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0000754510-06-000024.txt : 20060731
0000754510-06-000024.hdr.sgml : 20060731
20060731115136
ACCESSION NUMBER: 0000754510-06-000024
CONFORMED SUBMISSION TYPE: N-Q
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20060531
FILED AS OF DATE: 20060731
DATE AS OF CHANGE: 20060731
EFFECTIVENESS DATE: 20060731
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: FIDELITY SELECT PORTFOLIOS
CENTRAL INDEX KEY: 0000320351
IRS NUMBER: 042732797
STATE OF INCORPORATION: MA
FISCAL YEAR END: 0228
FILING VALUES:
FORM TYPE: N-Q
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-03114
FILM NUMBER: 06990039
BUSINESS ADDRESS:
STREET 1: 82 DEVONSHIRE ST
CITY: BOSTON
STATE: MA
ZIP: 02109
BUSINESS PHONE: 617-563-1413
MAIL ADDRESS:
STREET 1: 82 DEVONSHIRE STREET
STREET 2: MAILZONE Z1C
CITY: BOSTON
STATE: MA
ZIP: 02109
0000320351
S000007453
Air Tranportation Portfolio
C000020427
Air Transportation Portfolio
FSAIX
0000320351
S000007454
Consumer Industries Portfolio
C000020428
Consumer Industries Portfolio
FSCPX
0000320351
S000007455
Cyclical Industries Portfolio
C000020429
Cyclical Industries Portfolio
FCYIX
0000320351
S000007456
Defense and Aerospace Portfolio
C000020430
Defense and Aerospace Portfolio
FSDAX
0000320351
S000007457
Developing Communications Portfolio
C000020431
Developing Communications Portfolio
FSDCX
0000320351
S000007458
Electronics Portfolio
C000020432
Electronics Portfolio
FSELX
0000320351
S000007459
Energy Portfolio
C000020433
Energy Portfolio
FSENX
0000320351
S000007460
Energy Service Portfolio
C000020434
Energy Service Portfolio
FSESX
0000320351
S000007461
Environmental Portfolio
C000020435
Environmental Portfolio
FSLEX
0000320351
S000007462
Financial Services Portfolio
C000020436
Financial Services Portfolio
FIDSX
0000320351
S000007463
Food and Agriculture Portfolio
C000020437
Food and Agriculture Portfolio
FDFAX
0000320351
S000007464
Automotive Portfolio
C000020438
Automotive Portfolio
FSAVX
0000320351
S000007465
Gold Portfolio
C000020439
Gold Portfolio
FSAGX
0000320351
S000007466
Health Care Portfolio
C000020440
Health Care Portfolio
FSPHX
0000320351
S000007467
Home Finance Portfolio
C000020441
Home Finance Portfolio
FSVLX
0000320351
S000007468
Industrial Equipment Portfolio
C000020442
Industrial Equipment Portfolio
FSCGX
0000320351
S000007469
Industrial Materials Portfolio
C000020443
Industrial Materials Portfolio
FSDPX
0000320351
S000007470
Insurance Portfolio
C000020444
Insurance Portfolio
FSPCX
0000320351
S000007471
Leisure Portfolio
C000020445
Leisure Portfolio
FDLSX
0000320351
S000007472
Medical Delivery Portfolio
C000020446
Medical Delivery Portfolio
FSHCX
0000320351
S000007473
Medical Equipment and Systems Portfolio
C000020447
Medical Equipment and Systems Portfolio
FSMEX
0000320351
S000007474
Money Market Portfolio
C000020448
Money Market Portfolio
FSLXX
0000320351
S000007475
Banking Portfolio
C000020449
Banking Portfolio
FSRBX
0000320351
S000007476
Multimedia Portfolio
C000020450
Multimedia Portfolio
FBMPX
0000320351
S000007477
Natural Gas Portfolio
C000020451
Natural Gas Portfolio
FSNGX
0000320351
S000007478
Natural Resources Portfolio
C000020452
Natural Resources Portfolio
FNARX
0000320351
S000007479
Networking and Infrastructure Portfolio
C000020453
Networking and Infrastructure Portfolio
FNINX
0000320351
S000007480
Paper and Forest Products Portfolio
C000020454
Paper and Forest Products Portfolio
FSPFX
0000320351
S000007481
Pharmaceuticals Portfolio
C000020455
Pharmaceuticals Portfolio
FPHAX
0000320351
S000007482
Retailing Portfolio
C000020456
Retailing Portfolio
FSRPX
0000320351
S000007483
Software and Computer Services Portfolio
C000020457
Software and Computer Services Portfolio
FSCSX
0000320351
S000007484
Technology Portfolio
C000020458
Technology Portfolio
FSPTX
0000320351
S000007485
Telecommunications Portfolio
C000020459
Telecommunications Portfolio
FSTCX
0000320351
S000007486
Biotechnology Portfolio
C000020460
Biotechnology Portfolio
FBIOX
0000320351
S000007487
Transportation Portfolio
C000020461
Transportation Portfolio
FSRFX
0000320351
S000007488
Utilities Growth Portfolio
C000020462
Utilities Growth Portfolio
FSUTX
0000320351
S000007489
Wireless Portfolio
C000020463
Wireless Portfolio
FWRLX
0000320351
S000007490
Brokerage and Investment Management Portfolio
C000020464
Brokerage and Investment Management Portfolio
FSLBX
0000320351
S000007491
Business Services and Outsourcing Portfolio
C000020465
Business Services and Outsourcing Portfolio
FBSOX
0000320351
S000007492
Chemicals Portfolio
C000020466
Chemicals Portfolio
FSCHX
0000320351
S000007493
Computers Portfolio
C000020467
Computers Portfolio
FDCPX
0000320351
S000007494
Construction and Housing Portfolio
C000020468
Construction and Housing Portfolio
FSHOX
N-Q
1
main.htm
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)
Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end:
|
February 28
|
|
|
Date of reporting period:
|
May 31, 2006
|
Item 1. Schedule of Investments
Quarterly Holdings Report
for
Fidelity ® Select Air Transportation Portfolio
May 31, 2006
1.802153.102
AIR-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 101.3%
|
|
Shares
|
|
Value
|
AEROSPACE & DEFENSE - 37.8%
|
Aerospace & Defense - 37.8%
|
Alliant Techsystems, Inc. (a)
|
11,700
|
|
$ 913,302
|
Bombardier, Inc. Class B (sub. vtg.) (a)
|
1,813,700
|
|
5,187,882
|
General Dynamics Corp.
|
135,500
|
|
8,623,219
|
Goodrich Corp.
|
4,200
|
|
179,046
|
Hexcel Corp. (a)
|
104,300
|
|
2,146,494
|
Honeywell International, Inc.
|
21,000
|
|
864,780
|
L-3 Communications Holdings, Inc.
|
18,600
|
|
1,357,056
|
Lockheed Martin Corp.
|
22,200
|
|
1,609,278
|
Orbital Sciences Corp. (a)
|
60,200
|
|
902,398
|
Precision Castparts Corp.
|
141,000
|
|
8,125,830
|
Raytheon Co.
|
55,800
|
|
2,558,430
|
Rockwell Collins, Inc.
|
143,400
|
|
7,829,640
|
Rolls-Royce Group PLC
|
2,300
|
|
17,764
|
The Boeing Co.
|
13,900
|
|
1,157,175
|
United Technologies Corp.
|
50,600
|
|
3,163,512
|
|
|
44,635,806
|
AIR FREIGHT & LOGISTICS - 22.3%
|
Air Freight & Logistics - 22.3%
|
C.H. Robinson Worldwide, Inc.
|
167,500
|
|
7,376,700
|
EGL, Inc. (a)
|
3
|
|
135
|
Expeditors International of Washington, Inc.
|
75,300
|
|
7,413,285
|
FedEx Corp.
|
27,850
|
|
3,043,170
|
Forward Air Corp.
|
48,300
|
|
1,807,386
|
Hub Group, Inc. Class A (a)
|
5,350
|
|
253,162
|
United Parcel Service, Inc. Class B
|
55,100
|
|
4,438,305
|
UTI Worldwide, Inc.
|
70,900
|
|
1,930,607
|
|
|
26,262,750
|
AIRLINES - 28.2%
|
Airlines - 28.2%
|
AirTran Holdings, Inc. (a)
|
273,100
|
|
3,359,130
|
Alaska Air Group, Inc. (a)
|
100
|
|
3,874
|
AMR Corp. (a)
|
245,500
|
|
6,054,030
|
British Airways PLC ADR (a)
|
800
|
|
51,144
|
Continental Airlines, Inc. Class B (a)
|
34,500
|
|
855,600
|
Delta Air Lines, Inc. (a)
|
76,800
|
|
51,456
|
ExpressJet Holdings, Inc. Class A (a)
|
200
|
|
1,174
|
Frontier Airlines Holdings, Inc. (a)(d)
|
144,565
|
|
894,857
|
JetBlue Airways Corp. (a)(d)
|
273,118
|
|
2,845,890
|
Northwest Airlines Corp. (a)
|
49,300
|
|
28,594
|
Pinnacle Airlines Corp. (a)
|
600
|
|
4,104
|
Republic Airways Holdings, Inc. (a)
|
108,100
|
|
1,659,335
|
Ryanair Holdings PLC sponsored ADR (a)(d)
|
52,600
|
|
2,576,874
|
SkyWest, Inc.
|
200
|
|
4,646
|
Southwest Airlines Co.
|
474,825
|
|
7,644,683
|
UAL Corp. (a)
|
125,300
|
|
3,687,579
|
|
|
Shares
|
|
Value
|
US Airways Group, Inc. (a)(d)
|
70,066
|
|
$ 3,272,082
|
WestJet Airlines Ltd. (a)
|
22,050
|
|
227,258
|
|
|
33,222,310
|
COMMERCIAL SERVICES & SUPPLIES - 3.7%
|
Diversified Commercial & Professional Services - 3.7%
|
The Brink's Co.
|
79,500
|
|
4,368,525
|
COMMUNICATIONS EQUIPMENT - 3.6%
|
Communications Equipment - 3.6%
|
Harris Corp.
|
105,400
|
|
4,291,888
|
METALS & MINING - 5.7%
|
Diversified Metals & Mining - 5.0%
|
RTI International Metals, Inc. (a)
|
25,800
|
|
1,549,290
|
Titanium Metals Corp. (a)
|
113,700
|
|
4,114,803
|
VSMPO-AVISMA Corp. warrants (UBS Warrant Programme) 9/28/06 (a)
|
1,180
|
|
253,110
|
|
|
5,917,203
|
Steel - 0.7%
|
Allegheny Technologies, Inc.
|
13,500
|
|
859,005
|
TOTAL METALS & MINING
|
|
6,776,208
|
OIL, GAS & CONSUMABLE FUELS - 0.0%
|
Oil & Gas Storage & Transport - 0.0%
|
Ship Finance International Ltd.
(NY Shares)
|
18
|
|
306
|
TOTAL COMMON STOCKS
(Cost $103,114,060)
|
119,557,793
|
Money Market Funds - 9.0%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
1,365,694
|
|
1,365,694
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
9,274,625
|
|
9,274,625
|
TOTAL MONEY MARKET FUNDS
(Cost $10,640,319)
|
10,640,319
|
TOTAL INVESTMENT PORTFOLIO - 110.3%
(Cost $113,754,379)
|
130,198,112
|
NET OTHER ASSETS - (10.3)%
|
(12,200,239)
|
NET ASSETS - 100%
|
$ 117,997,873
|
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.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 63,995
|
Fidelity Securities Lending Cash Central Fund
|
15,841
|
Total
|
$ 79,836
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $113,927,334. Net unrealized appreciation aggregated $16,270,778,
of which $21,710,868 related to appreciated investment securities and $5,440,090 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Automotive Portfolio
May 31, 2006
1.802154.102
AUT-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.7%
|
|
Shares
|
|
Value
|
AUTO COMPONENTS - 33.1%
|
Auto Parts & Equipment - 31.8%
|
American Axle & Manufacturing Holdings, Inc.
|
28,696
|
|
$ 503,041
|
Amerigon, Inc. (a)
|
82,900
|
|
659,055
|
Autoliv, Inc.
|
1,100
|
|
61,160
|
Bharat Forge Ltd.
|
24,786
|
|
181,111
|
BorgWarner, Inc.
|
12,000
|
|
789,360
|
Gentex Corp.
|
56,700
|
|
821,583
|
Johnson Controls, Inc.
|
20,690
|
|
1,762,166
|
Kongsberg Automotive AS
|
200
|
|
1,875
|
Lear Corp. (d)
|
5,600
|
|
132,720
|
LKQ Corp. (a)
|
13,500
|
|
263,925
|
Magna International, Inc. Class A
|
500
|
|
38,411
|
Quantum Fuel Systems Technologies Worldwide, Inc. (a)(d)
|
37,600
|
|
150,400
|
Tenneco, Inc. (a)
|
3,100
|
|
73,904
|
TRW Automotive Holdings Corp. (a)
|
12,600
|
|
345,114
|
Visteon Corp. (a)
|
87,100
|
|
646,282
|
|
|
6,430,107
|
Tires & Rubber - 1.3%
|
Continental AG (d)
|
1,900
|
|
207,555
|
Goodyear Tire & Rubber Co. (a)
|
3,500
|
|
44,520
|
|
|
252,075
|
TOTAL AUTO COMPONENTS
|
|
6,682,182
|
AUTOMOBILES - 25.7%
|
Automobile Manufacturers - 24.6%
|
Bayerische Motoren Werke AG (BMW)
|
4,100
|
|
210,934
|
DaimlerChrysler AG
|
3,600
|
|
189,396
|
Ford Motor Co.
|
20,100
|
|
143,916
|
General Motors Corp. (d)
|
8,200
|
|
220,826
|
Honda Motor Co. Ltd. sponsored ADR
|
33,300
|
|
1,099,899
|
Hyundai Motor Co.
|
7,220
|
|
556,090
|
Maruti Udyog Ltd.
|
2,240
|
|
35,556
|
Monaco Coach Corp.
|
1,100
|
|
14,344
|
Nissan Motor Co. Ltd. sponsored ADR (d)
|
39,000
|
|
945,750
|
Renault SA
|
1,800
|
|
206,943
|
Toyota Motor Corp.
|
22,600
|
|
1,213,394
|
Toyota Motor Corp. sponsored ADR
|
900
|
|
96,642
|
Winnebago Industries, Inc.
|
1,000
|
|
28,380
|
|
|
4,962,070
|
Motorcycle Manufacturers - 1.1%
|
Bajaj Auto Ltd.
|
2,162
|
|
127,985
|
Harley-Davidson, Inc.
|
2,000
|
|
99,700
|
|
|
227,685
|
TOTAL AUTOMOBILES
|
|
5,189,755
|
|
|
Shares
|
|
Value
|
BEVERAGES - 0.3%
|
Distillers & Vintners - 0.3%
|
MGP Ingredients, Inc.
|
2,100
|
|
$ 59,808
|
BUILDING PRODUCTS - 0.2%
|
Building Products - 0.2%
|
Quixote Corp.
|
2,600
|
|
50,752
|
COMMERCIAL SERVICES & SUPPLIES - 0.6%
|
Diversified Commercial & Professional Services - 0.6%
|
Adesa, Inc.
|
2,200
|
|
50,072
|
Copart, Inc. (a)
|
2,500
|
|
68,600
|
|
|
118,672
|
COMMUNICATIONS EQUIPMENT - 0.3%
|
Communications Equipment - 0.3%
|
Ituran Location & Control Ltd.
|
4,200
|
|
62,454
|
DISTRIBUTORS - 2.5%
|
Distributors - 2.5%
|
Genuine Parts Co.
|
9,800
|
|
421,988
|
Keystone Automotive Industries, Inc. (a)
|
2,000
|
|
80,640
|
|
|
502,628
|
DIVERSIFIED CONSUMER SERVICES - 0.2%
|
Education Services - 0.2%
|
Universal Technical Institute, Inc. (a)
|
1,700
|
|
42,075
|
ELECTRICAL EQUIPMENT - 1.2%
|
Electrical Components & Equipment - 1.2%
|
Energy Conversion Devices, Inc. (a)
|
4,100
|
|
162,975
|
Hoku Scientific, Inc.
|
7,500
|
|
33,300
|
Millennium Cell, Inc. (a)
|
29,500
|
|
46,610
|
|
|
242,885
|
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.3%
|
Electronic Equipment & Instruments - 1.3%
|
Iteris, Inc. (a)
|
102,200
|
|
243,236
|
LoJack Corp. (a)
|
1,600
|
|
28,240
|
|
|
271,476
|
FOOD & STAPLES RETAILING - 1.0%
|
Food Distributors - 1.0%
|
Andersons, Inc.
|
2,000
|
|
206,560
|
FOOD PRODUCTS - 0.3%
|
Agricultural Products - 0.3%
|
Archer-Daniels-Midland Co.
|
1,400
|
|
58,198
|
HOUSEHOLD DURABLES - 5.8%
|
Consumer Electronics - 5.6%
|
Directed Electronics, Inc.
|
4,000
|
|
55,200
|
Harman International Industries, Inc.
|
12,700
|
|
1,076,071
|
|
|
1,131,271
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
HOUSEHOLD DURABLES - CONTINUED
|
Household Appliances - 0.2%
|
Snap-On, Inc.
|
900
|
|
$ 37,692
|
TOTAL HOUSEHOLD DURABLES
|
|
1,168,963
|
INTERNET SOFTWARE & SERVICES - 0.2%
|
Internet Software & Services - 0.2%
|
Traffic.com, Inc.
|
7,700
|
|
37,884
|
LEISURE EQUIPMENT & PRODUCTS - 5.1%
|
Leisure Products - 5.1%
|
Brunswick Corp.
|
6,200
|
|
222,766
|
MarineMax, Inc. (a)
|
23,700
|
|
681,849
|
Polaris Industries, Inc.
|
2,900
|
|
129,137
|
|
|
1,033,752
|
MACHINERY - 5.6%
|
Construction & Farm Machinery & Heavy Trucks - 4.3%
|
Cummins, Inc.
|
900
|
|
99,189
|
Oshkosh Truck Co.
|
7,200
|
|
380,520
|
PACCAR, Inc.
|
2,525
|
|
194,046
|
Tata Motors Ltd. sponsored ADR
|
2,400
|
|
40,320
|
Terex Corp. (a)
|
1,700
|
|
155,550
|
|
|
869,625
|
Industrial Machinery - 1.3%
|
Eaton Corp.
|
3,700
|
|
272,098
|
TOTAL MACHINERY
|
|
1,141,723
|
MEDIA - 0.4%
|
Broadcasting & Cable TV - 0.4%
|
XM Satellite Radio Holdings, Inc.
Class A (a)
|
5,500
|
|
79,310
|
METALS & MINING - 0.6%
|
Aluminum - 0.3%
|
Alcoa, Inc.
|
1,800
|
|
57,096
|
Steel - 0.3%
|
Allegheny Technologies, Inc.
|
1,000
|
|
63,630
|
TOTAL METALS & MINING
|
|
120,726
|
OIL, GAS & CONSUMABLE FUELS - 0.9%
|
Oil & Gas Exploration & Production - 0.9%
|
Pacific Ethanol, Inc. (a)(d)
|
6,100
|
|
177,571
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
|
Semiconductors - 0.2%
|
SiRF Technology Holdings, Inc. (a)
|
1,584
|
|
46,427
|
SOFTWARE - 3.1%
|
Application Software - 2.9%
|
NAVTEQ Corp. (a)
|
14,200
|
|
592,850
|
|
|
Shares
|
|
Value
|
Systems Software - 0.2%
|
Quorum Information Technologies, Inc. (a)
|
23,000
|
|
$ 31,955
|
TOTAL SOFTWARE
|
|
624,805
|
SPECIALTY RETAIL - 9.1%
|
Automotive Retail - 9.1%
|
Advance Auto Parts, Inc.
|
3,100
|
|
118,172
|
Asbury Automotive Group, Inc. (a)
|
3,600
|
|
75,096
|
AutoNation, Inc. (a)
|
6,900
|
|
149,661
|
AutoZone, Inc. (a)
|
7,800
|
|
707,694
|
Group 1 Automotive, Inc.
|
6,000
|
|
364,620
|
Lithia Motors, Inc. Class A (sub. vtg.)
|
5,000
|
|
160,000
|
Monro Muffler Brake, Inc.
|
4,100
|
|
148,133
|
O'Reilly Automotive, Inc. (a)
|
2,000
|
|
63,380
|
United Auto Group, Inc.
|
1,100
|
|
46,354
|
|
|
1,833,110
|
TOTAL COMMON STOCKS
(Cost $19,788,293)
|
19,751,716
|
Nonconvertible Preferred Stocks - 1.0%
|
|
|
|
|
AUTOMOBILES - 1.0%
|
Automobile Manufacturers - 1.0%
|
Porsche AG (non-vtg.)
(Cost $181,756)
|
206
|
|
199,689
|
Money Market Funds - 7.9%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
254,007
|
|
254,007
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
1,334,010
|
|
1,334,010
|
TOTAL MONEY MARKET FUNDS
(Cost $1,588,017)
|
1,588,017
|
TOTAL INVESTMENT PORTFOLIO - 106.6%
(Cost $21,558,066)
|
21,539,422
|
NET OTHER ASSETS - (6.6)%
|
(1,330,272)
|
NET ASSETS - 100%
|
$ 20,209,150
|
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.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 6,669
|
Fidelity Securities Lending Cash Central Fund
|
7,186
|
Total
|
$ 13,855
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $21,673,993. Net unrealized depreciation aggregated $134,571, of
which $1,499,313 related to appreciated investment securities and $1,633,884 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds, including Central Funds, are valued at their closing net asset
value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized
cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be
determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close
of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The
frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same
securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Multimedia Portfolio
May 31, 2006
1.802182.102
BAM-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 90.5%
|
|
Shares
|
|
Value
|
COMMERCIAL SERVICES & SUPPLIES - 1.7%
|
Human Resource & Employment Services - 1.7%
|
Monster Worldwide, Inc. (a)
|
28,200
|
|
$ 1,378,134
|
HOTELS, RESTAURANTS & LEISURE - 2.8%
|
Hotels, Resorts & Cruise Lines - 2.8%
|
Ctrip.com International Ltd.
sponsored ADR
|
26,400
|
|
1,269,840
|
eLong, Inc. sponsored ADR (a)
|
69,400
|
|
1,033,366
|
|
|
2,303,206
|
HOUSEHOLD DURABLES - 0.4%
|
Consumer Electronics - 0.4%
|
Dolby Laboratories, Inc. Class A (a)
|
14,000
|
|
309,120
|
INTERNET & CATALOG RETAIL - 1.3%
|
Internet Retail - 1.3%
|
Expedia, Inc. (a)
|
78,600
|
|
1,116,906
|
INTERNET SOFTWARE & SERVICES - 24.6%
|
Internet Software & Services - 24.6%
|
AD Pepper Media International NV (a)
|
33,300
|
|
473,328
|
aQuantive, Inc. (a)
|
57,500
|
|
1,425,425
|
CNET Networks, Inc. (a)
|
30,700
|
|
268,932
|
Digitas, Inc. (a)
|
29,500
|
|
383,795
|
eBay, Inc. (a)
|
10,300
|
|
337,943
|
Equinix, Inc. (a)
|
4,900
|
|
285,572
|
Google, Inc. Class A (sub. vtg.) (a)
|
22,300
|
|
8,291,585
|
Homestore, Inc. (a)
|
106,000
|
|
631,760
|
NHN Corp. (a)
|
1,600
|
|
480,861
|
Sina Corp. (a)
|
13,400
|
|
328,836
|
Sohu.com, Inc. (a)
|
14,500
|
|
361,485
|
ValueClick, Inc. (a)
|
25,000
|
|
394,000
|
WebSideStory, Inc. (a)
|
19,300
|
|
264,603
|
Yahoo!, Inc. (a)
|
197,650
|
|
6,243,764
|
|
|
20,171,889
|
MEDIA - 54.5%
|
Advertising - 9.6%
|
Focus Media Holding Ltd. ADR
|
3,200
|
|
202,144
|
Harte-Hanks, Inc.
|
14,100
|
|
385,494
|
Interpublic Group of Companies, Inc. (a)
|
134,147
|
|
1,278,421
|
Lamar Advertising Co. Class A (a)
|
23,700
|
|
1,292,124
|
Omnicom Group, Inc.
|
49,800
|
|
4,736,478
|
|
|
7,894,661
|
Broadcasting & Cable TV - 12.9%
|
Central European Media Enterprises Ltd. Class A (a)
|
20,700
|
|
1,230,822
|
Clear Channel Communications, Inc.
|
26,200
|
|
806,960
|
E.W. Scripps Co. Class A
|
29,500
|
|
1,365,260
|
EchoStar Communications Corp.
Class A (a)
|
48,800
|
|
1,460,584
|
Gestevision Telecinco SA
|
8,100
|
|
195,281
|
|
|
Shares
|
|
Value
|
Grupo Televisa SA de CV (CPO) sponsored ADR
|
59,100
|
|
$ 1,086,849
|
Impresa SGPS (a)
|
32,900
|
|
193,551
|
Liberty Global, Inc.:
|
|
|
|
Class A
|
35,944
|
|
824,196
|
Class C (a)
|
36,744
|
|
814,247
|
Mediaset Spa
|
35,100
|
|
407,138
|
NTL, Inc. (a)
|
16,000
|
|
426,880
|
Radio One, Inc. Class D (non-vtg.) (a)
|
58,900
|
|
431,737
|
TiVo, Inc. (a)(d)
|
54,300
|
|
343,719
|
TVN SA (a)
|
17,480
|
|
497,366
|
Univision Communications, Inc.
Class A (a)
|
12,500
|
|
449,375
|
|
|
10,533,965
|
Movies & Entertainment - 19.4%
|
Carmike Cinemas, Inc. (d)
|
28,700
|
|
606,431
|
News Corp.:
|
|
|
|
Class A
|
227,082
|
|
4,330,454
|
Class B (d)
|
34,300
|
|
684,971
|
Playboy Enterprises, Inc. Class B (non-vtg.) (a)
|
55,460
|
|
534,634
|
Regal Entertainment Group Class A
|
24,200
|
|
468,754
|
The Walt Disney Co. (d)
|
177,900
|
|
5,425,950
|
Viacom, Inc. Class B (non-vtg.) (a)
|
91,900
|
|
3,469,225
|
World Wrestling Entertainment, Inc.
Class A
|
22,300
|
|
398,055
|
|
|
15,918,474
|
Publishing - 12.6%
|
ADVO, Inc.
|
13,800
|
|
368,046
|
Dow Jones & Co., Inc.
|
17,200
|
|
594,776
|
Gannett Co., Inc.
|
47,500
|
|
2,565,475
|
Getty Images, Inc. (a)
|
5,400
|
|
354,618
|
McGraw-Hill Companies, Inc.
|
98,800
|
|
5,098,080
|
Media General, Inc. Class A
|
16,400
|
|
617,132
|
Reuters Group PLC sponsored ADR
|
17,400
|
|
738,456
|
|
|
10,336,583
|
TOTAL MEDIA
|
|
44,683,683
|
SOFTWARE - 3.3%
|
Application Software - 1.7%
|
NDS Group PLC sponsored ADR (a)
|
27,000
|
|
1,372,410
|
Home Entertainment Software - 1.6%
|
Activision, Inc. (a)
|
30,266
|
|
395,577
|
Electronic Arts, Inc. (a)
|
7,600
|
|
319,732
|
Shanda Interactive Entertainment Ltd. sponsored ADR (a)(d)
|
42,300
|
|
604,044
|
|
|
1,319,353
|
TOTAL SOFTWARE
|
|
2,691,763
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
WIRELESS TELECOMMUNICATION SERVICES - 1.9%
|
Wireless Telecommunication Services - 1.9%
|
American Tower Corp. Class A (a)
|
51,230
|
|
$ 1,586,593
|
TOTAL COMMON STOCKS
(Cost $54,126,724)
|
74,241,294
|
Money Market Funds - 12.0%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
4,560,497
|
|
4,560,497
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
5,244,500
|
|
5,244,500
|
TOTAL MONEY MARKET FUNDS
(Cost $9,804,997)
|
9,804,997
|
TOTAL INVESTMENT PORTFOLIO - 102.5%
(Cost $63,931,721)
|
84,046,291
|
NET OTHER ASSETS - (2.5)%
|
(2,053,534)
|
NET ASSETS - 100%
|
$ 81,992,757
|
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.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 12,681
|
Fidelity Securities Lending Cash Central Fund
|
14,671
|
Total
|
$ 27,352
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $64,028,527. Net unrealized appreciation aggregated $20,017,764,
of which $24,111,690 related to appreciated investment securities and $4,093,926 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Cyclical Industries Portfolio
May 31, 2006
1.802164.102
CYC-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.2%
|
|
Shares
|
|
Value
|
AEROSPACE & DEFENSE - 18.3%
|
Aerospace & Defense - 18.3%
|
Alliant Techsystems, Inc. (a)
|
1,600
|
|
$ 124,896
|
BAE Systems PLC sponsored ADR
|
16,400
|
|
469,860
|
DRS Technologies, Inc.
|
8,400
|
|
447,384
|
EADS NV
|
63,500
|
|
2,262,585
|
EDO Corp.
|
10,200
|
|
266,934
|
General Dynamics Corp.
|
24,100
|
|
1,533,724
|
Goodrich Corp.
|
10,500
|
|
447,615
|
Hexcel Corp. (a)
|
77,700
|
|
1,599,066
|
Honeywell International, Inc.
|
70,400
|
|
2,899,072
|
L-3 Communications Holdings, Inc.
|
12,300
|
|
897,408
|
Lockheed Martin Corp.
|
14,700
|
|
1,065,603
|
Meggitt PLC
|
31,200
|
|
172,995
|
Precision Castparts Corp.
|
14,400
|
|
829,872
|
Raytheon Co.
|
20,000
|
|
917,000
|
Rockwell Collins, Inc.
|
7,140
|
|
389,844
|
Rolls-Royce Group PLC
|
20,992
|
|
162,128
|
The Boeing Co.
|
540
|
|
44,955
|
United Technologies Corp.
|
90,700
|
|
5,670,564
|
|
|
20,201,505
|
AIR FREIGHT & LOGISTICS - 4.0%
|
Air Freight & Logistics - 4.0%
|
C.H. Robinson Worldwide, Inc.
|
14,000
|
|
616,560
|
FedEx Corp.
|
9,800
|
|
1,070,846
|
Forward Air Corp.
|
5,170
|
|
193,461
|
Hub Group, Inc. Class A (a)
|
11,311
|
|
535,237
|
United Parcel Service, Inc. Class B
|
18,000
|
|
1,449,900
|
UTI Worldwide, Inc.
|
19,988
|
|
544,273
|
|
|
4,410,277
|
AIRLINES - 2.0%
|
Airlines - 2.0%
|
AirTran Holdings, Inc. (a)
|
67,100
|
|
825,330
|
JetBlue Airways Corp. (a)
|
100
|
|
1,042
|
Midwest Air Group, Inc. (a)(d)
|
18,400
|
|
82,248
|
Republic Airways Holdings, Inc. (a)
|
14,912
|
|
228,899
|
Ryanair Holdings PLC sponsored ADR (a)
|
2,700
|
|
132,273
|
UAL Corp. (a)
|
12,500
|
|
367,875
|
US Airways Group, Inc. (a)
|
13,000
|
|
607,100
|
|
|
2,244,767
|
AUTO COMPONENTS - 1.8%
|
Auto Parts & Equipment - 1.6%
|
Amerigon, Inc. (a)
|
64,627
|
|
513,785
|
BorgWarner, Inc.
|
5,900
|
|
388,102
|
Johnson Controls, Inc.
|
10,300
|
|
877,251
|
|
|
1,779,138
|
|
|
Shares
|
|
Value
|
Tires & Rubber - 0.2%
|
Continental AG (d)
|
2,100
|
|
$ 229,403
|
TOTAL AUTO COMPONENTS
|
|
2,008,541
|
AUTOMOBILES - 1.6%
|
Automobile Manufacturers - 1.6%
|
Bayerische Motoren Werke AG (BMW)
|
18,100
|
|
931,199
|
General Motors Corp. (d)
|
22,900
|
|
616,697
|
Toyota Motor Corp. sponsored ADR
|
1,800
|
|
193,284
|
|
|
1,741,180
|
BUILDING PRODUCTS - 1.6%
|
Building Products - 1.6%
|
American Standard Companies, Inc.
|
18,110
|
|
769,494
|
Goodman Global, Inc.
|
1,000
|
|
16,950
|
Masco Corp.
|
32,710
|
|
1,014,664
|
|
|
1,801,108
|
CHEMICALS - 15.5%
|
Commodity Chemicals - 2.1%
|
Celanese Corp. Class A
|
25,600
|
|
504,576
|
Georgia Gulf Corp.
|
15,500
|
|
499,565
|
Lyondell Chemical Co.
|
22,200
|
|
537,240
|
NOVA Chemicals Corp.
|
7,200
|
|
219,089
|
Pioneer Companies, Inc. (a)
|
7,000
|
|
194,390
|
Westlake Chemical Corp.
|
10,700
|
|
334,054
|
|
|
2,288,914
|
Diversified Chemicals - 5.1%
|
Ashland, Inc.
|
18,100
|
|
1,131,250
|
Dow Chemical Co.
|
62,900
|
|
2,507,823
|
E.I. du Pont de Nemours & Co.
|
26,400
|
|
1,122,792
|
FMC Corp.
|
13,200
|
|
852,324
|
|
|
5,614,189
|
Fertilizers & Agricultural Chemicals - 2.5%
|
Agrium, Inc.
|
14,100
|
|
345,570
|
Monsanto Co.
|
10,500
|
|
883,680
|
Mosaic Co. (a)(d)
|
47,800
|
|
743,768
|
Potash Corp. of Saskatchewan, Inc.
|
8,000
|
|
729,903
|
The Scotts Miracle-Gro Co. Class A
|
2,400
|
|
104,784
|
|
|
2,807,705
|
Industrial Gases - 2.5%
|
Air Products & Chemicals, Inc.
|
9,800
|
|
635,530
|
Airgas, Inc.
|
13,900
|
|
532,231
|
Linde AG
|
5,400
|
|
446,624
|
Praxair, Inc.
|
22,400
|
|
1,180,480
|
|
|
2,794,865
|
Specialty Chemicals - 3.3%
|
Albemarle Corp.
|
10,000
|
|
480,000
|
Chemtura Corp.
|
41,641
|
|
409,331
|
Cytec Industries, Inc.
|
28,800
|
|
1,658,304
|
Ecolab, Inc.
|
15,500
|
|
600,005
|
Ferro Corp.
|
12,200
|
|
214,720
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
CHEMICALS - CONTINUED
|
Specialty Chemicals - continued
|
Lubrizol Corp.
|
100
|
|
$ 4,042
|
Minerals Technologies, Inc.
|
100
|
|
5,834
|
Rohm & Haas Co.
|
5,000
|
|
252,050
|
|
|
3,624,286
|
TOTAL CHEMICALS
|
|
17,129,959
|
COMMERCIAL SERVICES & SUPPLIES - 2.7%
|
Diversified Commercial & Professional Services - 0.2%
|
The Brink's Co.
|
3,800
|
|
208,810
|
Environmental & Facility Services - 1.6%
|
Allied Waste Industries, Inc. (a)
|
41,700
|
|
497,481
|
Republic Services, Inc.
|
4,400
|
|
179,520
|
Waste Connections, Inc. (a)
|
6,450
|
|
248,003
|
Waste Management, Inc.
|
23,300
|
|
853,246
|
|
|
1,778,250
|
Human Resource & Employment Services - 0.9%
|
CDI Corp.
|
18,500
|
|
544,825
|
Robert Half International, Inc.
|
10,500
|
|
430,920
|
|
|
975,745
|
TOTAL COMMERCIAL SERVICES & SUPPLIES
|
|
2,962,805
|
COMMUNICATIONS EQUIPMENT - 0.6%
|
Communications Equipment - 0.6%
|
Dycom Industries, Inc. (a)
|
6,500
|
|
140,010
|
Harris Corp.
|
13,275
|
|
540,558
|
|
|
680,568
|
CONSTRUCTION & ENGINEERING - 5.9%
|
Construction & Engineering - 5.9%
|
Chicago Bridge & Iron Co. NV (NY Shares)
|
41,600
|
|
943,488
|
Comfort Systems USA, Inc.
|
20,300
|
|
263,900
|
Fluor Corp.
|
25,400
|
|
2,226,564
|
Foster Wheeler Ltd. (a)
|
4,600
|
|
203,550
|
Infrasource Services, Inc. (a)
|
29,700
|
|
546,480
|
Jacobs Engineering Group, Inc. (a)
|
5,700
|
|
444,771
|
Perini Corp. (a)
|
38,700
|
|
950,472
|
Shaw Group, Inc. (a)
|
8,400
|
|
223,776
|
SNC-Lavalin Group, Inc.
|
25,300
|
|
677,960
|
|
|
6,480,961
|
CONSTRUCTION MATERIALS - 1.0%
|
Construction Materials - 1.0%
|
Martin Marietta Materials, Inc.
|
1,500
|
|
137,265
|
U.S. Concrete, Inc. (a)
|
34,900
|
|
432,062
|
Vulcan Materials Co.
|
7,300
|
|
569,765
|
|
|
1,139,092
|
|
|
Shares
|
|
Value
|
CONTAINERS & PACKAGING - 0.2%
|
Metal & Glass Containers - 0.2%
|
Crown Holdings, Inc. (a)
|
8,100
|
|
$ 130,653
|
Owens-Illinois, Inc. (a)
|
5,520
|
|
93,840
|
|
|
224,493
|
DIVERSIFIED CONSUMER SERVICES - 0.1%
|
Education Services - 0.1%
|
Education Management Corp. (a)
|
3,000
|
|
128,850
|
ELECTRICAL EQUIPMENT - 2.8%
|
Electrical Components & Equipment - 1.8%
|
AMETEK, Inc.
|
2,600
|
|
118,638
|
Cooper Industries Ltd. Class A
|
6,300
|
|
561,078
|
Emerson Electric Co.
|
1,700
|
|
140,284
|
Hubbell, Inc. Class B
|
4,500
|
|
226,575
|
Rockwell Automation, Inc.
|
10,500
|
|
716,940
|
Roper Industries, Inc.
|
3,160
|
|
148,014
|
Thomas & Betts Corp. (a)
|
2,300
|
|
132,250
|
|
|
2,043,779
|
Heavy Electrical Equipment - 1.0%
|
ABB Ltd. sponsored ADR
|
44,000
|
|
555,280
|
Global Power Equipment Group, Inc. (a)(d)
|
62,200
|
|
218,322
|
Vestas Wind Systems AS (a)
|
12,600
|
|
324,809
|
|
|
1,098,411
|
TOTAL ELECTRICAL EQUIPMENT
|
|
3,142,190
|
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2%
|
Electronic Equipment & Instruments - 0.2%
|
Cogent, Inc. (a)(d)
|
3,900
|
|
60,528
|
CPI International, Inc.
|
500
|
|
8,500
|
FARO Technologies, Inc. (a)
|
6,400
|
|
96,192
|
|
|
165,220
|
FOOD PRODUCTS - 0.2%
|
Packaged Foods & Meats - 0.2%
|
Imperial Sugar Co.
|
7,100
|
|
165,146
|
HOUSEHOLD DURABLES - 2.2%
|
Homebuilding - 2.2%
|
D.R. Horton, Inc.
|
19,200
|
|
506,112
|
KB Home
|
14,900
|
|
762,880
|
Pulte Homes, Inc.
|
11,000
|
|
357,170
|
Ryland Group, Inc.
|
13,420
|
|
660,398
|
Toll Brothers, Inc. (a)
|
6,400
|
|
180,864
|
|
|
2,467,424
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.2%
|
Independent Power & Energy Trade - 0.2%
|
Mirant Corp. (a)
|
7,200
|
|
179,136
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
INDUSTRIAL CONGLOMERATES - 15.7%
|
Industrial Conglomerates - 15.7%
|
3M Co.
|
50,760
|
|
$ 4,246,582
|
General Electric Co.
|
239,260
|
|
8,197,042
|
Smiths Group PLC
|
28,700
|
|
476,057
|
Textron, Inc.
|
12,000
|
|
1,091,160
|
Tyco International Ltd.
|
96,130
|
|
2,606,084
|
Walter Industries, Inc.
|
11,500
|
|
668,840
|
|
|
17,285,765
|
IT SERVICES - 0.6%
|
IT Consulting & Other Services - 0.6%
|
CACI International, Inc. Class A (a)
|
4,100
|
|
249,772
|
ManTech International Corp. Class A (a)
|
7,600
|
|
257,260
|
NCI, Inc. Class A
|
1,200
|
|
16,308
|
SI International, Inc. (a)
|
2,900
|
|
91,901
|
|
|
615,241
|
LIFE SCIENCES TOOLS & SERVICES - 0.0%
|
Life Science Tools & Services - 0.0%
|
Varian, Inc. (a)
|
1,200
|
|
52,812
|
MACHINERY - 11.1%
|
Construction & Farm Machinery & Heavy Trucks - 5.7%
|
AGCO Corp. (a)
|
4,900
|
|
119,854
|
American Railcar Industries, Inc.
|
100
|
|
3,437
|
Bucyrus International, Inc. Class A
|
6,471
|
|
330,280
|
Caterpillar, Inc.
|
36,000
|
|
2,626,200
|
Deere & Co.
|
12,800
|
|
1,095,680
|
Joy Global, Inc.
|
10,675
|
|
573,675
|
Manitowoc Co., Inc.
|
9,100
|
|
418,509
|
Navistar International Corp. (a)
|
7,270
|
|
193,237
|
Samsung Heavy Industries Ltd.
|
350
|
|
7,354
|
Terex Corp. (a)
|
3,200
|
|
292,800
|
Toro Co.
|
11,100
|
|
535,797
|
Wabash National Corp.
|
5,900
|
|
99,120
|
|
|
6,295,943
|
Industrial Machinery - 5.4%
|
Actuant Corp. Class A
|
700
|
|
41,321
|
Atlas Copco AB (B Shares)
|
18,900
|
|
472,072
|
Briggs & Stratton Corp.
|
4,600
|
|
149,040
|
Danaher Corp.
|
15,800
|
|
1,012,938
|
Dover Corp.
|
8,300
|
|
405,372
|
Illinois Tool Works, Inc.
|
39,600
|
|
1,966,140
|
ITT Industries, Inc.
|
17,100
|
|
891,765
|
KCI Konecranes Oyj
|
31,700
|
|
646,422
|
Pentair, Inc.
|
4,160
|
|
142,106
|
Schindler Holding AG (participation certificate)
|
4,484
|
|
233,521
|
|
|
5,960,697
|
TOTAL MACHINERY
|
|
12,256,640
|
|
|
Shares
|
|
Value
|
MARINE - 0.8%
|
Marine - 0.8%
|
Alexander & Baldwin, Inc.
|
2,420
|
|
$ 109,505
|
Camillo Eitzen & Co. ASA (d)
|
16,100
|
|
173,434
|
Odfjell ASA (A Shares)
|
17,950
|
|
301,115
|
Stolt-Nielsen SA (d)
|
11,000
|
|
284,932
|
|
|
868,986
|
METALS & MINING - 2.8%
|
Steel - 2.8%
|
Allegheny Technologies, Inc.
|
8,400
|
|
534,492
|
Carpenter Technology Corp.
|
5,000
|
|
559,000
|
IPSCO, Inc.
|
2,300
|
|
215,767
|
Nucor Corp.
|
5,900
|
|
621,093
|
Oregon Steel Mills, Inc. (a)
|
12,300
|
|
577,239
|
United States Steel Corp.
|
8,800
|
|
584,144
|
|
|
3,091,735
|
OIL, GAS & CONSUMABLE FUELS - 0.3%
|
Coal & Consumable Fuels - 0.3%
|
CONSOL Energy, Inc.
|
2,900
|
|
255,925
|
Massey Energy Co.
|
3,000
|
|
111,960
|
|
|
367,885
|
Oil & Gas Storage & Transport - 0.0%
|
Overseas Shipholding Group, Inc.
|
100
|
|
5,135
|
TOTAL OIL, GAS & CONSUMABLE FUELS
|
|
373,020
|
REAL ESTATE INVESTMENT TRUSTS - 0.2%
|
Specialized REITs - 0.2%
|
Potlatch Corp.
|
4,942
|
|
186,165
|
ROAD & RAIL - 5.3%
|
Railroads - 4.5%
|
Burlington Northern Santa Fe Corp.
|
18,400
|
|
1,424,344
|
Canadian National Railway Co.
|
35,500
|
|
1,571,510
|
Kansas City Southern (a)
|
200
|
|
5,306
|
Norfolk Southern Corp.
|
33,020
|
|
1,742,135
|
Union Pacific Corp.
|
2,700
|
|
250,560
|
|
|
4,993,855
|
Trucking - 0.8%
|
Laidlaw International, Inc.
|
8,388
|
|
211,378
|
Landstar System, Inc.
|
11,336
|
|
500,938
|
Old Dominion Freight Lines, Inc. (a)
|
5,400
|
|
166,374
|
|
|
878,690
|
TOTAL ROAD & RAIL
|
|
5,872,545
|
SPECIALTY RETAIL - 0.2%
|
Computer & Electronics Retail - 0.0%
|
Gamestop Corp. Class B (a)
|
1,000
|
|
38,650
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
SPECIALTY RETAIL - CONTINUED
|
Home Improvement Retail - 0.2%
|
Sherwin-Williams Co.
|
3,800
|
|
$ 183,806
|
TOTAL SPECIALTY RETAIL
|
|
222,456
|
TRADING COMPANIES & DISTRIBUTORS - 0.3%
|
Trading Companies & Distributors - 0.3%
|
H&E Equipment Services, Inc.
|
200
|
|
5,950
|
Watsco, Inc.
|
3,200
|
|
179,232
|
WESCO International, Inc. (a)
|
2,200
|
|
144,628
|
|
|
329,810
|
TRANSPORTATION INFRASTRUCTURE - 0.0%
|
Airport Services - 0.0%
|
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR
|
200
|
|
6,660
|
TOTAL COMMON STOCKS
(Cost $96,686,647)
|
108,435,057
|
Nonconvertible Preferred Stocks - 0.5%
|
|
|
|
|
AEROSPACE & DEFENSE - 0.0%
|
Aerospace & Defense - 0.0%
|
Rolls-Royce Group PLC Series B
|
1,118,609
|
|
2,186
|
AUTOMOBILES - 0.5%
|
Automobile Manufacturers - 0.5%
|
Renault SA (participation certificate) TITRES (a)
|
464
|
|
558,432
|
TOTAL NONCONVERTIBLE PREFERRED STOCKS
(Cost $576,685)
|
560,618
|
Money Market Funds - 2.8%
|
|
Shares
|
|
Value
|
Fidelity Cash Central Fund, 5.03% (b)
|
1,668,247
|
|
$ 1,668,247
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
1,416,586
|
|
1,416,586
|
TOTAL MONEY MARKET FUNDS
(Cost $3,084,833)
|
3,084,833
|
TOTAL INVESTMENT PORTFOLIO - 101.5%
(Cost $100,348,165)
|
112,080,508
|
NET OTHER ASSETS - (1.5)%
|
|
(1,643,482)
|
NET ASSETS - 100%
|
$ 110,437,026
|
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.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 39,238
|
Fidelity Securities Lending Cash Central Fund
|
9,705
|
Total
|
$ 48,943
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $100,786,045. Net unrealized appreciation aggregated $11,294,463,
of which $14,343,405 related to appreciated investment securities and $3,048,942 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Banking Portfolio
May 31, 2006
1.802155.102
BAN-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.1%
|
|
Shares
|
|
Value
|
CAPITAL MARKETS - 11.0%
|
Asset Management & Custody Banks - 10.6%
|
Bank of New York Co., Inc.
|
405,716
|
|
$ 13,481,943
|
Investors Financial Services Corp.
|
29,000
|
|
1,268,460
|
Mellon Financial Corp.
|
320,700
|
|
11,602,926
|
Northern Trust Corp.
|
185,800
|
|
10,389,936
|
State Street Corp.
|
29,400
|
|
1,825,740
|
|
|
38,569,005
|
Investment Banking & Brokerage - 0.4%
|
Macquarie Bank Ltd.
|
10,100
|
|
486,178
|
TD Ameritrade Holding Corp.
|
53,800
|
|
914,600
|
|
|
1,400,778
|
TOTAL CAPITAL MARKETS
|
|
39,969,783
|
COMMERCIAL BANKS - 66.7%
|
Diversified Banks - 18.2%
|
ABN-AMRO Holding NV
|
12,235
|
|
338,665
|
Allied Irish Banks PLC sponsored ADR
|
12,200
|
|
584,624
|
Anglo Irish Bank Corp. PLC
|
33,600
|
|
523,241
|
Banco Bilbao Vizcaya Argentaria SA sponsored ADR
|
43,200
|
|
896,400
|
Bank Hapoalim BM (Reg.)
|
186,900
|
|
871,897
|
Bank of Montreal
|
6,700
|
|
377,269
|
Finansbank AS
|
923,240
|
|
4,429,909
|
Kookmin Bank sponsored ADR
|
10,100
|
|
812,848
|
Royal Bank of Scotland Group PLC
|
16,900
|
|
544,850
|
Sumitomo Trust & Banking Co. Ltd.
|
86,000
|
|
828,140
|
U.S. Bancorp, Delaware
|
143,500
|
|
4,429,845
|
Wachovia Corp. (d)
|
464,992
|
|
24,877,072
|
Wells Fargo & Co.
|
405,000
|
|
26,879,850
|
|
|
66,394,610
|
Regional Banks - 48.5%
|
AmSouth Bancorp.
|
115,900
|
|
3,106,120
|
Associated Banc-Corp.
|
118,020
|
|
3,901,741
|
BancorpSouth, Inc.
|
14,100
|
|
366,882
|
Bank of Hawaii Corp.
|
18,000
|
|
913,140
|
BB&T Corp.
|
214,442
|
|
8,914,354
|
BOK Financial Corp.
|
50,400
|
|
2,474,136
|
Cathay General Bancorp
|
48,700
|
|
1,747,843
|
Center Financial Corp., California
|
80,700
|
|
1,882,731
|
City National Corp.
|
84,500
|
|
6,145,685
|
Colonial Bancgroup, Inc.
|
41,000
|
|
1,093,060
|
Commerce Bancshares, Inc.
|
18,668
|
|
965,322
|
Community Bank of Nevada (a)
|
17,300
|
|
549,967
|
Compass Bancshares, Inc.
|
101,010
|
|
5,621,207
|
Cullen/Frost Bankers, Inc.
|
22,300
|
|
1,264,410
|
East West Bancorp, Inc.
|
50,100
|
|
2,001,495
|
Fifth Third Bancorp
|
163,100
|
|
6,197,800
|
First Bancorp, Puerto Rico
|
58,600
|
|
622,918
|
First Horizon National Corp.
|
23,300
|
|
931,068
|
Flag Financial Corp.
|
35,500
|
|
748,340
|
|
|
Shares
|
|
Value
|
Greater Bay Bancorp
|
53,800
|
|
$ 1,603,778
|
KeyCorp
|
233,900
|
|
8,354,908
|
M&T Bank Corp.
|
81,000
|
|
9,323,100
|
Marshall & Ilsley Corp.
|
177,000
|
|
8,025,180
|
Nara Bancorp, Inc.
|
268,600
|
|
5,210,840
|
National City Corp.
