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 29 |
|
|
Date of reporting period: |
May 31, 2011 |
Item 1. Schedule of Investments
Quarterly Holdings Report
for
Fidelity ® Select Air Transportation Portfolio
May 31, 2011
1.802153.107
AIR-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 97.0% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 40.5% |
|||
Aerospace & Defense - 40.5% |
|||
AerCap Holdings NV (a) |
19,200 |
$ 260,352 |
|
Bombardier, Inc. Class B (sub. vtg.) |
737,700 |
5,139,042 |
|
Esterline Technologies Corp. (a) |
7,900 |
597,398 |
|
Goodrich Corp. |
50,600 |
4,416,874 |
|
Meggitt PLC |
24,045 |
145,080 |
|
Precision Castparts Corp. |
45,100 |
7,085,210 |
|
Rockwell Collins, Inc. |
68,300 |
4,175,179 |
|
Textron, Inc. |
149,200 |
3,413,696 |
|
The Boeing Co. |
145,100 |
11,322,153 |
|
TransDigm Group, Inc. (a) |
4,400 |
360,800 |
|
|
36,915,784 |
||
AIR FREIGHT & LOGISTICS - 27.3% |
|||
Air Freight & Logistics - 27.3% |
|||
Air Transport Services Group, Inc. (a) |
110,700 |
824,715 |
|
Atlas Air Worldwide Holdings, Inc. (a) |
15,500 |
980,995 |
|
C.H. Robinson Worldwide, Inc. |
25,600 |
2,053,632 |
|
Dart Group PLC |
552,886 |
791,239 |
|
Expeditors International of Washington, Inc. |
92,900 |
4,906,978 |
|
Express-1 Expedited Solutions, Inc. (a) |
231,800 |
519,232 |
|
FedEx Corp. |
35,100 |
3,286,764 |
|
Pacer International, Inc. (a) |
41,300 |
215,586 |
|
United Parcel Service, Inc. Class B |
130,200 |
9,568,398 |
|
UTI Worldwide, Inc. |
76,200 |
1,693,926 |
|
|
24,841,465 |
||
AIRLINES - 27.0% |
|||
Airlines - 27.0% |
|||
Air Canada Class A (a)(e) |
500,000 |
1,145,570 |
|
Alaska Air Group, Inc. (a) |
39,700 |
2,681,338 |
|
Copa Holdings SA Class A |
22,400 |
1,399,776 |
|
Delta Air Lines, Inc. (a) |
450,102 |
4,537,028 |
|
Hawaiian Holdings, Inc. (a) |
63,600 |
352,344 |
|
JetBlue Airways Corp. (a)(d) |
133,300 |
809,131 |
|
Ryanair Holdings PLC sponsored ADR |
111,800 |
3,286,920 |
|
SkyWest, Inc. |
28,900 |
445,927 |
|
Southwest Airlines Co. |
367,300 |
4,345,159 |
|
United Continental Holdings, Inc. (a)(d) |
167,485 |
4,044,763 |
|
US Airways Group, Inc. (a)(d) |
171,700 |
1,562,470 |
|
|
24,610,426 |
||
MACHINERY - 0.3% |
|||
Construction & Farm Machinery & Heavy Trucks - 0.3% |
|||
ASL Marine Holdings Ltd. |
602,000 |
292,849 |
|
|
|||
Shares |
Value |
||
MARINE - 0.5% |
|||
Marine - 0.5% |
|||
Kuehne & Nagel International AG |
2,570 |
$ 403,474 |
|
ROAD & RAIL - 0.7% |
|||
Trucking - 0.7% |
|||
Tegma Gestao Logistica |
39,500 |
633,643 |
|
TRADING COMPANIES & DISTRIBUTORS - 0.5% |
|||
Trading Companies & Distributors - 0.5% |
|||
Aircastle Ltd. |
39,400 |
494,076 |
|
TRANSPORTATION INFRASTRUCTURE - 0.2% |
|||
Airport Services - 0.2% |
|||
Avantair, Inc. (a) |
88,968 |
182,384 |
|
TOTAL COMMON STOCKS (Cost $71,961,271) |
88,374,101 |
||
Money Market Funds - 5.5% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
3,078,829 |
3,078,829 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
1,973,900 |
1,973,900 |
|
TOTAL MONEY MARKET FUNDS (Cost $5,052,729) |
5,052,729 |
TOTAL INVESTMENT PORTFOLIO - 102.5% (Cost $77,014,000) |
93,426,830 |
|
NET OTHER ASSETS (LIABILITIES) - (2.5)% |
(2,322,144) |
|
NET ASSETS - 100% |
$ 91,104,686 |
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 $1,145,570 or 1.3% 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 |
$ 260 |
Fidelity Securities Lending Cash Central Fund |
1,434 |
Total |
$ 1,694 |
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, 2011, the cost of investment securities for income tax purposes was $77,296,089. Net unrealized appreciation aggregated $16,130,741, of which $17,631,463 related to appreciated investment securities and $1,500,722 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, 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 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, 2011
1.802154.107
AUT-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 98.1% |
|||
Shares |
Value |
||
AUTO COMPONENTS - 55.1% |
|||
Auto Parts & Equipment - 52.5% |
|||
American Axle & Manufacturing Holdings, Inc. (a) |
262,100 |
$ 3,029,876 |
|
Amerigon, Inc. (a)(e) |
73,400 |
1,220,642 |
|
Autoliv, Inc. (e) |
86,455 |
6,655,306 |
|
BorgWarner, Inc. (a) |
76,200 |
5,525,262 |
|
Dana Holding Corp. (a) |
514,800 |
9,328,176 |
|
Delphi Corp. Class B (a) |
300 |
7,320,000 |
|
Drew Industries, Inc. |
29,000 |
765,600 |
|
Exide Technologies (a) |
415,100 |
4,092,886 |
|
Federal-Mogul Corp. Class A (a) |
100,024 |
2,316,556 |
|
Gentex Corp. |
107,200 |
3,146,320 |
|
Johnson Controls, Inc. |
240,670 |
9,530,532 |
|
Lear Corp. |
183,400 |
9,320,388 |
|
Magna International, Inc. Class A (sub. vtg.) (e) |
137,484 |
6,654,626 |
|
Martinrea International, Inc. (a) |
185,900 |
1,626,949 |
|
Modine Manufacturing Co. (a) |
121,300 |
1,926,244 |
|
Stoneridge, Inc. (a) |
51,489 |
788,811 |
|
Tenneco, Inc. (a) |
268,446 |
11,207,621 |
|
Tower International, Inc. |
31,900 |
551,232 |
|
TRW Automotive Holdings Corp. (a) |
272,700 |
15,508,449 |
|
|
100,515,476 |
||
Tires & Rubber - 2.6% |
|||
Cooper Tire & Rubber Co. |
97,400 |
2,353,184 |
|
The Goodyear Tire & Rubber Co. (a) |
145,726 |
2,583,722 |
|
|
4,936,906 |
||
TOTAL AUTO COMPONENTS |
105,452,382 |
||
AUTOMOBILES - 40.7% |
|||
Automobile Manufacturers - 37.6% |
|||
Fiat SpA |
196,700 |
2,089,898 |
|
Ford Motor Co. (a) |
1,317,261 |
19,653,532 |
|
General Motors Co. |
513,739 |
16,342,038 |
|
General Motors Co.: |
|
|
|
warrants 7/10/16 (a) |
107,036 |
2,428,647 |
|
warrants 7/10/19 (a) |
107,036 |
1,784,290 |
|
Honda Motor Co. Ltd. sponsored ADR (e) |
327,200 |
12,433,600 |
|
Thor Industries, Inc. |
44,700 |
1,443,810 |
|
Toyota Motor Corp. sponsored ADR (e) |
189,000 |
15,741,810 |
|
|
71,917,625 |
||
Motorcycle Manufacturers - 3.1% |
|||
Harley-Davidson, Inc. |
162,400 |
6,034,784 |
|
TOTAL AUTOMOBILES |
77,952,409 |
||
|
|||
Shares |
Value |
||
MACHINERY - 0.3% |
|||
Construction & Farm Machinery & Heavy Trucks - 0.3% |
|||
Meritor, Inc. (a) |
28,100 |
$ 463,931 |
|
SPECIALTY RETAIL - 2.0% |
|||
Automotive Retail - 2.0% |
|||
Asbury Automotive Group, Inc. (a) |
118,726 |
1,994,597 |
|
Sonic Automotive, Inc. Class A (sub. vtg.) (e) |
144,700 |
1,891,229 |
|
|
3,885,826 |
||
TOTAL COMMON STOCKS (Cost $136,971,629) |
187,754,548 |
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 |
530,186 |
Money Market Funds - 11.4% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.14% (b) |
111,229 |
111,229 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
21,679,725 |
21,679,725 |
|
TOTAL MONEY MARKET FUNDS (Cost $21,790,954) |
21,790,954 |
TOTAL INVESTMENT PORTFOLIO - 109.7% (Cost $159,474,160) |
210,075,688 |
NET OTHER ASSETS (LIABILITIES) - (9.7)% |
(18,658,478) |
||
NET ASSETS - 100% |
$ 191,417,210 |
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 |
$ 254 |
Fidelity Securities Lending Cash Central Fund |
21,623 |
Total |
$ 21,877 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 187,754,548 |
$ 180,434,548 |
$ 7,320,000 |
$ - |
Nonconvertible Bonds |
530,186 |
- |
- |
530,186 |
Money Market Funds |
21,790,954 |
21,790,954 |
- |
- |
Total Investments in Securities: |
$ 210,075,688 |
$ 202,225,502 |
$ 7,320,000 |
$ 530,186 |
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) |
871,247 |
Cost of Purchases |
- |
Proceeds of Sales |
(10,107,636) |
Amortization/Accretion |
- |
Transfers in to Level 3 |
9,766,575 |
Transfers out of Level 3 |
- |
Ending Balance |
$ 530,186 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011 |
$ 871,247 |
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, 2011, the cost of investment securities for income tax purposes was $160,280,095. Net unrealized appreciation aggregated $49,795,593, of which $54,834,914 related to appreciated investment securities and $5,039,321 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, 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 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. |
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. |
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. |
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, 2011
1.802155.107
BAN-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 98.5% |
|||
Shares |
Value |
||
CAPITAL MARKETS - 2.7% |
|||
Asset Management & Custody Banks - 2.7% |
|||
Bank of New York Mellon Corp. |
95,103 |
$ 2,673,345 |
|
State Street Corp. |
172,900 |
7,913,633 |
|
|
10,586,978 |
||
COMMERCIAL BANKS - 84.7% |
|||
Diversified Banks - 28.2% |
|||
Banco ABC Brasil SA |
257,000 |
1,963,574 |
|
Comerica, Inc. |
407,800 |
14,725,658 |
|
U.S. Bancorp, Delaware |
1,729,400 |
44,272,640 |
|
Wells Fargo & Co. |
1,751,992 |
49,704,013 |
|
|
110,665,885 |
||
Regional Banks - 56.5% |
|||
American River Bankshares (a) |
122,057 |
788,488 |
|
Bank of the Ozarks, Inc. (d) |
205,900 |
10,008,799 |
|
BB&T Corp. (d) |
756,900 |
20,845,026 |
|
CapitalSource, Inc. |
98,000 |
634,060 |
|
Cathay General Bancorp |
119,400 |
1,946,220 |
|
Center Financial Corp. (a) |
1,099,750 |
7,192,365 |
|
Central Valley Community Bancorp (a) |
123,448 |
812,288 |
|
Chemical Financial Corp. |
120,100 |
2,363,568 |
|
CIT Group, Inc. (a) |
231,900 |
10,280,127 |
|
City National Corp. |
191,600 |
10,792,828 |
|
CVB Financial Corp. (d) |
349,900 |
3,138,603 |
|
Fifth Third Bancorp |
169,300 |
2,211,058 |
|
First Bancorp, North Carolina |
207,800 |
2,481,132 |
|
First Midwest Bancorp, Inc., Delaware |
265,400 |
3,248,496 |
|
Huntington Bancshares, Inc. |
2,097,351 |
13,842,517 |
|
KeyCorp |
360,900 |
3,056,823 |
|
MB Financial, Inc. |
180,300 |
3,582,561 |
|
Nara Bancorp, Inc. (a) |
370,000 |
3,141,300 |
|
Oriental Financial Group, Inc. |
213,180 |
2,630,641 |
|
Pacific Continental Corp. |
389,290 |
3,608,718 |
|
PacWest Bancorp |
347,000 |
7,321,700 |
|
PNC Financial Services Group, Inc. |
126,641 |
7,904,931 |
|
PrivateBancorp, Inc. |
249,100 |
4,077,767 |
|
Regions Financial Corp. |
2,484,400 |
17,539,864 |
|
Sandy Spring Bancorp, Inc. |
230,500 |
4,340,315 |
|
SunTrust Banks, Inc. |
697,500 |
19,620,675 |
|
SVB Financial Group (a) |
200,665 |
11,915,488 |
|
Synovus Financial Corp. |
978,200 |
2,328,116 |
|
Texas Capital Bancshares, Inc. (a) |
187,700 |
4,698,131 |
|
West Coast Bancorp (a) |
268,640 |
4,690,454 |
|
Western Alliance Bancorp. (a)(d) |
887,200 |
6,538,664 |
|
Wilshire Bancorp, Inc. (a)(d) |
2,152,600 |
6,737,638 |
|
Wintrust Financial Corp. (d) |
108,200 |
3,513,254 |
|
Zions Bancorporation |
583,500 |
13,904,805 |
|
|
221,737,420 |
||
TOTAL COMMERCIAL BANKS |
332,403,305 |
||
|
|||
Shares |
Value |
||
CONSUMER FINANCE - 2.0% |
|||
Consumer Finance - 2.0% |
|||
Capital One Financial Corp. |
142,400 |
$ 7,738,016 |
|
DIVERSIFIED FINANCIAL SERVICES - 3.5% |
|||
Other Diversified Financial Services - 3.5% |
|||
Citigroup, Inc. |
160,220 |
6,593,053 |
|
JPMorgan Chase & Co. |
160,700 |
6,948,668 |
|
NBH Holdings Corp. Class A (a)(e) |
13,300 |
239,400 |
|
|
13,781,121 |
||
IT SERVICES - 2.1% |
|||
Data Processing & Outsourced Services - 2.1% |
|||
Fiserv, Inc. (a) |
45,800 |
2,955,016 |
|
Visa, Inc. Class A |
61,900 |
5,017,614 |
|
|
7,972,630 |
||
THRIFTS & MORTGAGE FINANCE - 3.5% |
|||
Thrifts & Mortgage Finance - 3.5% |
|||
BankUnited, Inc. |
3,700 |
104,932 |
|
MGIC Investment Corp. (a)(d) |
212,592 |
1,713,492 |
|
New York Community Bancorp, Inc. (d) |
150,700 |
2,441,340 |
|
Ocwen Financial Corp. (a) |
284,900 |
3,424,498 |
|
Radian Group, Inc. (d) |
537,887 |
2,678,677 |
|
WSFS Financial Corp. |
81,200 |
3,391,724 |
|
|
13,754,663 |
||
TOTAL COMMON STOCKS (Cost $401,504,118) |
386,236,713 |
||
Money Market Funds - 5.4% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
5,351,930 |
5,351,930 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
16,004,525 |
16,004,525 |
|
TOTAL MONEY MARKET FUNDS (Cost $21,356,455) |
21,356,455 |
TOTAL INVESTMENT PORTFOLIO - 103.9% (Cost $422,860,573) |
407,593,168 |
NET OTHER ASSETS (LIABILITIES) - (3.9)% |
(15,280,685) |
||
NET ASSETS - 100% |
$ 392,312,483 |
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 |
$ 933 |
Fidelity Securities Lending Cash Central Fund |
6,186 |
Total |
$ 7,119 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 386,236,713 |
$ 385,997,313 |
$ - |
$ 239,400 |
Money Market Funds |
21,356,455 |
21,356,455 |
- |
- |
Total Investments in Securities: |
$ 407,593,168 |
$ 407,353,768 |
$ - |
$ 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 |
$ - |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
9,975 |
Cost of Purchases |
- |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
229,425 |
Transfers out of Level 3 |
- |
Ending Balance |
$ 239,400 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011 |
$ 9,975 |
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, 2011, the cost of investment securities for income tax purposes was $466,126,025. Net unrealized depreciation aggregated $58,532,857, of which $24,042,434 related to appreciated investment securities and $82,575,291 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, 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 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, 2011
1.802156.107
BIO-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 98.4% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 89.4% |
|||
Biotechnology - 89.4% |
|||
Acadia Pharmaceuticals, Inc. (a) |
1,103,190 |
$ 2,085,029 |
|
Acorda Therapeutics, Inc. (a) |
782,411 |
25,702,201 |
|
ADVENTRX Pharmaceuticals, Inc. (a)(d) |
948,868 |
2,391,147 |
|
Affymax, Inc. (a) |
78,204 |
553,684 |
|
Agenus, Inc. (a)(d) |
372,100 |
342,332 |
|
Alexion Pharmaceuticals, Inc. (a) |
1,211,534 |
57,450,942 |
|
Alkermes, Inc. (a) |
779,658 |
14,283,335 |
|
Allos Therapeutics, Inc. (a)(d) |
1,001,380 |
2,203,036 |
|
Alnylam Pharmaceuticals, Inc. (a)(d) |
258,102 |
2,702,328 |
|
AMAG Pharmaceuticals, Inc. (a)(d) |
234,277 |
4,324,753 |
|
Amarin Corp. PLC ADR (a) |
164,445 |
3,135,966 |
|
Amgen, Inc. (a) |
4,045,175 |
244,894,896 |
|
Amylin Pharmaceuticals, Inc. (a) |
788,403 |
10,950,918 |
|
Antigenics, Inc. warrants 1/9/18 (a)(f) |
1,548,000 |
189,402 |
|
Ardea Biosciences, Inc. (a) |
64,300 |
1,606,857 |
|
ARIAD Pharmaceuticals, Inc. (a) |
968,539 |
8,406,919 |
|
ArQule, Inc. (a) |
449,334 |
3,244,191 |
|
AVEO Pharmaceuticals, Inc. (a) |
196,239 |
3,597,061 |
|
Biogen Idec, Inc. (a) |
597,787 |
56,628,363 |
|
BioMarin Pharmaceutical, Inc. (a) |
1,900,701 |
53,656,789 |
|
Bionovo, Inc. (a) |
1,270,000 |
838,200 |
|
Bionovo, Inc. warrants 1/21/16 (a) |
1,043,150 |
338,526 |
|
Catalyst Pharmaceutical Partners, Inc. (a)(e) |
1,704,732 |
2,011,584 |
|
Cell Therapeutics, Inc. (a) |
1,718,725 |
3,781,195 |
|
Cepheid, Inc. (a)(d) |
451,600 |
14,505,392 |
|
Chelsea Therapeutics International Ltd. (a) |
218,240 |
992,992 |
|
China Biologic Products, Inc. (a)(d) |
118,233 |
1,629,251 |
|
Codexis, Inc. (a) |
226,600 |
2,481,270 |
|
Cubist Pharmaceuticals, Inc. (a) |
442,908 |
17,065,245 |
|
Dendreon Corp. (a) |
791,747 |
33,562,155 |
|
Dynavax Technologies Corp. (a) |
920,300 |
2,540,028 |
|
Enzon Pharmaceuticals, Inc. (a)(d) |
489,066 |
5,130,302 |
|
Exelixis, Inc. (a)(d) |
1,168,068 |
13,584,631 |
|
Genomic Health, Inc. (a)(d) |
203,985 |
5,615,707 |
|
Gilead Sciences, Inc. (a) |
2,692,112 |
112,368,755 |
|
Halozyme Therapeutics, Inc. (a) |
756,800 |
5,100,832 |
|
Human Genome Sciences, Inc. (a)(d) |
1,170,259 |
32,029,989 |
|
Idenix Pharmaceuticals, Inc. (a)(d) |
1,781,378 |
8,461,546 |
|
ImmunoGen, Inc. (a) |
97,900 |
1,190,464 |
|
Incyte Corp. (a)(d) |
854,180 |
15,144,611 |
|
Inhibitex, Inc. (a)(d) |
860,321 |
3,948,873 |
|
InterMune, Inc. (a)(d) |
779,933 |
29,013,508 |
|
Ironwood Pharmaceuticals, Inc. Class A (a) |
168,300 |
2,544,696 |
|
Isis Pharmaceuticals, Inc. (a) |
4,610 |
42,550 |
|
Keryx Biopharmaceuticals, Inc. (a)(d) |
649,800 |
3,521,916 |
|
Lexicon Pharmaceuticals, Inc. (a) |
3,617,224 |
5,896,075 |
|
Ligand Pharmaceuticals, Inc. Class B (a) |
900 |
9,540 |
|
Medivation, Inc. (a)(d) |
362,087 |
8,729,918 |
|
|
|||
Shares |
Value |
||
Metabolix, Inc. (a)(d) |
316,470 |
$ 2,797,595 |
|
Micromet, Inc. (a)(d) |
319,602 |
1,978,336 |
|
Momenta Pharmaceuticals, Inc. (a)(d) |
407,885 |
8,161,779 |
|
Myrexis, Inc. (a) |
4,379 |
18,348 |
|
Neurocrine Biosciences, Inc. (a) |
662,435 |
5,465,089 |
|
NPS Pharmaceuticals, Inc. (a) |
1,763,604 |
16,877,690 |
|
Oncothyreon, Inc. (a)(d) |
711,800 |
4,605,346 |
|
ONYX Pharmaceuticals, Inc. (a) |
788,872 |
33,487,616 |
|
Opko Health, Inc. (a)(d) |
1,452,800 |
5,462,528 |
|
OREXIGEN Therapeutics, Inc. (a)(d) |
593,600 |
1,679,888 |
|
PDL BioPharma, Inc. |
987,533 |
6,557,219 |
|
Pharmacyclics, Inc. (a)(d) |
475,700 |
3,358,442 |
|
Pharmasset, Inc. (a) |
266,758 |
27,262,668 |
|
PolyMedix, Inc. (a)(e) |
5,922,334 |
3,849,517 |
|
PolyMedix, Inc. warrants 4/10/16 (a)(e) |
2,961,167 |
811,035 |
|
Progenics Pharmaceuticals, Inc. (a) |
961,100 |
7,967,519 |
|
Protalix BioTherapeutics, Inc. (a)(d) |
383,010 |
2,374,662 |
|
Raptor Pharmaceutical Corp. (a)(d) |
898,200 |
4,976,028 |
|
Regeneron Pharmaceuticals, Inc. (a) |
419,399 |
25,172,328 |
|
Rigel Pharmaceuticals, Inc. (a) |
496,353 |
4,119,730 |
|
Sangamo Biosciences, Inc. (a)(d) |
443,972 |
3,152,201 |
|
Savient Pharmaceuticals, Inc. (a)(d) |
182,587 |
1,550,164 |
|
Seattle Genetics, Inc. (a)(d) |
1,024,731 |
19,849,039 |
|
SIGA Technologies, Inc. (a)(d) |
444,288 |
6,193,375 |
|
Spectrum Pharmaceuticals, Inc. (a)(d) |
1,970,321 |
18,757,456 |
|
Synta Pharmaceuticals Corp. (a) |
387,715 |
2,209,976 |
|
Targacept, Inc. (a) |
257,702 |
5,798,295 |
|
Theravance, Inc. (a)(d) |
558,723 |
14,599,432 |
|
Threshold Pharmaceuticals, Inc. (a) |
1,578,800 |
2,715,536 |
|
Threshold Pharmaceuticals, Inc. warrants 3/16/16 (a) |
631,520 |
685,358 |
|
United Therapeutics Corp. (a) |
477,851 |
30,854,839 |
|
Vertex Pharmaceuticals, Inc. (a) |
1,139,593 |
61,526,626 |
|
Vical, Inc. (a)(d) |
1,686,730 |
6,477,043 |
|
ZIOPHARM Oncology, Inc. (a) |
387,300 |
2,757,576 |
|
Zogenix, Inc. |
402,272 |
1,733,792 |
|
|
1,176,273,971 |
||
HEALTH CARE EQUIPMENT & SUPPLIES - 0.0% |
|||
Health Care Equipment - 0.0% |
|||
Alsius Corp. |
314,300 |
3 |
|
Aradigm Corp. (a) |
477,800 |
90,782 |
|
|
90,785 |
||
Health Care Supplies - 0.0% |
|||
Alimera Sciences, Inc. (a) |
400 |
3,372 |
|
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
94,157 |
||
LIFE SCIENCES TOOLS & SERVICES - 0.2% |
|||
Life Sciences Tools & Services - 0.2% |
|||
Sequenom, Inc. (a) |
321,700 |
2,551,081 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
PHARMACEUTICALS - 8.8% |
|||
Pharmaceuticals - 8.8% |
|||
AcelRx Pharmaceuticals, Inc. (d)(e) |
1,041,900 |
$ 5,001,120 |
|
Adolor Corp. (a)(e) |
3,563,790 |
5,381,323 |
|
Aegerion Pharmaceuticals, Inc. |
120,907 |
2,289,979 |
|
Akorn, Inc. (a) |
283,227 |
1,928,776 |
|
Auxilium Pharmaceuticals, Inc. (a)(d) |
752,204 |
16,841,848 |
|
AVANIR Pharmaceuticals Class A (a)(d) |
3,945,420 |
17,793,844 |
|
Cadence Pharmaceuticals, Inc. (a)(d) |
78,460 |
756,354 |
|
Cardiome Pharma Corp. (a) |
900 |
4,728 |
|
Columbia Laboratories, Inc. (a) |
115,920 |
409,198 |
|
Corcept Therapeutics, Inc. (a)(d) |
1,153,700 |
5,699,278 |
|
Elan Corp. PLC sponsored ADR (a) |
1,465,400 |
14,023,878 |
|
Jazz Pharmaceuticals, Inc. (a) |
80,342 |
2,353,217 |
|
NuPathe, Inc. |
17,100 |
140,562 |
|
Optimer Pharmaceuticals, Inc. (a)(d) |
497,430 |
7,217,709 |
|
Pacira Pharmaceuticals, Inc. |
385,700 |
5,515,510 |
|
Questcor Pharmaceuticals, Inc. (a)(d) |
833,589 |
19,230,898 |
|
The Medicines Company (a) |
136,900 |
2,616,159 |
|
ViroPharma, Inc. (a) |
64,221 |
1,242,676 |
|
XenoPort, Inc. (a)(d) |
862,004 |
6,680,531 |
|
|
115,127,588 |
||
TOTAL COMMON STOCKS (Cost $1,104,778,350) |
1,294,046,797 |
||
Convertible Preferred Stocks - 0.3% |
|||
|
|
|
|
BIOTECHNOLOGY - 0.3% |
|||
Biotechnology - 0.3% |
|||
Xenon Pharmaceuticals, Inc. Series E (a)(f) |
981,626 |
3,416,058 |
|
Money Market Funds - 11.6% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.14% (b) |
2,921,379 |
$ 2,921,379 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
150,019,887 |
150,019,887 |
|
TOTAL MONEY MARKET FUNDS (Cost $152,941,266) |
152,941,266 |
TOTAL INVESTMENT PORTFOLIO - 110.3% (Cost $1,264,443,754) |
1,450,404,121 |
NET OTHER ASSETS (LIABILITIES) - (10.3)% |
(135,019,554) |
||
NET ASSETS - 100% |
$ 1,315,384,567 |
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 $3,605,460 or 0.3% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Antigenics, Inc. warrants 1/9/18 |
1/9/08 |
$ 1,930,622 |
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 |
$ 3,569 |
Fidelity Securities Lending Cash Central Fund |
808,177 |
Total |
$ 811,746 |
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, end of period |
AcelRx Pharmaceuticals, Inc. |
$ 3,771,678 |
$ - |
$ - |
$ - |
$ 5,001,120 |
Adolor Corp. |
4,989,306 |
- |
- |
- |
5,381,323 |
Catalyst Pharmaceutical Partners, Inc. |
1,389,997 |
578,704 |
- |
- |
2,011,584 |
PolyMedix, Inc. |
- |
4,291,522 |
- |
- |
3,849,517 |
PolyMedix, Inc. warrants 4/10/16 |
- |
446,434 |
- |
- |
811,035 |
Total |
$ 10,150,981 |
$ 5,316,660 |
$ - |
$ - |
$ 17,054,579 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 1,294,046,797 |
$ 1,292,022,473 |
$ 2,024,321 |
$ 3 |
Convertible Preferred Stocks |
3,416,058 |
- |
- |
3,416,058 |
Money Market Funds |
152,941,266 |
152,941,266 |
- |
- |
Total Investments in Securities: |
$ 1,450,404,121 |
$ 1,444,963,739 |
$ 2,024,321 |
$ 3,416,061 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Beginning Balance |
$ 3,416,061 |
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 |
$ 3,416,061 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011 |
$ - |
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, 2011, the cost of investment securities for income tax purposes was $1,278,070,786. Net unrealized appreciation aggregated $172,333,335, of which $244,758,786 related to appreciated investment securities and $72,425,451 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, 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 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, 2011
1.802157.107
BRO-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 96.0% |
|||
Shares |
Value |
||
CAPITAL MARKETS - 66.3% |
|||
Asset Management & Custody Banks - 31.5% |
|||
Affiliated Managers Group, Inc. (a) |
228,200 |
$ 24,127,583 |
|
AllianceBernstein Holding LP |
233,900 |
4,869,798 |
|
Ameriprise Financial, Inc. |
77,300 |
4,733,079 |
|
Apollo Global Management LLC Class A |
370,100 |
6,669,202 |
|
Artio Global Investors, Inc. Class A (d) |
326,463 |
4,567,217 |
|
Bank of New York Mellon Corp. |
124,100 |
3,488,451 |
|
BlackRock Kelso Capital Corp. (d) |
467,200 |
4,629,952 |
|
BlackRock, Inc. Class A |
14,200 |
2,918,952 |
|
Calamos Asset Management, Inc. Class A |
30,000 |
449,700 |
|
Franklin Resources, Inc. |
117,200 |
15,186,776 |
|
Invesco Ltd. |
937,207 |
23,120,897 |
|
Janus Capital Group, Inc. |
569,209 |
5,879,929 |
|
Legg Mason, Inc. |
195,561 |
6,617,784 |
|
MCG Capital Corp. |
503,007 |
3,460,688 |
|
Northern Trust Corp. |
217,700 |
10,621,583 |
|
Och-Ziff Capital Management Group LLC Class A |
684,849 |
10,142,614 |
|
PennantPark Investment Corp. |
223,474 |
2,777,782 |
|
Solar Capital Ltd. |
100 |
2,475 |
|
State Street Corp. |
10,100 |
462,277 |
|
T. Rowe Price Group, Inc. |
100 |
6,330 |
|
U.S. Global Investments, Inc. Class A |
356,429 |
2,822,918 |
|
Waddell & Reed Financial, Inc. Class A |
130,600 |
5,041,160 |
|
|
142,597,147 |
||
Diversified Capital Markets - 2.1% |
|||
UBS AG (NY Shares) (a) |
495,685 |
9,576,634 |
|
Investment Banking & Brokerage - 32.7% |
|||
E*TRADE Financial Corp. (a) |
1,459,600 |
23,076,276 |
|
Evercore Partners, Inc. Class A |
578,415 |
21,407,140 |
|
GFI Group, Inc. |
3,167,324 |
14,347,978 |
|
Goldman Sachs Group, Inc. |
167,100 |
23,515,983 |
|
ICAP PLC |
604,600 |
4,816,542 |
|
Jefferies Group, Inc. |
686,149 |
15,191,339 |
|
MF Global Holdings Ltd. (a) |
2,154,751 |
16,613,130 |
|
Morgan Stanley |
949,875 |
22,948,980 |
|
SWS Group, Inc. |
191,783 |
1,246,590 |
|
TD Ameritrade Holding Corp. |
242,649 |
5,229,086 |
|
|
148,393,044 |
||
TOTAL CAPITAL MARKETS |
300,566,825 |
||
COMMERCIAL BANKS - 8.9% |
|||
Diversified Banks - 4.2% |
|||
BNP Paribas SA |
15,500 |
1,209,098 |
|
Comerica, Inc. |
493,706 |
17,827,724 |
|
|
19,036,822 |
||
|
|||
Shares |
Value |
||
Regional Banks - 4.7% |
|||
Regions Financial Corp. |
2,230,200 |
$ 15,745,212 |
|
Synovus Financial Corp. (d) |
2,324,130 |
5,531,429 |
|
|
21,276,641 |
||
TOTAL COMMERCIAL BANKS |
40,313,463 |
||
DIVERSIFIED FINANCIAL SERVICES - 13.7% |
|||
Other Diversified Financial Services - 9.3% |
|||
Bank of America Corp. |
601,100 |
7,062,925 |
|
Citigroup, Inc. |
565,910 |
23,287,197 |
|
JPMorgan Chase & Co. |
270,500 |
11,696,420 |
|
|
42,046,542 |
||
Specialized Finance - 4.4% |
|||
Bursa Malaysia Bhd |
5,759,200 |
14,615,608 |
|
Hellenic Exchanges Holding SA |
69,600 |
550,734 |
|
IntercontinentalExchange, Inc. (a) |
40,700 |
4,910,455 |
|
|
20,076,797 |
||
TOTAL DIVERSIFIED FINANCIAL SERVICES |
62,123,339 |
||
INSURANCE - 1.5% |
|||
Multi-Line Insurance - 1.5% |
|||
Genworth Financial, Inc. Class A (a) |
620,898 |
6,898,177 |
|
INTERNET SOFTWARE & SERVICES - 0.3% |
|||
Internet Software & Services - 0.3% |
|||
China Finance Online Co. Ltd. ADR (a)(d) |
341,300 |
1,624,588 |
|
IT SERVICES - 5.3% |
|||
Data Processing & Outsourced Services - 5.3% |
|||
MasterCard, Inc. Class A |
4,031 |
1,157,099 |
|
Visa, Inc. Class A |
281,100 |
22,785,966 |
|
|
23,943,065 |
||
TOTAL COMMON STOCKS (Cost $434,741,967) |
435,469,457 |
||
Investment Companies - 3.5% |
|||
|
|
|
|
Ares Capital Corp. |
938,207 |
15,780,642 |
|
Money Market Funds - 0.8% |
|||
|
|
|
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
3,562,308 |
3,562,308 |
|
Cash Equivalents - 0.4% |
|||
Maturity Amount |
Value |
||
Investments in repurchase agreements in a joint trading account at 0.11%, dated 5/31/11 due 6/1/11
(Collateralized by U.S. Government Obligations) # |
$ 2,013,006 |
$ 2,013,000 |
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $455,095,346) |
456,825,407 |
NET OTHER ASSETS (LIABILITIES) - (0.7)% |
(3,366,740) |
||
NET ASSETS - 100% |
$ 453,458,667 |
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 |
$2,013,000 due 6/01/11 at 0.11% |
|
BNP Paribas Securities Corp. |
$ 950,194 |
Barclays Capital, Inc. |
716,026 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. |
346,780 |
|
$ 2,013,000 |
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 |
$ 2,825 |
Fidelity Securities Lending Cash Central Fund |
3,577 |
Total |
$ 6,402 |
Other Information |
All Investments are categorized as Level 1 under the Fair Value Hierarchy with the exception of Cash Equivalents which are categorized as Level 2. 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, 2011, the cost of investment securities for income tax purposes was $460,293,559. Net unrealized depreciation aggregated $3,468,152, of which $35,867,098 related to appreciated investment securities and $39,335,250 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, 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 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 Chemicals Portfolio
May 31, 2011
1.802159.107
CHE-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 99.7% |
|||
Shares |
Value |
||
CHEMICALS - 94.3% |
|||
Commodity Chemicals - 8.7% |
|||
Arkema SA (d) |
199,600 |
$ 21,873,321 |
|
Celanese Corp. Class A |
783,261 |
40,800,065 |
|
Westlake Chemical Corp. (d) |
166,300 |
9,329,430 |
|
|
72,002,816 |
||
Diversified Chemicals - 33.9% |
|||
Akzo Nobel NV |
173,407 |
12,513,949 |
|
Ashland, Inc. |
521,800 |
35,659,812 |
|
BASF AG |
137,754 |
12,735,476 |
|
Cabot Corp. |
420,300 |
17,749,269 |
|
Dow Chemical Co. |
2,133,738 |
77,091,955 |
|
E.I. du Pont de Nemours & Co. |
1,224,700 |
65,276,510 |
|
Eastman Chemical Co. |
72,700 |
7,695,295 |
|
Olin Corp. |
740,800 |
17,794,016 |
|
PPG Industries, Inc. |
166,700 |
14,786,290 |
|
Solutia, Inc. (a) |
782,013 |
19,526,865 |
|
|
280,829,437 |
||
Fertilizers & Agricultural Chemicals - 19.4% |
|||
CF Industries Holdings, Inc. |
357,525 |
54,980,195 |
|
Intrepid Potash, Inc. (a) |
65,100 |
2,095,569 |
|
Monsanto Co. |
615,140 |
43,699,546 |
|
Potash Corp. of Saskatchewan, Inc. |
298,200 |
16,809,623 |
|
The Mosaic Co. |
606,100 |
42,942,185 |
|
|
160,527,118 |
||
Industrial Gases - 15.2% |
|||
Air Products & Chemicals, Inc. |
451,800 |
42,961,662 |
|
Airgas, Inc. |
145,800 |
10,071,864 |
|
Praxair, Inc. |
690,060 |
73,035,950 |
|
|
126,069,476 |
||
Specialty Chemicals - 17.1% |
|||
Ecolab, Inc. |
707,899 |
38,849,497 |
|
Innophos Holdings, Inc. |
247,100 |
11,092,319 |
|
Innospec, Inc. (a) |
433,499 |
14,691,281 |
|
Kraton Performance Polymers, Inc. (a) |
354,142 |
13,620,301 |
|
LyondellBasell Industries NV Class A |
601,178 |
26,337,608 |
|
Rockwood Holdings, Inc. (a) |
168,000 |
8,835,120 |
|
Sigma Aldrich Corp. |
101,800 |
7,155,522 |
|
W.R. Grace & Co. (a) |
459,824 |
21,515,165 |
|
|
142,096,813 |
||
TOTAL CHEMICALS |
781,525,660 |
||
COMMERCIAL SERVICES & SUPPLIES - 0.8% |
|||
Environmental & Facility Services - 0.8% |
|||
Swisher Hygiene, Inc. (a)(e) |
549,240 |
3,262,485 |
|
Swisher Hygiene, Inc. (Canada) (a)(d) |
559,700 |
3,691,091 |
|
|
6,953,576 |
||
|
|||
Shares |
Value |
||
ENERGY EQUIPMENT & SERVICES - 0.4% |
|||
Oil & Gas Drilling - 0.4% |
|||
Ocean Rig UDW, Inc. (a) |
166,100 |
$ 3,269,139 |
|
OIL, GAS & CONSUMABLE FUELS - 4.2% |
|||
Oil & Gas Refining & Marketing - 1.0% |
|||
CVR Energy, Inc. (a) |
364,300 |
7,963,598 |
|
Oil & Gas Storage & Transport - 3.2% |
|||
Atlas Energy LP |
211,700 |
5,228,990 |
|
Atlas Pipeline Partners, LP |
133,400 |
4,735,700 |
|
Targa Resources Corp. |
243,000 |
8,485,560 |
|
Williams Companies, Inc. |
268,200 |
8,418,798 |
|
|
26,869,048 |
||
TOTAL OIL, GAS & CONSUMABLE FUELS |
34,832,646 |
||
TOTAL COMMON STOCKS (Cost $681,984,067) |
826,581,021 |
||
Money Market Funds - 3.4% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
1,745,544 |
1,745,544 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
26,430,325 |
26,430,325 |
|
TOTAL MONEY MARKET FUNDS (Cost $28,175,869) |
28,175,869 |
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $710,159,936) |
854,756,890 |
NET OTHER ASSETS (LIABILITIES) - (3.1)% |
(25,820,587) |
||
NET ASSETS - 100% |
$ 828,936,303 |
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 $3,262,485 or 0.4% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Swisher Hygiene, Inc. |
3/22/11 - 4/15/11 |
$ 4,076,922 |
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 |
$ 12,419 |
Fidelity Securities Lending Cash Central Fund |
186,124 |
Total |
$ 198,543 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 826,581,021 |
$ 823,318,536 |
$ 3,262,485 |
$ - |
Money Market Funds |
28,175,869 |
28,175,869 |
- |
- |
Total Investments in Securities: |
$ 854,756,890 |
$ 851,494,405 |
$ 3,262,485 |
$ - |
Income Tax Information |
At May 31, 2011, the cost of investment securities for income tax purposes was $719,711,188. Net unrealized appreciation aggregated $135,045,702, of which $147,543,252 related to appreciated investment securities and $12,497,550 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, 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 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 Communications
Equipment Portfolio
May 31, 2011
1.802166.107
DEV-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 95.7% |
|||
Shares |
Value |
||
COMMUNICATIONS EQUIPMENT - 77.4% |
|||
Communications Equipment - 77.4% |
|||
Acme Packet, Inc. (a) |
138,090 |
$ 10,452,032 |
|
ADTRAN, Inc. |
171,604 |
7,354,947 |
|
ADVA AG Optical Networking (a) |
504,160 |
3,509,896 |
|
Alcatel-Lucent SA sponsored ADR (a)(d) |
4,570,943 |
25,917,247 |
|
Arris Group, Inc. (a) |
89,329 |
1,008,524 |
|
Aruba Networks, Inc. (a)(d) |
299,023 |
8,498,234 |
|
Aviat Networks, Inc. (a) |
74,065 |
345,884 |
|
BigBand Networks, Inc. (a) |
704,147 |
1,478,709 |
|
Black Box Corp. |
9,800 |
323,008 |
|
Brocade Communications Systems, Inc. (a) |
1,336,241 |
8,912,727 |
|
Calix Networks, Inc. (a) |
145,600 |
3,140,592 |
|
Ceragon Networks Ltd. (a) |
81,785 |
903,724 |
|
Ciena Corp. (a)(d) |
585,191 |
15,653,859 |
|
Cisco Systems, Inc. |
2,565,526 |
43,100,837 |
|
Comba Telecom Systems Holdings Ltd. |
1,041,150 |
1,153,977 |
|
Comtech Telecommunications Corp. |
39,700 |
1,103,263 |
|
Comverse Technology, Inc. (a) |
44,610 |
331,452 |
|
DG FastChannel, Inc. (a) |
74,200 |
2,625,196 |
|
Digi International, Inc. (a) |
66,600 |
785,214 |
|
DragonWave, Inc. (a) |
207,300 |
1,407,744 |
|
EchoStar Holding Corp. Class A (a) |
52,180 |
1,757,944 |
|
Emulex Corp. (a) |
140,300 |
1,304,790 |
|
F5 Networks, Inc. (a) |
25,854 |
2,936,497 |
|
Finisar Corp. (a) |
395,852 |
9,508,365 |
|
Harmonic, Inc. (a) |
285,540 |
2,224,357 |
|
Harris Corp. |
170,500 |
8,429,520 |
|
HTC Corp. |
478,850 |
20,394,379 |
|
Infinera Corp. (a) |
64,774 |
459,895 |
|
Ixia (a) |
435,904 |
6,861,129 |
|
JDS Uniphase Corp. (a) |
686,536 |
13,861,162 |
|
Juniper Networks, Inc. (a) |
428,312 |
15,680,502 |
|
Motorola Mobility Holdings, Inc. |
462,808 |
11,634,993 |
|
Motorola Solutions, Inc. |
29,381 |
1,406,468 |
|
NETGEAR, Inc. (a) |
136,667 |
5,719,514 |
|
Nokia Corp. sponsored ADR (d) |
35,995 |
252,685 |
|
Oclaro, Inc. (a)(d) |
273,463 |
2,617,041 |
|
Oplink Communications, Inc. (a) |
35,046 |
647,650 |
|
Opnext, Inc. (a) |
756,045 |
2,177,410 |
|
Polycom, Inc. (a) |
257,100 |
14,760,111 |
|
Powerwave Technologies, Inc. (a) |
523,900 |
1,980,342 |
|
QUALCOMM, Inc. |
1,180,919 |
69,190,046 |
|
Research In Motion Ltd. (a) |
11,900 |
509,915 |
|
Riverbed Technology, Inc. (a) |
281,642 |
10,679,865 |
|
Sandvine Corp. (a) |
1,458,000 |
2,997,921 |
|
Sandvine Corp. (U.K.) (a) |
118,328 |
243,018 |
|
ShoreTel, Inc. (a) |
1,036,924 |
11,406,164 |
|
Sierra Wireless, Inc. (a) |
194,000 |
2,342,536 |
|
Sonus Networks, Inc. (a) |
762,732 |
2,471,252 |
|
Sycamore Networks, Inc. |
95,000 |
2,302,800 |
|
Tekelec (a) |
192,740 |
1,753,934 |
|
|
|||
Shares |
Value |
||
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d) |
3,517,780 |
$ 52,203,855 |
|
Tellabs, Inc. |
103,600 |
473,452 |
|
ViaSat, Inc. (a) |
191,200 |
8,464,424 |
|
ZTE Corp. (H Shares) |
343,920 |
1,224,938 |
|
|
428,885,940 |
||
COMPUTERS & PERIPHERALS - 0.5% |
|||
Computer Storage & Peripherals - 0.5% |
|||
Gemalto NV |
44,524 |
2,182,731 |
|
Novatel Wireless, Inc. (a) |
139,202 |
743,339 |
|
|
2,926,070 |
||
ELECTRICAL EQUIPMENT - 0.3% |
|||
Electrical Components & Equipment - 0.3% |
|||
A123 Systems, Inc. (a) |
1,400 |
8,610 |
|
General Cable Corp. (a) |
34,800 |
1,452,900 |
|
|
1,461,510 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 0.3% |
|||
Electronic Components - 0.3% |
|||
Cando Corp. (a) |
1,063,243 |
931,660 |
|
Young Fast Optoelectron Co. Ltd. |
82,000 |
558,213 |
|
|
1,489,873 |
||
HEALTH CARE TECHNOLOGY - 0.0% |
|||
Health Care Technology - 0.0% |
|||
