,783,220 |
|
Merck & Co., Inc. |
1,471,536 |
55,300,322 |
|
Mylan, Inc. (a) |
475,200 |
10,297,584 |
|
Nektar Therapeutics (a)(d) |
350,500 |
2,348,350 |
|
Novartis AG sponsored ADR |
275,598 |
14,339,364 |
|
Novo Nordisk A/S Series B sponsored ADR (d) |
195,500 |
26,155,945 |
|
Obagi Medical Products, Inc. (a) |
82,000 |
1,015,980 |
|
Ono Pharmaceutical Co. Ltd. |
28,000 |
1,579,912 |
|
Optimer Pharmaceuticals, Inc. (a)(d) |
293,000 |
4,377,420 |
|
Pain Therapeutics, Inc. (a) |
216,721 |
812,704 |
|
Paladin Labs, Inc. (a) |
107,600 |
4,635,910 |
|
Par Pharmaceutical Companies, Inc. (a) |
102,400 |
3,670,016 |
|
Perrigo Co. |
113,400 |
11,781,126 |
|
Pfizer, Inc. |
1,874,488 |
40,995,053 |
|
Pozen, Inc. (a) |
179,000 |
1,240,470 |
|
Questcor Pharmaceuticals, Inc. (a)(d) |
149,200 |
6,176,880 |
|
Sagent Pharmaceuticals, Inc. (a)(d) |
25,000 |
398,750 |
|
Salix Pharmaceuticals Ltd. (a) |
124,900 |
6,471,069 |
|
Sanofi SA sponsored ADR (d) |
1,413,022 |
48,085,139 |
|
Santarus, Inc. (a) |
251,500 |
1,674,990 |
|
Shire PLC sponsored ADR |
194,000 |
16,375,540 |
|
Sucampo Pharmaceuticals, Inc. Class A (a) |
27,600 |
202,308 |
|
Teva Pharmaceutical Industries Ltd. sponsored ADR (d) |
581,289 |
22,780,716 |
|
The Medicines Company (a) |
160,500 |
3,527,790 |
|
UCB SA |
47,000 |
2,207,817 |
|
Valeant Pharmaceuticals International, Inc. (Canada) (a)(d) |
574,927 |
28,093,688 |
|
Vectura Group PLC (a) |
265,000 |
261,757 |
|
Virbac SA |
11,467 |
1,830,672 |
|
ViroPharma, Inc. (a) |
234,100 |
4,714,774 |
|
VIVUS, Inc. (a)(d) |
215,800 |
5,349,682 |
|
Warner Chilcott PLC (a) |
251,000 |
4,733,860 |
|
Watson Pharmaceuticals, Inc. (a) |
159,800 |
11,392,142 |
|
XenoPort, Inc. (a) |
210,000 |
1,234,800 |
|
|
586,032,193 |
||
PROFESSIONAL SERVICES - 0.1% |
|||
Research & Consulting Services - 0.1% |
|||
Qualicorp SA |
50,000 |
426,408 |
|
TOTAL COMMON STOCKS (Cost $561,943,547) |
|
||
Convertible Preferred Stocks - 0.0% |
|||
Shares |
Value |
||
PHARMACEUTICALS - 0.0% |
|||
Pharmaceuticals - 0.0% |
|||
Agios Pharmaceuticals, Inc. Series C (e) |
50,916 |
$ 250,054 |
|
Money Market Funds - 11.0% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
34,960,163 |
34,960,163 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
42,082,665 |
42,082,665 |
|
TOTAL MONEY MARKET FUNDS (Cost $77,042,828) |
|
||
TOTAL INVESTMENT PORTFOLIO - 106.1% (Cost $639,236,429) |
746,283,242 |
||
NET OTHER ASSETS (LIABILITIES) - (6.1)% |
(42,825,261) |
||
NET ASSETS - 100% |
$ 703,457,981 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 $2,050,050 or 0.3% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Agios Pharmaceuticals, Inc. Series C |
11/16/11 |
$ 250,054 |
Puma Biotechnology, Inc. |
10/4/11 |
$ 499,997 |
Puma Biotechnology, Inc. warrants 10/4/21 |
10/4/11 |
$ 2 |
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 |
$ 11,257 |
Fidelity Securities Lending Cash Central Fund |
108,815 |
Total |
$ 120,072 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 668,990,360 |
$ 658,993,989 |
$ 9,996,370 |
$ 1 |
Convertible Preferred Stocks |
250,054 |
- |
- |
250,054 |
Money Market Funds |
77,042,828 |
77,042,828 |
- |
- |
Total Investments in Securities: |
$ 746,283,242 |
$ 736,036,817 |
$ 9,996,370 |
$ 250,055 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Beginning Balance |
$ 750,054 |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
- |
Cost of Purchases |
- |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
- |
Transfers out of Level 3 |
(499,999) |
Ending Balance |
$ 250,055 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012 |
$ - |
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 May 31, 2012, the cost of investment securities for income tax purposes was $644,151,430. Net unrealized appreciation aggregated $102,131,812, of which $131,035,815 related to appreciated investment securities and $28,904,003 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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
May 31, 2012
1.802189.108
SOF-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 99.0% |
|||
Shares |
Value |
||
CAPITAL MARKETS - 0.2% |
|||
Asset Management & Custody Banks - 0.2% |
|||
ICG Group, Inc. (a) |
367,789 |
$ 3,199,764 |
|
COMMUNICATIONS EQUIPMENT - 3.2% |
|||
Communications Equipment - 3.2% |
|||
Acme Packet, Inc. (a) |
214,700 |
4,912,336 |
|
Comverse Technology, Inc. (a) |
2,111,700 |
12,902,487 |
|
Infinera Corp. (a) |
400,000 |
2,564,000 |
|
Polycom, Inc. (a) |
2,430,521 |
27,805,160 |
|
Riverbed Technology, Inc. (a) |
310,900 |
5,098,760 |
|
|
53,282,743 |
||
COMPUTERS & PERIPHERALS - 1.1% |
|||
Computer Hardware - 0.0% |
|||
Cray, Inc. (a) |
7 |
75 |
|
Computer Storage & Peripherals - 1.1% |
|||
Electronics for Imaging, Inc. (a) |
347,856 |
5,127,397 |
|
SanDisk Corp. (a) |
415,900 |
13,599,930 |
|
|
18,727,327 |
||
TOTAL COMPUTERS & PERIPHERALS |
18,727,402 |
||