|
146,089
|
|
5,387,762
|
North Fork Bancorp, Inc., New York
|
83,500
|
|
2,460,745
|
Pacific Capital Bancorp
|
32,900
|
|
1,131,102
|
PNC Financial Services Group, Inc.
|
258,800
|
|
17,833,908
|
Popular, Inc.
|
199,700
|
|
3,868,189
|
Preferred Bank, Los Angeles California
|
18,900
|
|
998,676
|
PrivateBancorp, Inc.
|
20,400
|
|
899,232
|
Regions Financial Corp.
|
167,100
|
|
5,656,335
|
SunTrust Banks, Inc.
|
142,048
|
|
10,754,454
|
SVB Financial Group (a)
|
32,500
|
|
1,567,150
|
Synovus Financial Corp.
|
238,200
|
|
6,267,042
|
TD Banknorth, Inc.
|
159,520
|
|
4,568,653
|
Texas Capital Bancshares, Inc. (a)
|
33,500
|
|
768,825
|
Texas Regional Bancshares, Inc. Class A
|
69,455
|
|
2,194,083
|
Tokyo Tomin Bank Ltd.
|
40,300
|
|
1,637,794
|
UCBH Holdings, Inc.
|
171,200
|
|
3,026,816
|
UnionBanCal Corp.
|
152,834
|
|
10,339,220
|
Valley Bancorp, Nevada (a)
|
9,700
|
|
379,852
|
Valley National Bancorp
|
14,595
|
|
357,723
|
Westamerica Bancorp.
|
25,800
|
|
1,252,332
|
Wilmington Trust Corp., Delaware
|
6,800
|
|
290,428
|
Wintrust Financial Corp.
|
52,800
|
|
2,710,224
|
Zions Bancorp
|
130,501
|
|
10,574,496
|
|
|
176,891,066
|
TOTAL COMMERCIAL BANKS
|
|
243,285,676
|
CONSUMER FINANCE - 0.5%
|
Consumer Finance - 0.5%
|
Capital One Financial Corp.
|
21,300
|
|
1,763,001
|
DIVERSIFIED FINANCIAL SERVICES - 10.8%
|
Other Diversifed Financial Services - 10.8%
|
Bank of America Corp.
|
416,669
|
|
20,166,780
|
Citigroup, Inc.
|
73,700
|
|
3,633,410
|
FirstRand Ltd.
|
122,600
|
|
322,263
|
JPMorgan Chase & Co.
|
352,726
|
|
15,040,237
|
Kotak Mahindra Bank Ltd. sponsored GDR (a)(e)
|
18,732
|
|
118,928
|
|
|
39,281,618
|
INSURANCE - 2.0%
|
Insurance Brokers - 0.2%
|
Willis Group Holdings Ltd.
|
25,800
|
|
896,550
|
Life & Health Insurance - 0.2%
|
Lincoln National Corp.
|
9,900
|
|
556,182
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
INSURANCE - CONTINUED
|
Multi-Line Insurance - 0.7%
|
American International Group, Inc.
|
28,800
|
|
$ 1,751,040
|
Hartford Financial Services Group, Inc.
|
10,600
|
|
932,164
|
|
|
2,683,204
|
Property & Casualty Insurance - 0.2%
|
The St. Paul Travelers Companies, Inc.
|
19,900
|
|
875,998
|
Reinsurance - 0.7%
|
Endurance Specialty Holdings Ltd.
|
27,200
|
|
830,960
|
Platinum Underwriters Holdings Ltd.
|
60,700
|
|
1,635,258
|
|
|
2,466,218
|
TOTAL INSURANCE
|
|
7,478,152
|
REAL ESTATE INVESTMENT TRUSTS - 1.0%
|
Mortgage REITs - 1.0%
|
CapitalSource, Inc.
|
151,000
|
|
3,540,950
|
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5%
|
Real Estate Management & Development - 0.5%
|
New World Development Co. Ltd.
|
500,900
|
|
807,065
|
Wharf Holdings Ltd.
|
240,400
|
|
861,443
|
|
|
1,668,508
|
THRIFTS & MORTGAGE FINANCE - 0.6%
|
Thrifts & Mortgage Finance - 0.6%
|
BankAtlantic Bancorp, Inc. Class A (non-vtg.)
|
23,800
|
|
349,860
|
Clayton Holdings, Inc.
|
13,900
|
|
195,295
|
Hudson City Bancorp, Inc.
|
67,100
|
|
918,599
|
Washington Federal, Inc.
|
38,600
|
|
885,484
|
|
|
2,349,238
|
TOTAL COMMON STOCKS
(Cost $237,050,678)
|
339,336,926
|
Money Market Funds - 7.9%
|
|
Shares
|
|
Value
|
Fidelity Cash Central Fund, 5.03% (b)
|
21,954,576
|
$ 21,954,576
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
6,750,000
|
|
6,750,000
|
TOTAL MONEY MARKET FUNDS
(Cost $28,704,576)
|
28,704,576
|
TOTAL INVESTMENT PORTFOLIO - 101.0%
(Cost $265,755,254)
|
368,041,502
|
NET OTHER ASSETS - (1.0)%
|
(3,526,901)
|
NET ASSETS - 100%
|
$ 364,514,601
|
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.
|
(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 period end, the value of these securities amounted to $118,928 or 0.0% of net assets.
|
Affiliated Central Funds
|
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 197,493
|
Fidelity Securities Lending Cash Central Fund
|
6,379
|
Total
|
$ 203,872
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $265,930,547. Net unrealized appreciation aggregated
$102,110,955, of which $105,398,659 related to appreciated investment securities and $3,287,704 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Biotechnology Portfolio
May 31, 2006
1.802156.102
BIO-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.6%
|
|
Shares
|
|
Value
|
BIOTECHNOLOGY - 76.9%
|
Biotechnology - 76.9%
|
Acadia Pharmaceuticals, Inc. (a)(d)
|
589,500
|
|
$ 6,107,220
|
Alexion Pharmaceuticals, Inc. (a)
|
1,062,100
|
|
34,528,871
|
Alkermes, Inc. (a)
|
1,136,057
|
|
22,516,650
|
Alnylam Pharmaceuticals, Inc. (a)
|
279,100
|
|
4,127,889
|
Altus Pharmaceuticals, Inc.
|
95,800
|
|
1,799,124
|
Amgen, Inc. (a)
|
1,223,700
|
|
82,709,883
|
Amylin Pharmaceuticals, Inc. (a)(d)
|
1,358,398
|
|
61,739,189
|
Anadys Pharmaceuticals, Inc. (a)
|
307,200
|
|
3,154,944
|
Arena Pharmaceuticals, Inc. (a)(d)
|
302,900
|
|
4,131,556
|
Biogen Idec, Inc. (a)
|
2,421,542
|
|
112,916,503
|
BioMarin Pharmaceutical, Inc. (a)
|
1,358,100
|
|
17,641,719
|
Celgene Corp. (a)(d)
|
3,000,734
|
|
124,380,425
|
Cephalon, Inc. (a)(d)
|
1,058,140
|
|
63,192,121
|
Coley Pharmaceutical Group, Inc. (d)
|
185,700
|
|
2,466,096
|
Combinatorx, Inc. (d)
|
353,100
|
|
2,913,075
|
Cubist Pharmaceuticals, Inc. (a)
|
593,400
|
|
14,045,778
|
Digene Corp. (a)
|
225,400
|
|
8,425,452
|
Genentech, Inc. (a)(d)
|
1,248,300
|
|
103,558,968
|
Genomic Health, Inc.
|
224,400
|
|
2,549,184
|
Genzyme Corp. (a)
|
1,227,300
|
|
73,024,350
|
Gilead Sciences, Inc. (a)
|
1,606,000
|
|
92,071,980
|
Human Genome Sciences, Inc. (a)
|
1,785,600
|
|
19,570,176
|
ImClone Systems, Inc. (a)(d)
|
250,200
|
|
10,008,000
|
Isis Pharmaceuticals, Inc. (a)(d)
|
473,000
|
|
3,698,860
|
Ligand Pharmaceuticals, Inc. Class B (a)
|
714,700
|
|
7,825,965
|
MannKind Corp. (a)(d)
|
605,300
|
|
11,524,912
|
Martek Biosciences (a)(d)
|
352,900
|
|
8,946,015
|
Medarex, Inc. (a)
|
1,115,900
|
|
11,449,134
|
MedImmune, Inc. (a)
|
2,262,120
|
|
71,980,658
|
Momenta Pharmaceuticals, Inc. (a)(d)
|
322,092
|
|
4,586,590
|
Myogen, Inc. (a)(d)
|
862,808
|
|
26,876,469
|
Myriad Genetics, Inc. (a)
|
349,600
|
|
9,128,056
|
Neurochem, Inc. (a)(d)
|
122,200
|
|
1,596,784
|
Neurocrine Biosciences, Inc. (a)
|
189,500
|
|
3,735,045
|
Novacea, Inc.
|
120,500
|
|
792,890
|
OSI Pharmaceuticals, Inc. (a)(d)
|
1,145,000
|
|
32,769,900
|
PDL BioPharma, Inc. (a)
|
1,329,200
|
|
26,916,300
|
Pharmion Corp. (a)(d)
|
300,600
|
|
5,894,766
|
Regeneron Pharmaceuticals, Inc. (a)
|
445,800
|
|
5,768,652
|
Renovis, Inc. (a)(d)
|
418,000
|
|
6,813,400
|
SGX Pharmaceuticals, Inc.
|
241,025
|
|
1,455,791
|
Tanox, Inc. (a)(d)
|
731,800
|
|
10,457,422
|
Tercica, Inc. (a)(d)
|
422,200
|
|
2,157,442
|
Theravance, Inc. (a)
|
490,800
|
|
11,739,936
|
Threshold Pharmaceuticals, Inc. (a)(d)
|
361,622
|
|
1,482,650
|
United Therapeutics Corp. (a)
|
67,300
|
|
3,241,168
|
Vertex Pharmaceuticals, Inc. (a)
|
1,400,700
|
|
48,324,150
|
ViaCell, Inc. (a)
|
17,500
|
|
87,850
|
|
|
Shares
|
|
Value
|
Vion Pharmaceuticals, Inc. (a)
|
825,487
|
|
$ 1,353,799
|
Zymogenetics, Inc. (a)
|
692,000
|
|
11,937,000
|
|
1,200,120,757
|
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2%
|
Electronic Equipment & Instruments - 0.2%
|
Mettler-Toledo International, Inc. (a)
|
40,500
|
|
2,623,995
|
HEALTH CARE EQUIPMENT & SUPPLIES - 1.3%
|
Health Care Equipment - 1.2%
|
IDEXX Laboratories, Inc. (a)
|
237,200
|
|
18,129,196
|
Health Care Supplies - 0.1%
|
Gen-Probe, Inc. (a)
|
44,700
|
|
2,413,800
|
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES
|
|
20,542,996
|
HEALTH CARE PROVIDERS & SERVICES - 0.1%
|
Health Care Services - 0.1%
|
Oracle Healthcare Acquisition Corp. unit
|
267,600
|
|
2,440,512
|
LIFE SCIENCES TOOLS & SERVICES - 10.6%
|
Life Science Tools & Services - 10.6%
|
Affymetrix, Inc. (a)(d)
|
505,100
|
|
13,895,301
|
Albany Molecular Research, Inc. (a)
|
373,500
|
|
3,850,785
|
Applera Corp.:
|
|
|
|
- Applied Biosystems Group
|
1,337,900
|
|
39,601,840
|
- Celera Genomics Group (a)
|
719,500
|
|
8,058,400
|
Bruker BioSciences Corp. (a)
|
82,900
|
|
479,991
|
Charles River Laboratories International, Inc. (a)
|
747,600
|
|
29,933,904
|
Exelixis, Inc. (a)
|
874,800
|
|
9,491,580
|
Illumina, Inc. (a)
|
58,600
|
|
1,601,538
|
Invitrogen Corp. (a)
|
453,454
|
|
28,903,158
|
Luminex Corp. (a)
|
109,900
|
|
1,791,370
|
Nektar Therapeutics (a)(d)
|
278,200
|
|
5,561,218
|
Techne Corp. (a)
|
398,200
|
|
21,773,576
|
|
|
164,942,661
|
PHARMACEUTICALS - 10.5%
|
Pharmaceuticals - 10.5%
|
Adams Respiratory Therapeutics, Inc.
|
353,100
|
|
16,341,468
|
Adolor Corp. (a)
|
291,949
|
|
6,822,848
|
Barrier Therapeutics, Inc. (a)
|
239,300
|
|
1,416,656
|
Cardiome Pharma Corp. (a)
|
285,000
|
|
2,569,852
|
Connetics Corp. (a)
|
279,900
|
|
3,288,825
|
Cypress Bioscience, Inc. (a)
|
525,900
|
|
3,623,451
|
Elan Corp. PLC sponsored ADR (a)
|
985,100
|
|
18,529,731
|
Kos Pharmaceuticals, Inc. (a)
|
368,308
|
|
15,804,096
|
MGI Pharma, Inc. (a)
|
74,577
|
|
1,343,132
|
New River Pharmaceuticals, Inc. (a)(d)
|
746,400
|
|
22,018,800
|
Sepracor, Inc. (a)(d)
|
1,274,100
|
|
65,960,157
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
PHARMACEUTICALS - CONTINUED
|
Pharmaceuticals - continued
|
Somaxon Pharmaceuticals, Inc.
|
56,600
|
|
$ 820,134
|
Xenoport, Inc.
|
209,900
|
|
4,651,384
|
|
163,190,534
|
TOTAL COMMON STOCKS
(Cost $1,303,543,623)
|
1,553,861,455
|
Preferred Stocks - 0.2%
|
|
|
|
|
Convertible Preferred Stocks - 0.2%
|
BIOTECHNOLOGY - 0.2%
|
Biotechnology - 0.2%
|
Xenon Pharmaceuticals, Inc. Series E (e)
|
981,626
|
|
3,416,058
|
Nonconvertible Preferred Stocks - 0.0%
|
LIFE SCIENCES TOOLS & SERVICES - 0.0%
|
Life Science Tools & Services - 0.0%
|
GeneProt, Inc. Series A (a)(e)
|
180,000
|
|
2
|
TOTAL PREFERRED STOCKS
(Cost $7,698,817)
|
3,416,060
|
Money Market Funds - 17.7%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
6,405,609
|
|
6,405,609
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
269,292,784
|
269,292,784
|
TOTAL MONEY MARKET FUNDS
(Cost $275,698,393)
|
275,698,393
|
TOTAL INVESTMENT PORTFOLIO - 117.5%
(Cost $1,586,940,833)
|
1,832,975,908
|
NET OTHER ASSETS - (17.5)%
|
(273,130,444)
|
NET ASSETS - 100%
|
$ 1,559,845,464
|
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.
|
(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 $3,416,060 or 0.2% of net assets.
|
Additional information on each holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost
|
GeneProt, Inc. Series A
|
7/7/00
|
$ 974,679
|
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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 64,711
|
Fidelity Securities Lending Cash Central Fund
|
433,853
|
Total
|
$ 498,564
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,607,151,973. Net unrealized appreciation aggregated
$225,823,935, of which $361,159,137 related to appreciated investment securities and $135,335,202 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Brokerage and Investment
Management Portfolio
May 31, 2006
1.802157.102
BRO-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.7%
|
|
Shares
|
|
Value
|
CAPITAL MARKETS - 64.0%
|
Asset Management & Custody Banks - 24.5%
|
Affiliated Managers Group, Inc. (a)(d)
|
397,600
|
|
$ 35,863,520
|
American Capital Strategies Ltd. (d)
|
830,200
|
|
28,434,350
|
Cohen & Steers, Inc.
|
43,400
|
|
1,066,772
|
Eaton Vance Corp. (non-vtg.)
|
401,100
|
|
10,637,172
|
EFG International
|
141,390
|
|
4,009,541
|
Federated Investors, Inc. Class B (non-vtg.)
|
155,700
|
|
5,001,084
|
Franklin Resources, Inc.
|
456,800
|
|
41,089,160
|
Investors Financial Services Corp.
|
169,760
|
|
7,425,302
|
Janus Capital Group, Inc.
|
213,500
|
|
3,845,135
|
Julius Baer Holding AG (Bearer)
|
57,361
|
|
5,061,195
|
Legg Mason, Inc.
|
139,748
|
|
13,406,026
|
Nuveen Investments, Inc. Class A
|
270,600
|
|
12,152,646
|
State Street Corp.
|
590,700
|
|
36,682,470
|
T. Rowe Price Group, Inc.
|
425,500
|
|
33,657,050
|
Technology Investment Capital Corp.
|
214,451
|
|
3,015,181
|
U.S. Global Investments, Inc.
Class A (a)(d)
|
16,804
|
|
381,148
|
|
|
241,727,752
|
Diversified Capital Markets - 5.5%
|
UBS AG (NY Shares)
|
479,900
|
|
54,334,278
|
Investment Banking & Brokerage - 34.0%
|
A.G. Edwards, Inc.
|
80,800
|
|
4,330,880
|
Bear Stearns Companies, Inc.
|
69,300
|
|
9,268,875
|
Charles Schwab Corp.
|
518,000
|
|
8,629,880
|
Daiwa Securities Group, Inc.
|
440,000
|
|
5,451,520
|
E*TRADE Financial Corp. (a)
|
1,877,200
|
|
45,559,644
|
E*TRADE Securities Co. Ltd. (d)
|
5,087
|
|
7,592,513
|
GFI Group, Inc. (a)
|
255,800
|
|
13,905,288
|
Greenhill & Co., Inc.
|
62,900
|
|
3,736,260
|
IL&FS Investsmart Ltd.
|
724,728
|
|
2,576,967
|
Jefferies Group, Inc.
|
379,300
|
|
11,090,732
|
KKR Private Equity Investors, L.P. Restricted Depositary Units (e)
|
114,300
|
|
2,751,201
|
Knight Capital Group, Inc. Class A (a)
|
350,300
|
|
5,401,626
|
Lazard Ltd. Class A
|
220,700
|
|
8,757,376
|
MCF Corp. (a)
|
2,973,000
|
|
3,032,460
|
Merrill Lynch & Co., Inc.
|
653,850
|
|
47,345,279
|
Morgan Stanley
|
924,600
|
|
55,124,652
|
Nikko Cordial Corp.
|
326,000
|
|
4,792,378
|
Nomura Holdings, Inc. sponsored ADR
|
398,200
|
|
7,844,540
|
optionsXpress Holdings, Inc.
|
1,026,639
|
|
29,577,470
|
Stifel Financial Corp. (a)
|
84,600
|
|
3,140,352
|
TD Ameritrade Holding Corp.
|
2,264,349
|
|
38,493,933
|
TradeStation Group, Inc. (a)
|
1,174,313
|
|
16,334,694
|
|
|
334,738,520
|
TOTAL CAPITAL MARKETS
|
|
630,800,550
|
|
|
Shares
|
|
Value
|
COMMERCIAL BANKS - 2.0%
|
Diversified Banks - 2.0%
|
HDFC Bank Ltd.
|
143,906
|
|
$ 2,315,922
|
HDFC Bank Ltd. sponsored ADR
|
55,900
|
|
2,959,346
|
KBC Groupe SA
|
29,100
|
|
3,131,123
|
Kookmin Bank sponsored ADR
|
136,500
|
|
10,985,520
|
State Bank of India
|
23,867
|
|
510,003
|
|
|
19,901,914
|
CONSUMER FINANCE - 4.6%
|
Consumer Finance - 4.6%
|
American Express Co.
|
826,800
|
|
44,944,848
|
DIVERSIFIED CONSUMER SERVICES - 0.8%
|
Education Services - 0.3%
|
INVESTools, Inc. (a)
|
353,700
|
|
3,087,801
|
Specialized Consumer Services - 0.5%
|
Jackson Hewitt Tax Service, Inc.
|
149,300
|
|
4,882,110
|
TOTAL DIVERSIFIED CONSUMER SERVICES
|
|
7,969,911
|
DIVERSIFIED FINANCIAL SERVICES - 9.6%
|
Other Diversifed Financial Services - 3.3%
|
JPMorgan Chase & Co.
|
766,200
|
|
32,670,768
|
Specialized Finance - 6.3%
|
Deutsche Boerse AG (d)
|
39,400
|
|
5,121,607
|
Hong Kong Exchanges & Clearing Ltd.
|
281,400
|
|
1,898,839
|
IntercontinentalExchange, Inc.
|
299,812
|
|
16,699,528
|
OMX AB
|
108,400
|
|
1,860,030
|
Osaka Securities Exchange Co. Ltd. (d)
|
344
|
|
3,092,959
|
Primus Guaranty Ltd. (a)
|
176,100
|
|
1,831,440
|
Singapore Exchange Ltd.
|
1,436,000
|
|
3,510,202
|
The NASDAQ Stock Market, Inc. (a)(d)
|
927,500
|
|
28,233,100
|
|
|
62,247,705
|
TOTAL DIVERSIFIED FINANCIAL SERVICES
|
|
94,918,473
|
INSURANCE - 18.2%
|
Insurance Brokers - 2.2%
|
Marsh & McLennan Companies, Inc. (d)
|
552,600
|
|
15,489,378
|
National Financial Partners Corp.
|
132,800
|
|
5,956,080
|
|
|
21,445,458
|
Life & Health Insurance - 2.8%
|
Phoenix Companies, Inc.
|
43,400
|
|
615,412
|
Prudential Financial, Inc.
|
357,900
|
|
27,254,085
|
|
|
27,869,497
|
Multi-Line Insurance - 10.8%
|
American International Group, Inc.
|
1,480,800
|
|
90,032,639
|
Assurant, Inc.
|
207,200
|
|
10,127,936
|
Hartford Financial Services Group, Inc.
|
77,000
|
|
6,771,380
|
|
|
106,931,955
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
INSURANCE - CONTINUED
|
Property & Casualty Insurance - 1.1%
|
Aspen Insurance Holdings Ltd.
|
459,700
|
|
$ 9,961,699
|
Republic Companies Group, Inc.
|
28,200
|
|
425,820
|
|
|
10,387,519
|
Reinsurance - 1.3%
|
Endurance Specialty Holdings Ltd.
|
330,500
|
|
10,096,775
|
PartnerRe Ltd.
|
52,000
|
|
3,193,840
|
|
|
13,290,615
|
TOTAL INSURANCE
|
179,925,044
|
REAL ESTATE INVESTMENT TRUSTS - 0.3%
|
Mortgage REITs - 0.3%
|
KKR Financial Corp.
|
130,100
|
|
2,803,655
|
THRIFTS & MORTGAGE FINANCE - 0.2%
|
Thrifts & Mortgage Finance - 0.2%
|
NetBank, Inc.
|
316,500
|
|
1,997,115
|
TOTAL COMMON STOCKS
(Cost $813,763,201)
|
983,261,510
|
Money Market Funds - 7.6%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
3,738,018
|
|
3,738,018
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
70,915,126
|
|
70,915,126
|
TOTAL MONEY MARKET FUNDS
(Cost $74,653,144)
|
74,653,144
|
TOTAL INVESTMENT PORTFOLIO - 107.3%
(Cost $888,416,345)
|
1,057,914,654
|
NET OTHER ASSETS - (7.3)%
|
(72,144,149)
|
NET ASSETS - 100%
|
$ 985,770,505
|
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.
|
(c) Investment made with cash collateral received from securities on loan.
|
(d) Security or a portion of the security is on loan at period end.
|
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of
restricted securities (excluding 144A issues) amounted to $2,751,201 or 0.3% of net assets.
|
Additional information on each holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost
|
KKR Private Equity Investors, L.P. Restricted Depositary Units
|
5/3/06
|
$ 2,857,500
|
Affiliated Central Funds
|
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 259,735
|
Fidelity Securities Lending Cash Central Fund
|
193,547
|
Total
|
$ 453,282
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $889,354,978. Net unrealized appreciation aggregated
$168,559,676, of which $194,102,141 related to appreciated investment securities and $25,542,465 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Business Services and
Outsourcing Portfolio
May 31, 2006
1.802158.102
BSO-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.3%
|
|
Shares
|
|
Value
|
CAPITAL MARKETS - 1.6%
|
Asset Management & Custody Banks - 1.0%
|
State Street Corp.
|
6,800
|
|
$ 422,280
|
Investment Banking & Brokerage - 0.6%
|
TD Ameritrade Holding Corp.
|
14,700
|
|
249,900
|
TOTAL CAPITAL MARKETS
|
|
672,180
|
COMMERCIAL SERVICES & SUPPLIES - 6.8%
|
Commercial Printing - 0.6%
|
Banta Corp.
|
5,800
|
|
286,868
|
Diversified Commercial & Professional Services - 2.5%
|
ChoicePoint, Inc. (a)
|
3,550
|
|
158,011
|
Dun & Bradstreet Corp. (a)
|
1,200
|
|
87,444
|
Equifax, Inc.
|
13,450
|
|
485,276
|
Exponent, Inc. (a)
|
5,700
|
|
171,000
|
Global Cash Access Holdings, Inc.
|
1,200
|
|
18,612
|
Navigant Consulting, Inc. (a)
|
7,800
|
|
157,638
|
|
|
1,077,981
|
Human Resource & Employment Services - 3.7%
|
Capita Group PLC
|
13,700
|
|
116,762
|
CDI Corp.
|
900
|
|
26,505
|
Kforce, Inc. (a)
|
10,400
|
|
158,912
|
Robert Half International, Inc.
|
31,400
|
|
1,288,656
|
|
|
1,590,835
|
TOTAL COMMERCIAL SERVICES & SUPPLIES
|
|
2,955,684
|
COMPUTERS & PERIPHERALS - 3.1%
|
Computer Storage & Peripherals - 3.1%
|
Hypercom Corp. (a)
|
122,300
|
|
1,323,286
|
DIVERSIFIED CONSUMER SERVICES - 0.4%
|
Specialized Consumer Services - 0.4%
|
Coinmach Service Corp. Class A
|
6,700
|
|
66,665
|
Weight Watchers International, Inc.
|
2,000
|
|
83,760
|
|
|
150,425
|
DIVERSIFIED FINANCIAL SERVICES - 1.8%
|
Specialized Finance - 1.8%
|
Moody's Corp.
|
12,600
|
|
658,980
|
NETeller PLC (a)
|
8,300
|
|
97,474
|
|
|
756,454
|
FOOD & STAPLES RETAILING - 1.9%
|
Food Distributors - 1.9%
|
Sysco Corp. (d)
|
26,900
|
|
822,602
|
HEALTH CARE PROVIDERS & SERVICES - 3.2%
|
Health Care Services - 3.0%
|
DaVita, Inc. (a)
|
11,300
|
|
598,448
|
Quest Diagnostics, Inc.
|
12,700
|
|
707,898
|
|
|
1,306,346
|
|
|
Shares
|
|
Value
|
Managed Health Care - 0.2%
|
Health Net, Inc. (a)
|
2,200
|
|
$ 94,644
|
TOTAL HEALTH CARE PROVIDERS & SERVICES
|
|
1,400,990
|
INTERNET SOFTWARE & SERVICES - 3.4%
|
Internet Software & Services - 3.4%
|
CyberSource Corp. (a)
|
58,000
|
|
552,160
|
Digital Insight Corp. (a)
|
22,600
|
|
731,110
|
Google, Inc. Class A (sub. vtg.) (a)
|
500
|
|
185,910
|
|
|
1,469,180
|
IT SERVICES - 60.3%
|
Data Processing & Outsourced Services - 39.1%
|
Affiliated Computer Services, Inc.
Class A (a)
|
12,400
|
|
619,008
|
Alliance Data Systems Corp. (a)
|
39,600
|
|
2,101,572
|
Automatic Data Processing, Inc.
|
23,100
|
|
1,050,357
|
Ceridian Corp. (a)
|
52,100
|
|
1,267,593
|
Convergys Corp. (a)
|
400
|
|
7,456
|
DST Systems, Inc. (a)(d)
|
4,600
|
|
270,480
|
eFunds Corp. (a)
|
4,600
|
|
103,868
|
Electronic Clearing House, Inc. (a)
|
8,100
|
|
105,381
|
Electronic Data Systems Corp.
|
22,400
|
|
549,248
|
First Data Corp.
|
96,100
|
|
4,431,170
|
Hewitt Associates, Inc. Class A (a)
|
6,600
|
|
175,758
|
Iron Mountain, Inc. (a)
|
10,700
|
|
395,258
|
Lightbridge, Inc. (a)
|
14,700
|
|
171,990
|
MoneyGram International, Inc.
|
81,300
|
|
2,843,874
|
Paychex, Inc.
|
67,087
|
|
2,462,764
|
Sabre Holdings Corp. Class A
|
7,800
|
|
166,920
|
Syntel, Inc.
|
8,500
|
|
195,500
|
Total System Services, Inc.
|
400
|
|
7,228
|
|
|
16,925,425
|
IT Consulting & Other Services - 21.2%
|
Accenture Ltd. Class A
|
124,400
|
|
3,501,860
|
BearingPoint, Inc. (a)
|
18,000
|
|
144,540
|
CACI International, Inc. Class A (a)
|
3,200
|
|
194,944
|
Cognizant Technology Solutions Corp. Class A (a)
|
35,008
|
|
2,065,472
|
Forrester Research, Inc. (a)
|
6,600
|
|
169,026
|
Gartner, Inc. Class A (a)
|
1,500
|
|
23,475
|
HCL Infosystems Ltd.
|
13,609
|
|
45,672
|
HCL Technologies Ltd.
|
24,254
|
|
264,094
|
Infosys Technologies Ltd. sponsored ADR
|
600
|
|
42,360
|
Kanbay International, Inc. (a)
|
6,400
|
|
88,512
|
NCI, Inc. Class A
|
4,400
|
|
59,796
|
Ness Technologies, Inc. (a)
|
18,600
|
|
202,926
|
Sapient Corp. (a)
|
344,600
|
|
1,843,610
|
Satyam Computer Services Ltd. sponsored ADR
|
400
|
|
12,868
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
IT SERVICES - CONTINUED
|
IT Consulting & Other Services - continued
|
SRA International, Inc. Class A (a)
|
8,200
|
|
$ 257,972
|
Unisys Corp. (a)
|
35,200
|
|
231,616
|
|
|
9,148,743
|
TOTAL IT SERVICES
|
|
26,074,168
|
MEDIA - 3.8%
|
Advertising - 3.8%
|
Interpublic Group of Companies, Inc. (a)
|
791
|
|
7,538
|
Omnicom Group, Inc.
|
17,300
|
|
1,645,403
|
|
|
1,652,941
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
|
Semiconductors - 0.0%
|
Exar Corp. (a)
|
900
|
|
11,880
|
SOFTWARE - 11.9%
|
Application Software - 11.9%
|
Epicor Software Corp. (a)
|
3,400
|
|
36,686
|
EPIQ Systems, Inc. (a)
|
16,000
|
|
256,320
|
Fair, Isaac & Co., Inc.
|
30,500
|
|
1,084,885
|
Intuit, Inc. (a)
|
6,600
|
|
364,914
|
NAVTEQ Corp. (a)
|
7,700
|
|
321,475
|
Open Solutions, Inc. (a)
|
109,600
|
|
3,041,400
|
Reynolds & Reynolds Co. Class A
|
700
|
|
19,607
|
|
|
5,125,287
|
TEXTILES, APPAREL & LUXURY GOODS - 0.1%
|
Apparel, Accessories & Luxury Goods - 0.1%
|
Quiksilver, Inc. (a)
|
4,900
|
|
61,054
|
TOTAL COMMON STOCKS
(Cost $36,708,530)
|
42,476,131
|
Money Market Funds - 6.9%
|
|
Shares
|
|
Value
|
Fidelity Cash Central Fund, 5.03% (b)
|
2,685,657
|
|
$ 2,685,657
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
283,075
|
|
283,075
|
TOTAL MONEY MARKET FUNDS
(Cost $2,968,732)
|
2,968,732
|
TOTAL INVESTMENT PORTFOLIO - 105.2%
(Cost $39,677,262)
|
45,444,863
|
NET OTHER ASSETS - (5.2)%
|
(2,228,609)
|
NET ASSETS - 100%
|
$ 43,216,254
|
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.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 20,357
|
Fidelity Securities Lending Cash Central Fund
|
84
|
Total
|
$ 20,441
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $39,691,341. Net unrealized appreciation aggregated $5,753,522, of
which $6,726,307 related to appreciated investment securities and $972,785 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Chemicals Portfolio
May 31, 2006
1.802159.102
CHE-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.4%
|
|
Shares
|
|
Value
|
AEROSPACE & DEFENSE - 0.3%
|
Aerospace & Defense - 0.3%
|
Hexcel Corp. (a)
|
13,400
|
|
$ 275,772
|
CHEMICALS - 84.3%
|
Commodity Chemicals - 14.2%
|
Celanese Corp. Class A
|
190,386
|
|
3,752,508
|
Georgia Gulf Corp.
|
166,816
|
|
5,376,480
|
Lyondell Chemical Co.
|
17,523
|
|
424,057
|
NL Industries, Inc. (d)
|
40,200
|
|
478,782
|
Pioneer Companies, Inc. (a)
|
39,900
|
|
1,108,023
|
Spartech Corp.
|
35,100
|
|
805,896
|
Westlake Chemical Corp.
|
84,800
|
|
2,647,456
|
|
|
14,593,202
|
Diversified Chemicals - 18.1%
|
Ashland, Inc.
|
12,600
|
|
787,500
|
BASF AG sponsored ADR
|
200
|
|
16,280
|
Dow Chemical Co.
|
13,100
|
|
522,297
|
E.I. du Pont de Nemours & Co.
|
74,100
|
|
3,151,473
|
Eastman Chemical Co.
|
28,300
|
|
1,595,554
|
Engelhard Corp.
|
19,800
|
|
770,814
|
FMC Corp.
|
126,356
|
|
8,158,805
|
Hercules, Inc. (a)
|
25,800
|
|
399,126
|
PPG Industries, Inc.
|
49,300
|
|
3,171,962
|
|
|
18,573,811
|
Fertilizers & Agricultural Chemicals - 12.9%
|
Agrium, Inc.
|
21,500
|
|
526,933
|
Israel Chemicals Ltd.
|
137,700
|
|
583,010
|
Monsanto Co.
|
75,000
|
|
6,312,000
|
Mosaic Co. (a)(d)
|
152,800
|
|
2,377,568
|
Potash Corp. of Saskatchewan, Inc.
|
9,188
|
|
838,293
|
Syngenta AG sponsored ADR
|
37,200
|
|
1,025,232
|
The Scotts Miracle-Gro Co. Class A
|
37,500
|
|
1,637,250
|
|
|
13,300,286
|
Industrial Gases - 14.7%
|
Air Products & Chemicals, Inc.
|
95,900
|
|
6,219,115
|
Airgas, Inc.
|
102,000
|
|
3,905,580
|
L'Air Liquide SA
|
2,100
|
|
436,573
|
Praxair, Inc.
|
85,660
|
|
4,514,282
|
|
|
15,075,550
|
Specialty Chemicals - 24.4%
|
Albemarle Corp.
|
64,400
|
|
3,091,200
|
Arch Chemicals, Inc.
|
52,850
|
|
1,836,538
|
Chemtura Corp.
|
548,773
|
|
5,394,439
|
Cytec Industries, Inc.
|
105,900
|
|
6,097,722
|
Ecolab, Inc.
|
19,800
|
|
766,458
|
Ferro Corp.
|
26,200
|
|
461,120
|
H.B. Fuller Co.
|
26,649
|
|
1,285,814
|
Minerals Technologies, Inc.
|
11,000
|
|
641,740
|
OM Group, Inc. (a)
|
17,200
|
|
544,896
|
|
|
Shares
|
|
Value
|
PolyOne Corp. (a)
|
67,400
|
|
$ 636,930
|
Rohm & Haas Co.
|
80,100
|
|
4,037,841
|
Valspar Corp.
|
10,000
|
|
275,200
|
|
|
25,069,898
|
TOTAL CHEMICALS
|
|
86,612,747
|
INDUSTRIAL CONGLOMERATES - 7.1%
|
Industrial Conglomerates - 7.1%
|
3M Co.
|
87,400
|
|
7,311,884
|
MARINE - 0.8%
|
Marine - 0.8%
|
Odfjell ASA (A Shares)
|
30,600
|
|
513,322
|
Stolt-Nielsen SA (d)
|
11,700
|
|
303,064
|
|
|
816,386
|
METALS & MINING - 1.0%
|
Diversified Metals & Mining - 1.0%
|
Compass Minerals International, Inc.
|
41,300
|
|
1,052,324
|
TRADING COMPANIES & DISTRIBUTORS - 3.9%
|
Trading Companies & Distributors - 3.9%
|
UAP Holding Corp.
|
167,500
|
|
3,953,000
|
TOTAL COMMON STOCKS
(Cost $77,584,486)
|
100,022,113
|
Money Market Funds - 8.2%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
5,762,158
|
|
5,762,158
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
2,694,150
|
|
2,694,150
|
TOTAL MONEY MARKET FUNDS
(Cost $8,456,308)
|
8,456,308
|
TOTAL INVESTMENT PORTFOLIO - 105.6%
(Cost $86,040,794)
|
108,478,421
|
NET OTHER ASSETS - (5.6)%
|
|
(5,760,843)
|
NET ASSETS - 100%
|
$ 102,717,578
|
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.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 9,694
|
Fidelity Securities Lending Cash Central Fund
|
2,193
|
Total
|
$ 11,887
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $86,417,799. Net unrealized appreciation aggregated $22,060,622,
of which $24,610,255 related to appreciated investment securities and $2,549,633 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Computers Portfolio
May 31, 2006
1.802161.102
COM-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.2%
|
|
Shares
|
|
Value
|
COMMUNICATIONS EQUIPMENT - 6.2%
|
Communications Equipment - 6.2%
|
Cisco Systems, Inc. (a)
|
880,100
|
|
$ 17,320,368
|
Corning, Inc. (a)
|
279,000
|
|
6,765,750
|
ITF Optical Technologies, Inc.
Series A (a)(f)
|
31,365
|
|
0
|
JDS Uniphase Corp. (a)
|
1,316,900
|
|
3,990,207
|
Sandvine Corp. (e)
|
208,900
|
|
425,812
|
|
|
28,502,137
|
COMPUTERS & PERIPHERALS - 46.2%
|
Computer Hardware - 30.1%
|
Apple Computer, Inc. (a)
|
609,600
|
|
36,435,792
|
Dell, Inc. (a)
|
452,700
|
|
11,489,526
|
Diebold, Inc.
|
28,500
|
|
1,211,535
|
Gateway, Inc. (a)
|
442,800
|
|
761,616
|
Hewlett-Packard Co.
|
1,273,600
|
|
41,239,169
|
International Business Machines Corp.
|
302,300
|
|
24,153,770
|
NCR Corp. (a)
|
259,400
|
|
10,137,352
|
Sun Microsystems, Inc. (a)
|
2,817,700
|
|
13,130,482
|
|
|
138,559,242
|
Computer Storage & Peripherals - 16.1%
|
EMC Corp. (a)
|
1,395,100
|
|
17,857,280
|
Lexmark International, Inc. Class A (a)
|
93,900
|
|
5,375,775
|
M-Systems Flash Disk Pioneers Ltd. (a)
|
282,600
|
|
9,452,970
|
Network Appliance, Inc. (a)
|
267,500
|
|
8,560,000
|
QLogic Corp. (a)
|
171,900
|
|
3,073,572
|
Rackable Systems, Inc.
|
343,100
|
|
13,006,921
|
SanDisk Corp. (a)
|
152,200
|
|
8,564,294
|
Seagate Technology
|
279,240
|
|
6,520,254
|
Xyratex Ltd. (a)
|
60,700
|
|
1,631,616
|
|
|
74,042,682
|
TOTAL COMPUTERS & PERIPHERALS
|
|
212,601,924
|
ELECTRONIC EQUIPMENT & INSTRUMENTS - 3.3%
|
Electronic Equipment & Instruments - 0.8%
|
LG.Philips LCD Co. Ltd. (a)
|
106,860
|
|
3,952,849
|
Technology Distributors - 2.5%
|
Arrow Electronics, Inc. (a)
|
99,700
|
|
3,240,250
|
Avnet, Inc. (a)
|
100,000
|
|
2,208,000
|
CDW Corp.
|
32,800
|
|
1,834,504
|
Ingram Micro, Inc. Class A (a)
|
186,000
|
|
3,210,360
|
Insight Enterprises, Inc. (a)
|
50,000
|
|
907,000
|
|
|
11,400,114
|
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS
|
|
15,352,963
|
|
|
Shares
|
|
Value
|
HOTELS, RESTAURANTS & LEISURE - 0.3%
|
Hotels, Resorts & Cruise Lines - 0.3%
|
Ctrip.com International Ltd.
sponsored ADR
|
28,800
|
|
$ 1,385,280
|
HOUSEHOLD DURABLES - 0.4%
|
Consumer Electronics - 0.4%
|
LG Electronics, Inc.
|
23,290
|
|
1,683,988
|
OFFICE ELECTRONICS - 2.1%
|
Office Electronics - 2.1%
|
Xerox Corp. (a)
|
713,300
|
|
9,793,609
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 27.1%
|
Semiconductors - 27.1%
|
Advanced Micro Devices, Inc. (a)
|
389,900
|
|
12,044,011
|
Agere Systems, Inc. (a)
|
139,500
|
|
2,079,945
|
Altera Corp. (a)
|
433,900
|
|
8,487,084
|
Analog Devices, Inc.
|
220,170
|
|
7,426,334
|
Cypress Semiconductor Corp. (a)
|
125,000
|
|
1,897,500
|
Freescale Semiconductor, Inc. Class A (a)
|
86,600
|
|
2,669,878
|
Intel Corp.
|
619,300
|
|
11,159,786
|
Linear Technology Corp.
|
240,300
|
|
8,110,125
|
LSI Logic Corp. (a)
|
372,000
|
|
3,619,560
|
Marvell Technology Group Ltd. (a)
|
191,500
|
|
9,128,805
|
Maxim Integrated Products, Inc.
|
157,600
|
|
4,843,048
|
MediaTek, Inc.
|
93,000
|
|
1,038,186
|
Microchip Technology, Inc.
|
146,000
|
|
5,007,800
|
Micron Technology, Inc. (a)
|
245,500
|
|
4,065,480
|
National Semiconductor Corp.
|
302,900
|
|
7,778,472
|
O2Micro International Ltd.
sponsored ADR (a)
|
226,700
|
|
1,967,756
|
RF Micro Devices, Inc. (a)
|
111,400
|
|
807,650
|
Samsung Electronics Co. Ltd.
|
6,723
|
|
4,311,564
|
Silicon On Insulator Technologies SA (SOITEC) (a)
|
50,000
|
|
1,464,983
|
Spansion, Inc.
|
344,600
|
|
6,213,138
|
Texas Instruments, Inc.
|
371,000
|
|
11,586,330
|
Vimicro International Corp.
sponsored ADR
|
93,000
|
|
1,520,252
|
Volterra Semiconductor Corp. (a)
|
69,800
|
|
1,065,148
|
Xilinx, Inc.
|
250,200
|
|
6,505,200
|
|
|
124,798,035
|
SOFTWARE - 0.9%
|
Application Software - 0.9%
|
NAVTEQ Corp. (a)
|
93,000
|
|
3,882,750
|
SPECIALTY RETAIL - 6.7%
|
Computer & Electronics Retail - 3.9%
|
Best Buy Co., Inc. (d)
|
332,300
|
|
17,611,900
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
SPECIALTY RETAIL - CONTINUED
|
Specialty Stores - 2.8%
|
Staples, Inc.
|
550,800
|
$ 12,938,292
|
TOTAL SPECIALTY RETAIL
|
|
30,550,192
|
TOTAL COMMON STOCKS
(Cost $457,931,663)
|
428,550,878
|
Money Market Funds - 7.1%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
32,617,093
|
|
32,617,093
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
52,000
|
|
52,000
|
TOTAL MONEY MARKET FUNDS
(Cost $32,669,093)
|
32,669,093
|
TOTAL INVESTMENT PORTFOLIO - 100.3%
(Cost $490,600,756)
|
461,219,971
|
NET OTHER ASSETS - (0.3)%
|
(1,337,013)
|
NET ASSETS - 100%
|
$ 459,882,958
|
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.
|
(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 period end, the value of these securities amounted to $425,812 or 0.1% 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 $0 or 0.0% of net assets.
|
Additional information on each holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost
|
ITF Optical Technologies, Inc. Series A
|
10/11/00
|
$ 1,575,000
|
Affiliated Central Funds
|
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 192,361
|
Fidelity Securities Lending Cash Central Fund
|
3,403
|
Total
|
$ 195,764
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $496,277,269. Net unrealized depreciation aggregated $35,057,298,
of which $15,065,245 related to appreciated investment securities and $50,122,543 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Consumer Industries Portfolio
May 31, 2006
1.802163.102
CPR-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.7%
|
|
Shares
|
|
Value
|
AUTOMOBILES - 0.3%
|
Motorcycle Manufacturers - 0.3%
|
Harley-Davidson, Inc.
|
3,000
|
|
$ 149,550
|
BEVERAGES - 8.4%
|
Brewers - 0.9%
|
InBev SA
|
4,200
|
|
201,975
|
SABMiller PLC
|
13,800
|
|
257,551
|
|
|
459,526
|
Distillers & Vintners - 0.6%
|
Diageo PLC sponsored ADR
|
4,100
|
|
271,379
|
Soft Drinks - 6.9%
|
Coca-Cola Enterprises, Inc.
|
18,900
|
|
371,574
|
PepsiCo, Inc.
|
34,500
|
|
2,085,870
|
The Coca-Cola Co.
|
24,000
|
|
1,056,720
|
|
|
3,514,164
|
TOTAL BEVERAGES
|
|
4,245,069
|
COMMERCIAL SERVICES & SUPPLIES - 1.3%
|
Human Resource & Employment Services - 1.3%
|
Monster Worldwide, Inc. (a)
|
6,900
|
|
337,203
|
Robert Half International, Inc.
|
7,400
|
|
303,696
|
|
|
640,899
|
COMPUTERS & PERIPHERALS - 0.5%
|
Computer Hardware - 0.5%
|
Apple Computer, Inc. (a)
|
4,200
|
|
251,034
|
DISTRIBUTORS - 0.8%
|
Distributors - 0.8%
|
Keystone Automotive Industries, Inc. (a)
|
3,300
|
|
133,056
|
Li & Fung Ltd.
|
134,200
|
|
276,771
|
|
|
409,827
|
DIVERSIFIED CONSUMER SERVICES - 1.3%
|
Education Services - 0.9%
|
Apollo Group, Inc. Class A (a)
|
8,300
|
|
434,173
|
Specialized Consumer Services - 0.4%
|
Weight Watchers International, Inc.
|
4,900
|
|
205,212
|
TOTAL DIVERSIFIED CONSUMER SERVICES
|
|
639,385
|
ELECTRICAL EQUIPMENT - 0.8%
|
Electrical Components & Equipment - 0.8%
|
Evergreen Solar, Inc. (a)
|
21,400
|
|
238,610
|
SolarWorld AG
|
700
|
|
194,690
|
|
|
433,300
|
|
|
Shares
|
|
Value
|
FOOD & STAPLES RETAILING - 8.2%
|
Drug Retail - 2.9%
|
CVS Corp.
|
21,000
|
|
$ 585,900
|
Walgreen Co.
|
21,600
|
|
876,960
|
|
|
1,462,860
|
Food Retail - 0.6%
|
Whole Foods Market, Inc.
|
5,000
|
|
325,000
|
Hypermarkets & Super Centers - 4.7%
|
Costco Wholesale Corp.
|
12,300
|
|
651,039
|
Wal-Mart Stores, Inc.
|
35,500
|
|
1,719,975
|
|
|
2,371,014
|
TOTAL FOOD & STAPLES RETAILING
|
|
4,158,874
|
FOOD PRODUCTS - 4.4%
|
Agricultural Products - 0.4%
|
Archer-Daniels-Midland Co.
|
5,100
|
|
212,007
|
Packaged Foods & Meats - 4.0%
|
Diamond Foods, Inc.
|
6,900
|
|
99,222
|
Flowers Foods, Inc.
|
3,600
|
|
104,652
|
Green Mountain Coffee Roasters, Inc. (a)
|
2,600
|
|
102,648
|
Lindt & Spruengli AG (participation certificate)
|
312
|
|
598,725
|
Nestle SA sponsored ADR
|
14,900
|
|
1,115,265
|
|
|
2,020,512
|
TOTAL FOOD PRODUCTS
|
|
2,232,519
|
HOTELS, RESTAURANTS & LEISURE - 12.8%
|
Casinos & Gaming - 2.6%
|
Aristocrat Leisure Ltd. (d)
|
24,600
|
|
248,342
|
Boyd Gaming Corp.
|
2,700
|
|
121,500
|
International Game Technology (d)
|
7,800
|
|
290,394
|
MGM MIRAGE (a)
|
10,600
|
|
439,476
|
Station Casinos, Inc.
|
1,600
|
|
116,800
|
WMS Industries, Inc. (a)
|
4,000
|
|
103,760
|
|
|
1,320,272
|
Hotels, Resorts & Cruise Lines - 5.7%
|
Carnival Corp. unit
|
16,200
|
|
646,542
|
Ctrip.com International Ltd.
sponsored ADR
|
8,000
|
|
384,800
|
eLong, Inc. sponsored ADR (a)
|
26,900
|
|
400,541
|
Kerzner International Ltd. (a)
|
5,600
|
|
444,024
|
Royal Caribbean Cruises Ltd.
|
10,900
|
|
415,072
|
Starwood Hotels & Resorts Worldwide, Inc.
|
9,500
|
|
580,450
|
|
|
2,871,429
|
Leisure Facilities - 0.1%
|
International Speedway Corp. Class A
|
1,400
|
|
67,956
|
Restaurants - 4.4%
|
Buffalo Wild Wings, Inc. (a)
|
22,554
|
|
885,470
|
CBRL Group, Inc.
|
917
|
|
34,323
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
HOTELS, RESTAURANTS & LEISURE - CONTINUED
|
Restaurants - continued
|
Domino's Pizza, Inc.
|
7,250
|
|
$ 171,680
|
OSI Restaurant Partners, Inc.
|
13,800
|
|
506,184
|
Starbucks Corp. (a)
|
17,600
|
|
627,440
|
|
|
2,225,097
|
TOTAL HOTELS, RESTAURANTS & LEISURE
|
|
6,484,754
|
HOUSEHOLD DURABLES - 0.4%
|
Homebuilding - 0.4%
|
D.R. Horton, Inc.
|
3,900
|
|
102,804
|
Ryland Group, Inc.
|
1,900
|
|
93,499
|
|
|
196,303
|
Housewares & Specialties - 0.0%
|
Sealy Corp., Inc.
|
500
|
|
6,565
|
TOTAL HOUSEHOLD DURABLES
|
|
202,868
|
HOUSEHOLD PRODUCTS - 4.2%
|
Household Products - 4.2%
|
Colgate-Palmolive Co.