athenahealth, Inc. (a) |
400 |
17,908 |
|
INTERNET SOFTWARE & SERVICES - 0.5% |
|||
Internet Software & Services - 0.5% |
|||
ChinaCache International Holdings Ltd. sponsored ADR (d) |
75,000 |
904,500 |
|
Equinix, Inc. (a) |
500 |
50,700 |
|
Keynote Systems, Inc. |
38,100 |
808,863 |
|
OpenTable, Inc. (a) |
100 |
8,833 |
|
Rackspace Hosting, Inc. (a) |
15,800 |
695,200 |
|
|
2,468,096 |
||
IT SERVICES - 0.1% |
|||
Data Processing & Outsourced Services - 0.1% |
|||
NeuStar, Inc. Class A (a) |
16,400 |
438,864 |
|
IT Consulting & Other Services - 0.0% |
|||
Yucheng Technologies Ltd. (a)(d) |
60,300 |
221,301 |
|
TOTAL IT SERVICES |
660,165 |
||
MEDIA - 1.8% |
|||
Advertising - 1.7% |
|||
Focus Media Holding Ltd. ADR (a) |
306,400 |
9,575,000 |
|
Broadcasting - 0.1% |
|||
Television Broadcasts Ltd. |
95,000 |
602,209 |
|
TOTAL MEDIA |
10,177,209 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5% |
|||
Semiconductors - 3.5% |
|||
Applied Micro Circuits Corp. (a) |
110,450 |
$ 1,168,561 |
|
Avago Technologies Ltd. |
31,000 |
1,047,490 |
|
Cavium Networks, Inc. (a) |
12,701 |
564,940 |
|
CSR PLC |
58,483 |
345,556 |
|
Cypress Semiconductor Corp. |
32,800 |
768,176 |
|
Entropic Communications, Inc. (a) |
3,900 |
34,710 |
|
Exar Corp. (a) |
6,701 |
42,618 |
|
Hittite Microwave Corp. (a) |
800 |
50,736 |
|
Ikanos Communications, Inc. (a) |
183,615 |
280,931 |
|
Inphi Corp. (d) |
57,900 |
1,148,736 |
|
Netlogic Microsystems, Inc. (a) |
48,898 |
1,873,771 |
|
ON Semiconductor Corp. (a) |
90,444 |
1,014,782 |
|
Pericom Semiconductor Corp. (a) |
45,400 |
418,588 |
|
Pixelplus Co. Ltd. ADR (a) |
30,925 |
83,498 |
|
PLX Technology, Inc. (a) |
21,500 |
75,465 |
|
RDA Microelectronics, Inc. sponsored ADR |
195,100 |
2,229,993 |
|
Spreadtrum Communications, Inc. ADR (a)(d) |
281,500 |
5,430,135 |
|
Standard Microsystems Corp. (a) |
55,597 |
1,491,112 |
|
Volterra Semiconductor Corp. (a) |
49,300 |
1,216,231 |
|
|
19,286,029 |
||
SOFTWARE - 5.4% |
|||
Application Software - 4.3% |
|||
AsiaInfo Holdings, Inc. (a)(d) |
495,800 |
8,889,694 |
|
AutoNavi Holdings Ltd. ADR (d) |
160,500 |
2,750,970 |
|
BroadSoft, Inc. (a)(d) |
188,700 |
7,461,198 |
|
NetScout Systems, Inc. (a) |
41,307 |
958,322 |
|
SolarWinds, Inc. (a) |
46,871 |
1,155,370 |
|
Synchronoss Technologies, Inc. (a) |
76,867 |
2,467,431 |
|
Taleo Corp. Class A (a) |
1,800 |
67,194 |
|
TeleNav, Inc. |
5,800 |
94,772 |
|
|
23,844,951 |
||
Systems Software - 1.1% |
|||
Allot Communications Ltd. (a) |
37,800 |
585,144 |
|
Fortinet, Inc. (a) |
33,750 |
1,636,538 |
|
Opnet Technologies, Inc. |
28,872 |
1,130,916 |
|
Rovi Corp. (a) |
35,229 |
2,041,873 |
|
TeleCommunication Systems, Inc. Class A (a) |
166,423 |
830,451 |
|
|
6,224,922 |
||
TOTAL SOFTWARE |
30,069,873 |
||
|
|||
Shares |
Value |
||
WIRELESS TELECOMMUNICATION SERVICES - 5.9% |
|||
Wireless Telecommunication Services - 5.9% |
|||
American Tower Corp. Class A (a) |
216,910 |
$ 12,034,167 |
|
Crown Castle International Corp. (a) |
222,000 |
9,193,020 |
|
SBA Communications Corp. Class A (a) |
280,539 |
11,022,377 |
|
SOFTBANK CORP. |
13,000 |
505,048 |
|
|
32,754,612 |
||
TOTAL COMMON STOCKS (Cost $483,731,486) |
530,197,285 |
Convertible Bonds - 0.2% |
||||
|
Principal Amount |
|
||
COMMUNICATIONS EQUIPMENT - 0.2% |
||||
Communications Equipment - 0.2% |
||||
Ciena Corp. 0.25% 5/1/13 |
|
$ 930,000 |
942,369 |
Money Market Funds - 15.5% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.14% (b) |
25,324,233 |
25,324,233 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
60,583,850 |
60,583,850 |
|
TOTAL MONEY MARKET FUNDS (Cost $85,908,083) |
85,908,083 |
TOTAL INVESTMENT PORTFOLIO - 111.4% (Cost $570,569,569) |
617,047,737 |
NET OTHER ASSETS (LIABILITIES) - (11.4)% |
(63,096,049) |
||
NET ASSETS - 100% |
$ 553,951,688 |
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 |
$ 6,773 |
Fidelity Securities Lending Cash Central Fund |
113,883 |
Total |
$ 120,656 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 530,197,285 |
$ 529,692,237 |
$ 505,048 |
$ - |
Convertible Bonds |
942,369 |
- |
942,369 |
- |
Money Market Funds |
85,908,083 |
85,908,083 |
- |
- |
Total Investments in Securities: |
$ 617,047,737 |
$ 615,600,320 |
$ 1,447,417 |
$ - |
Income Tax Information |
At May 31, 2011, the cost of investment securities for income tax purposes was $573,660,687. Net unrealized appreciation aggregated $43,387,050, of which $92,070,333 related to appreciated investment securities and $48,683,283 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, 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 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 Computers Portfolio
May 31, 2011
1.802161.107
COM-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 97.8% |
|||
Shares |
Value |
||
COMMUNICATIONS EQUIPMENT - 2.0% |
|||
Communications Equipment - 2.0% |
|||
Polycom, Inc. (a) |
195,000 |
$ 11,194,950 |
|
COMPUTERS & PERIPHERALS - 76.6% |
|||
Computer Hardware - 36.8% |
|||
Apple, Inc. (a) |
246,100 |
85,600,963 |
|
Avid Technology, Inc. (a) |
316,500 |
5,529,255 |
|
Cray, Inc. (a) |
502,500 |
3,216,000 |
|
Dell, Inc. (a) |
1,571,907 |
25,276,265 |
|
Diebold, Inc. |
176,800 |
5,843,240 |
|
Hewlett-Packard Co. |
880,655 |
32,918,884 |
|
NCR Corp. (a) |
1,110,100 |
21,669,152 |
|
Silicon Graphics International Corp. (a) |
468,800 |
8,485,280 |
|
Stratasys, Inc. (a)(d) |
227,331 |
8,002,051 |
|
Super Micro Computer, Inc. (a) |
393,200 |
6,597,896 |
|
|
203,138,986 |
||
Computer Storage & Peripherals - 39.8% |
|||
Electronics for Imaging, Inc. (a) |
255,115 |
4,604,826 |
|
EMC Corp. (a) |
1,776,178 |
50,567,788 |
|
Hypercom Corp. (a) |
616,960 |
6,595,302 |
|
Imation Corp. (a)(d) |
365,000 |
3,547,800 |
|
Immersion Corp. (a) |
655,000 |
5,560,950 |
|
Intermec, Inc. (a) |
406,500 |
4,910,520 |
|
Intevac, Inc. (a) |
323,790 |
3,843,387 |
|
Lexmark International, Inc. Class A (a) |
145,800 |
4,341,924 |
|
NetApp, Inc. (a) |
505,360 |
27,678,567 |
|
Novatel Wireless, Inc. (a)(d) |
641,424 |
3,425,204 |
|
QLogic Corp. (a) |
332,008 |
5,371,889 |
|
Quantum Corp. (a) |
4,143,200 |
12,719,624 |
|
Rimage Corp. |
135,000 |
1,969,650 |
|
SanDisk Corp. (a) |
344,000 |
16,346,880 |
|
Seagate Technology |
847,800 |
14,243,040 |
|
STEC, Inc. (a)(d) |
776,380 |
13,904,966 |
|
Synaptics, Inc. (a)(d) |
312,200 |
8,757,210 |
|
Western Digital Corp. (a) |
786,684 |
28,831,969 |
|
Xyratex Ltd. (a) |
210,800 |
2,012,086 |
|
|
219,233,582 |
||
TOTAL COMPUTERS & PERIPHERALS |
422,372,568 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 2.4% |
|||
Electronic Manufacturing Services - 1.1% |
|||
Jabil Circuit, Inc. |
280,000 |
6,042,400 |
|
Technology Distributors - 1.3% |
|||
Arrow Electronics, Inc. (a) |
157,300 |
7,020,299 |
|
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS |
13,062,699 |
||
|
|||
Shares |
Value |
||
INTERNET SOFTWARE & SERVICES - 1.3% |
|||
Internet Software & Services - 1.3% |
|||
Rackspace Hosting, Inc. (a) |
164,100 |
$ 7,220,400 |
|
IT SERVICES - 11.0% |
|||
IT Consulting & Other Services - 11.0% |
|||
Accenture PLC Class A |
140,000 |
8,034,600 |
|
Atos Origin SA (a) |
90,000 |
5,262,189 |
|
International Business Machines Corp. |
181,348 |
30,635,118 |
|
Teradata Corp. (a) |
300,600 |
16,770,474 |
|
|
60,702,381 |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.2% |
|||
Semiconductors - 1.2% |
|||
Advanced Micro Devices, Inc. (a) |
325,000 |
2,821,000 |
|
Marvell Technology Group Ltd. (a) |
225,000 |
3,654,000 |
|
|
6,475,000 |
||
SOFTWARE - 3.3% |
|||
Application Software - 2.1% |
|||
Autonomy Corp. PLC (a) |
200,000 |
5,911,950 |
|
Synchronoss Technologies, Inc. (a) |
175,000 |
5,617,500 |
|
|
11,529,450 |
||
Systems Software - 1.2% |
|||
Check Point Software Technologies Ltd. (a) |
120,000 |
6,590,400 |
|
TOTAL SOFTWARE |
18,119,850 |
||
TOTAL COMMON STOCKS (Cost $514,106,389) |
539,147,848 |
||
Money Market Funds - 4.7% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
2,572,224 |
2,572,224 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
23,603,250 |
23,603,250 |
|
TOTAL MONEY MARKET FUNDS (Cost $26,175,474) |
26,175,474 |
TOTAL INVESTMENT PORTFOLIO - 102.5% (Cost $540,281,863) |
565,323,322 |
NET OTHER ASSETS (LIABILITIES) - (2.5)% |
(13,802,128) |
||
NET ASSETS - 100% |
$ 551,521,194 |
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 |
$ 1,596 |
Fidelity Securities Lending Cash Central Fund |
60,229 |
Total |
$ 61,825 |
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, 2011, the cost of investment securities for income tax purposes was $560,766,369. Net unrealized appreciation aggregated $4,556,953, of which $55,402,012 related to appreciated investment securities and $50,845,059 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, 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 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, 2011
1.802162.107
HOU-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 99.1% |
|||
Shares |
Value |
||
BUILDING PRODUCTS - 4.8% |
|||
Building Products - 4.8% |
|||
Masco Corp. |
140,900 |
$ 2,007,825 |
|
Owens Corning (a) |
50,169 |
1,916,456 |
|
Quanex Building Products Corp. |
38,643 |
766,677 |
|
|
4,690,958 |
||
CONSTRUCTION & ENGINEERING - 20.2% |
|||
Construction & Engineering - 20.2% |
|||
AECOM Technology Corp. (a) |
18,700 |
536,129 |
|
Dycom Industries, Inc. (a) |
185,000 |
3,161,650 |
|
Fluor Corp. |
49,400 |
3,405,142 |
|
Foster Wheeler AG (a) |
146,300 |
5,012,238 |
|
Jacobs Engineering Group, Inc. (a) |
44,200 |
2,035,852 |
|
KBR, Inc. |
71,600 |
2,672,112 |
|
Shaw Group, Inc. (a) |
24,050 |
878,547 |
|
URS Corp. (a) |
45,171 |
1,990,234 |
|
|
19,691,904 |
||
CONSTRUCTION MATERIALS - 1.2% |
|||
Construction Materials - 1.2% |
|||
Eagle Materials, Inc. |
30,400 |
875,824 |
|
Vulcan Materials Co. (d) |
7,100 |
287,479 |
|
|
1,163,303 |
||
HOUSEHOLD DURABLES - 14.2% |
|||
Homebuilding - 14.2% |
|||
D.R. Horton, Inc. |
202,237 |
2,463,247 |
|
Lennar Corp. Class A (d) |
207,478 |
3,937,932 |
|
PulteGroup, Inc. (a) |
155,983 |
1,316,497 |
|
Ryland Group, Inc. |
27,200 |
497,216 |
|
Standard Pacific Corp. (a)(d) |
267,000 |
1,059,990 |
|
Toll Brothers, Inc. (a) |
209,150 |
4,549,013 |
|
|
13,823,895 |
||
REAL ESTATE INVESTMENT TRUSTS - 22.4% |
|||
Residential REITs - 21.7% |
|||
Apartment Investment & Management Co. Class A |
22,871 |
611,342 |
|
AvalonBay Communities, Inc. |
14,569 |
1,938,697 |
|
BRE Properties, Inc. |
8,700 |
443,874 |
|
Camden Property Trust (SBI) |
47,300 |
3,040,444 |
|
Education Realty Trust, Inc. |
57,600 |
501,120 |
|
Equity Residential (SBI) |
149,100 |
9,218,853 |
|
Essex Property Trust, Inc. |
8,500 |
1,169,685 |
|
Mid-America Apartment Communities, Inc. |
20,890 |
1,432,010 |
|
Post Properties, Inc. |
48,900 |
2,058,690 |
|
UDR, Inc. |
26,938 |
702,004 |
|
|
21,116,719 |
||
|
|||
Shares |
Value |
||
Retail REITs - 0.7% |
|||
CBL & Associates Properties, Inc. |
37,600 |
$ 723,424 |
|
TOTAL REAL ESTATE INVESTMENT TRUSTS |
21,840,143 |
||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.5% |
|||
Diversified Real Estate Activities - 1.2% |
|||
The St. Joe Co. (a)(d) |
54,500 |
1,184,285 |
|
Real Estate Operating Companies - 1.3% |
|||
Forest City Enterprises, Inc. Class A (a)(d) |
65,500 |
1,255,635 |
|
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |
2,439,920 |
||
SPECIALTY RETAIL - 33.8% |
|||
Home Improvement Retail - 33.8% |
|||
Home Depot, Inc. |
485,390 |
17,609,947 |
|
Lowe's Companies, Inc. |
632,234 |
15,262,129 |
|
|
32,872,076 |
||
TOTAL COMMON STOCKS (Cost $89,279,346) |
96,522,199 |
||
Money Market Funds - 5.3% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
493,018 |
493,018 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
4,713,750 |
4,713,750 |
|
TOTAL MONEY MARKET FUNDS (Cost $5,206,768) |
5,206,768 |
TOTAL INVESTMENT PORTFOLIO - 104.4% (Cost $94,486,114) |
101,728,967 |
NET OTHER ASSETS (LIABILITIES) - (4.4)% |
(4,324,511) |
||
NET ASSETS - 100% |
$ 97,404,456 |
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 |
$ 152 |
Fidelity Securities Lending Cash Central Fund |
66,151 |
Total |
$ 66,303 |
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, 2011, the cost of investment securities for income tax purposes was $99,120,123. Net unrealized appreciation aggregated $2,608,844, of which $9,678,232 related to appreciated investment securities and $7,069,388 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, 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 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, 2011
1.802163.107
CPR-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 96.2% |
|||
Shares |
Value |
||
AUTO COMPONENTS - 3.3% |
|||
Auto Parts & Equipment - 3.3% |
|||
Autoliv, Inc. |
34,699 |
$ 2,671,129 |
|
Gentex Corp. |
76,214 |
2,236,881 |
|
TRW Automotive Holdings Corp. (a) |
44,521 |
2,531,909 |
|
|
7,439,919 |
||
AUTOMOBILES - 1.6% |
|||
Automobile Manufacturers - 1.6% |
|||
Bayerische Motoren Werke AG (BMW) |
41,155 |
3,640,212 |
|
DIVERSIFIED CONSUMER SERVICES - 2.4% |
|||
Education Services - 1.1% |
|||
DeVry, Inc. |
29,000 |
1,561,650 |
|
Grand Canyon Education, Inc. (a) |
68,695 |
886,166 |
|
|
2,447,816 |
||
Specialized Consumer Services - 1.3% |
|||
Sotheby's Class A (Ltd. Vtg.) |
33,814 |
1,439,124 |
|
Steiner Leisure Ltd. (a) |
30,795 |
1,539,750 |
|
|
2,978,874 |
||
TOTAL DIVERSIFIED CONSUMER SERVICES |
5,426,690 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 0.2% |
|||
Technology Distributors - 0.2% |
|||
Funtalk China Holdings Ltd. (a) |
82,300 |
546,472 |
|
FOOD & STAPLES RETAILING - 1.2% |
|||
Drug Retail - 0.1% |
|||
Droga Raia SA |
10,000 |
177,472 |
|
Hypermarkets & Super Centers - 1.1% |
|||
BJ's Wholesale Club, Inc. (a) |
4,389 |
221,293 |
|
Costco Wholesale Corp. |
27,837 |
2,295,996 |
|
|
2,517,289 |
||
TOTAL FOOD & STAPLES RETAILING |
2,694,761 |
||
FOOD PRODUCTS - 0.1% |
|||
Packaged Foods & Meats - 0.1% |
|||
Green Mountain Coffee Roasters, Inc. (a) |
3,000 |
247,110 |
|
HOTELS, RESTAURANTS & LEISURE - 19.8% |
|||
Casinos & Gaming - 3.9% |
|||
Betfair Group PLC (d) |
33,600 |
463,718 |
|
Las Vegas Sands Corp. (a) |
94,072 |
3,907,751 |
|
Las Vegas Sands Corp. unit |
2,360 |
1,653,864 |
|
Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)(d) |
106,100 |
1,190,442 |
|
Pinnacle Entertainment, Inc. (a) |
62,925 |
914,300 |
|
WMS Industries, Inc. (a) |
25,956 |
816,576 |
|
|
8,946,651 |
||
Hotels, Resorts & Cruise Lines - 3.3% |
|||
China Lodging Group Ltd. ADR (a)(d) |
43,107 |
815,584 |
|
|
|||
Shares |
Value |
||
Royal Caribbean Cruises Ltd. (a) |
46,900 |
$ 1,829,100 |
|
Starwood Hotels & Resorts Worldwide, Inc. |
80,288 |
4,895,962 |
|
|
7,540,646 |
||
Restaurants - 12.6% |
|||
Ajisen (China) Holdings Ltd. |
413,000 |
878,339 |
|
Arcos Dorados Holdings, Inc. |
23,100 |
525,525 |
|
BJ's Restaurants, Inc. (a) |
37,584 |
1,925,428 |
|
Bravo Brio Restaurant Group, Inc. |
23,681 |
525,718 |
|
Darden Restaurants, Inc. |
80,664 |
4,085,632 |
|
McDonald's Corp. |
98,367 |
8,020,845 |
|
P.F. Chang's China Bistro, Inc. (d) |
4,480 |
180,947 |
|
Panera Bread Co. Class A (a) |
18,749 |
2,344,187 |
|
Ruth's Hospitality Group, Inc. (a) |
271,113 |
1,450,455 |
|
Starbucks Corp. |
145,045 |
5,336,206 |
|
Texas Roadhouse, Inc. Class A |
195,400 |
3,366,742 |
|
|
28,640,024 |
||
TOTAL HOTELS, RESTAURANTS & LEISURE |
45,127,321 |
||
HOUSEHOLD DURABLES - 2.3% |
|||
Home Furnishings - 1.3% |
|||
Tempur-Pedic International, Inc. (a) |
44,100 |
2,868,264 |
|
Homebuilding - 1.0% |
|||
Lennar Corp. Class A |
85,589 |
1,624,479 |
|
Toll Brothers, Inc. (a) |
30,700 |
667,725 |
|
|
2,292,204 |
||
TOTAL HOUSEHOLD DURABLES |
5,160,468 |
||
INTERNET & CATALOG RETAIL - 7.9% |
|||
Internet Retail - 7.9% |
|||
Amazon.com, Inc. (a) |
57,835 |
11,375,566 |
|
Blue Nile, Inc. (a)(d) |
22,100 |
1,105,000 |
|
Ocado Group PLC (a)(d) |
134,400 |
492,348 |
|
Priceline.com, Inc. (a) |
8,785 |
4,525,944 |
|
Start Today Co. Ltd. |
20,600 |
432,347 |
|
|
17,931,205 |
||
INTERNET SOFTWARE & SERVICES - 1.8% |
|||
Internet Software & Services - 1.8% |
|||
eBay, Inc. (a) |
103,137 |
3,214,780 |
|
The Knot, Inc. (a) |
88,493 |
907,938 |
|
|
4,122,718 |
||
LEISURE EQUIPMENT & PRODUCTS - 0.8% |
|||
Leisure Products - 0.8% |
|||
Hasbro, Inc. |
38,782 |
1,773,889 |
|
MEDIA - 25.8% |
|||
Advertising - 2.3% |
|||
Dentsu, Inc. |
21,800 |
586,612 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
MEDIA - CONTINUED |
|||
Advertising - continued |
|||
National CineMedia, Inc. |
137,249 |
$ 2,444,405 |
|
WPP PLC |
184,504 |
2,301,403 |
|
|
5,332,420 |
||
Broadcasting - 0.8% |
|||
Discovery Communications, Inc. (a) |
41,200 |
1,794,672 |
|
Cable & Satellite - 8.9% |
|||
Comcast Corp. Class A (special) (non-vtg.) |
149,352 |
3,517,240 |
|
DIRECTV (a) |
63,866 |
3,209,905 |
|
Kabel Deutschland Holding AG (a) |
32,466 |
2,214,933 |
|
Sirius XM Radio, Inc. (a) |
933,934 |
2,194,745 |
|
Time Warner Cable, Inc. |
62,108 |
4,795,980 |
|
Virgin Media, Inc. |
132,141 |
4,310,439 |
|
|
20,243,242 |
||
Movies & Entertainment - 13.8% |
|||
News Corp. Class A |
403,200 |
7,394,688 |
|
The Walt Disney Co. |
275,267 |
11,459,365 |
|
Time Warner, Inc. |
195,056 |
7,105,890 |
|
Viacom, Inc. Class B (non-vtg.) |
107,801 |
5,434,248 |
|
|
31,394,191 |
||
TOTAL MEDIA |
58,764,525 |
||
MULTILINE RETAIL - 5.2% |
|||
Department Stores - 0.4% |
|||
Marisa Lojas SA |
54,900 |
932,898 |
|
General Merchandise Stores - 4.8% |
|||
Dollar Tree, Inc. (a) |
34,963 |
2,228,542 |
|
Target Corp. |
176,902 |
8,761,956 |
|
|
10,990,498 |
||
TOTAL MULTILINE RETAIL |
11,923,396 |
||
PROFESSIONAL SERVICES - 0.3% |
|||
Research & Consulting Services - 0.3% |
|||
Nielsen Holdings B.V. (a) |
25,400 |
799,846 |
|
SPECIALTY RETAIL - 21.5% |
|||
Apparel Retail - 8.2% |
|||
Body Central Corp. |
9,300 |
225,432 |
|
Chico's FAS, Inc. |
137,900 |
2,079,532 |
|
Citi Trends, Inc. (a) |
82,312 |
1,374,610 |
|
H&M Hennes & Mauritz AB (B Shares) |
30,699 |
1,140,389 |
|
Inditex SA |
13,081 |
1,188,836 |
|
Limited Brands, Inc. |
79,340 |
3,170,426 |
|
rue21, Inc. (a)(d) |
18,590 |
629,086 |
|
TJX Companies, Inc. |
104,718 |
5,552,148 |
|
Urban Outfitters, Inc. (a) |
107,914 |
3,287,060 |
|
|
18,647,519 |
||
|
|||
Shares |
Value |
||
Automotive Retail - 1.5% |
|||
Advance Auto Parts, Inc. |
53,800 |
$ 3,340,980 |
|
Home Improvement Retail - 6.4% |
|||
Lowe's Companies, Inc. |
538,107 |
12,989,907 |
|
Lumber Liquidators Holdings, Inc. (a)(d) |
59,800 |
1,612,806 |
|
|
14,602,713 |
||
Homefurnishing Retail - 2.8% |
|||
Bed Bath & Beyond, Inc. (a) |
116,700 |
6,288,963 |
|
Specialty Stores - 2.6% |
|||
Hengdeli Holdings Ltd. |
1,308,000 |
766,919 |
|
OfficeMax, Inc. (a) |
96,104 |
803,429 |
|
Tractor Supply Co. |
57,624 |
3,639,532 |
|
Ulta Salon, Cosmetics & Fragrance, Inc. (a) |
14,504 |
811,934 |
|
|
6,021,814 |
||
TOTAL SPECIALTY RETAIL |
48,901,989 |
||
TEXTILES, APPAREL & LUXURY GOODS - 2.0% |
|||
Apparel, Accessories & Luxury Goods - 2.0% |
|||
China Xiniya Fashion Ltd. ADR (d) |
65,900 |
266,895 |
|
Phillips-Van Heusen Corp. |
30,400 |
2,005,488 |
|
Polo Ralph Lauren Corp. Class A |
8,253 |
1,046,233 |
|
Titan Industries Ltd. |
6,101 |
596,957 |
|
Trinity Ltd. |
546,000 |
539,878 |
|
|
4,455,451 |
||
TOTAL COMMON STOCKS (Cost $185,821,863) |
218,955,972 |
||
Nonconvertible Preferred Stocks - 0.8% |
|||
|
|
|
|
AUTOMOBILES - 0.8% |
|||
Automobile Manufacturers - 0.8% |
|||
Volkswagen AG |
9,700 |
1,722,095 |
|
Money Market Funds - 6.9% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
12,070,944 |
12,070,944 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
3,588,405 |
3,588,405 |
|
TOTAL MONEY MARKET FUNDS (Cost $15,659,349) |
15,659,349 |
TOTAL INVESTMENT PORTFOLIO - 103.9% (Cost $203,355,837) |
236,337,416 |
|
NET OTHER ASSETS (LIABILITIES) - (3.9)% |
(8,836,949) |
|
NET ASSETS - 100% |
$ 227,500,467 |
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 |
$ 1,023 |
Fidelity Securities Lending Cash Central Fund |
16,922 |
Total |
$ 17,945 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 218,955,972 |
$ 213,981,746 |
$ 4,974,226 |
$ - |
Nonconvertible Preferred Stocks |
1,722,095 |
1,722,095 |
- |
- |
Money Market Funds |
15,659,349 |
15,659,349 |
- |
- |
Total Investments in Securities: |
$ 236,337,416 |
$ 231,363,190 |
$ 4,974,226 |
$ - |
Income Tax Information |
At May 31, 2011, the cost of investment securities for income tax purposes was $204,103,227. Net unrealized appreciation aggregated $32,234,189, of which $36,727,340 related to appreciated investment securities and $4,493,151 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, 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 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, 2011
1.802172.107
FOO-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 94.5% |
|||
Shares |
Value |
||
BEVERAGES - 29.7% |
|||
Brewers - 5.3% |
|||
Anheuser-Busch InBev SA NV |
600,039 |
$ 36,271,793 |
|
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR |
243,385 |
7,676,363 |
|
Molson Coors Brewing Co. Class B |
858,877 |
40,066,612 |
|
|
84,014,768 |
||
Distillers & Vintners - 7.5% |
|||
Constellation Brands, Inc. Class A (sub. vtg.) (a) |
1,798,282 |
39,490,273 |
|
Diageo PLC sponsored ADR |
556,406 |
47,344,587 |
|
Pernod-Ricard SA |
264,101 |
26,654,342 |
|
Remy Cointreau SA |
81,778 |
6,706,279 |
|
|
120,195,481 |
||
Soft Drinks - 16.9% |
|||
Coca-Cola Bottling Co. Consolidated |
95,913 |
6,473,168 |
|
Coca-Cola FEMSA SAB de CV sponsored ADR |
89,329 |
7,763,583 |
|
Coca-Cola Icecek AS |
371,342 |
5,106,156 |
|
Embotelladora Andina SA sponsored ADR |
263,941 |
7,522,319 |
|
Fomento Economico Mexicano SAB de CV sponsored ADR |
58,187 |
3,603,521 |
|
PepsiCo, Inc. |
951,926 |
67,700,977 |
|
The Coca-Cola Co. |
2,550,818 |
170,420,151 |
|
|
268,589,875 |
||
TOTAL BEVERAGES |
472,800,124 |
||
FOOD & STAPLES RETAILING - 11.3% |
|||
Drug Retail - 9.5% |
|||
CVS Caremark Corp. |
2,871,463 |
111,096,903 |
|
Drogasil SA |
399,000 |
2,833,465 |
|
Walgreen Co. |
845,127 |
36,872,891 |
|
|
150,803,259 |
||
Food Distributors - 0.2% |
|||
United Natural Foods, Inc. (a) |
82,636 |
3,595,492 |
|
Food Retail - 0.2% |
|||
Fresh Market, Inc. |
8,200 |
329,968 |
|
Susser Holdings Corp. (a) |
251,104 |
3,600,831 |
|
|
3,930,799 |
||
Hypermarkets & Super Centers - 1.4% |
|||
Wal-Mart Stores, Inc. |
391,318 |
21,608,580 |
|
TOTAL FOOD & STAPLES RETAILING |
179,938,130 |
||
FOOD PRODUCTS - 11.6% |
|||
Agricultural Products - 3.8% |
|||
Archer Daniels Midland Co. |
456,558 |
14,797,045 |
|
Bunge Ltd. |
470,276 |
35,012,048 |
|
Cresud S.A.C.I.F. y A. sponsored ADR |
91,600 |
1,598,420 |
|
|
|||
Shares |
Value |
||
Origin Agritech Ltd. (a) |
95,200 |
$ 581,672 |
|
SLC Agricola SA |
300,600 |
3,882,460 |
|
Viterra, Inc. |
313,500 |
3,830,786 |
|
|
59,702,431 |
||
Packaged Foods & Meats - 7.8% |
|||
Brasil Foods SA |
2,000 |
37,130 |
|
Calavo Growers, Inc. |
206,875 |
4,580,213 |
|
Cermaq ASA |
183,470 |
3,628,044 |
|
Cosan Ltd. Class A |
111,100 |
1,319,868 |
|
Danone |
68,320 |
5,007,977 |
|
Green Mountain Coffee Roasters, Inc. (a) |
95,900 |
7,899,283 |
|
Lindt & Spruengli AG |
111 |
3,969,399 |
|
Mead Johnson Nutrition Co. Class A |
229,532 |
15,559,974 |
|
Nestle SA |
481,038 |
30,879,154 |
|
Unilever NV unit (d) |
1,447,191 |
47,265,258 |
|
Want Want China Holdings Ltd. |
4,014,000 |
3,845,124 |
|
|
123,991,424 |
||
TOTAL FOOD PRODUCTS |
183,693,855 |
||
HOUSEHOLD DURABLES - 0.1% |
|||
Household Appliances - 0.1% |
|||
SodaStream International Ltd. (d) |
34,500 |
2,004,795 |
|
HOUSEHOLD PRODUCTS - 19.0% |
|||
Household Products - 19.0% |
|||
Colgate-Palmolive Co. |
532,600 |
46,618,478 |
|
Procter & Gamble Co. |
3,762,887 |
252,113,428 |
|
Spectrum Brands Holdings, Inc. (a) |
109,747 |
3,947,600 |
|
|
302,679,506 |
||
PERSONAL PRODUCTS - 4.6% |
|||
Personal Products - 4.6% |
|||
Avon Products, Inc. |
1,320,993 |
39,246,702 |
|
Hypermarcas SA |
268,100 |
2,524,354 |
|
L'Oreal SA |
163,700 |
20,591,093 |
|
Natura Cosmeticos SA |
131,100 |
3,516,172 |
|
Nu Skin Enterprises, Inc. Class A |
176,850 |
6,913,067 |
|
|
72,791,388 |
||
PHARMACEUTICALS - 2.7% |
|||
Pharmaceuticals - 2.7% |
|||
Johnson & Johnson |
642,373 |
43,225,279 |
|
TOBACCO - 15.5% |
|||
Tobacco - 15.5% |
|||
Altria Group, Inc. |
2,895,534 |
81,248,684 |
|
British American Tobacco PLC sponsored ADR (d) |
1,269,341 |
114,684,959 |
|
KT&G Corp. |
62,114 |
3,645,635 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
TOBACCO - CONTINUED |
|||
Tobacco - continued |
|||
Philip Morris International, Inc. |
586,983 |
$ 42,116,030 |
|
Souza Cruz Industria Comerico |
417,300 |
5,241,552 |
|
|
246,936,860 |
||
TOTAL COMMON STOCKS (Cost $1,199,263,491) |
1,504,069,937 |
||
Money Market Funds - 6.5% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
88,394,556 |
88,394,556 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
14,440,125 |
14,440,125 |
|
TOTAL MONEY MARKET FUNDS (Cost $102,834,681) |
102,834,681 |
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $1,302,098,172) |
1,606,904,618 |
|
NET OTHER ASSETS (LIABILITIES) - (1.0)% |
(15,755,015) |
|
NET ASSETS - 100% |
$ 1,591,149,603 |
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 |
$ 9,320 |
Fidelity Securities Lending Cash Central Fund |
121,388 |
Total |
$ 130,708 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 1,504,069,937 |
$ 1,467,798,144 |
$ 36,271,793 |
$ - |
Money Market Funds |
102,834,681 |
102,834,681 |
- |
- |
Total Investments in Securities: |
$ 1,606,904,618 |
$ 1,570,632,825 |
$ 36,271,793 |
$ - |
Income Tax Information |
At May 31, 2011, the cost of investment securities for income tax purposes was $1,307,079,670. Net unrealized appreciation aggregated $299,824,948, of which $301,956,169 related to appreciated investment securities and $2,131,221 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, 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 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, 2011
Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Select Consumer Staples Portfolio
1.851744.104
ACSF-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 94.5% |
|||
Shares |
Value |
||
BEVERAGES - 29.7% |
|||
Brewers - 5.3% |
|||
Anheuser-Busch InBev SA NV |
600,039 |
$ 36,271,793 |
|
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR |
243,385 |
7,676,363 |
|
Molson Coors Brewing Co. Class B |
858,877 |
40,066,612 |
|
|
84,014,768 |
||
Distillers & Vintners - 7.5% |
|||
Constellation Brands, Inc. Class A (sub. vtg.) (a) |
1,798,282 |
39,490,273 |
|
Diageo PLC sponsored ADR |
556,406 |
47,344,587 |
|
Pernod-Ricard SA |
264,101 |
26,654,342 |
|
Remy Cointreau SA |
81,778 |
6,706,279 |
|
|
120,195,481 |
||
Soft Drinks - 16.9% |
|||
Coca-Cola Bottling Co. Consolidated |
95,913 |
6,473,168 |
|
Coca-Cola FEMSA SAB de CV sponsored ADR |
89,329 |
7,763,583 |
|
Coca-Cola Icecek AS |
371,342 |
5,106,156 |
|
Embotelladora Andina SA sponsored ADR |
263,941 |
7,522,319 |
|
Fomento Economico Mexicano SAB de CV sponsored ADR |
58,187 |
3,603,521 |
|
PepsiCo, Inc. |
951,926 |
67,700,977 |
|
The Coca-Cola Co. |
2,550,818 |
170,420,151 |
|
|
268,589,875 |
||
TOTAL BEVERAGES |
472,800,124 |
||
FOOD & STAPLES RETAILING - 11.3% |
|||
Drug Retail - 9.5% |
|||
CVS Caremark Corp. |
2,871,463 |
111,096,903 |
|
Drogasil SA |
399,000 |
2,833,465 |
|
Walgreen Co. |
845,127 |
36,872,891 |
|
|
150,803,259 |
||
Food Distributors - 0.2% |
|||
United Natural Foods, Inc. (a) |
82,636 |
3,595,492 |
|
Food Retail - 0.2% |
|||
Fresh Market, Inc. |
8,200 |
329,968 |
|
Susser Holdings Corp. (a) |
251,104 |
3,600,831 |
|
|
3,930,799 |
||
Hypermarkets & Super Centers - 1.4% |
|||
Wal-Mart Stores, Inc. |
391,318 |
21,608,580 |
|
TOTAL FOOD & STAPLES RETAILING |
179,938,130 |
||
FOOD PRODUCTS - 11.6% |
|||
Agricultural Products - 3.8% |
|||
Archer Daniels Midland Co. |
456,558 |
14,797,045 |
|
Bunge Ltd. |
470,276 |
35,012,048 |
|
Cresud S.A.C.I.F. y A. sponsored ADR |
91,600 |
1,598,420 |
|
|
|||
Shares |
Value |
||
Origin Agritech Ltd. (a) |
95,200 |
$ 581,672 |
|
SLC Agricola SA |
300,600 |
3,882,460 |
|
Viterra, Inc. |
313,500 |
3,830,786 |
|
|
59,702,431 |
||
Packaged Foods & Meats - 7.8% |
|||
Brasil Foods SA |
2,000 |
37,130 |
|
Calavo Growers, Inc. |
206,875 |
4,580,213 |
|
Cermaq ASA |
183,470 |
3,628,044 |
|
Cosan Ltd. Class A |
111,100 |
1,319,868 |
|
Danone |
68,320 |
5,007,977 |
|
Green Mountain Coffee Roasters, Inc. (a) |
95,900 |
7,899,283 |
|
Lindt & Spruengli AG |
111 |
3,969,399 |
|
Mead Johnson Nutrition Co. Class A |
229,532 |
15,559,974 |
|
Nestle SA |
481,038 |
30,879,154 |
|
Unilever NV unit (d) |
1,447,191 |
47,265,258 |
|
Want Want China Holdings Ltd. |
4,014,000 |
3,845,124 |
|
|
123,991,424 |
||
TOTAL FOOD PRODUCTS |
183,693,855 |
||
HOUSEHOLD DURABLES - 0.1% |
|||
Household Appliances - 0.1% |
|||
SodaStream International Ltd. (d) |
34,500 |
2,004,795 |
|
HOUSEHOLD PRODUCTS - 19.0% |
|||
Household Products - 19.0% |
|||
Colgate-Palmolive Co. |
532,600 |
46,618,478 |
|
Procter & Gamble Co. |
3,762,887 |
252,113,428 |
|
Spectrum Brands Holdings, Inc. (a) |
109,747 |
3,947,600 |
|
|
302,679,506 |
||
PERSONAL PRODUCTS - 4.6% |
|||
Personal Products - 4.6% |
|||
Avon Products, Inc. |
1,320,993 |
39,246,702 |
|
Hypermarcas SA |
268,100 |
2,524,354 |
|
L'Oreal SA |
163,700 |
20,591,093 |
|
Natura Cosmeticos SA |
131,100 |
3,516,172 |
|
Nu Skin Enterprises, Inc. Class A |
176,850 |
6,913,067 |
|
|
72,791,388 |
||
PHARMACEUTICALS - 2.7% |
|||
Pharmaceuticals - 2.7% |
|||
Johnson & Johnson |
642,373 |
43,225,279 |
|
TOBACCO - 15.5% |
|||
Tobacco - 15.5% |
|||
Altria Group, Inc. |
2,895,534 |
81,248,684 |
|
British American Tobacco PLC sponsored ADR (d) |
1,269,341 |
114,684,959 |
|
KT&G Corp. |
62,114 |
3,645,635 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
TOBACCO - CONTINUED |
|||
Tobacco - continued |
|||
Philip Morris International, Inc. |
586,983 |
$ 42,116,030 |
|
Souza Cruz Industria Comerico |
417,300 |
5,241,552 |
|
|
246,936,860 |
||
TOTAL COMMON STOCKS (Cost $1,199,263,491) |
1,504,069,937 |
||
Money Market Funds - 6.5% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
88,394,556 |
88,394,556 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
14,440,125 |
14,440,125 |
|
TOTAL MONEY MARKET FUNDS (Cost $102,834,681) |
102,834,681 |
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $1,302,098,172) |
1,606,904,618 |
|
NET OTHER ASSETS (LIABILITIES) - (1.0)% |
(15,755,015) |
|
NET ASSETS - 100% |
$ 1,591,149,603 |
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 |
$ 9,320 |
Fidelity Securities Lending Cash Central Fund |
121,388 |
Total |
$ 130,708 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 1,504,069,937 |
$ 1,467,798,144 |
$ 36,271,793 |
$ - |
Money Market Funds |
102,834,681 |
102,834,681 |
- |
- |
Total Investments in Securities: |
$ 1,606,904,618 |
$ 1,570,632,825 |
$ 36,271,793 |
$ - |
Income Tax Information |
At May 31, 2011, the cost of investment securities for income tax purposes was $1,307,079,670. Net unrealized appreciation aggregated $299,824,948, of which $301,956,169 related to appreciated investment securities and $2,131,221 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, 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 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 Defense and Aerospace Portfolio
May 31, 2011
1.802165.107
DEF-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 99.2% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 93.5% |
|||
Aerospace & Defense - 93.5% |
|||
AerCap Holdings NV (a) |
873,807 |
$ 11,848,823 |
|
BE Aerospace, Inc. (a) |
510,541 |
19,104,444 |
|
Bombardier, Inc. Class B (sub. vtg.) |
1,492,700 |
10,398,602 |
|
DigitalGlobe, Inc. (a) |
397,827 |
9,794,501 |
|
Esterline Technologies Corp. (a) |
425,363 |
32,165,950 |
|
General Dynamics Corp. |
64,230 |
4,767,151 |
|
Goodrich Corp. |
458,467 |
40,019,584 |
|
HEICO Corp. (d) |
183,972 |
10,114,781 |
|
Honeywell International, Inc. |
562,427 |
33,492,528 |
|
Lockheed Martin Corp. |
201,058 |
15,662,418 |
|
Meggitt PLC |
1,374,000 |
8,290,272 |
|
MTU Aero Engines Holdings AG |
103,836 |
7,977,365 |
|
Precision Castparts Corp. |
392,400 |
61,646,040 |
|
Raytheon Co. |
632,210 |
31,850,740 |
|
Rockwell Collins, Inc. |
541,247 |
33,086,429 |
|
Teledyne Technologies, Inc. (a) |
318,231 |
15,625,142 |
|
Textron, Inc. |
1,144,658 |
26,189,775 |
|
The Boeing Co. |
1,238,417 |
96,633,679 |
|
TransDigm Group, Inc. (a) |
326,200 |
26,748,400 |
|
United Technologies Corp. |
1,644,204 |
144,311,782 |
|
|
639,728,406 |
||
AIRLINES - 0.8% |
|||
Airlines - 0.8% |
|||
Copa Holdings SA Class A |
89,600 |
5,599,104 |
|
ELECTRICAL EQUIPMENT - 0.9% |
|||
Electrical Components & Equipment - 0.9% |
|||
AMETEK, Inc. |
141,600 |
6,158,184 |
|
ELECTRONIC EQUIPMENT & COMPONENTS - 0.5% |
|||
Electronic Manufacturing Services - 0.5% |
|||
Mercury Computer Systems, Inc. (a) |
176,296 |
3,370,780 |
|
HOUSEHOLD DURABLES - 0.8% |
|||
Household Appliances - 0.8% |
|||
iRobot Corp. (a)(d) |
168,706 |
5,668,522 |
|
|
|||
Shares |
Value |
||
METALS & MINING - 2.1% |
|||
Steel - 2.1% |
|||
Carpenter Technology Corp. |
166,100 |
$ 8,731,877 |
|
Haynes International, Inc. |
104,804 |
5,897,321 |
|
|
14,629,198 |
||
TRADING COMPANIES & DISTRIBUTORS - 0.6% |
|||
Trading Companies & Distributors - 0.6% |
|||
Air Lease Corp. Class A (d) |
138,400 |
3,944,400 |
|
TOTAL COMMON STOCKS (Cost $558,442,924) |
679,098,594 |
||
Money Market Funds - 1.5% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
2,545,500 |
2,545,500 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
7,683,865 |
7,683,865 |
|
TOTAL MONEY MARKET FUNDS (Cost $10,229,365) |
10,229,365 |
||
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $568,672,289) |
689,327,959 |
||
NET OTHER ASSETS (LIABILITIES) - (0.7)% |
(4,926,801) |
||
NET ASSETS - 100% |
$ 684,401,158 |
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 |
$ 1,693 |
Fidelity Securities Lending Cash Central Fund |
16,202 |
Total |
$ 17,895 |
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, 2011, the cost of investment securities for income tax purposes was $571,284,819. Net unrealized appreciation aggregated $118,043,140, of which $142,489,623 related to appreciated investment securities and $24,446,483 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, 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 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 Electronics Portfolio
May 31, 2011
1.802167.107
ELE-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 98.9% |
|||
Shares |
Value |
||
COMMUNICATIONS EQUIPMENT - 2.8% |
|||
Communications Equipment - 2.8% |
|||
Motorola Mobility Holdings, Inc. |
132,323 |
$ 3,326,600 |
|
Motorola Solutions, Inc. |
1,283 |
61,417 |
|
Nokia Corp. sponsored ADR |
458,300 |
3,217,266 |
|
QUALCOMM, Inc. |
497,290 |
29,136,221 |
|
|
35,741,504 |
||
COMPUTERS & PERIPHERALS - 3.6% |
|||
Computer Hardware - 1.1% |
|||
Acer, Inc. |
707,000 |
1,384,629 |
|
Hewlett-Packard Co. |
343,400 |
12,836,292 |
|
|
14,220,921 |
||