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.9% |
|||
Alternative Carriers - 0.9% |
|||
inContact, Inc. (a)(e) |
3,026,876 |
15,830,561 |
|
ELECTRONIC EQUIPMENT & COMPONENTS - 2.5% |
|||
Electronic Components - 0.6% |
|||
Corning, Inc. |
744,500 |
9,671,055 |
|
Electronic Manufacturing Services - 0.7% |
|||
Fabrinet (a) |
280,034 |
3,265,196 |
|
Flextronics International Ltd. (a) |
816,800 |
5,243,856 |
|
TE Connectivity Ltd. |
86,700 |
2,724,114 |
|
|
11,233,166 |
||
Technology Distributors - 1.2% |
|||
Arrow Electronics, Inc. (a) |
422,457 |
14,325,517 |
|
BrightPoint, Inc. (a) |
1,267,547 |
6,172,954 |
|
|
20,498,471 |
||
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS |
41,402,692 |
||
INTERNET SOFTWARE & SERVICES - 21.3% |
|||
Internet Software & Services - 21.3% |
|||
Active Network, Inc. (e) |
3,534,780 |
49,628,311 |
|
Akamai Technologies, Inc. (a) |
245,000 |
7,188,300 |
|
Blinkx PLC (a) |
3,015,633 |
1,924,346 |
|
Constant Contact, Inc. (a)(d) |
75,814 |
1,535,234 |
|
Cornerstone OnDemand, Inc. (a) |
88,823 |
1,780,901 |
|
Demandware, Inc. (d) |
34,200 |
1,063,962 |
|
Digital River, Inc. (a) |
82,300 |
1,201,580 |
|
eBay, Inc. (a) |
1,021,400 |
40,028,666 |
|
Google, Inc. Class A (a) |
275,800 |
160,201,188 |
|
IAC/InterActiveCorp |
76,400 |
3,431,888 |
|
|
|||
Shares |
Value |
||
KIT Digital, Inc. (a)(d) |
1,927,816 |
$ 6,284,680 |
|
LivePerson, Inc. (a) |
58,600 |
1,011,436 |
|
MercadoLibre, Inc. |
40,800 |
2,865,792 |
|
Rackspace Hosting, Inc. (a) |
132,877 |
6,573,425 |
|
Responsys, Inc. (a) |
478,355 |
4,912,706 |
|
Saba Software, Inc. (a) |
283,805 |
2,369,772 |
|
SciQuest, Inc. (a) |
35,000 |
550,900 |
|
SPS Commerce, Inc. (a) |
85,636 |
2,366,979 |
|
Travelzoo, Inc. (a)(d) |
25,000 |
583,000 |
|
Velti PLC (a)(d) |
579,600 |
4,231,080 |
|
VeriSign, Inc. |
108,000 |
4,128,840 |
|
Vocus, Inc. (a) |
75,000 |
1,209,750 |
|
Web.com, Inc. (a) |
1,197,557 |
19,065,107 |
|
Yahoo!, Inc. (a) |
2,155,500 |
32,849,820 |
|
|
356,987,663 |
||
IT SERVICES - 23.2% |
|||
Data Processing & Outsourced Services - 6.5% |
|||
DST Systems, Inc. |
25,700 |
1,313,270 |
|
FleetCor Technologies, Inc. (a) |
88,400 |
3,350,360 |
|
Genpact Ltd. (a) |
40,300 |
628,277 |
|
Global Payments, Inc. |
99,400 |
4,222,512 |
|
MasterCard, Inc. Class A |
87,400 |
35,528,974 |
|
VeriFone Systems, Inc. (a) |
145,200 |
5,243,172 |
|
Visa, Inc. Class A |
470,700 |
54,224,640 |
|
WNS Holdings Ltd. sponsored ADR (a) |
101,791 |
1,117,665 |
|
Wright Express Corp. (a) |
65,900 |
3,694,354 |
|
|
109,323,224 |
||
IT Consulting & Other Services - 16.7% |
|||
Accenture PLC Class A |
250,300 |
14,292,130 |
|
Amdocs Ltd. (a) |
60,000 |
1,725,000 |
|
Camelot Information Systems, Inc. ADR (a)(e) |
2,301,356 |
5,085,997 |
|
Cognizant Technology Solutions Corp. Class A (a) |
895,800 |
52,180,350 |
|
EPAM Systems, Inc. |
613,428 |
10,734,990 |
|
HCL Technologies Ltd. |
1 |
9 |
|
HiSoft Technology International Ltd. ADR (a) |
446,700 |
5,829,435 |
|
IBM Corp. |
764,089 |
147,392,768 |
|
iGate Corp. (a) |
27,000 |
442,530 |
|
Lionbridge Technologies, Inc. (a)(e) |
5,736,996 |
17,268,358 |
|
Sapient Corp. |
102,300 |
1,125,300 |
|
ServiceSource International, Inc. (a) |
545,800 |
6,549,600 |
|
Teradata Corp. (a) |
111,100 |
7,385,928 |
|
Unisys Corp. (a) |
73,100 |
1,148,401 |
|
Virtusa Corp. (a) |
536,546 |
7,849,668 |
|
|
279,010,464 |
||
TOTAL IT SERVICES |
388,333,688 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
MEDIA - 1.4% |
|||
Advertising - 1.1% |
|||
MDC Partners, Inc.: |
|
|
|
Class A |
77,138 |
$ 749,010 |
|
Class A (sub. vtg.) (e) |
1,768,914 |
17,176,149 |
|
|
17,925,159 |
||
Broadcasting - 0.3% |
|||
Pandora Media, Inc. |
571,463 |
6,137,513 |
|
TOTAL MEDIA |
24,062,672 |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.4% |
|||
Semiconductors - 0.4% |
|||
RF Micro Devices, Inc. (a) |
953,700 |
3,595,449 |
|
Texas Instruments, Inc. |
106,400 |
3,030,272 |
|
|
6,625,721 |
||
SOFTWARE - 44.8% |
|||
Application Software - 13.8% |
|||
Actuate Corp. (a) |
245,000 |
1,636,600 |
|
Adobe Systems, Inc. (a) |
604,000 |
18,754,200 |
|
AsiaInfo-Linkage, Inc. (a) |
885,200 |
9,383,120 |
|
Autodesk, Inc. (a) |
323,800 |
10,368,076 |
|
BroadSoft, Inc. (a)(d) |
246,500 |
6,731,915 |
|
Callidus Software, Inc. (a)(d)(e) |
2,292,467 |
11,439,410 |
|
Citrix Systems, Inc. (a) |
603,300 |
44,089,164 |
|
Compuware Corp. (a) |
445,200 |
4,006,800 |
|
Concur Technologies, Inc. (a) |
49,900 |
3,086,315 |
|
Descartes Systems Group, Inc. (a) |
1,431,300 |
11,820,680 |
|
Ebix, Inc. (d) |
584,725 |
10,174,215 |
|
Informatica Corp. (a) |
65,900 |
2,730,237 |
|
Kingdee International Software Group Co. Ltd. |
6,654,000 |
1,105,921 |
|
Nuance Communications, Inc. (a) |
439,500 |
9,093,255 |
|
Parametric Technology Corp. (a) |
477,000 |
9,635,400 |
|
Pegasystems, Inc. |
76,400 |
2,367,636 |
|
PROS Holdings, Inc. (a) |
47,200 |
709,416 |
|
QLIK Technologies, Inc. (a) |