|
9,900
|
|
597,366
|
Procter & Gamble Co. (d)
|
28,400
|
|
1,540,700
|
|
|
2,138,066
|
INTERNET & CATALOG RETAIL - 1.4%
|
Catalog Retail - 0.8%
|
Coldwater Creek, Inc. (a)
|
14,700
|
|
377,790
|
Internet Retail - 0.6%
|
Priceline.com, Inc. (a)
|
10,200
|
|
317,220
|
TOTAL INTERNET & CATALOG RETAIL
|
|
695,010
|
INTERNET SOFTWARE & SERVICES - 12.0%
|
Internet Software & Services - 12.0%
|
Bankrate, Inc. (a)
|
2,200
|
|
100,210
|
Digitas, Inc. (a)
|
10,900
|
|
141,809
|
eBay, Inc. (a)
|
46,600
|
|
1,528,946
|
Google, Inc. Class A (sub. vtg.) (a)
|
7,554
|
|
2,808,727
|
Homestore, Inc. (a)
|
32,162
|
|
191,686
|
Sina Corp. (a)
|
5,300
|
|
130,062
|
Sohu.com, Inc. (a)
|
5,600
|
|
139,608
|
Yahoo!, Inc. (a)
|
32,396
|
|
1,023,390
|
|
|
6,064,438
|
LEISURE EQUIPMENT & PRODUCTS - 2.9%
|
Leisure Products - 2.9%
|
Brunswick Corp.
|
6,600
|
|
237,138
|
K2, Inc. (a)
|
8,500
|
|
93,755
|
MarineMax, Inc. (a)
|
17,800
|
|
512,106
|
|
|
Shares
|
|
Value
|
Pool Corp.
|
12,400
|
|
$ 535,556
|
RC2 Corp. (a)
|
2,400
|
|
85,320
|
|
|
1,463,875
|
MEDIA - 10.8%
|
Advertising - 2.0%
|
Harte-Hanks, Inc.
|
6,000
|
|
164,040
|
Interpublic Group of Companies, Inc. (a)
|
24,956
|
|
237,831
|
Omnicom Group, Inc.
|
6,500
|
|
618,215
|
|
|
1,020,086
|
Movies & Entertainment - 6.2%
|
Carmike Cinemas, Inc.
|
5,200
|
|
109,876
|
News Corp. Class A
|
53,800
|
|
1,025,966
|
The Walt Disney Co.
|
45,000
|
|
1,372,500
|
Viacom, Inc. Class B (non-vtg.) (a)
|
17,000
|
|
641,750
|
|
|
3,150,092
|
Publishing - 2.6%
|
Dow Jones & Co., Inc.
|
3,300
|
|
114,114
|
Gannett Co., Inc.
|
6,500
|
|
351,065
|
McGraw-Hill Companies, Inc.
|
11,200
|
|
577,920
|
Media General, Inc. Class A
|
2,900
|
|
109,127
|
Reuters Group PLC sponsored ADR
|
3,300
|
|
140,052
|
|
|
1,292,278
|
TOTAL MEDIA
|
|
5,462,456
|
MULTILINE RETAIL - 8.8%
|
Department Stores - 5.3%
|
Federated Department Stores, Inc.
|
13,700
|
|
997,771
|
JCPenney Co., Inc.
|
8,700
|
|
528,612
|
KarstadtQuelle AG (a)
|
15,200
|
|
422,951
|
Kohl's Corp. (a)
|
2,000
|
|
107,380
|
Nordstrom, Inc.
|
7,800
|
|
287,274
|
Saks, Inc.
|
8,400
|
|
134,820
|
Sears Holdings Corp. (a)
|
1,400
|
|
212,618
|
|
|
2,691,426
|
General Merchandise Stores - 3.5%
|
Family Dollar Stores, Inc.
|
8,600
|
|
214,828
|
Target Corp.
|
31,500
|
|
1,540,980
|
|
|
1,755,808
|
TOTAL MULTILINE RETAIL
|
|
4,447,234
|
PERSONAL PRODUCTS - 1.8%
|
Personal Products - 1.8%
|
Avon Products, Inc.
|
20,100
|
|
637,170
|
Herbalife Ltd. (a)
|
7,700
|
|
302,225
|
|
|
939,395
|
REAL ESTATE INVESTMENT TRUSTS - 0.2%
|
Specialized REITs - 0.2%
|
Host Hotels & Resorts, Inc.
|
5,815
|
|
116,707
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
|
Semiconductor Equipment - 0.2%
|
MEMC Electronic Materials, Inc. (a)
|
3,400
|
|
$ 119,068
|
SOFTWARE - 0.6%
|
Home Entertainment Software - 0.6%
|
Activision, Inc. (a)
|
11,433
|
|
149,429
|
Electronic Arts, Inc. (a)
|
3,400
|
|
143,038
|
|
|
292,467
|
SPECIALTY RETAIL - 12.5%
|
Apparel Retail - 4.3%
|
Aeropostale, Inc. (a)
|
7,000
|
|
173,180
|
American Eagle Outfitters, Inc.
|
6,500
|
|
212,225
|
Casual Male Retail Group, Inc. (a)
|
15,200
|
|
148,200
|
Charlotte Russe Holding, Inc. (a)
|
5,700
|
|
121,011
|
Chico's FAS, Inc. (a)
|
10,100
|
|
302,697
|
Esprit Holdings Ltd.
|
32,100
|
|
259,430
|
Foot Locker, Inc.
|
10,800
|
|
261,036
|
Gymboree Corp. (a)
|
7,900
|
|
279,581
|
Hot Topic, Inc. (a)
|
5,150
|
|
71,276
|
TJX Companies, Inc.
|
5,000
|
|
118,550
|
Urban Outfitters, Inc. (a)
|
12,300
|
|
228,411
|
|
|
2,175,597
|
Automotive Retail - 0.4%
|
AutoZone, Inc. (a)
|
2,500
|
|
226,825
|
Computer & Electronics Retail - 2.2%
|
Best Buy Co., Inc.
|
16,850
|
|
893,050
|
Gamestop Corp. Class B (a)
|
6,300
|
|
243,495
|
|
|
1,136,545
|
Home Improvement Retail - 2.0%
|
Lowe's Companies, Inc. (d)
|
16,200
|
|
1,008,936
|
Specialty Stores - 3.6%
|
Guitar Center, Inc. (a)
|
5,500
|
|
264,825
|
Office Depot, Inc. (a)
|
14,500
|
|
602,765
|
OfficeMax, Inc.
|
3,400
|
|
140,522
|
PETsMART, Inc.
|
3,900
|
|
104,052
|
Staples, Inc.
|
24,650
|
|
579,029
|
Tractor Supply Co. (a)
|
2,300
|
|
127,903
|
|
|
1,819,096
|
TOTAL SPECIALTY RETAIL
|
|
6,366,999
|
TEXTILES, APPAREL & LUXURY GOODS - 5.1%
|
Apparel, Accessories & Luxury Goods - 3.8%
|
Carter's, Inc. (a)
|
10,000
|
|
584,400
|
|
|
Shares
|
|
Value
|
Coach, Inc. (a)
|
9,300
|
|
$ 270,444
|
Kenneth Cole Productions, Inc. Class A (sub. vtg.)
|
2,800
|
|
68,796
|
Liz Claiborne, Inc.
|
9,200
|
|
355,764
|
Polo Ralph Lauren Corp. Class A
|
7,100
|
|
401,150
|
Ports Design Ltd.
|
109,000
|
|
151,739
|
Quiksilver, Inc. (a)
|
8,500
|
|
105,910
|
|
|
1,938,203
|
Footwear - 1.3%
|
Deckers Outdoor Corp. (a)
|
4,300
|
|
152,478
|
NIKE, Inc. Class B
|
6,300
|
|
505,953
|
|
|
658,431
|
TOTAL TEXTILES, APPAREL & LUXURY GOODS
|
|
2,596,634
|
TOTAL COMMON STOCKS
(Cost $44,761,002)
|
50,550,428
|
Money Market Funds - 8.2%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
1,423,215
|
|
1,423,215
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
2,759,960
|
|
2,759,960
|
TOTAL MONEY MARKET FUNDS
(Cost $4,183,175)
|
4,183,175
|
TOTAL INVESTMENT PORTFOLIO - 107.9%
(Cost $48,944,177)
|
54,733,603
|
NET OTHER ASSETS - (7.9)%
|
(4,011,880)
|
NET ASSETS - 100%
|
$ 50,721,723
|
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.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 10,512
|
Fidelity Securities Lending Cash Central Fund
|
7,386
|
Total
|
$ 17,898
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $49,024,925. Net unrealized appreciation aggregated $5,708,678, of
which $7,660,794 related to appreciated investment securities and $1,952,116 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Defense and Aerospace Portfolio
May 31, 2006
1.802165.102
DEF-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.9%
|
|
Shares
|
|
Value
|
AEROSPACE & DEFENSE - 72.4%
|
Aerospace & Defense - 72.4%
|
AAR Corp. (a)
|
524,200
|
|
$ 12,622,736
|
Alliant Techsystems, Inc. (a)
|
510,255
|
|
39,830,505
|
BE Aerospace, Inc. (a)
|
1,049,750
|
|
23,272,958
|
Bombardier, Inc. Class B (sub. vtg.) (a)
|
1,186,500
|
|
3,393,848
|
DRS Technologies, Inc.
|
748,000
|
|
39,838,480
|
DynCorp International, Inc. Class A
|
357,100
|
|
4,178,070
|
EADS NV
|
248,000
|
|
8,836,552
|
EDO Corp. (d)
|
270,300
|
|
7,073,751
|
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR
|
87,700
|
|
2,933,565
|
Essex Corp. (a)
|
489,800
|
|
8,909,462
|
GenCorp, Inc. (non-vtg.) (a)(d)
|
665,300
|
|
12,068,542
|
General Dynamics Corp.
|
1,095,200
|
|
69,698,527
|
Goodrich Corp.
|
888,350
|
|
37,870,361
|
Hexcel Corp. (a)
|
603,500
|
|
12,420,030
|
Honeywell International, Inc.
|
765,100
|
|
31,506,818
|
K&F Industries Holdings, Inc.
|
266,000
|
|
5,067,300
|
L-3 Communications Holdings, Inc.
|
734,400
|
|
53,581,824
|
Lockheed Martin Corp.
|
460,100
|
|
33,352,649
|
Meggitt PLC
|
560
|
|
3,105
|
MTC Technologies, Inc. (a)
|
187,700
|
|
5,203,044
|
MTU Aero Engines Holding AG
|
9,200
|
|
295,381
|
Northrop Grumman Corp.
|
380,748
|
|
24,626,781
|
Orbital Sciences Corp. (a)
|
1,297,392
|
|
19,447,906
|
Precision Castparts Corp.
|
1,091,000
|
|
62,874,330
|
Raytheon Co.
|
1,490,552
|
|
68,341,809
|
Rockwell Collins, Inc.
|
1,117,400
|
|
61,010,040
|
Rolls-Royce Group PLC
|
348,900
|
|
2,694,662
|
The Boeing Co.
|
116,200
|
|
9,673,650
|
Triumph Group, Inc. (a)
|
199,800
|
|
9,436,554
|
United Technologies Corp.
|
498,200
|
|
31,147,464
|
|
|
701,210,704
|
COMMUNICATIONS EQUIPMENT - 7.1%
|
Communications Equipment - 7.1%
|
Anaren, Inc. (a)
|
109,700
|
|
2,156,702
|
Harris Corp.
|
1,452,200
|
|
59,133,584
|
Powerwave Technologies, Inc. (a)
|
80,932
|
|
792,324
|
REMEC, Inc.
|
235,064
|
|
265,622
|
ViaSat, Inc. (a)
|
233,400
|
|
5,951,700
|
|
|
68,299,932
|
|
|
Shares
|
|
Value
|
ELECTRONIC EQUIPMENT & INSTRUMENTS - 2.9%
|
Electronic Equipment & Instruments - 0.8%
|
Aeroflex, Inc. (a)
|
628,300
|
|
$ 7,357,393
|
CPI International, Inc.
|
4,700
|
|
79,900
|
|
|
7,437,293
|
Electronic Manufacturing Services - 2.1%
|
Mercury Computer Systems, Inc. (a)
|
85,700
|
|
1,407,194
|
Trimble Navigation Ltd. (a)
|
417,950
|
|
19,200,623
|
|
|
20,607,817
|
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS
|
|
28,045,110
|
HOUSEHOLD DURABLES - 0.4%
|
Consumer Electronics - 0.4%
|
Harman International Industries, Inc.
|
45,500
|
|
3,855,215
|
INDUSTRIAL CONGLOMERATES - 1.7%
|
Industrial Conglomerates - 1.7%
|
General Electric Co.
|
477,100
|
|
16,345,446
|
IT SERVICES - 3.7%
|
IT Consulting & Other Services - 3.7%
|
CACI International, Inc. Class A (a)
|
196,200
|
|
11,952,504
|
NCI, Inc. Class A
|
179,256
|
|
2,436,089
|
SI International, Inc. (a)
|
6,300
|
|
199,647
|
SRA International, Inc. Class A (a)
|
671,000
|
|
21,109,660
|
|
|
35,697,900
|
MEDIA - 4.6%
|
Broadcasting & Cable TV - 4.6%
|
EchoStar Communications Corp.
Class A (a)
|
1,320,100
|
|
39,510,593
|
The DIRECTV Group, Inc. (a)
|
297,811
|
|
5,229,561
|
|
|
44,740,154
|
METALS & MINING - 3.1%
|
Diversified Metals & Mining - 1.5%
|
Sumitomo Titanium Corp. (d)
|
29,400
|
|
5,080,617
|
Toho Titanium Co. Ltd. (d)
|
148,200
|
|
9,300,779
|
|
|
14,381,396
|
Steel - 1.6%
|
Allegheny Technologies, Inc.
|
243,200
|
|
15,474,816
|
TOTAL METALS & MINING
|
|
29,856,212
|
SOFTWARE - 0.0%
|
Application Software - 0.0%
|
NAVTEQ Corp. (a)
|
5,800
|
|
242,150
|
TOTAL COMMON STOCKS
(Cost $733,183,420)
|
928,292,823
|
Money Market Funds - 3.8%
|
|
Shares
|
|
Value
|
Fidelity Cash Central Fund, 5.03% (b)
|
13,286,383
|
|
$ 13,286,383
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
23,262,850
|
|
23,262,850
|
TOTAL MONEY MARKET FUNDS
(Cost $36,549,233)
|
36,549,233
|
TOTAL INVESTMENT PORTFOLIO - 99.7%
(Cost $769,732,653)
|
964,842,056
|
NET OTHER ASSETS - 0.3%
|
|
2,931,528
|
NET ASSETS - 100%
|
$ 967,773,584
|
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.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 426,787
|
Fidelity Securities Lending Cash Central Fund
|
38,473
|
Total
|
$ 465,260
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $770,134,553. Net unrealized appreciation aggregated
$194,707,503, of which $218,341,043 related to appreciated investment securities and $23,633,540 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Developing
Communications Portfolio
May 31, 2006
1.802166.102
DEV-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.9%
|
|
Shares
|
|
Value
|
COMMERCIAL SERVICES & SUPPLIES - 0.5%
|
Diversified Commercial & Professional Services - 0.5%
|
Tele Atlas NV (a)(d)
|
85,000
|
|
$ 2,005,668
|
COMMUNICATIONS EQUIPMENT - 68.3%
|
Communications Equipment - 68.3%
|
3Com Corp. (a)
|
410,900
|
|
1,853,159
|
ADC Telecommunications, Inc. (a)
|
261,700
|
|
4,689,664
|
ADVA AG Optical Networking (a)
|
243,368
|
|
2,691,911
|
Alvarion Ltd. (a)
|
124,600
|
|
904,596
|
Andrew Corp. (a)
|
273,400
|
|
2,766,808
|
Arris Group, Inc. (a)
|
132,100
|
|
1,587,842
|
AudioCodes Ltd. (a)
|
505,190
|
|
6,097,643
|
Bookham, Inc. (a)(d)
|
753,028
|
|
2,899,158
|
C-COR, Inc. (a)
|
33,600
|
|
230,496
|
Ceragon Networks Ltd. (a)
|
406,000
|
|
1,867,600
|
CIENA Corp. (a)
|
2,844,144
|
|
11,916,963
|
CommScope, Inc. (a)
|
9,400
|
|
274,762
|
Comtech Group, Inc. (a)
|
99,500
|
|
1,564,140
|
Comverse Technology, Inc. (a)
|
1,014,110
|
|
22,837,757
|
Corning, Inc. (a)
|
1,267,700
|
|
30,741,725
|
CSR PLC (a)
|
104,500
|
|
2,829,685
|
ECI Telecom Ltd. (a)
|
141,300
|
|
1,359,306
|
F5 Networks, Inc. (a)
|
164,700
|
|
7,991,244
|
Foundry Networks, Inc. (a)
|
360,500
|
|
4,636,030
|
Foxconn International Holdings Ltd. (a)
|
80,000
|
|
214,487
|
InterDigital Communication Corp. (a)
|
73,600
|
|
2,086,560
|
Ixia (a)
|
195,700
|
|
2,017,667
|
JDS Uniphase Corp. (a)
|
1,507,200
|
|
4,566,816
|
Juniper Networks, Inc. (a)
|
705,659
|
|
11,241,148
|
Lucent Technologies, Inc. (a)
|
5,492,600
|
|
14,006,130
|
Motorola, Inc.
|
1,441,600
|
|
30,403,344
|
MRV Communications, Inc. (a)(d)
|
735,283
|
|
2,198,496
|
NETGEAR, Inc. (a)
|
103,100
|
|
2,413,571
|
Nokia Corp. sponsored ADR
|
1,090,700
|
|
23,417,329
|
Nortel Networks Corp. (a)
|
11,037,800
|
|
26,252,073
|
Orckit Communications Ltd. (a)(d)
|
143,300
|
|
1,809,879
|
Powerwave Technologies, Inc. (a)
|
449,000
|
|
4,395,710
|
QUALCOMM, Inc.
|
631,200
|
|
28,536,552
|
Research In Motion Ltd. (a)
|
199,000
|
|
12,904,317
|
Riverstone Networks, Inc. (a)
|
1,129,500
|
|
1,016,550
|
Sandvine Corp. (e)
|
712,100
|
|
1,451,512
|
Sonus Networks, Inc. (a)(d)
|
929,396
|
|
4,330,985
|
Stratex Networks, Inc. (a)
|
194,400
|
|
812,592
|
Symmetricom, Inc. (a)
|
459,300
|
|
3,329,925
|
Tekelec (a)
|
371,100
|
|
5,354,973
|
Telefonaktiebolaget LM Ericsson
(B Shares) sponsored ADR
|
1,848
|
|
59,191
|
Tellabs, Inc. (a)
|
503,000
|
|
7,192,900
|
Telson Electronics Co. Ltd. (a)
|
850,529
|
|
0
|
Terayon Communication Systems, Inc. (a)
|
187,000
|
|
316,030
|
|
|
Shares
|
|
Value
|
TomTom Group BV
|
10,800
|
|
$ 478,669
|
Tut Systems, Inc. (a)
|
109,700
|
|
295,093
|
|
|
300,842,988
|
COMPUTERS & PERIPHERALS - 3.0%
|
Computer Hardware - 1.4%
|
Compal Electronics, Inc.
|
240,559
|
|
244,333
|
Concurrent Computer Corp. (a)
|
2,230,978
|
|
6,045,950
|
NEC Corp. sponsored ADR
|
700
|
|
4,228
|
|
|
6,294,511
|
Computer Storage & Peripherals - 1.6%
|
M-Systems Flash Disk Pioneers Ltd. (a)
|
29,900
|
|
1,000,155
|
Novatel Wireless, Inc. (a)(d)
|
131,000
|
|
1,459,340
|
Synaptics, Inc. (a)
|
157,500
|
|
3,729,600
|
Xyratex Ltd. (a)
|
32,300
|
|
868,224
|
|
|
7,057,319
|
TOTAL COMPUTERS & PERIPHERALS
|
|
13,351,830
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.6%
|
Alternative Carriers - 0.3%
|
Level 3 Communications, Inc. (a)
|
232,400
|
|
1,155,028
|
Integrated Telecommunication Services - 0.3%
|
Embarq Corp. (a)
|
1,035
|
|
43,128
|
Philippine Long Distance Telephone Co. sponsored ADR
|
33,400
|
|
1,257,844
|
|
|
1,300,972
|
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES
|
|
2,456,000
|
ELECTRICAL EQUIPMENT - 0.1%
|
Electrical Components & Equipment - 0.1%
|
Energy Conversion Devices, Inc. (a)
|
14,600
|
|
580,350
|
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.7%
|
Electronic Equipment & Instruments - 0.4%
|
Chi Mei Optoelectronics Corp.
|
396,582
|
|
465,435
|
HannStar Display Corp.
|
2,368,000
|
|
434,834
|
Photon Dynamics, Inc. (a)
|
43,484
|
|
693,570
|
|
|
1,593,839
|
Electronic Manufacturing Services - 0.3%
|
Molex, Inc.
|
25,700
|
|
912,350
|
Trimble Navigation Ltd. (a)
|
13,500
|
|
620,190
|
|
|
1,532,540
|
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS
|
|
3,126,379
|
HOUSEHOLD DURABLES - 0.7%
|
Consumer Electronics - 0.7%
|
Directed Electronics, Inc.
|
85,300
|
|
1,177,140
|
Dolby Laboratories, Inc. Class A (a)
|
79,700
|
|
1,759,776
|
Garmin Ltd.
|
3,800
|
|
354,502
|
|
|
3,291,418
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
INTERNET SOFTWARE & SERVICES - 9.3%
|
Internet Software & Services - 9.3%
|
aQuantive, Inc. (a)
|
41,200
|
|
$ 1,021,348
|
Google, Inc. Class A (sub. vtg.) (a)
|
85,407
|
|
31,756,031
|
Openwave Systems, Inc. (a)
|
509,319
|
|
7,201,771
|
Traffic.com, Inc.
|
156,200
|
|
768,504
|
|
|
40,747,654
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 10.6%
|
Semiconductor Equipment - 1.2%
|
EMCORE Corp. (a)(d)
|
229,300
|
|
2,185,229
|
MEMC Electronic Materials, Inc. (a)
|
93,700
|
|
3,281,374
|
|
|
5,466,603
|
Semiconductors - 9.4%
|
Actel Corp. (a)
|
19,449
|
|
269,952
|
Advanced Analogic Technologies, Inc.
|
229,600
|
|
2,647,288
|
AMIS Holdings, Inc. (a)
|
248,100
|
|
2,433,861
|
ANADIGICS, Inc. (a)
|
145,100
|
|
1,239,154
|
Applied Micro Circuits Corp. (a)
|
443,268
|
|
1,303,208
|
ARM Holdings PLC sponsored ADR
|
232,100
|
|
1,531,860
|
ATI Technologies, Inc. (a)
|
141,200
|
|
2,329,625
|
Broadcom Corp. Class A (a)
|
24,100
|
|
814,821
|
Conexant Systems, Inc. (a)
|
1,434,200
|
|
4,202,206
|
Exar Corp. (a)
|
6,701
|
|
88,453
|
Freescale Semiconductor, Inc. Class A (a)
|
166,500
|
|
5,133,195
|
Ikanos Communications, Inc.
|
1,700
|
|
27,013
|
Marvell Technology Group Ltd. (a)
|
22,600
|
|
1,077,342
|
Microtune, Inc. (a)
|
276,300
|
|
1,768,320
|
Mindspeed Technologies, Inc. (a)(d)
|
794,563
|
|
2,280,396
|
MIPS Technologies, Inc. (a)
|
48,602
|
|
280,434
|
Netlogic Microsystems, Inc. (a)
|
72,700
|
|
2,374,382
|
O2Micro International Ltd. sponsored ADR (a)
|
366,400
|
|
3,180,352
|
Pericom Semiconductor Corp. (a)
|
48,700
|
|
423,690
|
Pixelplus Co. Ltd. sponsored ADR
|
123,700
|
|
384,707
|
PMC-Sierra, Inc. (a)
|
1,200
|
|
11,568
|
PowerDsine Ltd. (a)
|
142,300
|
|
1,097,133
|
Sigma Designs, Inc. (a)
|
8,312
|
|
115,537
|
Silicon On Insulator Technologies SA (SOITEC) (a)
|
79,300
|
|
2,323,463
|
SiRF Technology Holdings, Inc. (a)
|
7,600
|
|
222,756
|
Transmeta Corp. (a)
|
236,700
|
|
345,582
|
Trident Microsystems, Inc. (a)
|
34,000
|
|
750,720
|
Vimicro International Corp.
sponsored ADR
|
154,000
|
|
2,517,407
|
|
|
41,174,425
|
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
|
|
46,641,028
|
SOFTWARE - 2.6%
|
Application Software - 2.0%
|
Catapult Communications Corp. (a)
|
42,242
|
|
519,577
|
|
|
Shares
|
|
Value
|
NAVTEQ Corp. (a)
|
51,200
|
|
$ 2,137,600
|
Ulticom, Inc. (a)
|
695,878
|
|
6,318,572
|
|
|
8,975,749
|
Home Entertainment Software - 0.3%
|
Ubisoft Entertainment SA (a)
|
23,600
|
|
1,210,530
|
Systems Software - 0.3%
|
Wind River Systems, Inc. (a)
|
145,900
|
|
1,378,755
|
TOTAL SOFTWARE
|
|
11,565,034
|
WIRELESS TELECOMMUNICATION SERVICES - 3.5%
|
Wireless Telecommunication Services - 3.5%
|
American Tower Corp. Class A (a)
|
160,900
|
|
4,983,073
|
Crown Castle International Corp. (a)
|
160,700
|
|
5,105,439
|
MTN Group Ltd.
|
154,700
|
|
1,278,930
|
NII Holdings, Inc. (a)
|
9,900
|
|
539,154
|
Sprint Nextel Corp.
|
20,700
|
|
439,047
|
Syniverse Holdings, Inc. (a)
|
93,600
|
|
1,525,680
|
Vimpel Communications sponsored ADR (a)
|
29,200
|
|
1,222,312
|
WiderThan Co. Ltd. ADR
|
25,600
|
|
324,608
|
|
|
15,418,243
|
TOTAL COMMON STOCKS
(Cost $479,214,285)
|
440,026,592
|
Convertible Bonds - 0.1%
|
|
Principal
Amount
|
|
|
COMMUNICATIONS EQUIPMENT - 0.1%
|
Communications Equipment - 0.1%
|
CIENA Corp. 0.25% 5/1/13
(Cost $700,000)
|
|
$ 700,000
|
|
639,940
|
Money Market Funds - 2.9%
|
|
Shares
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
933,789
|
|
933,789
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
11,622,625
|
|
11,622,625
|
TOTAL MONEY MARKET FUNDS
(Cost $12,556,414)
|
12,556,414
|
TOTAL INVESTMENT PORTFOLIO - 102.9%
(Cost $492,470,699)
|
453,222,946
|
NET OTHER ASSETS - (2.9)%
|
(12,760,244)
|
NET ASSETS - 100%
|
$ 440,462,702
|
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.
|
(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 period end, the value of these securities amounted to $1,451,512 or 0.3% of net assets.
|
Affiliated Central Funds
|
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 29,860
|
Fidelity Securities Lending Cash Central Fund
|
75,935
|
Total
|
$ 105,795
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $498,711,616. Net unrealized depreciation aggregated $45,488,670,
of which $24,238,542 related to appreciated investment securities and $69,727,212 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Debt securities, including restricted securities, for which quotations are readily available, are valued by
independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon,
maturity and type as well as dealer supplied prices. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term
securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Electronics Portfolio
May 31, 2006
1.802167.102
ELE-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.4%
|
|
Shares
|
|
Value
|
BUILDING PRODUCTS - 0.3%
|
Building Products - 0.3%
|
Asahi Glass Co. Ltd.
|
600,000
|
|
$ 8,021,913
|
CHEMICALS - 1.4%
|
Specialty Chemicals - 1.4%
|
Nitto Denko Corp.
|
170,000
|
|
13,145,075
|
Tokuyama Corp. (d)
|
1,400,000
|
|
21,235,321
|
|
|
34,380,396
|
COMMUNICATIONS EQUIPMENT - 6.1%
|
Communications Equipment - 6.1%
|
CSR PLC (a)
|
1,500,000
|
|
40,617,486
|
Motorola, Inc.
|
5,000,000
|
|
105,450,000
|
|
|
146,067,486
|
COMPUTERS & PERIPHERALS - 1.6%
|
Computer Hardware - 0.2%
|
High Tech Computer Corp.
|
50,000
|
|
1,473,988
|
Quanta Computer, Inc.
|
1,500,000
|
|
2,234,206
|
|
|
3,708,194
|
Computer Storage & Peripherals - 1.4%
|
Ichia Technologies, Inc.
|
4,000,000
|
|
5,487,198
|
Lite-On Technology Corp.
|
1,000,000
|
|
1,551,403
|
M-Systems Flash Disk Pioneers Ltd. (a)
|
250,000
|
|
8,362,500
|
Phison Electronics Corp.
|
700,000
|
|
3,901,733
|
Seagate Technology
|
175,000
|
|
4,086,250
|
Synaptics, Inc. (a)
|
250,000
|
|
5,920,000
|
TPV Technology Ltd.
|
4,000,000
|
|
3,918,510
|
|
|
33,227,594
|
TOTAL COMPUTERS & PERIPHERALS
|
|
36,935,788
|
DIVERSIFIED CONSUMER SERVICES - 0.1%
|
Education Services - 0.1%
|
104 Corp.
|
250,000
|
|
1,919,900
|
ELECTRICAL EQUIPMENT - 1.8%
|
Electrical Components & Equipment - 1.8%
|
Evergreen Solar, Inc. (a)(d)
|
2,500,000
|
|
27,875,000
|
Q-Cells AG
|
100,000
|
|
7,754,285
|
Suntech Power Holdings Co. Ltd. sponsored ADR
|
300,025
|
|
8,454,705
|
|
|
44,083,990
|
ELECTRONIC EQUIPMENT & INSTRUMENTS - 12.3%
|
Electronic Equipment & Instruments - 3.1%
|
Amphenol Corp. Class A
|
450,000
|
|
24,997,500
|
AU Optronics Corp. sponsored ADR (d)
|
1,000,000
|
|
14,520,000
|
Cogent, Inc. (a)(d)
|
200,000
|
|
3,104,000
|
Kyocera Corp. sponsored ADR
|
50,000
|
|
4,175,000
|
Motech Industries, Inc.
|
900,000
|
|
23,187,439
|
Vishay Intertechnology, Inc. (a)
|
300,000
|
|
4,875,000
|
|
|
74,858,939
|
|
|
Shares
|
|
Value
|
Electronic Manufacturing Services - 4.7%
|
Hon Hai Precision Industry Co. Ltd. (Foxconn)
|
17,500,000
|
$ 111,632,903
|
Technology Distributors - 4.5%
|
Arrow Electronics, Inc. (a)
|
2,100,000
|
|
68,250,000
|
Avnet, Inc. (a)
|
1,200,014
|
|
26,496,309
|
Wolfson Microelectronics PLC (a)
|
1,500,000
|
|
12,622,838
|
|
|
107,369,147
|
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS
|
|
293,860,989
|
HOUSEHOLD DURABLES - 1.1%
|
Consumer Electronics - 1.1%
|
Koninklijke Philips Electronics NV
(NY Shares)
|
250,000
|
|
7,902,500
|
LG Electronics, Inc.
|
100,000
|
|
7,230,519
|
Sharp Corp.
|
600,000
|
|
10,034,134
|
|
|
25,167,153
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 74.1%
|
Semiconductor Equipment - 15.5%
|
Applied Materials, Inc.
|
7,500,000
|
|
126,825,000
|
ATMI, Inc. (a)
|
150,000
|
|
3,930,000
|
Brooks Automation, Inc. (a)
|
100,000
|
|
1,208,000
|
Cohu, Inc.
|
800,000
|
|
13,864,000
|
Cymer, Inc. (a)
|
350,000
|
|
16,236,500
|
Entegris, Inc. (a)
|
300,000
|
|
2,904,000
|
FormFactor, Inc. (a)
|
250,000
|
|
9,685,000
|
KLA-Tencor Corp. (d)
|
2,750,000
|
|
112,860,000
|
MEMC Electronic Materials, Inc. (a)
|
1,000,000
|
|
35,020,000
|
MKS Instruments, Inc. (a)
|
425,000
|
|
9,277,750
|
Teradyne, Inc. (a)
|
1,400,000
|
|
21,798,000
|
Varian Semiconductor Equipment Associates, Inc. (a)
|
500,000
|
|
15,475,000
|
|
|
369,083,250
|
Semiconductors - 58.6%
|
Actel Corp. (a)
|
200,000
|
|
2,776,000
|
Altera Corp. (a)
|
3,000,000
|
|
58,680,000
|
Analog Devices, Inc.
|
3,000,000
|
|
101,190,000
|
ARM Holdings PLC sponsored ADR
|
7,115,900
|
|
46,964,940
|
Broadcom Corp. Class A (a)
|
2,800,000
|
|
94,668,000
|
Cree, Inc. (a)(d)
|
700,000
|
|
17,955,000
|
Cypress Semiconductor Corp. (a)
|
500,000
|
|
7,590,000
|
Elpida Memory, Inc. (a)
|
100,000
|
|
4,540,536
|
Exar Corp. (a)
|
700,000
|
|
9,240,000
|
Freescale Semiconductor, Inc.:
|
|
|
|
Class A (a)
|
600,000
|
|
18,498,000
|
Class B (a)
|
600,000
|
|
18,726,000
|
Holtek Semiconductor, Inc.
|
5,500,000
|
|
10,934,141
|
Intel Corp.
|
7,800,000
|
|
140,556,000
|
Linear Technology Corp.
|
5,200,000
|
|
175,499,998
|
LSI Logic Corp. (a)
|
3,000,000
|
|
29,190,000
|
Marvell Technology Group Ltd. (a)
|
2,526,300
|
|
120,428,721
|
Maxim Integrated Products, Inc.
|
3,500,000
|
|
107,555,000
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
|
Semiconductors - continued
|
MediaTek, Inc.
|
125,000
|
|
$ 1,395,411
|
Nanya Technology Corp.
|
5,000,000
|
|
3,189,512
|
National Semiconductor Corp. (d)
|
4,750,000
|
|
121,980,000
|
ON Semiconductor Corp. (a)
|
1,000,000
|
|
6,040,000
|
PMC-Sierra, Inc. (a)
|
500,000
|
|
4,820,000
|
Power Integrations, Inc. (a)
|
200,000
|
|
3,524,000
|
Promos Technologies, Inc.
|
25,000,000
|
|
9,599,501
|
Rambus, Inc. (a)(d)
|
400,000
|
|
9,704,000
|
Saifun Semiconductors Ltd.
|
300,000
|
|
8,949,000
|
Samsung Electronics Co. Ltd.
|
140,000
|
|
89,784,178
|
Silicon On Insulator Technologies SA (SOITEC) (a)
|
500,000
|
|
14,649,831
|
Siliconware Precision Industries Co. Ltd. sponsored ADR (d)
|
2,500,002
|
|
15,200,012
|
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
|
2,000,000
|
|
18,940,000
|
Texas Instruments, Inc.
|
1,300,000
|
|
40,599,000
|
Vimicro International Corp. sponsored ADR
|
1,000,000
|
|
16,346,800
|
Volterra Semiconductor Corp. (a)(d)
|
650,043
|
|
9,919,656
|
Xilinx, Inc.
|
2,300,000
|
|
59,800,000
|
|
1,399,433,237
|
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
|
1,768,516,487
|
SOFTWARE - 0.4%
|
Application Software - 0.4%
|
Cadence Design Systems, Inc. (a)
|
300,000
|
|
5,412,000
|
Synopsys, Inc. (a)
|
150,000
|
|
3,064,500
|
|
|
8,476,500
|
SPECIALTY RETAIL - 0.2%
|
Computer & Electronics Retail - 0.2%
|
Gamestop Corp. Class B (a)
|
100,000
|
|
3,865,000
|
TOTAL COMMON STOCKS
(Cost $2,375,078,957)
|
2,371,295,602
|
Convertible Bonds - 0.2%
|
|
Principal
Amount
|
|
Value
|
ELECTRICAL EQUIPMENT - 0.2%
|
Electrical Components & Equipment - 0.2%
|
Evergreen Solar, Inc. 4.375% 7/1/12 (e)
(Cost $2,980,000)
|
|
$ 2,980,000
|
$ 4,693,500
|
Money Market Funds - 4.4%
|
|
Shares
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
14,133,976
|
|
14,133,976
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
91,007,623
|
|
91,007,623
|
TOTAL MONEY MARKET FUNDS
(Cost $105,141,599)
|
105,141,599
|
TOTAL INVESTMENT PORTFOLIO - 104.0%
(Cost $2,483,200,556)
|
2,481,130,701
|
NET OTHER ASSETS - (4.0)%
|
(95,800,705)
|
NET ASSETS - 100%
|
$ 2,385,329,996
|
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.
|
(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 period end, the value of these securities amounted to $4,693,500 or 0.2% of net assets.
|
Affiliated Central Funds
|
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 348,073
|
Fidelity Securities Lending Cash Central Fund
|
330,942
|
Total
|
$ 679,015
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $2,495,797,918. Net unrealized depreciation aggregated
$14,667,217, of which $288,462,077 related to appreciated investment securities and $303,129,294 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Debt securities, including restricted securities, for which quotations are readily available, are valued by
independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon,
maturity and type as well as dealer supplied prices. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term
securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Energy Portfolio
May 31, 2006
1.802168.102
ENE-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.7%
|
|
Shares
|
|
Value
|
AIRLINES - 0.0%
|
Airlines - 0.0%
|
UAL Corp. (a)
|
4,000
|
|
$ 117,720
|
CHEMICALS - 0.4%
|
Commodity Chemicals - 0.0%
|
Arkema sponsored ADR (a)
|
8,245
|
|
292,698
|
Diversified Chemicals - 0.3%
|
Ashland, Inc.
|
144,100
|
|
9,006,250
|
Specialty Chemicals - 0.1%
|
Tokuyama Corp.
|
78,600
|
|
1,192,212
|
TOTAL CHEMICALS
|
|
10,491,160
|
CONSTRUCTION & ENGINEERING - 1.6%
|
Construction & Engineering - 1.6%
|
Chicago Bridge & Iron Co. NV
(NY Shares)
|
335,000
|
|
7,597,800
|
Fluor Corp.
|
192,300
|
|
16,857,018
|
Jacobs Engineering Group, Inc. (a)
|
113,500
|
|
8,856,405
|
SNC-Lavalin Group, Inc.
|
409,100
|
|
10,962,580
|
|
|
44,273,803
|
ELECTRIC UTILITIES - 0.9%
|
Electric Utilities - 0.9%
|
Exelon Corp.
|
455,800
|
|
25,802,838
|
ELECTRICAL EQUIPMENT - 1.4%
|
Electrical Components & Equipment - 0.5%
|
Energy Conversion Devices, Inc. (a)
|
251,500
|
|
9,997,125
|
Evergreen Solar, Inc. (a)
|
289,800
|
|
3,231,270
|
Suntech Power Holdings Co. Ltd. sponsored ADR
|
36,300
|
|
1,022,934
|
|
|
14,251,329
|
Heavy Electrical Equipment - 0.9%
|
Vestas Wind Systems AS (a)
|
902,400
|
|
23,262,528
|
TOTAL ELECTRICAL EQUIPMENT
|
|
37,513,857
|
ENERGY EQUIPMENT & SERVICES - 34.4%
|
Oil & Gas Drilling - 8.7%
|
Diamond Offshore Drilling, Inc.
|
622,400
|
|
53,364,576
|
GlobalSantaFe Corp.
|
1,432,800
|
|
86,154,264
|
Noble Corp.
|
465,500
|
|
32,366,215
|
Pride International, Inc. (a)
|
2,044,716
|
|
66,146,563
|
Transocean, Inc. (a)
|
58,000
|
|
4,719,460
|
|
|
242,751,078
|
Oil & Gas Equipment & Services - 25.7%
|
Baker Hughes, Inc.
|
1,083,350
|
|
93,493,105
|
BJ Services Co.
|
462,500
|
|
16,950,625
|
Halliburton Co.
|
2,230,982
|
|
166,408,947
|
Hydril Co. (a)
|
114,000
|
|
8,537,460
|
Key Energy Services, Inc. (a)
|
530,000
|
|
8,930,500
|
National Oilwell Varco, Inc. (a)
|
1,745,950
|
|
115,337,457
|
|
|
Shares
|
|
Value
|
Oil States International, Inc. (a)
|
355,800
|
|
$ 12,360,492
|
Schlumberger Ltd. (NY Shares) (d)
|
2,245,860
|
|
147,261,040
|
Smith International, Inc.
|
2,268,964
|
|
92,936,765
|
Superior Energy Services, Inc. (a)
|
590,000
|
|
19,411,000
|
W-H Energy Services, Inc. (a)
|
141,400
|
|
7,966,476
|
Weatherford International Ltd. (a)
|
505,500
|
|
26,306,220
|
|
|
715,900,087
|
TOTAL ENERGY EQUIPMENT & SERVICES
|
|
958,651,165
|
GAS UTILITIES - 0.8%
|
Gas Utilities - 0.8%
|
Questar Corp.
|
187,700
|
|
13,831,613
|
Xinao Gas Holdings Ltd.
|
9,239,000
|
|
9,646,226
|
|
|
23,477,839
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 2.7%
|
Independent Power & Energy Trade - 2.7%
|
AES Corp. (a)
|
1,444,600
|
|
26,580,640
|
Mirant Corp. (a)
|
754,700
|
|
18,776,936
|
NRG Energy, Inc. (a)
|
418,500
|
|
20,820,375
|
TXU Corp.
|
133,400
|
|
7,643,820
|
|
|
73,821,771
|
MACHINERY - 2.1%
|
Construction & Farm Machinery & Heavy Trucks - 2.1%
|
Bucyrus International, Inc. Class A
|
650,400
|
|
33,196,416
|
Joy Global, Inc.
|
465,600
|
|
25,021,344
|
|
|
58,217,760
|
MARINE - 0.1%
|
Marine - 0.1%
|
American Commercial Lines, Inc.
|
50,100
|
|
2,750,991
|
MULTI-UTILITIES - 1.1%
|
Multi-Utilities - 1.1%
|
Dominion Resources, Inc.
|
428,300
|
|
31,086,014
|
OIL, GAS & CONSUMABLE FUELS - 54.2%
|
Coal & Consumable Fuels - 5.3%
|
Arch Coal, Inc.
|
352,000
|
|
17,022,720
|
CONSOL Energy, Inc.
|
654,600
|
|
57,768,450
|
Foundation Coal Holdings, Inc.
|
353,200
|
|
16,010,556
|
Peabody Energy Corp.
|
905,600
|
|
56,455,104
|
|
|
147,256,830
|
Integrated Oil & Gas - 22.4%
|
BG Group PLC sponsored ADR
|
29,500
|
|
1,975,025
|
BP PLC sponsored ADR
|
298,600
|
|
21,111,020
|
Chevron Corp.
|
1,841,632
|
|
110,111,177
|
ConocoPhillips
|
2,998,526
|
|
189,776,708
|
ENI Spa sponsored ADR
|
507,950
|
|
30,746,214
|
Exxon Mobil Corp.
|
2,369,110
|
|
144,302,490
|
Hess Corp.
|
105,000
|
|
15,750,000
|
Husky Energy, Inc.
|
122,400
|
|
7,191,174
|
OAO Gazprom sponsored ADR
|
424,850
|
|
18,119,853
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
OIL, GAS & CONSUMABLE FUELS - CONTINUED
|
Integrated Oil & Gas - continued
|
Occidental Petroleum Corp.
|
404,300
|
|
$ 40,062,087
|
OMV AG
|
204,590
|
|
11,907,547
|
Royal Dutch Shell PLC Class A
sponsored ADR
|
1,300
|
|
86,203
|
Suncor Energy, Inc.
|
364,400
|
|
29,410,099
|
Total SA sponsored ADR
|
50,000
|
|
3,260,500
|
|
|
623,810,097
|
Oil & Gas Exploration & Production - 20.6%
|
Cabot Oil & Gas Corp.
|
123,800
|
|
5,431,106
|
Canadian Natural Resources Ltd.
|
1,469,800
|
|
77,410,579
|
Chesapeake Energy Corp.
|
2,654,400
|
|
81,198,096
|
Comstock Resources, Inc. (a)
|
156,300
|
|
4,429,542
|
EnCana Corp.
|
316,376
|
|
15,961,726
|
Energy Partners Ltd. (a)(d)
|
750,900
|
|
15,919,080
|
EOG Resources, Inc.
|
1,800
|
|
118,188
|
Forest Oil Corp. (a)
|
25,600
|
|
835,584
|
Houston Exploration Co. (a)
|
600,700
|
|
32,011,303
|
Hugoton Royalty Trust
|
416,115
|
|
11,518,063
|
Kerr-McGee Corp.
|
351,600
|
|
37,568,460
|
Mariner Energy, Inc. (a)
|
133,218
|
|
2,275,363
|
Nexen, Inc.
|
310,700
|
|
17,280,704
|
Plains Exploration & Production Co. (a)
|
985,605
|
|
35,186,099
|
Quicksilver Resources, Inc. (a)
|
564,200
|
|
19,786,494
|
Range Resources Corp.
|
1,913,227
|
|
49,552,579
|
Talisman Energy, Inc.
|
1,158,900
|
|
21,099,610
|
Ultra Petroleum Corp. (a)
|
1,386,300
|
|
79,781,565
|
UTS Energy Corp. (a)
|
2,793,400
|
|
18,466,245
|
XTO Energy, Inc.
|
1,189,500
|
|
49,031,190
|
|
|
574,861,576
|
Oil & Gas Refining & Marketing - 3.8%
|
Sunoco, Inc.
|
247,300
|
|
16,962,307
|
Valero Energy Corp.
|
1,464,432
|
|
89,842,903
|
|
|
106,805,210
|
Oil & Gas Storage & Transport - 2.1%
|
El Paso Corp.
|
564,600
|
|
8,790,822
|
Energy Transfer Equity LP
|
236,500
|
|
6,314,550
|
Enterprise GP Holdings LP
|
142,500
|
|
5,058,750
|
|
|
Shares
|
|
Value
|
OMI Corp.
|
1,051,500
|
$ 19,599,960
|
Overseas Shipholding Group, Inc.
|
226,500
|
|
11,630,775
|
Williams Companies, Inc.
|
266,300
|
|
6,018,380
|
|
|
57,413,237
|
TOTAL OIL, GAS & CONSUMABLE FUELS
|
1,510,146,950
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
|
Semiconductors - 0.0%
|
Renewable Energy Corp. AS
|
5,800
|
|
89,188
|
TOTAL COMMON STOCKS
(Cost $2,232,092,352)
|
2,776,441,056
|
Money Market Funds - 1.6%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
33,533,704
|
|
33,533,704
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
11,688,450
|
|
11,688,450
|
TOTAL MONEY MARKET FUNDS
(Cost $45,222,154)
|
45,222,154
|
TOTAL INVESTMENT PORTFOLIO - 101.3%
(Cost $2,277,314,506)
|
2,821,663,210
|
NET OTHER ASSETS - (1.3)%
|
(36,020,237)
|
NET ASSETS - 100%
|
$ 2,785,642,973
|
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.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 667,628
|
Fidelity Securities Lending Cash Central Fund
|
85,206
|
Total
|
$ 752,834
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $2,288,154,379. Net unrealized appreciation aggregated
$533,508,831, of which $593,607,037 related to appreciated investment securities and $60,098,206 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Energy Service Portfolio
May 31, 2006
1.802169.102
ENS-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.5%
|
|
Shares
|
|
Value
|
ELECTRICAL EQUIPMENT - 0.6%
|
Heavy Electrical Equipment - 0.6%
|
Vestas Wind Systems AS (a)
|
481,200
|
|
$ 12,404,620
|
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.3%
|
Electronic Equipment & Instruments - 0.3%
|
Sunpower Corp. Class A
|
170,300
|
|
5,175,417
|
ENERGY EQUIPMENT & SERVICES - 95.0%
|
Oil & Gas Drilling - 34.0%
|
Atwood Oceanics, Inc. (a)
|
184,400
|
|
8,993,188
|
Diamond Offshore Drilling, Inc.
|
1,590,200
|
|
136,343,748
|
ENSCO International, Inc.
|
1,434,800
|
|
71,725,652
|
GlobalSantaFe Corp.
|
2,351,210
|
|
141,378,257
|
Grey Wolf, Inc. (a)
|
1,200
|
|
9,180
|
Helmerich & Payne, Inc.
|
3,600
|
|
236,736
|
Hercules Offshore, Inc.
|
257,100
|
|
9,402,147
|
Noble Corp.
|
1,752,650
|
|
121,861,755
|
Patterson-UTI Energy, Inc.
|
1,300
|
|
38,870
|
Pride International, Inc. (a)
|
1,933,986
|
|
62,564,447
|
Rowan Companies, Inc.
|
595,500
|
|
23,712,810
|
TODCO Class A
|
32,300
|
|
1,426,691
|
Transocean, Inc. (a)
|
1,148,927
|
|
93,488,190
|
|
|
671,181,671
|
Oil & Gas Equipment & Services - 61.0%
|
Baker Hughes, Inc.
|
1,760,436
|
|
151,925,625
|
Basic Energy Services, Inc.
|
440,300
|
|
14,468,258
|
BJ Services Co.
|
1,811,374
|
|
66,386,857
|
Cameron International Corp. (a)
|
892,300
|
|
41,848,870
|
Carbo Ceramics, Inc.
|
22,400
|
|
1,126,048
|
Compagnie Generale de Geophysique SA (a)
|
24,100
|
|
4,092,789
|
Complete Production Services, Inc.
|
252,400
|
|
6,044,980
|
Core Laboratories NV (a)
|
136,000
|
|
7,684,000
|
Dresser-Rand Group, Inc.
|
184,900
|
|
4,467,184
|
Dril-Quip, Inc. (a)
|
258,400
|
|
20,343,832
|
FMC Technologies, Inc. (a)
|
566,100
|
|
37,781,514
|
Global Industries Ltd. (a)
|
574,000
|
|
11,141,340
|
Grant Prideco, Inc. (a)
|
1,172,705
|
|
56,336,748
|
Halliburton Co.
|
1,198,767
|
|
89,416,031
|
Hanover Compressor Co. (a)(d)
|
701,400
|
|
12,604,158
|
Helix Energy Solutions Group, Inc. (a)
|
682,700
|
|
24,208,542
|
Hornbeck Offshore Services, Inc. (a)
|
433,700
|
|
15,352,980
|
Hydril Co. (a)
|
306,200
|
|
22,931,318
|
Key Energy Services, Inc. (a)
|
1,200
|
|
20,220
|
Lone Star Technologies, Inc. (a)
|
157,900
|
|
7,658,150
|
Maverick Tube Corp. (a)
|
164,000
|
|
7,904,800
|
National Oilwell Varco, Inc. (a)
|
2,097,931
|
|
138,589,322
|
Oceaneering International, Inc. (a)
|
240,200
|
|
18,015,000
|
Oil States International, Inc. (a)
|
574,700
|
|
19,965,078
|
Petroleum Geo-Services ASA
sponsored ADR (a)
|
25,000
|
|
1,593,750
|
|
|
Shares
|
|
Value
|
RPC, Inc.
|
573,450
|
$ 13,412,996
|
Schlumberger Ltd. (NY Shares)
|
1,687,790
|
110,668,390
|
Smith International, Inc.
|
1,251,256
|
|
51,251,446
|
Superior Energy Services, Inc. (a)
|
726,400
|
|
23,898,560
|
Superior Well Services, Inc.
|
52,100
|
|
1,655,738
|
TETRA Technologies, Inc. (a)
|
514,300
|
|
14,935,272
|
TGS Nopec Geophysical Co. ASA (a)
|
133,200
|
|
10,241,267
|
Tidewater, Inc.