Computer Storage & Peripherals - 2.5% |
|||
SanDisk Corp. (a) |
420,826 |
19,997,652 |
|
Synaptics, Inc. (a) |
298,000 |
8,358,900 |
|
Western Digital Corp. (a) |
61,100 |
2,239,315 |
|
|
30,595,867 |
||
TOTAL COMPUTERS & PERIPHERALS |
44,816,788 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 5.2% |
|||
Electronic Components - 0.6% |
|||
Amphenol Corp. Class A |
6,900 |
373,014 |
|
AVX Corp. |
151,200 |
2,378,376 |
|
Corning, Inc. |
155,404 |
3,131,391 |
|
Universal Display Corp. (a) |
21,800 |
1,040,296 |
|
|
6,923,077 |
||
Electronic Equipment & Instruments - 0.0% |
|||
Hitachi High-Technologies Corp. |
7,400 |
155,912 |
|
SNU Precision Co. Ltd. |
11,050 |
164,444 |
|
|
320,356 |
||
Electronic Manufacturing Services - 4.6% |
|||
Benchmark Electronics, Inc. (a) |
344,679 |
5,956,053 |
|
Fabrinet (a) |
2,000 |
47,380 |
|
Flextronics International Ltd. (a) |
3,867,558 |
28,001,120 |
|
Jabil Circuit, Inc. |
774,089 |
16,704,841 |
|
Plexus Corp. (a) |
18 |
671 |
|
SMART Modular Technologies (WWH), Inc. (a) |
137,559 |
1,268,294 |
|
TE Connectivity Ltd. |
114,900 |
4,231,767 |
|
TTM Technologies, Inc. (a) |
120,900 |
2,002,104 |
|
|
58,212,230 |
||
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS |
65,455,663 |
||
INTERNET SOFTWARE & SERVICES - 0.8% |
|||
Internet Software & Services - 0.8% |
|||
Google, Inc. Class A (a) |
18,100 |
9,575,262 |
|
Support.com, Inc. (a) |
13,100 |
62,880 |
|
|
9,638,142 |
||
|
|||
Shares |
Value |
||
LEISURE EQUIPMENT & PRODUCTS - 0.2% |
|||
Photographic Products - 0.2% |
|||
Eastman Kodak Co. (a)(d) |
942,491 |
$ 3,147,920 |
|
LIFE SCIENCES TOOLS & SERVICES - 0.0% |
|||
Life Sciences Tools & Services - 0.0% |
|||
Arrowhead Research Corp. warrants 5/21/17 (a)(e) |
285,468 |
3 |
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 86.3% |
|||
Semiconductor Equipment - 12.9% |
|||
Advanced Energy Industries, Inc. (a) |
795 |
11,806 |
|
Amkor Technology, Inc. (a)(d) |
3,258,107 |
20,819,304 |
|
Applied Materials, Inc. |
4,408,931 |
60,755,069 |
|
ASML Holding NV |
249,860 |
9,747,039 |
|
Cabot Microelectronics Corp. (a) |
3,100 |
155,775 |
|
Cohu, Inc. |
1,100 |
14,520 |
|
Cymer, Inc. (a) |
233,800 |
11,192,006 |
|
Entegris, Inc. (a) |
595,009 |
5,462,183 |
|
KLA-Tencor Corp. |
132,700 |
5,719,370 |
|
Lam Research Corp. (a) |
616,792 |
28,986,140 |
|
MEMC Electronic Materials, Inc. (a) |
648,758 |
6,824,934 |
|
Nanometrics, Inc. (a) |
22,300 |
351,671 |
|
Nova Measuring Instruments Ltd. (a) |
14,700 |
150,675 |
|
Novellus Systems, Inc. (a) |
39,500 |
1,432,665 |
|
Teradyne, Inc. (a) |
46,600 |
746,066 |
|
Tessera Technologies, Inc. (a) |
255,187 |
4,414,735 |
|
Tokyo Electron Ltd. |
51,900 |
2,875,568 |
|
Ultratech, Inc. (a) |
13,300 |
422,541 |
|
Ulvac, Inc. |
6,800 |
172,907 |
|
Varian Semiconductor Equipment Associates, Inc. (a) |
29,717 |
1,825,070 |
|
Verigy Ltd. (a) |
9,300 |
131,316 |
|
|
162,211,360 |
||
Semiconductors - 73.4% |
|||
Advanced Micro Devices, Inc. (a)(d) |
6,513,548 |
56,537,597 |
|
Alpha & Omega Semiconductor Ltd. (a) |
540,990 |
7,563,040 |
|
Altera Corp. |
27,600 |
1,327,284 |
|
ANADIGICS, Inc. (a) |
732,916 |
2,396,635 |
|
Analog Devices, Inc. |
1,097,277 |
45,174,894 |
|
Applied Micro Circuits Corp. (a) |
417,896 |
4,421,340 |
|
ARM Holdings PLC sponsored ADR |
17 |
485 |
|
AuthenTec, Inc. (a) |
287,004 |
726,120 |
|
Avago Technologies Ltd. |
1,099,765 |
37,161,059 |
|
BCD Semiconductor Manufacturing Ltd. ADR |
522,800 |
4,286,960 |
|
Broadcom Corp. Class A |
3,304,824 |
118,907,568 |
|
CSR PLC |
85,100 |
502,827 |
|
Cypress Semiconductor Corp. |
43,700 |
1,023,454 |
|
Duksan Hi-Metal Co. Ltd. (a) |
22,435 |
480,527 |
|
Entropic Communications, Inc. (a) |
112,350 |
999,915 |
|
Exar Corp. (a) |
15,000 |
95,400 |
|
Fairchild Semiconductor International, Inc. (a) |
877,639 |
15,832,608 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED |
|||
Semiconductors - continued |
|||
First Solar, Inc. (a)(d) |
5,342 |
$ 663,744 |
|
Freescale Semiconductor Holdings I Ltd. |
998,800 |
18,477,800 |
|
Himax Technologies, Inc. sponsored ADR |
1,129,801 |
2,462,966 |
|
Ikanos Communications, Inc. (a) |
964,500 |
1,475,685 |
|
Intel Corp. |
4,749,956 |
106,921,510 |
|
International Rectifier Corp. (a) |
456,811 |
13,147,021 |
|
Intersil Corp. Class A |
3,485,714 |
50,019,996 |
|
Linear Technology Corp. |
802,800 |
27,768,852 |
|
LSI Corp. (a) |
2,500,722 |
18,730,408 |
|
Marvell Technology Group Ltd. (a) |
7,845,127 |
127,404,858 |
|
Maxim Integrated Products, Inc. |
136,100 |
3,708,725 |
|
Micrel, Inc. |
247,900 |
2,917,783 |
|
Micron Technology, Inc. (a) |
5,613,317 |
57,255,833 |
|
Monolithic Power Systems, Inc. (a) |
154,713 |
2,676,535 |
|
Motech Industries, Inc. |
1 |
4 |
|
National Semiconductor Corp. |
45,901 |
1,125,952 |
|
NVIDIA Corp. (a) |
2,049,382 |
41,069,615 |
|
NXP Semiconductors NV |
258,503 |
7,375,091 |
|
ON Semiconductor Corp. (a) |
4,016,104 |
45,060,687 |
|
PMC-Sierra, Inc. (a) |
2,883,362 |
22,605,558 |
|
RDA Microelectronics, Inc. sponsored ADR |
44,166 |
504,817 |
|
Renesas Electronics Corp. (a)(d) |
472,700 |
4,314,116 |
|
RF Micro Devices, Inc. (a) |
1,014,150 |
6,389,145 |
|
Semtech Corp. (a) |
97,984 |
2,804,302 |
|
Silicon Laboratories, Inc. (a) |
64,245 |
2,761,250 |
|
Skyworks Solutions, Inc. (a) |
34,304 |
873,723 |
|
Spansion, Inc. Class A (a) |
267,009 |
5,348,190 |
|
Standard Microsystems Corp. (a) |
293,551 |
7,873,038 |
|
STATS ChipPAC Ltd. |
3,833,000 |
2,190,907 |
|
STMicroelectronics NV (NY Shares) unit |
10 |
112 |
|
SunPower Corp. Class B (a) |
341,610 |
7,102,072 |
|
Supertex, Inc. (a) |
280,479 |
6,131,271 |
|
Texas Instruments, Inc. |
414,214 |
14,621,754 |
|
Trident Microsystems, Inc. (a) |
178,479 |
174,945 |
|
TriQuint Semiconductor, Inc. (a) |
475,346 |
6,155,731 |
|
Volterra Semiconductor Corp. (a) |
194,800 |
4,805,716 |
|
Xilinx, Inc. |
4,700 |
167,696 |
|
Zoran Corp. (a) |
342,000 |
2,814,660 |
|
|
923,339,781 |
||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
1,085,551,141 |
||
TOTAL COMMON STOCKS (Cost $1,280,970,104) |
1,244,351,161 |
Convertible Bonds - 0.1% |
||||
|
Principal Amount |
Value |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1% |
||||
Semiconductor Equipment - 0.1% |
||||
Amkor Technology, Inc. 6% 4/15/14 |
|
$ 610,000 |
$ 1,386,164 |
|
Semiconductors - 0.0% |
||||
SunPower Corp. 4.75% 4/15/14 |
|
470,000 |
510,538 |
|
TOTAL CONVERTIBLE BONDS (Cost $1,080,000) |
1,896,702 |
Money Market Funds - 4.3% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.14% (b) |
19,087,066 |
19,087,066 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
34,628,538 |
34,628,538 |
|
TOTAL MONEY MARKET FUNDS (Cost $53,715,604) |
53,715,604 |
||
TOTAL INVESTMENT PORTFOLIO - 103.3% (Cost $1,335,765,708) |
1,299,963,467 |
||
NET OTHER ASSETS (LIABILITIES) - (3.3)% |
(41,659,816) |
||
NET ASSETS - 100% |
$ 1,258,303,651 |
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 $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 |
$ 6,951 |
Fidelity Securities Lending Cash Central Fund |
57,510 |
Total |
$ 64,461 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 1,244,351,161 |
$ 1,236,832,655 |
$ 7,518,503 |
$ 3 |
Convertible Bonds |
1,896,702 |
- |
1,896,702 |
- |
Money Market Funds |
53,715,604 |
53,715,604 |
- |
- |
Total Investments in Securities: |
$ 1,299,963,467 |
$ 1,290,548,259 |
$ 9,415,205 |
$ 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 |
$ - |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
3 |
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, 2011 |
$ 3 |
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, 2011, the cost of investment securities for income tax purposes was $1,360,321,333. Net unrealized depreciation aggregated $60,357,866, of which $96,991,083 related to appreciated investment securities and $157,348,949 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, 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 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 Portfolio
May 31, 2011
1.802168.107
ENE-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 99.8% |
|||
Shares |
Value |
||
CHEMICALS - 1.3% |
|||
Specialty Chemicals - 1.3% |
|||
LyondellBasell Industries NV Class A |
861,041 |
$ 37,722,206 |
|
CONSTRUCTION & ENGINEERING - 1.0% |
|||
Construction & Engineering - 1.0% |
|||
Foster Wheeler AG (a) |
185,600 |
6,358,656 |
|
Jacobs Engineering Group, Inc. (a) |
400,781 |
18,459,973 |
|
KBR, Inc. |
95,510 |
3,564,433 |
|
|
28,383,062 |
||
ENERGY EQUIPMENT & SERVICES - 29.9% |
|||
Oil & Gas Drilling - 10.1% |
|||
Discovery Offshore S.A. (a)(e) |
1,156,300 |
2,469,029 |
|
Ensco International Ltd. ADR (d) |
1,235,800 |
65,892,856 |
|
Hercules Offshore, Inc. (a) |
1,236,980 |
7,731,125 |
|
Nabors Industries Ltd. (a) |
1,158,400 |
32,307,776 |
|
Noble Corp. |
1,001,945 |
41,951,437 |
|
Northern Offshore Ltd. |
1,261,675 |
2,658,895 |
|
Ocean Rig UDW, Inc. (a) |
695,700 |
13,692,593 |
|
Parker Drilling Co. (a) |
655,929 |
4,184,827 |
|
Patterson-UTI Energy, Inc. |
863,093 |
27,040,704 |
|
Rowan Companies, Inc. (a) |
919,800 |
36,470,070 |
|
Transocean Ltd. (United States) |
810,650 |
56,186,152 |
|
Tuscany International Drilling, Inc. (a) |
1,588,600 |
2,114,964 |
|
|
292,700,428 |
||
Oil & Gas Equipment & Services - 19.8% |
|||
Aker Drilling ASA (a) |
784,600 |
2,520,300 |
|
Baker Hughes, Inc. |
1,982,970 |
146,600,972 |
|
Basic Energy Services, Inc. (a) |
110,600 |
3,008,320 |
|
Cal Dive International, Inc. (a) |
133,500 |
869,085 |
|
Dresser-Rand Group, Inc. (a) |
208,176 |
10,945,894 |
|
Global Industries Ltd. (a) |
487,626 |
3,057,415 |
|
Halliburton Co. |
2,331,121 |
116,905,718 |
|
ION Geophysical Corp. (a) |
149,400 |
1,507,446 |
|
Key Energy Services, Inc. (a) |
443,000 |
7,832,240 |
|
National Oilwell Varco, Inc. |
1,032,785 |
74,959,535 |
|
Oceaneering International, Inc. |
161,579 |
13,168,689 |
|
Oil States International, Inc. (a) |
393,921 |
31,139,455 |
|
RPC, Inc. |
121,300 |
3,054,334 |
|
Schlumberger Ltd. |
1,491,440 |
127,846,237 |
|
Schoeller-Bleckmann Oilfield Equipment AG (d) |
76,852 |
7,401,353 |
|
Superior Energy Services, Inc. (a) |
229,676 |
8,605,960 |
|
Weatherford International Ltd. (a) |
490,234 |
9,691,926 |
|
Willbros Group, Inc. (a) |
533,307 |
5,301,072 |
|
|
574,415,951 |
||
TOTAL ENERGY EQUIPMENT & SERVICES |
867,116,379 |
||
|
|||
Shares |
Value |
||
METALS & MINING - 0.8% |
|||
Diversified Metals & Mining - 0.8% |
|||
Grande Cache Coal Corp. (a) |
338,200 |
$ 2,900,503 |
|
MacArthur Coal Ltd. |
510,116 |
6,480,435 |
|
Walter Energy, Inc. |
109,100 |
13,588,405 |
|
|
22,969,343 |
||
OIL, GAS & CONSUMABLE FUELS - 66.8% |
|||
Coal & Consumable Fuels - 4.6% |
|||
Massey Energy Co. |
1,334,101 |
88,050,666 |
|
Peabody Energy Corp. |
713,520 |
43,781,587 |
|
Solazyme, Inc. |
35,300 |
795,309 |
|
|
132,627,562 |
||
Integrated Oil & Gas - 37.7% |
|||
Chevron Corp. |
3,026,097 |
317,467,836 |
|
Exxon Mobil Corp. |
3,796,602 |
316,902,369 |
|
Hess Corp. |
1,466,025 |
115,859,956 |
|
Marathon Oil Corp. |
3,034,061 |
164,355,084 |
|
OAO Gazprom sponsored ADR |
883,980 |
13,038,705 |
|
Occidental Petroleum Corp. |
1,551,446 |
167,323,451 |
|
|
1,094,947,401 |
||
Oil & Gas Exploration & Production - 13.3% |
|||
Anadarko Petroleum Corp. |
283,732 |
22,562,369 |
|
Apache Corp. |
353,930 |
44,099,678 |
|
Bankers Petroleum Ltd. (a) |
1,406,800 |
11,571,491 |
|
Berry Petroleum Co. Class A |
327,500 |
17,164,275 |
|
Brigham Exploration Co. (a) |
190,900 |
5,944,626 |
|
Carrizo Oil & Gas, Inc. (a) |
164,310 |
6,278,285 |
|
Cimarex Energy Co. |
139,210 |
13,354,415 |
|
Clayton Williams Energy, Inc. (a) |
39,537 |
2,964,880 |
|
Concho Resources, Inc. (a) |
28,336 |
2,680,869 |
|
Gran Tierra Energy, Inc. (a) |
3,559,200 |
25,712,782 |
|
Kosmos Energy Ltd. |
43,000 |
823,450 |
|
Newfield Exploration Co. (a) |
554,600 |
41,367,614 |
|
Niko Resources Ltd. |
53,400 |
4,424,878 |
|
Noble Energy, Inc. |
157,544 |
14,683,101 |
|
Northern Oil & Gas, Inc. (a)(d) |
501,430 |
10,078,743 |
|
Pacific Rubiales Energy Corp. |
260,200 |
7,261,270 |
|
Painted Pony Petroleum Ltd. Class A (a) |
393,900 |
4,927,053 |
|
Petrobank Energy & Resources Ltd. (a) |
150,570 |
2,668,132 |
|
Petroleum Development Corp. (a) |
162,300 |
5,899,605 |
|
Petrominerales Ltd. |
162,873 |
5,484,851 |
|
Pioneer Natural Resources Co. |
611,666 |
56,163,172 |
|
Stone Energy Corp. (a) |
237,504 |
7,661,879 |
|
Talisman Energy, Inc. (d) |
663,300 |
14,006,004 |
|
Tourmaline Oil Corp. (a) |
97,200 |
3,008,440 |
|
Whiting Petroleum Corp. (a) |
821,150 |
55,099,165 |
|
|
385,891,027 |
||
Oil & Gas Refining & Marketing - 10.2% |
|||
CVR Energy, Inc. (a) |
1,232,337 |
26,938,887 |
|
Frontier Oil Corp. |
1,774,857 |
52,997,230 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
|||
Oil & Gas Refining & Marketing - continued |
|||
Holly Corp. |
1,408,104 |
$ 87,738,960 |
|
Keyera Corp. |
119,500 |
5,174,901 |
|
Petroplus Holdings AG |
210,920 |
3,326,151 |
|
Tesoro Corp. (a) |
1,724,211 |
42,070,748 |
|
Valero Energy Corp. |
1,795,146 |
49,366,515 |
|
Western Refining, Inc. (a)(d) |
1,088,616 |
18,974,577 |
|
World Fuel Services Corp. |
218,427 |
7,990,060 |
|
|
294,578,029 |
||
Oil & Gas Storage & Transport - 1.0% |
|||
Atlas Energy LP |
62,412 |
1,541,576 |
|
Atlas Pipeline Partners, LP |
103,000 |
3,656,500 |
|
Targa Resources Corp. |
37,200 |
1,299,024 |
|
Tesoro Logistics LP |
11,900 |
295,596 |
|
Williams Companies, Inc. |
734,842 |
23,066,690 |
|
|
29,859,386 |
||
TOTAL OIL, GAS & CONSUMABLE FUELS |
1,937,903,405 |
||
TOTAL COMMON STOCKS (Cost $2,115,901,418) |
2,894,094,395 |
Convertible Bonds - 0.0% |
||||
|
Principal Amount |
|
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0% |
||||
Semiconductors - 0.0% |
||||
SunPower Corp. 4.75% 4/15/14 |
|
$ 1,040,000 |
1,129,700 |
Money Market Funds - 3.2% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.14% (b) |
7,317,418 |
$ 7,317,418 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
85,609,694 |
85,609,694 |
|
TOTAL MONEY MARKET FUNDS (Cost $92,927,112) |
92,927,112 |
||
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $2,209,868,530) |
2,988,151,207 |
||
NET OTHER ASSETS (LIABILITIES) - (3.0)% |
(87,373,585) |
||
NET ASSETS - 100% |
$ 2,900,777,622 |
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 $2,469,029 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 |
$ 4,452 |
Fidelity Securities Lending Cash Central Fund |
28,103 |
Total |
$ 32,555 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Common Stocks |
$ 2,894,094,395 |
$ 2,894,094,395 |
$ - |
$ - |
Convertible Bonds |
1,129,700 |
- |
1,129,700 |
- |
Money Market Funds |
92,927,112 |
92,927,112 |
- |
- |
Total Investments in Securities: |
$ 2,988,151,207 |
$ 2,987,021,507 |
$ 1,129,700 |
$ - |
Income Tax Information |
At May 31, 2011, the cost of investment securities for income tax purposes was $2,220,195,479. Net unrealized appreciation aggregated $767,955,728, of which $800,595,451 related to appreciated investment securities and $32,639,723 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, 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 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. |
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. |
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. |
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, 2011
1.802169.107
ENS-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 100.0% |
|||
Shares |
Value |
||
CONSTRUCTION & ENGINEERING - 1.1% |
|||
Construction & Engineering - 1.1% |
|||
Jacobs Engineering Group, Inc. (a) |
249,400 |
$ 11,487,364 |
|
Shaw Group, Inc. (a) |
221,800 |
8,102,354 |
|
|
19,589,718 |
||
ELECTRICAL EQUIPMENT - 0.4% |
|||
Electrical Components & Equipment - 0.4% |
|||
Thermon Group Holdings, Inc. |
600,000 |
7,320,000 |
|
ENERGY EQUIPMENT & SERVICES - 98.1% |
|||
Oil & Gas Drilling - 17.1% |
|||
Cathedral Energy Services Ltd. |
1,000,000 |
7,637,133 |
|
Discovery Offshore S.A. (a)(e) |
578,100 |
1,234,408 |
|
Ensco International Ltd. ADR (d) |
419,000 |
22,341,080 |
|
Eurasia Drilling Co. Ltd. GDR (Reg. S) |
374,600 |
11,717,488 |
|
Helmerich & Payne, Inc. |
745,400 |
46,721,672 |
|
Nabors Industries Ltd. (a) |
2,252,855 |
62,832,126 |
|
Noble Corp. |
429,935 |
18,001,378 |
|
Ocean Rig UDW, Inc. (a) |
441,600 |
8,691,461 |
|
Pride International, Inc. (a) |
329,000 |
13,390,300 |
|
Rowan Companies, Inc. (a) |
1,701,600 |
67,468,440 |
|
Transocean Ltd. (United States) |
235,887 |
16,349,328 |
|
Trinidad Drilling Ltd. |
1,638,700 |
18,518,773 |
|
Tuscany International Drilling, Inc. (a)(d) |
4,841,800 |
6,446,073 |
|
Vantage Drilling Co. (a) |
4,968,800 |
9,937,600 |
|
|
311,287,260 |
||
Oil & Gas Equipment & Services - 81.0% |
|||
Baker Hughes, Inc. |
2,477,722 |
183,177,987 |
|
Basic Energy Services, Inc. (a) |
221,300 |
6,019,360 |
|
Bristow Group, Inc. |
84,200 |
3,868,990 |
|
Cameron International Corp. (a) |
1,750,288 |
83,418,726 |
|
Exterran Holdings, Inc. (a)(d) |
5,700 |
122,835 |
|
FMC Technologies, Inc. (a) |
2,012,362 |
89,811,716 |
|
Global Geophysical Services, Inc. (a) |
759,481 |
13,169,401 |
|
Halliburton Co. |
5,040,699 |
252,791,055 |
|
Helix Energy Solutions Group, Inc. (a) |
1,018,900 |
17,851,128 |
|
Hornbeck Offshore Services, Inc. (a)(d) |
407,200 |
10,990,328 |
|
ION Geophysical Corp. (a) |
2,374,255 |
23,956,233 |
|
Key Energy Services, Inc. (a) |
2,148,400 |
37,983,712 |
|
Lufkin Industries, Inc. |
340,800 |
30,913,968 |
|
McDermott International, Inc. (a) |
1,610,500 |
34,174,810 |
|
National Oilwell Varco, Inc. |
1,679,962 |
121,931,642 |
|
Newpark Resources, Inc. (a) |
897,046 |
8,710,316 |
|
Oceaneering International, Inc. |
855,400 |
69,715,100 |
|
Petroleum Geo-Services ASA (a) |
1,113,000 |
17,958,613 |
|
RigNet, Inc. |
258,594 |
4,315,934 |
|
Schlumberger Ltd. |
3,563,966 |
305,503,165 |
|
|
|||
Shares |
Value |
||
Schoeller-Bleckmann Oilfield Equipment AG (d) |
342,600 |
$ 32,994,634 |
|
Superior Energy Services, Inc. (a) |
872,859 |
32,706,027 |
|
TETRA Technologies, Inc. (a) |
573,377 |
7,820,862 |
|
Weatherford International Ltd. (a) |
4,046,338 |
79,996,102 |
|
|
1,469,902,644 |
||
TOTAL ENERGY EQUIPMENT & SERVICES |
1,781,189,904 |
||
TRADING COMPANIES & DISTRIBUTORS - 0.4% |
|||
Trading Companies & Distributors - 0.4% |
|||
Finning International, Inc. (d) |
251,000 |
7,444,904 |
|
TOTAL COMMON STOCKS (Cost $1,215,159,268) |
1,815,544,526 |
||
Money Market Funds - 2.9% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
3,852,075 |
3,852,075 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
47,952,340 |
47,952,340 |
|
TOTAL MONEY MARKET FUNDS (Cost $51,804,415) |
51,804,415 |
||
TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $1,266,963,683) |
1,867,348,941 |
||
NET OTHER ASSETS (LIABILITIES) - (2.9)% |
(51,946,534) |
||
NET ASSETS - 100% |
$ 1,815,402,407 |
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 $1,234,408 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 |
$ 4,781 |
Fidelity Securities Lending Cash Central Fund |
71,820 |
Total |
$ 76,601 |
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, 2011, the cost of investment securities for income tax purposes was $1,272,105,200. Net unrealized appreciation aggregated $595,243,741, of which $617,718,541 related to appreciated investment securities and $22,474,800 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, 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 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, 2011
1.802170.107
ENV-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 100.0% |
|||
Shares |
Value |
||
Energy Efficiency - 32.1% |
|||
Buildings Energy Efficiency - 3.4% |
|||
Active Power, Inc. (a) |
234,400 |
$ 501,616 |
|
Cree, Inc. (a)(d) |
11,600 |
509,124 |
|
Johnson Controls, Inc. |
37,100 |
1,469,160 |
|
Lighting Science Group Corp. (a)(d) |
112,300 |
376,205 |
|
Owens Corning (a) |
23,100 |
882,420 |
|
TOTAL BUILDINGS ENERGY EFFICIENCY |
3,738,525 |
||
Diversified Energy Efficiency - 12.8% |
|||
Corning, Inc. |
106,000 |
2,135,900 |
|
GrafTech International Ltd. (a) |
39,000 |
824,460 |
|
United Technologies Corp. |
126,900 |
11,138,013 |
|
TOTAL DIVERSIFIED ENERGY EFFICIENCY |
14,098,373 |
||
Industrial Energy Efficiency - 6.3% |
|||
Eaton Corp. |
20,800 |
1,074,736 |
|
EMCOR Group, Inc. (a) |
74,600 |
2,265,602 |
|
Fluor Corp. |
15,200 |
1,047,736 |
|
ON Semiconductor Corp. (a) |
148,200 |
1,662,804 |
|
Regal-Beloit Corp. |
14,100 |
972,900 |
|
TOTAL INDUSTRIAL ENERGY EFFICIENCY |
7,023,778 |
||
Power Network Efficiency - 9.6% |
|||
Alstom SA |
47,312 |
2,928,276 |
|
Cooper Industries PLC Class A |
31,600 |
1,986,060 |
|
Emerson Electric Co. |
52,300 |
2,852,965 |
|
Itron, Inc. (a) |
24,500 |
1,255,625 |
|
Quanta Services, Inc. (a) |
75,500 |
1,491,125 |
|
TOTAL POWER NETWORK EFFICIENCY |
10,514,051 |
||
TOTAL ENERGY EFFICIENCY |
35,374,727 |
||
Environmental Support Services - 40.3% |
|||
Diversified Environmental - 33.5% |
|||
3M Co. |
13,300 |
1,255,254 |
|
Air Products & Chemicals, Inc. |
43,700 |
4,155,433 |
|
Danaher Corp. |
112,000 |
6,107,360 |
|
Enel SpA |
1,120,222 |
7,694,081 |
|
Energias de Portugal SA |
592,448 |
2,203,338 |
|
Flowserve Corp. |
17,600 |
2,133,648 |
|
Iberdrola SA |
175,500 |
1,552,825 |
|
PPG Industries, Inc. |
23,200 |
2,057,840 |
|
Praxair, Inc. |
12,400 |
1,312,416 |
|
Thermo Fisher Scientific, Inc. (a) |
58,200 |
3,809,190 |
|
|
|||
Shares |
Value |
||
Tractebel Energia SA |
205,700 |
$ 3,488,872 |
|
Tyco International Ltd. |
22,500 |
1,110,375 |
|
TOTAL DIVERSIFIED ENVIRONMENTAL |
36,880,632 |
||
Environmental Consultancies - 6.8% |
|||
Foster Wheeler AG (a) |
59,900 |
2,052,174 |
|
Jacobs Engineering Group, Inc. (a) |
53,000 |
2,441,180 |
|
Shaw Group, Inc. (a) |
37,400 |
1,366,222 |
|
URS Corp. (a) |
36,000 |
1,586,160 |
|
TOTAL ENVIRONMENTAL CONSULTANCIES |
7,445,736 |
||
TOTAL ENVIRONMENTAL SUPPORT SERVICES |
44,326,368 |
||
Pollution Control - 1.2% |
|||
Pollution Control Solutions - 1.2% |
|||
CLARCOR, Inc. |
29,800 |
1,269,778 |
|
Renewable & Alternative Energy - 8.6% |
|||
Biofuels - 3.6% |
|||
Amyris, Inc. (d) |
78,400 |
2,313,584 |
|
Archer Daniels Midland Co. |
31,500 |
1,020,915 |
|
Solazyme, Inc. |
26,900 |
606,057 |
|
TOTAL BIOFUELS |
3,940,556 |
||
Renewable Energy Developers and Independent Power Producers (IPPs) - 4.5% |
|||
Empresa Nacional de Electricidad SA sponsored ADR (d) |
48,000 |
2,651,520 |
|
Norsk Hydro ASA |
288,700 |
2,314,124 |
|
TOTAL RENEWABLE ENERGY DEVELOPERS AND INDEPENDENT POWER PRODUCERS (IPPS) |
4,965,644 |
||
Wind Power Generation Equipment - 0.5% |
|||
Xinjiang Goldwind Science & Technology Co. Ltd. (H Shares) (a) |
394,200 |
544,374 |
|
TOTAL RENEWABLE & ALTERNATIVE ENERGY |
9,450,574 |
||
Waste Management & Technologies - 11.0% |
|||
Diversified Waste and Technologies - 0.3% |
|||
Progressive Waste Solution Ltd. |
12,900 |
323,249 |
|
General Waste Management - 7.3% |
|||
Republic Services, Inc. |
206,700 |
6,515,184 |
|
Waste Connections, Inc. |
49,200 |
1,546,848 |
|
TOTAL GENERAL WASTE MANAGEMENT |
8,062,032 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
Waste Management & Technologies - continued |
|||
Recycling and Value Added Waste - 3.4% |
|||
Ball Corp. |
40,700 |
$ 1,608,057 |
|
Commercial Metals Co. |
139,700 |
2,080,133 |
|
TOTAL RECYCLING AND VALUE ADDED WASTE |
3,688,190 |
||
TOTAL WASTE MANAGEMENT & TECHNOLOGIES |
12,073,471 |
||
Water Infrastructure & Technologies - 6.4% |
|||
Water Treatment Equipment - 6.4% |
|||
Ashland, Inc. |
50,800 |
3,471,672 |
|
Calgon Carbon Corp. (a) |
210,400 |
3,629,400 |
|
TOTAL WATER TREATMENT EQUIPMENT |
7,101,072 |
||
Other - 0.4% |
|||
Other - 0.4% |
|||
Diana Shipping, Inc. (a) |
40,800 |
468,792 |
|
TOTAL COMMON STOCKS (Cost $96,311,060) |
110,064,782 |
||
Money Market Funds - 3.4% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.14% (b) |
765,388 |
$ 765,388 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
2,987,850 |
2,987,850 |
|
TOTAL MONEY MARKET FUNDS (Cost $3,753,238) |
3,753,238 |
TOTAL INVESTMENT PORTFOLIO - 103.4% (Cost $100,064,298) |
113,818,020 |
NET OTHER ASSETS (LIABILITIES) - (3.4)% |
(3,730,874) |
||
NET ASSETS - 100% |
$ 110,087,146 |
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 |
$ 300 |
Fidelity Securities Lending Cash Central Fund |
21,079 |
Total |
$ 21,379 |
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, 2011, the cost of investment securities for income tax purposes was $100,225,770. Net unrealized appreciation aggregated $13,592,250, of which $15,219,549 related to appreciated investment securities and $1,627,299 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, 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 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, 2011
1.802171.107
FIN-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 99.1% |
|||
Shares |
Value |
||
CAPITAL MARKETS - 30.0% |
|||
Asset Management & Custody Banks - 8.6% |
|||
Affiliated Managers Group, Inc. (a) |
94,698 |
$ 10,012,420 |
|
Apollo Global Management LLC Class A |
91,297 |
1,645,172 |
|
Franklin Resources, Inc. |
18,780 |
2,433,512 |
|
Invesco Ltd. |
689,900 |
17,019,833 |
|
Legg Mason, Inc. |
24,618 |
833,073 |
|
Northern Trust Corp. |
58,900 |
2,873,731 |
|
State Street Corp. |
886 |
40,552 |
|
|
34,858,293 |
||
Investment Banking & Brokerage - 21.4% |
|||
E*TRADE Financial Corp. (a) |
1,135,839 |
17,957,615 |
|
Evercore Partners, Inc. Class A |
169,013 |
6,255,171 |
|
GFI Group, Inc. |
1,382,336 |
6,261,982 |
|
Goldman Sachs Group, Inc. |
144,539 |
20,340,973 |
|
Jefferies Group, Inc. (d) |
257,881 |
5,709,485 |
|
Lazard Ltd. Class A |
182,271 |
7,099,455 |
|
MF Global Holdings Ltd. (a) |
700,082 |
5,397,632 |
|
Morgan Stanley |
758,595 |
18,327,655 |
|
|
87,349,968 |
||
TOTAL CAPITAL MARKETS |
122,208,261 |
||
COMMERCIAL BANKS - 30.7% |
|||
Diversified Banks - 12.1% |
|||
Banco ABC Brasil SA |
200,000 |
1,528,073 |
|
Banco Pine SA |
51,400 |
422,698 |
|
BNP Paribas SA |
90,200 |
7,036,170 |
|
Comerica, Inc. |
920,931 |
33,254,818 |
|
Credicorp Ltd. (NY Shares) |
5,800 |
587,946 |
|
Itau Unibanco Banco Multiplo SA sponsored ADR |
100 |
2,283 |
|
U.S. Bancorp, Delaware |
154,500 |
3,955,200 |
|
United Overseas Bank Ltd. |
158,000 |
2,490,287 |
|
Wells Fargo & Co. |
200 |
5,674 |
|
|
49,283,149 |
||
Regional Banks - 18.6% |
|||
Banco Daycoval SA (PN) |
232,600 |
1,651,790 |
|
BancTrust Financial Group, Inc. (a) |
83,350 |
203,374 |
|
BB&T Corp. |
200 |
5,508 |
|
Bridge Capital Holdings (a)(e) |
132,440 |
1,275,397 |
|
CIT Group, Inc. (a) |
385,500 |
17,089,215 |
|
CoBiz, Inc. (d) |
484,693 |
3,111,729 |
|
First Interstate Bancsystem, Inc. |
155,116 |
2,202,647 |
|
Glacier Bancorp, Inc. |
104,010 |
1,479,022 |
|
Huntington Bancshares, Inc. |
676,537 |
4,465,144 |
|
Pacific Continental Corp. |
18 |
167 |
|
PNC Financial Services Group, Inc. |
200 |
12,484 |
|
PT Bank Tabungan Negara Tbk |
4,584,000 |
891,507 |
|
Regions Financial Corp. |
3,199,559 |
22,588,887 |
|
Savannah Bancorp, Inc. (a) |
300 |
2,250 |
|
Susquehanna Bancshares, Inc. |
290,375 |
2,532,070 |
|
SVB Financial Group (a) |
8,298 |
492,735 |
|
|
|||
Shares |
Value |
||
Synovus Financial Corp. (d) |
3,436,087 |
$ 8,177,887 |
|
TCF Financial Corp. |
542,030 |
8,157,552 |
|
Umpqua Holdings Corp. |
400 |
4,792 |
|
Washington Trust Bancorp, Inc. |
1,000 |
23,440 |
|
Webster Financial Corp. |
71,400 |
1,489,404 |
|
Zions Bancorporation |
300 |
7,149 |
|
|
75,864,150 |
||
TOTAL COMMERCIAL BANKS |
125,147,299 |
||
CONSUMER FINANCE - 5.9% |
|||
Consumer Finance - 5.9% |
|||
American Express Co. |
1,725 |
89,010 |
|
Netspend Holdings, Inc. (d) |
300,283 |
2,516,372 |
|
SLM Corp. |
1,252,898 |
21,349,382 |
|
|
23,954,764 |
||
DIVERSIFIED FINANCIAL SERVICES - 17.1% |
|||
Other Diversified Financial Services - 14.5% |
|||
Bank of America Corp. |
1,596,625 |
18,760,344 |
|
Citigroup, Inc. |
494,153 |
20,334,396 |
|
JPMorgan Chase & Co. |
455,112 |
19,679,043 |
|
|
58,773,783 |
||
Specialized Finance - 2.6% |
|||
Infrastructure Development Finance Co. Ltd. |
1,139,572 |
3,597,051 |
|
IntercontinentalExchange, Inc. (a) |
347 |
41,866 |
|
PHH Corp. (a) |
333,855 |
7,000,939 |
|
|
10,639,856 |
||
TOTAL DIVERSIFIED FINANCIAL SERVICES |
69,413,639 |
||
HOUSEHOLD DURABLES - 0.7% |
|||
Homebuilding - 0.7% |
|||
MRV Engenharia e Participacoes SA |
291,200 |
2,686,466 |
|
INDUSTRIAL CONGLOMERATES - 1.2% |
|||
Industrial Conglomerates - 1.2% |
|||
Keppel Corp. Ltd. |
542,000 |
5,062,299 |
|
INSURANCE - 0.0% |
|||
Life & Health Insurance - 0.0% |
|||
AFLAC, Inc. |
1,000 |
47,790 |
|
Multi-Line Insurance - 0.0% |
|||
Fairfax Financial Holdings Ltd. (sub. vtg.) |
100 |
38,547 |
|
Property & Casualty Insurance - 0.0% |
|||
ACE Ltd. |
100 |
6,882 |
|
Axis Capital Holdings Ltd. |
100 |
3,294 |
|
|
10,176 |
||
Reinsurance - 0.0% |
|||
Platinum Underwriters Holdings Ltd. |
100 |
3,414 |
|
TOTAL INSURANCE |
99,927 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
INTERNET SOFTWARE & SERVICES - 0.2% |
|||
Internet Software & Services - 0.2% |
|||
China Finance Online Co. Ltd. ADR (a)(d) |
189,394 |
$ 901,515 |
|
IT SERVICES - 12.4% |
|||
Data Processing & Outsourced Services - 12.4% |
|||
Fiserv, Inc. (a) |
35,661 |
2,300,848 |
|
MasterCard, Inc. Class A |
32,015 |
9,189,906 |
|
VeriFone Systems, Inc. (a) |
200 |
9,626 |
|
Visa, Inc. Class A |
480,295 |
38,932,713 |
|
|
50,433,093 |
||
REAL ESTATE INVESTMENT TRUSTS - 0.5% |
|||
Specialized REITs - 0.5% |
|||
Strategic Hotel & Resorts, Inc. (a) |
221,945 |
1,484,812 |
|
Weyerhaeuser Co. |
19,400 |
417,876 |
|
|
1,902,688 |
||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3% |
|||
Real Estate Operating Companies - 0.3% |
|||
Castellum AB |
82,184 |
1,287,474 |
|
THRIFTS & MORTGAGE FINANCE - 0.1% |
|||
Thrifts & Mortgage Finance - 0.1% |
|||
Cheviot Financial Corp. |
26,822 |
241,666 |
|
TOTAL COMMON STOCKS (Cost $418,795,655) |
403,339,091 |
||
Money Market Funds - 2.7% |
|||
Shares |
Value |
||
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
11,200,022 |
$ 11,200,022 |
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $429,995,677) |
414,539,113 |
NET OTHER ASSETS (LIABILITIES) - (1.8)% |
(7,419,048) |
||
NET ASSETS - 100% |
$ 407,120,065 |
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 $1,275,397 or 0.3% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Bridge Capital Holdings |
11/19/10 |
$ 1,132,362 |
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 |
$ 1,883 |
Fidelity Securities Lending Cash Central Fund |
10,613 |
Total |
$ 12,496 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 403,339,091 |
$ 402,063,694 |
$ 1,275,397 |
$ - |
Money Market Funds |
11,200,022 |
11,200,022 |
- |
- |
Total Investments in Securities: |
$ 414,539,113 |
$ 413,263,716 |
$ 1,275,397 |
$ - |
Income Tax Information |
At May 31, 2011, the cost of investment securities for income tax purposes was $438,466,082. Net unrealized depreciation aggregated $23,926,969, of which $10,797,718 related to appreciated investment securities and $34,724,687 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, 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 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, 2011
1.802173.107
GOL-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 99.1% |
|||
Shares |
Value |
||
Australia - 13.2% |
|||
METALS & MINING - 13.2% |
|||
Diversified Metals & Mining - 0.1% |
|||
Ampella Mining Ltd. (a) |
150,000 |
$ 365,102 |
|
Gryphon Minerals Ltd. (a)(d) |
100,000 |
182,551 |
|
Sandfire Resources NL (a) |
314,167 |
2,381,262 |
|
|
2,928,915 |
||
Gold - 13.1% |
|||
Centamin Egypt Ltd. (United Kingdom) (a) |
7,116,900 |
14,891,234 |
|
CGA Mining Ltd.: |
|
|
|
(Australia) (a) |
18,920 |
49,889 |
|
(Canada) (a) |
110,000 |
300,841 |
|
Intrepid Mines Ltd.: |
|
|
|
(Australia) (a)(d) |
8,769,767 |
17,788,113 |
|
(Canada) (a) |
320,000 |
653,904 |
|
Kingsgate Consolidated NL |
3,485,767 |
29,174,448 |
|
Kula Gold Ltd. |
26,245 |
48,191 |
|
Medusa Mining Ltd. |
3,127,885 |
29,084,202 |
|
Newcrest Mining Ltd. |
11,092,094 |
470,102,186 |
|
Perseus Mining Ltd.: |
|
|
|
(Australia) (a) |
4,884,308 |
14,234,883 |
|
(Canada) (a) |
1,300,000 |
3,810,310 |
|
Resolute Mining Ltd. (a) |
3,586,661 |
4,307,557 |
|
St Barbara Ltd. (a)(d) |
5,709,676 |
11,916,438 |
|
Troy Resources NL (a)(e) |
2,300,000 |
8,877,651 |
|
|
605,239,847 |
||
TOTAL METALS & MINING |
608,168,762 |
||
Bailiwick of Jersey - 3.4% |
|||
METALS & MINING - 3.4% |
|||
Gold - 3.4% |
|||
Randgold Resources Ltd. sponsored ADR (d) |
1,909,367 |
156,491,719 |
|
Bermuda - 0.0% |
|||
METALS & MINING - 0.0% |
|||
Gold - 0.0% |
|||
Continental Gold Ltd. (a) |
75,100 |
651,055 |
|
Precious Metals & Minerals - 0.0% |
|||
Aquarius Platinum Ltd. (United Kingdom) |
11,752 |
66,268 |
|
TOTAL METALS & MINING |
717,323 |
||
Canada - 57.8% |
|||
METALS & MINING - 57.8% |
|||
Diversified Metals & Mining - 0.3% |
|||
Clifton Star Resources, Inc. (a) |
25,000 |
84,886 |
|
East Asia Minerals Corp. (a) |
5,000 |
20,022 |
|
Galway Resources Ltd. (a) |
15,000 |
19,970 |
|
Kimber Resources, Inc. (a) |
16,100 |
30,241 |
|
Kimber Resources, Inc. (a)(e) |
5,832,000 |
10,954,373 |
|
Sabina Gold & Silver Corp. (a) |
200,000 |
1,393,261 |
|
|
|||
Shares |
Value |
||
Southern Arc Minerals, Inc. (a) |
30,000 |
$ 50,157 |
|
Trelawney Mining and Exploration, Inc. (a) |
250,000 |
1,119,769 |
|
|
13,672,679 |
||
Gold - 55.9% |
|||
Agnico-Eagle Mines Ltd. (Canada) |
2,734,400 |
176,743,353 |
|
Alacer Gold Corp. (a) |
2,769,063 |
26,663,252 |
|
Alamos Gold, Inc. |
2,183,800 |
32,837,573 |
|
Argonaut Gold, Inc. (a) |
649,800 |
3,393,352 |
|
ATAC Resources Ltd. (a) |
37,200 |
252,236 |
|
Aurizon Mines Ltd. (a) |
2,626,900 |
15,154,932 |
|
Avion Gold Corp. (a) |
5,020,000 |
8,600,237 |
|
B2Gold Corp. (a) |
3,977,400 |
12,766,101 |
|
Barrick Gold Corp. (d) |
10,072,319 |
482,228,059 |
|
Canaco Resources, Inc. (a) |
1,225,000 |
5,651,220 |
|
Canaco Resources, Inc. (a)(e) |
561,600 |
2,590,796 |
|
Centerra Gold, Inc. |
2,166,400 |
39,797,637 |
|
China Gold International Resources Corp. Ltd. (a) |
40,000 |
182,466 |
|
Colossus Minerals, Inc. (a) |
961,100 |
8,034,377 |
|
Corvus Gold, Inc. (a) |
138,350 |
92,809 |
|
Detour Gold Corp. (a) |
543,000 |
17,349,997 |
|
Detour Gold Corp. (a)(e) |
785,900 |
25,111,166 |
|
Eldorado Gold Corp. |
8,457,013 |
134,149,636 |
|
European Goldfields Ltd. (a) |
1,981,700 |
27,692,056 |
|
Exeter Resource Corp. (a) |
238,000 |
1,174,096 |
|
Extorre Gold Mines Ltd. (a) |
453,000 |
5,194,107 |
|
Franco-Nevada Corp. |
1,878,400 |
72,348,303 |
|
Gabriel Resources Ltd. (a) |
370,000 |
2,672,997 |
|
Gammon Gold, Inc. (a) |
2,892,500 |
29,851,902 |
|
Goldcorp, Inc. |
10,651,900 |
532,732,414 |
|
Gran Colombia Gold Corp. (a)(d) |
1,560,000 |
1,658,290 |
|
Great Basin Gold Ltd. (a)(d) |
5,937,900 |
12,195,078 |
|
Greystar Resources Ltd. (a) |
679,200 |
2,481,416 |
|
Guyana Goldfields, Inc. (a) |
1,253,000 |
11,237,494 |
|
Guyana Goldfields, Inc. (a)(e) |
155,000 |