113,500 |
2,579,855 |
|
RealPage, Inc. (a)(d) |
373,700 |
6,670,545 |
|
salesforce.com, Inc. (a) |
305,678 |
42,373,084 |
|
SolarWinds, Inc. (a) |
80,000 |
3,668,800 |
|
Solera Holdings, Inc. |
120,000 |
5,328,000 |
|
Synchronoss Technologies, Inc. (a) |
62,332 |
1,116,366 |
|
Synopsys, Inc. (a) |
210,900 |
6,232,095 |
|
TIBCO Software, Inc. (a) |
102,500 |
2,741,875 |
|
TiVo, Inc. (a) |
267,100 |
2,281,034 |
|
Verint Systems, Inc. (a) |
48,864 |
1,403,374 |
|
|
231,527,388 |
||
Home Entertainment Software - 0.3% |
|||
Activision Blizzard, Inc. |
300,000 |
3,522,000 |
|
Take-Two Interactive Software, Inc. (a) |
131,500 |
1,514,880 |
|
|
5,036,880 |
||
|
|||
Shares |
Value |
||
Systems Software - 30.7% |
|||
Ariba, Inc. (a) |
1,426,500 |
$ 64,092,645 |
|
BMC Software, Inc. (a) |
138,000 |
5,840,160 |
|
CA, Inc. |
327,500 |
8,144,925 |
|
Check Point Software Technologies Ltd. (a) |
42,700 |
2,187,948 |
|
Fortinet, Inc. (a) |
118,600 |
2,520,250 |
|
Imperva, Inc. |
72,006 |
1,851,274 |
|
Microsoft Corp. |
9,169,500 |
267,657,707 |
|
NetSuite, Inc. (a) |
15,600 |
731,952 |
|
Opnet Technologies, Inc. |
35,200 |
878,944 |
|
Oracle Corp. |
4,204,500 |
111,293,115 |
|
Pervasive Software, Inc. (a) |
613,384 |
4,355,026 |
|
Red Hat, Inc. (a) |
225,100 |
11,565,638 |
|
Symantec Corp. (a) |
1,039,000 |
15,418,760 |
|
VMware, Inc. Class A (a) |
167,900 |
15,616,379 |
|
Websense, Inc. (a) |
81,700 |
1,517,986 |
|
|
513,672,709 |
||
TOTAL SOFTWARE |
750,236,977 |
||
TOTAL COMMON STOCKS (Cost $1,589,619,011) |
|
||
Money Market Funds - 2.5% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
19,605,084 |
19,605,084 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
22,599,251 |
22,599,251 |
|
TOTAL MONEY MARKET FUNDS (Cost $42,204,335) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $1,631,823,346) |
1,700,894,218 |
||
NET OTHER ASSETS (LIABILITIES) - (1.5)% |
(25,735,020) |
||
NET ASSETS - 100% |
$ 1,675,159,198 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 18,484 |
Fidelity Securities Lending Cash Central Fund |
603,739 |
Total |
$ 622,223 |
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, |
Active Network, Inc. |
$ 31,326,256 |
$ 24,420,977 |
$ - |
$ - |
$ 49,628,311 |
Callidus Software, Inc. |
16,897,742 |
69,628 |
- |
- |
11,439,410 |
Camelot Information Systems, Inc. ADR |
4,176,153 |
1,935,729 |
827,853 |
- |
5,085,997 |
inContact, Inc. |
14,738,399 |
1,302,149 |
- |
- |
15,830,561 |
Lionbridge Technologies, Inc. |
13,016,304 |
2,003,738 |
- |
- |
17,268,358 |
MDC Partners, Inc. Class A (sub. vtg.) |
16,274,035 |
5,709,620 |
- |
384,782 |
17,176,149 |
Total |
$ 96,428,889 |
$ 35,441,841 |
$ 827,853 |
$ 384,782 |
$ 116,428,786 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 1,658,689,883 |
$ 1,656,765,537 |
$ 1,924,346 |
$ - |
Money Market Funds |
42,204,335 |
42,204,335 |
- |
- |
Total Investments in Securities: |
$ 1,700,894,218 |
$ 1,698,969,872 |
$ 1,924,346 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $1,639,855,080. Net unrealized appreciation aggregated $61,039,138, of which $174,896,259 related to appreciated investment securities and $113,857,121 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 Telecommunications Portfolio
May 31, 2012
1.802191.108
TEL-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 92.2% |
|||
Shares |
Value |
||
COMMUNICATIONS EQUIPMENT - 0.0% |
|||
Communications Equipment - 0.0% |
|||
Comverse Technology, Inc. (a) |
14,337 |
$ 87,599 |
|
Nortel Networks Corp. (a) |
8,071 |
0 |
|
|
87,599 |
||
DIVERSIFIED TELECOMMUNICATION SERVICES - 66.5% |
|||
Alternative Carriers - 11.4% |
|||
AboveNet, Inc. (a) |
66,200 |
5,515,784 |
|
Cogent Communications Group, Inc. (a) |
326,902 |
5,799,241 |
|
Level 3 Communications, Inc. (a) |
391,391 |
8,309,231 |
|
tw telecom, inc. (a) |
747,157 |
17,326,571 |
|
Vonage Holdings Corp. (a) |
1,613,000 |
2,951,790 |
|
|
39,902,617 |
||
Integrated Telecommunication Services - 55.1% |
|||
AT&T, Inc. |
2,496,119 |
85,292,385 |
|
Atlantic Tele-Network, Inc. |
107,000 |
3,520,300 |
|
CenturyLink, Inc. |
777,684 |
30,500,766 |
|
China Unicom Ltd. sponsored ADR |
214,700 |
2,949,978 |
|
Frontier Communications Corp. (d) |
846,800 |
3,167,032 |
|
General Communications, Inc. Class A (a) |
1,004,600 |
6,369,164 |
|
PT Telkomunikasi Indonesia Tbk Series B |
872,500 |
721,027 |
|
PT XL Axiata Tbk |
903,000 |
566,777 |
|
Telefonica Brasil SA sponsored ADR |
152,863 |
3,610,624 |
|
Telenor ASA sponsored ADR |
29,000 |
1,271,650 |
|
Verizon Communications, Inc. |
1,232,641 |
51,327,171 |
|
Windstream Corp. |
434,982 |
4,071,432 |
|
|
193,368,306 |
||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES |
233,270,923 |
||
MEDIA - 1.6% |
|||
Cable & Satellite - 1.6% |
|||
Cablevision Systems Corp. - NY Group Class A |
76,000 |
869,440 |
|
Time Warner Cable, Inc. |
14,900 |
1,123,460 |
|
Virgin Media, Inc. (d) |
171,300 |