|
5,800
|
|
294,176
|
Universal Compression Holdings, Inc. (a)
|
479,700
|
|
27,880,164
|
Veritas DGC, Inc. (a)
|
486,100
|
|
22,958,503
|
W-H Energy Services, Inc. (a)
|
579,800
|
|
32,665,932
|
Warrior Energy Service Corp. (a)
|
8,400
|
|
220,248
|
Weatherford International Ltd. (a)
|
2,191,710
|
114,056,588
|
|
1,206,046,674
|
TOTAL ENERGY EQUIPMENT & SERVICES
|
1,877,228,345
|
INDUSTRIAL CONGLOMERATES - 2.6%
|
Industrial Conglomerates - 2.6%
|
McDermott International, Inc. (a)
|
795,100
|
|
52,166,511
|
MACHINERY - 0.1%
|
Construction & Farm Machinery & Heavy Trucks - 0.1%
|
Joy Global, Inc.
|
51,300
|
|
2,756,862
|
OIL, GAS & CONSUMABLE FUELS - 0.9%
|
Coal & Consumable Fuels - 0.9%
|
Arch Coal, Inc.
|
167,500
|
|
8,100,300
|
Peabody Energy Corp.
|
150,500
|
|
9,382,170
|
|
|
17,482,470
|
TOTAL COMMON STOCKS
(Cost $1,361,762,557)
|
1,967,214,225
|
Money Market Funds - 1.0%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
18,253,304
|
|
18,253,304
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
900,000
|
|
900,000
|
TOTAL MONEY MARKET FUNDS
(Cost $19,153,304)
|
19,153,304
|
TOTAL INVESTMENT PORTFOLIO - 100.5%
(Cost $1,380,915,861)
|
1,986,367,529
|
NET OTHER ASSETS - (0.5)%
|
(9,493,511)
|
NET ASSETS - 100%
|
$ 1,976,874,018
|
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.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 437,748
|
Fidelity Securities Lending Cash Central Fund
|
12,951
|
Total
|
$ 450,699
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,391,422,320. Net unrealized appreciation aggregated
$594,945,209, of which $626,450,500 related to appreciated investment securities and $31,505,291 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Environmental Portfolio
May 31, 2006
1.802170.102
ENV-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.1%
|
|
Shares
|
|
Value
|
AUTO COMPONENTS - 1.8%
|
Auto Parts & Equipment - 1.8%
|
Ballard Power Systems, Inc. (a)(d)
|
258,000
|
|
$ 1,861,491
|
BUILDING PRODUCTS - 1.3%
|
Building Products - 1.3%
|
Trex Co., Inc. (a)(d)
|
48,000
|
|
1,303,200
|
CHEMICALS - 5.2%
|
Commodity Chemicals - 0.7%
|
Calgon Carbon Corp. (d)
|
107,800
|
|
735,196
|
Specialty Chemicals - 4.5%
|
Nalco Holding Co. (a)
|
272,600
|
|
4,691,446
|
TOTAL CHEMICALS
|
|
5,426,642
|
COMMERCIAL SERVICES & SUPPLIES - 37.4%
|
Environmental & Facility Services - 37.4%
|
Allied Waste Industries, Inc. (a)(d)
|
428,600
|
|
5,113,198
|
Bennett Environmental, Inc. (a)
|
45,900
|
|
152,132
|
Clean Harbors, Inc. (a)
|
47,800
|
|
1,734,662
|
Marsulex, Inc. (a)
|
38,000
|
|
282,951
|
Republic Services, Inc.
|
189,700
|
|
7,739,760
|
Stericycle, Inc. (a)
|
78,500
|
|
5,233,595
|
Waste Connections, Inc. (a)
|
164,400
|
|
6,321,180
|
Waste Management, Inc.
|
333,093
|
|
12,197,866
|
|
|
38,775,344
|
CONSTRUCTION & ENGINEERING - 2.6%
|
Construction & Engineering - 2.6%
|
Insituform Technologies, Inc. Class A (a)
|
107,600
|
|
2,754,560
|
ELECTRICAL EQUIPMENT - 2.5%
|
Electrical Components & Equipment - 1.8%
|
FuelCell Energy, Inc. (a)
|
114,500
|
|
1,197,670
|
Hydrogenics Corp. (a)(d)
|
214,800
|
|
712,650
|
|
|
1,910,320
|
Heavy Electrical Equipment - 0.7%
|
Capstone Turbine Corp. (a)(d)
|
241,100
|
|
735,355
|
TOTAL ELECTRICAL EQUIPMENT
|
|
2,645,675
|
ENERGY EQUIPMENT & SERVICES - 1.6%
|
Oil & Gas Equipment & Services - 1.6%
|
Newpark Resources, Inc. (a)
|
275,300
|
|
1,618,764
|
|
|
Shares
|
|
Value
|
FOOD & STAPLES RETAILING - 10.5%
|
Food Distributors - 4.1%
|
United Natural Foods, Inc. (a)
|
129,500
|
|
$ 4,286,450
|
Food Retail - 6.4%
|
Whole Foods Market, Inc.
|
85,500
|
|
5,557,500
|
Wild Oats Markets, Inc. (a)(d)
|
67,600
|
|
1,078,220
|
|
|
6,635,720
|
TOTAL FOOD & STAPLES RETAILING
|
|
10,922,170
|
FOOD PRODUCTS - 5.5%
|
Packaged Foods & Meats - 5.5%
|
Green Mountain Coffee Roasters, Inc. (a)
|
24,200
|
|
955,416
|
Hain Celestial Group, Inc. (a)
|
121,900
|
|
3,129,173
|
SunOpta, Inc. (a)
|
175,700
|
|
1,597,430
|
|
|
5,682,019
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 4.3%
|
Independent Power & Energy Trade - 4.3%
|
Nevada Geothermal Power, Inc. unit (a)(e)
|
1,300,000
|
|
1,272,666
|
Ormat Technologies, Inc. (d)
|
84,500
|
|
3,149,315
|
|
|
4,421,981
|
LIFE SCIENCES TOOLS & SERVICES - 4.9%
|
Life Science Tools & Services - 4.9%
|
Millipore Corp. (a)
|
72,900
|
|
5,059,260
|
MACHINERY - 12.9%
|
Construction & Farm Machinery & Heavy Trucks - 0.5%
|
Lindsay Manufacturing Co.
|
26,800
|
|
590,940
|
Industrial Machinery - 12.4%
|
Pall Corp. (d)
|
202,600
|
|
6,096,234
|
Pentair, Inc.
|
197,600
|
|
6,750,016
|
|
|
12,846,250
|
TOTAL MACHINERY
|
|
13,437,190
|
OIL, GAS & CONSUMABLE FUELS - 0.2%
|
Oil & Gas Exploration & Production - 0.2%
|
Cheniere Energy, Inc. (a)
|
5,000
|
|
194,650
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
|
Semiconductor Equipment - 1.0%
|
Asyst Technologies, Inc. (a)
|
150,100
|
|
1,032,688
|
Semiconductors - 1.4%
|
Renewable Energy Corp. AS
|
93,025
|
|
1,430,471
|
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
|
|
2,463,159
|
TOTAL COMMON STOCKS
(Cost $94,909,384)
|
96,566,105
|
Money Market Funds - 20.2%
|
|
Shares
|
|
Value
|
Fidelity Cash Central Fund, 5.03% (b)
|
820,834
|
|
$ 820,834
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
20,167,150
|
|
20,167,150
|
TOTAL MONEY MARKET FUNDS
(Cost $20,987,984)
|
20,987,984
|
TOTAL INVESTMENT PORTFOLIO - 113.3%
(Cost $115,897,368)
|
117,554,089
|
NET OTHER ASSETS - (13.3)%
|
(13,753,692)
|
NET ASSETS - 100%
|
$ 103,800,397
|
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.
|
(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 $1,272,666 or 1.2% of net assets.
|
Additional information on each holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost
|
Nevada Geothermal Power, Inc. unit
|
4/12/06
|
$ 1,020,720
|
Affiliated Central Funds
|
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 110,361
|
Fidelity Securities Lending Cash Central Fund
|
60,301
|
Total
|
$ 170,662
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $116,280,699. Net unrealized appreciation aggregated $1,273,390,
of which $5,204,237 related to appreciated investment securities and $3,930,847 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Financial Services Portfolio
May 31, 2006
1.802171.102
FIN-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.6%
|
|
Shares
|
|
Value
|
CAPITAL MARKETS - 17.9%
|
Asset Management & Custody Banks - 6.0%
|
Affiliated Managers Group, Inc. (a)
|
12,700
|
|
$ 1,145,540
|
American Capital Strategies Ltd. (d)
|
65,000
|
|
2,226,250
|
Ameriprise Financial, Inc.
|
36,040
|
|
1,649,551
|
Bank of New York Co., Inc.
|
68,136
|
|
2,264,159
|
Federated Investors, Inc. Class B (non-vtg.)
|
16,750
|
|
538,010
|
Franklin Resources, Inc.
|
45,500
|
|
4,092,725
|
Investors Financial Services Corp.
|
95,200
|
|
4,164,048
|
Legg Mason, Inc.
|
15,200
|
|
1,458,136
|
Northern Trust Corp.
|
46,600
|
|
2,605,872
|
Nuveen Investments, Inc. Class A
|
29,300
|
|
1,315,863
|
State Street Corp.
|
92,500
|
|
5,744,250
|
Technology Investment Capital Corp.
|
65,700
|
|
923,742
|
|
|
28,128,146
|
Diversified Capital Markets - 1.6%
|
Deutsche Bank AG (NY Shares)
|
6,200
|
|
710,892
|
UBS AG (NY Shares)
|
59,300
|
|
6,713,946
|
|
|
7,424,838
|
Investment Banking & Brokerage - 10.3%
|
Bear Stearns Companies, Inc.
|
14,100
|
|
1,885,875
|
Charles Schwab Corp.
|
116,300
|
|
1,937,558
|
Daiwa Securities Group, Inc.
|
74,000
|
|
916,847
|
E*TRADE Financial Corp. (a)
|
349,200
|
|
8,475,084
|
E*TRADE Securities Co. Ltd.
|
312
|
|
465,670
|
Goldman Sachs Group, Inc.
|
44,700
|
|
6,747,465
|
KKR Private Equity Investors, L.P. Restricted Depositary Units (e)
|
47,000
|
|
1,131,290
|
Lazard Ltd. Class A
|
28,000
|
|
1,111,040
|
Lehman Brothers Holdings, Inc.
|
21,600
|
|
1,438,776
|
MCF Corp. (a)
|
455,100
|
|
464,202
|
Merrill Lynch & Co., Inc.
|
204,800
|
|
14,829,568
|
Morgan Stanley
|
74,600
|
|
4,447,652
|
Nikko Cordial Corp.
|
55,500
|
|
815,880
|
Nomura Holdings, Inc.
|
58,600
|
|
1,154,420
|
TD Ameritrade Holding Corp.
|
65,965
|
|
1,121,405
|
TradeStation Group, Inc. (a)
|
138,947
|
|
1,932,753
|
|
|
48,875,485
|
TOTAL CAPITAL MARKETS
|
|
84,428,469
|
COMMERCIAL BANKS - 18.8%
|
Diversified Banks - 15.3%
|
ABN-AMRO Holding NV sponsored ADR
|
41,600
|
|
1,151,488
|
Absa Group Ltd.
|
50,900
|
|
838,575
|
Banco Bilbao Vizcaya Argentaria SA
|
60,100
|
|
1,247,075
|
Banco Popolare di Verona e Novara
|
117,800
|
|
3,229,553
|
Bangkok Bank Ltd. PCL (For. Reg.)
|
400,200
|
|
1,112,395
|
Bank Hapoalim BM (Reg.)
|
143,100
|
|
667,568
|
Bank of Montreal
|
84,100
|
|
4,735,565
|
HDFC Bank Ltd. sponsored ADR
|
32,900
|
|
1,741,726
|
|
|
Shares
|
|
Value
|
HSBC Holdings PLC:
|
|
|
|
(United Kingdom) (Reg.)
|
87,500
|
|
$ 1,526,350
|
sponsored ADR
|
17,300
|
|
1,508,906
|
ICICI Bank Ltd.
|
104,030
|
|
1,212,392
|
Kookmin Bank
|
16,530
|
|
1,342,440
|
Korea Exchange Bank (a)
|
330
|
|
4,029
|
Mizrahi Tefahot Bank Ltd. (a)
|
115,300
|
|
702,048
|
Standard Chartered PLC (United Kingdom)
|
96,536
|
|
2,370,321
|
State Bank of India
|
50,969
|
|
1,089,133
|
Toronto-Dominion Bank
|
56,600
|
|
3,069,891
|
U.S. Bancorp, Delaware
|
243,800
|
|
7,526,106
|
Unicredito Italiano Spa (d)
|
167,100
|
|
1,273,253
|
Wachovia Corp.
|
361,096
|
|
19,318,636
|
Wells Fargo & Co.
|
251,650
|
|
16,702,011
|
|
|
72,369,461
|
Regional Banks - 3.5%
|
Cathay General Bancorp
|
74,928
|
|
2,689,166
|
Center Financial Corp., California
|
66,000
|
|
1,539,780
|
City National Corp.
|
11,600
|
|
843,668
|
East West Bancorp, Inc.
|
19,423
|
|
775,949
|
Kansai Urban Banking Corp.
|
237,000
|
|
999,394
|
M&T Bank Corp.
|
9,800
|
|
1,127,980
|
Nara Bancorp, Inc.
|
46,141
|
|
895,135
|
North Fork Bancorp, Inc., New York
|
43,632
|
|
1,285,835
|
SVB Financial Group (a)
|
58,400
|
|
2,816,048
|
The Keiyo Bank Ltd.
|
106,000
|
|
702,407
|
UCBH Holdings, Inc.
|
55,300
|
|
977,704
|
UnionBanCal Corp.
|
27,600
|
|
1,867,140
|
|
|
16,520,206
|
TOTAL COMMERCIAL BANKS
|
|
88,889,667
|
CONSUMER FINANCE - 4.5%
|
Consumer Finance - 4.5%
|
American Express Co.
|
215,600
|
|
11,720,016
|
Capital One Financial Corp.
|
42,400
|
|
3,509,448
|
Dollar Financial Corp. (a)
|
138,379
|
|
2,644,423
|
SLM Corp.
|
63,500
|
|
3,413,760
|
|
|
21,287,647
|
DIVERSIFIED CONSUMER SERVICES - 0.3%
|
Specialized Consumer Services - 0.3%
|
Jackson Hewitt Tax Service, Inc.
|
39,600
|
|
1,294,920
|
DIVERSIFIED FINANCIAL SERVICES - 15.6%
|
Other Diversifed Financial Services - 13.4%
|
Bank of America Corp.
|
596,731
|
|
28,881,780
|
Citigroup, Inc.
|
154,934
|
|
7,638,246
|
FirstRand Ltd.
|
298,500
|
|
784,629
|
ING Groep NV sponsored ADR
|
25,100
|
|
984,171
|
JPMorgan Chase & Co.
|
585,845
|
|
24,980,431
|
|
|
63,269,257
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
DIVERSIFIED FINANCIAL SERVICES - CONTINUED
|
Specialized Finance - 2.2%
|
Asset Acceptance Capital Corp. (a)
|
62,638
|
|
$ 1,083,637
|
CIT Group, Inc.
|
18,900
|
|
971,460
|
IntercontinentalExchange, Inc.
|
46,600
|
|
2,595,620
|
Marlin Business Services Corp. (a)
|
44,234
|
|
935,107
|
NETeller PLC (a)
|
173,200
|
|
2,034,046
|
The NASDAQ Stock Market, Inc. (a)
|
86,300
|
|
2,626,972
|
|
|
10,246,842
|
TOTAL DIVERSIFIED FINANCIAL SERVICES
|
|
73,516,099
|
HOUSEHOLD DURABLES - 0.2%
|
Homebuilding - 0.2%
|
D.R. Horton, Inc.
|
33,300
|
|
877,788
|
INSURANCE - 29.6%
|
Insurance Brokers - 0.6%
|
National Financial Partners Corp.
|
38,000
|
|
1,704,300
|
Willis Group Holdings Ltd.
|
34,800
|
|
1,209,300
|
|
|
2,913,600
|
Life & Health Insurance - 4.6%
|
AFLAC, Inc.
|
104,900
|
|
4,909,320
|
Lincoln National Corp.
|
29,500
|
|
1,657,310
|
MetLife, Inc.
|
119,200
|
|
6,135,224
|
Protective Life Corp.
|
10,500
|
|
465,360
|
Prudential Financial, Inc.
|
61,900
|
|
4,713,685
|
Shin Kong Financial Holding Co. Ltd.
|
919,000
|
|
939,110
|
Sun Life Financial, Inc.
|
76,900
|
|
3,154,908
|
|
|
21,974,917
|
Multi-Line Insurance - 9.9%
|
American International Group, Inc.
|
647,651
|
|
39,377,179
|
Hartford Financial Services Group, Inc.
|
64,700
|
|
5,689,718
|
HCC Insurance Holdings, Inc.
|
49,350
|
|
1,514,552
|
|
|
46,581,449
|
Property & Casualty Insurance - 8.3%
|
ACE Ltd.
|
243,300
|
|
12,595,641
|
Allstate Corp.
|
92,600
|
|
5,093,926
|
AMBAC Financial Group, Inc.
|
16,300
|
|
1,306,445
|
Aspen Insurance Holdings Ltd.
|
217,400
|
|
4,711,058
|
Axis Capital Holdings Ltd.
|
56,200
|
|
1,472,440
|
Berkshire Hathaway, Inc. Class B (a)
|
910
|
|
2,792,790
|
MBIA, Inc.
|
41,500
|
|
2,370,895
|
The St. Paul Travelers Companies, Inc.
|
145,900
|
|
6,422,518
|
XL Capital Ltd. Class A
|
39,100
|
|
2,474,248
|
|
|
39,239,961
|
Reinsurance - 6.2%
|
Endurance Specialty Holdings Ltd.
|
405,770
|
|
12,396,274
|
Everest Re Group Ltd.
|
12,800
|
|
1,143,680
|
|
|
Shares
|
|
Value
|
IPC Holdings Ltd.
|
6,200
|
|
$ 151,156
|
Max Re Capital Ltd.
|
92,199
|
|
2,212,776
|
PartnerRe Ltd.
|
19,700
|
|
1,209,974
|
Platinum Underwriters Holdings Ltd.
|
329,800
|
|
8,884,812
|
Scottish Re Group Ltd.
|
94,000
|
|
1,825,480
|
Swiss Reinsurance Co. (Reg.)
|
17,963
|
|
1,262,799
|
|
|
29,086,951
|
TOTAL INSURANCE
|
|
139,796,878
|
REAL ESTATE INVESTMENT TRUSTS - 4.0%
|
Office REITs - 0.7%
|
Digital Realty Trust, Inc.
|
53,500
|
|
1,342,850
|
Duke Realty Corp.
|
26,300
|
|
892,622
|
Reckson Associates Realty Corp.
|
28,900
|
|
1,110,916
|
|
|
3,346,388
|
Residential REITs - 1.5%
|
Equity Lifestyle Properties, Inc.
|
16,300
|
|
703,345
|
Equity Residential (SBI)
|
93,800
|
|
4,136,580
|
United Dominion Realty Trust, Inc. (SBI)
|
82,700
|
|
2,233,727
|
|
|
7,073,652
|
Retail REITs - 1.8%
|
CBL & Associates Properties, Inc.
|
30,360
|
|
1,135,768
|
Developers Diversified Realty Corp.
|
23,600
|
|
1,207,140
|
General Growth Properties, Inc.
|
18,500
|
|
809,560
|
Kimco Realty Corp.
|
25,800
|
|
924,930
|
Simon Property Group, Inc.
|
53,300
|
|
4,244,279
|
|
|
8,321,677
|
TOTAL REAL ESTATE INVESTMENT TRUSTS
|
|
18,741,717
|
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%
|
Real Estate Management & Development - 0.3%
|
Mitsui Fudosan Co. Ltd.
|
73,000
|
|
1,503,052
|
THRIFTS & MORTGAGE FINANCE - 8.4%
|
Thrifts & Mortgage Finance - 8.4%
|
Countrywide Financial Corp.
|
146,553
|
|
5,610,049
|
Doral Financial Corp.
|
26,150
|
|
197,171
|
Downey Financial Corp.
|
8,100
|
|
551,610
|
Fannie Mae
|
198,600
|
|
9,880,350
|
Freddie Mac
|
39,900
|
|
2,395,596
|
Golden West Financial Corp., Delaware
|
70,600
|
|
5,160,860
|
Hudson City Bancorp, Inc.
|
250,411
|
|
3,428,127
|
MGIC Investment Corp.
|
19,600
|
|
1,291,052
|
Radian Group, Inc.
|
24,000
|
|
1,466,880
|
Sovereign Bancorp, Inc.
|
89,100
|
|
1,986,930
|
The PMI Group, Inc.
|
27,300
|
|
1,242,150
|
W Holding Co., Inc.
|
118,907
|
|
887,046
|
Washington Mutual, Inc. (d)
|
119,400
|
|
5,481,654
|
|
|
39,579,475
|
TOTAL COMMON STOCKS
(Cost $340,101,747)
|
469,915,712
|
Money Market Funds - 1.6%
|
|
Shares
|
|
Value
|
Fidelity Cash Central Fund, 5.03% (b)
|
1,515,414
|
|
$ 1,515,414
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
6,068,600
|
|
6,068,600
|
TOTAL MONEY MARKET FUNDS
(Cost $7,584,014)
|
7,584,014
|
TOTAL INVESTMENT PORTFOLIO - 101.2%
(Cost $347,685,761)
|
477,499,726
|
NET OTHER ASSETS - (1.2)%
|
|
(5,809,183)
|
NET ASSETS - 100%
|
$ 471,690,543
|
Legend
|
(a) Non-income producing
|
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.
|
(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 $1,131,290 or 0.2% of net assets.
|
Additional information on each holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost
|
KKR Private Equity Investors, L.P. Restricted Depositary Units
|
5/3/06
|
$ 1,175,000
|
Affiliated Central Funds
|
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 27,883
|
Fidelity Securities Lending Cash Central Fund
|
22,175
|
Total
|
$ 50,058
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $348,681,279. Net unrealized appreciation aggregated
$128,818,447, of which $138,472,265 related to appreciated investment securities and $9,653,818 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Food and Agriculture Portfolio
May 31, 2006
1.802172.102
FOO-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.1%
|
|
Shares
|
|
Value
|
BEVERAGES - 22.3%
|
Brewers - 3.1%
|
Anheuser-Busch Companies, Inc.
|
100
|
|
$ 4,564
|
Efes Breweries International NV unit (a)(e)
|
8,000
|
|
258,000
|
InBev SA
|
29,800
|
|
1,433,064
|
Molson Coors Brewing Co. Class B
|
16,500
|
|
1,068,870
|
SABMiller PLC
|
93,900
|
|
1,752,465
|
|
|
4,516,963
|
Distillers & Vintners - 2.9%
|
Constellation Brands, Inc. Class A
(sub. vtg.) (a)
|
39,400
|
|
973,180
|
Diageo PLC sponsored ADR
|
26,500
|
|
1,754,035
|
Pernod Ricard SA
|
7,300
|
|
1,424,981
|
|
|
4,152,196
|
Soft Drinks - 16.3%
|
Coca-Cola Enterprises, Inc.
|
213,900
|
|
4,205,274
|
Coca-Cola Femsa SA de CV
sponsored ADR
|
9,800
|
|
302,918
|
Coca-Cola Hellenic Bottling Co. SA sponsored ADR
|
23,300
|
|
734,416
|
Fomento Economico Mexicano SA de CV sponsored ADR
|
12,000
|
|
1,029,480
|
PepsiCo, Inc.
|
140,300
|
|
8,482,538
|
The Coca-Cola Co.
|
196,500
|
|
8,651,895
|
|
|
23,406,521
|
TOTAL BEVERAGES
|
|
32,075,680
|
BIOTECHNOLOGY - 0.3%
|
Biotechnology - 0.3%
|
Senomyx, Inc. (a)
|
27,300
|
|
435,981
|
CHEMICALS - 3.7%
|
Fertilizers & Agricultural Chemicals - 3.7%
|
Agrium, Inc.
|
13,400
|
|
328,414
|
Bodisen Biotech, Inc. (a)(d)
|
30,000
|
|
343,200
|
CF Industries Holdings, Inc.
|
100
|
|
1,708
|
Monsanto Co.
|
44,500
|
|
3,745,120
|
Mosaic Co. (a)(d)
|
16,800
|
|
261,408
|
Potash Corp. of Saskatchewan, Inc.
|
3,300
|
|
301,085
|
Syngenta AG sponsored ADR
|
11,000
|
|
303,160
|
|
|
5,284,095
|
COMMERCIAL SERVICES & SUPPLIES - 0.0%
|
Diversified Commercial & Professional Services - 0.0%
|
Aramark Corp. Class B
|
100
|
|
3,275
|
FOOD & STAPLES RETAILING - 10.0%
|
Drug Retail - 0.5%
|
CVS Corp.
|
27,000
|
|
753,300
|
|
|
Shares
|
|
Value
|
Food Distributors - 3.3%
|
Central European Distribution Corp. (a)
|
10,000
|
|
$ 320,200
|
Sysco Corp. (d)
|
144,100
|
|
4,406,578
|
|
|
4,726,778
|
Food Retail - 5.7%
|
Convenience Retail Asia Ltd.
|
2,000
|
|
773
|
Kroger Co.
|
226,400
|
|
4,552,904
|
Safeway, Inc.
|
138,000
|
|
3,254,040
|
Whole Foods Market, Inc.
|
7,400
|
|
481,000
|
|
|
8,288,717
|
Hypermarkets & Super Centers - 0.5%
|
Wal-Mart Stores, Inc.
|
13,700
|
|
663,765
|
TOTAL FOOD & STAPLES RETAILING
|
|
14,432,560
|
FOOD PRODUCTS - 29.6%
|
Agricultural Products - 4.0%
|
Archer-Daniels-Midland Co.
|
108,300
|
|
4,502,031
|
Bunge Ltd.
|
5,900
|
|
333,940
|
Corn Products International, Inc.
|
37,600
|
|
1,003,168
|
|
|
5,839,139
|
Packaged Foods & Meats - 25.6%
|
Cadbury Schweppes PLC sponsored ADR
|
18,200
|
|
701,428
|
General Mills, Inc.
|
95,900
|
|
4,976,251
|
Groupe Danone
|
3,000
|
|
362,016
|
Hershey Co.
|
15,000
|
|
853,650
|
Kellogg Co.
|
129,700
|
|
6,108,870
|
Koninklijke Numico NV
|
7,800
|
|
346,405
|
Kraft Foods, Inc. Class A
|
100
|
|
3,310
|
Lindt & Spruengli AG
|
30
|
|
585,054
|
McCormick & Co., Inc. (non-vtg.)
|
10,000
|
|
344,500
|
Nestle SA sponsored ADR
|
148,000
|
|
11,077,800
|
People's Food Holdings Ltd.
|
100
|
|
71
|
Sanderson Farms, Inc. (d)
|
7,000
|
|
214,340
|
Tyson Foods, Inc. Class A
|
21,100
|
|
337,811
|
Unilever NV (NY Shares)
|
396,300
|
|
8,968,269
|
Wm. Wrigley Jr. Co.
|
42,250
|
|
1,931,670
|
|
|
36,811,445
|
TOTAL FOOD PRODUCTS
|
|
42,650,584
|
HOTELS, RESTAURANTS & LEISURE - 13.3%
|
Restaurants - 13.3%
|
Applebee's International, Inc.
|
7,100
|
|
143,562
|
Buffalo Wild Wings, Inc. (a)
|
75,814
|
|
2,976,458
|
California Pizza Kitchen, Inc. (a)
|
100
|
|
2,901
|
Chipotle Mexican Grill, Inc. Class A
|
100
|
|
5,777
|
Domino's Pizza, Inc.
|
32,500
|
|
769,600
|
McCormick & Schmick's Seafood Restaurants (a)
|
14,100
|
|
337,695
|
McDonald's Corp.
|
217,700
|
|
7,221,109
|
OSI Restaurant Partners, Inc.
|
100
|
|
3,668
|
Red Robin Gourmet Burgers, Inc. (a)(d)
|
37,500
|
|
1,573,125
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
HOTELS, RESTAURANTS & LEISURE - CONTINUED
|
Restaurants - continued
|
Starbucks Corp. (a)(d)
|
118,600
|
|
$ 4,228,090
|
Texas Roadhouse, Inc. Class A (a)
|
25,000
|
|
340,250
|
Tim Hortons, Inc. (d)
|
5,200
|
|
137,540
|
Yum! Brands, Inc.
|
27,600
|
|
1,391,040
|
|
|
19,130,815
|
HOUSEHOLD DURABLES - 0.3%
|
Housewares & Specialties - 0.3%
|
Fortune Brands, Inc.
|
4,700
|
|
347,800
|
HOUSEHOLD PRODUCTS - 2.5%
|
Household Products - 2.5%
|
Colgate-Palmolive Co.
|
54,650
|
|
3,297,581
|
Procter & Gamble Co.
|
6,097
|
|
330,762
|
|
|
3,628,343
|
MACHINERY - 0.9%
|
Construction & Farm Machinery & Heavy Trucks - 0.9%
|
AGCO Corp. (a)
|
20,500
|
|
501,430
|
CNH Global NV
|
14,100
|
|
349,398
|
Deere & Co.
|
5,800
|
|
496,480
|
|
|
1,347,308
|
PERSONAL PRODUCTS - 1.0%
|
Personal Products - 1.0%
|
Avon Products, Inc.
|
31,200
|
|
989,040
|
Herbalife Ltd. (a)
|
12,700
|
|
498,475
|
|
|
1,487,515
|
TOBACCO - 9.2%
|
Tobacco - 9.2%
|
Altria Group, Inc.
|
127,600
|
|
9,231,860
|
British American Tobacco PLC
sponsored ADR
|
20,500
|
|
1,020,900
|
Imperial Tobacco Group PLC
|
11,400
|
|
348,559
|
Japan Tobacco, Inc.
|
95
|
|
342,518
|
|
|
Shares
|
|
Value
|
Loews Corp. - Carolina Group
|
16,100
|
|
$ 747,684
|
Reynolds American, Inc.
|
13,800
|
|
1,517,172
|
|
|
13,208,693
|
TOTAL COMMON STOCKS
(Cost $109,977,444)
|
134,032,649
|
Money Market Funds - 14.1%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
10,474,804
|
|
10,474,804
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
9,806,575
|
|
9,806,575
|
TOTAL MONEY MARKET FUNDS
(Cost $20,281,379)
|
20,281,379
|
TOTAL INVESTMENT PORTFOLIO - 107.2%
(Cost $130,258,823)
|
154,314,028
|
NET OTHER ASSETS - (7.2)%
|
(10,315,012)
|
NET ASSETS - 100%
|
$ 143,999,016
|
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.
|
(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 period end, the value of these securities amounted to $258,000 or 0.2% of net assets.
|
Affiliated Central Funds
|
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 26,367
|
Fidelity Securities Lending Cash Central Fund
|
24,606
|
Total
|
$ 50,973
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $130,753,698. Net unrealized appreciation aggregated $23,560,330,
of which $25,078,856 related to appreciated investment securities and $1,518,526 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Natural Gas Portfolio
May 31, 2006
1.802183.102
GAS-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.4%
|
|
Shares
|
|
Value
|
CHEMICALS - 0.2%
|
Commodity Chemicals - 0.2%
|
MG Technologies AG
|
128,400
|
|
$ 2,238,156
|
CONSTRUCTION & ENGINEERING - 0.1%
|
Construction & Engineering - 0.1%
|
Fluor Corp.
|
13,000
|
|
1,139,580
|
ELECTRIC UTILITIES - 1.1%
|
Electric Utilities - 1.1%
|
Exelon Corp.
|
264,900
|
|
14,995,989
|
ELECTRICAL EQUIPMENT - 0.1%
|
Heavy Electrical Equipment - 0.1%
|
Vestas Wind Systems AS (a)
|
73,900
|
|
1,905,032
|
ENERGY EQUIPMENT & SERVICES - 22.2%
|
Oil & Gas Drilling - 9.2%
|
Cathedral Energy Services Income Trust
|
476,000
|
|
5,290,570
|
Diamond Offshore Drilling, Inc.
|
65,400
|
|
5,607,396
|
ENSCO International, Inc.
|
374,700
|
|
18,731,253
|
GlobalSantaFe Corp.
|
706,300
|
|
42,469,819
|
Noble Corp.
|
328,700
|
|
22,854,511
|
Pride International, Inc. (a)
|
960,100
|
|
31,059,235
|
|
|
126,012,784
|
Oil & Gas Equipment & Services - 13.0%
|
BJ Services Co.
|
82,800
|
|
3,034,620
|
Carbo Ceramics, Inc.
|
154,900
|
|
7,786,823
|
Halliburton Co.
|
701,400
|
|
52,317,426
|
Helix Energy Solutions Group, Inc. (a)
|
213,500
|
|
7,570,710
|
Hydril Co. (a)
|
109,500
|
|
8,200,455
|
National Oilwell Varco, Inc. (a)
|
452,128
|
|
29,867,576
|
Savanna Energy Services Corp. (a)
|
68,700
|
|
1,762,338
|
Schlumberger Ltd. (NY Shares)
|
207,100
|
|
13,579,547
|
Smith International, Inc.
|
780,890
|
|
31,985,254
|
TETRA Technologies, Inc. (a)
|
256,400
|
|
7,445,856
|
Veritas DGC, Inc. (a)
|
122,600
|
|
5,790,398
|
W-H Energy Services, Inc. (a)
|
136,000
|
|
7,662,240
|
|
|
177,003,243
|
TOTAL ENERGY EQUIPMENT & SERVICES
|
|
303,016,027
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 1.0%
|
Independent Power & Energy Trade - 1.0%
|
AES Corp. (a)
|
257,300
|
|
4,734,320
|
NRG Energy, Inc. (a)
|
125,600
|
|
6,248,600
|
TXU Corp.
|
43,500
|
|
2,492,550
|
|
|
13,475,470
|
MACHINERY - 0.9%
|
Construction & Farm Machinery & Heavy Trucks - 0.9%
|
Bucyrus International, Inc. Class A
|
231,000
|
|
11,790,240
|
|
|
Shares
|
|
Value
|
METALS & MINING - 1.2%
|
Steel - 1.2%
|
Oregon Steel Mills, Inc. (a)
|
348,000
|
|
$ 16,331,640
|
OIL, GAS & CONSUMABLE FUELS - 72.6%
|
Coal & Consumable Fuels - 4.6%
|
Alpha Natural Resources, Inc. (a)
|
213,400
|
|
4,600,904
|
Arch Coal, Inc.
|
142,900
|
|
6,910,644
|
Cameco Corp.
|
90,100
|
|
3,697,270
|
CONSOL Energy, Inc.
|
285,200
|
|
25,168,900
|
International Coal Group, Inc. (a)(d)
|
984,500
|
|
8,693,135
|
Peabody Energy Corp.
|
235,700
|
|
14,693,538
|
|
|
63,764,391
|
Integrated Oil & Gas - 1.6%
|
Hess Corp.
|
40,900
|
|
6,135,000
|
Murphy Oil Corp.
|
73,300
|
|
3,865,109
|
OAO Gazprom sponsored ADR
|
278,300
|
|
11,869,495
|
|
|
21,869,604
|
Oil & Gas Exploration & Production - 57.0%
|
Apache Corp.
|
245,400
|
|
15,921,552
|
Aurora Oil & Gas Corp. (a)
|
748,300
|
|
3,591,840
|
Cabot Oil & Gas Corp.
|
281,700
|
|
12,358,179
|
Canadian Natural Resources Ltd.
|
1,319,600
|
|
69,499,932
|
Chesapeake Energy Corp. (d)
|
1,367,500
|
|
41,831,825
|
Denbury Resources, Inc. (a)
|
285,500
|
|
9,021,800
|
EnCana Corp.
|
300,200
|
|
15,145,618
|
Encore Acquisition Co. (a)
|
356,250
|
|
9,462,000
|
Energy Partners Ltd. (a)(d)
|
326,300
|
|
6,917,560
|
EOG Resources, Inc.
|
581,700
|
|
38,194,422
|
Forest Oil Corp. (a)
|
1,005,300
|
|
32,812,992
|
Gastar Exploration Ltd. (a)
|
431,400
|
|
1,273,144
|
Goodrich Petroleum Corp. (a)(d)
|
116,800
|
|
2,861,600
|
Houston Exploration Co. (a)
|
396,900
|
|
21,150,801
|
Hugoton Royalty Trust
|
189,526
|
|
5,246,080
|
Kerr-McGee Corp.
|
254,900
|
|
27,236,065
|
Mariner Energy, Inc. (a)
|
503,889
|
|
8,606,424
|
Newfield Exploration Co. (a)
|
94,900
|
|
4,055,077
|
Noble Energy, Inc.
|
212,900
|
|
9,252,634
|
Paramount Resources Ltd. Class A (a)
|
41,400
|
|
1,452,618
|
Penn Virginia Corp.
|
134,400
|
|
9,125,760
|
Penn West Energy Trust (d)
|
84,200
|
|
3,325,948
|
Plains Exploration & Production Co. (a)
|
2,370,500
|
|
84,626,850
|
Quicksilver Resources, Inc. (a)(d)
|
2,358,300
|
|
82,705,581
|
Range Resources Corp.
|
4,190,700
|
|
108,539,130
|
Southwestern Energy Co. (a)
|
530,400
|
|
17,131,920
|
Talisman Energy, Inc.
|
2,222,500
|
|
40,464,132
|
Ultra Petroleum Corp. (a)
|
924,600
|
|
53,210,730
|
XTO Energy, Inc.
|
1,046,200
|
|
43,124,364
|
|
|
778,146,578
|
Oil & Gas Refining & Marketing - 8.9%
|
Tesoro Corp.
|
178,700
|
|
12,171,257
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
OIL, GAS & CONSUMABLE FUELS - CONTINUED
|
Oil & Gas Refining & Marketing - continued
|
Valero Energy Corp.
|
1,773,800
|
$ 108,822,630
|
Western Refining, Inc.
|
25,100
|
|
449,290
|
|
|
121,443,177
|
Oil & Gas Storage & Transport - 0.5%
|
DCP Midstream Partners LP
|
42,600
|
|
1,210,692
|
Plains All American Pipeline LP
|
108,800
|
|
5,276,800
|
|
|
6,487,492
|
TOTAL OIL, GAS & CONSUMABLE FUELS
|
|
991,711,242
|
TOTAL COMMON STOCKS
(Cost $1,092,782,256)
|
1,356,603,376
|
Money Market Funds - 7.6%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
14,902,747
|
|
14,902,747
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
88,772,115
|
|
88,772,115
|
TOTAL MONEY MARKET FUNDS
(Cost $103,674,862)
|
103,674,862
|
TOTAL INVESTMENT PORTFOLIO - 107.0%
(Cost $1,196,457,118)
|
1,460,278,238
|
NET OTHER ASSETS - (7.0)%
|
(94,915,513)
|
NET ASSETS - 100%
|
$ 1,365,362,725
|
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.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 167,651
|
Fidelity Securities Lending Cash Central Fund
|
36,448
|
Total
|
$ 204,099
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,198,944,179. Net unrealized appreciation aggregated
$261,334,059, of which $287,920,199 related to appreciated investment securities and $26,586,140 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Gold Portfolio
May 31, 2006
1.802173.102
GOL-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 91.7%
|
|
Shares
|
|
Value
|
Australia - 9.0%
|
METALS & MINING - 9.0%
|
Gold - 8.7%
|
Newcrest Mining Ltd.
|
8,799,971
|
$ 133,388,530
|
Precious Metals & Minerals - 0.3%
|
Central Asia Gold Ltd. (a)(e)
|
12,025,834
|
|
4,387,520
|
TOTAL METALS & MINING
|
|
137,776,050
|
Bermuda - 1.8%
|
METALS & MINING - 1.8%
|
Precious Metals & Minerals - 1.8%
|
Aquarius Platinum Ltd. (Australia)
|
2,042,877
|
|
27,016,139
|
Canada - 50.6%
|
METALS & MINING - 50.6%
|
Diversified Metals & Mining - 4.8%
|
Teck Cominco Ltd. Class B (sub. vtg.)
|
1,150,000
|
|
73,203,178
|
Gold - 34.5%
|
Arizona Star Resource Corp. (a)(e)
|
2,800,000
|
|
32,265,153
|
Barrick Gold Corp. (d)
|
2,600,000
|
|
79,328,036
|
Bema Gold Corp. (a)
|
6,000,000
|
|
33,071,510
|
Cambior, Inc. (a)(d)(e)
|
27,000,000
|
|
85,811,578
|
Crystallex International Corp. (a)(e)
|
14,000,000
|
|
61,021,566
|
Goldcorp, Inc.
|
400,000
|
|
12,295,119
|
High River Gold Mines Ltd.:
|
|
|
|
warrants 10/26/06 (a)
|
1,500,000
|
|
512,396
|
warrants 1/27/08 (a)
|
332,500
|
|
235,191
|
IAMGOLD Corp.
|
3,500,000
|
|
33,053,348
|
Kinross Gold Corp. (a)(f)
|
866,666
|
|
9,475,286
|
Kinross Gold Corp. (a)
|
1,033,334
|
|
11,297,472
|
Meridian Gold, Inc. (a)
|
4,900,000
|
|
151,727,585
|
Orezone Resources, Inc. Class A (a)(e)
|
10,000,000
|
|
17,525,539
|
|
|
527,619,779
|
Precious Metals & Minerals - 11.3%
|
Aber Diamond Corp. (e)
|
3,499,990
|
|
122,201,694
|
Minefinders Corp. Ltd. (a)(e)
|
4,300,000
|
|
32,994,325
|
Pan American Silver Corp. (a)
|
300,000
|
|
5,768,069
|
Shore Gold, Inc. (a)
|
2,256,900
|
|
11,210,209
|
SouthernEra Diamonds, Inc. Class A (a)
|
2,789,500
|
|
1,367,837
|
|
|
173,542,134
|
TOTAL METALS & MINING
|
|
774,365,091
|
Cayman Islands - 1.4%
|
METALS & MINING - 1.4%
|
Precious Metals & Minerals - 1.4%
|
Apex Silver Mines Ltd. (a)(d)
|
1,500,000
|
|
20,925,000
|
|
|
Shares
|
|
Value
|
Papua New Guinea - 2.4%
|
METALS & MINING - 2.4%
|
Gold - 2.4%
|
Lihir Gold Ltd. (a)
|
17,000,020
|
|
$ 37,341,734
|
Peru - 4.9%
|
METALS & MINING - 4.9%
|
Precious Metals & Minerals - 4.9%
|
Compania de Minas Buenaventura SA
|
400,000
|
|
9,946,339
|
Compania de Minas Buenaventura SA sponsored ADR (d)
|
2,520,000
|
|
64,940,400
|
|
|
74,886,739
|
South Africa - 6.9%
|
METALS & MINING - 6.9%
|
Diversified Metals & Mining - 0.5%
|
African Rainbow Minerals Ltd. (a)
|
1,000,000
|
|
7,272,727
|
Gold - 3.7%
|
Gold Fields Ltd. sponsored ADR
|
1,400,000
|
|
30,674,000
|
Harmony Gold Mining Co. Ltd. (a)
|
1,511,990
|
|
21,681,937
|
Harmony Gold Mining Co. Ltd. sponsored ADR (a)
|
88,010
|
|
1,262,063
|
Western Areas Ltd. (a)
|
447,500
|
|
2,789,610
|
|
|
56,407,610
|
Precious Metals & Minerals - 2.7%
|
Impala Platinum Holdings Ltd.
|
250,000
|
|
42,115,028
|
TOTAL METALS & MINING
|
|
105,795,365
|
United Kingdom - 5.1%
|
METALS & MINING - 5.1%
|
Diversified Metals & Mining - 0.7%
|
African Platinum PLC (a)(d)
|
18,000,000
|
|
11,276,402
|
Gold - 1.2%
|
Randgold Resources Ltd. sponsored ADR (a)(d)
|
900,000
|
|
17,649,000
|
Precious Metals & Minerals - 3.2%
|
Lonmin PLC
|
1,000,000
|
|
49,182,315
|
TOTAL METALS & MINING
|
|
78,107,717
|
United States of America - 9.6%
|
METALS & MINING - 9.6%
|
Diversified Metals & Mining - 1.8%
|
Freeport-McMoRan Copper & Gold, Inc. Class B
|
500,000
|
|
27,995,000
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
United States of America - continued
|
METALS & MINING - CONTINUED
|
Gold - 7.8%
|
Newmont Mining Corp.
|
2,150,000
|
$ 112,122,500
|
US Gold Corp. (subscription receipt) (a)(g)
|
728,400
|
7,524,082
|
|
119,646,582
|
TOTAL METALS & MINING
|
147,641,582
|
TOTAL COMMON STOCKS
(Cost $1,148,738,825)
|
1,403,855,417
|
Money Market Funds - 14.3%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
127,372,391
|
127,372,391
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
91,160,318
|
|
91,160,318
|
TOTAL MONEY MARKET FUNDS
(Cost $218,532,709)
|
218,532,709
|
TOTAL INVESTMENT PORTFOLIO - 106.0%
(Cost $1,367,271,534)
|
1,622,388,126
|
NET OTHER ASSETS - (6.0)%
|
(91,544,436)
|
NET ASSETS - 100%
|
$ 1,530,843,690
|
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.
|
(c) Investment made with cash collateral received from securities on loan.
|
(d) Security or a portion of the security is on loan at period end.
|
(e) Affiliated company
|
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At the period end, the value of these securities amounted to $9,475,286 or 0.6% of net assets.
|
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of
restricted securities (excluding 144A issues) amounted to $7,524,082 or 0.5% of net assets.
|
Additional information on each holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost
|
US Gold Corp. (subscription receipt)
|
2/8/06
|
$ 3,277,800
|
Affiliated Central Funds
|
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 2,801,353
|
Fidelity Securities Lending Cash Central Fund
|
140,850
|
Total
|
$ 2,942,203
|
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
|
Aber Diamond Corp.
|
$ 101,949,189
|
$ 42,793,742
|
$ 12,253,783
|
$ 636,353
|
$ 122,201,694
|
Arizona Star Resource Corp.
|
15,418,356
|
10,415,853
|
-
|
-
|
32,265,153
|
Bolivar Gold Corp.
|
31,025,393
|
-
|
31,022,986
|
-
|
-
|
Cambior, Inc.
|
65,449,104
|
17,259,255
|
-
|
-
|
85,811,578
|
Central Asia Gold Ltd.
|
-
|
4,104,140
|
-
|
-
|
4,387,520
|
Crystallex International Corp.
|
42,908,067
|
-
|
6,023,354
|
-
|
61,021,566
|
Minefinders Corp. Ltd.
|
29,636,932
|
4,727,146
|
-
|
-
|
32,994,325
|
Orezone Resources, Inc. Class A
|
14,417,110
|
5,744,298
|
-
|
-
|
17,525,539
|
Total
|
$ 300,804,151
|
$ 85,044,434
|
$ 49,300,123
|
$ 636,353
|
$ 356,207,375
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,396,152,138. Net unrealized appreciation aggregated
$226,235,988, of which $283,628,066 related to appreciated investment securities and $57,392,078 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Health Care Portfolio
May 31, 2006
1.802174.102
HEA-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.3%
|
|
Shares
|
|
Value
|
BEVERAGES - 0.6%
|
Soft Drinks - 0.6%
|
Hansen Natural Corp. (a)
|
71,489
|
|
$ 13,216,171
|
BIOTECHNOLOGY - 13.8%
|
Biotechnology - 13.8%
|
Acadia Pharmaceuticals, Inc. (a)
|
4,200
|
|
43,512
|
Alizyme PLC (a)
|
71,600
|
|
182,433
|
Alnylam Pharmaceuticals, Inc. (a)
|
48,400
|
|
715,836
|
Altus Pharmaceuticals, Inc.
|
85,300
|
|
1,601,934
|
Amgen, Inc. (a)
|
1,179,104
|
|
79,695,639
|
Amylin Pharmaceuticals, Inc. (a)
|
199,500
|
|
9,067,275
|
Arena Pharmaceuticals, Inc. (a)
|
21,000
|
|
286,440
|
Biogen Idec, Inc. (a)
|
355,600
|
|
16,581,628
|
BioMarin Pharmaceutical, Inc. (a)
|
54,500
|
|
707,955
|
BioSphere Medical, Inc. (a)
|
71,500
|
|
403,975
|
Celgene Corp. (a)
|
306,800
|
|
12,716,860
|
Cephalon, Inc. (a)
|
68,600
|
|
4,096,792
|
DOV Pharmaceutical, Inc. (a)
|
49,100
|
|
151,719
|
DUSA Pharmaceuticals, Inc. (a)
|
250,138
|
|
1,480,817
|
Genentech, Inc. (a)
|
973,100
|
|
80,728,376
|
Genmab AS (a)
|
17,800
|
|
570,513
|
Gentium Spa sponsored ADR
|
8,300
|
|
108,398
|
Genzyme Corp. (a)
|
22,500
|
|
1,338,750
|
Gilead Sciences, Inc. (a)
|
525,800
|
|
30,144,114
|
GTx, Inc. (a)
|
700
|
|
6,041
|
Human Genome Sciences, Inc. (a)
|
175,500
|
|
1,923,480
|
ICOS Corp. (a)
|
204,100
|
|
4,147,312
|
ImClone Systems, Inc. (a)
|
100,100
|
|
4,004,000
|
Inhibitex, Inc. (a)
|
23,000
|
|
44,390
|
MannKind Corp. (a)
|
71,800
|
|
1,367,072
|
Martek Biosciences (a)(d)
|
41,100
|
|
1,041,885
|
MedImmune, Inc. (a)
|
300,770
|
|
9,570,501
|
Memory Pharmaceuticals Corp. (a)
|
18,000
|
|
31,140
|
Millennium Pharmaceuticals, Inc. (a)
|
403,200
|
|
3,451,392
|
Myogen, Inc. (a)
|
57,600
|
|
1,794,240
|
Neopharm, Inc. (a)
|
8,400
|
|
47,292
|
Neurocrine Biosciences, Inc. (a)
|
45,634
|
|
899,446
|
ONYX Pharmaceuticals, Inc. (a)
|
84,421
|
|
1,687,576
|
Panacos Pharmaceuticals, Inc. (a)
|
18,500
|
|
116,550
|
PDL BioPharma, Inc. (a)
|
148,000
|
|
2,997,000
|
Renovis, Inc. (a)
|
166,400
|
|
2,712,320
|
Solexa, Inc. (a)
|
142,300
|
|
1,287,815
|
Tercica, Inc. (a)(d)
|
680,700
|
|
3,478,377
|
Theravance, Inc. (a)
|
19,900
|
|
476,008
|
Vertex Pharmaceuticals, Inc. (a)
|
173,100
|
|
5,971,950
|
|
|
287,678,753
|
CHEMICALS - 0.4%
|
Fertilizers & Agricultural Chemicals - 0.4%
|
Monsanto Co.
|
104,400
|
|
8,786,304
|
Syngenta AG sponsored ADR
|
9,300
|
|
256,308
|
|
|
9,042,612
|
|
|
Shares
|
|
Value
|
COMMERCIAL SERVICES & SUPPLIES - 0.4%
|
Diversified Commercial & Professional Services - 0.2%
|
Advisory Board Co. (a)
|
70,266
|
|
$ 3,632,752
|
Human Resource & Employment Services - 0.2%
|
Kforce, Inc. (a)
|
188,100
|
|
2,874,168
|
On Assignment, Inc. (a)
|
178,458
|
|
2,109,374
|
|
|
4,983,542
|
Office Services & Supplies - 0.0%
|
Mine Safety Appliances Co.