1,390,113 |
|
IAMGOLD Corp. |
6,073,700 |
127,999,333 |
|
International Minerals Corp.: |
|
|
|
(Canada) (a) |
152,100 |
1,244,804 |
|
(Switzerland) (a) |
15,000 |
124,692 |
|
International Tower Hill Mines Ltd. (a) |
341,700 |
2,800,039 |
|
Jaguar Mining, Inc. (a)(d) |
574,700 |
3,113,860 |
|
Keegan Resources, Inc. (a) |
30,000 |
270,912 |
|
Kinross Gold Corp. |
17,933,491 |
281,694,342 |
|
Kinross Gold Corp. warrants 9/17/14 (a) |
375,441 |
960,931 |
|
Kirkland Lake Gold, Inc. (a) |
604,500 |
9,120,997 |
|
Lake Shore Gold Corp. (a) |
2,520,000 |
9,440,735 |
|
Levon Resources Ltd. (a) |
257,500 |
499,613 |
|
Minefinders Corp. Ltd. (a) |
723,000 |
9,633,036 |
|
Nevsun Resources Ltd. |
650,000 |
4,172,558 |
|
New Gold, Inc. (a) |
6,561,800 |
66,704,918 |
|
New Gold, Inc. warrants 4/3/12 (a)(e) |
2,928,500 |
181,341 |
|
Northgate Minerals Corp. (a) |
4,089,900 |
11,987,529 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
Canada - continued |
|||
METALS & MINING - CONTINUED |
|||
Gold - continued |
|||
Novagold Resources, Inc. (a)(d) |
1,898,200 |
$ 21,941,112 |
|
OceanaGold Corp. (a) |
120,000 |
336,859 |
|
Osisko Mining Corp. (a) |
1,932,000 |
28,453,109 |
|
Osisko Mining Corp. (a)(e) |
3,000,000 |
44,181,846 |
|
Pilot Gold, Inc. (a) |
91,250 |
290,998 |
|
Premier Gold Mines Ltd. (a) |
1,246,800 |
7,874,933 |
|
Primero Mining Corp. (a) |
494,300 |
2,203,804 |
|
Queenston Mining, Inc. (a) |
45,000 |
336,240 |
|
Rainy River Resources Ltd. (a) |
160,000 |
1,679,344 |
|
Riva Gold Corp. (a) |
10,000 |
14,552 |
|
Romarco Minerals, Inc. (a) |
2,410,000 |
5,123,691 |
|
Rubicon Minerals Corp. (a) |
2,091,352 |
10,122,752 |
|
San Gold Corp. (a) |
2,737,400 |
8,786,123 |
|
Seabridge Gold, Inc. (a) |
630,905 |
18,769,429 |
|
SEMAFO, Inc. (a) |
4,645,000 |
40,603,901 |
|
Sulliden Gold Corp. Ltd. (a) |
10,000 |
23,943 |
|
Teranga Gold Corp. CDI unit |
2,881,069 |
7,596,942 |
|
Timmins Gold Corp. (a) |
10,000 |
24,975 |
|
Torex Gold Resources, Inc. (a) |
1,080,000 |
1,883,689 |
|
Yamana Gold, Inc. |
11,584,000 |
148,603,251 |
|
|
2,571,028,598 |
||
Precious Metals & Minerals - 1.6% |
|||
Bearing Resources Ltd. (a) |
29,687 |
0 |
|
Dalradian Resources, Inc. (a) |
25,000 |
42,830 |
|
First Majestic Silver Corp. (a) |
10,000 |
211,466 |
|
Fortuna Mines, Inc. (a) |
40,000 |
217,555 |
|
Orko Silver Corp. (a) |
446,000 |
1,187,554 |
|
Pan American Silver Corp. |
761,987 |
25,823,743 |
|
Pan American Silver Corp. warrants 12/7/14 (a) |
232,460 |
2,606,857 |
|
Pretium Resources, Inc. (a)(f) |
450,000 |
4,463,079 |
|
Pretium Resources, Inc. warrants 4/8/12 (a)(f) |
225,000 |
208,989 |
|
Silver Standard Resources, Inc. (a) |
813,600 |
23,976,795 |
|
Silver Wheaton Corp. |
449,700 |
16,587,314 |
|
Tahoe Resources, Inc. |
21,000 |
413,520 |
|
Wildcat Silver Corp. (a) |
30,000 |
70,592 |
|
|
75,810,294 |
||
TOTAL METALS & MINING |
2,660,511,571 |
||
Cayman Islands - 0.1% |
|||
METALS & MINING - 0.1% |
|||
Gold - 0.1% |
|||
Real Gold Mining Ltd. |
2,925,000 |
3,332,240 |
|
|
|||
Shares |
Value |
||
China - 1.6% |
|||
METALS & MINING - 1.6% |
|||
Gold - 1.6% |
|||
Zhaojin Mining Industry Co. Ltd. (H Shares) |
14,663,900 |
$ 33,675,006 |
|
Zijin Mining Group Co. Ltd. (H Shares) |
55,192,000 |
41,799,218 |
|
|
75,474,224 |
||
Japan - 0.0% |
|||
SPECIALTY RETAIL - 0.0% |
|||
Specialty Stores - 0.0% |
|||
Tsutsumi Jewelry Co. Ltd. |
5,100 |
124,275 |
|
Peru - 1.7% |
|||
METALS & MINING - 1.7% |
|||
Gold - 1.7% |
|||
Compania de Minas Buenaventura SA sponsored ADR |
1,805,400 |
79,654,248 |
|
Russia - 0.9% |
|||
METALS & MINING - 0.9% |
|||
Gold - 0.9% |
|||
Polyus Gold OJSC sponsored ADR |
1,172,566 |
40,265,916 |
|
Precious Metals & Minerals - 0.0% |
|||
Polymetal JSC GDR (Reg. S) (a) |
73,300 |
1,403,695 |
|
TOTAL METALS & MINING |
41,669,611 |
||
South Africa - 10.1% |
|||
METALS & MINING - 10.1% |
|||
Gold - 10.1% |
|||
AngloGold Ashanti Ltd. sponsored ADR (d) |
4,892,952 |
224,880,074 |
|
Gold Fields Ltd. |
55,000 |
908,816 |
|
Gold Fields Ltd. sponsored ADR |
9,441,026 |
155,210,467 |
|
Harmony Gold Mining Co. Ltd. |
1,484,000 |
20,558,689 |
|
Harmony Gold Mining Co. Ltd. sponsored ADR (d) |
4,441,800 |
61,785,438 |
|
|
463,343,484 |
||
United Kingdom - 0.7% |
|||
METALS & MINING - 0.7% |
|||
Gold - 0.7% |
|||
African Barrick Gold Ltd. |
15,000 |
112,268 |
|
Avocet Mining PLC (a) |
10,000 |
33,105 |
|
Petropavlovsk PLC |
2,550,929 |
32,750,956 |
|
|
32,896,329 |
||
United States of America - 9.6% |
|||
METALS & MINING - 9.6% |
|||
Gold - 9.6% |
|||
Allied Nevada Gold Corp. (a) |
1,324,000 |
49,093,920 |
|
Allied Nevada Gold Corp. (Canada) (a) |
20,000 |
738,325 |
|
Newmont Mining Corp. |
5,680,350 |
321,337,400 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
United States of America - continued |
|||
METALS & MINING - CONTINUED |
|||
Gold - continued |
|||
Royal Gold, Inc. (d) |
946,213 |
$ 58,684,130 |
|
US Gold Corp. (a)(d) |
1,310,100 |
9,262,407 |
|
|
439,116,182 |
||
Precious Metals & Minerals - 0.0% |
|||
Coeur d'Alene Mines Corp. (a) |
15,000 |
413,550 |
|
Paramount Gold & Silver Corp. (a)(d) |
10,000 |
33,900 |
|
|
447,450 |
||
TOTAL METALS & MINING |
439,563,632 |
||
TOTAL COMMON STOCKS (Cost $3,243,598,167) |
4,561,947,418 |
||
Commodities - 0.6% |
|||
Troy Ounces |
|
||
Gold Bullion (a) |
18,500 |
28,412,300 |
|
Money Market Funds - 13.8% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.14% (b) |
17,398,206 |
17,398,206 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
615,110,994 |
615,110,994 |
|
TOTAL MONEY MARKET FUNDS (Cost $632,509,200) |
632,509,200 |
TOTAL INVESTMENT PORTFOLIO - 113.5% (Cost $3,890,708,767) |
5,222,868,918 |
|
NET OTHER ASSETS (LIABILITIES) - (13.5)% |
(619,818,995) |
|
NET ASSETS - 100% |
$ 4,603,049,923 |
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 $93,287,286 or 2.0% 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 $4,672,068 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 |
$ 4,344,586 |
Pretium Resources, Inc. warrants 4/8/12 |
3/31/11 |
$ 296,025 |
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 |
$ 5,670 |
Fidelity Securities Lending Cash Central Fund |
219,852 |
Total |
$ 225,522 |
Consolidated Subsidiary |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Fidelity Select Gold Cayman Ltd. |
$ 26,107,166 |
$ 26,566 |
$ - |
$ - |
$ 28,410,616 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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: |
||||
Common Stocks |
$ 4,561,947,418 |
$ 4,534,416,541 |
$ 24,198,637 |
$ 3,332,240 |
Commodities |
28,412,300 |
28,412,300 |
- |
- |
Money Market Funds |
632,509,200 |
632,509,200 |
- |
- |
Total Investments: |
$ 5,222,868,918 |
$ 5,195,338,041 |
$ 24,198,637 |
$ 3,332,240 |
The following is a reconciliation of Investments for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Beginning Balance |
$ - |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
(1,084,555) |
Cost of Purchases |
- |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
4,416,795 |
Transfers out of Level 3 |
- |
Ending Balance |
$ 3,332,240 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011 |
$ (1,084,555) |
The information used in the above reconciliation represents fiscal year to date activity for any Investments 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, 2011, the cost of investment securities for income tax purposes, on an unconsolidated basis, was $4,226,622,279. Net unrealized appreciation aggregated $996,244,790, of which $1,094,943,806 related to appreciated investment securities and $98,699,016 related to depreciated investment securities. |
Consolidated Subsidiary |
The Fund invests in certain precious metals through its investment in Fidelity Select Gold Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of May 31, 2011, the Fund held $28,410,616 in the Subsidiary, representing 0.6% 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, 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 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, 2011
Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Select Gold Portfolio
1.851741.104
AGLD-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 99.1% |
|||
Shares |
Value |
||
Australia - 13.2% |
|||
METALS & MINING - 13.2% |
|||
Diversified Metals & Mining - 0.1% |
|||
Ampella Mining Ltd. (a) |
150,000 |
$ 365,102 |
|
Gryphon Minerals Ltd. (a)(d) |
100,000 |
182,551 |
|
Sandfire Resources NL (a) |
314,167 |
2,381,262 |
|
|
2,928,915 |
||
Gold - 13.1% |
|||
Centamin Egypt Ltd. (United Kingdom) (a) |
7,116,900 |
14,891,234 |
|
CGA Mining Ltd.: |
|
|
|
(Australia) (a) |
18,920 |
49,889 |
|
(Canada) (a) |
110,000 |
300,841 |
|
Intrepid Mines Ltd.: |
|
|
|
(Australia) (a)(d) |
8,769,767 |
17,788,113 |
|
(Canada) (a) |
320,000 |
653,904 |
|
Kingsgate Consolidated NL |
3,485,767 |
29,174,448 |
|
Kula Gold Ltd. |
26,245 |
48,191 |
|
Medusa Mining Ltd. |
3,127,885 |
29,084,202 |
|
Newcrest Mining Ltd. |
11,092,094 |
470,102,186 |
|
Perseus Mining Ltd.: |
|
|
|
(Australia) (a) |
4,884,308 |
14,234,883 |
|
(Canada) (a) |
1,300,000 |
3,810,310 |
|
Resolute Mining Ltd. (a) |
3,586,661 |
4,307,557 |
|
St Barbara Ltd. (a)(d) |
5,709,676 |
11,916,438 |
|
Troy Resources NL (a)(e) |
2,300,000 |
8,877,651 |
|
|
605,239,847 |
||
TOTAL METALS & MINING |
608,168,762 |
||
Bailiwick of Jersey - 3.4% |
|||
METALS & MINING - 3.4% |
|||
Gold - 3.4% |
|||
Randgold Resources Ltd. sponsored ADR (d) |
1,909,367 |
156,491,719 |
|
Bermuda - 0.0% |
|||
METALS & MINING - 0.0% |
|||
Gold - 0.0% |
|||
Continental Gold Ltd. (a) |
75,100 |
651,055 |
|
Precious Metals & Minerals - 0.0% |
|||
Aquarius Platinum Ltd. (United Kingdom) |
11,752 |
66,268 |
|
TOTAL METALS & MINING |
717,323 |
||
Canada - 57.8% |
|||
METALS & MINING - 57.8% |
|||
Diversified Metals & Mining - 0.3% |
|||
Clifton Star Resources, Inc. (a) |
25,000 |
84,886 |
|
East Asia Minerals Corp. (a) |
5,000 |
20,022 |
|
Galway Resources Ltd. (a) |
15,000 |
19,970 |
|
Kimber Resources, Inc. (a) |
16,100 |
30,241 |
|
Kimber Resources, Inc. (a)(e) |
5,832,000 |
10,954,373 |
|
Sabina Gold & Silver Corp. (a) |
200,000 |
1,393,261 |
|
|
|||
Shares |
Value |
||
Southern Arc Minerals, Inc. (a) |
30,000 |
$ 50,157 |
|
Trelawney Mining and Exploration, Inc. (a) |
250,000 |
1,119,769 |
|
|
13,672,679 |
||
Gold - 55.9% |
|||
Agnico-Eagle Mines Ltd. (Canada) |
2,734,400 |
176,743,353 |
|
Alacer Gold Corp. (a) |
2,769,063 |
26,663,252 |
|
Alamos Gold, Inc. |
2,183,800 |
32,837,573 |
|
Argonaut Gold, Inc. (a) |
649,800 |
3,393,352 |
|
ATAC Resources Ltd. (a) |
37,200 |
252,236 |
|
Aurizon Mines Ltd. (a) |
2,626,900 |
15,154,932 |
|
Avion Gold Corp. (a) |
5,020,000 |
8,600,237 |
|
B2Gold Corp. (a) |
3,977,400 |
12,766,101 |
|
Barrick Gold Corp. (d) |
10,072,319 |
482,228,059 |
|
Canaco Resources, Inc. (a) |
1,225,000 |
5,651,220 |
|
Canaco Resources, Inc. (a)(e) |
561,600 |
2,590,796 |
|
Centerra Gold, Inc. |
2,166,400 |
39,797,637 |
|
China Gold International Resources Corp. Ltd. (a) |
40,000 |
182,466 |
|
Colossus Minerals, Inc. (a) |
961,100 |
8,034,377 |
|
Corvus Gold, Inc. (a) |
138,350 |
92,809 |
|
Detour Gold Corp. (a) |
543,000 |
17,349,997 |
|
Detour Gold Corp. (a)(e) |
785,900 |
25,111,166 |
|
Eldorado Gold Corp. |
8,457,013 |
134,149,636 |
|
European Goldfields Ltd. (a) |
1,981,700 |
27,692,056 |
|
Exeter Resource Corp. (a) |
238,000 |
1,174,096 |
|
Extorre Gold Mines Ltd. (a) |
453,000 |
5,194,107 |
|
Franco-Nevada Corp. |
1,878,400 |
72,348,303 |
|
Gabriel Resources Ltd. (a) |
370,000 |
2,672,997 |
|
Gammon Gold, Inc. (a) |
2,892,500 |
29,851,902 |
|
Goldcorp, Inc. |
10,651,900 |
532,732,414 |
|
Gran Colombia Gold Corp. (a)(d) |
1,560,000 |
1,658,290 |
|
Great Basin Gold Ltd. (a)(d) |
5,937,900 |
12,195,078 |
|
Greystar Resources Ltd. (a) |
679,200 |
2,481,416 |
|
Guyana Goldfields, Inc. (a) |
1,253,000 |
11,237,494 |
|
Guyana Goldfields, Inc. (a)(e) |
155,000 |
1,390,113 |
|
IAMGOLD Corp. |
6,073,700 |
127,999,333 |
|
International Minerals Corp.: |
|
|
|
(Canada) (a) |
152,100 |
1,244,804 |
|
(Switzerland) (a) |
15,000 |
124,692 |
|
International Tower Hill Mines Ltd. (a) |
341,700 |
2,800,039 |
|
Jaguar Mining, Inc. (a)(d) |
574,700 |
3,113,860 |
|
Keegan Resources, Inc. (a) |
30,000 |
270,912 |
|
Kinross Gold Corp. |
17,933,491 |
281,694,342 |
|
Kinross Gold Corp. warrants 9/17/14 (a) |
375,441 |
960,931 |
|
Kirkland Lake Gold, Inc. (a) |
604,500 |
9,120,997 |
|
Lake Shore Gold Corp. (a) |
2,520,000 |
9,440,735 |
|
Levon Resources Ltd. (a) |
257,500 |
499,613 |
|
Minefinders Corp. Ltd. (a) |
723,000 |
9,633,036 |
|
Nevsun Resources Ltd. |
650,000 |
4,172,558 |
|
New Gold, Inc. (a) |
6,561,800 |
66,704,918 |
|
New Gold, Inc. warrants 4/3/12 (a)(e) |
2,928,500 |
181,341 |
|
Northgate Minerals Corp. (a) |
4,089,900 |
11,987,529 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
Canada - continued |
|||
METALS & MINING - CONTINUED |
|||
Gold - continued |
|||
Novagold Resources, Inc. (a)(d) |
1,898,200 |
$ 21,941,112 |
|
OceanaGold Corp. (a) |
120,000 |
336,859 |
|
Osisko Mining Corp. (a) |
1,932,000 |
28,453,109 |
|
Osisko Mining Corp. (a)(e) |
3,000,000 |
44,181,846 |
|
Pilot Gold, Inc. (a) |
91,250 |
290,998 |
|
Premier Gold Mines Ltd. (a) |
1,246,800 |
7,874,933 |
|
Primero Mining Corp. (a) |
494,300 |
2,203,804 |
|
Queenston Mining, Inc. (a) |
45,000 |
336,240 |
|
Rainy River Resources Ltd. (a) |
160,000 |
1,679,344 |
|
Riva Gold Corp. (a) |
10,000 |
14,552 |
|
Romarco Minerals, Inc. (a) |
2,410,000 |
5,123,691 |
|
Rubicon Minerals Corp. (a) |
2,091,352 |
10,122,752 |
|
San Gold Corp. (a) |
2,737,400 |
8,786,123 |
|
Seabridge Gold, Inc. (a) |
630,905 |
18,769,429 |
|
SEMAFO, Inc. (a) |
4,645,000 |
40,603,901 |
|
Sulliden Gold Corp. Ltd. (a) |
10,000 |
23,943 |
|
Teranga Gold Corp. CDI unit |
2,881,069 |
7,596,942 |
|
Timmins Gold Corp. (a) |
10,000 |
24,975 |
|
Torex Gold Resources, Inc. (a) |
1,080,000 |
1,883,689 |
|
Yamana Gold, Inc. |
11,584,000 |
148,603,251 |
|
|
2,571,028,598 |
||
Precious Metals & Minerals - 1.6% |
|||
Bearing Resources Ltd. (a) |
29,687 |
0 |
|
Dalradian Resources, Inc. (a) |
25,000 |
42,830 |
|
First Majestic Silver Corp. (a) |
10,000 |
211,466 |
|
Fortuna Mines, Inc. (a) |
40,000 |
217,555 |
|
Orko Silver Corp. (a) |
446,000 |
1,187,554 |
|
Pan American Silver Corp. |
761,987 |
25,823,743 |
|
Pan American Silver Corp. warrants 12/7/14 (a) |
232,460 |
2,606,857 |
|
Pretium Resources, Inc. (a)(f) |
450,000 |
4,463,079 |
|
Pretium Resources, Inc. warrants 4/8/12 (a)(f) |
225,000 |
208,989 |
|
Silver Standard Resources, Inc. (a) |
813,600 |
23,976,795 |
|
Silver Wheaton Corp. |
449,700 |
16,587,314 |
|
Tahoe Resources, Inc. |
21,000 |
413,520 |
|
Wildcat Silver Corp. (a) |
30,000 |
70,592 |
|
|
75,810,294 |
||
TOTAL METALS & MINING |
2,660,511,571 |
||
Cayman Islands - 0.1% |
|||
METALS & MINING - 0.1% |
|||
Gold - 0.1% |
|||
Real Gold Mining Ltd. |
2,925,000 |
3,332,240 |
|
|
|||
Shares |
Value |
||
China - 1.6% |
|||
METALS & MINING - 1.6% |
|||
Gold - 1.6% |
|||
Zhaojin Mining Industry Co. Ltd. (H Shares) |
14,663,900 |
$ 33,675,006 |
|
Zijin Mining Group Co. Ltd. (H Shares) |
55,192,000 |
41,799,218 |
|
|
75,474,224 |
||
Japan - 0.0% |
|||
SPECIALTY RETAIL - 0.0% |
|||
Specialty Stores - 0.0% |
|||
Tsutsumi Jewelry Co. Ltd. |
5,100 |
124,275 |
|
Peru - 1.7% |
|||
METALS & MINING - 1.7% |
|||
Gold - 1.7% |
|||
Compania de Minas Buenaventura SA sponsored ADR |
1,805,400 |
79,654,248 |
|
Russia - 0.9% |
|||
METALS & MINING - 0.9% |
|||
Gold - 0.9% |
|||
Polyus Gold OJSC sponsored ADR |
1,172,566 |
40,265,916 |
|
Precious Metals & Minerals - 0.0% |
|||
Polymetal JSC GDR (Reg. S) (a) |
73,300 |
1,403,695 |
|
TOTAL METALS & MINING |
41,669,611 |
||
South Africa - 10.1% |
|||
METALS & MINING - 10.1% |
|||
Gold - 10.1% |
|||
AngloGold Ashanti Ltd. sponsored ADR (d) |
4,892,952 |
224,880,074 |
|
Gold Fields Ltd. |
55,000 |
908,816 |
|
Gold Fields Ltd. sponsored ADR |
9,441,026 |
155,210,467 |
|
Harmony Gold Mining Co. Ltd. |
1,484,000 |
20,558,689 |
|
Harmony Gold Mining Co. Ltd. sponsored ADR (d) |
4,441,800 |
61,785,438 |
|
|
463,343,484 |
||
United Kingdom - 0.7% |
|||
METALS & MINING - 0.7% |
|||
Gold - 0.7% |
|||
African Barrick Gold Ltd. |
15,000 |
112,268 |
|
Avocet Mining PLC (a) |
10,000 |
33,105 |
|
Petropavlovsk PLC |
2,550,929 |
32,750,956 |
|
|
32,896,329 |
||
United States of America - 9.6% |
|||
METALS & MINING - 9.6% |
|||
Gold - 9.6% |
|||
Allied Nevada Gold Corp. (a) |
1,324,000 |
49,093,920 |
|
Allied Nevada Gold Corp. (Canada) (a) |
20,000 |
738,325 |
|
Newmont Mining Corp. |
5,680,350 |
321,337,400 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
United States of America - continued |
|||
METALS & MINING - CONTINUED |
|||
Gold - continued |
|||
Royal Gold, Inc. (d) |
946,213 |
$ 58,684,130 |
|
US Gold Corp. (a)(d) |
1,310,100 |
9,262,407 |
|
|
439,116,182 |
||
Precious Metals & Minerals - 0.0% |
|||
Coeur d'Alene Mines Corp. (a) |
15,000 |
413,550 |
|
Paramount Gold & Silver Corp. (a)(d) |
10,000 |
33,900 |
|
|
447,450 |
||
TOTAL METALS & MINING |
439,563,632 |
||
TOTAL COMMON STOCKS (Cost $3,243,598,167) |
4,561,947,418 |
||
Commodities - 0.6% |
|||
Troy Ounces |
|
||
Gold Bullion (a) |
18,500 |
28,412,300 |
|
Money Market Funds - 13.8% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.14% (b) |
17,398,206 |
17,398,206 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
615,110,994 |
615,110,994 |
|
TOTAL MONEY MARKET FUNDS (Cost $632,509,200) |
632,509,200 |
TOTAL INVESTMENT PORTFOLIO - 113.5% (Cost $3,890,708,767) |
5,222,868,918 |
|
NET OTHER ASSETS (LIABILITIES) - (13.5)% |
(619,818,995) |
|
NET ASSETS - 100% |
$ 4,603,049,923 |
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 $93,287,286 or 2.0% 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 $4,672,068 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 |
$ 4,344,586 |
Pretium Resources, Inc. warrants 4/8/12 |
3/31/11 |
$ 296,025 |
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 |
$ 5,670 |
Fidelity Securities Lending Cash Central Fund |
219,852 |
Total |
$ 225,522 |
Consolidated Subsidiary |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Fidelity Select Gold Cayman Ltd. |
$ 26,107,166 |
$ 26,566 |
$ - |
$ - |
$ 28,410,616 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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: |
||||
Common Stocks |
$ 4,561,947,418 |
$ 4,534,416,541 |
$ 24,198,637 |
$ 3,332,240 |
Commodities |
28,412,300 |
28,412,300 |
- |
- |
Money Market Funds |
632,509,200 |
632,509,200 |
- |
- |
Total Investments: |
$ 5,222,868,918 |
$ 5,195,338,041 |
$ 24,198,637 |
$ 3,332,240 |
The following is a reconciliation of Investments for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Beginning Balance |
$ - |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
(1,084,555) |
Cost of Purchases |
- |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
4,416,795 |
Transfers out of Level 3 |
- |
Ending Balance |
$ 3,332,240 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011 |
$ (1,084,555) |
The information used in the above reconciliation represents fiscal year to date activity for any Investments 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, 2011, the cost of investment securities for income tax purposes, on an unconsolidated basis, was $4,226,622,279. Net unrealized appreciation aggregated $996,244,790, of which $1,094,943,806 related to appreciated investment securities and $98,699,016 related to depreciated investment securities. |
Consolidated Subsidiary |
The Fund invests in certain precious metals through its investment in Fidelity Select Gold Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of May 31, 2011, the Fund held $28,410,616 in the Subsidiary, representing 0.6% 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, 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 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 Health Care Portfolio
May 31, 2011
1.802174.107
HEA-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 96.0% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 22.6% |
|||
Biotechnology - 22.6% |
|||
Achillion Pharmaceuticals, Inc. (a) |
1,200,000 |
$ 8,988,000 |
|
Acorda Therapeutics, Inc. (a) |
800,000 |
26,280,000 |
|
Affymax, Inc. (a) |
400,000 |
2,832,000 |
|
Alexion Pharmaceuticals, Inc. (a) |
700,000 |
33,194,000 |
|
AMAG Pharmaceuticals, Inc. (a)(d) |
300,000 |
5,538,000 |
|
Amgen, Inc. (a) |
1,450,000 |
87,783,000 |
|
Anthera Pharmaceuticals, Inc. (a)(d) |
1,000,000 |
8,130,000 |
|
Ardea Biosciences, Inc. (a) |
800,000 |
19,992,000 |
|
ARIAD Pharmaceuticals, Inc. (a)(d) |
2,400,000 |
20,832,000 |
|
ArQule, Inc. (a) |
772,100 |
5,574,562 |
|
AVEO Pharmaceuticals, Inc. (a) |
130,480 |
2,391,698 |
|
AVEO Pharmaceuticals, Inc. (a)(f) |
117,323 |
2,150,531 |
|
Biogen Idec, Inc. (a) |
400,000 |
37,892,000 |
|
BioMarin Pharmaceutical, Inc. (a) |
1,600,000 |
45,168,000 |
|
Chelsea Therapeutics International Ltd. (a)(d) |
1,030,000 |
4,686,500 |
|
Dynavax Technologies Corp. (a)(d) |
2,800,000 |
7,728,000 |
|
Gilead Sciences, Inc. (a) |
2,200,000 |
91,828,000 |
|
Human Genome Sciences, Inc. (a) |
362,495 |
9,921,488 |
|
Incyte Corp. (a)(d) |
500,000 |
8,865,000 |
|
Inhibitex, Inc. (a) |
1,200,000 |
5,508,000 |
|
Medivir AB (B Shares) (a) |
450,000 |
10,461,387 |
|
Micromet, Inc. (a) |
395,347 |
2,447,198 |
|
Neurocrine Biosciences, Inc. (a) |
500,000 |
4,125,000 |
|
NPS Pharmaceuticals, Inc. (a) |
587,431 |
5,621,715 |
|
Seattle Genetics, Inc. (a) |
650,000 |
12,590,500 |
|
Targacept, Inc. (a) |
529,566 |
11,915,235 |
|
Theravance, Inc. (a) |
600,000 |
15,678,000 |
|
United Therapeutics Corp. (a) |
280,000 |
18,079,600 |
|
YM Biosciences, Inc. (a) |
1,000,000 |
3,477,992 |
|
ZIOPHARM Oncology, Inc. (a)(d) |
937,900 |
6,677,848 |
|
|
526,357,254 |
||
DIVERSIFIED CONSUMER SERVICES - 0.5% |
|||
Specialized Consumer Services - 0.5% |
|||
Carriage Services, Inc. (e) |
996,904 |
5,911,641 |
|
Stewart Enterprises, Inc. Class A |
690,000 |
5,140,500 |
|
|
11,052,141 |
||
FOOD & STAPLES RETAILING - 1.4% |
|||
Drug Retail - 1.4% |
|||
CVS Caremark Corp. |
650,000 |
25,148,500 |
|
Droga Raia SA |
82,000 |
1,455,271 |
|
Rite Aid Corp. (a) |
6,000,000 |
6,300,000 |
|
|
32,903,771 |
||
HEALTH CARE EQUIPMENT & SUPPLIES - 22.2% |
|||
Health Care Equipment - 21.5% |
|||
Baxter International, Inc. |
1,700,000 |
101,184,000 |
|
Boston Scientific Corp. (a) |
6,800,000 |
48,824,000 |
|
C. R. Bard, Inc. |
410,000 |
45,829,800 |
|
Covidien PLC |
2,750,000 |
151,249,996 |
|
|
|||
Shares |
Value |
||
Cyberonics, Inc. (a) |
250,000 |
$ 8,162,500 |
|
Edwards Lifesciences Corp. (a) |
410,000 |
36,379,300 |
|
HeartWare International, Inc. (a)(d) |
142,000 |
10,344,700 |
|
Hologic, Inc. (a) |
550,000 |
11,825,000 |
|
Integra LifeSciences Holdings Corp. (a) |
330,000 |
16,925,700 |
|
Masimo Corp. |
408,065 |
12,535,757 |
|
Orthofix International NV (a) |
200,000 |
8,166,000 |
|
St. Jude Medical, Inc. |
180,000 |
9,120,600 |
|
William Demant Holding A/S (a) |
160,000 |
15,129,440 |
|
Zimmer Holdings, Inc. (a) |
400,000 |
27,104,000 |
|
|
502,780,793 |
||
Health Care Supplies - 0.7% |
|||
Endologix, Inc. (a) |
1,121,200 |
9,608,684 |
|
RTI Biologics, Inc. (a) |
2,000,000 |
6,100,000 |
|
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares) |
220,000 |
291,365 |
|
|
16,000,049 |
||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
518,780,842 |
||
HEALTH CARE PROVIDERS & SERVICES - 22.8% |
|||
Health Care Distributors & Services - 3.9% |
|||
Amplifon SpA |
1,100,000 |
6,257,482 |
|
McKesson Corp. |
1,000,000 |
85,610,000 |
|
|
91,867,482 |
||
Health Care Facilities - 2.7% |
|||
Emeritus Corp. (a) |
372,980 |
8,727,732 |
|
Hanger Orthopedic Group, Inc. (a) |
400,000 |
10,060,000 |
|
HCA Holdings, Inc. |
270,000 |
9,420,300 |
|
HealthSouth Corp. (a) |
600,000 |
16,842,000 |
|
LCA-Vision, Inc. (a) |
850,000 |
4,828,000 |
|
Sunrise Senior Living, Inc. (a) |
1,220,000 |
12,126,800 |
|
|
62,004,832 |
||
Health Care Services - 11.4% |
|||
Accretive Health, Inc. |
800,000 |
19,472,000 |
|
Express Scripts, Inc. (a) |
400,000 |
23,824,000 |
|
Fresenius Medical Care AG & Co. KGaA |
350,000 |
25,342,605 |
|
HMS Holdings Corp. (a) |
100,000 |
7,806,000 |
|
Laboratory Corp. of America Holdings (a) |
150,000 |
15,124,500 |
|
Medco Health Solutions, Inc. (a) |
1,900,000 |
113,734,000 |
|
MEDNAX, Inc. (a) |
160,000 |
12,024,000 |
|
Omnicare, Inc. |
1,000,000 |
31,440,000 |
|
Sun Healthcare Group, Inc. (a) |
700,000 |
6,979,000 |
|
Team Health Holdings, Inc. (a) |
500,000 |
11,200,000 |
|
|
266,946,105 |
||
Managed Health Care - 4.8% |
|||
CIGNA Corp. |
600,000 |
29,934,000 |
|
Humana, Inc. |
400,000 |
32,212,000 |
|
UnitedHealth Group, Inc. |
600,000 |
29,370,000 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
HEALTH CARE PROVIDERS & SERVICES - CONTINUED |
|||
Managed Health Care - continued |
|||
Universal American Spin Corp. (a) |
500,000 |
$ 4,650,000 |
|
WellPoint, Inc. |
200,000 |
15,634,000 |
|
|
111,800,000 |
||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
532,618,419 |
||
HEALTH CARE TECHNOLOGY - 1.2% |
|||
Health Care Technology - 1.2% |
|||
Allscripts-Misys Healthcare Solutions, Inc. (a) |
1,400,000 |
28,154,000 |
|
INTERNET SOFTWARE & SERVICES - 0.7% |
|||
Internet Software & Services - 0.7% |
|||
WebMD Health Corp. (a) |
350,000 |
16,688,000 |
|
LIFE SCIENCES TOOLS & SERVICES - 9.3% |
|||
Life Sciences Tools & Services - 9.3% |
|||
Agilent Technologies, Inc. (a) |
475,000 |
23,688,250 |
|
Bruker BioSciences Corp. (a) |
1,050,000 |
20,706,000 |
|
Covance, Inc. (a)(d) |
725,000 |
42,673,500 |
|
Illumina, Inc. (a)(d) |
1,050,000 |
75,684,000 |
|
PAREXEL International Corp. (a) |
350,000 |
8,809,500 |
|
QIAGEN NV (a)(d) |
600,000 |
11,838,000 |
|
Sequenom, Inc. (a)(d) |
1,508,600 |
11,963,198 |
|
Thermo Fisher Scientific, Inc. (a) |
325,000 |
21,271,250 |
|
|
216,633,698 |
||
MACHINERY - 0.7% |
|||
Industrial Machinery - 0.7% |
|||
Pall Corp. |
280,000 |
15,708,000 |
|
PERSONAL PRODUCTS - 0.3% |
|||
Personal Products - 0.3% |
|||
Prestige Brands Holdings, Inc. (a) |
560,000 |
7,229,600 |
|
PHARMACEUTICALS - 13.4% |
|||
Pharmaceuticals - 13.4% |
|||
Cardiome Pharma Corp. (a) |
1,200,000 |
6,303,731 |
|
Columbia Laboratories, Inc. (a)(d) |
1,050,000 |
3,706,500 |
|
Eli Lilly & Co. |
400,000 |
15,392,000 |
|
Merck & Co., Inc. |
1,850,000 |
67,987,500 |
|
Optimer Pharmaceuticals, Inc. (a)(d) |
500,000 |
7,255,000 |
|
Perrigo Co. |
200,000 |
17,112,000 |
|
Pfizer, Inc. |
2,000,000 |
42,900,000 |
|
Piramal Healthcare Ltd. |
232,257 |
1,898,785 |
|
Shire PLC sponsored ADR |
490,000 |
46,839,100 |
|
Teva Pharmaceutical Industries Ltd. sponsored ADR |
200,000 |
10,180,000 |
|
Valeant Pharmaceuticals International, Inc. (Canada) (d) |
1,400,000 |
73,384,592 |
|
Watson Pharmaceuticals, Inc. (a) |
225,000 |
14,478,750 |
|
XenoPort, Inc. (a) |
500,000 |
3,875,000 |
|
|
311,312,958 |
||
|
|||
Shares |
Value |
||
SOFTWARE - 0.9% |
|||
Application Software - 0.9% |
|||
Nuance Communications, Inc. (a) |
1,000,000 |
$ 21,960,000 |
|
TOTAL COMMON STOCKS (Cost $1,691,981,340) |
2,239,398,683 |
||
Convertible Preferred Stocks - 0.1% |
|||
|
|
|
|
PHARMACEUTICALS - 0.1% |
|||
Pharmaceuticals - 0.1% |
|||
Merrimack Pharmaceuticals, Inc. Series G (f) |
350,000 |
2,450,000 |
|
Money Market Funds - 5.7% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
45,625,944 |
45,625,944 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
88,861,096 |
88,861,096 |
|
TOTAL MONEY MARKET FUNDS (Cost $134,487,040) |
134,487,040 |
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $1,828,918,380) |
2,376,335,723 |
|
NET OTHER ASSETS (LIABILITIES) - (1.8)% |
(43,146,590) |
|
NET ASSETS - 100% |
$ 2,333,189,133 |
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 $4,600,531 or 0.2% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
AVEO Pharmaceuticals, Inc. |
10/28/10 |
$ 1,583,861 |
Merrimack Pharmaceuticals, Inc. |
3/31/11 |
$ 2,450,000 |
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 |
$ 17,791 |
Fidelity Securities Lending Cash Central Fund |
74,214 |
Total |
$ 92,005 |
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: |
Affiliate |
Value, beginning of period |
Purchases |
Sales Proceeds |
Dividend Income |
Value, |
Carriage Services, Inc. |
$ 5,682,353 |
$ - |
$ - |
$ 24,923 |
$ 5,911,641 |
Total |
$ 5,682,353 |
$ - |
$ - |
$ 24,923 |
$ 5,911,641 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 2,239,398,683 |
$ 2,214,056,078 |
$ 25,342,605 |
$ - |
Convertible Preferred Stocks |
2,450,000 |
- |
- |
2,450,000 |
Money Market Funds |
134,487,040 |
134,487,040 |
- |
- |
Total Investments in Securities: |
$ 2,376,335,723 |
$ 2,348,543,118 |
$ 25,342,605 |
$ 2,450,000 |
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) |
- |
Cost of Purchases |
2,450,000 |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
- |
Transfers out of Level 3 |
- |
Ending Balance |
$ 2,450,000 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011 |
$ - |
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, 2011, the cost of investment securities for income tax purposes was $1,837,353,778. Net unrealized appreciation aggregated $538,981,945, of which $554,059,624 related to appreciated investment securities and $15,077,679 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, 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 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, 2011
1.802175.107
SAV-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 96.8% |
|||
Shares |
Value |
||
CAPITAL MARKETS - 4.8% |
|||
Asset Management & Custody Banks - 2.0% |
|||
State Street Corp. |
49,000 |
$ 2,242,730 |
|
Investment Banking & Brokerage - 2.8% |
|||
FXCM, Inc. Class A (d) |
200,000 |
1,980,000 |
|
TD Ameritrade Holding Corp. |
60,000 |
1,293,000 |
|
|
3,273,000 |
||
TOTAL CAPITAL MARKETS |
5,515,730 |
||
COMMERCIAL BANKS - 16.5% |
|||
Diversified Banks - 9.6% |
|||
Comerica, Inc. |
50,000 |
1,805,500 |
|
U.S. Bancorp, Delaware |
200,000 |
5,120,000 |
|
Wells Fargo & Co. |
145,000 |
4,113,650 |
|
|
11,039,150 |
||
Regional Banks - 6.9% |
|||
BB&T Corp. |
75,000 |
2,065,500 |
|
CIT Group, Inc. (a) |
25,000 |
1,108,250 |
|
Regions Financial Corp. |
575,000 |
4,059,500 |
|
Wilshire Bancorp, Inc. (a) |
200,000 |
626,000 |
|
|
7,859,250 |
||
TOTAL COMMERCIAL BANKS |
18,898,400 |
||
CONSUMER FINANCE - 28.0% |
|||
Consumer Finance - 28.0% |
|||
American Express Co. |
100,000 |
5,160,000 |
|
Capital One Financial Corp. |
155,000 |
8,422,700 |
|
Discover Financial Services |
375,000 |
8,940,000 |
|
Dollar Financial Corp. (a) |
65,000 |
1,476,150 |
|
SLM Corp. |
475,000 |
8,094,000 |
|
|
32,092,850 |
||
DIVERSIFIED FINANCIAL SERVICES - 8.4% |
|||
Other Diversified Financial Services - 8.4% |
|||
Citigroup, Inc. |
130,000 |
5,349,500 |
|
JPMorgan Chase & Co. |
100,000 |
4,324,000 |
|
|
9,673,500 |
||
INSURANCE - 0.4% |
|||
Multi-Line Insurance - 0.4% |
|||
Genworth Financial, Inc. Class A (a) |
43,700 |
485,507 |
|
IT SERVICES - 16.4% |
|||
Data Processing & Outsourced Services - 16.4% |
|||
MasterCard, Inc. Class A |
33,000 |
9,472,650 |
|
Visa, Inc. Class A |
115,000 |
9,321,900 |
|
|
18,794,550 |
||
|
|||
Shares |
Value |
||
REAL ESTATE INVESTMENT TRUSTS - 12.6% |
|||
Mortgage REITs - 12.6% |
|||
Capstead Mortgage Corp. |
100,000 |
$ 1,327,000 |
|
Invesco Mortgage Capital, Inc. |
115,000 |
2,618,550 |
|
MFA Financial, Inc. |
700,000 |
5,768,000 |
|
Redwood Trust, Inc. (d) |
100,000 |
1,555,000 |
|
Two Harbors Investment Corp. |
300,000 |
3,222,000 |
|
|
14,490,550 |
||
THRIFTS & MORTGAGE FINANCE - 9.7% |
|||
Thrifts & Mortgage Finance - 9.7% |
|||
BankUnited, Inc. |
600 |
17,016 |
|
First Niagara Financial Group, Inc. |
125,000 |
1,775,000 |
|
Flushing Financial Corp. |
125,000 |
1,677,500 |
|
MGIC Investment Corp. (a)(d) |
187,300 |
1,509,638 |
|
New York Community Bancorp, Inc. (d) |
75,000 |
1,215,000 |
|
Ocwen Financial Corp. (a) |
235,000 |
2,824,700 |
|
Radian Group, Inc. (d) |
179,400 |
893,412 |
|
TFS Financial Corp. |
125,000 |
1,281,250 |
|
|
11,193,516 |
||
TOTAL COMMON STOCKS (Cost $107,540,203) |
111,144,603 |
||
Money Market Funds - 7.7% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
3,443,662 |
3,443,662 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
5,388,700 |
5,388,700 |
|
TOTAL MONEY MARKET FUNDS (Cost $8,832,362) |
8,832,362 |
||
TOTAL INVESTMENT PORTFOLIO - 104.5% (Cost $116,372,565) |
119,976,965 |
||
NET OTHER ASSETS (LIABILITIES) - (4.5)% |
(5,210,372) |
||
NET ASSETS - 100% |
$ 114,766,593 |
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 |
$ 1,403 |
Fidelity Securities Lending Cash Central Fund |
1,486 |
Total |
$ 2,889 |
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, 2011, the cost of investment securities for income tax purposes was $116,888,388. Net unrealized appreciation aggregated $3,088,577, of which $9,470,535 related to appreciated investment securities and $6,381,958 related to depreciated investment securities. |
Investment Valuation |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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, 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 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, 2011
1.802176.107
INE-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 93.9% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 26.3% |
|||
Aerospace & Defense - 26.3% |
|||
BE Aerospace, Inc. (a) |
72,100 |
$ 2,697,982 |
|
Esterline Technologies Corp. (a) |
68,400 |
5,172,408 |
|
General Dynamics Corp. |
121,600 |
9,025,152 |
|
Goodrich Corp. |
63,400 |
5,534,186 |
|
Precision Castparts Corp. |
56,200 |
8,829,020 |
|
Raytheon Co. |
148,500 |
7,481,430 |
|
Rockwell Collins, Inc. |
92,500 |
5,654,525 |
|
Textron, Inc. |
150,100 |
3,434,288 |
|
The Boeing Co. |
302,800 |
23,627,484 |
|
TransDigm Group, Inc. (a) |
37,000 |
3,034,000 |
|
United Technologies Corp. |
315,700 |
27,708,989 |
|
|
102,199,464 |
||
AUTO COMPONENTS - 0.2% |
|||
Auto Parts & Equipment - 0.2% |
|||
Tenneco, Inc. (a) |
23,300 |
972,775 |
|
BUILDING PRODUCTS - 7.4% |
|||
Building Products - 7.4% |
|||
A.O. Smith Corp. |
34,950 |
1,449,377 |
|
American Woodmark Corp. |
54,800 |
1,100,384 |
|
Armstrong World Industries, Inc. |
69,200 |
3,322,292 |
|
Gibraltar Industries, Inc. (a) |
251,288 |
3,281,821 |
|
Masco Corp. |
378,433 |
5,392,670 |
|
Owens Corning (a) |
52,900 |
2,020,780 |
|
Quanex Building Products Corp. |
618,200 |
12,265,088 |
|
|
28,832,412 |
||
COMMERCIAL SERVICES & SUPPLIES - 1.5% |
|||
Environmental & Facility Services - 1.5% |
|||
Republic Services, Inc. |
182,500 |
5,752,400 |
|
CONSTRUCTION & ENGINEERING - 8.9% |
|||
Construction & Engineering - 8.9% |
|||
EMCOR Group, Inc. (a) |
115,900 |
3,519,883 |
|
Fluor Corp. |
96,700 |
6,665,531 |
|
Foster Wheeler AG (a) |
122,700 |
4,203,702 |
|
Jacobs Engineering Group, Inc. (a) |
251,500 |
11,584,090 |
|
Larsen & Toubro Ltd. |
49,266 |
1,796,049 |
|
Quanta Services, Inc. (a) |
154,500 |
3,051,375 |
|
Shaw Group, Inc. (a) |
101,800 |
