Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Select Portfolios and Shareholders of Consumer Staples Portfolio, Health Care Portfolio, Biotechnology Portfolio, Pharmaceuticals Portfolio, Medical Equipment and Systems Portfolio, Medical Delivery Portfolio, Chemicals Portfolio, Gold Portfolio, Materials Portfolio, Leisure Portfolio, Retailing Portfolio, Automotive Portfolio, Multimedia Portfolio, Construction and Housing Portfolio, Consumer Discretionary Portfolio, Telecommunications Portfolio and Wireless Portfolio:
In planning and performing our audits of the financial statements of Consumer Staples Portfolio, Health Care Portfolio, Biotechnology Portfolio, Pharmaceuticals Portfolio, Medical Equipment and Systems Portfolio, Medical Delivery Portfolio, Chemicals Portfolio, Gold Portfolio, Materials Portfolio, Leisure Portfolio, Retailing Portfolio, Automotive Portfolio, Multimedia Portfolio, Construction and Housing Portfolio, Consumer Discretionary Portfolio, Telecommunications Portfolio and Wireless Portfolio (funds of Fidelity Select Portfolios) (the "Funds") as of and for the year ended February 28, 2015, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds' internal control over financial reporting.
The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund's internal control over financial reporting is a process designed 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. A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund's assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the fund's annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be material weaknesses as defined above as of February 28, 2015.
This report is intended solely for the information and use of the Board of Trustees of Fidelity Select Portfolios: management of Consumer Staples Portfolio, Health Care Portfolio, Biotechnology Portfolio, Pharmaceuticals Portfolio, Medical Equipment and Systems Portfolio, Medical Delivery Portfolio, Chemicals Portfolio, Gold Portfolio, Materials Portfolio, Leisure Portfolio, Retailing Portfolio, Automotive Portfolio, Multimedia Portfolio, Construction and Housing Portfolio, Consumer Discretionary Portfolio, Telecommunications Portfolio and Wireless Portfolio and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
April 24, 2015
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Select Portfolios and Shareholders of Utilities Portfolio:
In planning and performing our audit of the financial statements of Utilities Portfolio (the "Fund") as of and for the year ended February 28, 2015, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Fund's internal control over financial reporting.
The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund's internal control over financial reporting is a process designed 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. A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund's assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the fund's annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be material weaknesses as defined above as of February 28, 2015.
This report is intended solely for the information and use of the Board of Trustees of Fidelity Select Portfolios, management of Utilities Portfolio and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
April 13, 2015
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Select Portfolios and Shareholders of Energy Portfolio, Energy Service Portfolio, Natural Gas Portfolio, Natural Resources Portfolio, Financial Services Portfolio, Brokerage and Investment Management Portfolio, Insurance Portfolio, Consumer Finance Portfolio and Banking Portfolio:
In planning and performing our audits of the financial statements of Energy Portfolio, Energy Service Portfolio, Natural Gas Portfolio, Natural Resources Portfolio, Financial Services Portfolio, Brokerage and Investment Management Portfolio, Insurance Portfolio, Consumer Finance Portfolio and Banking Portfolio (funds of Fidelity Select Portfolios) (the "Funds") as of and for the year ended February 28, 2015, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds' internal control over financial reporting.
The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund's internal control over financial reporting is a process designed 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. A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund's assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the fund's annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be material weaknesses as defined above as of February 28, 2015.