|
100
|
|
4,121
|
TOTAL COMMERCIAL SERVICES & SUPPLIES
|
|
8,620,415
|
DIVERSIFIED CONSUMER SERVICES - 0.1%
|
Specialized Consumer Services - 0.1%
|
Service Corp. International (SCI)
|
178,700
|
|
1,427,813
|
Weight Watchers International, Inc.
|
1,400
|
|
58,632
|
|
|
1,486,445
|
DIVERSIFIED FINANCIAL SERVICES - 0.0%
|
Multi-Sector Holdings - 0.0%
|
PICO Holdings, Inc. (a)
|
10,616
|
|
360,944
|
FOOD & STAPLES RETAILING - 0.2%
|
Food Distributors - 0.1%
|
United Natural Foods, Inc. (a)
|
79,000
|
|
2,614,900
|
Food Retail - 0.1%
|
Whole Foods Market, Inc.
|
36,800
|
|
2,392,000
|
TOTAL FOOD & STAPLES RETAILING
|
|
5,006,900
|
FOOD PRODUCTS - 0.3%
|
Agricultural Products - 0.1%
|
Bunge Ltd.
|
35,900
|
|
2,031,940
|
Packaged Foods & Meats - 0.2%
|
Groupe Danone
|
35,700
|
|
4,307,992
|
Hain Celestial Group, Inc. (a)
|
7,200
|
|
184,824
|
Nestle SA sponsored ADR
|
2,900
|
|
217,065
|
|
|
4,709,881
|
TOTAL FOOD PRODUCTS
|
|
6,741,821
|
HEALTH CARE EQUIPMENT & SUPPLIES - 15.4%
|
Health Care Equipment - 11.5%
|
Advanced Medical Optics, Inc. (a)
|
82,500
|
|
3,738,900
|
American Medical Systems Holdings, Inc. (a)
|
700
|
|
13,839
|
Baxter International, Inc.
|
676,500
|
|
25,504,050
|
Beckman Coulter, Inc.
|
43,700
|
|
2,416,610
|
Becton, Dickinson & Co.
|
353,900
|
|
21,386,177
|
BioLase Technology, Inc.
|
107,900
|
|
802,776
|
Biomet, Inc.
|
40
|
|
1,408
|
Boston Scientific Corp. (a)
|
1,283,600
|
|
26,544,848
|
C.R. Bard, Inc.
|
294,600
|
|
21,803,346
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
HEALTH CARE EQUIPMENT & SUPPLIES - CONTINUED
|
Health Care Equipment - continued
|
China Medical Technologies, Inc. sponsored ADR
|
100
|
|
$ 2,562
|
CONMED Corp. (a)
|
100
|
|
1,944
|
Cyberonics, Inc. (a)
|
700
|
|
17,493
|
Cytyc Corp. (a)
|
354,700
|
|
9,321,516
|
Dade Behring Holdings, Inc.
|
116,900
|
|
4,354,525
|
Edwards Lifesciences Corp. (a)
|
57,800
|
|
2,562,852
|
Epix Pharmaceuticals, Inc. (a)(d)
|
285,050
|
|
1,020,479
|
HealthTronics, Inc. (a)
|
85,370
|
|
630,031
|
Hillenbrand Industries, Inc.
|
35,800
|
|
1,809,332
|
Hologic, Inc. (a)
|
65,700
|
|
2,594,493
|
Hospira, Inc. (a)
|
117,540
|
|
5,266,967
|
IDEXX Laboratories, Inc. (a)
|
38,800
|
|
2,965,484
|
Imaging Dynamics Co. Ltd. (a)
|
450,700
|
|
1,841,680
|
Integra LifeSciences Holdings Corp. (a)
|
100
|
|
3,844
|
IntraLase Corp. (a)
|
136,400
|
|
2,612,060
|
Intuitive Surgical, Inc. (a)
|
38,800
|
|
4,318,052
|
Invacare Corp.
|
39,700
|
|
1,124,304
|
Kinetic Concepts, Inc. (a)
|
89,000
|
|
3,462,100
|
Medtronic, Inc. (d)
|
655,260
|
|
33,084,077
|
Mentor Corp.
|
120,100
|
|
4,850,839
|
Natus Medical, Inc. (a)
|
189,003
|
|
2,356,867
|
NMT Medical, Inc. (a)
|
14,900
|
|
178,055
|
NuVasive, Inc. (a)
|
65,200
|
|
1,071,236
|
Optos PLC
|
620,700
|
|
2,533,315
|
Phonak Holding AG
|
3,574
|
|
205,343
|
PhotoMedex, Inc. (a)
|
334,004
|
|
541,086
|
Quidel Corp. (a)
|
700
|
|
6,601
|
ResMed, Inc. (a)
|
149,800
|
|
6,809,908
|
Respironics, Inc. (a)
|
106,400
|
|
3,619,728
|
SonoSite, Inc. (a)
|
168,200
|
|
6,186,396
|
St. Jude Medical, Inc. (a)
|
275,000
|
|
9,377,500
|
Stereotaxis, Inc. (a)
|
819,571
|
|
8,039,992
|
Steris Corp.
|
59,000
|
|
1,342,250
|
Stryker Corp.
|
200
|
|
8,780
|
Synthes, Inc.
|
20,791
|
|
2,546,081
|
The Spectranetics Corp. (a)
|
7,200
|
|
93,312
|
Varian Medical Systems, Inc. (a)
|
145,100
|
|
6,805,190
|
Zimmer Holdings, Inc. (a)
|
78,800
|
|
4,771,340
|
|
|
240,549,568
|
Health Care Supplies - 3.9%
|
Alcon, Inc.
|
390,300
|
|
42,183,624
|
Arrow International, Inc.
|
64,198
|
|
2,069,744
|
Bausch & Lomb, Inc.
|
100
|
|
4,915
|
Cooper Companies, Inc.
|
93,800
|
|
4,441,430
|
DENTSPLY International, Inc.
|
99,000
|
|
5,920,200
|
DJ Orthopedics, Inc. (a)
|
294,900
|
|
11,309,415
|
Gen-Probe, Inc. (a)
|
59,400
|
|
3,207,600
|
Immucor, Inc. (a)
|
87,000
|
|
1,582,530
|
Inverness Medical Innovations, Inc. (a)
|
121,000
|
|
3,490,850
|
Inverness Medical Innovations, Inc. (a)(e)
|
42,205
|
|
1,095,853
|
|
|
Shares
|
|
Value
|
LifeCell Corp. (a)
|
100
|
|
$ 2,700
|
Lifecore Biomedical, Inc. (a)
|
152,100
|
|
2,281,500
|
Medical Action Industries, Inc. (a)
|
100
|
|
2,296
|
Nutraceutical International Corp. (a)
|
223,300
|
|
3,628,625
|
West Pharmaceutical Services, Inc.
|
3,100
|
|
105,462
|
|
|
81,326,744
|
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES
|
|
321,876,312
|
HEALTH CARE PROVIDERS & SERVICES - 25.5%
|
Health Care Distributors & Services - 3.6%
|
AmerisourceBergen Corp.
|
259,200
|
|
11,298,528
|
Andrx Corp. (a)
|
97,000
|
|
2,265,920
|
Arcadia Resources, Inc. (a)
|
100
|
|
271
|
Cardinal Health, Inc.
|
429,100
|
|
28,711,081
|
Henry Schein, Inc. (a)
|
143,400
|
|
6,609,306
|
McKesson Corp.
|
526,900
|
|
26,081,550
|
Patterson Companies, Inc. (a)
|
14,400
|
|
493,200
|
Symbion Health Ltd.
|
448,500
|
|
1,056,012
|
|
|
76,515,868
|
Health Care Facilities - 5.3%
|
Acibadem Saglik Hizmetleri AS
|
191,340
|
|
2,091,546
|
Apollo Hospitals Enterprise Ltd.
|
61,375
|
|
548,670
|
Brookdale Senior Living, Inc.
|
702,700
|
|
34,748,515
|
Bumrungrad Hospital PCL (For. Reg.)
|
3,861,000
|
|
3,272,257
|
Capital Senior Living Corp. (a)
|
693,600
|
|
7,629,600
|
Community Health Systems, Inc. (a)
|
361,200
|
|
13,617,240
|
Emeritus Corp. (a)
|
78,700
|
|
1,691,263
|
Genesis HealthCare Corp. (a)
|
700
|
|
32,949
|
HCA, Inc.
|
128,000
|
|
5,689,600
|
Health Management Associates, Inc. Class A
|
109,900
|
|
2,291,415
|
HealthSouth Corp. (a)
|
35,700
|
|
154,581
|
LCA-Vision, Inc.
|
76,091
|
|
4,134,785
|
LifePoint Hospitals, Inc. (a)
|
73,100
|
|
2,582,623
|
Manor Care, Inc.
|
25,200
|
|
1,170,288
|
NovaMed Eyecare, Inc. (a)
|
12,500
|
|
89,000
|
Odyssey Healthcare, Inc. (a)
|
285,734
|
|
4,660,322
|
Psychiatric Solutions, Inc. (a)
|
163,600
|
|
4,809,840
|
Radiation Therapy Services, Inc. (a)
|
700
|
|
16,989
|
Sun Healthcare Group, Inc. (a)
|
66,500
|
|
545,965
|
Sunrise Senior Living, Inc. (a)
|
88,300
|
|
2,957,167
|
Tenet Healthcare Corp. (a)
|
380,700
|
|
3,015,144
|
Triad Hospitals, Inc. (a)
|
55,900
|
|
2,251,652
|
U.S. Physical Therapy, Inc. (a)
|
63,404
|
|
952,962
|
United Surgical Partners International, Inc. (a)
|
47,500
|
|
1,477,725
|
Universal Health Services, Inc. Class B
|
61,600
|
|
3,126,816
|
VCA Antech, Inc. (a)
|
249,300
|
|
7,508,916
|
|
|
111,067,830
|
Health Care Services - 7.1%
|
Apria Healthcare Group, Inc. (a)
|
14,200
|
|
272,640
|
Caremark Rx, Inc.
|
537,600
|
|
25,788,672
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
|
Health Care Services - continued
|
Chemed Corp.
|
323,500
|
|
$ 17,420,475
|
Cross Country Healthcare, Inc. (a)
|
700
|
|
12,341
|
DaVita, Inc. (a)
|
294,100
|
|
15,575,536
|
Emergency Medical Services Corp.
Class A
|
151,800
|
|
1,902,054
|
Express Scripts, Inc. (a)
|
179,500
|
|
13,153,760
|
Fresenius Medical Care AG
sponsored ADR
|
700
|
|
26,285
|
Gentiva Health Services, Inc. (a)
|
700
|
|
12,159
|
HAPC, Inc. unit
|
627,500
|
|
3,783,825
|
Health Grades, Inc. (a)
|
416,120
|
|
1,861,263
|
HealthExtras, Inc. (a)
|
29,000
|
|
871,160
|
Healthways, Inc. (a)
|
250,800
|
|
13,327,512
|
I-trax, Inc. (a)
|
71,500
|
|
228,085
|
Laboratory Corp. of America Holdings (a)
|
100
|
|
5,936
|
Lincare Holdings, Inc. (a)
|
161,000
|
|
6,005,300
|
Matria Healthcare, Inc. (a)
|
59,500
|
|
1,717,170
|
Medco Health Solutions, Inc. (a)
|
430,200
|
|
23,187,780
|
Nighthawk Radiology Holdings, Inc.
|
38,200
|
|
706,700
|
Omnicare, Inc.
|
199,900
|
|
9,267,364
|
Pediatric Services of America, Inc. (a)
|
22,900
|
|
299,990
|
Pediatrix Medical Group, Inc. (a)
|
59,200
|
|
2,734,448
|
QMed, Inc. (a)
|
25,000
|
|
134,000
|
Quest Diagnostics, Inc.
|
100
|
|
5,574
|
RehabCare Group, Inc. (a)
|
126,000
|
|
2,125,620
|
ResCare, Inc. (a)
|
384,811
|
|
7,638,498
|
Visicu, Inc.
|
2,600
|
|
48,204
|
|
|
148,112,351
|
Managed Health Care - 9.5%
|
Aetna, Inc.
|
759,900
|
|
29,225,754
|
AMERIGROUP Corp. (a)
|
27,400
|
|
786,380
|
CIGNA Corp.
|
123,300
|
|
11,434,842
|
Coventry Health Care, Inc. (a)
|
43,000
|
|
2,246,750
|
Health Net, Inc. (a)
|
212,600
|
|
9,146,052
|
Humana, Inc. (a)
|
289,400
|
|
14,652,322
|
Magellan Health Services, Inc. (a)
|
37,200
|
|
1,504,740
|
Sierra Health Services, Inc. (a)
|
135,400
|
|
5,578,480
|
UnitedHealth Group, Inc.
|
1,704,220
|
|
74,917,511
|
WellPoint, Inc. (a)
|
691,200
|
|
49,476,096
|
|
|
198,968,927
|
TOTAL HEALTH CARE PROVIDERS & SERVICES
|
|
534,664,976
|
HEALTH CARE TECHNOLOGY - 1.4%
|
Healthcare Technology - 1.4%
|
Cerner Corp. (a)
|
65,100
|
|
2,472,498
|
Computer Programs & Systems, Inc.
|
5,700
|
|
229,026
|
Eclipsys Corp. (a)
|
434,200
|
|
8,440,848
|
Emdeon Corp. (a)
|
378,430
|
|
4,393,572
|
|
|
Shares
|
|
Value
|
IMS Health, Inc.
|
271,800
|
|
$ 7,333,164
|
Merge Technologies, Inc. (a)
|
31,700
|
|
402,907
|
Systems Xcellence, Inc. (a)
|
71,500
|
|
286,974
|
Vital Images, Inc. (a)
|
6,100
|
|
142,069
|
WebMD Health Corp. Class A (d)
|
120,989
|
|
4,748,818
|
|
|
28,449,876
|
INTERNET & CATALOG RETAIL - 0.6%
|
Internet Retail - 0.6%
|
NutriSystem, Inc. (a)(d)
|
187,821
|
|
12,756,802
|
LIFE SCIENCES TOOLS & SERVICES - 3.9%
|
Life Science Tools & Services - 3.9%
|
Affymetrix, Inc. (a)
|
200,500
|
|
5,515,755
|
Applera Corp.:
|
|
|
|
- Applied Biosystems Group
|
275,000
|
|
8,140,000
|
- Celera Genomics Group (a)
|
54,700
|
|
612,640
|
Charles River Laboratories International, Inc. (a)
|
131,900
|
|
5,281,276
|
Covance, Inc. (a)
|
140,500
|
|
8,299,335
|
eResearchTechnology, Inc. (a)
|
3,600
|
|
32,832
|
Exelixis, Inc. (a)
|
210,500
|
|
2,283,925
|
Fisher Scientific International, Inc. (a)
|
149,500
|
|
11,100,375
|
Illumina, Inc. (a)
|
35,000
|
|
956,550
|
Invitrogen Corp. (a)
|
98,500
|
|
6,278,390
|
Millipore Corp. (a)
|
75,330
|
|
5,227,902
|
Nektar Therapeutics (a)
|
107,500
|
|
2,148,925
|
PAREXEL International Corp. (a)
|
700
|
|
20,090
|
Pharmaceutical Product Development, Inc.
|
74,400
|
|
2,702,952
|
Techne Corp. (a)
|
89,700
|
|
4,904,796
|
Thermo Electron Corp. (a)
|
200,600
|
|
7,370,044
|
Waters Corp. (a)
|
235,521
|
|
9,809,450
|
|
|
80,685,237
|
PERSONAL PRODUCTS - 1.3%
|
Personal Products - 1.3%
|
Herbalife Ltd. (a)
|
641,500
|
|
25,178,875
|
NBTY, Inc. (a)
|
80,500
|
|
2,110,710
|
|
|
27,289,585
|
PHARMACEUTICALS - 35.4%
|
Pharmaceuticals - 35.4%
|
Abbott Laboratories
|
370,400
|
|
15,816,080
|
Abraxis BioScience, Inc. (a)
|
14,400
|
|
412,416
|
Allergan, Inc.
|
474,400
|
|
44,982,608
|
Altana AG sponsored ADR
|
3,400
|
|
202,776
|
AnorMED, Inc. (a)
|
69,500
|
|
498,570
|
Astellas Pharma, Inc.
|
95,400
|
|
3,774,129
|
AstraZeneca PLC sponsored ADR
|
100
|
|
5,294
|
Barr Pharmaceuticals, Inc. (a)
|
155,800
|
|
8,210,660
|
Biovail Corp.
|
78,900
|
|
1,944,469
|
Bristol-Myers Squibb Co.
|
100
|
|
2,455
|
Collagenex Pharmaceuticals, Inc. (a)
|
91,500
|
|
1,138,260
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
PHARMACEUTICALS - CONTINUED
|
Pharmaceuticals - continued
|
Dr. Reddy's Laboratories Ltd.
sponsored ADR
|
15,500
|
|
$ 449,500
|
Eli Lilly & Co.
|
231,100
|
|
11,934,004
|
Endo Pharmaceuticals Holdings, Inc. (a)
|
169,700
|
|
4,978,998
|
First Horizon Pharmaceutical Corp. (a)
|
90,300
|
|
1,906,233
|
Flamel Technologies SA sponsored ADR (a)
|
100
|
|
1,948
|
Forest Laboratories, Inc. (a)
|
546,200
|
|
20,471,576
|
GlaxoSmithKline PLC sponsored ADR
|
18,700
|
|
1,034,110
|
Impax Laboratories, Inc. (a)
|
26,400
|
|
189,288
|
Johnson & Johnson
|
2,732,384
|
|
164,544,164
|
King Pharmaceuticals, Inc. (a)
|
315,000
|
|
5,600,700
|
Kos Pharmaceuticals, Inc. (a)
|
37,603
|
|
1,613,545
|
Labopharm, Inc. (a)
|
20,800
|
|
186,988
|
Mayne Pharma Ltd. (a)
|
586,300
|
|
1,181,998
|
Medicis Pharmaceutical Corp. Class A
|
63,800
|
|
1,902,516
|
Merck & Co., Inc.
|
2,929,200
|
|
97,513,068
|
MGI Pharma, Inc. (a)
|
90,800
|
|
1,635,308
|
Mylan Laboratories, Inc.
|
170,800
|
|
3,571,428
|
New River Pharmaceuticals, Inc. (a)
|
6,500
|
|
191,750
|
Novartis AG sponsored ADR
|
58,400
|
|
3,240,032
|
Par Pharmaceutical Companies, Inc. (a)
|
44,000
|
|
1,009,800
|
Penwest Pharmaceuticals Co. (a)
|
170,100
|
|
3,289,734
|
Pfizer, Inc.
|
7,221,910
|
|
170,870,393
|
Ranbaxy Laboratories Ltd.
sponsored GDR
|
170,608
|
|
1,526,942
|
Roche Holding AG (participation certificate)
|
111,438
|
|
17,351,162
|
Sanofi-Aventis sponsored ADR
|
46,800
|
|
2,212,236
|
Schering-Plough Corp.
|
843,200
|
|
16,071,392
|
Schwarz Pharma AG sponsored ADR
|
100
|
|
8,550
|
Sepracor, Inc. (a)
|
129,800
|
|
6,719,746
|
Takeda Pharamaceutical Co. Ltd.
|
39,600
|
|
2,584,922
|
Taro Pharmaceutical Industries Ltd. (a)
|
10,700
|
|
129,042
|
Teva Pharmaceutical Industries Ltd. sponsored ADR
|
480,463
|
|
17,493,658
|
Valeant Pharmaceuticals International
|
34,700
|
|
596,840
|
Watson Pharmaceuticals, Inc. (a)
|
38,500
|
|
975,205
|
Wyeth
|
2,215,270
|
|
101,326,450
|
|
|
741,300,943
|
TEXTILES, APPAREL & LUXURY GOODS - 0.0%
|
Apparel, Accessories & Luxury Goods - 0.0%
|
Gildan Activewear, Inc. Class A (a)
|
1,400
|
|
58,479
|
Quiksilver, Inc. (a)
|
100
|
|
1,246
|
Under Armour, Inc. Class A (sub. vtg.)
|
100
|
|
3,570
|
|
|
63,295
|
|
|
Shares
|
|
Value
|
Footwear - 0.0%
|
NIKE, Inc. Class B
|
100
|
|
$ 8,031
|
TOTAL TEXTILES, APPAREL & LUXURY GOODS
|
|
71,326
|
TOTAL COMMON STOCKS
(Cost $1,757,622,246)
|
2,079,249,118
|
Nonconvertible Preferred Stocks - 0.0%
|
|
|
|
|
LIFE SCIENCES TOOLS & SERVICES - 0.0%
|
Life Science Tools & Services - 0.0%
|
GeneProt, Inc. Series A (a)(e)
(Cost $601,052)
|
111,000
|
|
1
|
Money Market Funds - 1.4%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
6,684,153
|
|
6,684,153
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
21,551,175
|
|
21,551,175
|
TOTAL MONEY MARKET FUNDS
(Cost $28,235,328)
|
28,235,328
|
TOTAL INVESTMENT PORTFOLIO - 100.7%
(Cost $1,786,458,626)
|
2,107,484,447
|
NET OTHER ASSETS - (0.7)%
|
(14,073,446)
|
NET ASSETS - 100%
|
$ 2,093,411,001
|
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.
|
(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 $1,095,854 or 0.1% of net assets.
|
Additional information on each holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost
|
GeneProt, Inc. Series A
|
7/7/00
|
$ 601,052
|
Inverness Medical Innovations, Inc.
|
2/8/06
|
$ 1,030,224
|
Affiliated Central Funds
|
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 31,448
|
Fidelity Securities Lending Cash Central Fund
|
220,639
|
Total
|
$ 252,087
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,789,600,280. Net unrealized appreciation aggregated
$317,884,167, of which $395,111,243 related to appreciated investment securities and $77,227,076 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Construction and
Housing Portfolio
May 31, 2006
1.802162.102
HOU-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.1%
|
|
Shares
|
|
Value
|
BUILDING PRODUCTS - 8.7%
|
Building Products - 8.7%
|
American Standard Companies, Inc.
|
147,900
|
|
$ 6,284,271
|
Masco Corp. (d)
|
280,500
|
|
8,701,110
|
NCI Building Systems, Inc. (a)
|
19,200
|
|
1,164,288
|
Quixote Corp.
|
32,300
|
|
630,496
|
Wienerberger Baustoffindust AG
|
12,400
|
|
635,723
|
|
|
17,415,888
|
CHEMICALS - 0.3%
|
Diversified Chemicals - 0.3%
|
Ashland, Inc.
|
10,300
|
|
643,750
|
COMMUNICATIONS EQUIPMENT - 1.5%
|
Communications Equipment - 1.5%
|
Dycom Industries, Inc. (a)
|
93,700
|
|
2,018,298
|
MasTec, Inc. (a)
|
71,800
|
|
924,066
|
|
|
2,942,364
|
CONSTRUCTION & ENGINEERING - 10.1%
|
Construction & Engineering - 10.1%
|
Chicago Bridge & Iron Co. NV
(NY Shares)
|
47,000
|
|
1,065,960
|
Fluor Corp.
|
99,400
|
|
8,713,404
|
Granite Construction, Inc.
|
49,800
|
|
2,058,234
|
Hochtief AG
|
11,300
|
|
664,635
|
Infrasource Services, Inc. (a)
|
49,700
|
|
914,480
|
Jacobs Engineering Group, Inc. (a)
|
12,800
|
|
998,784
|
Perini Corp. (a)
|
25,600
|
|
628,736
|
Shaw Group, Inc. (a)
|
41,600
|
|
1,108,224
|
Skanska AB (B Shares)
|
35,300
|
|
549,536
|
URS Corp. (a)
|
52,500
|
|
2,225,475
|
Veidekke ASA
|
16,400
|
|
620,354
|
YIT-Yhtyma OY
|
23,600
|
|
598,913
|
|
|
20,146,735
|
CONSTRUCTION MATERIALS - 9.3%
|
Construction Materials - 9.3%
|
Cemex SA de CV sponsored ADR
|
36,600
|
|
2,085,102
|
Eagle Materials, Inc.
|
25,200
|
|
1,227,996
|
Florida Rock Industries, Inc.
|
59,575
|
|
3,133,645
|
Martin Marietta Materials, Inc.
|
44,900
|
|
4,108,799
|
Rinker Group Ltd. sponsored ADR
|
10,900
|
|
772,265
|
Texas Industries, Inc.
|
9,101
|
|
445,676
|
Vulcan Materials Co.
|
85,900
|
|
6,704,495
|
|
|
18,477,978
|
ELECTRICAL EQUIPMENT - 0.8%
|
Electrical Components & Equipment - 0.8%
|
Genlyte Group, Inc. (a)
|
23,600
|
|
1,646,808
|
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2%
|
Electronic Equipment & Instruments - 0.2%
|
FARO Technologies, Inc. (a)
|
31,400
|
|
471,942
|
|
|
Shares
|
|
Value
|
HOUSEHOLD DURABLES - 17.6%
|
Home Furnishings - 0.3%
|
Samson Holding Ltd.
|
1,025,000
|
|
$ 554,907
|
Homebuilding - 17.3%
|
Barratt Developments PLC
|
68,400
|
|
1,174,227
|
Beazer Homes USA, Inc. (d)
|
30,000
|
|
1,492,500
|
D.R. Horton, Inc.
|
278,166
|
|
7,332,456
|
KB Home
|
71,500
|
|
3,660,800
|
Lennar Corp. Class A (d)
|
113,000
|
|
5,413,830
|
Meritage Homes Corp. (a)
|
19,500
|
|
1,045,005
|
Pulte Homes, Inc.
|
203,500
|
|
6,607,645
|
Ryland Group, Inc.
|
45,000
|
|
2,214,450
|
Standard Pacific Corp.
|
62,500
|
|
1,879,375
|
Toll Brothers, Inc. (a)
|
127,200
|
|
3,594,672
|
|
|
34,414,960
|
TOTAL HOUSEHOLD DURABLES
|
|
34,969,867
|
INDUSTRIAL CONGLOMERATES - 0.9%
|
Industrial Conglomerates - 0.9%
|
Walter Industries, Inc.
|
32,700
|
|
1,901,832
|
MACHINERY - 15.1%
|
Construction & Farm Machinery & Heavy Trucks - 8.9%
|
A.S.V., Inc. (a)(d)
|
20,600
|
|
421,270
|
Bucyrus International, Inc. Class A
|
31,300
|
|
1,597,552
|
Caterpillar, Inc.
|
183,700
|
|
13,400,915
|
Joy Global, Inc.
|
25,400
|
|
1,364,996
|
Toro Co.
|
20,600
|
|
994,362
|
|
|
17,779,095
|
Industrial Machinery - 6.2%
|
Danaher Corp. (d)
|
192,900
|
|
12,366,819
|
TOTAL MACHINERY
|
|
30,145,914
|
REAL ESTATE INVESTMENT TRUSTS - 3.2%
|
Residential REITs - 1.6%
|
Equity Lifestyle Properties, Inc.
|
5,800
|
|
250,270
|
Equity Residential (SBI)
|
51,900
|
|
2,288,790
|
United Dominion Realty Trust, Inc. (SBI)
|
26,596
|
|
718,358
|
|
|
3,257,418
|
Retail REITs - 1.6%
|
General Growth Properties, Inc.
|
70,300
|
|
3,076,328
|
TOTAL REAL ESTATE INVESTMENT TRUSTS
|
|
6,333,746
|
REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.1%
|
Real Estate Management & Development - 3.1%
|
AV Jennings Homes Ltd.
|
768,664
|
|
690,982
|
China Overseas Land & Investment Ltd.
|
2,040,000
|
|
1,203,008
|
The St. Joe Co. (d)
|
90,600
|
|
4,260,012
|
|
|
6,154,002
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
SPECIALTY RETAIL - 12.6%
|
Home Improvement Retail - 12.1%
|
Home Depot, Inc.
|
271,050
|
|
$ 10,332,426
|
Lowe's Companies, Inc.
|
151,700
|
|
9,447,876
|
Sherwin-Williams Co.
|
89,400
|
|
4,324,278
|
|
|
24,104,580
|
Homefurnishing Retail - 0.5%
|
Pier 1 Imports, Inc.
|
106,600
|
|
905,034
|
TOTAL SPECIALTY RETAIL
|
|
25,009,614
|
THRIFTS & MORTGAGE FINANCE - 9.6%
|
Thrifts & Mortgage Finance - 9.6%
|
Countrywide Financial Corp.
|
165,048
|
|
6,318,037
|
Fannie Mae
|
255,800
|
|
12,726,050
|
|
|
19,044,087
|
TRADING COMPANIES & DISTRIBUTORS - 5.8%
|
Trading Companies & Distributors - 5.8%
|
Beacon Roofing Supply, Inc. (a)
|
46,700
|
|
1,760,590
|
MSC Industrial Direct Co., Inc. Class A
|
29,700
|
|
1,373,031
|
Watsco, Inc.
|
9,700
|
|
543,297
|
WESCO International, Inc. (a)
|
119,000
|
|
7,823,060
|
|
|
11,499,978
|
TRANSPORTATION INFRASTRUCTURE - 0.3%
|
Highways & Railtracks - 0.3%
|
Cintra Concesiones de Infrastructuras de Transporte SA
|
45,800
|
|
589,954
|
TOTAL COMMON STOCKS
(Cost $165,934,981)
|
197,394,459
|
Money Market Funds - 5.8%
|
|
Shares
|
|
Value
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
(Cost $11,442,475)
|
11,442,475
|
$ 11,442,475
|
TOTAL INVESTMENT PORTFOLIO - 104.9%
(Cost $177,377,456)
|
208,836,934
|
NET OTHER ASSETS - (4.9)%
|
(9,724,081)
|
NET ASSETS - 100%
|
$ 199,112,853
|
Legend
|
(a) Non-income producing
|
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 30,695
|
Fidelity Securities Lending Cash Central Fund
|
15,559
|
Total
|
$ 46,254
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $177,623,750. Net unrealized appreciation aggregated $31,213,184,
of which $38,652,049 related to appreciated investment securities and $7,438,865 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Industrial Materials Portfolio
May 31, 2006
1.802177.102
IND-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.5%
|
|
Shares
|
|
Value
|
BUILDING PRODUCTS - 2.3%
|
Building Products - 2.3%
|
American Standard Companies, Inc.
|
52,300
|
|
$ 2,222,227
|
Masco Corp. (d)
|
110,000
|
|
3,412,200
|
|
|
5,634,427
|
CHEMICALS - 16.6%
|
Diversified Chemicals - 6.9%
|
Dow Chemical Co.
|
280,000
|
|
11,163,600
|
E.I. du Pont de Nemours & Co. (d)
|
125,800
|
|
5,350,274
|
|
|
16,513,874
|
Industrial Gases - 6.4%
|
Air Products & Chemicals, Inc.
|
91,800
|
|
5,953,230
|
Airgas, Inc.
|
76,800
|
|
2,940,672
|
Praxair, Inc.
|
122,100
|
|
6,434,670
|
|
|
15,328,572
|
Specialty Chemicals - 3.3%
|
Albemarle Corp.
|
60,000
|
|
2,880,000
|
Chemtura Corp.
|
83,200
|
|
817,856
|
Cytec Industries, Inc.
|
27,400
|
|
1,577,692
|
Rohm & Haas Co.
|
50,000
|
|
2,520,500
|
|
|
7,796,048
|
TOTAL CHEMICALS
|
|
39,638,494
|
CONSTRUCTION & ENGINEERING - 1.4%
|
Construction & Engineering - 1.4%
|
SNC-Lavalin Group, Inc.
|
130,000
|
|
3,483,587
|
CONSTRUCTION MATERIALS - 5.4%
|
Construction Materials - 5.4%
|
Martin Marietta Materials, Inc.
|
30,000
|
|
2,745,300
|
Polaris Minerals Corp. (e)
|
1,000,000
|
|
4,631,101
|
Vulcan Materials Co.
|
70,000
|
|
5,463,500
|
|
|
12,839,901
|
CONTAINERS & PACKAGING - 0.6%
|
Metal & Glass Containers - 0.6%
|
Pactiv Corp. (a)
|
60,000
|
|
1,480,200
|
MACHINERY - 1.7%
|
Industrial Machinery - 1.7%
|
Wajax Income Fund
|
100,000
|
|
4,009,081
|
METALS & MINING - 41.9%
|
Aluminum - 10.0%
|
Alcan, Inc.
|
235,000
|
|
12,174,118
|
Alcoa, Inc.
|
373,998
|
|
11,863,217
|
Novelis, Inc.
|
40
|
|
850
|
|
|
24,038,185
|
|
|
Shares
|
|
Value
|
Diversified Metals & Mining - 17.2%
|
AUR Resources, Inc. (d)
|
100,000
|
|
$ 1,622,701
|
BHP Billiton Ltd. sponsored ADR
|
25,800
|
|
1,116,624
|
Birch Mountain Resources Ltd. (a)
|
600,000
|
|
4,533,031
|
Coalcorp Mining, Inc. (a)
|
7,670,500
|
|
5,920,477
|
Coalcorp Mining, Inc. warrants 2/8/11 (a)
|
89,000
|
|
32,731
|
Falconbridge Ltd. (d)
|
232,664
|
|
11,567,177
|
FNX Mining Co., Inc. (a)
|
168,000
|
|
1,806,238
|
Inco Ltd.
|
100,000
|
|
6,583,428
|
Phelps Dodge Corp.
|
10,400
|
|
891,176
|
Skye Resources, Inc. (a)
|
200,000
|
|
1,489,217
|
Teck Cominco Ltd. Class B (sub. vtg.)
|
60,000
|
|
3,819,296
|
Zinifex Ltd.
|
200,000
|
|
1,793,364
|
|
|
41,175,460
|
Gold - 6.5%
|
Agnico-Eagle Mines Ltd.
|
100,000
|
|
3,350,738
|
Cambior, Inc. (a)
|
1,000,000
|
|
3,178,207
|
Meridian Gold, Inc. (a)
|
120,000
|
|
3,715,778
|
Newmont Mining Corp.
|
100,000
|
|
5,215,000
|
|
|
15,459,723
|
Steel - 8.2%
|
Chaparral Steel Co. (a)
|
50,000
|
|
3,071,500
|
IPSCO, Inc.
|
14,000
|
|
1,313,362
|
Nucor Corp.
|
48,000
|
|
5,052,960
|
Reliance Steel & Aluminum Co.
|
30,000
|
|
2,418,300
|
Schnitzer Steel Industries, Inc. Class A
|
30,000
|
|
1,075,200
|
United States Steel Corp. (d)
|
100,000
|
|
6,638,000
|
|
|
19,569,322
|
TOTAL METALS & MINING
|
|
100,242,690
|
OIL, GAS & CONSUMABLE FUELS - 12.9%
|
Coal & Consumable Fuels - 12.9%
|
Arch Coal, Inc.
|
51,400
|
|
2,485,704
|
Cameco Corp.
|
125,600
|
|
5,154,020
|
CONSOL Energy, Inc.
|
121,200
|
|
10,695,900
|
Massey Energy Co.
|
30,000
|
|
1,119,600
|
Peabody Energy Corp.
|
181,000
|
|
11,283,540
|
|
|
30,738,764
|
ROAD & RAIL - 13.2%
|
Railroads - 13.2%
|
Burlington Northern Santa Fe Corp.
|
105,600
|
|
8,174,496
|
Canadian National Railway Co.
|
137,300
|
|
6,077,980
|
CSX Corp.
|
72,200
|
|
4,831,624
|
Norfolk Southern Corp.
|
126,500
|
|
6,674,140
|
Union Pacific Corp.
|
63,200
|
|
5,864,960
|
|
|
31,623,200
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
TRADING COMPANIES & DISTRIBUTORS - 0.5%
|
Trading Companies & Distributors - 0.5%
|
Finning International, Inc.
|
32,300
|
|
$ 1,105,753
|
TOTAL COMMON STOCKS
(Cost $199,609,203)
|
230,796,097
|
Money Market Funds - 14.7%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
7,338,008
|
|
7,338,008
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
27,773,790
|
|
27,773,790
|
TOTAL MONEY MARKET FUNDS
(Cost $35,111,798)
|
35,111,798
|
TOTAL INVESTMENT PORTFOLIO - 111.2%
(Cost $234,721,001)
|
265,907,895
|
NET OTHER ASSETS - (11.2)%
|
(26,866,898)
|
NET ASSETS - 100%
|
$ 239,040,997
|
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.
|
(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 period end, the value of these securities amounted to $4,631,101 or 1.9% of net assets.
|
Affiliated Central Funds
|
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 133,834
|
Fidelity Securities Lending Cash Central Fund
|
16,163
|
Total
|
$ 149,997
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $235,230,652. Net unrealized appreciation aggregated $30,677,243,
of which $39,696,974 related to appreciated investment securities and $9,019,731 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Industrial Equipment Portfolio
May 31, 2006
1.802176.102
INE-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.8%
|
|
Shares
|
|
Value
|
AEROSPACE & DEFENSE - 9.3%
|
Aerospace & Defense - 9.3%
|
Bombardier, Inc. Class B (sub. vtg.) (a)
|
92,800
|
|
$ 265,444
|
Honeywell International, Inc.
|
178,700
|
|
7,358,866
|
Precision Castparts Corp.
|
37,000
|
|
2,132,310
|
|
|
9,756,620
|
AUTO COMPONENTS - 0.5%
|
Auto Parts & Equipment - 0.5%
|
Johnson Controls, Inc.
|
6,300
|
|
536,571
|
BUILDING PRODUCTS - 2.7%
|
Building Products - 2.7%
|
American Standard Companies, Inc.
|
52,700
|
|
2,239,223
|
Goodman Global, Inc.
|
1,100
|
|
18,645
|
Jacuzzi Brands, Inc. (a)
|
45,300
|
|
424,461
|
Trex Co., Inc. (a)(d)
|
4,500
|
|
122,175
|
|
|
2,804,504
|
COMMERCIAL SERVICES & SUPPLIES - 0.5%
|
Office Services & Supplies - 0.5%
|
IKON Office Solutions, Inc.
|
38,300
|
|
494,836
|
COMMUNICATIONS EQUIPMENT - 0.2%
|
Communications Equipment - 0.2%
|
TANDBERG ASA
|
22,000
|
|
187,241
|
COMPUTERS & PERIPHERALS - 0.8%
|
Computer Hardware - 0.4%
|
NCR Corp. (a)
|
11,600
|
|
453,328
|
Computer Storage & Peripherals - 0.4%
|
EMC Corp. (a)
|
28,500
|
|
364,800
|
TOTAL COMPUTERS & PERIPHERALS
|
|
818,128
|
CONSTRUCTION & ENGINEERING - 2.5%
|
Construction & Engineering - 2.5%
|
EMCOR Group, Inc. (a)
|
33,000
|
|
1,586,970
|
SNC-Lavalin Group, Inc.
|
17,500
|
|
468,944
|
URS Corp. (a)
|
14,100
|
|
597,699
|
|
|
2,653,613
|
ELECTRICAL EQUIPMENT - 8.0%
|
Electrical Components & Equipment - 8.0%
|
A.O. Smith Corp.
|
8,100
|
|
355,995
|
American Power Conversion Corp.
|
17,100
|
|
336,528
|
AMETEK, Inc.
|
23,000
|
|
1,049,490
|
Cooper Industries Ltd. Class A
|
16,400
|
|
1,460,584
|
Emerson Electric Co.
|
26,200
|
|
2,162,024
|
Hubbell, Inc. Class B
|
8,900
|
|
448,115
|
Rockwell Automation, Inc.
|
31,200
|
|
2,130,336
|
Roper Industries, Inc.
|
11,600
|
|
543,344
|
|
|
8,486,416
|
|
|
Shares
|
|
Value
|
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.0%
|
Electronic Equipment & Instruments - 0.5%
|
Cognex Corp.
|
3,900
|
|
$ 97,929
|
Napco Security Systems, Inc. (a)
|
27,650
|
|
402,584
|
|
|
500,513
|
Electronic Manufacturing Services - 0.5%
|
Molex, Inc.
|
16,100
|
|
571,550
|
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS
|
|
1,072,063
|
ENERGY EQUIPMENT & SERVICES - 6.4%
|
Oil & Gas Equipment & Services - 6.4%
|
Halliburton Co.
|
90,900
|
|
6,780,231
|
HOUSEHOLD DURABLES - 0.3%
|
Household Appliances - 0.3%
|
Blount International, Inc. (a)
|
24,000
|
|
307,680
|
INDUSTRIAL CONGLOMERATES - 16.4%
|
Industrial Conglomerates - 16.4%
|
General Electric Co.
|
262,350
|
|
8,988,111
|
Textron, Inc.
|
15,800
|
|
1,436,694
|
Tyco International Ltd.
|
254,800
|
|
6,907,628
|
|
|
17,332,433
|
MACHINERY - 36.6%
|
Construction & Farm Machinery & Heavy Trucks - 15.6%
|
AGCO Corp. (a)
|
13,200
|
|
322,872
|
American Railcar Industries, Inc.
|
100
|
|
3,437
|
Astec Industries, Inc. (a)
|
12,600
|
|
435,204
|
Bucyrus International, Inc. Class A
|
14,750
|
|
752,840
|
Caterpillar, Inc.
|
75,900
|
|
5,536,905
|
Cummins, Inc.
|
5,900
|
|
650,239
|
Deere & Co.
|
51,025
|
|
4,367,740
|
Manitowoc Co., Inc.
|
39,100
|
|
1,798,209
|
Navistar International Corp. (a)
|
52,000
|
|
1,382,160
|
Toro Co.
|
9,400
|
|
453,738
|
Toromont Industries Ltd.
|
23,400
|
|
527,815
|
Wabash National Corp.
|
11,800
|
|
198,240
|
|
|
16,429,399
|
Industrial Machinery - 21.0%
|
Actuant Corp. Class A
|
18,300
|
|
1,080,249
|
Albany International Corp. Class A
|
3,800
|
|
151,848
|
Atlas Copco AB (B Shares)
|
21,000
|
|
524,524
|
Crane Co.
|
1,600
|
|
64,288
|
Danaher Corp.
|
53,100
|
|
3,404,241
|
Donaldson Co., Inc.
|
12,500
|
|
415,125
|
Dover Corp.
|
55,500
|
|
2,710,620
|
Harsco Corp.
|
11,700
|
|
947,934
|
IDEX Corp.
|
5,900
|
|
285,265
|
Illinois Tool Works, Inc.
|
59,600
|
|
2,959,140
|
Ingersoll-Rand Co. Ltd. Class A
|
27,900
|
|
1,216,719
|
ITT Industries, Inc.
|
50,200
|
|
2,617,930
|
KCI Konecranes Oyj
|
58,550
|
|
1,193,943
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
MACHINERY - CONTINUED
|
Industrial Machinery - continued
|
Palfinger AG
|
11,500
|
|
$ 1,148,211
|
Pentair, Inc.
|
14,400
|
|
491,904
|
RBC Bearings, Inc.
|
28,200
|
|
705,846
|
Schindler Holding AG (participation certificate)
|
23,088
|
|
1,202,391
|
SPX Corp.
|
13,100
|
|
689,191
|
Wajax Income Fund
|
1,000
|
|
40,091
|
Watts Water Technologies, Inc. Class A
|
7,200
|
|
246,816
|
|
|
22,096,276
|
TOTAL MACHINERY
|
|
38,525,675
|
MARINE - 0.6%
|
Marine - 0.6%
|
Kirby Corp. (a)
|
8,200
|
|
616,066
|
OFFICE ELECTRONICS - 2.2%
|
Office Electronics - 2.2%
|
Xerox Corp. (a)
|
132,900
|
|
1,824,717
|
Zebra Technologies Corp. Class A (a)
|
14,700
|
|
519,057
|
|
|
2,343,774
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.8%
|
Semiconductor Equipment - 6.8%
|
Applied Materials, Inc.
|
233,900
|
|
3,955,249
|
Cascade Microtech, Inc. (a)
|
4,700
|
|
52,452
|
FormFactor, Inc. (a)
|
6,800
|
|
263,432
|
KLA-Tencor Corp.
|
27,700
|
|
1,136,808
|
Lam Research Corp. (a)
|
20,900
|
|
936,111
|
Teradyne, Inc. (a)
|
53,400
|
|
831,438
|
|
|
7,175,490
|
SPECIALTY RETAIL - 1.0%
|
Home Improvement Retail - 1.0%
|
Sherwin-Williams Co.
|
21,800
|
|
1,054,466
|
TRADING COMPANIES & DISTRIBUTORS - 3.0%
|
Trading Companies & Distributors - 3.0%
|
Fastenal Co.
|
27,100
|
|
1,165,300
|
|
|
Shares
|
|
Value
|
Finning International, Inc.
|
15,900
|
|
$ 544,318
|
H&E Equipment Services, Inc.
|
200
|
|
5,950
|
Interline Brands, Inc. (a)
|
23,700
|
|
576,858
|
W.W. Grainger, Inc.
|
5,600
|
|
404,096
|
Watsco, Inc.
|
8,400
|
|
470,484
|
|
|
3,167,006
|
TOTAL COMMON STOCKS
(Cost $90,297,481)
|
104,112,813
|
Money Market Funds - 1.3%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
1,354,220
|
|
1,354,220
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
39,200
|
|
39,200
|
TOTAL MONEY MARKET FUNDS
(Cost $1,393,420)
|
1,393,420
|
TOTAL INVESTMENT PORTFOLIO - 100.1%
(Cost $91,690,901)
|
105,506,233
|
NET OTHER ASSETS - (0.1)%
|
|
(111,682)
|
NET ASSETS - 100%
|
$ 105,394,551
|
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.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 44,061
|
Fidelity Securities Lending Cash Central Fund
|
608
|
Total
|
$ 44,669
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $91,991,754. Net unrealized appreciation aggregated $13,514,479,
of which $16,908,271 related to appreciated investment securities and $3,393,792 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Leisure Portfolio
May 31, 2006
1.802179.102
LEI-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.7%
|
|
Shares
|
|
Value
|
DIVERSIFIED CONSUMER SERVICES - 1.8%
|
Education Services - 1.8%
|
Educate, Inc. (a)
|
444,800
|
|
$ 3,905,344
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.0%
|
Integrated Telecommunication Services - 0.0%
|
AT&T, Inc.
|
100
|
|
2,606
|
BellSouth Corp.
|
100
|
|
3,377
|
Verizon Communications, Inc.
|
100
|
|
3,121
|
|
|
9,104
|
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.9%
|
Electronic Equipment & Instruments - 0.2%
|
Photon Dynamics, Inc. (a)
|
23,300
|
|
371,635
|
Technology Distributors - 0.7%
|
Bell Microproducts, Inc. (a)
|
196,200
|
|
1,185,048
|
PFSweb, Inc. (a)
|
244,800
|
|
298,656
|
|
|
1,483,704
|
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS
|
|
1,855,339
|
HEALTH CARE EQUIPMENT & SUPPLIES - 0.2%
|
Health Care Supplies - 0.2%
|
Align Technology, Inc. (a)
|
68,900
|
|
509,171
|
HOTELS, RESTAURANTS & LEISURE - 45.5%
|
Casinos & Gaming - 20.2%
|
Aristocrat Leisure Ltd. (d)
|
109,500
|
|
1,105,424
|
Boyd Gaming Corp.
|
165,800
|
|
7,461,000
|
FortuNet, Inc. (d)
|
16,455
|
|
299,646
|
Harrah's Entertainment, Inc.
|
23,900
|
|
1,817,356
|
International Game Technology
|
103,000
|
|
3,834,690
|
Isle of Capri Casinos, Inc. (a)
|
78,900
|
|
2,229,714
|
Las Vegas Sands Corp. (a)
|
35,800
|
|
2,527,838
|
MGM MIRAGE (a)
|
57,000
|
|
2,363,220
|
Penn National Gaming, Inc. (a)
|
241,000
|
|
9,261,630
|
Pinnacle Entertainment, Inc. (a)
|
50,200
|
|
1,553,690
|
Progressive Gaming International Corp. (a)
|
2,600
|
|
26,286
|
Shuffle Master, Inc. (a)(d)
|
59,200
|
|
2,158,432
|
Station Casinos, Inc.
|
37,300
|
|
2,722,900
|
WMS Industries, Inc. (a)
|
74,400
|
|
1,929,936
|
Wynn Resorts Ltd. (a)(d)
|
64,800
|
|
4,613,760
|
|
|
43,905,522
|
Hotels, Resorts & Cruise Lines - 16.8%
|
Carnival Corp. unit
|
308,900
|
|
12,328,199
|
eLong, Inc. sponsored ADR (a)
|
1,100
|
|
16,379
|
Gaylord Entertainment Co. (a)
|
88,300
|
|
3,869,306
|
Marriott International, Inc. Class A
|
37,900
|
|
2,741,307
|
Morgans Hotel Group Co.
|
87,400
|
|
1,310,126
|
|
|
Shares
|
|
Value
|
Royal Caribbean Cruises Ltd.
|
242,700
|
|
$ 9,242,016
|
Starwood Hotels & Resorts Worldwide, Inc.
|
113,100
|
|
6,910,410
|
|
|
36,417,743
|
Leisure Facilities - 2.9%
|
Vail Resorts, Inc. (a)
|
173,400
|
|
6,233,730
|
Restaurants - 5.6%
|
Buffalo Wild Wings, Inc. (a)
|
63,015
|
|
2,473,969
|
McDonald's Corp.
|
175,400
|
|
5,818,018
|
Starbucks Corp. (a)(d)
|
67,100
|
|
2,392,115
|
Wendy's International, Inc.
|
24,800
|
|
1,494,944
|
|
|
12,179,046
|
TOTAL HOTELS, RESTAURANTS & LEISURE
|
|
98,736,041
|
HOUSEHOLD DURABLES - 0.3%
|
Homebuilding - 0.3%
|
D.R. Horton, Inc.
|
25,200
|
|
664,272
|
INTERNET & CATALOG RETAIL - 0.7%
|
Catalog Retail - 0.0%
|
dELiA*s, Inc. (a)
|
143
|
|
1,423
|
Internet Retail - 0.7%
|
Expedia, Inc. (a)
|
99,300
|
|
1,411,053
|
TOTAL INTERNET & CATALOG RETAIL
|
|
1,412,476
|
INTERNET SOFTWARE & SERVICES - 19.2%
|
Internet Software & Services - 19.2%
|
Baidu.com, Inc. sponsored ADR (d)
|
11,200
|
|
871,584
|
China Lotsynergy Holding Ltd. (a)
|
17,536,000
|
|
1,966,515
|
CMGI, Inc. (a)
|
87,100
|
|
114,972
|
eBay, Inc. (a)
|
23,300
|
|
764,473
|
Equinix, Inc. (a)
|
41,900
|
|
2,441,932
|
Google, Inc. Class A (sub. vtg.) (a)
|
43,500
|
|
16,174,170
|
Yahoo!, Inc. (a)
|
613,804
|
|
19,390,066
|
|
|
41,723,712
|
LEISURE EQUIPMENT & PRODUCTS - 3.9%
|
Leisure Products - 3.9%
|
Aruze Corp.
|
219,900
|
|
5,021,976
|
Brunswick Corp.
|
26,700
|
|
959,331
|
MarineMax, Inc. (a)
|
36,000
|
|
1,035,720
|
Nautilus, Inc.
|
72,600
|
|
1,226,940
|
Polaris Industries, Inc.
|
5,500
|
|
244,915
|
|
|
8,488,882
|
MEDIA - 15.5%
|
Advertising - 0.7%
|
Interpublic Group of Companies, Inc. (a)
|
384
|
|
3,660
|
Lamar Advertising Co. Class A (a)(d)
|
28,300
|
|
1,542,916
|
|
|
1,546,576
|
Broadcasting & Cable TV - 5.5%
|
Charter Communications, Inc. Class A (a)
|
1,899,700
|
|
1,994,685
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
MEDIA - CONTINUED
|
Broadcasting & Cable TV - continued
|
Comcast Corp. Class A (a)
|
106,700
|
|
$ 3,428,271
|
EchoStar Communications Corp.