3,718,754 |
|
|
34,539,384 |
||
ELECTRICAL EQUIPMENT - 10.8% |
|||
Electrical Components & Equipment - 10.0% |
|||
Acuity Brands, Inc. |
44,600 |
2,718,816 |
|
Emerson Electric Co. |
317,000 |
17,292,350 |
|
Encore Wire Corp. |
85,500 |
2,076,795 |
|
General Cable Corp. (a) |
48,400 |
2,020,700 |
|
GrafTech International Ltd. (a) |
91,200 |
1,927,968 |
|
|
|||
Shares |
Value |
||
Prysmian SpA |
178,600 |
$ 3,774,622 |
|
Regal-Beloit Corp. |
128,332 |
8,854,908 |
|
|
38,666,159 |
||
Heavy Electrical Equipment - 0.8% |
|||
Alstom SA |
52,340 |
3,239,473 |
|
TOTAL ELECTRICAL EQUIPMENT |
41,905,632 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 0.5% |
|||
Electronic Equipment & Instruments - 0.5% |
|||
FLIR Systems, Inc. |
49,600 |
1,793,040 |
|
HOUSEHOLD DURABLES - 0.2% |
|||
Consumer Electronics - 0.2% |
|||
Cobra Electronics Corp. (a) |
259,725 |
953,191 |
|
INDUSTRIAL CONGLOMERATES - 17.1% |
|||
Industrial Conglomerates - 17.1% |
|||
General Electric Co. |
2,461,355 |
48,341,013 |
|
Tyco International Ltd. |
366,300 |
18,076,905 |
|
|
66,417,918 |
||
MACHINERY - 17.9% |
|||
Construction & Farm Machinery & Heavy Trucks - 5.3% |
|||
Ashok Leyland Ltd. |
1,645,614 |
1,868,439 |
|
Cummins, Inc. |
101,100 |
10,639,764 |
|
Manitowoc Co., Inc. |
119,900 |
2,160,598 |
|
Marcopolo SA (PN) |
236,500 |
1,112,659 |
|
Tata Motors Ltd. sponsored ADR (d) |
126,900 |
3,074,787 |
|
TIL Ltd. |
30,811 |
306,058 |
|
WABCO Holdings, Inc. (a) |
19,800 |
1,357,290 |
|
|
20,519,595 |
||
Industrial Machinery - 12.6% |
|||
Danaher Corp. |
363,200 |
19,805,296 |
|
Flowserve Corp. |
65,300 |
7,916,319 |
|
Gencor Industries, Inc. (a) |
49,400 |
382,356 |
|
Ingersoll-Rand Co. Ltd. |
318,300 |
15,883,170 |
|
Key Technology, Inc. (a) |
153,336 |
2,718,647 |
|
Weg SA |
221,500 |
2,527,978 |
|
|
49,233,766 |
||
TOTAL MACHINERY |
69,753,361 |
||
PROFESSIONAL SERVICES - 0.6% |
|||
Human Resource & Employment Services - 0.6% |
|||
Towers Watson & Co. |
35,900 |
2,277,855 |
|
ROAD & RAIL - 0.4% |
|||
Trucking - 0.4% |
|||
Frozen Food Express Industries, Inc. (a) |
365,628 |
1,385,730 |
|
Tegma Gestao Logistica |
24,100 |
386,602 |
|
|
1,772,332 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
TRADING COMPANIES & DISTRIBUTORS - 1.2% |
|||
Trading Companies & Distributors - 1.2% |
|||
Barloworld Ltd. |
196,800 |
$ 2,097,890 |
|
Interline Brands, Inc. (a) |
80,500 |
1,486,835 |
|
Mills Estruturas e Servicos de Engenharia SA |
82,000 |
1,096,002 |
|
|
4,680,727 |
||
TRANSPORTATION INFRASTRUCTURE - 0.9% |
|||
Highways & Railtracks - 0.9% |
|||
Companhia de Concessoes Rodoviarias |
117,900 |
3,692,154 |
|
TOTAL COMMON STOCKS (Cost $322,730,422) |
365,542,645 |
||
Money Market Funds - 5.9% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
22,092,702 |
22,092,702 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
925,000 |
925,000 |
|
TOTAL MONEY MARKET FUNDS (Cost $23,017,702) |
23,017,702 |
||
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $345,748,124) |
388,560,347 |
||
NET OTHER ASSETS (LIABILITIES) - 0.2% |
661,186 |
||
NET ASSETS - 100% |
$ 389,221,533 |
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 |
$ 3,217 |
Fidelity Securities Lending Cash Central Fund |
1,923 |
Total |
$ 5,140 |
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, 2011, the cost of investment securities for income tax purposes was $349,848,399. Net unrealized appreciation aggregated $38,711,948, of which $43,438,106 related to appreciated investment securities and $4,726,158 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, 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 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 Industrials Portfolio
May 31, 2011
1.802164.107
CYC-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 100.1% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 23.7% |
|||
Aerospace & Defense - 23.7% |
|||
Bombardier, Inc. Class B (sub. vtg.) |
650,500 |
$ 4,531,581 |
|
DigitalGlobe, Inc. (a) |
47,525 |
1,170,066 |
|
Embraer SA sponsored ADR |
91,600 |
2,957,764 |
|
Esterline Technologies Corp. (a) |
52,060 |
3,936,777 |
|
GeoEye, Inc. (a) |
56,329 |
1,868,433 |
|
Goodrich Corp. |
88,858 |
7,756,415 |
|
Honeywell International, Inc. |
380,906 |
22,682,952 |
|
Meggitt PLC |
537,820 |
3,245,032 |
|
MTU Aero Engines Holdings AG |
18,482 |
1,419,909 |
|
Precision Castparts Corp. |
83,254 |
13,079,203 |
|
Rockwell Collins, Inc. |
130,412 |
7,972,086 |
|
Textron, Inc. |
418,960 |
9,585,805 |
|
The Boeing Co. |
329,273 |
25,693,172 |
|
TransDigm Group, Inc. (a) |
46,600 |
3,821,200 |
|
United Technologies Corp. |
386,272 |
33,903,093 |
|
|
143,623,488 |
||
AIR FREIGHT & LOGISTICS - 0.4% |
|||
Air Freight & Logistics - 0.4% |
|||
C.H. Robinson Worldwide, Inc. |
26,554 |
2,130,162 |
|
AIRLINES - 0.4% |
|||
Airlines - 0.4% |
|||
Copa Holdings SA Class A |
34,500 |
2,155,905 |
|
AUTO COMPONENTS - 0.2% |
|||
Auto Parts & Equipment - 0.2% |
|||
TRW Automotive Holdings Corp. (a) |
16,500 |
938,355 |
|
BUILDING PRODUCTS - 2.9% |
|||
Building Products - 2.9% |
|||
A.O. Smith Corp. |
159,966 |
6,633,790 |
|
Lennox International, Inc. |
94,506 |
4,404,925 |
|
Owens Corning (a) |
178,626 |
6,823,513 |
|
|
17,862,228 |
||
COMMERCIAL SERVICES & SUPPLIES - 2.9% |
|||
Diversified Support Services - 0.5% |
|||
Ritchie Brothers Auctioneers, Inc. (d) |
108,900 |
3,018,708 |
|
Environmental & Facility Services - 1.4% |
|||
Republic Services, Inc. |
261,186 |
8,232,583 |
|
Office Services & Supplies - 0.3% |
|||
Mine Safety Appliances Co. |
54,000 |
2,029,320 |
|
Security & Alarm Services - 0.7% |
|||
The Geo Group, Inc. (a) |
170,794 |
4,199,824 |
|
TOTAL COMMERCIAL SERVICES & SUPPLIES |
17,480,435 |
||
CONSTRUCTION & ENGINEERING - 7.5% |
|||
Construction & Engineering - 7.5% |
|||
AECOM Technology Corp. (a) |
32,500 |
931,775 |
|
Dycom Industries, Inc. (a) |
107,801 |
1,842,319 |
|
EMCOR Group, Inc. (a) |
236,468 |
7,181,533 |
|
|
|||
Shares |
Value |
||
Fluor Corp. |
109,919 |
$ 7,576,717 |
|
Foster Wheeler AG (a) |
235,028 |
8,052,059 |
|
Jacobs Engineering Group, Inc. (a) |
145,485 |
6,701,039 |
|
MYR Group, Inc. (a) |
81,052 |
1,827,723 |
|
Quanta Services, Inc. (a) |
234,273 |
4,626,892 |
|
Shaw Group, Inc. (a) |
148,360 |
5,419,591 |
|
SNC-Lavalin Group, Inc. |
26,300 |
1,547,953 |
|
|
45,707,601 |
||
ELECTRICAL EQUIPMENT - 9.7% |
|||
Electrical Components & Equipment - 8.7% |
|||
AMETEK, Inc. |
102,875 |
4,474,034 |
|
Cooper Industries PLC Class A |
92,317 |
5,802,123 |
|
Emerson Electric Co. |
395,375 |
21,567,706 |
|
General Cable Corp. (a) |
40,542 |
1,692,629 |
|
GrafTech International Ltd. (a) |
338,000 |
7,145,320 |
|
Polypore International, Inc. (a) |
29,500 |
1,933,725 |
|
Prysmian SpA |
339,337 |
7,171,719 |
|
Regal-Beloit Corp. |
45,102 |
3,112,038 |
|
|
52,899,294 |
||
Heavy Electrical Equipment - 1.0% |
|||
Alstom SA |
95,641 |
5,919,496 |
|
TOTAL ELECTRICAL EQUIPMENT |
58,818,790 |
||
ENERGY EQUIPMENT & SERVICES - 0.5% |
|||
Oil & Gas Equipment & Services - 0.5% |
|||
Dresser-Rand Group, Inc. (a) |
59,302 |
3,118,099 |
|
HOUSEHOLD DURABLES - 0.5% |
|||
Household Appliances - 0.5% |
|||
Stanley Black & Decker, Inc. |
43,423 |
3,208,091 |
|
INDUSTRIAL CONGLOMERATES - 17.1% |
|||
Industrial Conglomerates - 17.1% |
|||
3M Co. |
98,379 |
9,285,010 |
|
Cookson Group PLC |
141,500 |
1,600,228 |
|
General Electric Co. |
3,946,711 |
77,513,403 |
|
Tyco International Ltd. |
302,976 |
14,951,866 |
|
|
103,350,507 |
||
LIFE SCIENCES TOOLS & SERVICES - 0.5% |
|||
Life Sciences Tools & Services - 0.5% |
|||
Agilent Technologies, Inc. (a) |
65,938 |
3,288,328 |
|
MACHINERY - 20.5% |
|||
Construction & Farm Machinery & Heavy Trucks - 7.8% |
|||
Caterpillar, Inc. |
168,057 |
17,780,431 |
|
Cummins, Inc. |
135,544 |
14,264,651 |
|
Fiat Industrial SpA (a) |
497,896 |
6,547,192 |
|
Jain Irrigation Systems Ltd. |
1,010,894 |
3,770,937 |
|
PACCAR, Inc. |
61,503 |
3,075,150 |
|
Sauer-Danfoss, Inc. (a) |
31,000 |
1,655,400 |
|
|
47,093,761 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
MACHINERY - CONTINUED |
|||
Industrial Machinery - 12.7% |
|||
Actuant Corp. Class A |
126,516 |
$ 3,180,612 |
|
Charter International PLC |
354,422 |
4,547,450 |
|
Danaher Corp. |
374,308 |
20,411,015 |
|
Flowserve Corp. |
56,400 |
6,837,372 |
|
Graco, Inc. |
82,000 |
4,145,920 |
|
Harsco Corp. |
90,707 |
3,039,592 |
|
Ingersoll-Rand Co. Ltd. |
313,905 |
15,663,860 |
|
Pall Corp. |
116,087 |
6,512,481 |
|
SPX Corp. |
112,500 |
9,327,375 |
|
Weg SA |
268,200 |
3,060,964 |
|
|
76,726,641 |
||
TOTAL MACHINERY |
123,820,402 |
||
MARINE - 0.4% |
|||
Marine - 0.4% |
|||
Kuehne & Nagel International AG |
14,390 |
2,259,141 |
|
PROFESSIONAL SERVICES - 2.8% |
|||
Human Resource & Employment Services - 1.3% |
|||
Towers Watson & Co. |
119,449 |
7,579,039 |
|
Research & Consulting Services - 1.5% |
|||
Bureau Veritas SA |
37,800 |
3,171,608 |
|
IHS, Inc. Class A (a) |
68,688 |
6,025,311 |
|
|
9,196,919 |
||
TOTAL PROFESSIONAL SERVICES |
16,775,958 |
||
ROAD & RAIL - 7.5% |
|||
Railroads - 7.3% |
|||
CSX Corp. |
155,689 |
12,346,138 |
|
Kansas City Southern (a) |
89,283 |
5,257,876 |
|
Union Pacific Corp. |
256,782 |
26,954,407 |
|
|
44,558,421 |
||
Trucking - 0.2% |
|||
Saia, Inc. (a) |
71,663 |
1,125,826 |
|
TOTAL ROAD & RAIL |
45,684,247 |
||
|
|||
Shares |
Value |
||
TRADING COMPANIES & DISTRIBUTORS - 2.6% |
|||
Trading Companies & Distributors - 2.6% |
|||
Barloworld Ltd. |
225,292 |
$ 2,401,615 |
|
Beacon Roofing Supply, Inc. (a) |
7,600 |
166,516 |
|
Finning International, Inc. (d) |
58,500 |
1,735,167 |
|
Mills Estruturas e Servicos de Engenharia SA |
310,000 |
4,143,423 |
|
Rush Enterprises, Inc. Class A (a) |
211,625 |
4,226,151 |
|
WESCO International, Inc. (a) |
56,795 |
3,157,802 |
|
|
15,830,674 |
||
TOTAL COMMON STOCKS (Cost $491,020,403) |
606,052,411 |
||
Money Market Funds - 0.6% |
|||
|
|
|
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
3,848,000 |
3,848,000 |
|
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $494,868,403) |
609,900,411 |
||
NET OTHER ASSETS (LIABILITIES) - (0.7)% |
(4,532,372) |
||
NET ASSETS - 100% |
$ 605,368,039 |
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 |
$ 4,716 |
Fidelity Securities Lending Cash Central Fund |
15,569 |
Total |
$ 20,285 |
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, 2011, the cost of investment securities for income tax purposes was $496,778,239. Net unrealized appreciation aggregated $113,122,172, of which $118,865,459 related to appreciated investment securities and $5,743,287 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, 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 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 Insurance Portfolio
May 31, 2011
1.802178.107
PRC-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 99.2% |
|||
Shares |
Value |
||
INSURANCE - 97.3% |
|||
Insurance Brokers - 10.0% |
|||
Aon Corp. |
222,947 |
$ 11,626,686 |
|
Austbrokers Holdings Ltd. |
20,489 |
137,581 |
|
Brasil Insurance Participacoes e Administracao SA |
3,500 |
4,216,466 |
|
CNinsure, Inc. ADR |
50 |
793 |
|
Jardine Lloyd Thompson Group PLC |
550,228 |
6,308,530 |
|
National Financial Partners Corp. (a) |
232,144 |
3,034,122 |
|
Willis Group Holdings Pub Ltd. Co. |
25,673 |
1,065,430 |
|
|
26,389,608 |
||
Life & Health Insurance - 29.1% |
|||
AFLAC, Inc. |
304,600 |
14,556,834 |
|
American Equity Investment Life Holding Co. (d) |
612,400 |
7,955,076 |
|
Lincoln National Corp. |
36,500 |
1,071,275 |
|
MetLife, Inc. |
636,975 |
28,090,598 |
|
Primerica, Inc. |
193,000 |
4,143,710 |
|
Prudential Financial, Inc. |
248,089 |
15,823,116 |
|
Torchmark Corp. |
70,700 |
4,687,410 |
|
|
76,328,019 |
||
Multi-Line Insurance - 7.6% |
|||
Fairfax Financial Holdings Ltd. (sub. vtg.) |
17,600 |
6,784,251 |
|
Hartford Financial Services Group, Inc. |
352,400 |
9,391,460 |
|
Horace Mann Educators Corp. |
174,100 |
2,841,312 |
|
Mapfre SA (Reg.) |
7,100 |
27,253 |
|
Porto Seguro SA |
50,900 |
790,376 |
|
|
19,834,652 |
||
Property & Casualty Insurance - 46.1% |
|||
ACE Ltd. |
264,749 |
18,220,026 |
|
Allied World Assurance Co. Holdings Ltd. |
39,600 |
2,400,552 |
|
Allstate Corp. |
90,000 |
2,824,200 |
|
American Safety Insurance Group Ltd. (a) |
8,890 |
164,732 |
|
Amlin PLC |
480,117 |
3,356,516 |
|
Axis Capital Holdings Ltd. |
19,700 |
648,918 |
|
Beazley PLC |
1,660,100 |
3,481,746 |
|
Berkshire Hathaway, Inc.: |
|
|
|
Class A (a) |
4 |
475,100 |
|
Class B (a) |
534,669 |
42,276,279 |
|
Chaucer Holdings PLC |
1,453,900 |
1,261,565 |
|
Dongbu Insurance Co. Ltd. |
21,340 |
1,015,060 |
|
Hanover Insurance Group, Inc. |
151,400 |
6,216,484 |
|
Hilltop Holdings, Inc. (a) |
184,600 |
1,818,310 |
|
Progressive Corp. |
323,500 |
7,003,775 |
|
|
|||
Shares |
Value |
||
QBE Insurance Group Ltd. |
135,922 |
$ 2,565,430 |
|
The Chubb Corp. |
192,258 |
12,610,202 |
|
The Travelers Companies, Inc. |
131,200 |
8,144,896 |
|
XL Group PLC Class A |
271,855 |
6,432,089 |
|
|
|
120,915,880 |
|
Reinsurance - 4.5% |
|||
Alterra Capital Holdings Ltd. |
170,300 |
3,874,325 |
|
Everest Re Group Ltd. |
17,000 |
1,512,490 |
|
Montpelier Re Holdings Ltd. |
174,300 |
3,278,583 |
|
Transatlantic Holdings, Inc. |
65,700 |
3,057,678 |
|
|
|
11,723,076 |
|
TOTAL INSURANCE |
255,191,235 |
||
INTERNET SOFTWARE & SERVICES - 1.9% |
|||
Internet Software & Services - 1.9% |
|||
Google, Inc. Class A (a) |
9,500 |
5,025,690 |
|
TOTAL COMMON STOCKS (Cost $234,812,634) |
260,216,925 |
||
Money Market Funds - 1.6% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
3,210,211 |
3,210,211 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
907,625 |
907,625 |
|
TOTAL MONEY MARKET FUNDS (Cost $4,117,836) |
4,117,836 |
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $238,930,470) |
264,334,761 |
NET OTHER ASSETS (LIABILITIES) - (0.8)% |
(2,042,028) |
||
NET ASSETS - 100% |
$ 262,292,733 |
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 |
$ 2,629 |
Fidelity Securities Lending Cash Central Fund |
1,617 |
Total |
$ 4,246 |
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, 2011, the cost of investment securities for income tax purposes was $239,959,743. Net unrealized appreciation aggregated $24,375,018, of which $28,781,450 related to appreciated investment securities and $4,406,432 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, 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 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, 2011
1.802158.107
BSO-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 99.5% |
|||
Shares |
Value |
||
COMMERCIAL SERVICES & SUPPLIES - 1.5% |
|||
Diversified Support Services - 1.5% |
|||
Higher One Holdings, Inc. (a)(d) |
152,700 |
$ 2,340,891 |
|
COMMUNICATIONS EQUIPMENT - 0.8% |
|||
Communications Equipment - 0.8% |
|||
DG FastChannel, Inc. (a) |
35,700 |
1,263,066 |
|
COMPUTERS & PERIPHERALS - 0.5% |
|||
Computer Hardware - 0.5% |
|||
Hewlett-Packard Co. |
19,000 |
710,220 |
|
CONSUMER FINANCE - 1.5% |
|||
Consumer Finance - 1.5% |
|||
Green Dot Corp. Class A (d) |
59,300 |
2,297,282 |
|
HOTELS, RESTAURANTS & LEISURE - 0.1% |
|||
Hotels, Resorts & Cruise Lines - 0.1% |
|||
Thomas Cook Group PLC |
46,400 |
114,794 |
|
INTERNET SOFTWARE & SERVICES - 1.2% |
|||
Internet Software & Services - 1.2% |
|||
Active Network, Inc. |
2,600 |
47,710 |
|
Constant Contact, Inc. (a) |
10,805 |
259,860 |
|
IntraLinks Holdings, Inc. |
51,400 |
1,061,410 |
|
RightNow Technologies, Inc. (a) |
5,300 |
175,430 |
|
SciQuest, Inc. |
17,500 |
288,400 |
|
|
1,832,810 |
||
IT SERVICES - 85.9% |
|||
Data Processing & Outsourced Services - 37.1% |
|||
Alliance Data Systems Corp. (a)(d) |
65,148 |
6,119,352 |
|
Automatic Data Processing, Inc. |
62,400 |
3,438,864 |
|
Cass Information Systems, Inc. |
8,800 |
350,680 |
|
Computer Sciences Corp. |
300 |
11,967 |
|
Convergys Corp. (a) |
1,100 |
14,058 |
|
CoreLogic, Inc. (a) |
32,000 |
579,520 |
|
CSG Systems International, Inc. (a) |
14,700 |
280,623 |
|
DST Systems, Inc. |
300 |
15,081 |
|
Euronet Worldwide, Inc. (a) |
30,800 |
532,532 |
|
ExlService Holdings, Inc. (a) |
15,600 |
366,288 |
|
Fidelity National Information Services, Inc. |
214,700 |
6,909,046 |
|
Fiserv, Inc. (a) |
33,800 |
2,180,776 |
|
FleetCor Technologies, Inc. |
23,100 |
779,394 |
|
Global Cash Access Holdings, Inc. (a) |
64,200 |
206,082 |
|
Heartland Payment Systems, Inc. |
32,600 |
620,052 |
|
MasterCard, Inc. Class A |
32,340 |
9,283,197 |
|
NeuStar, Inc. Class A (a) |
25,200 |
674,352 |
|
Paychex, Inc. |
4,600 |
148,580 |
|
Syntel, Inc. |
54,800 |
2,952,076 |
|
Teletech Holdings, Inc. (a) |
31,300 |
566,530 |
|
The Western Union Co. |
700 |
14,392 |
|
TNS, Inc. (a) |
65,300 |
1,072,879 |
|
VeriFone Systems, Inc. (a) |
79,000 |
3,802,270 |
|
Visa, Inc. Class A |
179,312 |
14,535,031 |
|
|
|||
Shares |
Value |
||
WNS Holdings Ltd. sponsored ADR (a) |
58,600 |
$ 546,152 |
|
Wright Express Corp. (a) |
11,200 |
604,352 |
|
|
56,604,126 |
||
IT Consulting & Other Services - 48.8% |
|||
Accenture PLC Class A |
348,900 |
20,023,369 |
|
Atos Origin SA (a) |
16,132 |
943,218 |
|
CACI International, Inc. Class A (a) |
2,400 |
153,192 |
|
Camelot Information Systems, Inc. ADR (d) |
199,400 |
3,686,906 |
|
CGI Group, Inc. Class A (sub. vtg.) (a) |
16,700 |
385,033 |
|
China Information Technology, Inc. (a)(d) |
120,600 |
232,758 |
|
Ciber, Inc. (a) |
62,000 |
378,200 |
|
Cognizant Technology Solutions Corp. Class A (a) |
189,416 |
14,403,193 |
|
Forrester Research, Inc. |
6,400 |
242,816 |
|
Gartner, Inc. Class A (a) |
6,400 |
249,792 |
|
HCL Technologies Ltd. |
273,401 |
3,124,236 |
|
hiSoft Technology International Ltd. ADR (a)(d) |
175,200 |
2,734,872 |
|
iGate Corp. |
70,307 |
1,297,164 |
|
Infosys Technologies Ltd. sponsored ADR |
200 |
12,350 |
|
Integral Systems, Inc. (a) |
29,100 |
345,417 |
|
International Business Machines Corp. |
78,900 |
13,328,577 |
|
Lionbridge Technologies, Inc. (a) |
196,500 |
636,660 |
|
ManTech International Corp. Class A |
2,400 |
108,048 |
|
Maximus, Inc. |
5,800 |
486,040 |
|
NCI, Inc. Class A (a) |
2,200 |
49,940 |
|
Ness Technologies, Inc. (a) |
198,300 |
1,229,460 |
|
Rolta India Ltd. |
301,697 |
927,861 |
|
SAIC, Inc. (a) |
5,600 |
98,336 |
|
Sapient Corp. (a) |
84,800 |
1,245,712 |
|
ServiceSource International, Inc. |
500 |
9,725 |
|
SRA International, Inc. Class A (a) |
14,400 |
445,680 |
|
Teradata Corp. (a) |
11,900 |
663,901 |
|
Unisys Corp. (a) |
48,940 |
1,367,873 |
|
Virtusa Corp. (a) |
270,198 |
5,444,490 |
|
Yucheng Technologies Ltd. (a)(d) |
52,600 |
193,042 |
|
|
74,447,861 |
||
TOTAL IT SERVICES |
131,051,987 |
||
OFFICE ELECTRONICS - 0.4% |
|||
Office Electronics - 0.4% |
|||
Xerox Corp. |
68,500 |
699,385 |
|
SOFTWARE - 7.6% |
|||
Application Software - 5.0% |
|||
Aspen Technology, Inc. (a) |
138,800 |
2,297,140 |
|
Concur Technologies, Inc. (a) |
300 |
14,991 |
|
Convio, Inc. (a) |
148,000 |
1,690,160 |
|
Descartes Systems Group, Inc. (a) |
54,100 |
367,944 |
|
Intuit, Inc. (a) |
14,100 |
760,977 |
|
JDA Software Group, Inc. (a) |
500 |
16,515 |
|
Kenexa Corp. (a) |
30,600 |
967,572 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
SOFTWARE - CONTINUED |
|||
Application Software - continued |
|||
Longtop Financial Technologies Ltd. ADR (a) |
55,546 |
$ 105,149 |
|
Parametric Technology Corp. (a) |
12,200 |
284,138 |
|
Pegasystems, Inc. |
3,900 |
145,665 |
|
Ultimate Software Group, Inc. (a) |
1,300 |
73,294 |
|
VanceInfo Technologies, Inc. ADR (a) |
33,500 |
856,260 |
|
|
7,579,805 |
||
Systems Software - 2.6% |
|||
Ariba, Inc. (a) |
8,000 |
268,320 |
|
DemandTec, Inc. (a) |
22,400 |
222,656 |
|
NetSuite, Inc. (a)(d) |
2,500 |
94,350 |
|
Oracle Corp. |
65,000 |
2,224,300 |
|
Radiant Systems, Inc. (a) |
57,300 |
1,203,300 |
|
|
4,012,926 |
||
TOTAL SOFTWARE |
11,592,731 |
||
TOTAL COMMON STOCKS (Cost $123,741,663) |
151,903,166 |
||
Money Market Funds - 10.2% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.14% (b) |
926,076 |
$ 926,076 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
14,589,109 |
14,589,109 |
|
TOTAL MONEY MARKET FUNDS (Cost $15,515,185) |
15,515,185 |
TOTAL INVESTMENT PORTFOLIO - 109.7% (Cost $139,256,848) |
167,418,351 |
NET OTHER ASSETS (LIABILITIES) - (9.7)% |
(14,847,584) |
||
NET ASSETS - 100% |
$ 152,570,767 |
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 |
$ 736 |
Fidelity Securities Lending Cash Central Fund |
8,817 |
Total |
$ 9,553 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 151,903,166 |
$ 151,798,017 |
$ - |
$ 105,149 |
Money Market Funds |
15,515,185 |
15,515,185 |
- |
- |
Total Investments in Securities: |
$ 167,418,351 |
$ 167,313,202 |
$ - |
$ 105,149 |
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) |
(1,504,019) |
Cost of Purchases |
- |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
1,609,168 |
Transfers out of Level 3 |
- |
Ending Balance |
$ 105,149 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011 |
$ (1,504,019) |
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, 2011, the cost of investment securities for income tax purposes was $139,941,136. Net unrealized appreciation aggregated $27,477,215, of which $32,372,505 related to appreciated investment securities and $4,895,290 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, 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 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, 2011
1.802179.107
LEI-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 97.1% |
|||
Shares |
Value |
||
DIVERSIFIED CONSUMER SERVICES - 7.7% |
|||
Education Services - 3.9% |
|||
Ambow Education Holding Ltd. ADR |
159,500 |
$ 969,760 |
|
DeVry, Inc. |
122,500 |
6,596,625 |
|
Global Education & Technology Group Ltd. ADR (a)(d) |
292,332 |
1,704,296 |
|
Grand Canyon Education, Inc. (a) |
89,100 |
1,149,390 |
|
K12, Inc. (a)(d) |
119,300 |
4,151,640 |
|
|
14,571,711 |
||
Specialized Consumer Services - 3.8% |
|||
Carriage Services, Inc. |
206,002 |
1,221,592 |
|
Sotheby's Class A (Ltd. Vtg.) |
42,200 |
1,796,032 |
|
Steiner Leisure Ltd. (a) |
125,785 |
6,289,250 |
|
Stewart Enterprises, Inc. Class A |
258,702 |
1,927,330 |
|
Weight Watchers International, Inc. |
37,100 |
2,976,904 |
|
|
14,211,108 |
||
TOTAL DIVERSIFIED CONSUMER SERVICES |
28,782,819 |
||
FOOD PRODUCTS - 0.4% |
|||
Packaged Foods & Meats - 0.4% |
|||
Green Mountain Coffee Roasters, Inc. (a) |
20,400 |
1,680,348 |
|
HOTELS, RESTAURANTS & LEISURE - 82.4% |
|||
Casinos & Gaming - 16.8% |
|||
Aristocrat Leisure Ltd. |
3 |
9 |
|
Betfair Group PLC (d) |
140,200 |
1,934,919 |
|
Las Vegas Sands Corp. (a)(d) |
496,100 |
20,607,994 |
|
Las Vegas Sands Corp. unit |
11,700 |
8,199,243 |
|
Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)(d) |
625,200 |
7,014,744 |
|
MGM Mirage, Inc. (a) |
36,100 |
544,027 |
|
Penn National Gaming, Inc. (a) |
60,700 |
2,458,350 |
|
Pinnacle Entertainment, Inc. (a) |
470,800 |
6,840,724 |
|
WMS Industries, Inc. (a) |
376,272 |
11,837,517 |
|
Wynn Resorts Ltd. |
24,000 |
3,516,480 |
|
|
62,954,007 |
||
Hotels, Resorts & Cruise Lines - 15.7% |
|||
Carnival Corp. unit |
251,900 |
9,776,239 |
|
Club Mediterranee SA (a) |
31,500 |
704,711 |
|
Ctrip.com International Ltd. sponsored ADR (a) |
37,980 |
1,709,100 |
|
Marcus Corp. |
58,828 |
617,694 |
|
Marriott International, Inc. Class A |
244,701 |
9,252,145 |
|
Starwood Hotels & Resorts Worldwide, Inc. |
326,800 |
19,928,264 |
|
Thomas Cook Group PLC |
372,009 |
920,352 |
|
Wyndham Worldwide Corp. |
461,200 |
16,054,372 |
|
|
58,962,877 |
||
Leisure Facilities - 0.7% |
|||
Cedar Fair LP (depository unit) |
128,800 |
2,672,600 |
|
|
|||
Shares |
Value |
||
Restaurants - 49.2% |
|||
Ajisen (China) Holdings Ltd. |
1,199,000 |
$ 2,549,949 |
|
Arcos Dorados Holdings, Inc. |
21,900 |
498,225 |
|
BJ's Restaurants, Inc. (a) |
62,600 |
3,206,998 |
|
Bravo Brio Restaurant Group, Inc. |
103,000 |
2,286,600 |
|
Chipotle Mexican Grill, Inc. (a) |
44,009 |
12,721,682 |
|
Darden Restaurants, Inc. |
315,600 |
15,985,140 |
|
Denny's Corp. (a) |
741,707 |
3,033,582 |
|
Dominos Pizza Enterprises Ltd. |
40,600 |
268,724 |
|
Little Sheep Group Ltd. |
1,314,000 |
1,050,903 |
|
McDonald's Corp. |
623,700 |
50,856,498 |
|
Panera Bread Co. Class A (a) |
99,400 |
12,427,982 |
|
Ruth's Hospitality Group, Inc. (a) |
360,000 |
1,926,000 |
|
Spur Corp. Ltd. |
1,373,500 |
2,793,183 |
|
Starbucks Corp. |
1,554,700 |
57,197,410 |
|
Texas Roadhouse, Inc. Class A |
257,100 |
4,429,833 |
|
Yum! Brands, Inc. |
243,100 |
13,448,292 |
|
|
184,681,001 |
||
TOTAL HOTELS, RESTAURANTS & LEISURE |
309,270,485 |
||
HOUSEHOLD DURABLES - 1.1% |
|||
Home Furnishings - 0.1% |
|||
Man Wah Holdings Ltd. |
332,800 |
380,419 |
|
Housewares & Specialties - 1.0% |
|||
Newell Rubbermaid, Inc. |
86,600 |
1,542,346 |
|
Tupperware Brands Corp. |
33,600 |
2,199,456 |
|
|
3,741,802 |
||
TOTAL HOUSEHOLD DURABLES |
4,122,221 |
||
LEISURE EQUIPMENT & PRODUCTS - 1.5% |
|||
Leisure Products - 1.5% |
|||
Brunswick Corp. |
81,400 |
1,764,752 |
|
Hasbro, Inc. |
41,500 |
1,898,210 |
|
Summer Infant, Inc. (a) |
231,653 |
1,915,770 |
|
|
5,578,732 |
||
PERSONAL PRODUCTS - 1.0% |
|||
Personal Products - 1.0% |
|||
Elizabeth Arden, Inc. (a) |
35,000 |
1,075,550 |
|
Nu Skin Enterprises, Inc. Class A (d) |
70,600 |
2,759,754 |
|
|
3,835,304 |
||
SOFTWARE - 0.9% |
|||
Application Software - 0.9% |
|||
Intuit, Inc. (a) |
59,100 |
3,189,627 |
|
SPECIALTY RETAIL - 0.6% |
|||
Apparel Retail - 0.3% |
|||
Shoe Carnival, Inc. (a) |
41,800 |
1,137,796 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
SPECIALTY RETAIL - CONTINUED |
|||
Specialty Stores - 0.3% |
|||
MarineMax, Inc. (a) |
156,272 |
$ 1,300,183 |
|
TOTAL SPECIALTY RETAIL |
2,437,979 |
||
TEXTILES, APPAREL & LUXURY GOODS - 1.5% |
|||
Apparel, Accessories & Luxury Goods - 1.5% |
|||
Christian Dior SA |
14,800 |
2,284,713 |
|
G-III Apparel Group Ltd. (a) |
54,900 |
2,356,308 |
|
Phillips-Van Heusen Corp. |
14,600 |
963,162 |
|
|
5,604,183 |
||
TOTAL COMMON STOCKS (Cost $258,548,647) |
364,501,698 |
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 |
347,625 |
Money Market Funds - 4.9% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.14% (b) |
5,700,863 |
$ 5,700,863 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
12,841,900 |
12,841,900 |
|
TOTAL MONEY MARKET FUNDS (Cost $18,542,763) |
18,542,763 |
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $277,391,410) |
383,392,086 |
NET OTHER ASSETS (LIABILITIES) - (2.1)% |
(7,951,643) |
||
NET ASSETS - 100% |
$ 375,440,443 |
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) Includes 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 |
$ 1,679 |
Fidelity Securities Lending Cash Central Fund |
10,163 |
Total |
$ 11,842 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 364,501,698 |
$ 356,302,455 |
$ 8,199,243 |
$ - |
Convertible Bonds |
347,625 |
- |
347,625 |
- |
Money Market Funds |
18,542,763 |
18,542,763 |
- |
- |
Total Investments in Securities: |
$ 383,392,086 |
$ 374,845,218 |
$ 8,546,868 |
$ - |
Income Tax Information |
At May 31, 2011, the cost of investment securities for income tax purposes was $279,309,235. Net unrealized appreciation aggregated $104,082,851, of which $110,445,268 related to appreciated investment securities and $6,362,417 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, 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 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. |
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. |
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. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly Report
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided
for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please
see the fund's most recent prospectus and annual report. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Materials Portfolio
May 31, 2011
1.802177.107
IND-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 98.6% |
|||
Shares |
Value |
||
CHEMICALS - 60.7% |
|||
Commodity Chemicals - 4.2% |
|||
Arkema SA (d) |
172,356 |
$ 18,887,767 |
|
Celanese Corp. Class A |
694,600 |
36,181,714 |
|
Grasim Industries Ltd. |
48,407 |
2,532,904 |
|
TPC Group, Inc. (a) |
80,167 |
2,916,475 |
|
Westlake Chemical Corp. |
117,093 |
6,568,917 |
|
|
67,087,777 |
||
Diversified Chemicals - 24.8% |
|||
Ashland, Inc. |
445,083 |
30,416,972 |
|
BASF AG |
105,604 |
9,763,181 |
|
Cabot Corp. |
373,233 |
15,761,630 |
|
Dow Chemical Co. |
3,539,062 |
127,866,308 |
|
E.I. du Pont de Nemours & Co. |
2,373,878 |
126,527,697 |
|
FMC Corp. |
168,700 |
14,229,845 |
|
Lanxess AG |
164,493 |
14,196,998 |
|
Olin Corp. |
405,000 |
9,728,100 |
|
PPG Industries, Inc. |
540,798 |
47,968,783 |
|
|
396,459,514 |
||
Fertilizers & Agricultural Chemicals - 9.7% |
|||
CF Industries Holdings, Inc. |
226,125 |
34,773,503 |
|
CVR Partners LP |
431,000 |
8,602,760 |
|
Intrepid Potash, Inc. (a)(d) |
158,400 |
5,098,896 |
|
Israel Chemicals Ltd. |
80,900 |
1,318,597 |
|
Monsanto Co. |
559,700 |
39,761,088 |
|
The Mosaic Co. |
720,120 |
51,020,502 |
|
Uralkali JSC GDR (Reg. S) |
192,114 |
8,218,637 |
|
Yara International ASA |
92,100 |
5,540,673 |
|
|
154,334,656 |
||
Industrial Gases - 8.7% |
|||
Air Products & Chemicals, Inc. |
595,657 |
56,641,024 |
|
Airgas, Inc. |
253,859 |
17,536,580 |
|
Praxair, Inc. |
617,431 |
65,348,897 |
|
|
139,526,501 |
||
Specialty Chemicals - 13.3% |
|||
Albemarle Corp. |
171,401 |
12,142,047 |
|
Chemtura Corp. (a) |
213,400 |
4,065,270 |
|
Ecolab, Inc. |
436,870 |
23,975,426 |
|
Innophos Holdings, Inc. |
467,536 |
20,987,691 |
|
Innospec, Inc. (a) |
120,300 |
4,076,967 |
|
Kraton Performance Polymers, Inc. (a) |
597,800 |
22,991,388 |
|
LyondellBasell Industries NV Class A |
586,441 |
25,691,980 |
|
OMNOVA Solutions, Inc. (a) |
869,032 |
8,177,591 |
|
PolyOne Corp. |
833,342 |
12,691,799 |
|
Rockwood Holdings, Inc. (a) |
325,532 |
17,119,728 |
|
Sherwin-Williams Co. |
360,937 |
31,704,706 |
|
W.R. Grace & Co. (a) |
617,146 |
28,876,261 |
|
|
212,500,854 |
||
TOTAL CHEMICALS |
969,909,302 |
||
|
|||
Shares |
Value |
||
COMMERCIAL SERVICES & SUPPLIES - 0.4% |
|||
Environmental & Facility Services - 0.4% |
|||
Swisher Hygiene, Inc. (a)(e) |
262,171 |
$ 1,557,296 |
|
Swisher Hygiene, Inc. (Canada) (a)(d) |
744,600 |
4,910,464 |
|
|
6,467,760 |
||
CONSTRUCTION MATERIALS - 0.1% |
|||
Construction Materials - 0.1% |
|||
Prism Cement Ltd. |
1,335,140 |
1,490,733 |
|
CONTAINERS & PACKAGING - 6.7% |
|||
Metal & Glass Containers - 5.5% |
|||
Aptargroup, Inc. |
208,300 |
11,123,220 |
|
Ball Corp. |
820,762 |
32,428,307 |
|
Crown Holdings, Inc. (a) |
234,840 |
9,536,852 |
|
Graham Packaging Co., Inc. (a) |
344,000 |
7,805,360 |
|
Greif, Inc. Class A |
181,920 |
12,028,550 |
|
Silgan Holdings, Inc. |
324,800 |
14,580,272 |
|
|
87,502,561 |
||
Paper Packaging - 1.2% |
|||
Rock-Tenn Co. Class A (d) |
263,900 |
20,275,437 |
|
TOTAL CONTAINERS & PACKAGING |
107,777,998 |
||
FOOD PRODUCTS - 1.0% |
|||
Agricultural Products - 1.0% |
|||
Archer Daniels Midland Co. |
512,028 |
16,594,827 |
|
MACHINERY - 0.5% |
|||
Industrial Machinery - 0.5% |
|||
Pall Corp. |
137,500 |
7,713,750 |
|
METALS & MINING - 28.0% |
|||
Diversified Metals & Mining - 13.0% |
|||
Anglo American PLC (United Kingdom) |
304,351 |
15,169,458 |
|
BHP Billiton PLC |
199,854 |
7,925,348 |
|
First Quantum Minerals Ltd. |
88,000 |
11,966,438 |
|
Freeport-McMoRan Copper & Gold, Inc. |
2,052,809 |
106,007,057 |
|
Gujarat NRE Coke Ltd. |
2,023,675 |
2,315,659 |
|
HudBay Minerals, Inc. |
701,400 |
10,604,789 |
|
Ivanhoe Mines Ltd. (a) |
314,600 |
7,915,731 |
|
MacArthur Coal Ltd. |
1,074,381 |
13,648,770 |
|
Mongolian Mining Corp. |
3,312,000 |
3,875,328 |
|
Walter Energy, Inc. |
225,925 |
28,138,959 |
|
|
207,567,537 |
||
Gold - 7.6% |
|||
AngloGold Ashanti Ltd. sponsored ADR |
172,002 |
7,905,212 |
|
Kinross Gold Corp. |
252,300 |
3,963,059 |
|
Newcrest Mining Ltd. |
285,510 |
12,100,409 |
|
Newmont Mining Corp. |
1,397,313 |
79,045,996 |
|
Randgold Resources Ltd. sponsored ADR |
95,300 |
7,810,788 |
|
Royal Gold, Inc. |
192,128 |
11,915,779 |
|
|
122,741,243 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
METALS & MINING - CONTINUED |
|||
Precious Metals & Minerals - 0.4% |
|||
Coeur d'Alene Mines Corp. (a) |
88,660 |
$ 2,444,356 |
|
Pan American Silver Corp. |
109,300 |
3,704,178 |
|
|
6,148,534 |
||
Steel - 7.0% |
|||
Allegheny Technologies, Inc. (d) |
232,737 |
15,593,379 |
|
Carpenter Technology Corp. |
503,971 |
26,493,755 |
|
Fortescue Metals Group Ltd. |
576,418 |
4,012,115 |
|
Reliance Steel & Aluminum Co. |
479,408 |
24,694,306 |
|
Ternium SA sponsored ADR |
397,745 |
12,369,870 |
|
United States Steel Corp. (d) |
618,051 |
28,498,332 |
|
|
111,661,757 |
||
TOTAL METALS & MINING |
448,119,071 |
||
OIL, GAS & CONSUMABLE FUELS - 0.5% |
|||
Coal & Consumable Fuels - 0.5% |
|||
PT Bumi Resources Tbk |
20,534,000 |
7,938,884 |
|
REAL ESTATE INVESTMENT TRUSTS - 0.7% |
|||
Specialized REITs - 0.7% |
|||
Weyerhaeuser Co. |
502,523 |
10,824,345 |
|
TOTAL COMMON STOCKS (Cost $1,268,351,071) |
1,576,836,670 |
||
Money Market Funds - 5.6% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, |
21,777,442 |
$ 21,777,442 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
67,233,345 |
67,233,345 |
|
TOTAL MONEY MARKET FUNDS (Cost $89,010,787) |
89,010,787 |
TOTAL INVESTMENT PORTFOLIO - 104.2% (Cost $1,357,361,858) |
1,665,847,457 |
NET OTHER ASSETS (LIABILITIES) - (4.2)% |
(66,910,846) |
||
NET ASSETS - 100% |
$ 1,598,936,611 |
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 $1,557,296 or 0.1% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Swisher Hygiene, Inc. |
3/22/11 - 4/15/11 |
$ 1,693,043 |
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 |
$ 16,009 |
Fidelity Securities Lending Cash Central Fund |
161,028 |
Total |
$ 177,037 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 1,576,836,670 |
$ 1,564,821,122 |
$ 12,015,548 |
$ - |
Money Market Funds |
89,010,787 |
89,010,787 |
- |
- |
Total Investments in Securities: |
$ 1,665,847,457 |
$ 1,653,831,909 |
$ 12,015,548 |
$ - |
Income Tax Information |
At May 31, 2011, the cost of investment securities for income tax purposes was $1,359,921,941. Net unrealized appreciation aggregated $305,925,516, of which $322,774,500 related to appreciated investment securities and $16,848,984 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, 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 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
Materials Portfolio
Class A
Class T
Class B
Class C
Institutional Class
May 31, 2011
Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Select Materials Portfolio
1.851742.104
AMF-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 98.6% |
|||
Shares |
Value |
||
CHEMICALS - 60.7% |
|||
Commodity Chemicals - 4.2% |
|||
Arkema SA (d) |
172,356 |
$ 18,887,767 |
|
Celanese Corp. Class A |
694,600 |
36,181,714 |
|
Grasim Industries Ltd. |
48,407 |
2,532,904 |
|
TPC Group, Inc. (a) |
80,167 |
2,916,475 |
|
Westlake Chemical Corp. |
117,093 |
6,568,917 |
|
|
67,087,777 |