This report is intended solely for the information and use of the Board of Trustees of Fidelity Select Portfolios:, management of Energy Portfolio, Energy Service Portfolio, Natural Gas Portfolio, Natural Resources Portfolio, Financial Services Portfolio, Brokerage and Investment Management Portfolio, Insurance Portfolio, Consumer Finance Portfolio and Banking Portfolio and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
April 15, 2015
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Exhibit 77Q1 - Additional Items |
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Item 15 |
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Foreign Sub-Custodian Network For Brown Brothers Harriman |
Market |
Subcustodian |
Zip Code |
City / Country |
Argentina |
CITIBANK, N.A. - BUENOS AIRES BRANCH |
C1036AAJ |
Buenos Aires / Argentina |
Australia |
HSBC BANK AUSTRALIA LIMITED FOR THE HONGKONG AND |
2000 |
Sydney / Australia |
Austria |
Deutsche Bank AG Vienna Branch |
1010 |
Vienna / Austria |
Bahrain |
HSBC BANK MIDDLE EAST LIMITED, BAHRAIN BRANCH FOR THE |
428 |
Manama / Bahrain |
Bangladesh |
Standard Chartered Bank, Bangladesh Branch |
1000 |
Dhaka / Bangladesh |
Belgium |
BNP Paribas Securities Services |
93500 |
Brussels / Belgium |
Bermuda |
HSBC BANK BERMUDA LIMITED FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC) |
HM11 |
Hamilton / Bermuda |
Bosnia |
UNICREDIT BANK D.D. FOR UNICREDIT BANK AUSTRIA AG |
1090 |
Vienna / Austria |
Botswana |
STANBIC BANK BOTSWANA LTD. FOR STANDARD BANK OF SOUTH AFRICA LIMITED |
Not Applicable |
Gaborone / Botswana |
Brazil |
Citibank N.A., São Paulo |
01311-920 |
Sao Paulo / Brazil |
Bulgaria |
CITIBANK EUROPE PLC, BULGARIA BRANCH FOR CITIBANK, N.A. |
1404 |
Sofia / Bulgaria |
Canada |
RBC INVESTOR SERVICES TRUST FOR ROYAL BANK OF CANADA (RBC) |
M5V 3L3 |
Toronto / Canada |
Chile |
Banco de Chile |
7550611 |
Santiago / Chile |
China |
Standard Chartered Bank (China) Limited |
200120 |
Shanghai / China |
Colombia |
Cititrust Colombia, S.A. Sociedad Fiduciaria |
Not Applicable |
Bogota / Colombia |
Costa Rica |
BANCO BCT SA FOR CORPORACION BCT SA |
10103 |
San Jose / Costa Rica |
Croatia |
ZAGREBACKA BANKA D.D. FOR UNICREDIT BANK AUSTRIA AG |
1090 |
Vienna / Austria |
Cyprus |
BNP Paribas Securities Services |
115 28 |
Athens / Greece |
Czech Republic |
CITIBANK EUROPE PLC, ORGANIZAÈNÍ SLOZKA FOR CITIBANK, N.A. |
158 02 |
Praha / Czech Republic |
Denmark |
SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), DANMARK BRANCH |
DK-1014 |
Copenhagen / Denmark |
Egypt |
HSBC Bank Egypt S.A.E. for the Hongkong & Shanghai Banking Corporation Limited (HSBC) |
11511 |
Cairo / Egypt |
Estonia |
SWEDBANK AS FOR NORDEA BANK FINLAND PLC AND NORDEA BANK AB (PUBL) |
FI-00020 NORDEA |
Tallinn / Finland |
Finland |
Nordea Bank Finland Plc |
FI-00020 NORDEA |
Helsinki / Finland |
France |
BNP Paribas Securities Services S.A., Paris Branch |
93500 |
Paris / France |
Germany |
Deutsche Bank AG, Frankfurt |
D-65760 |
Frankfurt / Germany |
Ghana |
STANDARD CHARTERED BANK GHANA LIMITED FOR STANDARD CHARTERED BANK & STANDARD CHARTERED BANK GHANA LIMITED |
00233 |
Accra / Ghana |
Greece |
HSBC BANK PLC - ATHENS BRANCH FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC) |
11526 |
Athens / Greece |
Hong Kong |
The Hongkong & Shanghai Banking Corporation Limited (HSBC) |
Not Applicable |
Central / Hong Kong |
Hungary |
UNICREDIT BANK HUNGARY ZRT FOR UNICREDIT BANK HUNGARY ZRT AND UNICREDIT BANK AUSTRIA AG |
HU-1054 |
Budapest / Hungary |
Iceland |
LANDSBANKINN HF. |
155 |
Reykjavik / Iceland |
India |
Citibank, N.A., Mumbai Branch |
400 051 |
Mumbai / India |
|
The Hongkong & Shanghai Banking Corporation Limited (HSBC), India Branch |
400 0057 |
Mumbai / India |
Indonesia |
Citibank, N.A., Jakarta Branch |
12190 |
Jakarta / Indonesia |
Ireland |
Citibank N.A., London Branch |
E14 5LB |
London / UK |
Israel |
Bank Hapoalim BM |