Class A (a)
|
47,300
|
|
1,415,689
|
Salem Communications Corp. Class A (a)
|
29,500
|
|
426,865
|
Television Broadcasts Ltd.
|
112,000
|
|
645,317
|
Univision Communications, Inc.
Class A (a)
|
101,500
|
|
3,648,925
|
XM Satellite Radio Holdings, Inc.
Class A (a)
|
23,535
|
|
339,375
|
|
|
11,899,127
|
Movies & Entertainment - 8.8%
|
News Corp. Class A
|
301,296
|
|
5,745,715
|
The Walt Disney Co.
|
281,800
|
|
8,594,900
|
Time Warner, Inc.
|
284,100
|
|
4,889,361
|
|
|
19,229,976
|
Publishing - 0.5%
|
McGraw-Hill Companies, Inc.
|
19,500
|
|
1,006,200
|
TOTAL MEDIA
|
|
33,681,879
|
REAL ESTATE INVESTMENT TRUSTS - 1.8%
|
Specialized REITs - 1.8%
|
Hersha Hospitality Trust
|
56,500
|
|
527,710
|
Host Hotels & Resorts, Inc.
|
141,639
|
|
2,842,695
|
Strategic Hotel & Resorts, Inc.
|
21,900
|
|
449,388
|
|
|
3,819,793
|
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.7%
|
Real Estate Management & Development - 1.7%
|
Far East Consortium International Ltd.
|
1,925,000
|
|
818,827
|
Lai Fung Holdings Ltd. (a)
|
65,513,000
|
|
2,871,136
|
|
|
3,689,963
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
|
Semiconductors - 0.3%
|
Pixelworks, Inc. (a)
|
229,400
|
|
644,614
|
SOFTWARE - 0.7%
|
Application Software - 0.7%
|
NAVTEQ Corp. (a)
|
7,700
|
|
321,475
|
Plato Learning, Inc. (a)
|
178,671
|
|
1,211,389
|
|
|
1,532,864
|
|
|
Shares
|
|
Value
|
SPECIALTY RETAIL - 2.6%
|
Apparel Retail - 2.2%
|
Pacific Sunwear of California, Inc. (a)
|
220,400
|
|
$ 4,837,780
|
Homefurnishing Retail - 0.4%
|
Pier 1 Imports, Inc.
|
99,200
|
|
842,208
|
TOTAL SPECIALTY RETAIL
|
|
5,679,988
|
TEXTILES, APPAREL & LUXURY GOODS - 0.4%
|
Apparel, Accessories & Luxury Goods - 0.4%
|
Carter's, Inc. (a)
|
15,500
|
|
905,820
|
WIRELESS TELECOMMUNICATION SERVICES - 1.2%
|
Wireless Telecommunication Services - 1.2%
|
American Tower Corp. Class A (a)
|
87,000
|
|
2,694,390
|
TOTAL COMMON STOCKS
(Cost $185,042,059)
|
209,953,652
|
Money Market Funds - 6.9%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
3,662,817
|
|
3,662,817
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
11,363,127
|
|
11,363,127
|
TOTAL MONEY MARKET FUNDS
(Cost $15,025,944)
|
15,025,944
|
TOTAL INVESTMENT PORTFOLIO - 103.6%
(Cost $200,068,003)
|
224,979,596
|
NET OTHER ASSETS - (3.6)%
|
(7,812,571)
|
NET ASSETS - 100%
|
$ 217,167,025
|
Legend
|
(a) Non-income producing
|
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 58,444
|
Fidelity Securities Lending Cash Central Fund
|
54,290
|
Total
|
$ 112,734
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $200,136,707. Net unrealized appreciation aggregated $24,842,889,
of which $35,955,380 related to appreciated investment securities and $11,112,491 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Medical Delivery Portfolio
May 31, 2006
1.802180.102
MED-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.6%
|
|
Shares
|
|
Value
|
AUTOMOBILES - 0.1%
|
Motorcycle Manufacturers - 0.1%
|
Bajaj Auto Ltd.
|
12,500
|
|
$ 739,971
|
BIOTECHNOLOGY - 0.4%
|
Biotechnology - 0.4%
|
Cepheid, Inc. (a)
|
70,000
|
|
677,600
|
DUSA Pharmaceuticals, Inc. (a)
|
117,200
|
|
693,824
|
Gilead Sciences, Inc. (a)
|
5,000
|
|
286,650
|
MannKind Corp. (a)
|
6,300
|
|
119,952
|
Myogen, Inc. (a)
|
15,000
|
|
467,250
|
Pharmion Corp. (a)
|
39,100
|
|
766,751
|
Renovo Group PLC
|
65,000
|
|
113,045
|
Theravance, Inc. (a)
|
12,800
|
|
306,176
|
|
|
3,431,248
|
CHEMICALS - 0.0%
|
Fertilizers & Agricultural Chemicals - 0.0%
|
Bodisen Biotech, Inc. (a)(e)
|
23,100
|
|
264,264
|
COMMERCIAL BANKS - 0.1%
|
Diversified Banks - 0.1%
|
ICICI Bank Ltd.
|
35,000
|
|
407,899
|
COMMERCIAL SERVICES & SUPPLIES - 0.4%
|
Diversified Commercial & Professional Services - 0.3%
|
Advisory Board Co. (a)
|
45,000
|
|
2,326,500
|
Healthcare Services Group, Inc.
|
10,000
|
|
203,100
|
|
|
2,529,600
|
Human Resource & Employment Services - 0.1%
|
Kforce, Inc. (a)
|
69,700
|
|
1,065,016
|
TOTAL COMMERCIAL SERVICES & SUPPLIES
|
|
3,594,616
|
DIVERSIFIED CONSUMER SERVICES - 5.8%
|
Specialized Consumer Services - 5.8%
|
Carriage Services, Inc. Class A (a)
|
506,549
|
|
2,406,108
|
Service Corp. International (SCI)
|
2,201,830
|
|
17,592,622
|
Weight Watchers International, Inc.
|
662,900
|
|
27,762,252
|
|
|
47,760,982
|
FOOD & STAPLES RETAILING - 1.3%
|
Drug Retail - 0.4%
|
Cosmos Pharmaceutical Corp.
|
53,300
|
|
1,480,817
|
Nihon Chouzai Co. Ltd.
|
2,500
|
|
102,724
|
Sugi Pharmacy Co. Ltd.
|
10,000
|
|
206,347
|
Sundrug Co. Ltd.
|
57,500
|
|
1,483,766
|
|
|
3,273,654
|
Food Retail - 0.9%
|
Safeway, Inc.
|
302,700
|
|
7,137,666
|
TOTAL FOOD & STAPLES RETAILING
|
|
10,411,320
|
|
|
Shares
|
|
Value
|
HEALTH CARE EQUIPMENT & SUPPLIES - 4.9%
|
Health Care Equipment - 2.4%
|
Abiomed, Inc. (a)
|
500
|
|
$ 6,700
|
Aspect Medical Systems, Inc. (a)
|
401,100
|
|
7,869,582
|
BioLase Technology, Inc.
|
25,000
|
|
186,000
|
Cardiodynamics International Corp. (a)
|
150,000
|
|
204,000
|
China Medical Technologies, Inc. sponsored ADR (e)
|
24,800
|
|
635,376
|
DexCom, Inc. (a)
|
27,000
|
|
525,420
|
Hospira, Inc. (a)
|
11,400
|
|
510,834
|
IDEXX Laboratories, Inc. (a)
|
6,900
|
|
527,367
|
Imaging Dynamics Co. Ltd. (a)
|
100,000
|
|
408,627
|
IRIS International, Inc. (a)
|
5,000
|
|
71,100
|
Kinetic Concepts, Inc. (a)
|
44,500
|
|
1,731,050
|
Mentor Corp.
|
6,600
|
|
266,574
|
NeuroMetrix, Inc. (a)
|
57,700
|
|
1,681,378
|
Phonak Holding AG
|
15,000
|
|
861,821
|
PhotoMedex, Inc. (a)
|
100,000
|
|
162,000
|
Quidel Corp. (a)
|
40,000
|
|
377,200
|
Syneron Medical Ltd. (a)(e)
|
92,600
|
|
1,807,552
|
Sysmex Corp.
|
10,000
|
|
415,392
|
Varian Medical Systems, Inc. (a)
|
10,000
|
|
469,000
|
Viasys Healthcare, Inc. (a)
|
20,000
|
|
503,800
|
William Demant Holding AS (a)
|
10,000
|
|
753,592
|
|
|
19,974,365
|
Health Care Supplies - 2.5%
|
Alcon, Inc.
|
26,400
|
|
2,853,312
|
Align Technology, Inc. (a)
|
5,000
|
|
36,950
|
Coloplast AS Series B
|
12,500
|
|
938,767
|
Cynosure, Inc. Class A
|
56,900
|
|
833,016
|
ICU Medical, Inc. (a)
|
24,500
|
|
1,016,015
|
Inverness Medical Innovations, Inc. (a)
|
451,000
|
|
13,011,350
|
Regeneration Technologies, Inc. (a)
|
50,000
|
|
354,500
|
West Pharmaceutical Services, Inc.
|
32,500
|
|
1,105,650
|
|
|
20,149,560
|
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES
|
|
40,123,925
|
HEALTH CARE PROVIDERS & SERVICES - 74.3%
|
Health Care Distributors & Services - 8.2%
|
DrugMax, Inc. (a)
|
351,880
|
|
232,241
|
Henry Schein, Inc. (a)
|
277,700
|
|
12,799,193
|
McKesson Corp.
|
850,000
|
|
42,075,000
|
MWI Veterinary Supply, Inc.
|
22,700
|
|
692,350
|
Patterson Companies, Inc. (a)
|
342,135
|
|
11,718,124
|
|
|
67,516,908
|
Health Care Facilities - 10.1%
|
Acibadem Saglik Hizmetleri AS
|
276,000
|
|
3,016,969
|
American Retirement Corp. (a)
|
3,100
|
|
99,851
|
AmSurg Corp. (a)
|
50,500
|
|
1,216,545
|
Apollo Hospitals Enterprise Ltd.
|
901,565
|
|
8,059,666
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
|
Health Care Facilities - continued
|
Bangkok Dusit Medical Service PCL
Class F (For. Reg.)
|
2,372,600
|
|
$ 1,835,366
|
Brookdale Senior Living, Inc. (e)
|
279,500
|
|
13,821,275
|
Bumrungrad Hospital PCL (For. Reg.)
|
2,268,300
|
|
1,922,419
|
Capio AB (a)
|
10,000
|
|
183,352
|
Capital Senior Living Corp. (a)
|
175,700
|
|
1,932,700
|
Community Health Systems, Inc. (a)
|
325,300
|
|
12,263,810
|
Emeritus Corp. (a)
|
107,300
|
|
2,305,877
|
Generale de Sante
|
5,000
|
|
171,043
|
HealthSouth Corp. (a)
|
2,180
|
|
9,439
|
Kindred Healthcare, Inc. (a)
|
100
|
|
2,536
|
LCA-Vision, Inc.
|
10,000
|
|
543,400
|
LifePoint Hospitals, Inc. (a)
|
2,200
|
|
77,726
|
Manor Care, Inc.
|
190,000
|
|
8,823,600
|
Medi-Clinic Corp. Ltd.
|
450,000
|
|
1,302,412
|
Network Healthcare Holdings Ltd.
|
1,000,000
|
|
1,358,071
|
Odyssey Healthcare, Inc. (a)
|
43,400
|
|
707,854
|
Orpea (a)
|
17,500
|
|
1,295,318
|
Radiation Therapy Services, Inc. (a)
|
70,964
|
|
1,722,296
|
Rhoen-Klinikum AG
|
27,500
|
|
1,211,783
|
Sun Healthcare Group, Inc. (a)
|
10,100
|
|
82,921
|
Sunrise Senior Living, Inc. (a)
|
188,400
|
|
6,309,516
|
Symbion, Inc. (a)
|
33,500
|
|
734,990
|
U.S. Physical Therapy, Inc. (a)
|
274,052
|
|
4,119,002
|
United Surgical Partners International, Inc. (a)
|
3,750
|
|
116,663
|
Universal Health Services, Inc. Class B
|
148,700
|
|
7,548,012
|
|
|
82,794,412
|
Health Care Services - 22.2%
|
Allied Healthcare International, Inc. (a)
|
90,321
|
|
345,026
|
Allion Healthcare, Inc.
|
96,700
|
|
780,369
|
American Dental Partners, Inc. (a)
|
488
|
|
6,764
|
AMN Healthcare Services, Inc. (a)
|
208,700
|
|
4,107,216
|
Apria Healthcare Group, Inc. (a)
|
55,500
|
|
1,065,600
|
Caremark Rx, Inc.
|
879,500
|
|
42,189,615
|
Cross Country Healthcare, Inc. (a)
|
39,100
|
|
689,333
|
DaVita, Inc. (a)
|
140,200
|
|
7,424,992
|
Diagnosticos Da America SA (a)
|
170,000
|
|
3,320,571
|
Dialysis Corp. of America (a)
|
10,000
|
|
122,500
|
Emergency Medical Services Corp.
Class A
|
240,600
|
|
3,014,718
|
Express Scripts, Inc. (a)
|
400
|
|
29,312
|
Health Grades, Inc. (a)
|
1,054,070
|
|
4,714,750
|
Healthways, Inc. (a)
|
99,448
|
|
5,284,667
|
HMS Holdings Corp. (a)
|
301,629
|
|
2,907,704
|
Hooper Holmes, Inc.
|
5,000
|
|
15,050
|
LHC Group, Inc.
|
5,000
|
|
92,450
|
Lincare Holdings, Inc. (a)
|
100
|
|
3,730
|
Medco Health Solutions, Inc. (a)
|
896,500
|
|
48,321,350
|
Nighthawk Radiology Holdings, Inc.
|
75,000
|
|
1,387,500
|
|
|
Shares
|
|
Value
|
Omnicare, Inc.
|
765,700
|
|
$ 35,497,852
|
Pediatric Services of America, Inc. (a)
|
37,500
|
|
491,250
|
Providence Service Corp. (a)
|
46,700
|
|
1,456,573
|
Rural/Metro Corp. (a)(f)
|
1,957,400
|
|
13,956,262
|
Ventiv Health, Inc. (a)
|
5,000
|
|
147,700
|
Visicu, Inc.
|
122,000
|
|
2,261,880
|
VistaCare, Inc. Class A (a)
|
131,100
|
|
1,811,802
|
|
|
181,446,536
|
Managed Health Care - 33.8%
|
Aetna, Inc.
|
1,087,800
|
|
41,836,788
|
AMERIGROUP Corp. (a)
|
117,700
|
|
3,377,990
|
Centene Corp. (a)
|
1,800
|
|
46,890
|
CIGNA Corp.
|
361,000
|
|
33,479,140
|
Coventry Health Care, Inc. (a)
|
468,300
|
|
24,468,675
|
Health Net, Inc. (a)
|
828,700
|
|
35,650,674
|
Healthspring, Inc.
|
305,500
|
|
5,114,070
|
Humana, Inc. (a)
|
973,000
|
|
49,262,990
|
Molina Healthcare, Inc. (a)
|
1,473
|
|
55,709
|
Sierra Health Services, Inc. (a)
|
31,000
|
|
1,277,200
|
UnitedHealth Group, Inc.
|
1,168,301
|
|
51,358,509
|
WellPoint, Inc. (a)
|
431,500
|
|
30,886,770
|
|
|
276,815,405
|
TOTAL HEALTH CARE PROVIDERS & SERVICES
|
|
608,573,261
|
HEALTH CARE TECHNOLOGY - 1.8%
|
Healthcare Technology - 1.8%
|
Allscripts Healthcare Solutions, Inc. (a)
|
30,900
|
|
538,896
|
AMICAS, Inc. (a)
|
50,000
|
|
178,000
|
Cerner Corp. (a)
|
154,701
|
|
5,875,544
|
Computer Programs & Systems, Inc.
|
27,500
|
|
1,104,950
|
Emageon, Inc. (a)
|
126,298
|
|
1,629,244
|
Per-Se Technologies, Inc. (a)
|
25,000
|
|
623,000
|
Phase Forward, Inc. (a)
|
62,800
|
|
799,444
|
Systems Xcellence, Inc. (a)
|
20,000
|
|
80,272
|
Vital Images, Inc. (a)
|
48,697
|
|
1,134,153
|
WebMD Health Corp. Class A (e)
|
63,400
|
|
2,488,450
|
|
|
14,451,953
|
HOTELS, RESTAURANTS & LEISURE - 0.7%
|
Leisure Facilities - 0.7%
|
Life Time Fitness, Inc. (a)
|
126,600
|
|
5,791,950
|
INDUSTRIAL CONGLOMERATES - 0.1%
|
Industrial Conglomerates - 0.1%
|
Max India Ltd. (a)
|
60,000
|
|
963,395
|
Tyco International Ltd.
|
6,800
|
|
184,348
|
|
|
1,147,743
|
INSURANCE - 1.2%
|
Life & Health Insurance - 1.2%
|
China Life Insurance Co. Ltd. ADR (e)
|
15,000
|
|
897,450
|
Discovery Holdings Ltd. (a)
|
134,910
|
|
433,514
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
INSURANCE - CONTINUED
|
Life & Health Insurance - continued
|
Prudential Financial, Inc.
|
6,900
|
|
$ 525,435
|
Universal American Financial Corp. (a)
|
558,700
|
|
7,816,213
|
|
|
9,672,612
|
Reinsurance - 0.0%
|
Platinum Underwriters Holdings Ltd.
|
15,000
|
|
404,100
|
TOTAL INSURANCE
|
|
10,076,712
|
INTERNET & CATALOG RETAIL - 0.5%
|
Catalog Retail - 0.3%
|
Gaiam, Inc. Class A (a)
|
145,000
|
|
2,505,600
|
Internet Retail - 0.2%
|
NutriSystem, Inc. (a)(e)
|
19,556
|
|
1,328,244
|
TOTAL INTERNET & CATALOG RETAIL
|
|
3,833,844
|
LIFE SCIENCES TOOLS & SERVICES - 2.6%
|
Life Science Tools & Services - 2.6%
|
Covance, Inc. (a)
|
167,200
|
|
9,876,504
|
Kendle International, Inc. (a)
|
14,200
|
|
460,364
|
Pharmaceutical Product Development, Inc.
|
105,800
|
|
3,843,714
|
PRA International (a)
|
285,478
|
|
7,156,933
|
|
|
21,337,515
|
MACHINERY - 0.1%
|
Industrial Machinery - 0.1%
|
Basin Water, Inc.
|
40,357
|
|
609,391
|
PERSONAL PRODUCTS - 1.1%
|
Personal Products - 1.1%
|
Herbalife Ltd. (a)
|
208,100
|
|
8,167,925
|
Natura Cosmeticos SA
|
66,100
|
|
667,720
|
Reliv International, Inc.
|
5,000
|
|
55,500
|
|
|
8,891,145
|
PHARMACEUTICALS - 2.7%
|
Pharmaceuticals - 2.7%
|
Adams Respiratory Therapeutics, Inc.
|
551
|
|
25,500
|
Akorn, Inc. (a)
|
50,000
|
|
200,500
|
Allergan, Inc.
|
87,200
|
|
8,268,304
|
Atherogenics, Inc. (a)
|
39,200
|
|
520,968
|
Cipla Ltd.
|
750
|
|
3,715
|
Lupin Ltd.
|
5,000
|
|
111,592
|
Nastech Pharmaceutical Co., Inc. (a)
|
10,000
|
|
139,900
|
New River Pharmaceuticals, Inc. (a)
|
58,000
|
|
1,711,000
|
Nichi-iko Pharmaceutical Co. Ltd.
|
50,000
|
|
672,089
|
Strides Arcolab Ltd.
|
20,000
|
|
115,754
|
Teva Pharmaceutical Industries Ltd. sponsored ADR
|
273,400
|
|
9,954,494
|
Towa Pharmaceutical Co. Ltd. (e)
|
27,500
|
|
688,610
|
|
|
22,412,426
|
|
|
Shares
|
|
Value
|
SOFTWARE - 0.5%
|
Systems Software - 0.5%
|
DATATRAK International, Inc. (a)(e)
|
65,000
|
|
$ 529,750
|
Quality Systems, Inc. (e)
|
107,500
|
|
3,571,150
|
|
|
4,100,900
|
TOTAL COMMON STOCKS
(Cost $728,759,583)
|
807,961,065
|
Nonconvertible Bonds - 0.2%
|
|
Principal
Amount
|
|
|
HEALTH CARE PROVIDERS & SERVICES - 0.2%
|
Health Care Services - 0.2%
|
Rural/Metro Corp.:
|
|
|
|
|
0% 3/15/16 (d)
|
|
$ 2,790,000
|
|
2,036,700
|
9.875% 3/15/15
|
|
20,000
|
|
21,000
|
|
|
2,057,700
|
Money Market Funds - 3.7%
|
|
Shares
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
15,415,079
|
|
15,415,079
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
14,520,450
|
|
14,520,450
|
TOTAL MONEY MARKET FUNDS
(Cost $29,935,529)
|
29,935,529
|
TOTAL INVESTMENT PORTFOLIO - 102.5%
(Cost $760,462,204)
|
839,954,294
|
NET OTHER ASSETS - (2.5)%
|
(20,679,775)
|
NET ASSETS - 100%
|
$ 819,274,519
|
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.
|
(c) Investment made with cash collateral received from securities on loan.
|
(d) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.
|
(e) Security or a portion of the security is on loan at period end.
|
(f) Affiliated company
|
Affiliated Central Funds
|
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 43,745
|
Fidelity Securities Lending Cash Central Fund
|
73,347
|
Total
|
$ 117,092
|
Other Affiliated Issuers
|
An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Transactions during the period with companies which
are or were affiliates are as follows:
|
Affiliate
|
Value, beginning of period
|
Purchases
|
Sales Proceeds
|
Dividend Income
|
Value,
end of
period
|
Rural/Metro Corp.
|
$ 16,872,788
|
$ -
|
$ -
|
$ -
|
$ 13,956,262
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $761,378,588. Net unrealized appreciation aggregated $78,575,706,
of which $112,622,297 related to appreciated investment securities and $34,046,591 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Debt securities, including restricted securities, for which quotations are readily available, are valued by
independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon,
maturity and type as well as dealer supplied prices. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term
securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Medical Equipment and
Systems Portfolio
May 31, 2006
1.802181.102
MES-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.9%
|
|
Shares
|
|
Value
|
BIOTECHNOLOGY - 2.5%
|
Biotechnology - 2.5%
|
Alnylam Pharmaceuticals, Inc. (a)(d)
|
545,800
|
|
$ 8,072,382
|
BioSphere Medical, Inc. (a)
|
200,896
|
|
1,135,062
|
CuraGen Corp. (a)
|
112,900
|
|
425,633
|
deCODE genetics, Inc. (a)(d)
|
259,800
|
|
1,795,218
|
DUSA Pharmaceuticals, Inc. (a)(d)(e)
|
897,643
|
|
5,314,047
|
Epigenomics AG (a)
|
63,300
|
|
397,545
|
MannKind Corp. (a)
|
84,300
|
|
1,605,072
|
Neurocrine Biosciences, Inc. (a)
|
15,600
|
|
307,476
|
Sirna Therapeutics, Inc. (a)(d)
|
122,400
|
|
736,848
|
Solexa, Inc. (a)(d)
|
179,861
|
|
1,627,742
|
|
|
21,417,025
|
CHEMICALS - 0.4%
|
Fertilizers & Agricultural Chemicals - 0.1%
|
Bodisen Biotech, Inc. (a)(d)
|
89,800
|
|
1,027,312
|
Specialty Chemicals - 0.3%
|
Lonza Group AG
|
31,834
|
|
2,173,915
|
TOTAL CHEMICALS
|
|
3,201,227
|
COMMERCIAL SERVICES & SUPPLIES - 0.2%
|
Diversified Commercial & Professional Services - 0.2%
|
Advisory Board Co. (a)
|
35,500
|
|
1,835,350
|
HEALTH CARE EQUIPMENT & SUPPLIES - 69.3%
|
Health Care Equipment - 50.1%
|
Advanced Medical Optics, Inc. (a)
|
338,294
|
|
15,331,484
|
American Medical Systems Holdings, Inc. (a)
|
181,800
|
|
3,594,186
|
ArthroCare Corp. (a)
|
19,900
|
|
840,576
|
Aspect Medical Systems, Inc. (a)
|
942,506
|
|
18,491,968
|
Baxter International, Inc.
|
1,530,020
|
|
57,681,754
|
Becton, Dickinson & Co.
|
1,010,400
|
|
61,058,472
|
BioLase Technology, Inc.
|
37,100
|
|
276,024
|
Boston Scientific Corp. (a)
|
2,028,042
|
|
41,939,909
|
C.R. Bard, Inc.
|
575,700
|
|
42,607,557
|
Conceptus, Inc. (a)
|
429,800
|
|
5,720,638
|
Conor Medsystems, Inc. (a)(d)
|
156,700
|
|
3,651,110
|
Cyberonics, Inc. (a)
|
77,800
|
|
1,944,222
|
Cytyc Corp. (a)
|
547,400
|
|
14,385,672
|
Delcath Systems, Inc. (a)(d)
|
79,900
|
|
414,681
|
DexCom, Inc. (a)
|
58,300
|
|
1,134,518
|
Edwards Lifesciences Corp. (a)(d)
|
202,000
|
|
8,956,680
|
GN Store Nordic AS
|
71,500
|
|
801,776
|
Greatbatch, Inc. (a)
|
170,500
|
|
3,868,645
|
Hologic, Inc. (a)
|
95,600
|
|
3,775,244
|
Imaging Dynamics Co. Ltd. (a)
|
113,000
|
|
461,748
|
IntraLase Corp. (a)
|
58,300
|
|
1,116,445
|
Kinetic Concepts, Inc. (a)
|
169,700
|
|
6,601,330
|
Kyphon, Inc. (a)
|
131,700
|
|
5,227,173
|
|
|
Shares
|
|
Value
|
Mentor Corp.
|
90,400
|
|
$ 3,651,256
|
Meridian Bioscience, Inc.
|
1,050
|
|
24,980
|
NeuroMetrix, Inc. (a)
|
618,800
|
|
18,031,832
|
NMT Medical, Inc. (a)(d)
|
136,904
|
|
1,636,003
|
Nobel Biocare Holding AG (Switzerland)
|
10,828
|
|
2,628,457
|
Northstar Neuroscience, Inc.
|
2,300
|
|
31,418
|
NuVasive, Inc. (a)
|
81,500
|
|
1,339,045
|
Phonak Holding AG
|
18,600
|
|
1,068,658
|
PhotoMedex, Inc. (a)
|
380,000
|
|
615,600
|
ResMed, Inc. (a)
|
281,400
|
|
12,792,444
|
Respironics, Inc. (a)
|
235,900
|
|
8,025,318
|
Restore Medical, Inc.
|
492,800
|
|
3,774,848
|
Sonic Innovations, Inc. (a)
|
97,700
|
|
475,799
|
SonoSite, Inc. (a)
|
88,100
|
|
3,240,318
|
St. Jude Medical, Inc. (a)
|
1,038,800
|
|
35,423,080
|
Stereotaxis, Inc. (a)
|
334,129
|
|
3,277,805
|
Straumann Holding AG
|
5,385
|
|
1,401,112
|
Syneron Medical Ltd. (a)(d)
|
71,300
|
|
1,391,776
|
The Spectranetics Corp. (a)
|
233,300
|
|
3,023,568
|
Thermogenesis Corp. (a)
|
694,298
|
|
3,054,911
|
Thoratec Corp. (a)
|
231,600
|
|
3,281,772
|
William Demant Holding AS (a)
|
15,300
|
|
1,152,995
|
Zimmer Holdings, Inc. (a)
|
418,400
|
|
25,334,120
|
|
|
434,558,927
|
Health Care Supplies - 19.2%
|
Alcon, Inc.
|
565,300
|
|
61,097,624
|
Bausch & Lomb, Inc. (d)
|
145,100
|
|
7,131,665
|
Cooper Companies, Inc.
|
799,700
|
|
37,865,795
|
DJ Orthopedics, Inc. (a)
|
66,900
|
|
2,565,615
|
Inverness Medical Innovations, Inc. (a)
|
1,663,600
|
|
47,994,860
|
Inverness Medical Innovations, Inc. (a)(f)
|
20,683
|
|
537,034
|
Merit Medical Systems, Inc. (a)
|
221,700
|
|
2,538,465
|
NUCRYST Pharmaceuticals Corp.
|
388,505
|
|
5,626,928
|
Shamir Optical Industry Ltd. (a)
|
2,000
|
|
19,540
|
Utah Medical Products, Inc.
|
35,500
|
|
1,049,735
|
|
|
166,427,261
|
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES
|
|
600,986,188
|
HEALTH CARE PROVIDERS & SERVICES - 3.1%
|
Health Care Facilities - 0.4%
|
Brookdale Senior Living, Inc.
|
26,600
|
|
1,315,370
|
Odyssey Healthcare, Inc. (a)
|
119,000
|
|
1,940,890
|
|
|
3,256,260
|
Health Care Services - 2.4%
|
Amedisys, Inc. (a)
|
37,200
|
|
1,329,900
|
Chemed Corp.
|
87,100
|
|
4,690,335
|
DaVita, Inc. (a)
|
25,400
|
|
1,345,184
|
Fresenius Medical Care AG
sponsored ADR
|
33,600
|
|
1,261,680
|
Gentiva Health Services, Inc. (a)
|
78,400
|
|
1,361,808
|
Health Grades, Inc. (a)
|
185,200
|
|
828,381
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
|
Health Care Services - continued
|
Healthways, Inc. (a)
|
135,100
|
|
$ 7,179,214
|
Matria Healthcare, Inc. (a)
|
47,276
|
|
1,364,385
|
QMed, Inc. (a)
|
60,900
|
|
326,424
|
Visicu, Inc.
|
1,100
|
|
20,394
|
VistaCare, Inc. Class A (a)
|
110,300
|
|
1,524,346
|
|
|
21,232,051
|
Managed Health Care - 0.3%
|
Magellan Health Services, Inc. (a)
|
60,800
|
|
2,459,360
|
TOTAL HEALTH CARE PROVIDERS & SERVICES
|
|
26,947,671
|
HEALTH CARE TECHNOLOGY - 0.8%
|
Healthcare Technology - 0.8%
|
Cerner Corp. (a)
|
122,100
|
|
4,637,358
|
Vital Images, Inc. (a)
|
32,700
|
|
761,583
|
WebMD Health Corp. Class A (d)
|
39,630
|
|
1,555,478
|
|
|
6,954,419
|
LIFE SCIENCES TOOLS & SERVICES - 2.0%
|
Life Science Tools & Services - 2.0%
|
Affymetrix, Inc. (a)
|
172,030
|
|
4,732,545
|
Caliper Life Sciences, Inc. (a)
|
125,000
|
|
642,500
|
Grifols SA
|
541,400
|
|
3,781,822
|
Illumina, Inc. (a)
|
56,574
|
|
1,546,167
|
Millipore Corp. (a)
|
36,900
|
|
2,560,860
|
QIAGEN NV (a)
|
206,100
|
|
2,936,925
|
Seracare Life Sciences, Inc. (a)
|
126,600
|
|
727,950
|
Ventana Medical Systems, Inc. (a)
|
9,100
|
|
431,886
|
|
|
17,360,655
|
PERSONAL PRODUCTS - 0.2%
|
Personal Products - 0.2%
|
Herbalife Ltd. (a)
|
48,500
|
|
1,903,625
|
PHARMACEUTICALS - 20.2%
|
Pharmaceuticals - 20.2%
|
Allergan, Inc. (d)
|
918,700
|
|
87,111,136
|
BioMimetics Therapeutics, Inc.
|
360,300
|
|
2,882,400
|
Johnson & Johnson
|
1,418,000
|
|
85,391,960
|
|
|
175,385,496
|
|
|
Shares
|
|
Value
|
SOFTWARE - 0.2%
|
Systems Software - 0.2%
|
Quality Systems, Inc.
|
47,900
|
|
$ 1,591,238
|
TOTAL COMMON STOCKS
(Cost $759,491,736)
|
857,582,894
|
Money Market Funds - 4.6%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
11,694,884
|
|
11,694,884
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
27,908,875
|
|
27,908,875
|
TOTAL MONEY MARKET FUNDS
(Cost $39,603,759)
|
39,603,759
|
TOTAL INVESTMENT PORTFOLIO - 103.5%
(Cost $799,095,495)
|
897,186,653
|
NET OTHER ASSETS - (3.5)%
|
(29,926,587)
|
NET ASSETS - 100%
|
$ 867,260,066
|
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.
|
(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 $537,034 or 0.1% of net assets.
|
Additional information on each holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost
|
Inverness Medical Innovations, Inc.
|
2/8/06
|
$ 504,872
|
Affiliated Central Funds
|
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 24,677
|
Fidelity Securities Lending Cash Central Fund
|
91,944
|
Total
|
$ 116,621
|
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
|
DUSA Pharmaceuticals, Inc.
|
$ 8,302,700
|
$ -
|
$ 1,690,471
|
$ -
|
$ 5,314,047
|
Seracare Life Sciences, Inc.
|
8,349,208
|
-
|
4,443,425
|
-
|
-
|
Totals
|
$ 16,651,908
|
$ -
|
$ 6,133,896
|
$ -
|
$ 5,314,047
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $801,289,921. Net unrealized appreciation aggregated $95,896,732,
of which $139,574,274 related to appreciated investment securities and $43,677,542 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Money Market Portfolio
May 31, 2006
1.802201.102
MON-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Corporate Bonds - 1.2%
|
Due Date
|
Annualized Yield at
Time of Purchase
|
Principal Amount
|
|
Value
|
Conoco Funding Co.
|
10/15/06
|
4.77%
|
$ 4,635,000
|
|
$ 4,644,145
|
Household Finance Corp.
|
1/30/07
|
4.64
|
7,300,000
|
|
7,342,468
|
PNC Funding Corp.
|
8/1/06
|
4.66
|
1,000,000
|
|
1,001,508
|
Sprint Capital Corp.
|
8/17/06
|
4.76
|
1,010,000
|
|
1,009,873
|
TOTAL CORPORATE BONDS
|
13,997,994
|
Certificates of Deposit - 21.9%
|
|
Domestic Certificates Of Deposit - 0.2%
|
Countrywide Bank, Alexandria Virginia
|
8/15/06
|
5.18 (d)
|
2,000,000
|
|
1,999,959
|
PNC Bank NA, Pittsburgh
|
1/24/07
|
5.15
|
500,000
|
|
498,825
|
|
2,498,784
|
London Branch, Eurodollar, Foreign Banks - 10.7%
|
Barclays Bank PLC
|
6/26/06
|
5.05
|
40,000,000
|
|
39,999,996
|
Calyon
|
7/18/06
|
4.00
|
5,000,000
|
|
5,000,000
|
10/4/06
|
4.40
|
3,000,000
|
|
3,000,000
|
2/12/07
|
5.00
|
5,000,000
|
|
5,000,000
|
Credit Agricole SA
|
7/17/06
|
4.00
|
5,000,000
|
|
5,000,000
|
7/19/06
|
4.00
|
5,000,000
|
|
5,000,000
|
Credit Industriel et Commercial
|
9/18/06
|
5.04
|
5,000,000
|
|
5,000,000
|
11/7/06
|
4.76
|
5,000,000
|
|
5,000,000
|
3/30/07
|
5.22
|
5,000,000
|
|
5,000,000
|
Deutsche Bank AG
|
1/30/07
|
4.86
|
5,000,000
|
|
5,000,000
|
Societe Generale
|
6/19/06
|
5.05
|
10,000,000
|
|
10,000,000
|
6/26/06
|
5.04
|
25,000,000
|
|
25,000,000
|
8/18/06
|
4.25
|
3,000,000
|
|
3,000,000
|
12/6/06
|
4.80
|
5,000,000
|
|
5,000,000
|
|
125,999,996
|
New York Branch, Yankee Dollar, Foreign Banks - 11.0%
|
Bank Tokyo-Mitsubishi UFJ Ltd.
|
6/29/06
|
5.07
|
8,000,000
|
|
8,000,000
|
Barclays Bank PLC
|
6/29/06
|
5.05
|
5,000,000
|
|
5,000,000
|
8/8/06
|
5.12
|
10,000,000
|
|
10,000,000
|
BNP Paribas SA
|
11/8/06
|
4.93
|
5,000,000
|
|
5,000,000
|
|
Due Date
|
Annualized Yield at
Time of Purchase
|
Principal Amount
|
|
Value
|
Canadian Imperial Bank of Commerce
|
6/15/06
|
5.16% (d)
|
$ 14,000,000
|
|
$ 14,000,000
|
Credit Industriel et Commercial
|
6/28/06
|
4.27
|
5,000,000
|
|
5,000,000
|
11/22/06
|
5.30
|
5,000,000
|
|
5,000,000
|
Credit Suisse First Boston New York Branch
|
6/19/06
|
5.06 (d)
|
5,000,000
|
|
5,000,000
|
6/26/06
|
4.93 (d)
|
5,000,000
|
|
5,000,000
|
7/19/06
|
5.05 (d)
|
5,000,000
|
|
5,000,000
|
Credit Suisse Group
|
6/4/07
|
5.44
|
3,000,000
|
|
3,000,000
|
Deutsche Bank AG
|
6/5/06
|
4.80 (d)
|
5,000,000
|
|
5,000,000
|
Eurohypo AG
|
6/29/06
|
4.98
|
4,000,000
|
|
4,000,000
|
8/7/06
|
4.97 (a)
|
5,000,000
|
|
5,000,000
|
8/8/06
|
4.94 (a)
|
2,000,000
|
|
2,000,000
|
Mizuho Corporate Bank Ltd.
|
6/12/06
|
5.06
|
3,000,000
|
|
3,000,000
|
6/29/06
|
5.08
|
7,000,000
|
|
7,000,000
|
6/30/06
|
5.08
|
7,000,000
|
|
7,000,000
|
Skandinaviska Enskilda Banken AB
|
7/6/06
|
4.97 (d)
|
10,000,000
|
|
9,999,857
|
3/30/07
|
5.35
|
1,400,000
|
|
1,398,197
|
Sumitomo Mitsui Banking Corp.
|
6/5/06
|
5.04
|
2,000,000
|
|
2,000,000
|
6/12/06
|
5.06
|
6,000,000
|
|
6,000,000
|
6/15/06
|
5.06
|
1,000,000
|
|
1,000,000
|
6/26/06
|
5.07
|
2,000,000
|
|
2,000,000
|
Unicredito Italiano Spa
|
11/20/06
|
5.26
|
5,000,000
|
|
5,000,000
|
|
130,398,054
|
TOTAL CERTIFICATES OF DEPOSIT
|
258,896,834
|
Commercial Paper - 29.4%
|
|
ALLTEL Corp.
|
8/2/06
|
5.17 (b)
|
2,000,000
|
|
1,982,433
|
8/2/06
|
5.18 (b)
|
2,000,000
|
|
1,982,399
|
Aquifer Funding LLC
|
6/6/06
|
5.04
|
2,000,000
|
|
1,998,606
|
AT&T, Inc.
|
6/5/06
|
5.03
|
2,000,000
|
|
1,998,887
|
6/28/06
|
5.08
|
2,000,000
|
|
1,992,440
|
Bavaria TRR Corp.
|
6/1/06
|
5.05
|
5,000,000
|
|
5,000,000
|
6/9/06
|
5.07
|
14,615,000
|
|
14,598,566
|
6/12/06
|
5.06
|
8,000,000
|
|
7,987,656
|
6/26/06
|
5.06
|
7,000,000
|
|
6,975,500
|
6/26/06
|
5.08
|
6,000,000
|
|
5,978,917
|
Commercial Paper - continued
|
Due Date
|
Annualized Yield at
Time of Purchase
|
Principal Amount
|
|
Value
|
Bavaria TRR Corp. - continued
|
6/29/06
|
5.07%
|
$ 5,000,000
|
|
$ 4,980,361
|
British Telecommunications PLC
|
7/11/06
|
5.16
|
1,000,000
|
|
994,322
|
Capital One Multi-Asset Execution Trust
|
7/5/06
|
5.09
|
1,000,000
|
|
995,231
|
Citigroup Funding, Inc.
|
6/22/06
|
5.05
|
2,000,000
|
|
1,994,132
|
6/26/06
|
5.07
|
10,000,000
|
|
9,964,931
|
6/26/06
|
5.08
|
3,000,000
|
|
2,989,458
|
6/27/06
|
5.04
|
2,000,000
|
|
1,992,778
|
ConocoPhillips
|
6/1/06
|
5.07
|
1,000,000
|
|
1,000,000
|
Countrywide Financial Corp.
|
6/1/06
|
5.04
|
5,000,000
|
|
5,000,000
|
6/9/06
|
5.07
|
1,000,000
|
|
998,878
|
8/8/06
|
5.16
|
10,000,000
|
|
9,903,856
|
Credit Suisse First Boston New York Branch
|
6/16/06
|
5.04
|
8,000,000
|
|
7,983,283
|
CVS Corp.
|
6/6/06
|
5.13
|
1,000,000
|
|
999,288
|
7/27/06
|
5.22
|
2,000,000
|
|
1,983,884
|
7/28/06
|
5.22
|
1,000,000
|
|
991,798
|
8/10/06
|
5.25
|
1,000,000
|
|
989,889
|
DaimlerChrysler NA Holding Corp.
|
6/13/06
|
5.16
|
2,000,000
|
|
1,996,580
|
6/14/06
|
5.17
|
1,000,000
|
|
998,140
|
6/16/06
|
5.17
|
1,000,000
|
|
997,858
|
6/16/06
|
5.18
|
1,000,000
|
|
997,850
|
6/20/06
|
5.18
|
1,000,000
|
|
997,277
|
6/28/06
|
5.21
|
1,000,000
|
|
996,108
|
6/30/06
|
5.21
|
1,000,000
|
|
995,819
|
Dominion Resources, Inc.
|
6/1/06
|
5.08
|
1,000,000
|
|
1,000,000
|
6/15/06
|
5.11
|
1,000,000
|
|
998,024
|
6/23/06
|
5.11
|
1,000,000
|
|
996,893
|
6/26/06
|
5.12
|
2,000,000
|
|
1,992,931
|
DZ Bank AG
|
7/10/06
|
5.11
|
5,000,000
|
|
4,972,592
|
Emerald (MBNA Credit Card Master Note Trust)
|
7/11/06
|
5.04
|
2,000,000
|
|
1,988,933
|
FCAR Owner Trust
|
6/2/06
|
4.81
|
2,000,000
|
|
1,999,736
|
6/2/06
|
4.83
|
5,000,000
|
|
4,999,338
|
6/20/06
|
5.04
|
5,000,000
|
|
4,986,753
|
6/23/06
|
5.05
|
5,000,000
|
|
4,984,661
|
7/18/06
|
4.76
|
5,000,000
|
|
4,969,646
|
8/3/06
|
5.13
|
1,000,000
|
|
991,128
|
Fortune Brands, Inc.
|
6/12/06
|
5.02
|
1,000,000
|
|
998,478
|
6/13/06
|
5.03
|
1,000,000
|
|
998,337
|
|
Due Date
|
Annualized Yield at
Time of Purchase
|
Principal Amount
|
|
Value
|
7/17/06
|
5.14%
|
$ 1,000,000
|
|
$ 993,509
|
7/25/06
|
5.18
|
500,000
|
|
496,168
|
France Telecom SA
|
6/6/06
|
5.12 (b)
|
413,000
|
|
412,707
|
6/19/06
|
5.06 (b)
|
1,000,000
|
|
997,490
|
6/23/06
|
5.10 (b)
|
1,000,000
|
|
996,911
|
7/11/06
|
5.11 (b)
|
1,000,000
|
|
994,389
|
7/18/06
|
5.11 (b)
|
1,000,000
|
|
993,407
|
General Electric Capital Corp.
|
6/23/06
|
5.04
|
6,000,000
|
|
5,981,630
|
Giro Funding US Corp.
|
7/7/06
|
5.10
|
1,000,000
|
|
994,940
|
Govco, Inc.
|
8/28/06
|
5.20
|
5,000,000
|
|
4,937,300
|
Kellogg Co.
|
6/19/06
|
5.04
|
1,000,000
|
|
997,500
|
6/27/06
|
5.11
|
1,000,000
|
|
996,331
|
7/25/06
|
5.14
|
500,000
|
|
496,194
|
Market Street Funding Corp.
|
6/16/06
|
5.04
|
5,000,000
|
|
4,989,542
|
6/22/06
|
5.05
|
5,000,000
|
|
4,985,358
|
Monument Gardens Funding
|
6/20/06
|
5.06
|
10,000,000
|
|
9,973,400
|
6/22/06
|
5.06
|
5,000,000
|
|
4,985,300
|
Motown Notes Program
|
7/5/06
|
5.00
|
1,000,000
|
|
995,334
|
7/5/06
|
5.01
|
5,000,000
|
|
4,976,625
|
7/7/06
|
5.11
|
2,000,000
|
|
1,989,860
|
Nissan Motor Acceptance Corp.
|
7/17/06
|
5.10
|
5,000,000
|
|
4,967,800
|
Paradigm Funding LLC
|
6/15/06
|
5.05
|
5,000,000
|
|
4,990,229
|
6/20/06
|
5.04
|
5,000,000
|
|
4,986,753
|
6/22/06
|
5.05
|
5,000,000
|
|
4,985,358
|
6/26/06
|
5.04
|
15,000,000
|
|
14,947,708
|
Park Granada LLC
|
6/16/06
|
5.05
|
5,000,000
|
|
4,989,500
|
8/7/06
|
5.14
|
1,000,000
|
|
990,564
|
Park Sienna LLC
|
6/20/06
|
5.05
|
5,000,000
|
|
4,986,779
|
8/7/06
|
5.15
|
4,000,000
|
|
3,962,182
|
Rockies Express Pipeline LLC
|
6/23/06
|
5.13 (b)
|
1,000,000
|
|
996,883
|
6/26/06
|
5.13 (b)
|
1,000,000
|
|
996,451
|
Strand Capital LLC
|
7/5/06
|
5.09
|
1,000,000
|
|
995,231
|
7/6/06
|
5.02
|
1,000,000
|
|
995,178
|
7/7/06
|
5.09
|
10,000,000
|
|
9,949,500
|
9/22/06
|
5.12
|
5,000,000
|
|
4,921,528
|
Stratford Receivables Co. LLC
|
6/6/06
|
5.05
|
5,000,000
|
|
4,996,500
|
Commercial Paper - continued
|
Due Date
|
Annualized Yield at
Time of Purchase
|
Principal Amount
|
|
Value
|
Stratford Receivables Co. LLC - continued
|
6/12/06
|
4.97%
|
$ 2,000,000
|
|
$ 1,996,987
|
6/13/06
|
5.05
|
5,000,000
|
|
4,991,600
|
6/14/06
|
5.06
|
5,000,000
|
|
4,990,900
|
6/19/06
|
5.08
|
3,000,000
|
|
2,992,425
|
6/20/06
|
5.07
|
2,000,000
|
|
1,994,680
|
7/7/06
|
5.10
|
18,000,000
|
|
17,909,010
|
7/7/06
|
5.11
|
1,000,000
|
|
994,935
|
Thames Asset Global Securities No. 1, Inc.
|
6/20/06
|
5.04
|
15,000,000
|
|
14,960,258
|
The Walt Disney Co.
|
7/18/06
|
5.07
|
3,000,000
|
|
2,980,378
|
Time Warner, Inc.
|
6/1/06
|
5.09 (b)
|
1,000,000
|
|
1,000,000
|
6/6/06
|
5.11 (b)
|
1,000,000
|
|
999,294
|
6/26/06
|
5.15 (b)
|
1,000,000
|
|
996,438
|
Variable Funding Capital Co. LLC
|
6/16/06
|
5.05 (b)
|
5,000,000
|
|
4,989,521
|
Viacom, Inc.
|
6/2/06
|
5.28 (b)
|
700,000
|
|
699,898
|
6/5/06
|
5.29 (b)
|
800,000
|
|
799,531
|
6/6/06
|
5.29 (b)
|
400,000
|
|
399,707
|
6/12/06
|
5.28 (b)
|
1,000,000
|
|
998,393
|
6/14/06
|
5.28 (b)
|
2,000,000
|
|
1,996,201
|
Weatherford International Ltd.
|
6/14/06
|
5.12 (b)
|
1,000,000
|
|
998,158
|
Whirlpool Corp.
|
6/1/06
|
5.10
|
500,000
|
|
500,000
|
6/13/06
|
5.11
|
2,000,000
|
|
1,996,600
|
6/19/06
|
5.05
|
1,000,000
|
|
997,495
|
Xcel Energy, Inc.
|
10/17/06
|
5.35
|
1,000,000
|
|
980,028
|
TOTAL COMMERCIAL PAPER
|
348,119,051
|
U.S. Treasury Obligations - 0.8%
|
|
U.S. Treasury Bills - 0.8%
|
8/3/06
|
4.53
|
10,000,000
|
|
9,922,475
|
Master Notes - 1.7%
|
|
Goldman Sachs Group, Inc.
|
6/9/06
|
5.13 (d)(f)
|
15,000,000
|
|
15,000,000
|
6/12/06
|
5.14 (d)(f)
|
5,000,000
|
|
5,000,000
|
TOTAL MASTER NOTES
|
20,000,000
|
Medium-Term Notes - 22.5%
|
Due Date
|
Annualized Yield at
Time of Purchase
|
Principal Amount
|
|
Value
|
AIG Matched Funding Corp.
|
6/15/06
|
4.93% (d)
|
$ 5,000,000
|
|
$ 5,000,000
|
7/3/06
|
5.00 (d)
|
5,000,000
|
|
5,000,000
|
7/11/06
|
5.04 (d)
|
5,000,000
|
|
5,000,000
|
7/24/06
|
5.10 (d)
|
5,000,000
|
|
5,000,000
|
Australia & New Zealand Banking Group Ltd.
|
6/23/06
|
5.06 (b)(d)
|
2,000,000
|
|
2,000,000
|
Bank of Ireland
|
6/20/06
|
5.05 (b)(d)
|
5,000,000
|
|
5,000,071
|
Bank of New York Co., Inc.
|
6/27/06
|
5.15 (b)(d)
|
5,000,000
|
|
5,000,000
|
Bayerische Landesbank Girozentrale
|
8/21/06
|
5.18 (d)
|
5,000,000
|
|
5,000,000
|
BellSouth Corp.
|
4/26/07
|
5.34 (b)
|
10,000,000
|
|
9,896,108
|
BMW U.S. Capital LLC
|
6/15/06
|
5.08 (d)
|
1,000,000
|
|
1,000,000
|
BNP Paribas SA
|
8/21/06
|
5.14 (b)(d)
|
5,000,000
|
|
5,000,000
|
Commonwealth Bank of Australia
|
6/26/06
|
5.05 (d)
|
2,000,000
|
|
2,000,000
|
ConocoPhillips
|
7/11/06
|
5.03 (d)
|
2,000,000
|
|
2,000,000
|
Countrywide Bank, Alexandria Virginia
|
6/15/06
|
5.09 (d)
|
2,000,000
|
|
1,999,942
|
DnB NOR ASA
|
6/25/06
|
5.08 (b)(c)(d)
|
10,000,000
|
|
10,000,000
|
GE Capital Assurance Co.