||
Diversified Chemicals - 24.8% |
|||
Ashland, Inc. |
445,083 |
30,416,972 |
|
BASF AG |
105,604 |
9,763,181 |
|
Cabot Corp. |
373,233 |
15,761,630 |
|
Dow Chemical Co. |
3,539,062 |
127,866,308 |
|
E.I. du Pont de Nemours & Co. |
2,373,878 |
126,527,697 |
|
FMC Corp. |
168,700 |
14,229,845 |
|
Lanxess AG |
164,493 |
14,196,998 |
|
Olin Corp. |
405,000 |
9,728,100 |
|
PPG Industries, Inc. |
540,798 |
47,968,783 |
|
|
396,459,514 |
||
Fertilizers & Agricultural Chemicals - 9.7% |
|||
CF Industries Holdings, Inc. |
226,125 |
34,773,503 |
|
CVR Partners LP |
431,000 |
8,602,760 |
|
Intrepid Potash, Inc. (a)(d) |
158,400 |
5,098,896 |
|
Israel Chemicals Ltd. |
80,900 |
1,318,597 |
|
Monsanto Co. |
559,700 |
39,761,088 |
|
The Mosaic Co. |
720,120 |
51,020,502 |
|
Uralkali JSC GDR (Reg. S) |
192,114 |
8,218,637 |
|
Yara International ASA |
92,100 |
5,540,673 |
|
|
154,334,656 |
||
Industrial Gases - 8.7% |
|||
Air Products & Chemicals, Inc. |
595,657 |
56,641,024 |
|
Airgas, Inc. |
253,859 |
17,536,580 |
|
Praxair, Inc. |
617,431 |
65,348,897 |
|
|
139,526,501 |
||
Specialty Chemicals - 13.3% |
|||
Albemarle Corp. |
171,401 |
12,142,047 |
|
Chemtura Corp. (a) |
213,400 |
4,065,270 |
|
Ecolab, Inc. |
436,870 |
23,975,426 |
|
Innophos Holdings, Inc. |
467,536 |
20,987,691 |
|
Innospec, Inc. (a) |
120,300 |
4,076,967 |
|
Kraton Performance Polymers, Inc. (a) |
597,800 |
22,991,388 |
|
LyondellBasell Industries NV Class A |
586,441 |
25,691,980 |
|
OMNOVA Solutions, Inc. (a) |
869,032 |
8,177,591 |
|
PolyOne Corp. |
833,342 |
12,691,799 |
|
Rockwood Holdings, Inc. (a) |
325,532 |
17,119,728 |
|
Sherwin-Williams Co. |
360,937 |
31,704,706 |
|
W.R. Grace & Co. (a) |
617,146 |
28,876,261 |
|
|
212,500,854 |
||
TOTAL CHEMICALS |
969,909,302 |
||
|
|||
Shares |
Value |
||
COMMERCIAL SERVICES & SUPPLIES - 0.4% |
|||
Environmental & Facility Services - 0.4% |
|||
Swisher Hygiene, Inc. (a)(e) |
262,171 |
$ 1,557,296 |
|
Swisher Hygiene, Inc. (Canada) (a)(d) |
744,600 |
4,910,464 |
|
|
6,467,760 |
||
CONSTRUCTION MATERIALS - 0.1% |
|||
Construction Materials - 0.1% |
|||
Prism Cement Ltd. |
1,335,140 |
1,490,733 |
|
CONTAINERS & PACKAGING - 6.7% |
|||
Metal & Glass Containers - 5.5% |
|||
Aptargroup, Inc. |
208,300 |
11,123,220 |
|
Ball Corp. |
820,762 |
32,428,307 |
|
Crown Holdings, Inc. (a) |
234,840 |
9,536,852 |
|
Graham Packaging Co., Inc. (a) |
344,000 |
7,805,360 |
|
Greif, Inc. Class A |
181,920 |
12,028,550 |
|
Silgan Holdings, Inc. |
324,800 |
14,580,272 |
|
|
87,502,561 |
||
Paper Packaging - 1.2% |
|||
Rock-Tenn Co. Class A (d) |
263,900 |
20,275,437 |
|
TOTAL CONTAINERS & PACKAGING |
107,777,998 |
||
FOOD PRODUCTS - 1.0% |
|||
Agricultural Products - 1.0% |
|||
Archer Daniels Midland Co. |
512,028 |
16,594,827 |
|
MACHINERY - 0.5% |
|||
Industrial Machinery - 0.5% |
|||
Pall Corp. |
137,500 |
7,713,750 |
|
METALS & MINING - 28.0% |
|||
Diversified Metals & Mining - 13.0% |
|||
Anglo American PLC (United Kingdom) |
304,351 |
15,169,458 |
|
BHP Billiton PLC |
199,854 |
7,925,348 |
|
First Quantum Minerals Ltd. |
88,000 |
11,966,438 |
|
Freeport-McMoRan Copper & Gold, Inc. |
2,052,809 |
106,007,057 |
|
Gujarat NRE Coke Ltd. |
2,023,675 |
2,315,659 |
|
HudBay Minerals, Inc. |
701,400 |
10,604,789 |
|
Ivanhoe Mines Ltd. (a) |
314,600 |
7,915,731 |
|
MacArthur Coal Ltd. |
1,074,381 |
13,648,770 |
|
Mongolian Mining Corp. |
3,312,000 |
3,875,328 |
|
Walter Energy, Inc. |
225,925 |
28,138,959 |
|
|
207,567,537 |
||
Gold - 7.6% |
|||
AngloGold Ashanti Ltd. sponsored ADR |
172,002 |
7,905,212 |
|
Kinross Gold Corp. |
252,300 |
3,963,059 |
|
Newcrest Mining Ltd. |
285,510 |
12,100,409 |
|
Newmont Mining Corp. |
1,397,313 |
79,045,996 |
|
Randgold Resources Ltd. sponsored ADR |
95,300 |
7,810,788 |
|
Royal Gold, Inc. |
192,128 |
11,915,779 |
|
|
122,741,243 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
METALS & MINING - CONTINUED |
|||
Precious Metals & Minerals - 0.4% |
|||
Coeur d'Alene Mines Corp. (a) |
88,660 |
$ 2,444,356 |
|
Pan American Silver Corp. |
109,300 |
3,704,178 |
|
|
6,148,534 |
||
Steel - 7.0% |
|||
Allegheny Technologies, Inc. (d) |
232,737 |
15,593,379 |
|
Carpenter Technology Corp. |
503,971 |
26,493,755 |
|
Fortescue Metals Group Ltd. |
576,418 |
4,012,115 |
|
Reliance Steel & Aluminum Co. |
479,408 |
24,694,306 |
|
Ternium SA sponsored ADR |
397,745 |
12,369,870 |
|
United States Steel Corp. (d) |
618,051 |
28,498,332 |
|
|
111,661,757 |
||
TOTAL METALS & MINING |
448,119,071 |
||
OIL, GAS & CONSUMABLE FUELS - 0.5% |
|||
Coal & Consumable Fuels - 0.5% |
|||
PT Bumi Resources Tbk |
20,534,000 |
7,938,884 |
|
REAL ESTATE INVESTMENT TRUSTS - 0.7% |
|||
Specialized REITs - 0.7% |
|||
Weyerhaeuser Co. |
502,523 |
10,824,345 |
|
TOTAL COMMON STOCKS (Cost $1,268,351,071) |
1,576,836,670 |
||
Money Market Funds - 5.6% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, |
21,777,442 |
$ 21,777,442 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
67,233,345 |
67,233,345 |
|
TOTAL MONEY MARKET FUNDS (Cost $89,010,787) |
89,010,787 |
TOTAL INVESTMENT PORTFOLIO - 104.2% (Cost $1,357,361,858) |
1,665,847,457 |
NET OTHER ASSETS (LIABILITIES) - (4.2)% |
(66,910,846) |
||
NET ASSETS - 100% |
$ 1,598,936,611 |
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 $1,557,296 or 0.1% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Swisher Hygiene, Inc. |
3/22/11 - 4/15/11 |
$ 1,693,043 |
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 |
$ 16,009 |
Fidelity Securities Lending Cash Central Fund |
161,028 |
Total |
$ 177,037 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 1,576,836,670 |
$ 1,564,821,122 |
$ 12,015,548 |
$ - |
Money Market Funds |
89,010,787 |
89,010,787 |
- |
- |
Total Investments in Securities: |
$ 1,665,847,457 |
$ 1,653,831,909 |
$ 12,015,548 |
$ - |
Income Tax Information |
At May 31, 2011, the cost of investment securities for income tax purposes was $1,359,921,941. Net unrealized appreciation aggregated $305,925,516, of which $322,774,500 related to appreciated investment securities and $16,848,984 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, 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 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 Medical Delivery Portfolio
May 31, 2011
1.802180.107
MED-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 98.9% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 0.8% |
|||
Biotechnology - 0.8% |
|||
ARIAD Pharmaceuticals, Inc. (a) |
502,100 |
$ 4,358,228 |
|
Nanosphere, Inc. (a)(d) |
1,138,150 |
2,913,664 |
|
|
7,271,892 |
||
DIVERSIFIED CONSUMER SERVICES - 0.4% |
|||
Specialized Consumer Services - 0.4% |
|||
Weight Watchers International, Inc. |
51,800 |
4,156,432 |
|
FOOD & STAPLES RETAILING - 5.6% |
|||
Drug Retail - 5.6% |
|||
CVS Caremark Corp. |
360,800 |
13,959,352 |
|
Droga Raia SA |
27,000 |
479,174 |
|
Drogasil SA |
1,518,300 |
10,782,082 |
|
Rite Aid Corp. (a)(d) |
8,183,700 |
8,592,885 |
|
Walgreen Co. |
375,600 |
16,387,428 |
|
|
50,200,921 |
||
HEALTH CARE EQUIPMENT & SUPPLIES - 1.0% |
|||
Health Care Equipment - 0.9% |
|||
NxStage Medical, Inc. (a) |
357,134 |
6,717,691 |
|
Volcano Corp. (a) |
63,686 |
2,001,651 |
|
|
8,719,342 |
||
Health Care Supplies - 0.1% |
|||
RTI Biologics, Inc. (a) |
251,324 |
766,538 |
|
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
9,485,880 |
||
HEALTH CARE PROVIDERS & SERVICES - 85.1% |
|||
Health Care Distributors & Services - 11.5% |
|||
AmerisourceBergen Corp. |
890,752 |
36,716,797 |
|
Cardinal Health, Inc. |
22,300 |
1,012,866 |
|
McKesson Corp. |
765,200 |
65,508,772 |
|
|
103,238,435 |
||
Health Care Facilities - 6.2% |
|||
Community Health Systems, Inc. (a) |
191,000 |
5,470,240 |
|
Hanger Orthopedic Group, Inc. (a) |
145,000 |
3,646,750 |
|
HCA Holdings, Inc. |
287,400 |
10,027,386 |
|
HealthSouth Corp. (a) |
236,400 |
6,635,748 |
|
Kindred Healthcare, Inc. (a)(d) |
411,300 |
10,093,302 |
|
LifePoint Hospitals, Inc. (a) |
45,000 |
1,890,000 |
|
Skilled Healthcare Group, Inc. (a) |
353,900 |
4,013,226 |
|
Sunrise Senior Living, Inc. (a)(d) |
1,087,540 |
10,810,148 |
|
Universal Health Services, Inc. Class B |
62,000 |
3,378,380 |
|
|
55,965,180 |
||
Health Care Services - 31.2% |
|||
Accretive Health, Inc. (d) |
1,297,804 |
31,588,549 |
|
Almost Family, Inc. (a) |
76,600 |
2,314,086 |
|
Amedisys, Inc. (a)(d) |
78,829 |
2,467,348 |
|
Catalyst Health Solutions, Inc. (a) |
369,500 |
22,550,585 |
|
DaVita, Inc. (a) |
6,400 |
537,920 |
|
|
|||
Shares |
Value |
||
Diagnosticos da America SA |
305,000 |
$ 4,331,864 |
|
Express Scripts, Inc. (a) |
1,384,200 |
82,442,952 |
|
Fleury SA |
501,800 |
8,272,390 |
|
Fresenius Medical Care AG & Co. KGaA sponsored ADR (d) |
53,400 |
3,860,820 |
|
Gentiva Health Services, Inc. (a) |
315,800 |
7,730,784 |
|
Laboratory Corp. of America Holdings (a) |
2,000 |
201,660 |
|
LHC Group, Inc. (a) |
105,000 |
2,832,900 |
|
Lincare Holdings, Inc. |
42,850 |
1,299,212 |
|
Medco Health Solutions, Inc. (a) |
1,382,141 |
82,734,960 |
|
Omnicare, Inc. (d) |
772,400 |
24,284,256 |
|
Quest Diagnostics, Inc. |
15,000 |
876,300 |
|
Sun Healthcare Group, Inc. (a) |
299,500 |
2,986,015 |
|
|
281,312,601 |
||
Managed Health Care - 36.2% |
|||
Aetna, Inc. |
920,556 |
40,209,886 |
|
Amil Participacoes SA |
741,300 |
9,287,695 |
|
Centene Corp. (a) |
169,300 |
5,891,640 |
|
CIGNA Corp. |
689,900 |
34,419,111 |
|
Health Net, Inc. (a) |
558,000 |
17,906,220 |
|
Healthspring, Inc. (a) |
447,200 |
19,609,720 |
|
Humana, Inc. |
411,972 |
33,176,105 |
|
Metropolitan Health Networks, Inc. (a) |
662,000 |
3,223,940 |
|
UnitedHealth Group, Inc. |
1,023,797 |
50,114,863 |
|
Wellcare Health Plans, Inc. (a) |
312,800 |
15,405,400 |
|
WellPoint, Inc. |
1,246,500 |
97,438,906 |
|
|
326,683,486 |
||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
767,199,702 |
||
HEALTH CARE TECHNOLOGY - 3.6% |
|||
Health Care Technology - 3.6% |
|||
Allscripts-Misys Healthcare Solutions, Inc. (a) |
447,600 |
9,001,236 |
|
SXC Health Solutions Corp. (a) |
390,800 |
23,106,385 |
|
|
32,107,621 |
||
INTERNET SOFTWARE & SERVICES - 0.0% |
|||
Internet Software & Services - 0.0% |
|||
WebMD Health Corp. (a) |
8,400 |
400,512 |
|
LIFE SCIENCES TOOLS & SERVICES - 1.0% |
|||
Life Sciences Tools & Services - 1.0% |
|||
Illumina, Inc. (a) |
95,100 |
6,854,808 |
|
QIAGEN NV (a) |
86,200 |
1,700,726 |
|
Sequenom, Inc. (a) |
15,921 |
126,254 |
|
|
8,681,788 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
PHARMACEUTICALS - 1.4% |
|||
Pharmaceuticals - 1.4% |
|||
Endocyte, Inc. (d) |
101,000 |
$ 1,201,900 |
|
Valeant Pharmaceuticals International, Inc. (Canada) |
218,200 |
11,437,513 |
|
|
12,639,413 |
||
TOTAL COMMON STOCKS (Cost $690,927,031) |
892,144,161 |
||
Money Market Funds - 6.3% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
9,594,201 |
9,594,201 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
46,951,325 |
46,951,325 |
|
TOTAL MONEY MARKET FUNDS (Cost $56,545,526) |
56,545,526 |
TOTAL INVESTMENT PORTFOLIO - 105.2% (Cost $747,472,557) |
948,689,687 |
NET OTHER ASSETS (LIABILITIES) - (5.2)% |
(47,076,740) |
||
NET ASSETS - 100% |
$ 901,612,947 |
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 |
$ 8,277 |
Fidelity Securities Lending Cash Central Fund |
49,828 |
Total |
$ 58,105 |
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, 2011, the cost of investment securities for income tax purposes was $751,274,442. Net unrealized appreciation aggregated $197,415,244, of which $208,984,967 related to appreciated investment securities and $11,569,723 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, 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 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, 2011
1.802181.107
MES-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 97.1% |
|||
Shares |
Value |
||
FOOD & STAPLES RETAILING - 0.2% |
|||
Drug Retail - 0.2% |
|||
Rite Aid Corp. (a) |
3,000,000 |
$ 3,150,000 |
|
HEALTH CARE EQUIPMENT & SUPPLIES - 80.4% |
|||
Health Care Equipment - 74.6% |
|||
Angiodynamics, Inc. (a) |
600,000 |
9,420,000 |
|
ArthroCare Corp. (a) |
310,000 |
10,617,500 |
|
Atricure, Inc. (a) |
650,000 |
9,243,000 |
|
Baxter International, Inc. |
3,400,000 |
202,368,000 |
|
Boston Scientific Corp. (a) |
12,600,000 |
90,468,000 |
|
C. R. Bard, Inc. (d) |
840,000 |
93,895,200 |
|
Covidien PLC |
4,200,000 |
230,999,998 |
|
Cyberonics, Inc. (a) |
750,000 |
24,487,500 |
|
Edwards Lifesciences Corp. (a) |
800,000 |
70,984,000 |
|
Exactech, Inc. (a) |
400,000 |
7,512,000 |
|
Fisher & Paykel Healthcare Corp. |
5,000,000 |
11,874,240 |
|
Genmark Diagnostics, Inc. (d)(e) |
831,049 |
4,795,153 |
|
HeartWare International, Inc. (a) |
15,700 |
1,143,745 |
|
HeartWare International, Inc. CDI (a) |
5,500,000 |
11,038,467 |
|
Hill-Rom Holdings, Inc. |
800,000 |
36,512,000 |
|
Hologic, Inc. (a) |
1,600,000 |
34,400,000 |
|
Integra LifeSciences Holdings Corp. (a) |
700,000 |
35,903,000 |
|
Ion Beam Applications SA |
450,000 |
4,952,725 |
|
Kinetic Concepts, Inc. (a) |
800,000 |
47,472,000 |
|
Mako Surgical Corp. (a)(d) |
400,000 |
13,168,000 |
|
Masimo Corp. |
778,300 |
23,909,376 |
|
Medtronic, Inc. |
500,000 |
20,350,000 |
|
Orthofix International NV (a) |
350,000 |
14,290,500 |
|
Sirona Dental Systems, Inc. (a) |
250,000 |
13,515,000 |
|
St. Jude Medical, Inc. |
1,250,000 |
63,337,500 |
|
Stryker Corp. |
750,000 |
46,800,000 |
|
Tornier BV |
700,000 |
19,285,000 |
|
Varian Medical Systems, Inc. (a) |
220,000 |
14,858,800 |
|
Volcano Corp. (a) |
400,000 |
12,572,000 |
|
William Demant Holding A/S (a) |
65,000 |
6,146,335 |
|
Zimmer Holdings, Inc. (a) |
900,000 |
60,984,000 |
|
|
1,247,303,039 |
||
Health Care Supplies - 5.8% |
|||
Alere, Inc. (a) |
100,000 |
4,000,000 |
|
DENTSPLY International, Inc. |
230,000 |
9,025,200 |
|
Endologix, Inc. (a) |
1,585,600 |
13,588,592 |
|
Meridian Bioscience, Inc. |
500,000 |
11,930,000 |
|
OraSure Technologies, Inc. (a) |
1,600,000 |
13,792,000 |
|
RTI Biologics, Inc. (a)(e) |
2,800,000 |
8,540,000 |
|
|
|||
Shares |
Value |
||
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares) |
348,000 |
$ 460,886 |
|
The Cooper Companies, Inc. |
350,000 |
26,218,500 |
|
Unilife Corp. (a)(d) |
1,280,000 |
6,259,200 |
|
Vascular Solutions, Inc. (a) |
200,000 |
2,638,000 |
|
|
96,452,378 |
||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
1,343,755,417 |
||
HEALTH CARE PROVIDERS & SERVICES - 6.4% |
|||
Health Care Distributors & Services - 2.2% |
|||
Amplifon SpA |
1,000,000 |
5,688,620 |
|
McKesson Corp. |
360,000 |
30,819,600 |
|
|
36,508,220 |
||
Health Care Facilities - 0.6% |
|||
Hanger Orthopedic Group, Inc. (a) |
300,000 |
7,545,000 |
|
LCA-Vision, Inc. (a) |
600,000 |
3,408,000 |
|
|
10,953,000 |
||
Health Care Services - 3.6% |
|||
Accretive Health, Inc. |
500,000 |
12,170,000 |
|
Medco Health Solutions, Inc. (a) |
800,000 |
47,888,000 |
|
|
60,058,000 |
||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
107,519,220 |
||
HEALTH CARE TECHNOLOGY - 1.2% |
|||
Health Care Technology - 1.2% |
|||
Allscripts-Misys Healthcare Solutions, Inc. (a) |
800,000 |
16,088,000 |
|
Omnicell, Inc. (a) |
301,504 |
4,646,177 |
|
|
20,734,177 |
||
LIFE SCIENCES TOOLS & SERVICES - 6.7% |
|||
Life Sciences Tools & Services - 6.7% |
|||
Agilent Technologies, Inc. (a) |
100,000 |
4,987,000 |
|
Bruker BioSciences Corp. (a) |
700,000 |
13,804,000 |
|
Covance, Inc. (a) |
400,000 |
23,544,000 |
|
Illumina, Inc. (a) |
700,000 |
50,456,000 |
|
QIAGEN NV (a)(d) |
450,000 |
8,878,500 |
|
Sequenom, Inc. (a)(d) |
1,206,200 |
9,565,166 |
|
|
111,234,666 |
||
MACHINERY - 0.5% |
|||
Industrial Machinery - 0.5% |
|||
Pall Corp. |
150,000 |
8,415,000 |
|
PHARMACEUTICALS - 1.7% |
|||
Pharmaceuticals - 1.7% |
|||
Valeant Pharmaceuticals International, Inc. (Canada) |
550,000 |
28,829,661 |
|
TOTAL COMMON STOCKS (Cost $1,274,818,775) |
1,623,638,141 |
||
Money Market Funds - 4.2% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.14% (b) |
33,286,670 |
$ 33,286,670 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
37,581,125 |
37,581,125 |
|
TOTAL MONEY MARKET FUNDS (Cost $70,867,795) |
70,867,795 |
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $1,345,686,570) |
1,694,505,936 |
|
NET OTHER ASSETS (LIABILITIES) - (1.3)% |
(21,989,726) |
|
NET ASSETS - 100% |
$ 1,672,516,210 |
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 |
$ 12,842 |
Fidelity Securities Lending Cash Central Fund |
22,581 |
Total |
$ 35,423 |
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, |
Genmark Diagnostics, Inc. |
$ 1,637,804 |
$ 1,790,661 |
$ - |
$ - |
$ 4,795,153 |
RTI Biologics, Inc. |
8,644,046 |
- |
1,111,907 |
- |
8,540,000 |
Total |
$ 10,281,850 |
$ 1,790,661 |
$ 1,111,907 |
$ - |
$ 13,335,153 |
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, 2011, the cost of investment securities for income tax purposes was $1,352,048,243. Net unrealized appreciation aggregated $342,457,693, of which $360,175,158 related to appreciated investment securities and $17,717,465 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, 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 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, 2011
1.802182.107
BAM-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 93.9% |
|||
Shares |
Value |
||
INTERNET & CATALOG RETAIL - 0.5% |
|||
Internet Retail - 0.5% |
|||
Priceline.com, Inc. (a) |
2,200 |
$ 1,133,418 |
|
INTERNET SOFTWARE & SERVICES - 5.3% |
|||
Internet Software & Services - 5.3% |
|||
Active Network, Inc. |
36,600 |
671,610 |
|
AOL, Inc. (a) |
11,442 |
235,362 |
|
Baidu.com, Inc. sponsored ADR (a) |
7,400 |
1,004,254 |
|
Demand Media, Inc. (d) |
110,400 |
1,679,184 |
|
eBay, Inc. (a) |
30,000 |
935,100 |
|
LivePerson, Inc. (a) |
113,900 |
1,350,854 |
|
Mail.ru Group Ltd.: |
|
|
|
GDR (a)(e) |
21,900 |
751,170 |
|
GDR (Reg. S) (a) |
12,100 |
415,030 |
|
Mercadolibre, Inc. (d) |
15,200 |
1,339,424 |
|
Phoenix New Media Ltd. ADR |
3,000 |
34,530 |
|
Support.com, Inc. (a) |
121,400 |
582,720 |
|
The Knot, Inc. (a) |
153,300 |
1,572,858 |
|
Yandex NV |
3,000 |
100,350 |
|
YouKu.com, Inc. ADR (a)(d) |
32,800 |
1,386,456 |
|
|
12,058,902 |
||
MEDIA - 87.6% |
|||
Advertising - 4.3% |
|||
Arbitron, Inc. |
200 |
8,540 |
|
Dentsu, Inc. |
94,400 |
2,540,193 |
|
Interpublic Group of Companies, Inc. |
4 |
48 |
|
National CineMedia, Inc. |
149,600 |
2,664,376 |
|
ReachLocal, Inc. (d) |
77,600 |
1,628,824 |
|
WPP PLC |
256,250 |
3,196,324 |
|
|
10,038,305 |
||
Broadcasting - 9.2% |
|||
CBS Corp. Class B |
258,900 |
7,236,255 |
|
Discovery Communications, Inc. (a) |
133,250 |
5,804,370 |
|
Discovery Communications, Inc. Class C (a) |
112,850 |
4,381,966 |
|
Scripps Networks Interactive, Inc. Class A |
75,900 |
3,827,637 |
|
|
21,250,228 |
||
Cable & Satellite - 37.3% |
|||
Comcast Corp.: |
|
|
|
Class A |
856,450 |
21,616,798 |
|
Class A (special) (non-vtg.) |
247,800 |
5,835,690 |
|
DIRECTV (a) |
295,413 |
14,847,457 |
|
DISH Network Corp. Class A (a) |
131,900 |
3,993,932 |
|
Kabel Deutschland Holding AG (a) |
37,700 |
2,572,013 |
|
Liberty Global, Inc.: |
|
|
|
Class A (a)(d) |
102,775 |
4,630,014 |
|
Class C (a) |
77,900 |
3,336,457 |
|
Liberty Media Corp.: |
|
|
|
Capital Series A (a) |
40,800 |
3,718,512 |
|
Starz Series A (a) |
31,150 |
2,375,811 |
|
|
|||
Shares |
Value |
||
Naspers Ltd. Class N |
9,600 |
$ 569,121 |
|
Sirius XM Radio, Inc. (a) |
1,622,160 |
3,812,076 |
|
Time Warner Cable, Inc. |
129,069 |
9,966,708 |
|
Virgin Media, Inc. (d) |
262,000 |
8,546,440 |
|
|
85,821,029 |
||
Movies & Entertainment - 36.4% |
|||
Cinemark Holdings, Inc. |
120,100 |
2,612,175 |
|
DreamWorks Animation SKG, Inc. Class A (a) |
133,300 |
3,187,203 |
|
Lions Gate Entertainment Corp. (a) |
400 |
2,372 |
|
Live Nation Entertainment, Inc. (a) |
168,600 |
1,943,958 |
|
News Corp.: |
|
|
|
Class A |
629,382 |
11,542,866 |
|
Class B |
59,500 |
1,122,170 |
|
Regal Entertainment Group Class A (d) |
162,200 |
2,197,810 |
|
The Walt Disney Co. |
774,604 |
32,246,763 |
|
Time Warner, Inc. |
500,266 |
18,224,690 |
|
Viacom, Inc. Class B (non-vtg.) |
213,400 |
10,757,494 |
|
|
83,837,501 |
||
Publishing - 0.4% |
|||
Gannett Co., Inc. |
54,000 |
770,040 |
|
Martha Stewart Living Omnimedia, Inc. Class A (a)(d) |
15,800 |
82,634 |
|
McGraw-Hill Companies, Inc. |
100 |
4,247 |
|
|
856,921 |
||
TOTAL MEDIA |
201,803,984 |
||
WIRELESS TELECOMMUNICATION SERVICES - 0.5% |
|||
Wireless Telecommunication Services - 0.5% |
|||
NII Holdings, Inc. (a) |
25,800 |
1,126,428 |
|
TOTAL COMMON STOCKS (Cost $167,399,950) |
216,122,732 |
||
Nonconvertible Preferred Stocks - 0.4% |
|||
|
|
|
|
MEDIA - 0.4% |
|||
Broadcasting - 0.4% |
|||
ProSiebenSat.1 Media AG |
37,300 |
965,675 |
|
Money Market Funds - 10.6% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.14% (b) |
11,605,942 |
$ 11,605,942 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
12,805,582 |
12,805,582 |
|
TOTAL MONEY MARKET FUNDS (Cost $24,411,524) |
24,411,524 |
TOTAL INVESTMENT PORTFOLIO - 104.9% (Cost $192,852,959) |
241,499,931 |
NET OTHER ASSETS (LIABILITIES) - (4.9)% |
(11,221,983) |
||
NET ASSETS - 100% |
$ 230,277,948 |
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 $751,170 or 0.3% 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 |
$ 1,442 |
Fidelity Securities Lending Cash Central Fund |
87,174 |
Total |
$ 88,616 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 216,122,732 |
$ 210,386,215 |
$ 5,736,517 |
$ - |
Nonconvertible Preferred Stocks |
965,675 |
965,675 |
- |
- |
Money Market Funds |
24,411,524 |
24,411,524 |
- |
- |
Total Investments in Securities: |
$ 241,499,931 |
$ 235,763,414 |
$ 5,736,517 |
$ - |
Income Tax Information |
At May 31, 2011, the cost of investment securities for income tax purposes was $193,278,678. Net unrealized appreciation aggregated $48,221,253, of which $50,554,258 related to appreciated investment securities and $2,333,005 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, 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 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, 2011
1.802183.107
GAS-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 100.0% |
|||
Shares |
Value |
||
ELECTRIC UTILITIES - 6.5% |
|||
Electric Utilities - 6.5% |
|||
Duke Energy Corp. |
3,662,469 |
$ 68,671,294 |
|
ENERGY EQUIPMENT & SERVICES - 16.3% |
|||
Oil & Gas Drilling - 10.7% |
|||
Helmerich & Payne, Inc. |
499,100 |
31,283,588 |
|
Ocean Rig UDW, Inc. (a) |
252,300 |
4,965,705 |
|
Rowan Companies, Inc. (a) |
826,200 |
32,758,830 |
|
Transocean Ltd. (United States) |
400,600 |
27,765,586 |
|
Trinidad Drilling Ltd. (d) |
1,461,200 |
16,512,864 |
|
|
113,286,573 |
||
Oil & Gas Equipment & Services - 5.6% |
|||
Baker Hughes, Inc. |
303,400 |
22,430,362 |
|
Cameron International Corp. (a) |
773,600 |
36,869,776 |
|
|
59,300,138 |
||
TOTAL ENERGY EQUIPMENT & SERVICES |
172,586,711 |
||
MULTI-UTILITIES - 11.2% |
|||
Multi-Utilities - 11.2% |
|||
Dominion Resources, Inc. |
421,000 |
20,090,120 |
|
NiSource, Inc. |
1,129,800 |
22,934,940 |
|
PG&E Corp. |
491,800 |
21,334,284 |
|
Sempra Energy |
969,277 |
53,475,012 |
|
|
117,834,356 |
||
OIL, GAS & CONSUMABLE FUELS - 66.0% |
|||
Integrated Oil & Gas - 5.0% |
|||
BG Group PLC |
426,863 |
9,875,997 |
|
InterOil Corp. (a)(d) |
195,200 |
11,907,200 |
|
Origin Energy Ltd. |
624,591 |
10,928,559 |
|
Suncor Energy, Inc. |
475,400 |
19,846,153 |
|
|
52,557,909 |
||
Oil & Gas Exploration & Production - 54.6% |
|||
Africa Oil Corp. (a) |
283,900 |
480,516 |
|
Americas Petrogas, Inc. (a) |
350,400 |
759,420 |
|
Americas Petrogas, Inc. (a)(e) |
198,500 |
430,208 |
|
Anadarko Petroleum Corp. |
1,101,400 |
87,583,328 |
|
Apache Corp. |
1,047,733 |
130,547,532 |
|
Canadian Natural Resources Ltd. |
350,000 |
15,232,468 |
|
CGX Energy, Inc. (a) |
615,000 |
456,990 |
|
Chesapeake Energy Corp. |
1,186,200 |
37,175,508 |
|
Denbury Resources, Inc. (a) |
486,775 |
10,689,579 |
|
Devon Energy Corp. |
480,546 |
40,399,502 |
|
Double Eagle Petroleum Co. (a)(d) |
321,499 |
2,327,653 |
|
EOG Resources, Inc. |
221,185 |
24,140,131 |
|
Kosmos Energy Ltd. |
141,500 |
2,709,725 |
|
Madalena Ventures, Inc. (a) |
1,981,000 |
1,410,692 |
|
Newfield Exploration Co. (a) |
520,753 |
38,842,966 |
|
Niko Resources Ltd. |
243,300 |
20,160,542 |
|
|
|||
Shares |
Value |
||
Noble Energy, Inc. |
589,607 |
$ 54,951,372 |
|
Northern Oil & Gas, Inc. (a)(d) |
408,400 |
8,208,840 |
|
Painted Pony Petroleum Ltd. (a)(e) |
31,400 |
392,763 |
|
Painted Pony Petroleum Ltd. Class A (a) |
491,200 |
6,144,119 |
|
Petrobank Energy & Resources Ltd. (a) |
236,800 |
4,196,146 |
|
Petroleum Development Corp. (a) |
340,314 |
12,370,414 |
|
Petrominerales Ltd. |
145,442 |
4,897,851 |
|
Pinecrest Energy, Inc. (a) |
1,093,600 |
3,036,053 |
|
Pinecrest Energy, Inc. (a)(e) |
840,200 |
2,332,564 |
|
QEP Resources, Inc. |
299,100 |
13,010,850 |
|
Resolute Energy Corp. (a)(d) |
596,900 |
10,386,060 |
|
Rodinia Oil Corp. |
225,500 |
414,253 |
|
Southwestern Energy Co. (a) |
242,800 |
10,627,356 |
|
Talisman Energy, Inc. (d) |
1,448,100 |
30,577,559 |
|
Tourmaline Oil Corp. (a) |
18,100 |
560,214 |
|
Tourmaline Oil Corp. (a)(e) |
18,900 |
584,974 |
|
Voyager Oil & Gas, Inc. (a) |
210,032 |
640,598 |
|
Voyager Oil & Gas, Inc. warrants 2/4/16 (a) |
105,016 |
105,920 |
|
|
576,784,666 |
||
Oil & Gas Storage & Transport - 6.4% |
|||
Williams Companies, Inc. |
2,159,899 |
67,799,230 |
|
TOTAL OIL, GAS & CONSUMABLE FUELS |
697,141,805 |
||
TOTAL COMMON STOCKS (Cost $935,720,023) |
1,056,234,166 |
||
Money Market Funds - 5.7% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
4,689,721 |
4,689,721 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
55,136,865 |
55,136,865 |
|
TOTAL MONEY MARKET FUNDS (Cost $59,826,586) |
59,826,586 |
||
TOTAL INVESTMENT PORTFOLIO - 105.7% (Cost $995,546,609) |
1,116,060,752 |
||
NET OTHER ASSETS (LIABILITIES) - (5.7)% |
(59,734,526) |
||
NET ASSETS - 100% |
$ 1,056,326,226 |
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 $3,740,509 or 0.3% 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 |
$ 6,215 |
Fidelity Securities Lending Cash Central Fund |
123,599 |
Total |
$ 129,814 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 1,056,234,166 |
$ 1,056,128,246 |
$ 105,920 |
$ - |
Money Market Funds |
59,826,586 |
59,826,586 |
- |
- |
Total Investments in Securities: |
$ 1,116,060,752 |
$ 1,115,954,832 |
$ 105,920 |
$ - |
Income Tax Information |
At May 31, 2011, the cost of investment securities for income tax purposes was $998,176,381. Net unrealized appreciation aggregated $117,884,371, of which $146,107,937 related to appreciated investment securities and $28,223,566 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, 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 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, 2011
1.802184.107
NAT-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 100.0% |
|||
Shares |
Value |
||
CHEMICALS - 1.8% |
|||
Specialty Chemicals - 1.8% |
|||
LyondellBasell Industries NV Class A |
778,400 |
$ 34,101,704 |
|
CONSTRUCTION & ENGINEERING - 1.2% |
|||
Construction & Engineering - 1.2% |
|||
Foster Wheeler AG (a) |
196,200 |
6,721,812 |
|
Jacobs Engineering Group, Inc. (a) |
355,500 |
16,374,330 |
|
|
23,096,142 |
||
CONTAINERS & PACKAGING - 1.5% |
|||
Metal & Glass Containers - 1.4% |
|||
Ball Corp. |
261,400 |
10,327,914 |
|
Crown Holdings, Inc. (a) |
401,500 |
16,304,915 |
|
|
26,632,829 |
||
Paper Packaging - 0.1% |
|||
Temple-Inland, Inc. |
121,100 |
2,874,914 |
|
TOTAL CONTAINERS & PACKAGING |
29,507,743 |
||
ENERGY EQUIPMENT & SERVICES - 26.1% |
|||
Oil & Gas Drilling - 9.9% |
|||
Discovery Offshore S.A. (a)(e) |
680,100 |
1,452,207 |
|
Ensco International Ltd. ADR (d) |
702,100 |
37,435,972 |
|
Hercules Offshore, Inc. (a) |
801,000 |
5,006,250 |
|
Nabors Industries Ltd. (a) |
865,600 |
24,141,584 |
|
Noble Corp. |
543,900 |
22,773,093 |
|
Northern Offshore Ltd. |
945,000 |
1,991,524 |
|
Ocean Rig UDW, Inc. (a) |
437,800 |
8,616,670 |
|
Parker Drilling Co. (a) |
440,700 |
2,811,666 |
|
Patterson-UTI Energy, Inc. |
560,700 |
17,566,731 |
|
Rowan Companies, Inc. (a) |
633,600 |
25,122,240 |
|
Transocean Ltd. (United States) |
632,100 |
43,810,851 |
|
Tuscany International Drilling, Inc. (a) |
1,106,700 |
1,473,392 |
|
|
192,202,180 |
||
Oil & Gas Equipment & Services - 16.2% |
|||
Aker Drilling ASA (a) |
512,500 |
1,646,258 |
|
Baker Hughes, Inc. |
1,021,600 |
75,526,888 |
|
Basic Energy Services, Inc. (a) |
74,000 |
2,012,800 |
|
Dresser-Rand Group, Inc. (a) |
134,200 |
7,056,236 |
|
Global Industries Ltd. (a) |
327,800 |
2,055,306 |
|
Halliburton Co. |
1,655,400 |
83,018,310 |
|
ION Geophysical Corp. (a) |
102,400 |
1,033,216 |
|
Key Energy Services, Inc. (a) |
296,500 |
5,242,120 |
|
National Oilwell Varco, Inc. |
463,258 |
33,623,266 |
|
Oceaneering International, Inc. |
98,500 |
8,027,750 |
|
Oil States International, Inc. (a) |
194,900 |
15,406,845 |
|
RPC, Inc. |
97,500 |
2,455,050 |
|
Saipem SpA |
54,413 |
2,870,674 |
|
Schlumberger Ltd. |
754,792 |
64,700,770 |
|
Schoeller-Bleckmann Oilfield Equipment AG |
47,800 |
4,603,454 |
|
|
|||
Shares |
Value |
||
Weatherford International Ltd. (a) |
71,100 |
$ 1,405,647 |
|
Willbros Group, Inc. (a) |
314,600 |
3,127,124 |
|
|
313,811,714 |
||
TOTAL ENERGY EQUIPMENT & SERVICES |
506,013,894 |
||
METALS & MINING - 14.1% |
|||
Diversified Metals & Mining - 4.8% |
|||
Anglo American PLC (United Kingdom) |
162,100 |
8,079,386 |
|
Freeport-McMoRan Copper & Gold, Inc. |
762,034 |
39,351,436 |
|
Grande Cache Coal Corp. (a) |
166,500 |
1,427,953 |
|
MacArthur Coal Ltd. |
320,987 |
4,077,769 |
|
Teck Resources Ltd. Class B (sub. vtg.) |
408,500 |
21,425,223 |
|
Thompson Creek Metals Co., Inc. (a)(d) |
315,600 |
3,413,476 |
|
Walter Energy, Inc. |
121,300 |
15,107,915 |
|
|
92,883,158 |
||
Gold - 8.3% |
|||
AngloGold Ashanti Ltd. sponsored ADR |
145,600 |
6,691,776 |
|
Barrick Gold Corp. (d) |
498,000 |
23,842,531 |
|
Goldcorp, Inc. |
694,900 |
34,753,965 |
|
Harmony Gold Mining Co. Ltd. sponsored ADR |
607,000 |
8,443,370 |
|
IAMGOLD Corp. |
623,400 |
13,137,755 |
|
Kinross Gold Corp. |
309,467 |
4,861,022 |
|
Newcrest Mining Ltd. |
642,706 |
27,238,995 |
|
Newmont Mining Corp. |
643,500 |
36,402,795 |
|
Yamana Gold, Inc. |
547,200 |
7,019,656 |
|
|
162,391,865 |
||
Precious Metals & Minerals - 0.8% |
|||
Pan American Silver Corp. |
134,500 |
4,558,206 |
|
Silver Wheaton Corp. |
288,100 |
10,626,652 |
|
|
15,184,858 |
||
Steel - 0.2% |
|||
Reliance Steel & Aluminum Co. |
82,400 |
4,244,424 |
|
TOTAL METALS & MINING |
274,704,305 |
||
OIL, GAS & CONSUMABLE FUELS - 55.1% |
|||
Coal & Consumable Fuels - 3.5% |
|||
Massey Energy Co. |
752,900 |
49,691,400 |
|
Peabody Energy Corp. |
297,100 |
18,230,056 |
|
Solazyme, Inc. |
23,600 |
531,708 |
|
|
68,453,164 |
||
Integrated Oil & Gas - 26.7% |
|||
Chevron Corp. |
1,511,400 |
158,560,972 |
|
Exxon Mobil Corp. |
377,800 |
31,534,966 |
|
Hess Corp. |
991,100 |
78,326,633 |
|
Marathon Oil Corp. |
2,071,900 |
112,234,823 |
|
OAO Gazprom sponsored ADR |
634,200 |
9,354,450 |
|
Occidental Petroleum Corp. |
1,066,700 |
115,043,595 |
|
Suncor Energy, Inc. |
306,500 |
12,795,216 |
|
|
517,850,655 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
|||
Oil & Gas Exploration & Production - 14.2% |
|||
Apache Corp. |
133,100 |
$ 16,584,260 |
|
Bankers Petroleum Ltd. (a) |
933,300 |
7,676,765 |
|
Berry Petroleum Co. Class A |
344,500 |
18,055,245 |
|
Brigham Exploration Co. (a) |
67,600 |
2,105,064 |
|
Carrizo Oil & Gas, Inc. (a) |
110,200 |
4,210,742 |
|
Cimarex Energy Co. |
80,800 |
7,751,144 |
|
Clayton Williams Energy, Inc. (a) |
26,400 |
1,979,736 |
|
Concho Resources, Inc. (a) |
18,800 |
1,778,668 |
|
Gran Tierra Energy, Inc. (a) |
2,790,100 |
20,156,561 |
|
Kosmos Energy Ltd. |
29,100 |
557,265 |
|
Newfield Exploration Co. (a) |
407,600 |
30,402,884 |
|
Niko Resources Ltd. |
35,200 |
2,916,774 |
|
Noble Energy, Inc. |
149,400 |
13,924,080 |
|
Northern Oil & Gas, Inc. (a)(d) |
341,800 |
6,870,180 |
|
Pacific Rubiales Energy Corp. |
147,300 |
4,110,627 |
|
Painted Pony Petroleum Ltd. Class A (a) |
278,300 |
3,481,084 |
|
Petrobank Energy & Resources Ltd. (a) |
97,300 |
1,724,177 |
|
Petroleum Development Corp. (a) |
66,600 |
2,420,910 |
|
Petrominerales Ltd. |
83,051 |
2,796,795 |
|
Pioneer Natural Resources Co. |
392,600 |
36,048,532 |
|
Stone Energy Corp. (a) |
161,200 |
5,200,312 |
|
Talisman Energy, Inc. |
1,972,200 |
41,644,266 |
|
Tourmaline Oil Corp. (a) |
65,400 |
2,024,197 |
|
Whiting Petroleum Corp. (a) |
626,700 |
42,051,570 |
|
|
276,471,838 |
||
Oil & Gas Refining & Marketing - 9.5% |
|||
CVR Energy, Inc. (a) |
775,800 |
16,958,988 |
|
Frontier Oil Corp. |
1,208,227 |
36,077,658 |
|
Holly Corp. |
957,600 |
59,668,056 |
|
Keyera Corp. |
79,500 |
3,442,716 |
|
Petroplus Holdings AG |
122,930 |
1,938,573 |
|
Tesoro Corp. (a) |
1,085,900 |
26,495,960 |
|
Valero Energy Corp. |
1,046,900 |
28,789,750 |
|
Western Refining, Inc. (a)(d) |
684,002 |
11,922,155 |
|
|
185,293,856 |
||
Oil & Gas Storage & Transport - 1.2% |
|||
Atlas Energy LP |
41,700 |
1,029,990 |
|
Atlas Pipeline Partners, LP |
69,700 |
2,474,350 |
|
Targa Resources Corp. |
25,600 |
893,952 |
|
Tesoro Logistics LP |
8,100 |
201,204 |
|
Williams Companies, Inc. |
575,200 |
18,055,528 |
|
|
22,655,024 |
||
TOTAL OIL, GAS & CONSUMABLE FUELS |
1,070,724,537 |
||
|
|||
Shares |
Value |
||
PAPER & FOREST PRODUCTS - 0.2% |
|||
Paper Products - 0.2% |
|||
Domtar Corp. |
41,900 |
$ 4,293,912 |
|
TOTAL COMMON STOCKS (Cost $1,601,356,915) |
1,942,442,237 |
Convertible Bonds - 0.1% |
||||
|
Principal Amount |
|
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1% |
||||
Semiconductors - 0.1% |
||||
SunPower Corp. 4.75% 4/15/14 |
|
$ 710,000 |
771,238 |
Money Market Funds - 4.1% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.14% (b) |
1,459,833 |
1,459,833 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
78,146,771 |
78,146,771 |
|
TOTAL MONEY MARKET FUNDS (Cost $79,606,604) |
79,606,604 |
TOTAL INVESTMENT PORTFOLIO - 104.2% (Cost $1,681,673,519) |
2,022,820,079 |
NET OTHER ASSETS (LIABILITIES) - (4.2)% |
(80,747,243) |
||
NET ASSETS - 100% |
$ 1,942,072,836 |
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 $1,452,207 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 |
$ 4,801 |
Fidelity Securities Lending Cash Central Fund |
18,120 |
Total |
$ 22,921 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 1,942,442,237 |
$ 1,942,442,237 |
$ - |
$ - |
Convertible Bonds |
771,238 |
- |
771,238 |
- |
Money Market Funds |
79,606,604 |
79,606,604 |
- |
- |
Total Investments in Securities: |
$ 2,022,820,079 |
$ 2,022,048,841 |
$ 771,238 |
$ - |
Income Tax Information |
At May 31, 2011, the cost of investment securities for income tax purposes was $1,702,658,936. Net unrealized appreciation aggregated $320,161,143, of which $356,724,699 related to appreciated investment securities and $36,563,556 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, 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 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 Pharmaceuticals Portfolio