3,773,739 |
|
|
5,766,639 |
||
SOFTWARE - 0.2% |
|||
Application Software - 0.2% |
|||
Synchronoss Technologies, Inc. (a) |
29,003 |
519,444 |
|
WIRELESS TELECOMMUNICATION SERVICES - 23.9% |
|||
Wireless Telecommunication Services - 23.9% |
|||
Clearwire Corp. Class A (a)(d) |
3,658,136 |
4,426,345 |
|
|
|||
Shares |
Value |
||
Crown Castle International Corp. (a) |
320,383 |
$ 17,492,912 |
|
Leap Wireless International, Inc. (a)(d) |
437,700 |
2,525,529 |
|
MetroPCS Communications, Inc. (a) |
588,306 |
3,765,158 |
|
Mobile TeleSystems OJSC sponsored ADR |
57,100 |
950,144 |
|
NII Holdings, Inc. (a) |
366,900 |
4,226,688 |
|
NTELOS Holdings Corp. |
176,306 |
3,374,497 |
|
NTT DoCoMo, Inc. |
1,493 |
2,381,846 |
|
SBA Communications Corp. Class A (a) |
331,982 |
17,246,465 |
|
Sprint Nextel Corp. (a) |
4,167,350 |
10,710,090 |
|
Telephone & Data Systems, Inc. |
305,500 |
6,064,175 |
|
TIM Participacoes SA sponsored ADR (d) |
49,900 |
1,220,055 |
|
Turkcell Iletisim Hizmet A/S (a) |
252,000 |
1,099,268 |
|
Vodafone Group PLC sponsored ADR |
319,900 |
8,570,121 |
|
|
84,053,293 |
||
TOTAL COMMON STOCKS (Cost $352,882,904) |
|
||
Money Market Funds - 10.1% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
25,428,136 |
25,428,136 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
10,046,051 |
10,046,051 |
|
TOTAL MONEY MARKET FUNDS (Cost $35,474,187) |
|
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $388,357,091) |
359,172,085 |
NET OTHER ASSETS (LIABILITIES) - (2.3)% |
(8,180,500) |
||
NET ASSETS - 100% |
$ 350,991,585 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 3,851 |
Fidelity Securities Lending Cash Central Fund |
24,354 |
Total |
$ 28,205 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 323,697,898 |
$ 319,495,757 |
$ 4,202,141 |
$ - |
Money Market Funds |
35,474,187 |
35,474,187 |
- |
- |
Total Investments in Securities: |
$ 359,172,085 |
$ 354,969,944 |
$ 4,202,141 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $397,076,494. Net unrealized depreciation aggregated $37,904,409, of which $26,429,296 related to appreciated investment securities and $64,333,705 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 Advisor®
Telecommunications Portfolio
Class A
Class T
Class B
Class C
Institutional Class
May 31, 2012
Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Select Telecommunications Portfolio
1.851743.105
ATLC-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 92.2% |
|||
Shares |
Value |
||
COMMUNICATIONS EQUIPMENT - 0.0% |
|||
Communications Equipment - 0.0% |
|||
Comverse Technology, Inc. (a) |
14,337 |
$ 87,599 |
|
Nortel Networks Corp. (a) |
8,071 |
0 |
|
|
87,599 |
||
DIVERSIFIED TELECOMMUNICATION SERVICES - 66.5% |
|||
Alternative Carriers - 11.4% |
|||
AboveNet, Inc. (a) |
66,200 |
5,515,784 |
|
Cogent Communications Group, Inc. (a) |
326,902 |
5,799,241 |
|
Level 3 Communications, Inc. (a) |
391,391 |
8,309,231 |
|
tw telecom, inc. (a) |
747,157 |
17,326,571 |
|
Vonage Holdings Corp. (a) |
1,613,000 |
2,951,790 |
|
|
39,902,617 |
||
Integrated Telecommunication Services - 55.1% |
|||
AT&T, Inc. |
2,496,119 |
85,292,385 |
|
Atlantic Tele-Network, Inc. |
107,000 |
3,520,300 |
|
CenturyLink, Inc. |
777,684 |
30,500,766 |
|
China Unicom Ltd. sponsored ADR |
214,700 |
2,949,978 |
|
Frontier Communications Corp. (d) |
846,800 |
3,167,032 |
|
General Communications, Inc. Class A (a) |
1,004,600 |
6,369,164 |
|
PT Telkomunikasi Indonesia Tbk Series B |
872,500 |
721,027 |
|
PT XL Axiata Tbk |
903,000 |
566,777 |
|
Telefonica Brasil SA sponsored ADR |
152,863 |
3,610,624 |
|
Telenor ASA sponsored ADR |
29,000 |
1,271,650 |
|
Verizon Communications, Inc. |
1,232,641 |
51,327,171 |
|
Windstream Corp. |
434,982 |
4,071,432 |
|
|
193,368,306 |
||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES |
233,270,923 |
||
MEDIA - 1.6% |
|||
Cable & Satellite - 1.6% |
|||
Cablevision Systems Corp. - NY Group Class A |
76,000 |
869,440 |
|
Time Warner Cable, Inc. |
14,900 |
1,123,460 |
|
Virgin Media, Inc. (d) |
171,300 |
3,773,739 |
|
|
5,766,639 |
||
SOFTWARE - 0.2% |
|||
Application Software - 0.2% |
|||
Synchronoss Technologies, Inc. (a) |
29,003 |
519,444 |
|
WIRELESS TELECOMMUNICATION SERVICES - 23.9% |
|||
Wireless Telecommunication Services - 23.9% |
|||
Clearwire Corp. Class A (a)(d) |
3,658,136 |
4,426,345 |
|
|
|||
Shares |
Value |
||
Crown Castle International Corp. (a) |
320,383 |
$ 17,492,912 |
|
Leap Wireless International, Inc. (a)(d) |
437,700 |
2,525,529 |
|
MetroPCS Communications, Inc. (a) |
588,306 |
3,765,158 |
|
Mobile TeleSystems OJSC sponsored ADR |
57,100 |
950,144 |
|
NII Holdings, Inc. (a) |
366,900 |
4,226,688 |
|
NTELOS Holdings Corp. |
176,306 |
3,374,497 |
|
NTT DoCoMo, Inc. |
1,493 |
2,381,846 |
|
SBA Communications Corp. Class A (a) |
331,982 |
17,246,465 |
|
Sprint Nextel Corp. (a) |
4,167,350 |
10,710,090 |
|
Telephone & Data Systems, Inc. |