|
6/1/06
|
5.10 (d)(f)
|
5,000,000
|
|
5,000,000
|
General Electric Capital Corp.
|
6/7/06
|
5.09 (d)
|
5,000,000
|
|
5,000,000
|
6/9/06
|
5.18 (d)
|
10,000,000
|
|
10,004,874
|
6/19/06
|
5.18 (d)
|
9,000,000
|
|
9,002,370
|
HBOS Treasury Services PLC
|
6/9/06
|
5.05 (b)(d)
|
5,000,000
|
|
4,999,462
|
6/26/06
|
5.00 (d)
|
10,000,000
|
|
10,000,000
|
HSBC Finance Corp.
|
6/26/06
|
5.11 (d)
|
2,000,000
|
|
2,000,000
|
HSH Nordbank AG
|
6/23/06
|
5.08 (b)(d)
|
2,000,000
|
|
2,000,000
|
ING USA Annuity & Life Insurance Co.
|
6/26/06
|
5.03 (d)(f)
|
1,000,000
|
|
1,000,000
|
K2 (USA) LLC
|
6/12/06
|
5.04 (b)(d)
|
1,000,000
|
|
999,869
|
Medium-Term Notes - continued
|
Due Date
|
Annualized Yield at
Time of Purchase
|
Principal Amount
|
|
Value
|
Links Finance LLC
|
6/19/06
|
5.04% (b)(d)
|
$ 10,000,000
|
|
$ 9,999,174
|
MBIA Global Funding LLC
|
7/17/06
|
5.03 (b)(d)
|
1,000,000
|
|
1,000,000
|
Merrill Lynch & Co., Inc.
|
6/5/06
|
5.11 (d)
|
2,000,000
|
|
2,001,413
|
6/12/06
|
5.28 (d)
|
1,000,000
|
|
1,001,493
|
6/15/06
|
5.06 (d)
|
4,000,000
|
|
4,000,000
|
Metropolitan Life Insurance Co.
|
6/6/06
|
5.08 (b)(d)
|
2,213,000
|
|
2,213,000
|
Morgan Stanley
|
6/1/06
|
5.17 (d)
|
1,000,000
|
|
1,000,000
|
6/5/06
|
5.11 (d)
|
5,000,000
|
|
5,000,000
|
6/15/06
|
5.11 (d)
|
2,000,000
|
|
2,000,000
|
Nationwide Building Society
|
6/28/06
|
5.02 (b)(d)
|
5,000,000
|
|
5,002,082
|
Nordea Bank AB
|
6/9/06
|
5.06 (b)(d)
|
5,000,000
|
|
5,000,000
|
6/12/06
|
5.06 (b)(d)
|
4,000,000
|
|
4,000,199
|
Pacific Life Global Funding
|
6/5/06
|
5.10 (b)(d)
|
2,000,000
|
|
2,001,182
|
RACERS
|
6/22/06
|
5.10 (b)(d)
|
10,000,000
|
|
10,000,000
|
Royal Bank of Scotland PLC
|
6/21/06
|
5.07 (b)(d)
|
5,000,000
|
|
5,000,000
|
SBC Communications, Inc.
|
6/5/06
|
3.96 (b)
|
1,600,000
|
|
1,600,063
|
6/5/06
|
4.11 (b)
|
100,000
|
|
100,002
|
6/5/06
|
4.68 (b)
|
850,000
|
|
849,947
|
Security Life of Denver Insurance Co.
|
8/29/06
|
5.30 (d)(f)
|
1,000,000
|
|
1,000,000
|
Societe Generale
|
6/2/06
|
4.99 (b)(d)
|
5,000,000
|
|
5,000,000
|
UniCredito Italiano Bank (Ireland) PLC
|
6/15/06
|
5.09 (b)(d)
|
10,000,000
|
|
10,000,000
|
Verizon Global Funding Corp.
|
6/15/06
|
5.02 (b)(d)
|
20,000,000
|
|
20,000,011
|
Washington Mutual Bank
|
8/25/06
|
5.19 (d)
|
3,000,000
|
|
3,000,000
|
8/31/06
|
5.21 (d)
|
7,000,000
|
|
7,000,000
|
|
Due Date
|
Annualized Yield at
Time of Purchase
|
Principal Amount
|
|
Value
|
Washington Mutual Bank FA
|
6/26/06
|
5.06% (d)
|
$ 10,000,000
|
|
$ 10,000,000
|
Washington Mutual Bank, California
|
6/20/06
|
4.91 (d)
|
4,000,000
|
|
4,000,000
|
7/26/06
|
4.98 (d)
|
10,000,000
|
|
9,999,931
|
Wells Fargo & Co.
|
6/2/06
|
5.07 (d)
|
5,000,000
|
|
5,000,000
|
6/15/06
|
5.07 (d)
|
5,000,000
|
|
5,000,000
|
WestLB AG
|
6/12/06
|
5.12 (b)(d)
|
2,000,000
|
|
2,000,000
|
6/30/06
|
4.99 (b)(d)
|
3,000,000
|
|
3,000,000
|
TOTAL MEDIUM-TERM NOTES
|
265,671,193
|
Short-Term Notes - 0.8%
|
|
Metropolitan Life Insurance Co.
|
7/3/06
|
5.11 (d)(f)
|
5,000,000
|
|
5,000,000
|
New York Life Insurance Co.
|
6/30/06
|
5.06 (d)(f)
|
5,000,000
|
|
5,000,000
|
TOTAL SHORT-TERM NOTES
|
10,000,000
|
Asset-Backed Securities - 0.2%
|
|
Wind Master Trust Notes
|
9/25/06
|
4.96 (b)(d)
|
1,000,000
|
|
1,000,000
|
Wind Trust
|
2/25/07
|
5.08 (b)(d)
|
1,000,000
|
|
1,000,000
|
TOTAL ASSET-BACKED SECURITIES
|
2,000,000
|
Municipal Securities - 1.5%
|
|
Connecticut Hsg. Fin. Auth. (Hsg. Mortgage Fin. Prog.) Series F2, 5.08% (AMBAC Insured), VRDN (d)
|
6/7/06
|
|
5,000,000
|
|
5,000,000
|
Michigan Gen. Oblig. Bonds Series 2006 A, 5.27% tender 10/11/06 (Liquidity Facility DEPFA BANK PLC), CP mode
|
10/11/06
|
|
9,500,000
|
|
9,500,000
|
New York State Dorm. Auth. Revs. Series A, 5.07% (MBIA Insured), VRDN (d)
|
6/7/06
|
|
2,900,000
|
|
2,900,000
|
TOTAL MUNICIPAL SECURITIES
|
17,400,000
|
Repurchase Agreements - 20.5%
|
|
Maturity
Amount
|
|
Value
|
In a joint trading account (Collateralized by U.S. Government Obligations) dated 5/31/06 due 6/1/06 at 5.06%
|
$ 6,915,972
|
|
$ 6,915,000
|
With:
|
|
|
|
Banc of America Securities LLC at 5.11%, dated 5/31/06 due 6/1/06 (Collateralized by Commercial Paper
Obligations valued at $59,160,001, 0%, 6/28/06 - 6/30/06)
|
58,008,233
|
|
58,000,000
|
Citigroup Global Markets, Inc. at 5.12%, dated 5/31/06 due 6/1/06 (Collateralized by Mortgage Loan Obligations
valued at $59,850,000, 3.41% - 7.1%, 12/25/18 - 12/11/40)
|
57,008,111
|
|
57,000,000
|
Goldman Sachs & Co. at 5.16%, dated:
|
|
|
|
5/23/06 due 8/21/06 (Collateralized by Corporate Obligations valued at $14,700,000, 8.25% - 12%, 7/15/10 -
6/15/14) (d)(e)
|
14,180,600
|
|
14,000,000
|
5/31/06 due 6/1/06 (Collateralized by Corporate Obligations valued at $25,200,001, 7.65%, 8/15/09)
|
24,003,442
|
|
24,000,000
|
J.P. Morgan Securities, Inc. at 5.16%, dated 5/11/06 due 6/30/06 (Collateralized by Corporate Obligations valued at
$19,009,781, 6.13% - 8%, 8/28/07 - 6/15/11) (d)(e)
|
18,129,000
|
|
18,000,000
|
Merrill Lynch, Pierce, Fenner & Smith at:
|
|
|
|
5.16%, dated 5/31/06 due 6/1/06 (Collateralized by Equity Securities valued at $48,496,816)
|
46,006,597
|
|
46,000,000
|
|
|
Maturity
Amount
|
|
Value
|
5.19%, dated 4/21/06 due 7/19/06 (Collateralized by Corporate Obligations valued at $5,259,478, 7% - 7.25%,
8/15/11 - 3/15/27) (d)(e)
|
$ 5,064,154
|
|
$ 5,000,000
|
Morgan Stanley & Co. at 5.13%, dated 5/11/06 due 6/30/06 (Collateralized by Mortgage Loan Obligations valued
at $14,927,352, 1.35% - 2.14%, 10/10/20 - 11/21/28)
|
14,099,750
|
|
14,000,000
|
TOTAL REPURCHASE AGREEMENTS
|
242,915,000
|
TOTAL INVESTMENT PORTFOLIO - 100.5%
(Cost $1,188,922,547)
|
1,188,922,547
|
NET OTHER ASSETS - (0.5)%
|
(5,359,868)
|
NET ASSETS - 100%
|
$ 1,183,562,679
|
Security Type Abbreviations
|
CP - COMMERCIAL PAPER
|
VRDN - VARIABLE RATE DEMAND NOTE
|
Legend
|
(a) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
|
(b) 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 period end, the value of these securities amounted to $157,891,381 or 13.3% of net assets.
|
(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
|
(d) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due dates on these types of securities reflect the next
interest rate reset date or, when applicable, the final maturity date.
|
(e) The maturity amount is based on the rate at period end.
|
(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 $37,000,000 or 3.1% of net assets.
|
Additional information on each holding is as follows:
|
Security
|
Acquisition Date
|
Cost
|
GE Capital Assurance Co.
5.1%, 6/1/06
|
7/28/05
|
$ 5,000,000
|
Goldman Sachs Group, Inc.:
5.13%, 6/9/06
|
1/9/06
|
$ 15,000,000
|
5.14%, 6/12/06
|
11/10/05
|
$ 5,000,000
|
ING USA Annuity & Life Insurance Co. 5.03%, 6/26/06
|
6/23/05
|
$ 1,000,000
|
Metropolitan Life Insurance Co. 5.11%, 7/3/06
|
3/26/02
|
$ 5,000,000
|
New York Life Insurance Co.
5.06%, 6/30/06
|
2/28/02
|
$ 5,000,000
|
Security Life of Denver Insurance Co. 5.3%, 8/29/06
|
8/26/05
|
$ 1,000,000
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,188,922,547.
|
Investment Valuation
|
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value.
Investments in open-end mutual funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Natural Resources Portfolio
May 31, 2006
1.802184.102
NAT-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.6%
|
|
Shares
|
|
Value
|
AIRLINES - 0.2%
|
Airlines - 0.2%
|
AirTran Holdings, Inc. (a)
|
204,700
|
|
$ 2,517,810
|
CHEMICALS - 1.9%
|
Commodity Chemicals - 0.3%
|
Celanese Corp. Class A
|
35,600
|
|
701,676
|
Formosa Chemicals & Fibre Corp.
|
1,561,000
|
|
2,416,907
|
Georgia Gulf Corp.
|
20,350
|
|
655,881
|
Tokai Carbon Co. Ltd.
|
22,000
|
|
134,903
|
|
|
3,909,367
|
Diversified Chemicals - 0.3%
|
Ashland, Inc.
|
53,900
|
|
3,368,750
|
Fertilizers & Agricultural Chemicals - 1.1%
|
Agrium, Inc.
|
67,900
|
|
1,664,128
|
CF Industries Holdings, Inc.
|
170,200
|
|
2,907,016
|
Mosaic Co. (a)(d)
|
462,800
|
|
7,201,168
|
Terra Nitrogen Co. LP
|
17,165
|
|
360,808
|
|
|
12,133,120
|
Specialty Chemicals - 0.2%
|
Tokuyama Corp.
|
132,000
|
|
2,002,187
|
TOTAL CHEMICALS
|
|
21,413,424
|
COMMERCIAL SERVICES & SUPPLIES - 0.0%
|
Environmental & Facility Services - 0.0%
|
Clean Harbors, Inc. (a)
|
7,200
|
|
261,288
|
Human Resource & Employment Services - 0.0%
|
Brunel International NV
|
728
|
|
24,988
|
TOTAL COMMERCIAL SERVICES & SUPPLIES
|
|
286,276
|
CONSTRUCTION & ENGINEERING - 1.2%
|
Construction & Engineering - 1.2%
|
Chicago Bridge & Iron Co. NV
(NY Shares)
|
387,500
|
|
8,788,500
|
Fluor Corp.
|
44,800
|
|
3,927,168
|
Infrasource Services, Inc. (a)
|
64,700
|
|
1,190,480
|
|
|
13,906,148
|
CONTAINERS & PACKAGING - 1.2%
|
Metal & Glass Containers - 0.6%
|
Owens-Illinois, Inc. (a)
|
456,900
|
|
7,767,300
|
Paper Packaging - 0.6%
|
Smurfit-Stone Container Corp. (a)
|
293,300
|
|
3,510,801
|
Temple-Inland, Inc.
|
72,900
|
|
3,135,429
|
|
|
6,646,230
|
TOTAL CONTAINERS & PACKAGING
|
|
14,413,530
|
|
|
Shares
|
|
Value
|
ELECTRICAL EQUIPMENT - 1.1%
|
Electrical Components & Equipment - 0.3%
|
Q-Cells AG
|
26,600
|
|
$ 2,062,640
|
Suntech Power Holdings Co. Ltd. sponsored ADR
|
53,000
|
|
1,493,540
|
|
|
3,556,180
|
Heavy Electrical Equipment - 0.8%
|
Areva (investment certificates)(non-vtg.)
|
100
|
|
68,507
|
Vestas Wind Systems AS (a)
|
362,000
|
|
9,331,821
|
|
|
9,400,328
|
TOTAL ELECTRICAL EQUIPMENT
|
|
12,956,508
|
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2%
|
Electronic Equipment & Instruments - 0.2%
|
Itron, Inc. (a)
|
38,300
|
|
2,290,340
|
ENERGY EQUIPMENT & SERVICES - 26.9%
|
Oil & Gas Drilling - 7.4%
|
Diamond Offshore Drilling, Inc.
|
81,600
|
|
6,996,384
|
GlobalSantaFe Corp.
|
631,400
|
|
37,966,082
|
Nabors Industries Ltd. (a)
|
2,600
|
|
93,366
|
Noble Corp.
|
144,700
|
|
10,060,991
|
Patterson-UTI Energy, Inc.
|
3,200
|
|
95,680
|
Pride International, Inc. (a)
|
745,100
|
|
24,103,985
|
Rowan Companies, Inc.
|
1,000
|
|
39,820
|
TODCO Class A
|
1,400
|
|
61,838
|
Transocean, Inc. (a)
|
67,100
|
|
5,459,927
|
|
|
84,878,073
|
Oil & Gas Equipment & Services - 19.5%
|
Baker Hughes, Inc.
|
249,190
|
|
21,505,097
|
BJ Services Co.
|
143,500
|
|
5,259,275
|
Cameron International Corp. (a)
|
3,000
|
|
140,700
|
FMC Technologies, Inc. (a)
|
2,300
|
|
153,502
|
Global Industries Ltd. (a)
|
4,900
|
|
95,109
|
Grant Prideco, Inc. (a)
|
2,400
|
|
115,296
|
Halliburton Co.
|
619,700
|
|
46,223,423
|
Hydril Co. (a)
|
65,400
|
|
4,897,806
|
Key Energy Services, Inc. (a)
|
219,300
|
|
3,695,205
|
Maverick Tube Corp. (a)
|
2,400
|
|
115,680
|
National Oilwell Varco, Inc. (a)
|
584,911
|
|
38,639,221
|
Oil States International, Inc. (a)
|
4,400
|
|
152,856
|
RPC, Inc.
|
3,550
|
|
83,035
|
Saipem Spa
|
4,500
|
|
105,779
|
Schlumberger Ltd. (NY Shares)
|
744,652
|
|
48,826,832
|
Smith International, Inc.
|
928,300
|
|
38,023,168
|
W-H Energy Services, Inc. (a)
|
60,700
|
|
3,419,838
|
Weatherford International Ltd. (a)
|
268,290
|
|
13,961,812
|
|
|
225,413,634
|
TOTAL ENERGY EQUIPMENT & SERVICES
|
|
310,291,707
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
FOOD PRODUCTS - 0.4%
|
Agricultural Products - 0.4%
|
Archer-Daniels-Midland Co.
|
3,100
|
|
$ 128,867
|
Corn Products International, Inc.
|
166,611
|
|
4,445,181
|
Global Bio-Chem Technology Group Co. Ltd.
|
78,700
|
|
32,208
|
|
|
4,606,256
|
GAS UTILITIES - 0.1%
|
Gas Utilities - 0.1%
|
Questar Corp.
|
14,500
|
|
1,068,505
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 1.5%
|
Independent Power & Energy Trade - 1.5%
|
Mirant Corp. (a)
|
306,900
|
|
7,635,672
|
NRG Energy, Inc. (a)
|
108,400
|
|
5,392,900
|
TXU Corp.
|
67,300
|
|
3,856,290
|
|
|
16,884,862
|
INDUSTRIAL CONGLOMERATES - 0.4%
|
Industrial Conglomerates - 0.4%
|
McDermott International, Inc. (a)
|
68,000
|
|
4,461,480
|
Walter Industries, Inc.
|
1,900
|
|
110,504
|
|
|
4,571,984
|
INSURANCE - 0.0%
|
Property & Casualty Insurance - 0.0%
|
Navigators Group, Inc. (a)
|
7,900
|
|
325,638
|
MACHINERY - 2.6%
|
Construction & Farm Machinery & Heavy Trucks - 2.6%
|
Bucyrus International, Inc. Class A
|
332,205
|
|
16,955,743
|
Joy Global, Inc.
|
218,250
|
|
11,728,755
|
Trinity Industries, Inc.
|
18,800
|
|
1,171,992
|
|
|
29,856,490
|
MARINE - 0.1%
|
Marine - 0.1%
|
American Commercial Lines, Inc.
|
21,223
|
|
1,165,355
|
Stolt-Nielsen SA (d)
|
2,800
|
|
72,528
|
|
|
1,237,883
|
METALS & MINING - 14.8%
|
Aluminum - 4.1%
|
Alcan, Inc.
|
900
|
|
46,624
|
Alcoa, Inc.
|
1,282,900
|
|
40,693,588
|
Century Aluminum Co. (a)
|
1,900
|
|
79,135
|
Novelis, Inc.
|
308,000
|
|
6,547,360
|
|
|
47,366,707
|
Diversified Metals & Mining - 4.1%
|
Falconbridge Ltd. (d)
|
236,800
|
|
11,772,804
|
Freeport-McMoRan Copper & Gold, Inc. Class B
|
1,363
|
|
76,314
|
Phelps Dodge Corp.
|
1,200
|
|
102,828
|
RTI International Metals, Inc. (a)
|
82,200
|
|
4,936,110
|
|
|
Shares
|
|
Value
|
Teck Cominco Ltd. Class B (sub. vtg.)
|
110,800
|
|
$ 7,052,967
|
Titanium Metals Corp. (a)(d)
|
628,200
|
|
22,734,558
|
VSMPO-AVISMA Corp. warrants (UBS Warrant Programme) 9/28/06 (a)
|
5,900
|
|
1,265,550
|
|
|
47,941,131
|
Gold - 3.7%
|
Bema Gold Corp. (a)
|
242,900
|
|
1,338,845
|
Eldorado Gold Corp. (a)
|
612,700
|
|
3,104,532
|
Meridian Gold, Inc. (a)
|
418,900
|
|
12,971,160
|
Newmont Mining Corp.
|
484,600
|
|
25,271,890
|
Sasamat Capital Corp. (a)
|
61
|
|
182
|
|
|
42,686,609
|
Steel - 2.9%
|
AK Steel Holding Corp. (a)
|
81,400
|
|
1,094,830
|
Allegheny Technologies, Inc.
|
202,600
|
|
12,891,438
|
Commercial Metals Co.
|
43,400
|
|
1,068,074
|
Companhia Vale do Rio Doce
sponsored ADR
|
1,800
|
|
83,862
|
Hitachi Metals Ltd.
|
10,000
|
|
102,409
|
Mittal Steel Co. NV Class A (NY Shares)
|
33,700
|
|
1,111,426
|
Oregon Steel Mills, Inc. (a)
|
308,400
|
|
14,473,212
|
United States Steel Corp.
|
39,500
|
|
2,622,010
|
|
|
33,447,261
|
TOTAL METALS & MINING
|
|
171,441,708
|
OIL, GAS & CONSUMABLE FUELS - 44.9%
|
Coal & Consumable Fuels - 5.4%
|
Arch Coal, Inc.
|
199,100
|
|
9,628,476
|
Cameco Corp.
|
307,400
|
|
12,614,217
|
CONSOL Energy, Inc.
|
140,200
|
|
12,372,650
|
Foundation Coal Holdings, Inc.
|
225,900
|
|
10,240,047
|
Peabody Energy Corp.
|
285,900
|
|
17,823,006
|
USEC, Inc.
|
1,600
|
|
19,296
|
|
|
62,697,692
|
Integrated Oil & Gas - 18.9%
|
BP PLC sponsored ADR
|
84,764
|
|
5,992,815
|
Chevron Corp.
|
907,632
|
|
54,267,317
|
ConocoPhillips
|
1,208,630
|
|
76,494,192
|
ENI Spa sponsored ADR
|
155,700
|
|
9,424,521
|
Exxon Mobil Corp.
|
584,415
|
|
35,596,718
|
Hess Corp.
|
800
|
|
120,000
|
Husky Energy, Inc.
|
50,300
|
|
2,955,196
|
MOL Magyar Olay-es Gazipari RT
Series A (For. Reg.)
|
600
|
|
61,472
|
OAO Gazprom sponsored ADR
|
185,157
|
|
7,896,946
|
Occidental Petroleum Corp.
|
91,600
|
|
9,076,644
|
OMV AG
|
74,735
|
|
4,349,726
|
Suncor Energy, Inc.
|
144,600
|
|
11,670,418
|
|
|
217,905,965
|
Oil & Gas Exploration & Production - 15.1%
|
Anadarko Petroleum Corp.
|
1,800
|
|
89,406
|
Apache Corp.
|
800
|
|
51,904
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
OIL, GAS & CONSUMABLE FUELS - CONTINUED
|
Oil & Gas Exploration & Production - continued
|
Cabot Oil & Gas Corp.
|
107,200
|
|
$ 4,702,864
|
Canadian Natural Resources Ltd.
|
317,700
|
|
16,732,440
|
Chesapeake Energy Corp.
|
1,097,700
|
|
33,578,643
|
Comstock Resources, Inc. (a)
|
1,300
|
|
36,842
|
Denbury Resources, Inc. (a)
|
2,300
|
|
72,680
|
Devon Energy Corp.
|
800
|
|
45,888
|
EnCana Corp.
|
134,084
|
|
6,764,774
|
Energy Partners Ltd. (a)
|
78,400
|
|
1,662,080
|
EOG Resources, Inc.
|
80,800
|
|
5,305,328
|
EXCO Resources, Inc.
|
3,600
|
|
43,200
|
Goodrich Petroleum Corp. (a)
|
4,300
|
|
105,350
|
Houston Exploration Co. (a)
|
124,900
|
|
6,655,921
|
Hugoton Royalty Trust
|
19,957
|
|
552,410
|
Kerr-McGee Corp.
|
120,100
|
|
12,832,685
|
Mariner Energy, Inc. (a)
|
49,324
|
|
842,454
|
Newfield Exploration Co. (a)
|
1,800
|
|
76,914
|
Nexen, Inc.
|
123,100
|
|
6,846,652
|
Penn West Energy Trust
|
69,300
|
|
2,737,389
|
Plains Exploration & Production Co. (a)
|
140,800
|
|
5,026,560
|
Pogo Producing Co.
|
1,300
|
|
58,578
|
Quicksilver Resources, Inc. (a)
|
64,750
|
|
2,270,783
|
Range Resources Corp.
|
684,000
|
|
17,715,600
|
Southwestern Energy Co. (a)
|
1,800
|
|
58,140
|
Talisman Energy, Inc.
|
971,900
|
|
17,694,978
|
Ultra Petroleum Corp. (a)
|
308,800
|
|
17,771,440
|
XTO Energy, Inc.
|
346,900
|
|
14,299,218
|
|
|
174,631,121
|
Oil & Gas Refining & Marketing - 3.2%
|
ERG Spa
|
3,400
|
|
84,105
|
Frontier Oil Corp.
|
3,000
|
|
168,000
|
Neste Oil Oyj
|
2,600
|
|
87,143
|
Sunoco, Inc.
|
101,600
|
|
6,968,744
|
Valero Energy Corp.
|
471,788
|
|
28,944,194
|
Western Refining, Inc.
|
5,800
|
|
103,820
|
|
|
36,356,006
|
Oil & Gas Storage & Transport - 2.3%
|
El Paso Corp.
|
367,300
|
|
5,718,861
|
Kinder Morgan, Inc.
|
13,700
|
|
1,376,576
|
OMI Corp.
|
271,000
|
|
5,051,440
|
Overseas Shipholding Group, Inc.
|
81,500
|
|
4,185,025
|
Plains All American Pipeline LP
|
36,800
|
|
1,784,800
|
TransCanada Corp.
|
110,000
|
|
3,346,198
|
Williams Companies, Inc.
|
218,700
|
|
4,942,620
|
|
|
26,405,520
|
TOTAL OIL, GAS & CONSUMABLE FUELS
|
|
517,996,304
|
|
|
Shares
|
|
Value
|
PAPER & FOREST PRODUCTS - 1.5%
|
Forest Products - 1.3%
|
Canfor Corp. (a)
|
341
|
|
$ 3,948
|
Sino-Forest Corp. (a)
|
839,000
|
|
4,304,518
|
Weyerhaeuser Co.
|
163,500
|
|
10,457,460
|
|
|
14,765,926
|
Paper Products - 0.2%
|
Aracruz Celulose SA (PN-B) sponsored ADR (non-vtg.)
|
60,100
|
|
3,074,115
|
TOTAL PAPER & FOREST PRODUCTS
|
|
17,840,041
|
REAL ESTATE INVESTMENT TRUSTS - 0.1%
|
Specialized REITs - 0.1%
|
Plum Creek Timber Co., Inc.
|
47,300
|
|
1,690,975
|
ROAD & RAIL - 0.5%
|
Railroads - 0.5%
|
Burlington Northern Santa Fe Corp.
|
67,900
|
|
5,256,139
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
|
Semiconductors - 0.0%
|
Renewable Energy Corp. AS
|
2,400
|
|
36,905
|
TOTAL COMMON STOCKS
(Cost $981,710,544)
|
1,150,889,433
|
Money Market Funds - 2.7%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
15,060,367
|
|
15,060,367
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
15,547,865
|
|
15,547,865
|
TOTAL MONEY MARKET FUNDS
(Cost $30,608,232)
|
30,608,232
|
TOTAL INVESTMENT PORTFOLIO - 102.3%
(Cost $1,012,318,776)
|
1,181,497,665
|
NET OTHER ASSETS - (2.3)%
|
(26,503,702)
|
NET ASSETS - 100%
|
$ 1,154,993,963
|
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.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 237,509
|
Fidelity Securities Lending Cash Central Fund
|
44,255
|
Total
|
$ 281,764
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,016,905,138. Net unrealized appreciation aggregated
$164,592,527, of which $194,773,141 related to appreciated investment securities and $30,180,614 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Networking and
Infrastructure Portfolio
May 31, 2006
1.802185.102
NET-QTLY-0106
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.6%
|
|
Shares
|
|
Value
|
BUILDING PRODUCTS - 0.3%
|
Building Products - 0.3%
|
Asahi Glass Co. Ltd.
|
27,000
|
|
$ 360,986
|
COMMUNICATIONS EQUIPMENT - 38.9%
|
Communications Equipment - 38.9%
|
3Com Corp. (a)
|
115,600
|
|
521,356
|
ADC Telecommunications, Inc. (a)
|
40,428
|
|
724,470
|
ADVA AG Optical Networking (a)
|
80,000
|
|
884,886
|
Andrew Corp. (a)
|
41,400
|
|
418,968
|
AudioCodes Ltd. (a)
|
119,500
|
|
1,442,365
|
Bookham, Inc. (a)(d)
|
241,000
|
|
927,850
|
Ceragon Networks Ltd. (a)
|
296,300
|
|
1,362,980
|
CIENA Corp. (a)
|
882,028
|
|
3,695,697
|
CommScope, Inc. (a)
|
3,100
|
|
90,613
|
Comtech Group, Inc. (a)
|
32,300
|
|
507,756
|
Comverse Technology, Inc. (a)
|
91,200
|
|
2,053,824
|
Corning, Inc. (a)
|
362,800
|
|
8,797,901
|
ECI Telecom Ltd. (a)
|
64,200
|
|
617,604
|
F5 Networks, Inc. (a)
|
36,900
|
|
1,790,388
|
Finisar Corp. (a)
|
369,700
|
|
1,689,529
|
Foundry Networks, Inc. (a)
|
94,900
|
|
1,220,414
|
Foxconn International Holdings Ltd. (a)
|
40,000
|
|
107,243
|
Ixia (a)
|
16,400
|
|
169,084
|
Juniper Networks, Inc. (a)
|
161,209
|
|
2,568,059
|
Lucent Technologies, Inc. (a)
|
2,025,300
|
|
5,164,515
|
MRV Communications, Inc. (a)(d)
|
229,900
|
|
687,401
|
NETGEAR, Inc. (a)
|
30,700
|
|
718,687
|
Nortel Networks Corp. (a)
|
1,779,800
|
|
4,233,039
|
Oplink Communications, Inc. (a)
|
19,200
|
|
362,688
|
Optical Communication Products, Inc. (a)
|
36,100
|
|
74,005
|
Orckit Communications Ltd. (a)
|
29,900
|
|
377,637
|
Powerwave Technologies, Inc. (a)
|
89,100
|
|
872,289
|
Research In Motion Ltd. (a)
|
17,400
|
|
1,128,317
|
Riverstone Networks, Inc. (a)
|
94,100
|
|
84,690
|
Sandvine Corp. (e)
|
207,900
|
|
423,774
|
Sonus Networks, Inc. (a)
|
160,500
|
|
747,930
|
Stratex Networks, Inc. (a)
|
78,800
|
|
329,384
|
Symmetricom, Inc. (a)
|
101,500
|
|
735,875
|
Tekelec (a)
|
53,400
|
|
770,562
|
Terayon Communication Systems, Inc. (a)
|
55,900
|
|
94,471
|
Tut Systems, Inc. (a)
|
66,700
|
|
179,423
|
|
|
46,575,674
|
COMPUTERS & PERIPHERALS - 15.7%
|
Computer Hardware - 1.6%
|
Concurrent Computer Corp. (a)
|
694,600
|
|
1,882,366
|
Computer Storage & Peripherals - 14.1%
|
ASUSTeK Computer, Inc.
|
4,356
|
|
10,211
|
EMC Corp. (a)
|
472,700
|
|
6,050,560
|
Emulex Corp. (a)
|
46,800
|
|
829,296
|
M-Systems Flash Disk Pioneers Ltd. (a)
|
20,000
|
|
669,000
|
McDATA Corp. Class A (a)
|
118,300
|
|
447,174
|
|
|
Shares
|
|
Value
|
Network Appliance, Inc. (a)
|
167,200
|
|
$ 5,350,400
|
Novatel Wireless, Inc. (a)(d)
|
41,600
|
|
463,424
|
QLogic Corp. (a)
|
12,300
|
|
219,924
|
Quantum Corp. (a)
|
20,000
|
|
58,200
|
Read-Rite Corp. (a)
|
44,000
|
|
4
|
Synaptics, Inc. (a)
|
98,400
|
|
2,330,112
|
Xyratex Ltd. (a)
|
15,800
|
|
424,704
|
|
|
16,853,009
|
TOTAL COMPUTERS & PERIPHERALS
|
|
18,735,375
|
ELECTRICAL EQUIPMENT - 0.4%
|
Electrical Components & Equipment - 0.4%
|
Energy Conversion Devices, Inc. (a)
|
13,400
|
|
532,650
|
ELECTRONIC EQUIPMENT & INSTRUMENTS - 10.7%
|
Electronic Equipment & Instruments - 7.2%
|
Agilent Technologies, Inc. (a)
|
177,100
|
|
6,179,019
|
AU Optronics Corp. sponsored ADR
|
25,400
|
|
368,808
|
Chi Mei Optoelectronics Corp.
|
81,000
|
|
95,063
|
Coherent, Inc. (a)
|
16,100
|
|
530,173
|
HannStar Display Corp.
|
341,000
|
|
62,618
|
LG.Philips LCD Co. Ltd. sponsored ADR (a)(d)
|
15,000
|
|
281,550
|
Nippon Electric Glass Co. Ltd.
|
18,000
|
|
396,510
|
Orbotech Ltd. (a)
|
19,400
|
|
487,328
|
Sunpower Corp. Class A (d)
|
8,000
|
|
243,120
|
|
|
8,644,189
|
Electronic Manufacturing Services - 3.5%
|
Benchmark Electronics, Inc. (a)
|
15,800
|
|
382,518
|
Hon Hai Precision Industry Co. Ltd. (Foxconn)
|
62,000
|
|
395,499
|
Jabil Circuit, Inc.
|
76,900
|
|
2,677,658
|
M-Flex Electronix, Inc. (a)
|
100
|
|
3,327
|
Smart Modular Tech WWH, Inc.
|
60,400
|
|
518,836
|
Solectron Corp. (a)
|
50,000
|
|
178,000
|
|
|
4,155,838
|
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS
|
|
12,800,027
|
HOUSEHOLD DURABLES - 0.5%
|
Consumer Electronics - 0.5%
|
Directed Electronics, Inc.
|
30,600
|
|
422,280
|
Thomson SA
|
12,500
|
|
237,115
|
|
|
659,395
|
INDUSTRIAL CONGLOMERATES - 0.3%
|
Industrial Conglomerates - 0.3%
|
Orkla ASA (A Shares)
|
6,800
|
|
334,945
|
INTERNET SOFTWARE & SERVICES - 9.1%
|
Internet Software & Services - 9.1%
|
24/7 Real Media, Inc. (a)
|
40,000
|
|
334,000
|
aQuantive, Inc. (a)
|
14,200
|
|
352,018
|
Ariba, Inc. (a)
|
25,100
|
|
213,099
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
INTERNET SOFTWARE & SERVICES - CONTINUED
|
Internet Software & Services - continued
|
Baidu.com, Inc. sponsored ADR
|
800
|
|
$ 62,256
|
Google, Inc. Class A (sub. vtg.) (a)
|
20,400
|
|
7,585,128
|
Marchex, Inc. Class B (a)
|
12,000
|
|
204,960
|
Openwave Systems, Inc. (a)
|
149,800
|
|
2,118,172
|
|
|
10,869,633
|
IT SERVICES - 0.1%
|
IT Consulting & Other Services - 0.1%
|
Sapient Corp. (a)
|
21,700
|
|
116,095
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 19.8%
|
Semiconductor Equipment - 0.9%
|
EMCORE Corp. (a)
|
40,700
|
|
387,871
|
MEMC Electronic Materials, Inc. (a)
|
19,100
|
|
668,882
|
|
|
1,056,753
|
Semiconductors - 18.9%
|
Advanced Analogic Technologies, Inc.
|
53,300
|
|
614,549
|
AMIS Holdings, Inc. (a)
|
23,000
|
|
225,630
|
ANADIGICS, Inc. (a)
|
43,700
|
|
373,198
|
Applied Micro Circuits Corp. (a)
|
254,100
|
|
747,054
|
Atheros Communications, Inc. (a)
|
14,500
|
|
320,305
|
ATI Technologies, Inc. (a)
|
13,600
|
|
224,383
|
Broadcom Corp. Class A (a)
|
194,950
|
|
6,591,260
|
Conexant Systems, Inc. (a)
|
388,600
|
|
1,138,598
|
Cree, Inc. (a)
|
2,700
|
|
69,255
|
Cypress Semiconductor Corp. (a)
|
13,300
|
|
201,894
|
Exar Corp. (a)
|
43,600
|
|
575,520
|
Ikanos Communications, Inc.
|
300
|
|
4,767
|
Marvell Technology Group Ltd. (a)
|
67,740
|
|
3,229,166
|
Maxim Integrated Products, Inc.
|
8,300
|
|
255,059
|
Microtune, Inc. (a)
|
134,600
|
|
861,440
|
Mindspeed Technologies, Inc. (a)(d)
|
340,833
|
|
978,191
|
MIPS Technologies, Inc. (a)
|
43,500
|
|
250,995
|
National Semiconductor Corp.
|
46,600
|
|
1,196,688
|
Netlogic Microsystems, Inc. (a)
|
36,700
|
|
1,198,622
|
O2Micro International Ltd.
sponsored ADR (a)
|
61,900
|
|
537,292
|
Pericom Semiconductor Corp. (a)
|
4,100
|
|
35,670
|
Pixelplus Co. Ltd. sponsored ADR
|
77,100
|
|
239,781
|
Pixelworks, Inc. (a)
|
6,400
|
|
17,984
|
PMC-Sierra, Inc. (a)
|
400
|
|
3,856
|
PowerDsine Ltd. (a)
|
40,500
|
|
312,255
|
Saifun Semiconductors Ltd.
|
10,500
|
|
313,215
|
Sigma Designs, Inc. (a)
|
23,000
|
|
319,700
|
Silicon On Insulator Technologies SA (SOITEC) (a)
|
31,100
|
|
911,219
|
|
|
Shares
|
|
Value
|
Trident Microsystems, Inc. (a)
|
28,100
|
|
$ 620,448
|
Vimicro International Corp.
sponsored ADR
|
15,000
|
|
245,202
|
|
|
22,613,196
|
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
|
|
23,669,949
|
SOFTWARE - 3.3%
|
Application Software - 1.3%
|
Cognos, Inc. (a)
|
2,400
|
|
73,534
|
Informatica Corp. (a)
|
26,800
|
|
376,808
|
Ulticom, Inc. (a)
|
119,100
|
|
1,081,428
|
|
|
1,531,770
|
Home Entertainment Software - 0.1%
|
Ubisoft Entertainment SA (a)
|
2,300
|
|
117,975
|
Systems Software - 1.9%
|
Symantec Corp. (a)
|
105,400
|
|
1,644,240
|
Wind River Systems, Inc. (a)
|
71,900
|
|
679,455
|
|
|
2,323,695
|
TOTAL SOFTWARE
|
|
3,973,440
|
WIRELESS TELECOMMUNICATION SERVICES - 0.5%
|
Wireless Telecommunication Services - 0.5%
|
InPhonic, Inc. (a)
|
200
|
|
1,440
|
Syniverse Holdings, Inc. (a)
|
29,600
|
|
482,480
|
WiderThan Co. Ltd. ADR
|
5,500
|
|
69,740
|
|
|
553,660
|
TOTAL COMMON STOCKS
(Cost $129,860,012)
|
119,181,829
|
Convertible Bonds - 0.2%
|
|
Principal
Amount
|
|
|
COMMUNICATIONS EQUIPMENT - 0.2%
|
Communications Equipment - 0.2%
|
CIENA Corp. 0.25% 5/1/13
(Cost $240,000)
|
|
$ 240,000
|
|
219,408
|
Money Market Funds - 2.1%
|
|
Shares
|
|
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
(Cost $2,487,800)
|
2,487,800
|
2,487,800
|
TOTAL INVESTMENT PORTFOLIO - 101.9%
(Cost $132,587,812)
|
121,889,037
|
NET OTHER ASSETS - (1.9)%
|
(2,295,913)
|
NET ASSETS - 100%
|
$ 119,593,124
|
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.
|
(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 period end, the value of these securities amounted to $423,774 or 0.4% of net assets.
|
Affiliated Central Funds
|
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 31,482
|
Fidelity Securities Lending Cash Central Fund
|
38,622
|
Total
|
$ 70,104
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $132,756,435. Net unrealized depreciation aggregated $10,867,398,
of which $5,828,246 related to appreciated investment securities and $16,695,644 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Debt securities, including restricted securities, for which quotations are readily available, are valued by
independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon,
maturity and type as well as dealer supplied prices. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term
securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Paper and Forest
Products Portfolio
May 31, 2006
1.802186.102
PAP-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.2%
|
|
Shares
|
|
Value
|
COMMERCIAL SERVICES & SUPPLIES - 0.7%
|
Commercial Printing - 0.7%
|
Cenveo, Inc. (a)
|
7,700
|
|
$ 145,915
|
CONTAINERS & PACKAGING - 35.1%
|
Metal & Glass Containers - 2.5%
|
Ball Corp.
|
2,508
|
|
93,849
|
Owens-Illinois, Inc. (a)
|
13,100
|
|
222,700
|
Silgan Holdings, Inc.
|
6,200
|
|
231,818
|
|
|
548,367
|
Paper Packaging - 32.6%
|
Bemis Co., Inc.
|
37,300
|
|
1,133,920
|
Packaging Corp. of America
|
59,200
|
|
1,260,960
|
Rock-Tenn Co. Class A
|
7,500
|
|
116,025
|
Sealed Air Corp.
|
15,100
|
|
778,707
|
Smurfit-Stone Container Corp. (a)
|
106,970
|
|
1,280,431
|
Sonoco Products Co.
|
38,100
|
|
1,207,008
|
Temple-Inland, Inc.
|
32,300
|
|
1,389,223
|
|
|
7,166,274
|
TOTAL CONTAINERS & PACKAGING
|
|
7,714,641
|
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.0%
|
Electronic Equipment & Instruments - 1.0%
|
Metrologic Instruments, Inc. (a)
|
14,100
|
|
211,923
|
HOUSEHOLD PRODUCTS - 7.3%
|
Household Products - 7.3%
|
Kimberly-Clark Corp.
|
23,200
|
|
1,407,544
|
Procter & Gamble Co.
|
3,600
|
|
195,300
|
|
|
1,602,844
|
MACHINERY - 0.9%
|
Industrial Machinery - 0.9%
|
Heidelberger Druckmaschinen AG
|
2,700
|
|
122,989
|
Kadant, Inc. (a)
|
2,800
|
|
65,632
|
|
|
188,621
|
MEDIA - 0.4%
|
Publishing - 0.4%
|
McGraw-Hill Companies, Inc.
|
1,700
|
|
87,720
|
PAPER & FOREST PRODUCTS - 31.0%
|
Forest Products - 15.0%
|
Canfor Corp. (a)
|
86,900
|
|
1,006,107
|
West Fraser Timber Co. Ltd.
|
22,200
|
|
748,904
|
Weyerhaeuser Co.
|
24,000
|
|
1,535,040
|
|
|
3,290,051
|
Paper Products - 16.0%
|
Abitibi-Consolidated, Inc.
|
500
|
|
1,716
|
Aracruz Celulose SA (PN-B) sponsored ADR (non-vtg.)
|
7,100
|
|
363,165
|
Bowater, Inc.
|
7,500
|
|
173,550
|
|
|
Shares
|
|
Value
|
Buckeye Technologies, Inc. (a)
|
22,400
|
|
$ 174,944
|
Domtar, Inc.
|
100
|
|
655
|
Lee & Man Paper Manufacturing Ltd.
|
48,000
|
|
76,720
|
MeadWestvaco Corp.
|
37,500
|
|
1,027,500
|
Mercer International, Inc. (SBI) (a)
|
26,800
|
|
235,572
|
Neenah Paper, Inc.
|
1,800
|
|
55,224
|
Nine Dragons Paper (Holdings) Ltd.
|
12,000
|
|
9,977
|
P.H. Glatfelter Co.
|
22,300
|
|
389,804
|
Schweitzer-Mauduit International, Inc.
|
19,200
|
|
487,104
|
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)
|
15,700
|
|
223,411
|
Wausau-Mosinee Paper Corp.
|
22,300
|
|
298,151
|
|
|
3,517,493
|
TOTAL PAPER & FOREST PRODUCTS
|
|
6,807,544
|
REAL ESTATE INVESTMENT TRUSTS - 19.7%
|
Specialized REITs - 19.7%
|
Longview Fibre Co.
|
33,900
|
|
865,806
|
Plum Creek Timber Co., Inc.
|
39,200
|
|
1,401,400
|
Potlatch Corp.
|
26,679
|
|
1,004,998
|
Rayonier, Inc.
|
27,287
|
|
1,061,191
|
|
|
4,333,395
|
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.0%
|
Real Estate Management & Development - 1.0%
|
Consolidated-Tomoka Land Co.
|
3,800
|
|
220,780
|
TEXTILES, APPAREL & LUXURY GOODS - 1.1%
|
Textiles - 1.1%
|
Xerium Technologies, Inc.
|
25,400
|
|
248,666
|
TOTAL COMMON STOCKS
(Cost $23,504,253)
|
21,562,049
|
Money Market Funds - 2.7%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
(Cost $585,205)
|
585,205
|
|
585,205
|
TOTAL INVESTMENT PORTFOLIO - 100.9%
(Cost $24,089,458)
|
22,147,254
|
NET OTHER ASSETS - (0.9)%
|
|
(187,779)
|
NET ASSETS - 100%
|
$ 21,959,475
|
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.
|
Affiliated Central Funds
|
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 6,161
|
Fidelity Securities Lending Cash Central Fund
|
296
|
Total
|
$ 6,457
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $24,293,399. Net unrealized depreciation aggregated $2,146,145, of
which $373,194 related to appreciated investment securities and $2,519,339 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Pharmaceuticals Portfolio
May 31, 2006
1.802187.102
PHR-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8%
|
|
Shares
|
|
Value
|
BIOTECHNOLOGY - 6.8%
|
Biotechnology - 6.8%
|
Acadia Pharmaceuticals, Inc. (a)(d)
|
111,900
|
|
$ 1,159,284
|
Acambis PLC (a)
|
27,600
|
|
88,775
|
AEterna Zentaris, Inc. (sub. vtg.) (a)
|
93,400
|
|
631,007
|
Alizyme PLC (a)
|
57,400
|
|
146,252
|
Alnylam Pharmaceuticals, Inc. (a)
|
26,000
|
|
384,540
|
Altus Pharmaceuticals, Inc.
|
17,300
|
|
324,894
|
Amylin Pharmaceuticals, Inc. (a)
|
6,060
|
|
275,427
|
Arena Pharmaceuticals, Inc. (a)
|
1,100
|
|
15,004
|
Basilea Pharmaceutica AG (a)
|
1,200
|
|
170,197
|
Biogen Idec, Inc. (a)
|
5,500
|
|
256,465
|
BioMarin Pharmaceutical, Inc. (a)
|
3,400
|
|
44,166
|
BioSphere Medical, Inc. (a)
|
125,400
|
|
708,510
|
Cephalon, Inc. (a)
|
8,200
|
|
489,704
|
Critical Therapeutics, Inc. (a)(d)
|
5,000
|
|
23,500
|
CSL Ltd.
|
16,965
|
|
657,239
|
DUSA Pharmaceuticals, Inc. (a)
|
16,500
|
|
97,680
|
Genentech, Inc. (a)
|
3,100
|
|
257,176
|
Genmab AS (a)
|
24,700
|
|
791,667
|
Human Genome Sciences, Inc. (a)
|
37,300
|
|
408,808
|
MannKind Corp. (a)(d)
|
90,000
|
|
1,713,600
|
Myogen, Inc. (a)
|
13,000
|
|
404,950
|
Neopharm, Inc. (a)
|
36,300
|
|
204,369
|
Neurocrine Biosciences, Inc. (a)
|
6,900
|
|
135,999
|
QLT, Inc. (a)
|
2,690
|
|
19,409
|
Renovis, Inc. (a)
|
28,500
|
|
464,550
|
Seattle Genetics, Inc. (a)
|
48,100
|
|
199,615
|
Senomyx, Inc. (a)
|
9,000
|
|
143,730
|
Tanox, Inc. (a)
|
7,500
|
|
107,175
|
Tercica, Inc. (a)(d)
|
114,100
|
|
583,051
|
Theratechnologies, Inc. (a)
|
400,000
|
|
573,893
|
Theravance, Inc. (a)
|
2,900
|
|
69,368
|
|
|
11,550,004
|
CHEMICALS - 1.2%
|
Diversified Chemicals - 0.1%
|
Akzo Nobel NV sponsored ADR
|
3,000
|
|
161,790
|
Fertilizers & Agricultural Chemicals - 0.9%
|
Bodisen Biotech, Inc. (a)(d)
|
20,200
|
|
231,088
|
Monsanto Co.
|
15,371
|
|
1,293,623
|
|
|
1,524,711
|
Specialty Chemicals - 0.2%
|
Novozymes AS Series B
|
4,000
|
|
285,970
|
TOTAL CHEMICALS
|
|
1,972,471
|
FOOD PRODUCTS - 0.1%
|
Packaged Foods & Meats - 0.1%
|
Koninklijke Numico NV
|
3,100
|
|
137,674
|
|
|
Shares
|
|
Value
|
HEALTH CARE EQUIPMENT & SUPPLIES - 6.2%
|
Health Care Equipment - 3.6%
|
Adeza Biomedical Corp. (a)
|
3,000
|
|
$ 39,390
|
BioLase Technology, Inc.
|
23,600
|
|
175,584
|
Elekta AB (B Shares)
|
8,600
|
|
136,856
|
Encore Medical Corp. (a)
|
2,600
|
|
12,948
|
HealthTronics, Inc. (a)
|
83,700
|
|
617,706
|
Imaging Dynamics Co. Ltd. (a)
|
388,900
|
|
1,589,149
|
NeuroMetrix, Inc. (a)
|
9,600
|
|
279,744
|
Nobel Biocare Holding AG (Switzerland)
|
2,618
|
|
635,510
|
NuVasive, Inc. (a)
|
3,800
|
|
62,434
|
Optos PLC
|
117,000
|
|
477,522
|
Restore Medical, Inc.
|
200,000
|
|
1,532,000
|
Stereotaxis, Inc. (a)
|
35,300
|
|
346,293
|
Straumann Holding AG
|
1,000
|
|
260,188
|
|
|
6,165,324
|
Health Care Supplies - 2.6%
|
Cooper Companies, Inc.
|
200
|
|
9,470
|
Gen-Probe, Inc. (a)
|
4,300
|
|
232,200
|
Inverness Medical Innovations, Inc. (a)
|
136,400
|
|
3,935,140
|
Inverness Medical Innovations, Inc. (a)(f)
|
2,497
|
|
64,835
|
OraSure Technologies, Inc. (a)
|
13,000
|
|
113,490
|
|
|
4,355,135
|
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES
|
|
10,520,459
|
HEALTH CARE PROVIDERS & SERVICES - 10.5%
|
Health Care Distributors & Services - 5.0%
|
AmerisourceBergen Corp.
|
38,400
|
|
1,673,856
|
Cardinal Health, Inc.