May 31, 2011
1.802187.107
PHR-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 96.9% |
|||
Shares |
Value |
||
BIOTECHNOLOGY - 6.6% |
|||
Biotechnology - 6.6% |
|||
3SBio, Inc. sponsored ADR (a) |
29,700 |
$ 550,935 |
|
Acadia Pharmaceuticals, Inc. (a) |
150,000 |
283,500 |
|
Alexion Pharmaceuticals, Inc. (a) |
38,072 |
1,805,374 |
|
Amgen, Inc. (a) |
90,000 |
5,448,600 |
|
Amylin Pharmaceuticals, Inc. (a) |
21,360 |
296,690 |
|
Ardea Biosciences, Inc. (a) |
78,949 |
1,972,936 |
|
ARIAD Pharmaceuticals, Inc. (a) |
248,900 |
2,160,452 |
|
Biogen Idec, Inc. (a) |
15,300 |
1,449,369 |
|
BioMarin Pharmaceutical, Inc. (a) |
121,500 |
3,429,945 |
|
BioMimetic Therapeutics, Inc. (a)(d) |
136,500 |
1,128,855 |
|
Gilead Sciences, Inc. (a) |
119,000 |
4,967,060 |
|
Human Genome Sciences, Inc. (a) |
13,000 |
355,810 |
|
ImmunoGen, Inc. (a) |
19,100 |
232,256 |
|
Incyte Corp. (a)(d) |
20,500 |
363,465 |
|
InterMune, Inc. (a) |
59,390 |
2,209,308 |
|
Medivation, Inc. (a) |
55,000 |
1,326,050 |
|
Neurocrine Biosciences, Inc. (a) |
190,000 |
1,567,500 |
|
NPS Pharmaceuticals, Inc. (a) |
120,000 |
1,148,400 |
|
QLT, Inc. (a) |
140,000 |
1,050,001 |
|
Sino Biopharmaceutical Ltd. |
1,198,000 |
435,933 |
|
Sinovac Biotech Ltd. (a) |
65,000 |
243,100 |
|
SuperGen, Inc. (a) |
217,000 |
711,760 |
|
Targacept, Inc. (a) |
2,900 |
65,250 |
|
Telik, Inc. (a) |
229,000 |
144,270 |
|
Theravance, Inc. (a) |
59,900 |
1,565,187 |
|
United Therapeutics Corp. (a) |
27,700 |
1,788,589 |
|
|
36,700,595 |
||
HEALTH CARE EQUIPMENT & SUPPLIES - 3.6% |
|||
Health Care Equipment - 3.2% |
|||
Baxter International, Inc. |
75,000 |
4,464,000 |
|
Boston Scientific Corp. (a) |
372,900 |
2,677,422 |
|
C. R. Bard, Inc. |
33,500 |
3,744,630 |
|
Covidien PLC |
78,300 |
4,306,500 |
|
Genmark Diagnostics, Inc. |
45,500 |
262,535 |
|
Hologic, Inc. (a) |
56,000 |
1,204,000 |
|
Masimo Corp. |
30,000 |
921,600 |
|
Nakanishi, Inc. |
4,900 |
490,947 |
|
|
18,071,634 |
||
Health Care Supplies - 0.4% |
|||
Essilor International SA |
18,000 |
1,457,202 |
|
RTI Biologics, Inc. (a) |
76,405 |
233,035 |
|
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares) |
384,000 |
508,563 |
|
|
2,198,800 |
||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
20,270,434 |
||
HEALTH CARE PROVIDERS & SERVICES - 1.5% |
|||
Health Care Facilities - 0.1% |
|||
LCA-Vision, Inc. (a) |
110,000 |
624,800 |
|
|
|||
Shares |
Value |
||
Health Care Services - 1.4% |
|||
Accretive Health, Inc. |
115,378 |
$ 2,808,301 |
|
Medco Health Solutions, Inc. (a) |
45,600 |
2,729,616 |
|
Omnicare, Inc. |
63,600 |
1,999,584 |
|
Sun Healthcare Group, Inc. (a) |
40,000 |
398,800 |
|
|
7,936,301 |
||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
8,561,101 |
||
HEALTH CARE TECHNOLOGY - 0.5% |
|||
Health Care Technology - 0.5% |
|||
Allscripts-Misys Healthcare Solutions, Inc. (a) |
74,400 |
1,496,184 |
|
SXC Health Solutions Corp. (a) |
25,000 |
1,478,146 |
|
|
2,974,330 |
||
INTERNET SOFTWARE & SERVICES - 0.2% |
|||
Internet Software & Services - 0.2% |
|||
WebMD Health Corp. (a) |
25,000 |
1,192,000 |
|
LIFE SCIENCES TOOLS & SERVICES - 1.3% |
|||
Life Sciences Tools & Services - 1.3% |
|||
Agilent Technologies, Inc. (a) |
57,100 |
2,847,577 |
|
Illumina, Inc. (a) |
19,700 |
1,419,976 |
|
PerkinElmer, Inc. |
66,100 |
1,830,309 |
|
QIAGEN NV (a) |
31,877 |
628,933 |
|
Wuxi Pharmatech Cayman, Inc. sponsored ADR (a) |
30,000 |
547,500 |
|
|
7,274,295 |
||
MACHINERY - 0.2% |
|||
Industrial Machinery - 0.2% |
|||
Pall Corp. |
22,000 |
1,234,200 |
|
PERSONAL PRODUCTS - 0.5% |
|||
Personal Products - 0.5% |
|||
Prestige Brands Holdings, Inc. (a) |
121,892 |
1,573,626 |
|
Schiff Nutrition International, Inc. |
110,000 |
1,065,900 |
|
|
2,639,526 |
||
PHARMACEUTICALS - 82.5% |
|||
Pharmaceuticals - 82.5% |
|||
Abbott Laboratories |
218,090 |
11,395,203 |
|
Akorn, Inc. (a) |
374,100 |
2,547,621 |
|
Allergan, Inc. |
198,300 |
16,405,359 |
|
AstraZeneca PLC sponsored ADR (d) |
185,000 |
9,694,000 |
|
Auxilium Pharmaceuticals, Inc. (a) |
99,700 |
2,232,283 |
|
Bayer AG |
1,000 |
81,934 |
|
Bristol-Myers Squibb Co. |
459,910 |
13,227,012 |
|
Cadence Pharmaceuticals, Inc. (a)(d) |
160,600 |
1,548,184 |
|
Cardiome Pharma Corp. (a) |
297,400 |
1,562,275 |
|
Cipla Ltd. |
20,000 |
144,750 |
|
DepoMed, Inc. (a)(d) |
215,000 |
1,960,800 |
|
Dr. Reddy's Laboratories Ltd. sponsored ADR (d) |
148,400 |
5,380,984 |
|
Durect Corp. (a) |
419,500 |
1,468,250 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
PHARMACEUTICALS - CONTINUED |
|||
Pharmaceuticals - continued |
|||
Elan Corp. PLC sponsored ADR (a)(d) |
1,127,800 |
$ 10,793,046 |
|
Eli Lilly & Co. |
434,300 |
16,711,864 |
|
Endo Pharmaceuticals Holdings, Inc. (a) |
160,400 |
6,677,452 |
|
Endo Pharmaceuticals Holdings, Inc. rights 2/27/12 (a) |
9,000 |
0 |
|
Forest Laboratories, Inc. (a) |
233,520 |
8,411,390 |
|
GlaxoSmithKline PLC sponsored ADR |
658,400 |
28,614,064 |
|
Hi-Tech Pharmacal Co., Inc. (a)(d) |
65,700 |
1,843,542 |
|
Hikma Pharmaceuticals PLC |
89,000 |
1,244,405 |
|
Hospira, Inc. (a) |
30,400 |
1,680,816 |
|
Impax Laboratories, Inc. (a) |
168,100 |
4,513,485 |
|
Ista Pharmaceuticals, Inc. (a) |
55,000 |
510,950 |
|
Johnson & Johnson |
468,000 |
31,491,720 |
|
KV Pharmaceutical Co. Class A (a)(d) |
110,000 |
350,900 |
|
MAP Pharmaceuticals, Inc. (a) |
27,112 |
460,633 |
|
Meda AB (A Shares) |
150,000 |
1,674,308 |
|
Medicis Pharmaceutical Corp. Class A |
166,200 |
6,227,514 |
|
Merck & Co., Inc. |
753,036 |
27,674,073 |
|
Mylan, Inc. (a) |
415,200 |
9,775,884 |
|
Nektar Therapeutics (a) |
305,500 |
2,957,240 |
|
Novartis AG sponsored ADR (d) |
389,898 |
25,156,219 |
|
Novo Nordisk A/S Series B sponsored ADR |
143,500 |
18,082,435 |
|
Obagi Medical Products, Inc. (a) |
83,000 |
829,170 |
|
Optimer Pharmaceuticals, Inc. (a)(d) |
201,000 |
2,916,510 |
|
Pain Therapeutics, Inc. |
226,721 |
2,255,874 |
|
Paladin Labs, Inc. (a) |
75,600 |
3,148,212 |
|
Par Pharmaceutical Companies, Inc. (a) |
91,500 |
3,143,940 |
|
Perrigo Co. |
159,800 |
13,672,488 |
|
Pfizer, Inc. |
1,475,488 |
31,649,216 |
|
Pozen, Inc. (a) |
184,000 |
947,600 |
|
Questcor Pharmaceuticals, Inc. (a) |
209,800 |
4,840,086 |
|
Roche Holding AG (participation certificate) |
32,000 |
5,627,858 |
|
Salix Pharmaceuticals Ltd. (a) |
144,900 |
5,800,347 |
|
Sanofi-Aventis sponsored ADR (d) |
591,700 |
23,437,237 |
|
Santarus, Inc. (a) |
351,500 |
1,223,220 |
|
Shire PLC sponsored ADR |
219,000 |
20,934,210 |
|
Sihuan Pharmaceutical Holdings Group Ltd. |
268,439 |
167,403 |
|
|
|||
Shares |
Value |
||
Simcere Pharmaceutical Group sponsored ADR (a) |
20,000 |
$ 238,000 |
|
Teva Pharmaceutical Industries Ltd. sponsored ADR |
353,289 |
17,982,410 |
|
The Medicines Company (a) |
189,500 |
3,621,345 |
|
Valeant Pharmaceuticals International, Inc. (Canada) (d) |
535,927 |
28,091,989 |
|
Virbac SA |
3,767 |
681,025 |
|
ViroPharma, Inc. (a) |
166,700 |
3,225,645 |
|
Vivus, Inc. (a)(d) |
260,000 |
2,280,200 |
|
Watson Pharmaceuticals, Inc. (a) |
180,800 |
11,634,480 |
|
XenoPort, Inc. (a)(d) |
210,000 |
1,627,500 |
|
|
462,476,560 |
||
TOTAL COMMON STOCKS (Cost $432,052,071) |
543,323,041 |
||
Money Market Funds - 14.6% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
15,598,588 |
15,598,588 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
66,353,890 |
66,353,890 |
|
TOTAL MONEY MARKET FUNDS (Cost $81,952,478) |
81,952,478 |
||
TOTAL INVESTMENT PORTFOLIO - 111.5% (Cost $514,004,549) |
625,275,519 |
||
NET OTHER ASSETS (LIABILITIES) - (11.5)% |
(64,535,134) |
||
NET ASSETS - 100% |
$ 560,740,385 |
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 |
$ 3,666 |
Fidelity Securities Lending Cash Central Fund |
102,698 |
Total |
$ 106,364 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 543,323,041 |
$ 542,832,094 |
$ 490,947 |
$ - |
Money Market Funds |
81,952,478 |
81,952,478 |
- |
- |
Total Investments in Securities: |
$ 625,275,519 |
$ 624,784,572 |
$ 490,947 |
$ - |
Income Tax Information |
At May 31, 2011, the cost of investment securities for income tax purposes was $518,206,728. Net unrealized appreciation aggregated $107,068,791, of which $114,166,290 related to appreciated investment securities and $7,097,499 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, 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 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 Retailing Portfolio
May 31, 2011
1.802188.107
RET-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 98.8% |
|||
Shares |
Value |
||
DIVERSIFIED CONSUMER SERVICES - 0.9% |
|||
Specialized Consumer Services - 0.9% |
|||
Coinstar, Inc. (a) |
120 |
$ 6,376 |
|
Steiner Leisure Ltd. (a) |
35,136 |
1,756,800 |
|
|
1,763,176 |
||
FOOD & STAPLES RETAILING - 0.5% |
|||
Food Distributors - 0.5% |
|||
Sysco Corp. |
29,500 |
950,195 |
|
FOOD PRODUCTS - 0.1% |
|||
Packaged Foods & Meats - 0.1% |
|||
TreeHouse Foods, Inc. (a) |
2,500 |
152,325 |
|
INTERNET & CATALOG RETAIL - 21.3% |
|||
Internet Retail - 21.3% |
|||
Amazon.com, Inc. (a) |
128,500 |
25,274,664 |
|
Blue Nile, Inc. (a)(d) |
41,700 |
2,085,000 |
|
Netflix, Inc. (a)(d) |
6,640 |
1,798,112 |
|
Ocado Group PLC (a)(d) |
113,100 |
414,320 |
|
Priceline.com, Inc. (a) |
18,800 |
9,685,572 |
|
Wotif.com Holdings Ltd. |
147,337 |
800,604 |
|
|
40,058,272 |
||
INTERNET SOFTWARE & SERVICES - 2.6% |
|||
Internet Software & Services - 2.6% |
|||
eBay, Inc. (a) |
154,300 |
4,809,531 |
|
LEISURE EQUIPMENT & PRODUCTS - 1.2% |
|||
Leisure Products - 1.2% |
|||
Hasbro, Inc. |
49,700 |
2,273,278 |
|
MULTILINE RETAIL - 13.8% |
|||
Department Stores - 6.1% |
|||
DSW, Inc. Class A (a)(d) |
51,800 |
2,597,770 |
|
Macy's, Inc. |
263,600 |
7,612,768 |
|
Marisa Lojas SA |
50,900 |
864,927 |
|
Nordstrom, Inc. |
9,100 |
426,153 |
|
|
11,501,618 |
||
General Merchandise Stores - 7.7% |
|||
Dollar Tree, Inc. (a) |
81,300 |
5,182,062 |
|
Target Corp. |
185,071 |
9,166,567 |
|
|
14,348,629 |
||
TOTAL MULTILINE RETAIL |
25,850,247 |
||
SPECIALTY RETAIL - 55.6% |
|||
Apparel Retail - 22.7% |
|||
Aeropostale, Inc. (a) |
35,500 |
670,950 |
|
Chico's FAS, Inc. |
398,386 |
6,007,661 |
|
|
|||
Shares |
Value |
||
Citi Trends, Inc. (a) |
187,314 |
$ 3,128,144 |
|
Express, Inc. |
150,401 |
3,176,469 |
|
Foot Locker, Inc. |
66,500 |
1,658,510 |
|
Inditex SA |
20,714 |
1,882,544 |
|
Limited Brands, Inc. |
173,700 |
6,941,052 |
|
rue21, Inc. (a)(d) |
49,300 |
1,668,312 |
|
TJX Companies, Inc. |
222,800 |
11,812,856 |
|
Urban Outfitters, Inc. (a) |
187,251 |
5,703,665 |
|
|
42,650,163 |
||
Automotive Retail - 5.2% |
|||
Advance Auto Parts, Inc. |
40,500 |
2,515,050 |
|
Asbury Automotive Group, Inc. (a) |
1,800 |
30,240 |
|
AutoZone, Inc. (a) |
20 |
5,880 |
|
O'Reilly Automotive, Inc. (a) |
84,700 |
5,091,317 |
|
Penske Automotive Group, Inc. |
99,045 |
2,056,174 |
|
|
9,698,661 |
||
Computer & Electronics Retail - 1.9% |
|||
Best Buy Co., Inc. |
31,800 |
1,009,968 |
|
Carphone Warehouse Group PLC (a) |
63,300 |
406,349 |
|
GameStop Corp. Class A (a) |
80,700 |
2,257,986 |
|
|
3,674,303 |
||
Home Improvement Retail - 11.6% |
|||
Home Depot, Inc. |
399,400 |
14,490,232 |
|
Lowe's Companies, Inc. |
302,600 |
7,304,764 |
|
|
21,794,996 |
||
Homefurnishing Retail - 4.7% |
|||
Bed Bath & Beyond, Inc. (a) |
162,500 |
8,757,125 |
|
Specialty Stores - 9.5% |
|||
OfficeMax, Inc. (a) |
320,000 |
2,675,200 |
|
Sally Beauty Holdings, Inc. (a) |
166,500 |
2,790,540 |
|
Signet Jewelers Ltd. (a) |
106,100 |
4,881,661 |
|
Staples, Inc. |
1,594 |
26,811 |
|
Tractor Supply Co. |
90,700 |
5,728,612 |
|
Ulta Salon, Cosmetics & Fragrance, Inc. (a) |
32,300 |
1,808,154 |
|
|
17,910,978 |
||
TOTAL SPECIALTY RETAIL |
104,486,226 |
||
TEXTILES, APPAREL & LUXURY GOODS - 2.8% |
|||
Apparel, Accessories & Luxury Goods - 2.8% |
|||
G-III Apparel Group Ltd. (a) |
42,700 |
1,832,684 |
|
Phillips-Van Heusen Corp. |
50,480 |
3,330,166 |
|
|
5,162,850 |
||
Footwear - 0.0% |
|||
Arezzo Industria e Comercio SA |
100 |
1,648 |
|
TOTAL TEXTILES, APPAREL & LUXURY GOODS |
5,164,498 |
||
TOTAL COMMON STOCKS (Cost $147,281,022) |
185,507,748 |
||
Money Market Funds - 6.8% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.14% (b) |
6,720,236 |
$ 6,720,236 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
6,092,400 |
6,092,400 |
|
TOTAL MONEY MARKET FUNDS (Cost $12,812,636) |
12,812,636 |
TOTAL INVESTMENT PORTFOLIO - 105.6% (Cost $160,093,658) |
198,320,384 |
NET OTHER ASSETS (LIABILITIES) - (5.6)% |
(10,501,491) |
||
NET ASSETS - 100% |
$ 187,818,893 |
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 |
$ 1,404 |
Fidelity Securities Lending Cash Central Fund |
9,980 |
Total |
$ 11,384 |
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, 2011, the cost of investment securities for income tax purposes was $160,790,957. Net unrealized appreciation aggregated $37,529,427, of which $41,915,602 related to appreciated investment securities and $4,386,175 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, 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 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, 2011
1.802189.107
SOF-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 99.9% |
|||
Shares |
Value |
||
CAPITAL MARKETS - 0.3% |
|||
Asset Management & Custody Banks - 0.3% |
|||
Internet Capital Group, Inc. (a) |
308,959 |
$ 4,025,736 |
|
COMMUNICATIONS EQUIPMENT - 0.4% |
|||
Communications Equipment - 0.4% |
|||
Calix Networks, Inc. (a) |
25,000 |
539,250 |
|
Sandvine Corp. (U.K.) (a) |
1,622,500 |
3,332,241 |
|
Sonus Networks, Inc. (a) |
596,300 |
1,932,012 |
|
|
5,803,503 |
||
COMPUTERS & PERIPHERALS - 2.7% |
|||
Computer Hardware - 1.0% |
|||
Apple, Inc. (a) |
37,100 |
12,904,493 |
|
Computer Storage & Peripherals - 1.7% |
|||
Datalink Corp. (a) |
180,000 |
1,299,600 |
|
NetApp, Inc. (a) |
224,400 |
12,290,388 |
|
Quantum Corp. (a) |
1,995,100 |
6,124,957 |
|
STEC, Inc. (a)(d) |
211,200 |
3,782,592 |
|
|
23,497,537 |
||
TOTAL COMPUTERS & PERIPHERALS |
36,402,030 |
||
DIVERSIFIED CONSUMER SERVICES - 0.3% |
|||
Education Services - 0.3% |
|||
New Oriental Education & Technology Group, Inc. sponsored ADR (a) |
34,383 |
3,982,239 |
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.6% |
|||
Alternative Carriers - 0.6% |
|||
inContact, Inc. (a)(e) |
1,979,190 |
7,857,384 |
|
HEALTH CARE TECHNOLOGY - 0.0% |
|||
Health Care Technology - 0.0% |
|||
MedAssets, Inc. (a) |
10,000 |
145,500 |
|
INTERNET SOFTWARE & SERVICES - 18.3% |
|||
Internet Software & Services - 18.3% |
|||
Active Network, Inc. |
256,600 |
4,708,610 |
|
Akamai Technologies, Inc. (a) |
99,000 |
3,359,565 |
|
AOL, Inc. (a) |
118,800 |
2,443,716 |
|
Baidu.com, Inc. sponsored ADR (a) |
54,100 |
7,341,911 |
|
Constant Contact, Inc. (a) |
53,835 |
1,294,732 |
|
DealerTrack Holdings, Inc. (a) |
84,200 |
1,950,914 |
|
Dice Holdings, Inc. (a) |
116,600 |
1,722,182 |
|
Digital River, Inc. (a) |
29,640 |
964,782 |
|
eBay, Inc. (a) |
1,178,400 |
36,730,728 |
|
Equinix, Inc. (a) |
76,400 |
7,746,960 |
|
Google, Inc. Class A (a) |
186,700 |
98,768,034 |
|
IntraLinks Holdings, Inc. |
96,900 |
2,000,985 |
|
Keynote Systems, Inc. |
40,000 |
849,200 |
|
LivePerson, Inc. (a) |
360,900 |
4,280,274 |
|
LogMeIn, Inc. (a)(d) |
24,100 |
1,048,832 |
|
|
|||
Shares |
Value |
||
Mercadolibre, Inc. (d) |
26,200 |
$ 2,308,744 |
|
Open Text Corp. (a) |
32,200 |
2,098,591 |
|
Rackspace Hosting, Inc. (a) |
284,777 |
12,530,188 |
|
RightNow Technologies, Inc. (a) |
64,819 |
2,145,509 |
|
Saba Software, Inc. (a) |
503,001 |
4,974,680 |
|
SciQuest, Inc. |
50,000 |
824,000 |
|
SPS Commerce, Inc. (a) |
475,188 |
7,935,640 |
|
The Knot, Inc. (a) |
306,510 |
3,144,793 |
|
VeriSign, Inc. |
207,100 |
7,252,642 |
|
VistaPrint Ltd. (a) |
78,700 |
3,870,466 |
|
WebMD Health Corp. (a) |
37,100 |
1,768,928 |
|
Yahoo!, Inc. (a) |
1,143,000 |
18,916,650 |
|
|
242,982,256 |
||
IT SERVICES - 25.5% |
|||
Data Processing & Outsourced Services - 9.5% |
|||
Alliance Data Systems Corp. (a) |
53,400 |
5,015,862 |
|
Fidelity National Information Services, Inc. |
518,789 |
16,694,630 |
|
Fiserv, Inc. (a) |
415,200 |
26,788,704 |
|
Heartland Payment Systems, Inc. |
15,000 |
285,300 |
|
Lender Processing Services, Inc. |
14,700 |
390,726 |
|
MasterCard, Inc. Class A |
95,800 |
27,499,390 |
|
Syntel, Inc. |
72,900 |
3,927,123 |
|
VeriFone Systems, Inc. (a) |
88,000 |
4,235,440 |
|
Visa, Inc. Class A |
513,800 |
41,648,628 |
|
WNS Holdings Ltd. sponsored ADR (a) |
1,302 |
12,135 |
|
|
126,497,938 |
||
IT Consulting & Other Services - 16.0% |
|||
Accenture PLC Class A |
613,300 |
35,197,287 |
|
Acxiom Corp. (a) |
47,500 |
653,125 |
|
Atos Origin SA (a) |
126,010 |
7,367,649 |
|
Camelot Information Systems, Inc. ADR |
128,700 |
2,379,663 |
|
Cognizant Technology Solutions Corp. Class A (a) |
358,100 |
27,229,924 |
|
HCL Technologies Ltd. |
222,783 |
2,545,809 |
|
hiSoft Technology International Ltd. ADR (a)(d) |
446,700 |
6,972,987 |
|
iGate Corp. |
27,000 |
498,150 |
|
International Business Machines Corp. |
638,500 |
107,861,805 |
|
InterXion Holding N.V. |
111,501 |
1,573,279 |
|
Lionbridge Technologies, Inc. (a)(e) |
3,493,710 |
11,319,620 |
|
Sapient Corp. (a) |
141,400 |
2,077,166 |
|
ServiceSource International, Inc. |
28,400 |
552,380 |
|
Unisys Corp. (a) |
70,200 |
1,962,090 |
|
Virtusa Corp. (a) |
169,068 |
3,406,720 |
|
|
211,597,654 |
||
TOTAL IT SERVICES |
338,095,592 |
||
MEDIA - 0.2% |
|||
Advertising - 0.2% |
|||
MDC Partners, Inc. Class A (sub. vtg.) |
116,900 |
2,147,454 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
OFFICE ELECTRONICS - 1.4% |
|||
Office Electronics - 1.4% |
|||
Xerox Corp. |
1,807,049 |
$ 18,449,970 |
|
SOFTWARE - 50.2% |
|||
Application Software - 26.8% |
|||
Actuate Corp. (a) |
45,000 |
244,800 |
|
Adobe Systems, Inc. (a) |
555,179 |
19,225,849 |
|
AsiaInfo Holdings, Inc. (a)(d) |
309,000 |
5,540,370 |
|
Aspen Technology, Inc. (a) |
881,300 |
14,585,515 |
|
Autodesk, Inc. (a) |
126,000 |
5,415,480 |
|
Autonomy Corp. PLC (a) |
428,177 |
12,656,806 |
|
Blackboard, Inc. (a)(d) |
108,000 |
4,653,720 |
|
BroadSoft, Inc. (a) |
65,000 |
2,570,100 |
|
Cadence Design Systems, Inc. (a) |
105,700 |
1,129,933 |
|
Callidus Software, Inc. (a)(d) |
1,345,497 |
7,924,977 |
|
Citrix Systems, Inc. (a) |
329,100 |
28,835,742 |
|
Compuware Corp. (a) |
980,100 |
9,987,219 |
|
Concur Technologies, Inc. (a) |
176,600 |
8,824,702 |
|
Convio, Inc. (a)(e) |
1,288,292 |
14,712,295 |
|
Deltek, Inc. (a) |
150,000 |
1,117,500 |
|
Descartes Systems Group, Inc. (a) |
922,800 |
6,276,126 |
|
ebix.com, Inc. (a)(d) |
633,025 |
12,533,895 |
|
EPIQ Systems, Inc. |
1,900 |
28,424 |
|
Guidance Software, Inc. (a) |
90,109 |
723,575 |
|
Informatica Corp. (a) |
233,900 |
13,720,574 |
|
Interactive Intelligence, Inc. (a) |
124,669 |
4,526,731 |
|
Intuit, Inc. (a) |
545,100 |
29,419,047 |
|
JDA Software Group, Inc. (a) |
153,700 |
5,076,711 |
|
Kenexa Corp. (a) |
541,778 |
17,131,020 |
|
Kingdee International Software Group Co. Ltd. |
1,390,000 |
798,912 |
|
Longtop Financial Technologies Ltd. ADR (a) |
74,400 |
140,839 |
|
Magma Design Automation, Inc. (a) |
402,000 |
2,805,960 |
|
MicroStrategy, Inc. Class A (a) |
46,800 |
6,841,692 |
|
NetScout Systems, Inc. (a) |
98,400 |
2,282,880 |
|
Nuance Communications, Inc. (a) |
536,800 |
11,788,128 |
|
Parametric Technology Corp. (a) |
370,000 |
8,617,300 |
|
Pegasystems, Inc. |
156,000 |
5,826,600 |
|
PROS Holdings, Inc. (a) |
143,200 |
2,405,760 |
|
QAD, Inc.: |
|
|
|
Class A |
53,324 |
575,899 |
|
Class B |
23,045 |
238,746 |
|
QLIK Technologies, Inc. |
106,077 |
3,531,303 |
|
Royalblue Group PLC |
103,100 |
3,298,610 |
|
Sage Group PLC |
281,400 |
1,343,304 |
|
salesforce.com, Inc. (a) |
146,978 |
22,378,870 |
|
SAP AG sponsored ADR (d) |
30,700 |
1,908,619 |
|
SolarWinds, Inc. (a)(d) |
393,200 |
9,692,380 |
|
Solera Holdings, Inc. |
120,000 |
7,090,800 |
|
SuccessFactors, Inc. (a) |
32,162 |
1,127,921 |
|
Synchronoss Technologies, Inc. (a) |
291,900 |
9,369,990 |
|
Synopsys, Inc. (a) |
141,000 |
3,854,940 |
|
|
|||
Shares |
Value |
||
Taleo Corp. Class A (a) |
172,162 |
$ 6,426,807 |
|
TIBCO Software, Inc. (a) |
301,800 |
8,477,562 |
|
TiVo, Inc. (a)(d) |
452,300 |
4,676,782 |
|
VanceInfo Technologies, Inc. ADR (a)(d) |
128,200 |
3,276,792 |
|
|
355,638,507 |
||
Systems Software - 23.4% |
|||
Ariba, Inc. (a) |
273,900 |
9,186,606 |
|
BMC Software, Inc. (a) |
311,100 |
17,368,713 |
|
Check Point Software Technologies Ltd. (a) |
102,100 |
5,607,332 |
|
CommVault Systems, Inc. (a) |
147,500 |
6,097,650 |
|
DemandTec, Inc. (a) |
1,296,900 |
12,891,186 |
|
Fortinet, Inc. (a) |
35,900 |
1,740,791 |
|
Microsoft Corp. |
3,279,800 |
82,027,798 |
|
NetSuite, Inc. (a) |
68,100 |
2,570,094 |
|
Opnet Technologies, Inc. |
72,200 |
2,828,074 |
|
Oracle Corp. |
3,628,000 |
124,150,163 |
|
Pervasive Software, Inc. (a) |
119,283 |
769,375 |
|
Progress Software Corp. (a) |
44,700 |
1,210,029 |
|
Radiant Systems, Inc. (a) |
7,500 |
157,500 |
|
Rovi Corp. (a) |
179,277 |
10,390,895 |
|
Sourcefire, Inc. (a) |
127,100 |
3,394,841 |
|
Symantec Corp. (a) |
714,600 |
13,970,430 |
|
VMware, Inc. Class A (a) |
156,500 |
15,230,580 |
|
|
309,592,057 |
||
TOTAL SOFTWARE |
665,230,564 |
||
TOTAL COMMON STOCKS (Cost $1,051,972,414) |
1,325,122,228 |
||
Money Market Funds - 2.7% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
5,305,674 |
5,305,674 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
29,904,650 |
29,904,650 |
|
TOTAL MONEY MARKET FUNDS (Cost $35,210,324) |
35,210,324 |
||
TOTAL INVESTMENT PORTFOLIO - 102.6% (Cost $1,087,182,738) |
1,360,332,552 |
||
NET OTHER ASSETS (LIABILITIES) - (2.6)% |
(34,344,010) |
||
NET ASSETS - 100% |
$ 1,325,988,542 |
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 |
$ 1,892 |
Fidelity Securities Lending Cash Central Fund |
28,778 |
Total |
$ 30,670 |
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, |
Convio, Inc. |
$ 5,517,786 |
$ 8,581,639 |
$ - |
$ - |
$ 14,712,295 |
inContact, Inc. |
4,689,032 |
1,836,143 |
- |
- |
7,857,384 |
Lionbridge Technologies, Inc. |
9,156,245 |
3,447,964 |
- |
- |
11,319,620 |
Total |
$ 19,363,063 |
$ 13,865,746 |
$ - |
$ - |
$ 33,889,299 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 1,325,122,228 |
$ 1,324,981,389 |
$ - |
$ 140,839 |
Money Market Funds |
35,210,324 |
35,210,324 |
- |
- |
Total Investments in Securities: |
$ 1,360,332,552 |
$ 1,360,191,713 |
$ - |
$ 140,839 |
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) |
(2,014,529) |
Cost of Purchases |
- |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
2,155,368 |
Transfers out of Level 3 |
- |
Ending Balance |
$ 140,839 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011 |
$ (2,014,529) |
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, 2011, the cost of investment securities for income tax purposes was $1,092,472,747. Net unrealized appreciation aggregated $267,859,805, of which $289,771,029 related to appreciated investment securities and $21,911,224 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, 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 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 Technology Portfolio
May 31, 2011
1.802190.107
TEC-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 95.9% |
|||
Shares |
Value |
||
AUTOMOBILES - 0.0% |
|||
Automobile Manufacturers - 0.0% |
|||
Tesla Motors, Inc. (a) |
23,995 |
$ 723,209 |
|
BUILDING PRODUCTS - 0.0% |
|||
Building Products - 0.0% |
|||
Asahi Glass Co. Ltd. |
21,000 |
248,190 |
|
CHEMICALS - 0.0% |
|||
Commodity Chemicals - 0.0% |
|||
STR Holdings, Inc. (a)(d) |
45,173 |
714,185 |
|
COMMUNICATIONS EQUIPMENT - 7.5% |
|||
Communications Equipment - 7.5% |
|||
Acme Packet, Inc. (a) |
53,356 |
4,038,516 |
|
Alcatel-Lucent SA sponsored ADR (a) |
1,974,546 |
11,195,676 |
|
Balda AG (a)(d) |
185,949 |
2,621,743 |
|
Brocade Communications Systems, Inc. (a) |
883,587 |
5,893,525 |
|
China Wireless Technologies Ltd. |
676,000 |
163,411 |
|
Ciena Corp. (a)(d) |
528,994 |
14,150,590 |
|
Cisco Systems, Inc. |
799,766 |
13,436,069 |
|
DG FastChannel, Inc. (a) |
98,671 |
3,490,980 |
|
Finisar Corp. (a) |
291,548 |
7,002,983 |
|
HTC Corp. |
344,350 |
14,665,980 |
|
Infinera Corp. (a) |
206,300 |
1,464,730 |
|
JDS Uniphase Corp. (a) |
559,994 |
11,306,279 |
|
Juniper Networks, Inc. (a) |
73,945 |
2,707,126 |
|
Motorola Mobility Holdings, Inc. |
228,891 |
5,754,320 |
|
NETGEAR, Inc. (a) |
73,049 |
3,057,101 |
|
Oclaro, Inc. (a) |
239,400 |
2,291,058 |
|
Polycom, Inc. (a) |
239,493 |
13,749,293 |
|
QUALCOMM, Inc. |
1,176,626 |
68,938,517 |
|
Riverbed Technology, Inc. (a) |
139,987 |
5,308,307 |
|
Sandvine Corp. (a) |
1,941,200 |
3,991,471 |
|
Sandvine Corp. (U.K.) (a) |
2,302,512 |
4,728,829 |
|
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR |
541,409 |
8,034,510 |
|
ZTE Corp. (H Shares) |
64,800 |
230,798 |
|
|
208,221,812 |
||
COMPUTERS & PERIPHERALS - 16.1% |
|||
Computer Hardware - 11.8% |
|||
Apple, Inc. (a) |
799,098 |
277,950,250 |
|
Hewlett-Packard Co. |
1,003,820 |
37,522,792 |
|
Stratasys, Inc. (a) |
185,792 |
6,539,878 |
|
Toshiba Corp. |
439,000 |
2,335,902 |
|
Wistron Corp. |
1,598,000 |
3,012,463 |
|
|
327,361,285 |
||
Computer Storage & Peripherals - 4.3% |
|||
Catcher Technology Co. Ltd. |
222,000 |
1,449,258 |
|
EMC Corp. (a) |
2,120,212 |
60,362,436 |
|
Gemalto NV |
145,752 |
7,145,303 |
|
NetApp, Inc. (a) |
196,659 |
10,771,013 |
|
Quantum Corp. (a) |
214,500 |
658,515 |
|
|
|||
Shares |
Value |
||
SanDisk Corp. (a) |
649,795 |
$ 30,878,258 |
|
Seagate Technology |
78,513 |
1,319,018 |
|
Smart Technologies, Inc. Class A (a)(d) |
85,600 |
604,336 |
|
Western Digital Corp. (a) |
151,441 |
5,550,313 |
|
|
118,738,450 |
||
TOTAL COMPUTERS & PERIPHERALS |
446,099,735 |
||
CONSUMER FINANCE - 0.1% |
|||
Consumer Finance - 0.1% |
|||
Discover Financial Services |
128,200 |
3,056,288 |
|
DIVERSIFIED CONSUMER SERVICES - 1.2% |
|||
Education Services - 1.2% |
|||
Educomp Solutions Ltd. |
53,012 |
543,358 |
|
New Oriental Education & Technology Group, Inc. sponsored ADR (a) |
279,592 |
32,382,345 |
|
|
32,925,703 |
||
ELECTRICAL EQUIPMENT - 0.0% |
|||
Electrical Components & Equipment - 0.0% |
|||
A123 Systems, Inc. (a)(d) |
50,600 |
311,190 |
|
Acuity Brands, Inc. |
4,804 |
292,852 |
|
|
604,042 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 4.1% |
|||
Electronic Components - 2.7% |
|||
Aeroflex Holding Corp. |
41,746 |
761,030 |
|
Amphenol Corp. Class A |
4,200 |
227,052 |
|
AU Optronics Corp. sponsored ADR (a)(d) |
697,400 |
5,683,810 |
|
Cando Corp. (a) |
6,037,106 |
5,289,976 |
|
Chimei Innolux Corp. (a) |
2,799,000 |
2,814,146 |
|
Corning, Inc. |
1,846,874 |
37,214,511 |
|
DigiTech Systems Co., Ltd. (a) |
140,278 |
1,547,806 |
|
DTS, Inc. (a) |
6,386 |
294,267 |
|
J Touch Corp. |
99,912 |
342,516 |
|
Kyocera Corp. |
13,800 |
1,450,676 |
|
LG Display Co. Ltd. sponsored ADR (d) |
531,943 |
8,835,573 |
|
Omron Corp. |
56,600 |
1,460,940 |
|
Vishay Intertechnology, Inc. (a) |
261,192 |
4,145,117 |
|
Wintek Corp. (a) |
822,000 |
1,101,931 |
|
Young Fast Optoelectron Co. Ltd. |
322,000 |
2,192,006 |
|
|
73,361,357 |
||
Electronic Equipment & Instruments - 0.4% |
|||
Chroma ATE, Inc. |
1,513,120 |
4,849,168 |
|
Itron, Inc. (a) |
26,074 |
1,336,293 |
|
Keyence Corp. |
5,200 |
1,369,070 |
|
SFA Engineering Corp. |
10,482 |
597,722 |
|
SNU Precision Co. Ltd. |
38,786 |
577,205 |
|
Test Research, Inc. |
818,550 |
1,537,371 |
|
|
10,266,829 |
||
Electronic Manufacturing Services - 0.5% |
|||
Benchmark Electronics, Inc. (a) |
14,900 |
257,472 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
ELECTRONIC EQUIPMENT & COMPONENTS - CONTINUED |
|||
Electronic Manufacturing Services - continued |
|||
IPG Photonics Corp. (a) |
7,400 |
$ 556,110 |
|
Jabil Circuit, Inc. |
13,000 |
280,540 |
|
Ju Teng International Holdings Ltd. |
598,000 |
171,468 |
|
KEMET Corp. (a) |
302,559 |
4,453,668 |
|
TE Connectivity Ltd. |
13,200 |
486,156 |
|
Trimble Navigation Ltd. (a) |
192,369 |
8,404,602 |
|
|
14,610,016 |
||
Technology Distributors - 0.5% |
|||
Anixter International, Inc. |
3,980 |
269,406 |
|
Digital China Holdings Ltd. (H Shares) |
5,999,000 |
11,416,088 |
|
Inspur International Ltd. |
4,487,000 |
259,624 |
|
VST Holdings Ltd. (a) |
7,866,000 |
1,952,037 |
|
WPG Holding Co. Ltd. |
661,652 |
1,226,522 |
|
|
15,123,677 |
||
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS |
113,361,879 |
||
HEALTH CARE EQUIPMENT & SUPPLIES - 0.8% |
|||
Health Care Equipment - 0.4% |
|||
Biosensors International Group Ltd. (a) |
7,220,000 |
7,492,784 |
|
China Kanghui Holdings sponsored ADR (a)(d) |
29,200 |
692,916 |
|
China Medical Technologies, Inc. sponsored ADR (a)(d) |
5,306 |
53,007 |
|
Microport Scientific Corp. |
1,625,000 |
1,207,697 |
|
Mingyuan Medicare Development Co. Ltd. |
890,000 |
64,085 |
|
|
9,510,489 |
||
Health Care Supplies - 0.4% |
|||
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares) |
8,816,000 |
11,675,770 |
|
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |
21,186,259 |
||
HEALTH CARE PROVIDERS & SERVICES - 0.1% |
|||
Health Care Distributors & Services - 0.1% |
|||
Sinopharm Group Co. Ltd. (H Shares) |
430,800 |
1,545,456 |
|
HEALTH CARE TECHNOLOGY - 0.0% |
|||
Health Care Technology - 0.0% |
|||
athenahealth, Inc. (a) |
1,500 |
67,155 |
|
HOTELS, RESTAURANTS & LEISURE - 0.4% |
|||
Hotels, Resorts & Cruise Lines - 0.4% |
|||
Ctrip.com International Ltd. sponsored ADR (a) |
239,607 |
10,782,315 |
|
HOUSEHOLD DURABLES - 0.3% |
|||
Consumer Electronics - 0.1% |
|||
Skyworth Digital Holdings Ltd. |
4,342,419 |
2,814,097 |
|
|
|||
Shares |
Value |
||
Household Appliances - 0.2% |
|||
Haier Electronics Group Co. Ltd. (a) |
2,303,000 |
$ 2,816,120 |
|
Techtronic Industries Co. Ltd. |
2,201,500 |
2,694,836 |
|
|
5,510,956 |
||
TOTAL HOUSEHOLD DURABLES |
8,325,053 |
||
INTERNET & CATALOG RETAIL - 1.6% |
|||
Internet Retail - 1.6% |
|||
Amazon.com, Inc. (a) |
195,411 |
38,435,390 |
|
E-Commerce China Dangdang, Inc. ADR |
990 |
19,394 |
|
MakeMyTrip Ltd. (d) |
27,400 |
634,036 |
|
Priceline.com, Inc. (a) |
8,025 |
4,134,400 |
|
|
43,223,220 |
||
INTERNET SOFTWARE & SERVICES - 10.1% |
|||
Internet Software & Services - 10.1% |
|||
21Vianet Group, Inc. ADR (d) |
89,500 |
1,107,115 |
|
Alibaba.com Ltd. |
1,646,000 |
2,776,773 |
|
Baidu.com, Inc. sponsored ADR (a) |
234,377 |
31,807,303 |
|
Blinkx PLC (a)(d) |
500,000 |
1,153,521 |
|
China Finance Online Co. Ltd. ADR (a) |
270,139 |
1,285,862 |
|
ChinaCache International Holdings Ltd. sponsored ADR (d) |
121,732 |
1,468,088 |
|
Cornerstone Ondemand, Inc. |
157,365 |
3,038,718 |
|
DealerTrack Holdings, Inc. (a) |
7,000 |
162,190 |
|
Digital River, Inc. (a) |
78,136 |
2,543,327 |
|
eBay, Inc. (a) |
1,481,789 |
46,187,363 |
|
Facebook, Inc. Class B (f) |
122,522 |
3,063,050 |
|
Google, Inc. Class A (a) |
160,416 |
84,863,272 |
|
IntraLinks Holdings, Inc. |
271,730 |
5,611,225 |
|
Kakaku.com, Inc. |
1,004 |
6,322,566 |
|
LinkedIn Corp. (a) |
4,700 |
383,426 |
|
LogMeIn, Inc. (a)(d) |
110,300 |
4,800,256 |
|
LoopNet, Inc. (a) |
150,000 |
2,770,500 |
|
Mail.ru Group Ltd. GDR (a)(e) |
5,600 |
192,080 |
|
MediaMind Technologies, Inc. (a) |
16,500 |
288,420 |
|
Mercadolibre, Inc. (d) |
114,645 |
10,102,517 |
|
NetEase.com, Inc. sponsored ADR (a) |
173,700 |
8,012,781 |
|
Open Text Corp. (a) |
5,600 |
364,972 |
|
OpenTable, Inc. (a) |
22,300 |
1,969,759 |
|
Opera Software ASA |
291,443 |
1,948,112 |
|
Phoenix New Media Ltd. ADR |
364,200 |
4,191,942 |
|
Qihoo 360 Technology Co. Ltd. ADR (d) |
2,800 |
73,080 |
|
Rackspace Hosting, Inc. (a) |
259,394 |
11,413,336 |
|
Renren, Inc. ADR |
18,800 |
241,580 |
|
Responsys, Inc. |
4,900 |
84,231 |
|
RightNow Technologies, Inc. (a) |
49,587 |
1,641,330 |
|
Saba Software, Inc. (a) |
10,000 |
98,900 |
|
SINA Corp. (a) |
154,471 |
18,349,610 |
|
Sohu.com, Inc. (a) |
50,448 |
4,067,622 |
|
SouFun Holdings Ltd. ADR (d) |
180,844 |
4,220,899 |
|
The Knot, Inc. (a) |
16,300 |
167,238 |
|
VeriSign, Inc. |
262,300 |
9,185,746 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INTERNET SOFTWARE & SERVICES - CONTINUED |
|||
Internet Software & Services - continued |
|||
VistaPrint Ltd. (a) |
54,122 |
$ 2,661,720 |
|
Vocus, Inc. (a) |
45,600 |
1,242,144 |
|
YouKu.com, Inc. ADR (a) |
200 |
8,454 |
|
|
279,871,028 |
||
IT SERVICES - 11.7% |
|||
Data Processing & Outsourced Services - 3.8% |
|||
DST Systems, Inc. |
28,724 |
1,443,955 |
|
Fidelity National Information Services, Inc. |
624,602 |
20,099,692 |
|
Fiserv, Inc. (a) |
332,600 |
21,459,352 |
|
MasterCard, Inc. Class A |
79,210 |
22,737,231 |
|
Paychex, Inc. |
295,215 |
9,535,445 |
|
Syntel, Inc. |
25,001 |
1,346,804 |
|
VeriFone Systems, Inc. (a) |
51,309 |
2,469,502 |
|
Visa, Inc. Class A |
307,037 |
24,888,419 |
|
WNS Holdings Ltd. sponsored ADR (a) |
26,900 |
250,708 |
|
|
104,231,108 |
||
IT Consulting & Other Services - 7.9% |
|||
Accenture PLC Class A |
1,873,303 |
107,508,859 |
|
Atos Origin SA (a) |
244,065 |
14,270,180 |
|
Camelot Information Systems, Inc. ADR |
87,300 |
1,614,177 |
|
Cognizant Technology Solutions Corp. Class A (a) |
807,819 |
61,426,557 |
|
Digital Garage, Inc. (a)(d) |
1,234 |
6,051,732 |
|
Hi Sun Technology (China) Ltd. (a) |
1,290,000 |
320,128 |
|
hiSoft Technology International Ltd. ADR (a) |
36,166 |
564,551 |
|
International Business Machines Corp. |
84,176 |
14,219,852 |
|
Sapient Corp. (a) |
268,700 |
3,947,203 |
|
Teradata Corp. (a) |
156,050 |
8,706,030 |
|
|
218,629,269 |
||
TOTAL IT SERVICES |
322,860,377 |
||
LEISURE EQUIPMENT & PRODUCTS - 0.0% |
|||
Photographic Products - 0.0% |
|||
Eastman Kodak Co. (a)(d) |
257,370 |
859,616 |
|
LIFE SCIENCES TOOLS & SERVICES - 0.2% |
|||
Life Sciences Tools & Services - 0.2% |
|||
Agilent Technologies, Inc. (a) |
6,800 |
339,116 |
|
Illumina, Inc. (a) |
42,700 |
3,077,816 |
|
Wuxi Pharmatech Cayman, Inc. sponsored ADR (a) |
51,300 |
936,225 |
|
|
4,353,157 |
||
MACHINERY - 0.2% |
|||
Industrial Machinery - 0.2% |
|||
Fanuc Ltd. |
18,100 |
2,793,581 |
|
Meyer Burger Technology AG (a) |
276 |
12,345 |
|
|
|||
Shares |
Value |
||
Mirle Automation Corp. |
1,102,000 |
$ 1,346,483 |
|
Sunpower Group Ltd. |
4,225,000 |
1,353,069 |
|
|
5,505,478 |
||
MEDIA - 3.1% |
|||
Advertising - 2.7% |
|||
AirMedia Group, Inc. ADR (a) |
299,201 |
1,110,036 |
|
Focus Media Holding Ltd. ADR (a)(d) |
2,062,525 |
64,453,906 |
|
ReachLocal, Inc. (d) |
421,787 |
8,853,309 |
|
VisionChina Media, Inc. ADR (a)(d) |
307,000 |
1,169,670 |
|
|
75,586,921 |
||
Cable & Satellite - 0.3% |
|||
DISH Network Corp. Class A (a) |
230,500 |
6,979,540 |
|
Movies & Entertainment - 0.1% |
|||
IMAX Corp. (a) |
76,870 |
2,860,333 |
|
TOTAL MEDIA |
85,426,794 |
||
METALS & MINING - 0.1% |
|||
Diversified Metals & Mining - 0.0% |
|||
Timminco Ltd. (a) |
13,700 |
6,928 |
|
Steel - 0.1% |
|||
Xingda International Holdings Ltd. |
2,279,000 |
2,440,990 |
|
TOTAL METALS & MINING |
2,447,918 |
||
OFFICE ELECTRONICS - 0.1% |
|||
Office Electronics - 0.1% |
|||
Canon, Inc. |
30,300 |
1,455,020 |
|
Xerox Corp. |