66883 |
Tel Aviv / Israel |
Italy |
BNP Paribas Securities Services, Milan Branch |
20123 |
Milan / Italy |
Ivory Coast |
STANDARD CHARTERED BANK COTE D'IVOIRE FOR STANDARD CHARTERED BANK |
1141 |
Abidjan / Ivory Coast |
Japan |
Bank of Tokyo-Mitsubishi UFJ Ltd |
103-0021 |
Tokyo / Japan |
Kazakhstan |
SB HSBC BANK KAZAKHSTAN JSC FOR THE HONGKONG AND SHANGHAI |
50010 |
Almaty / Kazakhstan |
Kenya |
CFC STANBIC BANK LIMITED FOR STANDARD BANK OF SOUTH AFRICA LIMITED |
00200 |
Nairobi / Kenya |
Kuwait |
HSBC BANK MIDDLE EAST LIMITED - KUWAIT BRANCH FOR THE |
13017 |
Kuwait City, Kuwait |
Latvia |
SWEDBANK" AS FOR NORDEA BANK FINLAND PLC AND NORDEA BANK AB (PUBL) |
FI-00020 NORDEA |
Helsinki / Finland |
Lebanon |
HSBC BANK MIDDLE EAST LIMITED - LEBANON BRANCH FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC) |
Not Applicable |
Beirut / Lebanon |
Lituania |
"SWEDBANK" AB FOR NORDEA BANK FINLAND PLC AND NORDEA BANK AB (PUBL) |
FI-00020 NORDEA |
Helsinki / Finland |
Luxembourg |
KBL European Private Bankers S.A. |
L-2955 |
Luxembourg |
Malaysia |
Standard Chartered Bank Malaysia Berhad for Standard Chartered Bank |
50250 |
Kuala Lumpur / Malaysia |
Mauritius |
Hongkong & Shanghai Banking Corporation (HSBC), Mauritius Branch |
Not Applicable |
Port Louis / Mauritius |
Mexico |
Banco Nacional de Mexico, S.A. (Banamex) for Citibank N.A. |
1210 |
Mexico City / Mexico |
Morocco |
Citibank Maghreb for Citibank N.A. |
20190 |
Casablanca / Morocco |
Namibia |
Standard Bank Namibia Ltd for Standard Bank of South Africa Limited |
Not Applicable |
Windhoek / Namibia |
Netherlands |
BNP Paribas Securities Services, |
93500 |
Amsterdam / Netherlands |
New Zealand |
Hongkong & Shanghai Banking Corporation Limited (HSBC), New Zealand Branch |
1010 |
Auckland / New Zealand |
Nigeria |
Stanbic IBTC Bank Plc for Standard Bank of South Africa Limited |
101007 |
Lagos / Nigeria |
Norway |
NORDEA BANK NORGE ASA FOR NORDEA BANK NORGE ASA AND NORDEA BANK AB (PUBL) |
NO-0107 |
Oslo / Norway |
Oman |
HSBC BANK OMAN SAOG FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC) |
PC 112 |
Ruwi / Oman |
Pakistan |
STANDARD CHARTERED BANK (PAKISTAN) LIMITED FOR STANDARD CHARTERED BANK |
74000 |
Karachi / Pakistan |
Palestine |
HSBC BANK MIDDLE EAST LIMITED - PALESTINE BRANCH FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC) |
Not Applicable |
Ramallah / Palestine |
Peru |
Citibank del Peru S.A. for Citibank N.A. |
27 |
Lima / Peru |
Philippines |
Hongkong & Shanghai Banking Corporation (HSBC), Philippine Branch |
1634 |
Manila / Philippines |
Poland |
Bank Handlowy w Warszawie SA (BHS) for Citibank N.A. |
00-923 |
Warsaw / Poland |
Portugal |
BNP Paribas Securities Services |
93500 |
Paris / France |
Qatar |
HSBC BANK MIDDLE EAST LTD - QATAR BRANCH FOR THE HONGKONG AND SHANGHAI
BANKING CORPORATION LIMITED |
JE4 8UB |
Doha / Qatar |
Romania |
Citibank Europe plc - Romanian branch |
11745 |
Bucharest / Romania |
Russia |
ZAO Citibank for Citibank N.A. |
125047 |
Moscow / Russia |
Saudi Arabia |
HSBC SAUDI ARABIA LIMITED FOR THE HONGKONG AND SHANGHAI |
11413 |
Riyadh / Saudi Arabia |
Serbia |
UNICREDIT BANK SERBIA JSC FOR UNICREDIT BANK AUSTRIA AG |
1090 |
Belgrade / Serbia |
Singapore |
Standard Chartered Bank, Singapore branch |
18981 |
Singapore |
Slovakia |
Citibank Europe plc - Slovak Republic |
811 02 |
Bratislava / Slovakia |
Slovenia |
UNICREDIT BANKA SLOVENIJA DD FOR UNICREDIT BANKA SLOVENIJA DD & UNICREDIT BANK AUSTRIA AG |
1090 |
Vienna / Austria |
South Africa |
Societe Generale, Johannesburg (SG) Johannesburg |
2001 |
Johannesburg / South Africa |
South Korea |
Citibank Korea Inc. for Citibank N.A. |
100-180 |
Seoul / South Korea |
Spain |
Société Générale Sucursal en España S.A. |
28016 |
Madrid / Spain |
Sri Lanka |
Hongkong & Shanghai Banking Corporation Limited (HSBC), Sri Lanka Branch |
Not Applicable |
Colombo / Sri Lanka |
Swaziland |