305,500 |
6,064,175 |
|
TIM Participacoes SA sponsored ADR (d) |
49,900 |
1,220,055 |
|
Turkcell Iletisim Hizmet A/S (a) |
252,000 |
1,099,268 |
|
Vodafone Group PLC sponsored ADR |
319,900 |
8,570,121 |
|
|
84,053,293 |
||
TOTAL COMMON STOCKS (Cost $352,882,904) |
|
||
Money Market Funds - 10.1% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
25,428,136 |
25,428,136 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
10,046,051 |
10,046,051 |
|
TOTAL MONEY MARKET FUNDS (Cost $35,474,187) |
|
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $388,357,091) |
359,172,085 |
NET OTHER ASSETS (LIABILITIES) - (2.3)% |
(8,180,500) |
||
NET ASSETS - 100% |
$ 350,991,585 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 |
$ 3,851 |
Fidelity Securities Lending Cash Central Fund |
24,354 |
Total |
$ 28,205 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 323,697,898 |
$ 319,495,757 |
$ 4,202,141 |
$ - |
Money Market Funds |
35,474,187 |
35,474,187 |
- |
- |
Total Investments in Securities: |
$ 359,172,085 |
$ 354,969,944 |
$ 4,202,141 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $397,076,494. Net unrealized depreciation aggregated $37,904,409, of which $26,429,296 related to appreciated investment securities and $64,333,705 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and
annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Industrials Portfolio
May 31, 2012
1.802164.108
CYC-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 92.8% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 13.2% |
|||
Aerospace & Defense - 13.2% |
|||
Esterline Technologies Corp. (a) |
50,760 |
$ 3,278,588 |
|
Honeywell International, Inc. |
293,163 |
16,317,453 |
|
Rockwell Collins, Inc. |
101,812 |
5,128,270 |
|
Textron, Inc. |
547,984 |
12,948,862 |
|
United Technologies Corp. |
419,600 |
31,096,556 |
|
|
68,769,729 |
||
AIR FREIGHT & LOGISTICS - 3.6% |
|||
Air Freight & Logistics - 3.6% |
|||
United Parcel Service, Inc. Class B |
252,332 |
18,909,760 |
|
AUTO COMPONENTS - 0.7% |
|||
Auto Parts & Equipment - 0.7% |
|||
WABCO Holdings, Inc. (a) |
70,708 |
3,659,846 |
|
BUILDING PRODUCTS - 1.6% |
|||
Building Products - 1.6% |
|||
Owens Corning (a) |
267,154 |
8,244,372 |
|
COMMERCIAL SERVICES & SUPPLIES - 2.7% |
|||
Environmental & Facility Services - 1.7% |
|||
Republic Services, Inc. |
322,658 |
8,505,265 |
|
Office Services & Supplies - 0.7% |
|||
Mine Safety Appliances Co. |
70,600 |
2,900,248 |
|
Pitney Bowes, Inc. (d) |
64,000 |
872,960 |
|
|
3,773,208 |
||
Security & Alarm Services - 0.3% |
|||
Corrections Corp. of America |
59,399 |
1,548,532 |
|
TOTAL COMMERCIAL SERVICES & SUPPLIES |
13,827,005 |
||
CONSTRUCTION & ENGINEERING - 4.4% |
|||
Construction & Engineering - 4.4% |
|||
AECOM Technology Corp. (a) |
302,161 |
4,922,203 |
|
EMCOR Group, Inc. |
203,068 |
5,553,910 |
|
Fluor Corp. |
92,281 |
4,326,133 |
|
Jacobs Engineering Group, Inc. (a) |
117,585 |
4,176,619 |
|
Quanta Services, Inc. (a) |
183,180 |
4,136,204 |
|
|
23,115,069 |
||
ELECTRICAL EQUIPMENT - 9.3% |
|||
Electrical Components & Equipment - 9.3% |
|||
AMETEK, Inc. |
163,775 |
8,305,030 |
|
Emerson Electric Co. |
292,928 |
13,700,243 |
|
GrafTech International Ltd. (a) |
273,894 |
2,922,449 |
|
Hubbell, Inc. Class B |
87,826 |
6,931,228 |
|
Prysmian SpA |
362,437 |
5,141,540 |
|
Regal-Beloit Corp. |
137,460 |
8,287,463 |
|
Roper Industries, Inc. |
32,658 |
3,305,643 |
|
|
48,593,596 |
||
|
|||
Shares |
Value |
||
INDUSTRIAL CONGLOMERATES - 21.3% |
|||
Industrial Conglomerates - 21.3% |
|||
3M Co. |
247,048 |
$ 20,853,322 |
|
Carlisle Companies, Inc. |
94,246 |
4,898,907 |
|
Danaher Corp. |
376,898 |
19,587,389 |
|
General Electric Co. |
2,733,526 |
52,183,014 |
|
Tyco International Ltd. |
248,194 |
13,193,993 |
|
|
110,716,625 |
||
LIFE SCIENCES TOOLS & SERVICES - 0.5% |
|||
Life Sciences Tools & Services - 0.5% |
|||
Agilent Technologies, Inc. |
63,500 |
2,581,910 |
|
MACHINERY - 21.2% |
|||
Construction & Farm Machinery & Heavy Trucks - 5.9% |
|||
Cummins, Inc. |
162,761 |
15,779,679 |
|
Fiat Industrial SpA |
505,996 |
5,112,150 |
|
Fiat Industrial SpA: |
|
|
|
rights 6/20/12 (a) |
509,896 |
9 |
|
rights 6/20/12 (a) |
509,896 |
19 |
|
Joy Global, Inc. |
76,655 |
4,281,948 |
|
Manitowoc Co., Inc. |
538,711 |
5,602,594 |
|
|
30,776,399 |
||
Industrial Machinery - 15.3% |
|||
Actuant Corp. Class A |
121,716 |
3,185,308 |
|
Dover Corp. |
150,060 |
8,487,394 |
|
EnPro Industries, Inc. (a) |
42,000 |
1,617,840 |
|
Flowserve Corp. |
42,000 |
4,316,760 |
|
Graco, Inc. |
122,400 |
5,896,008 |
|
Harsco Corp. |
95,400 |
1,917,540 |
|
Illinois Tool Works, Inc. |
237,969 |
13,361,959 |
|
Ingersoll-Rand PLC |
212,127 |
8,762,966 |
|
Pall Corp. |
106,739 |
5,941,093 |
|
Parker Hannifin Corp. |
113,114 |
9,245,938 |
|
SPX Corp. |
52,100 |
3,742,343 |
|
Timken Co. |
61,158 |
2,917,237 |
|
TriMas Corp. (a) |
192,729 |
3,856,507 |
|