27,023 |
275,905 |
|
|
1,730,925 |
||
PHARMACEUTICALS - 0.1% |
|||
Pharmaceuticals - 0.1% |
|||
China Medical System Holding Ltd. |
3,318,400 |
3,426,265 |
|
PROFESSIONAL SERVICES - 0.1% |
|||
Human Resource & Employment Services - 0.1% |
|||
51job, Inc. sponsored ADR (a) |
47,200 |
2,695,592 |
|
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1% |
|||
Real Estate Services - 0.1% |
|||
China Real Estate Information Corp. ADR (a)(d) |
545,801 |
3,618,661 |
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 10.2% |
|||
Semiconductor Equipment - 1.6% |
|||
Advanced Energy Industries, Inc. (a) |
18,634 |
276,715 |
|
Amkor Technology, Inc. (a)(d) |
184,784 |
1,180,770 |
|
Asia Pacific Systems, Inc. (a) |
44,940 |
572,949 |
|
ASM International NV unit |
41,200 |
1,738,228 |
|
ASM Pacific Technology Ltd. |
71,700 |
975,397 |
|
ASML Holding NV |
36,905 |
1,439,664 |
|
Axcelis Technologies, Inc. (a) |
290,491 |
522,884 |
|
centrotherm photovoltaics AG |
4,737 |
234,917 |
|
Cymer, Inc. (a) |
150,822 |
7,219,849 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED |
|||
Semiconductor Equipment - continued |
|||
GCL-Poly Energy Holdings Ltd. |
843,000 |
$ 452,002 |
|
KLA-Tencor Corp. |
12,860 |
554,266 |
|
Lam Research Corp. (a) |
118,162 |
5,553,023 |
|
LTX-Credence Corp. (a) |
83,488 |
793,136 |
|
MEMC Electronic Materials, Inc. (a) |
217,900 |
2,292,308 |
|
Novellus Systems, Inc. (a) |
15,071 |
546,625 |
|
Roth & Rau AG (a) |
9,022 |
290,751 |
|
Sumco Corp. (a) |
500 |
9,025 |
|
Teradyne, Inc. (a) |
131,055 |
2,098,191 |
|
Tessera Technologies, Inc. (a) |
11,466 |
198,362 |
|
Varian Semiconductor Equipment Associates, Inc. (a) |
287,342 |
17,647,109 |
|
|
44,596,171 |
||
Semiconductors - 8.6% |
|||
Advanced Micro Devices, Inc. (a) |
147,524 |
1,280,508 |
|
Alpha & Omega Semiconductor Ltd. (a) |
108,406 |
1,515,516 |
|
Altera Corp. |
203,032 |
9,763,809 |
|
Applied Micro Circuits Corp. (a) |
108,425 |
1,147,137 |
|
ARM Holdings PLC sponsored ADR (d) |
399,366 |
11,401,899 |
|
Atmel Corp. (a) |
23,876 |
358,618 |
|
Avago Technologies Ltd. |
352,563 |
11,913,104 |
|
Broadcom Corp. Class A |
331,639 |
11,932,371 |
|
Canadian Solar, Inc. (a)(d) |
18,800 |
185,180 |
|
Cavium Networks, Inc. (a) |
65,395 |
2,908,770 |
|
CSR PLC |
344,436 |
2,035,155 |
|
Cypress Semiconductor Corp. |
72,526 |
1,698,559 |
|
Duksan Hi-Metal Co. Ltd. (a) |
267,105 |
5,721,027 |
|
Fairchild Semiconductor International, Inc. (a) |
215,691 |
3,891,066 |
|
First Solar, Inc. (a)(d) |
67,208 |
8,350,594 |
|
Freescale Semiconductor Holdings I Ltd. |
145,400 |
2,689,900 |
|
Hittite Microwave Corp. (a) |
4,300 |
272,706 |
|
Hynix Semiconductor, Inc. |
125,100 |
3,491,434 |
|
Inotera Memories, Inc. (a) |
15,304,000 |
6,758,443 |
|
Inphi Corp. |
157,295 |
3,120,733 |
|
International Rectifier Corp. (a) |
88,345 |
2,542,569 |
|
Intersil Corp. Class A |
480,588 |
6,896,438 |
|
JA Solar Holdings Co. Ltd. ADR (a) |
312,602 |
1,884,990 |
|
Jinkosolar Holdings Co. Ltd. ADR (d) |
166,839 |
4,341,151 |
|
MagnaChip Semiconductor Corp. |
168,100 |
2,334,909 |
|
Marvell Technology Group Ltd. (a) |
1,033,047 |
16,776,683 |
|
Melfas, Inc. |
33,830 |
1,279,800 |
|
Micrel, Inc. |
486,545 |
5,726,635 |
|
Micron Technology, Inc. (a) |
1,671,054 |
17,044,751 |
|
Microsemi Corp. (a) |
13,100 |
288,855 |
|
Monolithic Power Systems, Inc. (a) |
177,599 |
3,072,463 |
|
Netlogic Microsystems, Inc. (a) |
8,000 |
306,560 |
|
NVIDIA Corp. (a) |
2,092,163 |
41,926,947 |
|
NXP Semiconductors NV |
84,787 |
2,418,973 |
|
O2Micro International Ltd. sponsored ADR (a) |
126,600 |
895,062 |
|
|
|||
Shares |
Value |
||
PMC-Sierra, Inc. (a) |
57,600 |
$ 451,584 |
|
Power Integrations, Inc. |
76,587 |
2,819,933 |
|
Radiant Opto-Electronics Corp. |
24,194 |
91,218 |
|
Rambus, Inc. (a) |
117,400 |
1,710,518 |
|
RDA Microelectronics, Inc. sponsored ADR |
119,886 |
1,370,297 |
|
Richtek Technology Corp. |
215,000 |
1,617,472 |
|
Samsung Electronics Co. Ltd. |
3,286 |
2,748,236 |
|
Shinko Electric Industries Co.Ltd. |
138,200 |
1,328,236 |
|
Silicon Laboratories, Inc. (a) |
26,000 |
1,117,480 |
|
Spreadtrum Communications, Inc. ADR (a)(d) |
317,064 |
6,116,165 |
|
Standard Microsystems Corp. (a) |
89,783 |
2,407,980 |
|
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d) |
9,500 |
77,140 |
|
Trina Solar Ltd. (a)(d) |
505,256 |
11,595,625 |
|
Wolfson Microelectronics PLC (a) |
288,200 |
1,152,001 |
|
Xilinx, Inc. |
82,320 |
2,937,178 |
|
YoungTek Electronics Corp. |
108,500 |
435,591 |
|
|
236,149,969 |
||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
280,746,140 |
||
SOFTWARE - 26.1% |
|||
Application Software - 16.7% |
|||
Adobe Systems, Inc. (a) |
782,234 |
27,088,763 |
|
ANSYS, Inc. (a) |
143,861 |
8,253,305 |
|
AsiaInfo Holdings, Inc. (a)(d) |
1,138,480 |
20,412,946 |
|
Aspen Technology, Inc. (a) |
739,927 |
12,245,792 |
|
Autodesk, Inc. (a) |
414,176 |
17,801,284 |
|
AutoNavi Holdings Ltd. ADR |
150,411 |
2,578,045 |
|
Autonomy Corp. PLC (a) |
556,422 |
16,447,696 |
|
Blackboard, Inc. (a) |
95,144 |
4,099,755 |
|
BroadSoft, Inc. (a) |
352,852 |
13,951,768 |
|
Cadence Design Systems, Inc. (a) |
302,400 |
3,232,656 |
|
Citrix Systems, Inc. (a) |
232,077 |
20,334,587 |
|
Compuware Corp. (a) |
774,215 |
7,889,251 |
|
Concur Technologies, Inc. (a)(d) |
425,276 |
21,251,042 |
|
Convio, Inc. (a) |
48,135 |
549,702 |
|
Descartes Systems Group, Inc. (a) |
591,700 |
4,024,256 |
|
Informatica Corp. (a) |
454,800 |
26,678,568 |
|
Intuit, Inc. (a) |
636,042 |
34,327,187 |
|
JDA Software Group, Inc. (a) |
8,244 |
272,299 |
|
Kenexa Corp. (a) |
49,320 |
1,559,498 |
|
Kingdee International Software Group Co. Ltd. |
29,075,600 |
16,711,404 |
|
Longtop Financial Technologies Ltd. ADR (a) |
295,725 |
559,807 |
|
Manhattan Associates, Inc. (a) |
7,155 |
257,222 |
|
MicroStrategy, Inc. Class A (a) |
83,522 |
12,210,081 |
|
Nuance Communications, Inc. (a) |
446,951 |
9,815,044 |
|
Parametric Technology Corp. (a) |
1,167,096 |
27,181,666 |
|
Pegasystems, Inc. |
231,551 |
8,648,430 |
|
QLIK Technologies, Inc. |
384,254 |
12,791,816 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
SOFTWARE - CONTINUED |
|||
Application Software - continued |
|||
Quest Software, Inc. (a) |
55,814 |
$ 1,266,699 |
|
RealPage, Inc. |
47,600 |
1,401,820 |
|
salesforce.com, Inc. (a) |
489,529 |
74,535,686 |
|
SolarWinds, Inc. (a) |
328,812 |
8,105,216 |
|
SuccessFactors, Inc. (a) |
426,800 |
14,967,876 |
|
Synopsys, Inc. (a) |
151,200 |
4,133,808 |
|
Taleo Corp. Class A (a) |
283,896 |
10,597,838 |
|
TIBCO Software, Inc. (a) |
444,136 |
12,475,780 |
|
TiVo, Inc. (a) |
26,100 |
269,874 |
|
VanceInfo Technologies, Inc. ADR (a)(d) |
107,000 |
2,734,920 |
|
|
461,663,387 |
||
Home Entertainment Software - 0.2% |
|||
Activision Blizzard, Inc. |
18,200 |
218,218 |
|
NCsoft Corp. |
20,889 |
5,471,622 |
|
Perfect World Co. Ltd. sponsored ADR Class B (a) |
14,300 |
338,195 |
|
RealD, Inc. (d) |
11,400 |
311,220 |
|
|
6,339,255 |
||
Systems Software - 9.2% |
|||
Ariba, Inc. (a) |
667,592 |
22,391,036 |
|
BMC Software, Inc. (a) |
174,075 |
9,718,607 |
|
Check Point Software Technologies Ltd. (a) |
133,769 |
7,346,593 |
|
CommVault Systems, Inc. (a) |
399,335 |
16,508,509 |
|
DemandTec, Inc. (a) |
118,600 |
1,178,884 |
|
Fortinet, Inc. (a) |
152,378 |
7,388,809 |
|
Insyde Software Corp. |
132,262 |
669,506 |
|
MICROS Systems, Inc. (a) |
50,400 |
2,573,424 |
|
Microsoft Corp. |
10,949 |
273,834 |
|
NetSuite, Inc. (a) |
38,500 |
1,452,990 |
|
Oracle Corp. |
4,350,776 |
148,883,555 |
|
Red Hat, Inc. (a) |
30,213 |
1,317,287 |
|
Rovi Corp. (a) |
177,361 |
10,279,844 |
|
TeleCommunication Systems, Inc. Class A (a) |
105,200 |
524,948 |
|
Totvs SA |
182,000 |
3,635,038 |
|
VMware, Inc. Class A (a) |
218,397 |
21,254,396 |
|
|
255,397,260 |
||
TOTAL SOFTWARE |
723,399,902 |
||
WIRELESS TELECOMMUNICATION SERVICES - 1.6% |
|||
Wireless Telecommunication Services - 1.6% |
|||
American Tower Corp. Class A (a) |
275,161 |
15,265,932 |
|
Crown Castle International Corp. (a) |
325,500 |
13,478,955 |
|
|
|||
Shares |
Value |
||
SBA Communications Corp. Class A (a) |
356,253 |
$ 13,997,180 |
|
SOFTBANK CORP. |
32,300 |
1,254,850 |
|
Sprint Nextel Corp. (a) |
60,951 |
356,563 |
|
|
44,353,480 |
||
TOTAL COMMON STOCKS (Cost $2,332,198,341) |
2,652,379,834 |
||
Money Market Funds - 8.9% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
132,917,120 |
132,917,120 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
113,314,049 |
113,314,049 |
|
TOTAL MONEY MARKET FUNDS (Cost $246,231,169) |
246,231,169 |
TOTAL INVESTMENT PORTFOLIO - 104.8% (Cost $2,578,429,510) |
2,898,611,003 |
NET OTHER ASSETS (LIABILITIES) - (4.8)% |
(131,851,437) |
||
NET ASSETS - 100% |
$ 2,766,759,566 |
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. |
(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 $192,080 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 $3,063,050 or 0.1% 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 |
$ 26,360 |
Fidelity Securities Lending Cash Central Fund |
118,643 |
Total |
$ 145,003 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 2,652,379,834 |
$ 2,622,677,189 |
$ 26,079,788 |
$ 3,622,857 |
Money Market Funds |
246,231,169 |
246,231,169 |
- |
- |
Total Investments in Securities: |
$ 2,898,611,003 |
$ 2,868,908,358 |
$ 26,079,788 |
$ 3,622,857 |
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) |
(8,008,177) |
Cost of Purchases |
3,063,881 |
Proceeds of Sales |
- |
Amortization/Accretion |
- |
Transfers in to Level 3 |
8,567,153 |
Transfers out of Level 3 |
- |
Ending Balance |
$ 3,622,857 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011 |
$ (8,008,177) |
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, 2011, the cost of investment securities for income tax purposes was $2,585,340,550. Net unrealized appreciation aggregated $313,270,453, of which $410,820,837 related to appreciated investment securities and $97,550,384 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, 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 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, 2011
1.802191.107
TEL-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 95.4% |
|||
Shares |
Value |
||
COMMERCIAL SERVICES & SUPPLIES - 0.8% |
|||
Diversified Support Services - 0.8% |
|||
Blue Label Telecoms Ltd. |
4,339,400 |
$ 3,504,398 |
|
COMMUNICATIONS EQUIPMENT - 1.8% |
|||
Communications Equipment - 1.8% |
|||
F5 Networks, Inc. (a) |
40 |
4,543 |
|
Juniper Networks, Inc. (a) |
44,947 |
1,645,510 |
|
Nortel Networks Corp. (a) |
8,071 |
0 |
|
Polycom, Inc. (a) |
40 |
2,296 |
|
QUALCOMM, Inc. |
109,500 |
6,415,605 |
|
|
8,067,954 |
||
COMPUTERS & PERIPHERALS - 0.0% |
|||
Computer Storage & Peripherals - 0.0% |
|||
NetApp, Inc. (a) |
20 |
1,095 |
|
Synaptics, Inc. (a) |
50 |
1,403 |
|
|
2,498 |
||
CONSTRUCTION & ENGINEERING - 0.9% |
|||
Construction & Engineering - 0.9% |
|||
PT Tower Bersama Infrastructure Tbk |
14,459,000 |
3,769,122 |
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 48.0% |
|||
Alternative Carriers - 12.0% |
|||
AboveNet, Inc. |
113,300 |
8,845,331 |
|
Cable & Wireless Worldwide PLC |
5 |
4 |
|
Cogent Communications Group, Inc. (a) |
712,302 |
11,076,296 |
|
Global Crossing Ltd. (a) |
214,886 |
7,486,628 |
|
Iliad SA |
7,649 |
979,411 |
|
Level 3 Communications, Inc. (a) |
26 |
60 |
|
PAETEC Holding Corp. (a) |
644,880 |
2,876,165 |
|
tw telecom, inc. (a) |
689,157 |
14,954,707 |
|
Vonage Holdings Corp. (a) |
1,196,800 |
5,708,736 |
|
|
51,927,338 |
||
Integrated Telecommunication Services - 36.0% |
|||
AT&T, Inc. |
2,154,219 |
67,987,151 |
|
Cable & Wireless PLC |
5 |
4 |
|
Cbeyond, Inc. (a) |
494,498 |
7,100,991 |
|
CenturyLink, Inc. |
883,884 |
38,174,950 |
|
China Unicom (Hong Kong) Ltd. sponsored ADR (d) |
215,100 |
4,749,408 |
|
Cincinnati Bell, Inc. New (a) |
1,739,000 |
5,530,020 |
|
Frontier Communications Corp. |
32 |
283 |
|
PT XL Axiata Tbk |
3,572,000 |
2,573,704 |
|
Telecom Italia SpA sponsored ADR |
26 |
369 |
|
Telenor ASA sponsored ADR (d) |
125,100 |
6,357,582 |
|
|
|||
Shares |
Value |
||
Verizon Communications, Inc. |
630,541 |
$ 23,285,879 |
|
Windstream Corp. |
15 |
202 |
|
|
155,760,543 |
||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES |
207,687,881 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 0.0% |
|||
Electronic Manufacturing Services - 0.0% |
|||
Trimble Navigation Ltd. (a) |
40 |
1,748 |
|
INTERNET SOFTWARE & SERVICES - 1.3% |
|||
Internet Software & Services - 1.3% |
|||
Rackspace Hosting, Inc. (a)(d) |
90,700 |
3,990,800 |
|
Support.com, Inc. (a) |
326,000 |
1,564,800 |
|
|
5,555,600 |
||
MEDIA - 8.2% |
|||
Cable & Satellite - 8.2% |
|||
Comcast Corp. Class A |
408,100 |
10,300,444 |
|
DIRECTV (a) |
9 |
452 |
|
Kabel Deutschland Holding AG (a) |
165,600 |
11,297,754 |
|
Liberty Global, Inc. Class A (a)(d) |
98,400 |
4,432,920 |
|
Virgin Media, Inc. |
290,600 |
9,479,372 |
|
|
35,510,942 |
||
Movies & Entertainment - 0.0% |
|||
Madison Square Garden Co. Class A (a) |
25 |
688 |
|
TOTAL MEDIA |
35,511,630 |
||
SOFTWARE - 0.7% |
|||
Application Software - 0.7% |
|||
AsiaInfo Holdings, Inc. (a)(d) |
170,800 |
3,062,444 |
|
Synchronoss Technologies, Inc. (a) |
3 |
96 |
|
|
3,062,540 |
||
Home Entertainment Software - 0.0% |
|||
Glu Mobile, Inc. (a) |
3 |
15 |
|
TOTAL SOFTWARE |
3,062,555 |
||
WIRELESS TELECOMMUNICATION SERVICES - 33.7% |
|||
Wireless Telecommunication Services - 33.7% |
|||
American Tower Corp. Class A (a) |
484,800 |
26,896,704 |
|
Axiata Group Bhd |
3,095,100 |
5,140,508 |
|
Clearwire Corp. Class A (a)(d) |
1,476,236 |
6,790,686 |
|
Crown Castle International Corp. (a) |
502,383 |
20,803,680 |
|
ICO Global Communications Holdings Ltd. Class A (a)(d) |
3,631,577 |
10,604,205 |
|
Leap Wireless International, Inc. (a)(d) |
296,158 |
4,978,416 |
|
MetroPCS Communications, Inc. (a) |
516,506 |
9,245,457 |
|
MTN Group Ltd. |
25 |
531 |
|
NII Holdings, Inc. (a) |
358,100 |
15,634,646 |
|
NTELOS Holdings Corp. |
32 |
667 |
|
PT Indosat Tbk |
6,324,100 |
3,889,824 |
|
SBA Communications Corp. Class A (a) |
336,282 |
13,212,520 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED |
|||
Wireless Telecommunication Services - continued |
|||
Sprint Nextel Corp. (a) |
4,076,350 |
$ 23,846,648 |
|
Telephone & Data Systems, Inc. |
58 |
1,897 |
|
Vivo Participacoes SA sponsored ADR |
105,525 |
4,761,288 |
|
|
145,807,677 |
||
TOTAL COMMON STOCKS (Cost $361,312,295) |
412,971,063 |
||
Money Market Funds - 11.4% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
19,209,621 |
19,209,621 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
30,186,100 |
30,186,100 |
|
TOTAL MONEY MARKET FUNDS (Cost $49,395,721) |
49,395,721 |
TOTAL INVESTMENT PORTFOLIO - 106.8% (Cost $410,708,016) |
462,366,784 |
NET OTHER ASSETS (LIABILITIES) - (6.8)% |
(29,597,897) |
||
NET ASSETS - 100% |
$ 432,768,887 |
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 |
$ 1,839 |
Fidelity Securities Lending Cash Central Fund |
86,252 |
Total |
$ 88,091 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 412,971,063 |
$ 412,971,063 |
$ - |
$ - |
Money Market Funds |
49,395,721 |
49,395,721 |
- |
- |
Total Investments in Securities: |
$ 462,366,784 |
$ 462,366,784 |
$ - |
$ - |
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) |
(580,722) |
Total Unrealized Gain (Loss) |
580,722 |
Cost of Purchases |
- |
Proceeds of Sales |
- |
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, 2011 |
$ - |
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, 2011, the cost of investment securities for income tax purposes was $417,295,041. Net unrealized appreciation aggregated $45,071,743, of which $74,980,908 related to appreciated investment securities and $29,909,165 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, 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 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, 2011
Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity®
Select Telecommunications Portfolio
1.851743.104
ATLC-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 95.4% |
|||
Shares |
Value |
||
COMMERCIAL SERVICES & SUPPLIES - 0.8% |
|||
Diversified Support Services - 0.8% |
|||
Blue Label Telecoms Ltd. |
4,339,400 |
$ 3,504,398 |
|
COMMUNICATIONS EQUIPMENT - 1.8% |
|||
Communications Equipment - 1.8% |
|||
F5 Networks, Inc. (a) |
40 |
4,543 |
|
Juniper Networks, Inc. (a) |
44,947 |
1,645,510 |
|
Nortel Networks Corp. (a) |
8,071 |
0 |
|
Polycom, Inc. (a) |
40 |
2,296 |
|
QUALCOMM, Inc. |
109,500 |
6,415,605 |
|
|
8,067,954 |
||
COMPUTERS & PERIPHERALS - 0.0% |
|||
Computer Storage & Peripherals - 0.0% |
|||
NetApp, Inc. (a) |
20 |
1,095 |
|
Synaptics, Inc. (a) |
50 |
1,403 |
|
|
2,498 |
||
CONSTRUCTION & ENGINEERING - 0.9% |
|||
Construction & Engineering - 0.9% |
|||
PT Tower Bersama Infrastructure Tbk |
14,459,000 |
3,769,122 |
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 48.0% |
|||
Alternative Carriers - 12.0% |
|||
AboveNet, Inc. |
113,300 |
8,845,331 |
|
Cable & Wireless Worldwide PLC |
5 |
4 |
|
Cogent Communications Group, Inc. (a) |
712,302 |
11,076,296 |
|
Global Crossing Ltd. (a) |
214,886 |
7,486,628 |
|
Iliad SA |
7,649 |
979,411 |
|
Level 3 Communications, Inc. (a) |
26 |
60 |
|
PAETEC Holding Corp. (a) |
644,880 |
2,876,165 |
|
tw telecom, inc. (a) |
689,157 |
14,954,707 |
|
Vonage Holdings Corp. (a) |
1,196,800 |
5,708,736 |
|
|
51,927,338 |
||
Integrated Telecommunication Services - 36.0% |
|||
AT&T, Inc. |
2,154,219 |
67,987,151 |
|
Cable & Wireless PLC |
5 |
4 |
|
Cbeyond, Inc. (a) |
494,498 |
7,100,991 |
|
CenturyLink, Inc. |
883,884 |
38,174,950 |
|
China Unicom (Hong Kong) Ltd. sponsored ADR (d) |
215,100 |
4,749,408 |
|
Cincinnati Bell, Inc. New (a) |
1,739,000 |
5,530,020 |
|
Frontier Communications Corp. |
32 |
283 |
|
PT XL Axiata Tbk |
3,572,000 |
2,573,704 |
|
Telecom Italia SpA sponsored ADR |
26 |
369 |
|
Telenor ASA sponsored ADR (d) |
125,100 |
6,357,582 |
|
|
|||
Shares |
Value |
||
Verizon Communications, Inc. |
630,541 |
$ 23,285,879 |
|
Windstream Corp. |
15 |
202 |
|
|
155,760,543 |
||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES |
207,687,881 |
||
ELECTRONIC EQUIPMENT & COMPONENTS - 0.0% |
|||
Electronic Manufacturing Services - 0.0% |
|||
Trimble Navigation Ltd. (a) |
40 |
1,748 |
|
INTERNET SOFTWARE & SERVICES - 1.3% |
|||
Internet Software & Services - 1.3% |
|||
Rackspace Hosting, Inc. (a)(d) |
90,700 |
3,990,800 |
|
Support.com, Inc. (a) |
326,000 |
1,564,800 |
|
|
5,555,600 |
||
MEDIA - 8.2% |
|||
Cable & Satellite - 8.2% |
|||
Comcast Corp. Class A |
408,100 |
10,300,444 |
|
DIRECTV (a) |
9 |
452 |
|
Kabel Deutschland Holding AG (a) |
165,600 |
11,297,754 |
|
Liberty Global, Inc. Class A (a)(d) |
98,400 |
4,432,920 |
|
Virgin Media, Inc. |
290,600 |
9,479,372 |
|
|
35,510,942 |
||
Movies & Entertainment - 0.0% |
|||
Madison Square Garden Co. Class A (a) |
25 |
688 |
|
TOTAL MEDIA |
35,511,630 |
||
SOFTWARE - 0.7% |
|||
Application Software - 0.7% |
|||
AsiaInfo Holdings, Inc. (a)(d) |
170,800 |
3,062,444 |
|
Synchronoss Technologies, Inc. (a) |
3 |
96 |
|
|
3,062,540 |
||
Home Entertainment Software - 0.0% |
|||
Glu Mobile, Inc. (a) |
3 |
15 |
|
TOTAL SOFTWARE |
3,062,555 |
||
WIRELESS TELECOMMUNICATION SERVICES - 33.7% |
|||
Wireless Telecommunication Services - 33.7% |
|||
American Tower Corp. Class A (a) |
484,800 |
26,896,704 |
|
Axiata Group Bhd |
3,095,100 |
5,140,508 |
|
Clearwire Corp. Class A (a)(d) |
1,476,236 |
6,790,686 |
|
Crown Castle International Corp. (a) |
502,383 |
20,803,680 |
|
ICO Global Communications Holdings Ltd. Class A (a)(d) |
3,631,577 |
10,604,205 |
|
Leap Wireless International, Inc. (a)(d) |
296,158 |
4,978,416 |
|
MetroPCS Communications, Inc. (a) |
516,506 |
9,245,457 |
|
MTN Group Ltd. |
25 |
531 |
|
NII Holdings, Inc. (a) |
358,100 |
15,634,646 |
|
NTELOS Holdings Corp. |
32 |
667 |
|
PT Indosat Tbk |
6,324,100 |
3,889,824 |
|
SBA Communications Corp. Class A (a) |
336,282 |
13,212,520 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED |
|||
Wireless Telecommunication Services - continued |
|||
Sprint Nextel Corp. (a) |
4,076,350 |
$ 23,846,648 |
|
Telephone & Data Systems, Inc. |
58 |
1,897 |
|
Vivo Participacoes SA sponsored ADR |
105,525 |
4,761,288 |
|
|
145,807,677 |
||
TOTAL COMMON STOCKS (Cost $361,312,295) |
412,971,063 |
||
Money Market Funds - 11.4% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
19,209,621 |
19,209,621 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
30,186,100 |
30,186,100 |
|
TOTAL MONEY MARKET FUNDS (Cost $49,395,721) |
49,395,721 |
TOTAL INVESTMENT PORTFOLIO - 106.8% (Cost $410,708,016) |
462,366,784 |
NET OTHER ASSETS (LIABILITIES) - (6.8)% |
(29,597,897) |
||
NET ASSETS - 100% |
$ 432,768,887 |
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 |
$ 1,839 |
Fidelity Securities Lending Cash Central Fund |
86,252 |
Total |
$ 88,091 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 412,971,063 |
$ 412,971,063 |
$ - |
$ - |
Money Market Funds |
49,395,721 |
49,395,721 |
- |
- |
Total Investments in Securities: |
$ 462,366,784 |
$ 462,366,784 |
$ - |
$ - |
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) |
(580,722) |
Total Unrealized Gain (Loss) |
580,722 |
Cost of Purchases |
- |
Proceeds of Sales |
- |
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, 2011 |
$ - |
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, 2011, the cost of investment securities for income tax purposes was $417,295,041. Net unrealized appreciation aggregated $45,071,743, of which $74,980,908 related to appreciated investment securities and $29,909,165 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, 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 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 Transportation Portfolio
May 31, 2011
1.802192.107
TRN-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 97.7% |
|||
Shares |
Value |
||
AEROSPACE & DEFENSE - 0.4% |
|||
Aerospace & Defense - 0.4% |
|||
Bombardier, Inc. Class B (sub. vtg.) |
122,300 |
$ 851,979 |
|
The Boeing Co. |
6,300 |
491,589 |
|
|
1,343,568 |
||
AIR FREIGHT & LOGISTICS - 32.9% |
|||
Air Freight & Logistics - 32.9% |
|||
Air Transport Services Group, Inc. (a) |
247,708 |
1,845,425 |
|
Atlas Air Worldwide Holdings, Inc. (a) |
46,600 |
2,949,314 |
|
C.H. Robinson Worldwide, Inc. |
125,396 |
10,059,267 |
|
Dart Group PLC |
806,917 |
1,154,784 |
|
Expeditors International of Washington, Inc. |
320,400 |
16,923,528 |
|
Express-1 Expedited Solutions, Inc. (a) |
735,431 |
1,647,365 |
|
FedEx Corp. |
94,300 |
8,830,252 |
|
Hub Group, Inc. Class A (a) |
81,200 |
3,098,592 |
|
Pacer International, Inc. (a) |
239,700 |
1,251,234 |
|
United Parcel Service, Inc. Class B |
725,500 |
53,316,994 |
|
UTI Worldwide, Inc. |
189,300 |
4,208,139 |
|
|
105,284,894 |
||
AIRLINES - 19.2% |
|||
Airlines - 19.2% |
|||
Air Canada Class A (a)(e) |
125,000 |
286,392 |
|
Alaska Air Group, Inc. (a) |
95,500 |
6,450,070 |
|
Copa Holdings SA Class A |
67,300 |
4,205,577 |
|
Delta Air Lines, Inc. (a) |
1,225,302 |
12,351,044 |
|
Hawaiian Holdings, Inc. (a) |
67,400 |
373,396 |
|
JetBlue Airways Corp. (a) |
170,400 |
1,034,328 |
|
Republic Airways Holdings, Inc. (a)(d) |
226,200 |
1,103,856 |
|
Ryanair Holdings PLC sponsored ADR |
73,300 |
2,155,020 |
|
SkyWest, Inc. |
156,400 |
2,413,252 |
|
Southwest Airlines Co. |
1,131,500 |
13,385,645 |
|
United Continental Holdings, Inc. (a)(d) |
573,936 |
13,860,554 |
|
US Airways Group, Inc. (a) |
417,900 |
3,802,890 |
|
|
61,422,024 |
||
AUTO COMPONENTS - 0.0% |
|||
Auto Parts & Equipment - 0.0% |
|||
Wescast Industries, Inc. Class A (sub. vtg.) (a) |
10,100 |
90,894 |
|
COMMERCIAL SERVICES & SUPPLIES - 0.1% |
|||
Diversified Support Services - 0.1% |
|||
KAR Auction Services, Inc. (a) |
20,900 |
437,019 |
|
MACHINERY - 1.3% |
|||
Construction & Farm Machinery & Heavy Trucks - 1.3% |
|||
Accuride Corp. (a) |
172,151 |
2,255,178 |
|
ASL Marine Holdings Ltd. |
1,250,200 |
608,173 |
|
FreightCar America, Inc. (a) |
41,400 |
1,144,710 |
|
|
4,008,061 |
||
|
|||
Shares |
Value |
||
MARINE - 2.2% |
|||
Marine - 2.2% |
|||
Box Ships, Inc. (a) |
95,800 |
$ 1,039,430 |
|
Kuehne & Nagel International AG |
19,380 |
3,042,540 |
|
Navios Maritime Acquisition Corp. |
795,932 |
3,024,542 |
|
|
7,106,512 |
||
ROAD & RAIL - 40.3% |
|||
Railroads - 32.1% |
|||
CSX Corp. |
338,973 |
26,880,559 |
|
Kansas City Southern (a) |
187,900 |
11,065,431 |
|
Norfolk Southern Corp. |
171,600 |
12,579,996 |
|
Union Pacific Corp. |
496,068 |
52,072,258 |
|
|
102,598,244 |
||
Trucking - 8.2% |
|||
Con-way, Inc. |
125,900 |
4,976,827 |
|
Contrans Group, Inc.: |
|
|
|
(sub. vtg.) (e) |
12,800 |
112,287 |
|
Class A |
74,100 |
650,034 |
|
Frozen Food Express Industries, Inc. (a) |
869,592 |
3,295,754 |
|
J.B. Hunt Transport Services, Inc. |
49,500 |
2,269,575 |
|
Landstar System, Inc. |
75,200 |
3,558,464 |
|
Marten Transport Ltd. |
34,000 |
762,960 |
|
Old Dominion Freight Lines, Inc. (a) |
127,100 |
4,744,643 |
|
Saia, Inc. (a) |
201,400 |
3,163,994 |
|
Tegma Gestao Logistica |
129,900 |
2,083,803 |
|
US 1 Industries, Inc. (a) |
800 |
1,120 |
|
USA Truck, Inc. (a) |
54,200 |
640,644 |
|
|
26,260,105 |
||
TOTAL ROAD & RAIL |
128,858,349 |
||
TRADING COMPANIES & DISTRIBUTORS - 1.3% |
|||
Trading Companies & Distributors - 1.3% |
|||
Aircastle Ltd. |
161,900 |
2,030,226 |
|
Rush Enterprises, Inc. Class A (a) |
97,800 |
1,953,066 |
|
|
3,983,292 |
||
TOTAL COMMON STOCKS (Cost $259,204,978) |
312,534,613 |
||
Money Market Funds - 5.1% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.14% (b) |
8,511,793 |
$ 8,511,793 |
|
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
7,905,250 |
7,905,250 |
|
TOTAL MONEY MARKET FUNDS (Cost $16,417,043) |
16,417,043 |
TOTAL INVESTMENT PORTFOLIO - 102.8% (Cost $275,622,021) |
328,951,656 |
NET OTHER ASSETS (LIABILITIES) - (2.8)% |
(8,862,594) |
||
NET ASSETS - 100% |
$ 320,089,062 |
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 $398,679 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 |
$ 740 |
Fidelity Securities Lending Cash Central Fund |
6,056 |
Total |
$ 6,796 |
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, |
Frozen Food Express Industries, Inc. |
$ 3,757,900 |
$ - |
$ 180,229 |
$ - |
$ - |
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, 2011, the cost of investment securities for income tax purposes was $277,008,772. Net unrealized appreciation aggregated $51,942,884, of which $57,981,343 related to appreciated investment securities and $6,038,459 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, 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 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 Utilities Portfolio
May 31, 2011
1.802193.107
UTI-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 97.7% |
|||
Shares |
Value |
||
ELECTRIC UTILITIES - 43.3% |
|||
Electric Utilities - 43.3% |
|||
American Electric Power Co., Inc. |
602,600 |
$ 23,019,320 |
|
Edison International |
889,992 |
35,030,085 |
|
Entergy Corp. |
60,500 |
4,123,075 |
|
Exelon Corp. |
835,850 |
34,980,323 |
|
ITC Holdings Corp. |
319,705 |
23,111,474 |
|
NextEra Energy, Inc. |
874,179 |
50,658,672 |
|
NV Energy, Inc. |
1,480,201 |
23,342,770 |
|
Progress Energy, Inc. |
269,430 |
12,830,257 |
|
|
207,095,976 |
||
GAS UTILITIES - 8.6% |
|||
Gas Utilities - 8.6% |
|||
National Fuel Gas Co. |
229,192 |
16,510,992 |
|
ONEOK, Inc. |
259,799 |
18,469,111 |
|
UGI Corp. |
184,500 |
6,047,910 |
|
|
41,028,013 |
||
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 14.9% |
|||
Independent Power Producers & Energy Traders - 14.9% |
|||
AES Corp. (a) |
1,543,259 |
20,000,637 |
|
Calpine Corp. (a) |
937,696 |
14,806,220 |
|
Constellation Energy Group, Inc. |
559,634 |
20,807,192 |
|
GenOn Energy, Inc. (a) |
1,344,700 |
5,365,353 |
|
NRG Energy, Inc. (a) |
419,100 |
10,376,916 |
|
|
71,356,318 |
||
MULTI-UTILITIES - 30.9% |
|||
Multi-Utilities - 30.9% |
|||
CenterPoint Energy, Inc. |
932,257 |
18,020,528 |
|
|
|||
Shares |
Value |
||
NiSource, Inc. |
972,750 |
$ 19,746,825 |
|
OGE Energy Corp. |
274,061 |
13,996,295 |
|
PG&E Corp. |
634,624 |
27,529,989 |
|
Public Service Enterprise Group, Inc. |
1,005,211 |
33,674,569 |
|
Sempra Energy |
632,991 |
34,922,113 |
|
|
147,890,319 |
||
TOTAL COMMON STOCKS (Cost $420,827,922) |
467,370,626 |
||
Money Market Funds - 0.4% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) |
1,746,349 |
1,746,349 |
TOTAL INVESTMENT PORTFOLIO - 98.1% (Cost $422,574,271) |
469,116,975 |
|
NET OTHER ASSETS (LIABILITIES) - 1.9% |
9,311,935 |
|
NET ASSETS - 100% |
$ 478,428,910 |
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 |
$ 1,752 |
Fidelity Securities Lending Cash Central Fund |
481 |
Total |
$ 2,233 |
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, 2011, the cost of investment securities for income tax purposes was $424,801,850. Net unrealized appreciation aggregated $44,315,125, of which $47,094,088 related to appreciated investment securities and $2,778,963 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, 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 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, 2011
1.802194.107
WIR-QTLY-0711
Showing Percentage of Net Assets
Common Stocks - 99.7% |
|||
Shares |
Value |
||
COMMUNICATIONS EQUIPMENT - 27.3% |
|||
Communications Equipment - 27.3% |
|||
Alcatel-Lucent SA sponsored ADR (a) |
290,800 |
$ 1,648,836 |
|
Aruba Networks, Inc. (a)(d) |
222,384 |
6,320,153 |
|
China TechFaith Wireless Communication Technology Ltd. sponsored ADR (a) |
41,500 |
232,400 |
|
Harris Corp. |
62,300 |
3,080,112 |
|
InterDigital, Inc. |
7,300 |
313,973 |
|
Meru Networks, Inc. (a) |
11,400 |
204,174 |
|
Motorola Mobility Holdings, Inc. |
335,860 |
8,443,520 |
|
Motorola Solutions, Inc. |
277,568 |
13,287,180 |
|
QUALCOMM, Inc. |
572,750 |
33,557,423 |
|
Research In Motion Ltd. (a) |
228,500 |
9,791,226 |
|
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d) |
646,800 |
9,598,512 |
|
ViaSat, Inc. (a) |
89,700 |
3,971,019 |
|
|
90,448,528 |
||
COMPUTERS & PERIPHERALS - 4.0% |
|||
Computer Hardware - 4.0% |
|||
Apple, Inc. (a) |
37,900 |
13,182,757 |
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 7.5% |
|||
Alternative Carriers - 0.2% |
|||
Iliad SA |
4,392 |
562,371 |
|
Integrated Telecommunication Services - 7.3% |
|||
China Unicom (Hong Kong) Ltd. sponsored ADR (d) |
316,000 |
6,977,280 |
|
Deutsche Telekom AG |
100 |
1,486 |
|
Telefonica SA sponsored ADR |
308,400 |
7,503,372 |
|
Verizon Communications, Inc. |
266,800 |
9,852,924 |
|
|
24,335,062 |
||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES |
24,897,433 |
||
ELECTRICAL EQUIPMENT - 0.2% |
|||
Electrical Components & Equipment - 0.2% |
|||
Fushi Copperweld, Inc. (a) |
110,200 |
740,544 |
|
INTERNET SOFTWARE & SERVICES - 1.0% |
|||
Internet Software & Services - 1.0% |
|||
Active Network, Inc. |
2,600 |
47,710 |
|
Google, Inc. Class A (a) |
6,200 |
3,279,924 |
|
Renren, Inc. ADR |
2,400 |
30,840 |
|
|
3,358,474 |
||
IT SERVICES - 0.5% |
|||
IT Consulting & Other Services - 0.5% |
|||
Amdocs Ltd. (a) |
60,700 |
1,847,708 |
|
|
|||
Shares |
Value |
||
MEDIA - 3.9% |
|||
Cable & Satellite - 3.9% |
|||
Virgin Media, Inc. (d) |
397,500 |
$ 12,966,450 |
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.3% |
|||
Semiconductors - 2.3% |
|||
Avago Technologies Ltd. |
5,500 |
185,845 |
|
NVIDIA Corp. (a) |
280,900 |
5,629,236 |
|
RF Micro Devices, Inc. (a) |
265,900 |
1,675,170 |
|
Silicon Motion Technology Corp. sponsored ADR (a) |
3,900 |
47,580 |
|
|
7,537,831 |
||
SOFTWARE - 5.9% |
|||
Application Software - 5.9% |
|||
AsiaInfo Holdings, Inc. (a)(d) |
204,100 |
3,659,513 |
|
BroadSoft, Inc. (a) |
44,300 |
1,751,622 |
|
Gameloft (a) |
1,149,362 |
8,334,079 |
|
Motricity, Inc. (a) |
3,400 |
31,654 |
|
Nuance Communications, Inc. (a) |
75,800 |
1,664,568 |
|
Synchronoss Technologies, Inc. (a) |
126,000 |
4,044,600 |
|
|
19,486,036 |
||
Home Entertainment Software - 0.0% |
|||
Glu Mobile, Inc. (a)(d) |
28,623 |
145,691 |
|
TOTAL SOFTWARE |
19,631,727 |
||
WIRELESS TELECOMMUNICATION SERVICES - 47.1% |
|||
Wireless Telecommunication Services - 47.1% |
|||
America Movil SAB de CV Series L sponsored ADR |
400 |
21,080 |
|
American Tower Corp. Class A (a) |
345,092 |
19,145,704 |
|
China Mobile (Hong Kong) Ltd. sponsored ADR (d) |
137,000 |
6,270,490 |
|
Clearwire Corp. Class A (a)(d) |
1,132,600 |
5,209,960 |
|
Crown Castle International Corp. (a) |
329,500 |
13,644,595 |
|
KDDI Corp. |
6 |
43,029 |
|
Leap Wireless International, Inc. (a)(d) |
112,250 |
1,886,923 |
|
MetroPCS Communications, Inc. (a) |
178,900 |
3,202,310 |
|
Millicom International Cellular SA unit |
93,100 |
10,761,393 |
|
NII Holdings, Inc. (a) |
351,500 |
15,346,490 |
|
NTELOS Holdings Corp. |
111,100 |
2,316,435 |
|
NTT DoCoMo, Inc. sponsored ADR |
1,900 |
35,359 |
|
PT Indosat Tbk |
2,700 |
1,661 |
|
SBA Communications Corp. Class A (a) |
294,300 |
11,563,047 |
|
Sprint Nextel Corp. (a) |
4,105,531 |
24,017,356 |
|
Telephone & Data Systems, Inc. |
1,140 |
37,278 |
|
U.S. Cellular Corp. (a) |
21,900 |
1,081,860 |
|
VimpelCom Ltd. sponsored ADR |
2,500 |
35,200 |
|
Vodafone Group PLC sponsored ADR |
1,482,200 |
41,546,066 |
|
|
156,166,236 |
||
TOTAL COMMON STOCKS (Cost $305,540,630) |
330,777,688 |
||
Money Market Funds - 7.9% |
|||
Shares |
Value |
||
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) |
26,275,500 |
$ 26,275,500 |
TOTAL INVESTMENT PORTFOLIO - 107.6% (Cost $331,816,130) |
357,053,188 |
NET OTHER ASSETS (LIABILITIES) - (7.6)% |
(25,220,213) |
||
NET ASSETS - 100% |
$ 331,832,975 |
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 |
$ 449 |
Fidelity Securities Lending Cash Central Fund |
65,080 |
Total |
$ 65,529 |
Other Information |
The following is a summary of the inputs used, as of May 31, 2011, 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 |
$ 330,777,688 |
$ 330,734,659 |
$ 43,029 |
$ - |
Money Market Funds |
26,275,500 |
26,275,500 |
- |
- |
Total Investments in Securities: |
$ 357,053,188 |
$ 357,010,159 |
$ 43,029 |
$ - |
Income Tax Information |
At May 31, 2011, the cost of investment securities for income tax purposes was $340,753,560. Net unrealized appreciation aggregated $16,299,628, of which $36,474,053 related to appreciated investment securities and $20,174,425 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, 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 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
Item 2. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Select Portfolios' (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 29, 2011 |
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 29, 2011 |
By: |
/s/Christine Reynolds |
|
Christine Reynolds |
|
Chief Financial Officer |
|
|
Date: |
July 29, 2011 |
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 29, 2011
/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 29, 2011
/s/Christine Reynolds |
Christine Reynolds |
Chief Financial Officer |