STANDARD BANK SWAZILAND LTD. FOR STANDARD BANK OF |
Not Applicable |
Mbabane / Swaziland |
Sweden |
Skandinaviska Enskilda Banken AB (publ) |
SE-106 40 |
Stockholm / Sweden |
Switzerland |
UBS AG |
CH-8098 |
Zurich / Switzerland |
Taiwan |
Standard Chartered Bank (Taiwan) Ltd. For Standard Chartered Bank |
105 |
Taipei / Taiwan |
Tanzania |
STANDARD CHARTERED BANK TANZANIA LIMITED AND STANDARD CHARTERED BANK (MAURITIUS) LIMITED FOR STANDARD CHARTERED BANK |
Not Applicable |
Port Louis / Mauritius |
Thailand |
Hongkong & Shanghai Banking Corporation Limited (HSBC), Thailand Branch |
10500 |
Bangkok / Thailand |
Transnational |
Brown Brothers Harriman & Co. (BBH & Co.) |
10005-1101 |
Boston, MA / New York, NY |
Trinidad & Tobago |
REPUBLIC BANK LIMITED |
Not Applicable |
Port of Spain / Trinidad & Tobago |
Tunisia |
BANQUE INTERNATIONALE ARABE DE TUNISIE (BIAT) |
1080 |
Tunis / Tunisia |
Turkey |
Citibank Anonim Sirkiti for Citibank N.A. |
34394 |
Istanbul / Turkey |
Uganda |
STANDARD CHARTERED BANK UGANDA LIMITED FOR STANDARD |
256 |
Kampala / Uganda |
Ukraine |
PUBLIC JOINT STOCK COMPANY "CITIBANK" FOR CITIBANK, N.A. |
4070 |
Kiev / Ukraine |
United Arab Emirates |
HSBC BANK MIDDLE EAST LIMITED FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC) |
337-1500 |
Dubai / UAE |
United Kingdom |
HSBC Bank Plc |
E14 5HQ |
London / UK |
Uruguay |
BANCO ITAÚ URUGUAY S.A. FOR BANCO ITAÚ URUGUAY S.A. AND ITAÚ UNIBANCO S.A. |
11000 |
Montevideo / Uruguay |
Venezuela |
Citibank, N.A., Caracas Branch |
1050 |
Caracas / Venezuela |
Vietnam |
HSBC BANK (VIETNAM) LTD. FOR THE HONGKONG AND SHANGHAI |
Not Applicable |
Hanoi, Vietnam |
Zambia |
STANBIC BANK ZAMBIA LTD. FOR STANDARD BANK OF SOUTH AFRICA LIMITED |
10101 |
Lusaka / Zambia |
Zimbabwe |
STANBIC BANK ZIMBABWE LTD. FOR STANDARD BANK OF SOUTH AFRICA LIMITED |
Not Applicable |
Harare / Zimbabwe |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Select Portfolios and Shareholders of Computers Portfolio, Electronics Portfolio, Software and Computer Services Portfolio, Technology Portfolio, IT Services Portfolio, Communications Equipment Portfolio, Air Transportation Portfolio, Defense and Aerospace Portfolio, Industrial Equipment Portfolio, Transportation Portfolio, Industrials Portfolio, Environment and Alternative Energy Portfolio:
In planning and performing our audits of the financial statements of Computers Portfolio, Electronics Portfolio, Software and Computer Services Portfolio, Technology Portfolio, IT Services Portfolio, Communications Equipment Portfolio, Air Transportation Portfolio, Defense and Aerospace Portfolio, Industrial Equipment Portfolio, Transportation Portfolio, Industrials Portfolio, Environment and Alternative Energy Portfolio (funds of Fidelity Select Portfolios) (the "Funds") as of and for the year ended February 28, 2015, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds' internal control over financial reporting.
The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund's internal control over financial reporting is a process designed 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. A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund's assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the fund's annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be material weaknesses as defined above as of February 28, 2015.
This report is intended solely for the information and use of the Board of Trustees of Fidelity Select Portfolios:, management of Computers Portfolio, Electronics Portfolio, Software and Computer Services Portfolio, Technology Portfolio, IT Services Portfolio, Communications Equipment Portfolio, Air Transportation Portfolio, Defense and Aerospace Portfolio, Industrial Equipment Portfolio, Transportation Portfolio, Industrials Portfolio, Environment and Alternative Energy Portfolio and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
April 20, 2015