Valmont Industries, Inc. |
54,553 |
6,246,319 |
|
|
79,495,212 |
||
TOTAL MACHINERY |
110,271,611 |
||
MARINE - 0.1% |
|||
Marine - 0.1% |
|||
Kirby Corp. (a) |
13,900 |
733,642 |
|
PROFESSIONAL SERVICES - 4.1% |
|||
Human Resource & Employment Services - 1.6% |
|||
Manpower, Inc. |
76,300 |
2,742,985 |
|
Towers Watson & Co. |
90,955 |
5,480,948 |
|
|
8,223,933 |
||
Research & Consulting Services - 2.5% |
|||
Bureau Veritas SA |
33,033 |
2,846,571 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
PROFESSIONAL SERVICES - CONTINUED |
|||
Research & Consulting Services - continued |
|||
Dun & Bradstreet Corp. |
53,340 |
$ 3,604,184 |
|
IHS, Inc. Class A (a) |
68,388 |
6,769,728 |
|
|
13,220,483 |
||
TOTAL PROFESSIONAL SERVICES |
21,444,416 |
||
ROAD & RAIL - 6.9% |
|||
Railroads - 6.3% |
|||
CSX Corp. |
463,337 |
9,679,110 |
|
Genesee & Wyoming, Inc. Class A (a) |
63,899 |
3,201,979 |
|
Union Pacific Corp. |
180,755 |
20,136,107 |
|
|
33,017,196 |
||
Trucking - 0.6% |
|||
J.B. Hunt Transport Services, Inc. |
53,119 |
3,034,688 |
|
TOTAL ROAD & RAIL |
36,051,884 |
||
TRADING COMPANIES & DISTRIBUTORS - 2.6% |
|||
Trading Companies & Distributors - 2.6% |
|||
W.W. Grainger, Inc. |
19,191 |
3,716,337 |
|
Watsco, Inc. |
62,700 |
4,615,347 |
|
WESCO International, Inc. (a) |
86,050 |
5,119,115 |
|
|
13,450,799 |
||
TRANSPORTATION INFRASTRUCTURE - 0.6% |
|||
Airport Services - 0.6% |
|||
Wesco Aircraft Holdings, Inc. (a) |
235,289 |
3,263,458 |
|
TOTAL COMMON STOCKS (Cost $427,944,093) |
|
Convertible Bonds - 0.4% |
||||
|
Principal Amount |
|
||
BUILDING PRODUCTS - 0.4% |
||||
Building Products - 0.4% |
||||
Aspen Aerogels, Inc.: |
|
|
|
|
8% 6/1/14 (f) |
|
$ 1,179,681 |
1,179,681 |
|
8% 12/6/14 (f) |
|
1,108,200 |
1,108,200 |
|
TOTAL CONVERTIBLE BONDS (Cost $2,287,881) |
|
|||
U.S. Treasury Obligations - 0.1% |
||||
|
||||
U.S. Treasury Bills, yield at date of purchase 0.06% to 0.08% 8/23/12 (e) |
|
320,000 |
|
Money Market Funds - 5.6% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.17% (b) |
28,197,861 |
$ 28,197,861 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
701,525 |
701,525 |
|
TOTAL MONEY MARKET FUNDS (Cost $28,899,386) |
|
TOTAL INVESTMENT PORTFOLIO - 98.9% (Cost $459,451,298) |
515,140,937 |
NET OTHER ASSETS (LIABILITIES) - 1.1% |
5,925,215 |
||
NET ASSETS - 100% |
$ 521,066,152 |
Futures Contracts |
|||||
|
Expiration |
Underlying |
Unrealized |
||
Purchased |
|||||
Equity Index Contracts |
|||||
149 CME E-mini S&P Select Sector Industrial Index Contracts |
June 2012 |
$ 5,146,460 |
$ (295,667) |
|
The face value of futures purchased as a percentage of net assets is 1% |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $299,952. |
(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 $2,287,881 or 0.4% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Aspen Aerogels, Inc. 8% 6/1/14 |
6/14/11 |
$ 1,179,681 |
Aspen Aerogels, Inc. 8% 12/6/14 |
12/6/11 |
$ 1,108,200 |
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 |
$ 6,087 |
Fidelity Securities Lending Cash Central Fund |
19,059 |
Total |
$ 25,146 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 483,633,722 |
$ 470,533,433 |
$ 13,100,289 |
$ - |
Convertible Bonds |
2,287,881 |
- |
- |
2,287,881 |
U.S. Treasury Obligations |
319,948 |
- |
319,948 |
- |
Money Market Funds |
28,899,386 |
28,899,386 |
- |
- |
Total Investments in Securities: |
$ 515,140,937 |
$ 499,432,819 |
$ 13,420,237 |
$ 2,287,881 |
Derivative Instruments: |
||||
Liabilities |
||||
Futures Contracts |
$ (295,667) |
$ (295,667) |
$ - |
$ - |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Beginning Balance |
$ 2,287,881 |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
- |
Cost of Purchases |
- |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
- |
Transfers out of Level 3 |
- |
Ending Balance |
$ 2,287,881 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012 |
$ - |
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 May 31, 2012, the cost of investment securities for income tax purposes was $461,453,421. Net unrealized appreciation aggregated $53,687,516, of which $72,209,799 related to appreciated investment securities and $18,522,283 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security 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 value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds and U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. |
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded 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 Utilities Portfolio
May 31, 2012
1.802193.108
UTI-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 95.7% |
|||
Shares |
Value |
||
ELECTRIC UTILITIES - 55.9% |
|||
Electric Utilities - 55.9% |
|||
American Electric Power Co., Inc. |
432,100 |
$ 16,640,171 |
|
Duke Energy Corp. |
2,637,478 |
57,971,766 |
|
Edison International |
1,079,773 |
48,546,594 |
|
Exelon Corp. |
140,838 |
5,208,189 |
|
FirstEnergy Corp. |
987,601 |
46,209,851 |
|
Great Plains Energy, Inc. |
698,705 |
13,918,204 |
|
ITC Holdings Corp. |
52,255 |
3,602,982 |
|
NextEra Energy, Inc. |
784,077 |
51,231,591 |
|
Northeast Utilities |
599,591 |
21,591,272 |
|
OGE Energy Corp. |
278,704 |
14,838,201 |
|
Pepco Holdings, Inc. (d) |
325,700 |
6,207,842 |
|
Pinnacle West Capital Corp. |
143,800 |
7,100,844 |
|
Southern Co. |
244,312 |
11,216,364 |
|
UIL Holdings Corp. |
197,140 |
6,665,303 |
|
|
310,949,174 |
||
GAS UTILITIES - 5.3% |
|||
Gas Utilities - 5.3% |
|||
Atmos Energy Corp. |
180,706 |
5,988,597 |
|
National Fuel Gas Co. |
103,576 |
4,477,590 |
|
ONEOK, Inc. |
232,025 |
19,255,755 |
|
|
29,721,942 |
||
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 6.8% |
|||
Independent Power Producers & Energy Traders - 6.8% |
|||
Calpine Corp. (a) |
818,001 |
13,742,417 |
|
GenOn Energy, Inc. (a) |
1,519,619 |
2,613,745 |
|
NRG Energy, Inc. (a) |
493,194 |
7,555,732 |
|
The AES Corp. (a) |
1,141,036 |
13,795,125 |
|
|
37,707,019 |
||
MULTI-UTILITIES - 20.5% |
|||
Multi-Utilities - 20.5% |
|||
CenterPoint Energy, Inc. |
1,316,922 |
26,641,332 |
|
NiSource, Inc. |
1,003,523 |
25,178,392 |
|
PG&E Corp. |
775,897 |
33,906,699 |
|
Sempra Energy |
410,055 |
26,657,676 |
|
Xcel Energy, Inc. |
58,995 |
1,653,040 |
|
|
114,037,139 |
||
OIL, GAS & CONSUMABLE FUELS - 3.9% |
|||
Oil & Gas Storage & Transport - 3.9% |
|||
Atlas Energy LP |
120,036 |
4,142,442 |
|
|
|||
Shares |
Value |
||
Cheniere Energy, Inc. (a) |
470,596 |
$ 6,607,168 |
|
Kinder Morgan Holding Co. LLC |
140,059 |
4,788,617 |
|
Kinder Morgan Holding Co. LLC warrants 2/15/17 |
211,860 |
483,041 |
|
Williams Companies, Inc. |
179,270 |
5,473,113 |
|
|
21,494,381 |
||
WATER UTILITIES - 3.3% |
|||
Water Utilities - 3.3% |
|||
American Water Works Co., Inc. |
540,100 |
18,476,821 |
|
TOTAL COMMON STOCKS (Cost $507,551,445) |
|
||
Money Market Funds - 3.4% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.17% (b) |
12,976,029 |
12,976,029 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
6,045,000 |
6,045,000 |
|
TOTAL MONEY MARKET FUNDS (Cost $19,021,029) |
|
||
Cash Equivalents - 0.9% |
|||
Maturity Amount |
|
||
Investments in repurchase agreements in a joint trading account at 0.19%, dated 5/31/12 due 6/1/12
(Collateralized by U.S. Government Obligations) # |
$ 4,810,025 |
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $531,382,474) |
556,217,505 |
|
NET OTHER ASSETS (LIABILITIES) - 0.0% |
(241,722) |
|
NET ASSETS - 100% |
$ 555,975,783 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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. |
# Additional information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty |
Value |
$4,810,000 due 6/01/12 at 0.19% |
|
Barclays Capital, Inc. |
$ 1,341,848 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. |
945,477 |
UBS Securities LLC |
2,522,675 |
|
$ 4,810,000 |
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 |
$ 6,065 |
Fidelity Securities Lending Cash Central Fund |
26,290 |
Total |
$ 32,355 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 532,386,476 |
$ 532,386,476 |
$ - |
$ - |
Money Market Funds |
19,021,029 |
19,021,029 |
- |
- |
Cash Equivalents |
4,810,000 |
- |
4,810,000 |
- |
Total Investments in Securities: |
$ 556,217,505 |
$ 551,407,505 |
$ 4,810,000 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $532,047,793. Net unrealized appreciation aggregated $24,169,712, of which $30,506,547 related to appreciated investment securities and $6,336,835 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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. Short-term securities with remaining maturities of sixty days or less may be valued at amortized cost, which approximates fair value, and are categorized as Level 2 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
May 31, 2012
1.802192.108
TRN-QTLY-0712
Showing Percentage of Net Assets
Common Stocks - 94.8% |
|||
Shares |
Value |
||
AIR FREIGHT & LOGISTICS - 30.7% |
|||
Air Freight & Logistics - 30.7% |
|||
Air Transport Services Group, Inc. (a) |
431,708 |
$ 2,188,760 |
|
C.H. Robinson Worldwide, Inc. |
72,696 |
4,235,269 |
|
Expeditors International of Washington, Inc. |
43,900 |
1,679,175 |
|
FedEx Corp. |
106,600 |
9,502,324 |
|
Forward Air Corp. |
39,200 |
1,243,816 |
|
Hub Group, Inc. Class A (a) |
76,800 |
2,684,928 |
|
Pacer International, Inc. (a) |
268,854 |
1,516,337 |
|
United Parcel Service, Inc. Class B |
488,800 |
36,630,672 |
|
UTI Worldwide, Inc. |
142,900 |
2,234,956 |
|
|
61,916,237 |
||
AIRLINES - 17.3% |
|||
Airlines - 17.3% |
|||
Alaska Air Group, Inc. (a) |
110,000 |
3,773,000 |
|
Allegiant Travel Co. (a) |
14,300 |
927,355 |
|
Copa Holdings SA Class A |
30,500 |
2,532,110 |
|
Dart Group PLC |
638,217 |
651,131 |
|
Delta Air Lines, Inc. (a) |
719,902 |
8,710,814 |
|
Republic Airways Holdings, Inc. (a) |
205,400 |
1,113,268 |
|
SkyWest, Inc. |
107,900 |
760,695 |
|
Southwest Airlines Co. |
667,200 |
6,024,816 |
|
Spirit Airlines, Inc. (a) |
70,600 |
1,455,066 |
|
United Continental Holdings, Inc. (a)(d) |
271,536 |
6,834,561 |
|
US Airways Group, Inc. (a) |
156,100 |
2,063,642 |
|
|
34,846,458 |
||
AUTO COMPONENTS - 0.2% |
|||
Auto Parts & Equipment - 0.2% |
|||
Stoneridge, Inc. (a) |
64,208 |
452,666 |
|
CONSTRUCTION & ENGINEERING - 0.0% |
|||
Construction & Engineering - 0.0% |
|||
Cosco International Holdings Ltd. |
24,000 |
9,555 |
|
MACHINERY - 1.0% |
|||
Construction & Farm Machinery & Heavy Trucks - 1.0% |
|||
ASL Marine Holdings Ltd. |
1,250,200 |
553,014 |
|
FreightCar America, Inc. |
38,700 |
767,421 |
|
Wabtec Corp. |
9,200 |
668,012 |
|
|
1,988,447 |
||
MARINE - 3.4% |
|||
Marine - 3.4% |
|||
Diana Shipping, Inc. (a) |
25,100 |
193,270 |
|
Eagle Bulk Shipping, Inc. (a)(d) |
82,350 |
247,874 |
|
Kirby Corp. (a) |
100,320 |
5,294,890 |
|
Navios Maritime Holdings, Inc. |
366,600 |
1,217,112 |
|
|
6,953,146 |
||
MEDIA - 0.2% |
|||
Movies & Entertainment - 0.2% |
|||
Advanced Inflight Alliance AG |
87,100 |
405,941 |
|
|
|||
Shares |
Value |
||
OIL, GAS & CONSUMABLE FUELS - 2.5% |
|||
Oil & Gas Storage & Transport - 2.5% |
|||
Navios Maritime Acquisition Corp. |
1,016,232 |
$ 2,713,339 |
|
Scorpio Tankers, Inc. (a) |
394,500 |
2,205,255 |
|
Teekay Corp. |
8,100 |
218,214 |
|
|
5,136,808 |
||
ROAD & RAIL - 39.5% |
|||
Railroads - 27.6% |
|||
CSX Corp. |
506,619 |
10,583,271 |
|
Norfolk Southern Corp. |
162,400 |
10,640,448 |
|
Union Pacific Corp. |
310,068 |
34,541,575 |
|
|
55,765,294 |
||
Trucking - 11.9% |
|||
Con-way, Inc. |
120,500 |
4,259,675 |
|
Contrans Group, Inc.: |
|
|
|
(sub. vtg.) (a)(e) |
12,800 |
113,271 |
|
Class A |
74,100 |
655,733 |
|
J.B. Hunt Transport Services, Inc. |
89,300 |
5,101,709 |
|
Landstar System, Inc. |
60,400 |
3,183,080 |
|
Marten Transport Ltd. |
64,000 |
1,310,080 |
|
Old Dominion Freight Lines, Inc. (a) |
92,400 |
4,024,944 |
|
Quality Distribution, Inc. (a) |
68,800 |
730,656 |
|
Saia, Inc. (a) |
47,800 |
1,033,914 |
|
Swift Transporation Co. (a) |
201,400 |
2,136,854 |
|
Tegma Gestao Logistica SA |
64,000 |
936,113 |
|
Vitran Corp., Inc. (a) |
64,600 |
452,200 |
|
|
23,938,229 |
||
TOTAL ROAD & RAIL |
79,703,523 |
||
TOTAL COMMON STOCKS (Cost $162,247,929) |
|
Convertible Bonds - 0.5% |
||||
|
Principal Amount |
|
||
MARINE - 0.5% |
||||
Marine - 0.5% |
||||
DryShips, Inc. 5% 12/1/14 |
|
$ 1,500,000 |
|
Money Market Funds - 5.6% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.17% (b) |
9,417,055 |
$ 9,417,055 |
|
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) |
1,960,713 |
1,960,713 |
|
TOTAL MONEY MARKET FUNDS (Cost $11,377,768) |
|
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $174,709,886) |
203,818,049 |
NET OTHER ASSETS (LIABILITIES) - (0.9)% |
(1,881,334) |
||
NET ASSETS - 100% |
$ 201,936,715 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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 $113,271 or 0.1% 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 |
$ 2,664 |
Fidelity Securities Lending Cash Central Fund |
14,490 |
Total |
$ 17,154 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2012, 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 |
$ 191,412,781 |
$ 190,355,709 |
$ 1,057,072 |
$ - |
Convertible Bonds |
1,027,500 |
- |
1,027,500 |
- |
Money Market Funds |
11,377,768 |
11,377,768 |
- |
- |
Total Investments in Securities: |
$ 203,818,049 |
$ 201,733,477 |
$ 2,084,572 |
$ - |
Income Tax Information |
At May 31, 2012, the cost of investment securities for income tax purposes was $175,006,300. Net unrealized appreciation aggregated $28,811,749, of which $36,685,962 related to appreciated investment securities and $7,874,213 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security 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 value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These 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
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/Kenneth B. Robins |
|
Kenneth B. Robins |
|
President and Treasurer |
|
|
Date: |
July 30, 2012 |
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/Kenneth B. Robins |
|
Kenneth B. Robins |
|
President and Treasurer |
|
|
Date: |
July 30, 2012 |
By: |
/s/Christine Reynolds |
|
Christine Reynolds |
|
Chief Financial Officer |
|
|
Date: |
July 30, 2012 |
Exhibit EX-99.CERT
I, Kenneth B. Robins, 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: July 30, 2012
/s/Kenneth B. Robins |
Kenneth B. Robins |
President and Treasurer |
I, Christine Reynolds, certify that:
1. I have reviewed this report on Form N-Q of Fidelity Select Portfolios;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: July 30, 2012
/s/Christine Reynolds |
Christine Reynolds |
Chief Financial Officer |