|
56,462
|
|
3,777,872
|
Futuremed Healthcare Income Fund
|
16,000
|
|
189,457
|
McKesson Corp.
|
56,730
|
|
2,808,135
|
|
|
8,449,320
|
Health Care Facilities - 2.9%
|
Apollo Hospitals Enterprise Ltd.
|
11,490
|
|
102,716
|
Brookdale Senior Living, Inc.
|
50,700
|
|
2,507,115
|
Bumrungrad Hospital PCL (For. Reg.)
|
101,100
|
|
85,684
|
HealthSouth Corp. (a)
|
28,700
|
|
124,271
|
LCA-Vision, Inc.
|
5,900
|
|
320,606
|
NovaMed Eyecare, Inc. (a)
|
82,500
|
|
587,400
|
Odyssey Healthcare, Inc. (a)
|
6,000
|
|
97,860
|
U.S. Physical Therapy, Inc. (a)
|
75,000
|
|
1,127,250
|
|
|
4,952,902
|
Health Care Services - 2.0%
|
DaVita, Inc. (a)
|
20,400
|
|
1,080,384
|
Diagnosticos Da America SA (a)
|
6,000
|
|
117,197
|
Health Grades, Inc. (a)
|
20,300
|
|
90,800
|
HealthExtras, Inc. (a)
|
5,000
|
|
150,200
|
Healthways, Inc. (a)
|
22,700
|
|
1,206,278
|
HMS Holdings Corp. (a)
|
22,100
|
|
213,044
|
I-trax, Inc. (a)
|
10,000
|
|
31,900
|
LHC Group, Inc.
|
100
|
|
1,849
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
|
Health Care Services - continued
|
Medco Health Solutions, Inc. (a)
|
2,400
|
|
$ 129,360
|
QMed, Inc. (a)
|
10,000
|
|
53,600
|
ResCare, Inc. (a)
|
13,000
|
|
258,050
|
|
|
3,332,662
|
Managed Health Care - 0.6%
|
Humana, Inc. (a)
|
18,600
|
|
941,718
|
TOTAL HEALTH CARE PROVIDERS & SERVICES
|
|
17,676,602
|
HEALTH CARE TECHNOLOGY - 1.7%
|
Healthcare Technology - 1.7%
|
Emdeon Corp. (a)
|
12,948
|
|
150,326
|
Systems Xcellence, Inc. (a)
|
680,500
|
|
2,731,269
|
|
|
2,881,595
|
INTERNET & CATALOG RETAIL - 3.3%
|
Internet Retail - 3.3%
|
NutriSystem, Inc. (a)(d)
|
82,400
|
|
5,596,608
|
LIFE SCIENCES TOOLS & SERVICES - 0.1%
|
Life Science Tools & Services - 0.1%
|
Applera Corp. - Celera Genomics Group (a)
|
1,000
|
|
11,200
|
Exelixis, Inc. (a)
|
12,300
|
|
133,455
|
|
|
144,655
|
PERSONAL PRODUCTS - 0.4%
|
Personal Products - 0.4%
|
Herbalife Ltd. (a)
|
15,900
|
|
624,075
|
PHARMACEUTICALS - 69.5%
|
Pharmaceuticals - 69.5%
|
Adams Respiratory Therapeutics, Inc.
|
5,800
|
|
268,424
|
Adolor Corp. (a)
|
1,000
|
|
23,370
|
Allergan, Inc.
|
32,650
|
|
3,095,873
|
Altana AG
|
5,970
|
|
353,358
|
Altana AG sponsored ADR
|
8,600
|
|
512,904
|
Astellas Pharma, Inc.
|
119,700
|
|
4,735,464
|
AstraZeneca PLC sponsored ADR
|
129,830
|
|
6,873,200
|
AVANIR Pharmaceuticals Class A (a)
|
250
|
|
2,448
|
Barr Pharmaceuticals, Inc. (a)
|
22,250
|
|
1,172,575
|
Barrier Therapeutics, Inc. (a)(d)
|
115,100
|
|
681,392
|
Biovail Corp.
|
23,910
|
|
589,255
|
Bristol-Myers Squibb Co.
|
82,000
|
|
2,013,100
|
Chugai Pharmaceutical Co. Ltd.
|
15,900
|
|
345,962
|
Cipla Ltd. GDR (a)(e)
|
120,000
|
|
593,531
|
Collagenex Pharmaceuticals, Inc. (a)
|
23,000
|
|
286,120
|
|
|
Shares
|
|
Value
|
Cypress Bioscience, Inc. (a)
|
25,000
|
|
$ 172,250
|
Daiichi Sankyo Co. Ltd.
|
44,400
|
|
1,221,575
|
Eisai Co. Ltd.
|
18,600
|
|
851,229
|
Elan Corp. PLC sponsored ADR (a)
|
75,000
|
|
1,410,750
|
Eli Lilly & Co.
|
25,200
|
|
1,301,328
|
Endo Pharmaceuticals Holdings, Inc. (a)
|
30,700
|
|
900,738
|
First Horizon Pharmaceutical Corp. (a)
|
57,000
|
|
1,203,270
|
Forest Laboratories, Inc. (a)
|
65,620
|
|
2,459,438
|
GlaxoSmithKline PLC sponsored ADR
|
52,700
|
|
2,914,310
|
H. Lundbeck AS (d)
|
26,280
|
|
578,099
|
Hi-Tech Pharmacal Co., Inc. (a)
|
4,650
|
|
92,163
|
Ipsen SA
|
4,200
|
|
177,644
|
Johnson & Johnson
|
139,300
|
|
8,388,646
|
King Pharmaceuticals, Inc. (a)
|
300
|
|
5,334
|
Kos Pharmaceuticals, Inc. (a)
|
4,000
|
|
171,640
|
Mayne Pharma Ltd. (a)
|
241,100
|
|
486,065
|
Medicines Co. (a)
|
36,700
|
|
678,950
|
Medicis Pharmaceutical Corp. Class A
|
9,800
|
|
292,236
|
Merck & Co., Inc.
|
334,100
|
|
11,122,188
|
Merck KGaA
|
4,020
|
|
412,710
|
MGI Pharma, Inc. (a)
|
15,700
|
|
282,757
|
Mylan Laboratories, Inc.
|
11,547
|
|
241,448
|
New River Pharmaceuticals, Inc. (a)
|
68,800
|
|
2,029,600
|
Novartis AG sponsored ADR
|
183,840
|
|
10,199,443
|
Novo Nordisk AS:
|
|
|
|
Series B
|
17,650
|
|
1,091,978
|
Series B sponsored ADR
|
26,400
|
|
1,640,760
|
Penwest Pharmaceuticals Co. (a)(d)
|
53,200
|
|
1,028,888
|
Perrigo Co.
|
170
|
|
2,859
|
Pfizer, Inc.
|
435,400
|
|
10,301,564
|
Pliva D.D. GDR
|
30,000
|
|
629,100
|
Recordati Spa
|
26,800
|
|
216,299
|
Roche Holding AG (participation certificate)
|
29,731
|
|
4,629,188
|
Sanofi-Aventis
|
100
|
|
9,454
|
Sanofi-Aventis sponsored ADR (d)
|
74,156
|
|
3,505,354
|
Schering AG
|
20,400
|
|
2,228,700
|
Schering-Plough Corp.
|
102,490
|
|
1,953,459
|
Shionogi & Co. Ltd.
|
66,000
|
|
1,201,668
|
Sinclair Pharma PLC (a)
|
60,000
|
|
127,911
|
Strides Arcolab Ltd.
|
20,000
|
|
115,754
|
Takeda Pharamaceutical Co. Ltd.
|
77,800
|
|
5,078,459
|
Teva Pharmaceutical Industries Ltd. sponsored ADR
|
145,301
|
|
5,290,409
|
Valeant Pharmaceuticals International
|
15,100
|
|
259,720
|
Watson Pharmaceuticals, Inc. (a)
|
100
|
|
2,533
|
Wyeth
|
190,820
|
|
8,728,107
|
|
|
117,182,951
|
TOTAL COMMON STOCKS
(Cost $162,019,888)
|
168,287,094
|
Money Market Funds - 7.0%
|
|
Shares
|
|
Value
|
Fidelity Cash Central Fund, 5.03% (b)
|
828,158
|
|
$ 828,158
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
10,948,225
|
|
10,948,225
|
TOTAL MONEY MARKET FUNDS
(Cost $11,776,383)
|
11,776,383
|
TOTAL INVESTMENT PORTFOLIO - 106.8%
(Cost $173,796,271)
|
180,063,477
|
NET OTHER ASSETS - (6.8)%
|
(11,421,872)
|
NET ASSETS - 100%
|
$ 168,641,605
|
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.
|
(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 period end, the value of these securities amounted to $593,531 or 0.4% 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 $64,835 or 0.0% of net assets.
|
Additional information on each holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost
|
Inverness Medical Innovations, Inc.
|
2/8/06
|
$ 60,952
|
Affiliated Central Funds
|
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 14,174
|
Fidelity Securities Lending Cash Central Fund
|
46,061
|
Total
|
$ 60,235
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $174,379,941. Net unrealized appreciation aggregated $5,683,536,
of which $14,780,195 related to appreciated investment securities and $9,096,659 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Insurance Portfolio
May 31, 2006
1.802178.102
PRC-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.7%
|
|
Shares
|
|
Value
|
CAPITAL MARKETS - 0.2%
|
Asset Management & Custody Banks - 0.2%
|
Ameriprise Financial, Inc.
|
7,400
|
|
$ 338,698
|
DIVERSIFIED FINANCIAL SERVICES - 0.3%
|
Multi-Sector Holdings - 0.3%
|
Leucadia National Corp.
|
10,500
|
|
672,420
|
HEALTH CARE PROVIDERS & SERVICES - 3.8%
|
Managed Health Care - 3.8%
|
Aetna, Inc.
|
12,600
|
|
484,596
|
Health Net, Inc. (a)
|
7,500
|
|
322,650
|
UnitedHealth Group, Inc.
|
145,000
|
|
6,374,200
|
|
|
7,181,446
|
INSURANCE - 93.1%
|
Insurance Brokers - 4.5%
|
Aon Corp.
|
47,700
|
|
1,700,505
|
Brown & Brown, Inc.
|
13,600
|
|
414,392
|
Hilb Rogal & Hobbs Co.
|
10,000
|
|
389,100
|
Marsh & McLennan Companies, Inc.
|
40,800
|
|
1,143,624
|
National Financial Partners Corp.
|
19,300
|
|
865,605
|
USI Holdings Corp. (a)
|
95,200
|
|
1,311,856
|
Willis Group Holdings Ltd.
|
76,100
|
|
2,644,475
|
|
|
8,469,557
|
Life & Health Insurance - 20.7%
|
AFLAC, Inc.
|
192,500
|
|
9,009,000
|
American Equity Investment
Life Holding Co.
|
20,200
|
|
263,610
|
Lincoln National Corp.
|
105,229
|
|
5,911,765
|
Manulife Financial Corp.
|
81,822
|
|
2,693,346
|
MetLife, Inc.
|
201,600
|
|
10,376,352
|
Protective Life Corp.
|
13,600
|
|
602,752
|
Prudential Financial, Inc.
|
112,700
|
|
8,582,105
|
Shin Kong Financial Holding Co. Ltd.
|
378,000
|
|
386,272
|
StanCorp Financial Group, Inc.
|
20,500
|
|
1,000,810
|
Universal American Financial Corp. (a)
|
27,300
|
|
381,927
|
|
|
39,207,939
|
Multi-Line Insurance - 19.7%
|
American Financial Group, Inc., Ohio
|
28,200
|
|
1,188,912
|
American International Group, Inc.
|
291,700
|
|
17,735,357
|
Assurant, Inc.
|
36,800
|
|
1,798,784
|
Genworth Financial, Inc. Class A (non-vtg.)
|
108,100
|
|
3,620,269
|
Hartford Financial Services Group, Inc.
|
128,000
|
|
11,256,320
|
HCC Insurance Holdings, Inc.
|
50,000
|
|
1,534,500
|
|
|
37,134,142
|
Property & Casualty Insurance - 34.7%
|
ACE Ltd.
|
230,149
|
|
11,914,814
|
Admiral Group PLC
|
61,500
|
|
724,551
|
Alleghany Corp.
|
1,572
|
|
443,776
|
|
|
Shares
|
|
Value
|
Allstate Corp.
|
135,200
|
|
$ 7,437,352
|
AMBAC Financial Group, Inc.
|
19,750
|
|
1,582,963
|
Aspen Insurance Holdings Ltd.
|
163,600
|
|
3,545,212
|
Axis Capital Holdings Ltd.
|
73,800
|
|
1,933,560
|
Berkshire Hathaway, Inc. Class A (a)
|
9
|
|
830,610
|
Catlin Group Ltd.
|
155,100
|
|
1,218,188
|
Fidelity National Financial, Inc.
|
26,984
|
|
1,119,566
|
Fidelity National Title Group, Inc.
Class A (d)
|
30,302
|
|
661,796
|
Markel Corp. (a)
|
3,100
|
|
1,047,025
|
MBIA, Inc.
|
57,200
|
|
3,267,836
|
Navigators Group, Inc. (a)
|
21,100
|
|
869,742
|
Old Republic International Corp.
|
82,325
|
|
1,759,285
|
Philadelphia Consolidated Holdings Corp. (a)
|
19,200
|
|
636,480
|
RLI Corp.
|
20,300
|
|
960,190
|
Specialty Underwriters' Alliance, Inc. (a)
|
83,500
|
|
565,295
|
The Chubb Corp.
|
92,958
|
|
4,697,168
|
The St. Paul Travelers Companies, Inc.
|
238,291
|
|
10,489,570
|
United America Indemnity Ltd.
Class A (a)
|
48,500
|
|
1,102,405
|
W.R. Berkley Corp.
|
151,743
|
|
5,215,407
|
XL Capital Ltd. Class A
|
54,900
|
|
3,474,072
|
|
|
65,496,863
|
Reinsurance - 13.5%
|
Arch Capital Group Ltd. (a)
|
18,000
|
|
1,033,200
|
Benfield Group PLC
|
55,700
|
|
376,545
|
Endurance Specialty Holdings Ltd.
|
198,200
|
|
6,055,010
|
Everest Re Group Ltd.
|
38,800
|
|
3,466,780
|
IPC Holdings Ltd.
|
20,700
|
|
504,666
|
Max Re Capital Ltd.
|
36,600
|
|
878,400
|
Montpelier Re Holdings Ltd.
|
24,500
|
|
381,710
|
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)
|
8,100
|
|
1,097,872
|
PartnerRe Ltd.
|
44,500
|
|
2,733,190
|
Platinum Underwriters Holdings Ltd.
|
148,825
|
|
4,009,346
|
RAM Holdings Ltd.
|
23,000
|
|
296,700
|
Reinsurance Group of America, Inc.
|
32,500
|
|
1,542,125
|
Scottish Re Group Ltd.
|
101,500
|
|
1,971,130
|
Swiss Reinsurance Co. (Reg.)
|
13,909
|
|
977,803
|
Transatlantic Holdings, Inc.
|
4,862
|
|
279,565
|
|
|
25,604,042
|
TOTAL INSURANCE
|
|
175,912,543
|
THRIFTS & MORTGAGE FINANCE - 2.3%
|
Thrifts & Mortgage Finance - 2.3%
|
MGIC Investment Corp.
|
30,500
|
|
2,009,035
|
Radian Group, Inc.
|
20,400
|
|
1,246,848
|
The PMI Group, Inc.
|
23,000
|
|
1,046,500
|
|
|
4,302,383
|
TOTAL COMMON STOCKS
(Cost $147,768,695)
|
188,407,490
|
Money Market Funds - 0.4%
|
|
Shares
|
|
Value
|
Fidelity Cash Central Fund, 5.03% (b)
|
93,018
|
|
$ 93,018
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
640,700
|
|
640,700
|
TOTAL MONEY MARKET FUNDS
(Cost $733,718)
|
733,718
|
TOTAL INVESTMENT PORTFOLIO - 100.1%
(Cost $148,502,413)
|
189,141,208
|
NET OTHER ASSETS - (0.1)%
|
|
(167,494)
|
NET ASSETS - 100%
|
$ 188,973,714
|
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.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 6,788
|
Fidelity Securities Lending Cash Central Fund
|
2,140
|
Total
|
$ 8,928
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $149,160,055. Net unrealized appreciation aggregated $39,981,153,
of which $44,505,078 related to appreciated investment securities and $4,523,925 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Retailing Portfolio
May 31, 2006
1.802188.102
RET-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.7%
|
|
Shares
|
|
Value
|
DIVERSIFIED CONSUMER SERVICES - 0.3%
|
Specialized Consumer Services - 0.3%
|
Sothebys Holdings, Inc. Class A
(ltd. vtg.) (a)
|
7,400
|
|
$ 197,950
|
FOOD & STAPLES RETAILING - 15.1%
|
Drug Retail - 5.9%
|
CVS Corp.
|
78,500
|
|
2,190,150
|
Rite Aid Corp. (a)
|
30,000
|
|
141,000
|
Walgreen Co.
|
31,000
|
|
1,258,600
|
|
|
3,589,750
|
Food Retail - 1.3%
|
Safeway, Inc.
|
11,000
|
|
259,380
|
Whole Foods Market, Inc.
|
5,000
|
|
325,000
|
Wild Oats Markets, Inc. (a)
|
10,000
|
|
159,500
|
|
|
743,880
|
Hypermarkets & Super Centers - 7.9%
|
BJ's Wholesale Club, Inc. (a)
|
5,700
|
|
168,150
|
Costco Wholesale Corp.
|
17,300
|
|
915,689
|
Wal-Mart de Mexico SA de CV Series V
|
123,911
|
|
324,054
|
Wal-Mart Stores, Inc.
|
70,000
|
|
3,391,500
|
|
|
4,799,393
|
TOTAL FOOD & STAPLES RETAILING
|
|
9,133,023
|
HOTELS, RESTAURANTS & LEISURE - 9.0%
|
Restaurants - 9.0%
|
Buffalo Wild Wings, Inc. (a)
|
5,000
|
|
196,300
|
Burger King Holdings, Inc.
|
8,800
|
|
164,560
|
Cosi, Inc. (a)
|
41,700
|
|
339,021
|
Domino's Pizza, Inc.
|
3,600
|
|
85,248
|
McDonald's Corp.
|
55,000
|
|
1,824,350
|
OSI Restaurant Partners, Inc.
|
4,500
|
|
165,060
|
Panera Bread Co. Class A (a)
|
4,600
|
|
297,896
|
Red Robin Gourmet Burgers, Inc. (a)
|
8,000
|
|
335,600
|
Starbucks Corp. (a)(d)
|
30,000
|
|
1,069,500
|
Wendy's International, Inc.
|
15,000
|
|
904,200
|
Yum! Brands, Inc.
|
800
|
|
40,320
|
|
|
5,422,055
|
INTERNET & CATALOG RETAIL - 2.6%
|
Catalog Retail - 2.0%
|
Coldwater Creek, Inc. (a)
|
46,500
|
|
1,195,050
|
Internet Retail - 0.6%
|
Amazon.com, Inc. (a)
|
1,100
|
|
38,071
|
Blue Nile, Inc. (a)(d)
|
11,700
|
|
349,830
|
|
|
387,901
|
TOTAL INTERNET & CATALOG RETAIL
|
|
1,582,951
|
|
|
Shares
|
|
Value
|
INTERNET SOFTWARE & SERVICES - 4.1%
|
Internet Software & Services - 4.1%
|
eBay, Inc. (a)
|
76,000
|
|
$ 2,493,560
|
MULTILINE RETAIL - 23.9%
|
Department Stores - 18.1%
|
Federated Department Stores, Inc.
|
57,000
|
|
4,151,310
|
JCPenney Co., Inc.
|
27,000
|
|
1,640,520
|
KarstadtQuelle AG (a)(d)
|
16,000
|
|
445,211
|
Kohl's Corp. (a)
|
22,000
|
|
1,181,180
|
Nordstrom, Inc.
|
36,000
|
|
1,325,880
|
Saks, Inc.
|
44,500
|
|
714,225
|
Sears Holdings Corp. (a)
|
9,864
|
|
1,498,046
|
|
|
10,956,372
|
General Merchandise Stores - 5.8%
|
Family Dollar Stores, Inc.
|
9,000
|
|
224,820
|
Target Corp.
|
67,500
|
|
3,302,100
|
|
|
3,526,920
|
TOTAL MULTILINE RETAIL
|
|
14,483,292
|
SPECIALTY RETAIL - 38.2%
|
Apparel Retail - 19.7%
|
Abercrombie & Fitch Co. Class A
|
13,000
|
|
752,050
|
Aeropostale, Inc. (a)
|
19,000
|
|
470,060
|
American Eagle Outfitters, Inc.
|
5,000
|
|
163,250
|
AnnTaylor Stores Corp. (a)
|
8,000
|
|
307,680
|
Casual Male Retail Group, Inc. (a)
|
70,000
|
|
682,500
|
Charlotte Russe Holding, Inc. (a)
|
42,000
|
|
891,660
|
Chico's FAS, Inc. (a)
|
16,000
|
|
479,520
|
Christopher & Banks Corp.
|
12,000
|
|
323,280
|
Eddie Bauer Holdings, Inc. (a)
|
10,000
|
|
150,000
|
Gymboree Corp. (a)
|
56,000
|
|
1,981,840
|
Hot Topic, Inc. (a)
|
16,100
|
|
222,824
|
Limited Brands, Inc.
|
38,000
|
|
1,032,080
|
Pacific Sunwear of California, Inc. (a)
|
6,000
|
|
131,700
|
Ross Stores, Inc.
|
13,400
|
|
378,550
|
The Children's Place Retail Stores, Inc. (a)
|
4,000
|
|
232,680
|
The Men's Wearhouse, Inc.
|
5,000
|
|
169,350
|
TJX Companies, Inc.
|
48,000
|
|
1,138,080
|
Too, Inc. (a)
|
33,500
|
|
1,373,500
|
Urban Outfitters, Inc. (a)
|
16,000
|
|
297,120
|
Wet Seal, Inc. Class A (a)(d)
|
22,000
|
|
100,100
|
Zumiez, Inc.
|
20,300
|
|
681,877
|
|
|
11,959,701
|
Automotive Retail - 1.0%
|
Asbury Automotive Group, Inc. (a)
|
5,000
|
|
104,300
|
AutoZone, Inc. (a)
|
5,600
|
|
508,088
|
|
|
612,388
|
Computer & Electronics Retail - 6.8%
|
Best Buy Co., Inc. (d)
|
38,500
|
|
2,040,500
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
SPECIALTY RETAIL - CONTINUED
|
Computer & Electronics Retail - continued
|
Circuit City Stores, Inc.
|
48,000
|
|
$ 1,442,400
|
Gamestop Corp. Class A (a)
|
14,563
|
|
625,335
|
|
|
4,108,235
|
Home Improvement Retail - 4.0%
|
Home Depot, Inc.
|
32,500
|
|
1,238,900
|
Lowe's Companies, Inc. (d)
|
18,500
|
|
1,152,180
|
|
|
2,391,080
|
Homefurnishing Retail - 0.1%
|
Pier 1 Imports, Inc.
|
10,000
|
|
84,900
|
Specialty Stores - 6.6%
|
Office Depot, Inc. (a)
|
44,000
|
|
1,829,080
|
OfficeMax, Inc.
|
11,000
|
|
454,630
|
Staples, Inc.
|
52,500
|
|
1,233,225
|
Tiffany & Co., Inc.
|
14,000
|
|
478,660
|
|
|
3,995,595
|
TOTAL SPECIALTY RETAIL
|
|
23,151,899
|
TEXTILES, APPAREL & LUXURY GOODS - 6.5%
|
Apparel, Accessories & Luxury Goods - 3.0%
|
Carter's, Inc. (a)
|
8,500
|
|
496,740
|
Coach, Inc. (a)
|
16,000
|
|
465,280
|
Liz Claiborne, Inc.
|
3,000
|
|
116,010
|
Polo Ralph Lauren Corp. Class A
|
12,400
|
|
700,600
|
Volcom, Inc.
|
1,800
|
|
57,726
|
|
|
1,836,356
|
Footwear - 3.5%
|
Deckers Outdoor Corp. (a)(d)
|
55,000
|
|
1,950,300
|
Iconix Brand Group, Inc. (a)
|
10,000
|
|
159,700
|
|
|
2,110,000
|
TOTAL TEXTILES, APPAREL & LUXURY GOODS
|
|
3,946,356
|
TOTAL COMMON STOCKS
(Cost $48,865,949)
|
60,411,086
|
Money Market Funds - 11.2%
|
|
Shares
|
|
Value
|
Fidelity Cash Central Fund, 5.03% (b)
|
15,077
|
|
$ 15,077
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
6,762,325
|
|
6,762,325
|
TOTAL MONEY MARKET FUNDS
(Cost $6,777,402)
|
6,777,402
|
TOTAL INVESTMENT PORTFOLIO - 110.9%
(Cost $55,643,351)
|
67,188,488
|
NET OTHER ASSETS - (10.9)%
|
(6,618,982)
|
NET ASSETS - 100%
|
$ 60,569,506
|
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.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 6,453
|
Fidelity Securities Lending Cash Central Fund
|
23,708
|
Total
|
$ 30,161
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $55,927,407. Net unrealized appreciation aggregated $11,261,081,
of which $12,897,501 related to appreciated investment securities and $1,636,420 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Home Finance Portfolio
May 31, 2006
1.802175.102
SAV-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.9%
|
|
Shares
|
|
Value
|
COMMERCIAL BANKS - 18.4%
|
Diversified Banks - 2.5%
|
Wells Fargo & Co.
|
111,000
|
|
$ 7,367,070
|
Regional Banks - 15.9%
|
Center Financial Corp., California
|
29,788
|
|
694,954
|
Colonial Bancgroup, Inc.
|
310,600
|
|
8,280,596
|
East West Bancorp, Inc.
|
25,600
|
|
1,022,720
|
EuroBancshares, Inc. (a)
|
43,200
|
|
426,384
|
Nara Bancorp, Inc.
|
27,200
|
|
527,680
|
North Fork Bancorp, Inc., New York
|
385,659
|
|
11,365,371
|
PNC Financial Services Group, Inc.
|
170,800
|
|
11,769,828
|
TCF Financial Corp.
|
104,600
|
|
2,792,820
|
TD Banknorth, Inc.
|
283,675
|
|
8,124,452
|
UCBH Holdings, Inc.
|
59,144
|
|
1,045,666
|
|
|
46,050,471
|
TOTAL COMMERCIAL BANKS
|
|
53,417,541
|
DIVERSIFIED FINANCIAL SERVICES - 4.5%
|
Other Diversifed Financial Services - 4.5%
|
JPMorgan Chase & Co.
|
305,600
|
|
13,030,784
|
INSURANCE - 13.3%
|
Multi-Line Insurance - 2.9%
|
Genworth Financial, Inc. Class A (non-vtg.)
|
248,135
|
|
8,310,041
|
Property & Casualty Insurance - 10.4%
|
Fidelity National Financial, Inc.
|
256,266
|
|
10,632,476
|
First American Corp., California
|
195,100
|
|
8,188,347
|
Old Republic International Corp.
|
533,275
|
|
11,396,087
|
|
|
30,216,910
|
TOTAL INSURANCE
|
|
38,526,951
|
INTERNET SOFTWARE & SERVICES - 0.1%
|
Internet Software & Services - 0.1%
|
Homestore, Inc. (a)
|
71,659
|
|
427,088
|
REAL ESTATE INVESTMENT TRUSTS - 1.3%
|
Mortgage REITs - 0.7%
|
CapitalSource, Inc.
|
80,613
|
|
1,890,375
|
Origen Financial, Inc.
|
44,400
|
|
276,168
|
|
|
2,166,543
|
Office REITs - 0.6%
|
American Financial Realty Trust (SBI)
|
179,100
|
|
1,773,090
|
TOTAL REAL ESTATE INVESTMENT TRUSTS
|
|
3,939,633
|
THRIFTS & MORTGAGE FINANCE - 56.3%
|
Thrifts & Mortgage Finance - 56.3%
|
Astoria Financial Corp.
|
180,600
|
|
5,464,956
|
BankAtlantic Bancorp, Inc. Class A (non-vtg.)
|
46,400
|
|
682,080
|
|
|
Shares
|
|
Value
|
Capitol Federal Financial
|
83,400
|
|
$ 2,716,338
|
Clayton Holdings, Inc.
|
69,774
|
|
980,325
|
Countrywide Financial Corp.
|
529,300
|
|
20,261,603
|
Dime Community Bancshares, Inc.
|
30,500
|
|
431,270
|
Doral Financial Corp. (d)
|
250,892
|
|
1,891,726
|
Downey Financial Corp.
|
4,300
|
|
292,830
|
Fannie Mae
|
339,700
|
|
16,900,075
|
FirstFed Financial Corp., Delaware (a)
|
9,700
|
|
561,048
|
Freddie Mac
|
255,400
|
|
15,334,216
|
Golden West Financial Corp., Delaware
|
211,000
|
|
15,424,100
|
Independence Community Bank Corp.
|
179,582
|
|
7,538,852
|
IndyMac Bancorp, Inc.
|
600
|
|
27,540
|
MGIC Investment Corp. (d)
|
177,200
|
|
11,672,164
|
New York Community Bancorp, Inc.
|
454,337
|
|
7,569,254
|
People's Bank, Connecticut
|
212,800
|
|
7,005,376
|
Radian Group, Inc.
|
212,400
|
|
12,981,888
|
Sovereign Bancorp, Inc.
|
550,699
|
|
12,280,588
|
The PMI Group, Inc.
|
111,657
|
|
5,080,394
|
Triad Guaranty, Inc. (a)
|
16,400
|
|
887,732
|
Washington Federal, Inc.
|
170,462
|
|
3,910,398
|
Washington Mutual, Inc. (d)
|
192,700
|
|
8,846,857
|
Webster Financial Corp.
|
97,900
|
|
4,747,171
|
|
163,488,781
|
TOTAL COMMON STOCKS
(Cost $205,943,631)
|
272,830,778
|
Money Market Funds - 12.3%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
14,746,402
|
|
14,746,402
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
21,022,750
|
|
21,022,750
|
TOTAL MONEY MARKET FUNDS
(Cost $35,769,152)
|
35,769,152
|
TOTAL INVESTMENT PORTFOLIO - 106.2%
(Cost $241,712,783)
|
308,599,930
|
NET OTHER ASSETS - (6.2)%
|
(18,104,255)
|
NET ASSETS - 100%
|
$ 290,495,675
|
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.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 112,880
|
Fidelity Securities Lending Cash Central Fund
|
7,333
|
Total
|
$ 120,213
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $244,051,717. Net unrealized appreciation aggregated $64,548,213,
of which $73,001,643 related to appreciated investment securities and $8,453,430 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Software and
Computer Services Portfolio
May 31, 2006
1.802189.102
SOF-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.9%
|
|
Shares
|
|
Value
|
CAPITAL MARKETS - 1.3%
|
Asset Management & Custody Banks - 1.3%
|
Aberdeen Asset Management PLC
|
2,225,000
|
|
$ 6,865,421
|
COMMERCIAL SERVICES & SUPPLIES - 1.1%
|
Human Resource & Employment Services - 1.1%
|
Taleo Corp. Class A
|
465,641
|
|
5,541,128
|
COMMUNICATIONS EQUIPMENT - 0.9%
|
Communications Equipment - 0.9%
|
Comverse Technology, Inc. (a)
|
200,000
|
|
4,504,000
|
COMPUTERS & PERIPHERALS - 4.8%
|
Computer Hardware - 1.8%
|
Acer, Inc.
|
253,000
|
|
410,524
|
Cray, Inc. (a)
|
927,090
|
|
1,724,387
|
International Business Machines Corp.
|
1,000
|
|
79,900
|
Sun Microsystems, Inc. (a)
|
1,553,700
|
|
7,240,242
|
|
|
9,455,053
|
Computer Storage & Peripherals - 3.0%
|
ActivIdentity Corp. (a)
|
1,929,700
|
|
8,201,225
|
Rackable Systems, Inc.
|
97,400
|
|
3,692,434
|
Xyratex Ltd. (a)
|
145,000
|
|
3,897,600
|
|
|
15,791,259
|
TOTAL COMPUTERS & PERIPHERALS
|
|
25,246,312
|
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.1%
|
Electronic Equipment & Instruments - 0.4%
|
National Instruments Corp.
|
83,900
|
|
2,350,039
|
Technology Distributors - 0.7%
|
CDW Corp.
|
60,900
|
|
3,406,137
|
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS
|
|
5,756,176
|
HEALTH CARE TECHNOLOGY - 0.9%
|
Healthcare Technology - 0.9%
|
IMS Health, Inc.
|
175,200
|
|
4,726,896
|
INTERNET & CATALOG RETAIL - 0.5%
|
Internet Retail - 0.5%
|
Expedia, Inc. (a)
|
195,100
|
|
2,772,371
|
INTERNET SOFTWARE & SERVICES - 18.5%
|
Internet Software & Services - 18.5%
|
Google, Inc. Class A (sub. vtg.) (a)
|
150,800
|
|
56,070,456
|
Interwoven, Inc. (a)
|
111,200
|
|
1,020,816
|
Supportsoft, Inc. (a)
|
120,187
|
|
468,729
|
Traffic.com, Inc.
|
153,600
|
|
755,712
|
VeriSign, Inc. (a)
|
195,500
|
|
4,388,975
|
Vitria Technology, Inc. (a)(e)
|
2,091,663
|
|
5,626,573
|
Yahoo!, Inc. (a)
|
918,700
|
|
29,021,733
|
|
|
97,352,994
|
|
|
Shares
|
|
Value
|
IT SERVICES - 10.3%
|
Data Processing & Outsourced Services - 6.5%
|
Affiliated Computer Services, Inc.
Class A (a)
|
337,800
|
|
$ 16,862,976
|
First Data Corp.
|
130,000
|
|
5,994,300
|
The BISYS Group, Inc. (a)
|
607,000
|
|
8,953,250
|
VeriFone Holdings, Inc. (a)
|
75,000
|
|
2,373,000
|
|
|
34,183,526
|
IT Consulting & Other Services - 3.8%
|
HCL Technologies Ltd.
|
207,287
|
|
2,257,080
|
Infosys Technologies Ltd. sponsored ADR
|
144,900
|
|
10,229,940
|
Kanbay International, Inc. (a)
|
520,611
|
|
7,200,050
|
|
|
19,687,070
|
TOTAL IT SERVICES
|
|
53,870,596
|
SOFTWARE - 54.4%
|
Application Software - 17.2%
|
Altiris, Inc. (a)
|
8,900
|
|
155,305
|
Ansys, Inc. (a)
|
90,000
|
|
4,539,600
|
Autodesk, Inc. (a)
|
50,000
|
|
1,819,500
|
BEA Systems, Inc. (a)
|
1,507,600
|
|
20,443,056
|
FileNET Corp. (a)
|
822,886
|
|
21,436,180
|
Hyperion Solutions Corp. (a)
|
204,200
|
|
5,862,582
|
Informatica Corp. (a)
|
539,600
|
|
7,586,776
|
Mercury Interactive Corp. (a)
|
95,000
|
|
3,363,000
|
NAVTEQ Corp. (a)
|
87,300
|
|
3,644,775
|
Ninetowns Digital World Trade Ltd. sponsored ADR (a)
|
380,300
|
|
1,935,727
|
Parametric Technology Corp. (a)
|
515,000
|
|
6,870,100
|
Quest Software, Inc. (a)
|
500,000
|
|
6,940,000
|
SAP AG sponsored ADR
|
4,200
|
|
221,046
|
SPSS, Inc. (a)
|
1,400
|
|
51,800
|
TIBCO Software, Inc. (a)
|
600,000
|
|
4,602,000
|
Verint Systems, Inc. (a)
|
28,010
|
|
909,205
|
|
|
90,380,652
|
Home Entertainment Software - 8.0%
|
Electronic Arts, Inc. (a)
|
300,000
|
|
12,621,000
|
Nintendo Co. Ltd.
|
155,200
|
|
26,317,771
|
The9 Ltd. sponsored ADR (a)
|
35,000
|
|
976,150
|
Ubisoft Entertainment SA (a)(d)
|
40,000
|
|
2,051,745
|
|
|
41,966,666
|
Systems Software - 29.2%
|
Check Point Software Technologies Ltd. (a)
|
253,200
|
|
4,891,824
|
Microsoft Corp.
|
1,464,600
|
|
33,173,190
|
Moldflow Corp. (a)
|
44,100
|
|
572,859
|
Oracle Corp. (a)
|
1,837,900
|
|
26,134,938
|
Protect Data AB
|
180,000
|
|
2,789,713
|
Symantec Corp. (a)
|
4,413,471
|
|
68,850,150
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
SOFTWARE - CONTINUED
|
Systems Software - continued
|
Utimaco Safeware AG (a)
|
670,000
|
|
$ 8,338,356
|
WatchGuard Technologies, Inc. (a)(e)
|
1,866,312
|
|
8,920,971
|
|
|
153,672,001
|
TOTAL SOFTWARE
|
|
286,019,319
|
SPECIALTY RETAIL - 2.1%
|
Computer & Electronics Retail - 2.1%
|
Circuit City Stores, Inc.
|
212,800
|
|
6,394,640
|
RadioShack Corp.
|
271,700
|
|
4,569,994
|
|
|
10,964,634
|
TOTAL COMMON STOCKS
(Cost $541,367,386)
|
503,619,847
|
Money Market Funds - 8.7%
|
|
Shares
|
|
Value
|
Fidelity Cash Central Fund, 5.03% (b)
|
21,474,566
|
$ 21,474,566
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
24,276,010
|
|
24,276,010
|
TOTAL MONEY MARKET FUNDS
(Cost $45,750,576)
|
45,750,576
|
TOTAL INVESTMENT PORTFOLIO - 104.6%
(Cost $587,117,962)
|
549,370,423
|
NET OTHER ASSETS - (4.6)%
|
(24,077,055)
|
NET ASSETS - 100%
|
$ 525,293,368
|
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.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 135,935
|
Fidelity Securities Lending Cash Central Fund
|
2,114
|
Total
|
$ 138,049
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $593,620,957. Net unrealized depreciation aggregated $44,250,534,
of which $47,817,530 related to appreciated investment securities and $92,068,064 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Technology Portfolio
May 31, 2006
1.802190.102
TEC-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.1%
|
|
Shares
|
|
Value
|
AUTO COMPONENTS - 0.4%
|
Auto Parts & Equipment - 0.4%
|
IMPCO Technologies, Inc. (a)
|
700,000
|
|
$ 7,483,000
|
COMMUNICATIONS EQUIPMENT - 11.9%
|
Communications Equipment - 11.9%
|
Alcatel SA sponsored ADR (a)
|
500,000
|
|
6,635,000
|
Arris Group, Inc. (a)
|
200,000
|
|
2,404,000
|
Cisco Systems, Inc. (a)
|
1,800,000
|
|
35,424,000
|
Comverse Technology, Inc. (a)
|
900,000
|
|
20,268,000
|
Corning, Inc. (a)
|
200,000
|
|
4,850,000
|
CSR PLC (a)
|
500,000
|
|
13,539,162
|
F5 Networks, Inc. (a)
|
100,000
|
|
4,852,000
|
ITF Optical Technologies, Inc.
Series A (a)(f)
|
65,118
|
|
1
|
Juniper Networks, Inc. (a)
|
1,150,000
|
|
18,319,500
|
Lucent Technologies, Inc. (a)
|
3,800,000
|
|
9,690,000
|
Motorola, Inc.
|
2,500,000
|
|
52,725,000
|
Nortel Networks Corp. (a)
|
3,500,000
|
|
8,324,327
|
QUALCOMM, Inc.
|
250,000
|
|
11,302,500
|
Research In Motion Ltd. (a)
|
150,000
|
|
9,726,872
|
Sandvine Corp. (e)
|
2,000,000
|
|
4,076,709
|
Tellabs, Inc. (a)
|
100,000
|
|
1,430,000
|
|
|
203,567,071
|
COMPUTERS & PERIPHERALS - 12.5%
|
Computer Hardware - 9.1%
|
Apple Computer, Inc. (a)
|
800,000
|
|
47,816,000
|
Dell, Inc. (a)
|
3,750,000
|
|
95,175,000
|
NCR Corp. (a)
|
100,000
|
|
3,908,000
|
Sun Microsystems, Inc. (a)
|
2,200,000
|
|
10,252,000
|
|
|
157,151,000
|
Computer Storage & Peripherals - 3.4%
|
EMC Corp. (a)
|
2,750,000
|
|
35,200,000
|
Network Appliance, Inc. (a)
|
250,000
|
|
8,000,000
|
Seagate Technology
|
500,000
|
|
11,675,000
|
TPV Technology Ltd.
|
3,000,000
|
|
2,938,883
|
|
|
57,813,883
|
TOTAL COMPUTERS & PERIPHERALS
|
|
214,964,883
|
DIVERSIFIED CONSUMER SERVICES - 0.6%
|
Education Services - 0.6%
|
Apollo Group, Inc. Class A (a)
|
200,000
|
|
10,462,000
|
DIVERSIFIED FINANCIAL SERVICES - 0.2%
|
Specialized Finance - 0.2%
|
NETeller PLC (a)
|
311,600
|
|
3,659,404
|
ELECTRICAL EQUIPMENT - 4.0%
|
Electrical Components & Equipment - 4.0%
|
Energy Conversion Devices, Inc. (a)
|
175,000
|
|
6,956,250
|
Evergreen Solar, Inc. (a)(d)
|
2,000,000
|
|
22,300,000
|
Hoku Scientific, Inc. (d)
|
49,200
|
|
218,448
|
Q-Cells AG
|
40,000
|
|
3,101,714
|
|
|
Shares
|
|
Value
|
SolarWorld AG (d)
|
100,000
|
|
$ 27,812,890
|
Suntech Power Holdings Co. Ltd. sponsored ADR
|
275,000
|
|
7,749,500
|
|
|
68,138,802
|
ELECTRONIC EQUIPMENT & INSTRUMENTS - 6.1%
|
Electronic Equipment & Instruments - 1.5%
|
Amphenol Corp. Class A
|
175,000
|
|
9,721,250
|
Motech Industries, Inc.
|
600,000
|
|
15,458,293
|
|
|
25,179,543
|
Electronic Manufacturing Services - 2.4%
|
Hon Hai Precision Industry Co. Ltd. (Foxconn)
|
5,999,971
|
|
38,273,953
|
Jabil Circuit, Inc.
|
100,000
|
|
3,482,000
|
|
|
41,755,953
|
Technology Distributors - 2.2%
|
Arrow Electronics, Inc. (a)
|
525,000
|
|
17,062,500
|
Avnet, Inc. (a)
|
500,000
|
|
11,040,000
|
CDW Corp.
|
175,000
|
|
9,787,750
|
|
|
37,890,250
|
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS
|
|
104,825,746
|
HOTELS, RESTAURANTS & LEISURE - 0.2%
|
Hotels, Resorts & Cruise Lines - 0.2%
|
eLong, Inc. sponsored ADR (a)
|
200,000
|
|
2,978,000
|
HOUSEHOLD DURABLES - 0.4%
|
Consumer Electronics - 0.4%
|
Directed Electronics, Inc.
|
250,000
|
|
3,450,000
|
Harman International Industries, Inc.
|
50,000
|
|
4,236,500
|
|
|
7,686,500
|
INTERNET & CATALOG RETAIL - 0.2%
|
Internet Retail - 0.2%
|
Expedia, Inc. (a)
|
250,000
|
|
3,552,500
|
INTERNET SOFTWARE & SERVICES - 14.9%
|
Internet Software & Services - 14.9%
|
aQuantive, Inc. (a)
|
100,000
|
|
2,479,000
|
CNET Networks, Inc. (a)
|
500,000
|
|
4,380,000
|
Digital Insight Corp. (a)
|
50,000
|
|
1,617,500
|
eBay, Inc. (a)(d)
|
3,000,000
|
|
98,430,000
|
Equinix, Inc. (a)
|
125,000
|
|
7,285,000
|
Google, Inc. Class A (sub. vtg.) (a)
|
330,000
|
|
122,700,600
|
Openwave Systems, Inc. (a)
|
300,010
|
|
4,242,141
|
Spark Networks PLC unit (a)
|
58,439
|
|
352,036
|
VeriSign, Inc. (a)
|
250,000
|
|
5,612,500
|
Yahoo!, Inc. (a)
|
250,000
|
|
7,897,500
|
|
|
254,996,277
|
IT SERVICES - 5.2%
|
Data Processing & Outsourced Services - 3.6%
|
Affiliated Computer Services, Inc.
Class A (a)
|
175,000
|
|
8,736,000
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
IT SERVICES - CONTINUED
|
Data Processing & Outsourced Services - continued
|
Alliance Data Systems Corp. (a)
|
50,000
|
|
$ 2,653,500
|
First Data Corp.
|
650,000
|
|
29,971,500
|
Hewitt Associates, Inc. Class A (a)
|
200,000
|
|
5,326,000
|
MoneyGram International, Inc.
|
100,000
|
|
3,498,000
|
Paychex, Inc.
|
325,000
|
|
11,930,750
|
|
|
62,115,750
|
IT Consulting & Other Services - 1.6%
|
Cognizant Technology Solutions Corp. Class A (a)
|
150,000
|
|
8,850,000
|
HCL Infosystems Ltd.
|
500,000
|
|
1,678,005
|
HCL Technologies Ltd.
|
250,000
|
|
2,722,168
|
Infosys Technologies Ltd.
|
150,000
|
|
9,426,142
|
Satyam Computer Services Ltd. sponsored ADR
|
150,000
|
|
4,825,500
|
|
|
27,501,815
|
TOTAL IT SERVICES
|
|
89,617,565
|
MEDIA - 0.2%
|
Movies & Entertainment - 0.1%
|
Playboy Enterprises, Inc. Class B (non-vtg.) (a)
|
130,000
|
|
1,253,200
|
Publishing - 0.1%
|
Getty Images, Inc. (a)
|
25,000
|
|
1,641,750
|
TOTAL MEDIA
|
|
2,894,950
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 28.5%
|
Semiconductor Equipment - 5.3%
|
Applied Materials, Inc.
|
1,500,000
|
|
25,365,000
|
ASML Holding NV (NY Shares) (a)
|
500,000
|
|
10,170,000
|
Cohu, Inc.
|
300,000
|
|
5,199,000
|
Cymer, Inc. (a)
|
50,000
|
|
2,319,500
|
KLA-Tencor Corp.
|
500,000
|
|
20,520,000
|
Lam Research Corp. (a)
|
125,000
|
|
5,598,750
|
MEMC Electronic Materials, Inc. (a)
|
500,000
|
|
17,510,000
|
Varian Semiconductor Equipment Associates, Inc. (a)
|
150,000
|
|
4,642,500
|
|
|
91,324,750
|
Semiconductors - 23.2%
|
Altera Corp. (a)
|
750,000
|
|
14,670,000
|
Analog Devices, Inc.
|
700,000
|
|
23,611,000
|
ARM Holdings PLC sponsored ADR
|
1,883,900
|
|
12,433,740
|
Broadcom Corp. Class A (a)
|
400,000
|
|
13,524,000
|
Ersol Solar Energy AG (d)
|
50,000
|
|
3,242,060
|
Exar Corp. (a)
|
200,000
|
|
2,640,000
|
Freescale Semiconductor, Inc.:
|
|
|
|
Class A (a)
|
200,000
|
|
6,166,000
|
Class B (a)
|
450,000
|
|
14,044,500
|
Intel Corp.
|
5,827,500
|
|
105,011,550
|
|
|
Shares
|
|
Value
|
Intersil Corp. Class A
|
200,000
|
|
$ 5,362,000
|
Linear Technology Corp.
|
600,000
|
|
20,250,000
|
LSI Logic Corp. (a)
|
500,000
|
|
4,865,000
|
Marvell Technology Group Ltd. (a)
|
568,900
|
|
27,119,463
|
Maxim Integrated Products, Inc.
|
1,000,000
|
|
30,730,000
|
National Semiconductor Corp.
|
1,050,000
|
|
26,964,000
|
Samsung Electronics Co. Ltd.
|
60,000
|
|
38,478,933
|
Silicon On Insulator Technologies SA (SOITEC) (a)
|
150,000
|
|
4,394,949
|
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
|
1,000,000
|
|
9,470,000
|
Texas Instruments, Inc.
|
500,000
|
|
15,615,000
|
Vimicro International Corp.
sponsored ADR
|
350,000
|
|
5,721,380
|
Xilinx, Inc.
|
500,000
|
|
13,000,000
|
|
|
397,313,575
|
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
|
|
488,638,325
|
SOFTWARE - 11.4%
|
Application Software - 2.5%
|
Adobe Systems, Inc. (a)
|
150,000
|
|
4,294,500
|
Agile Software Corp. (a)
|
250,000
|
|
1,647,500
|
Amdocs Ltd. (a)
|
200,000
|
|
7,494,000
|
Autodesk, Inc. (a)
|
150,000
|
|
5,458,500
|
BEA Systems, Inc. (a)
|
300,000
|
|
4,068,000
|
Blackboard, Inc. (a)
|
50,000
|
|
1,324,000
|
Cognos, Inc. (a)
|
150,000
|
|
4,595,868
|
Hyperion Solutions Corp. (a)
|
100,000
|
|
2,871,000
|
NAVTEQ Corp. (a)
|
100,000
|
|
4,175,000
|
Quest Software, Inc. (a)
|
200,000
|
|
2,776,000
|
TIBCO Software, Inc. (a)
|
500,000
|
|
3,835,000
|
|
|
42,539,368
|
Home Entertainment Software - 0.9%
|
Electronic Arts, Inc. (a)
|
100,000
|
|
4,207,000
|
Take-Two Interactive Software, Inc. (a)(d)
|
500,000
|
|
8,145,000
|
THQ, Inc. (a)
|
150,000
|
|
3,499,500
|
|
|
15,851,500
|
Systems Software - 8.0%
|
Check Point Software Technologies Ltd. (a)
|
250,000
|
|
4,830,000
|
McAfee, Inc. (a)
|
175,000
|
|
4,138,750
|
Microsoft Corp.
|
800,000
|
|
18,120,000
|
Moldflow Corp. (a)
|
150,000
|
|
1,948,500
|
Oracle Corp. (a)
|
5,300,000
|
|
75,366,000
|
Symantec Corp. (a)
|
2,000,000
|
|
31,200,000
|
Wind River Systems, Inc. (a)
|
250,000
|
|
2,362,500
|
|
|
137,965,750
|
TOTAL SOFTWARE
|
|
196,356,618
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
SPECIALTY RETAIL - 0.5%
|
Computer & Electronics Retail - 0.5%
|
Best Buy Co., Inc.
|
150,000
|
|
$ 7,950,000
|
WIRELESS TELECOMMUNICATION SERVICES - 1.9%
|
Wireless Telecommunication Services - 1.9%
|
China Mobile (Hong Kong) Ltd. sponsored ADR (d)
|
300,000
|
|
7,755,000
|
Crown Castle International Corp. (a)
|
500,000
|
|
15,885,000
|
Sprint Nextel Corp.
|
250,000
|
|
5,302,500
|
Syniverse Holdings, Inc. (a)
|
200,000
|
|
3,260,000
|
|
|
32,202,500
|
TOTAL COMMON STOCKS
(Cost $1,761,405,170)
|
1,699,974,141
|
Convertible Preferred Stocks - 0.0%
|
|
|
|
|
COMMUNICATIONS EQUIPMENT - 0.0%
|
Communications Equipment - 0.0%
|
Chorum Technologies, Inc. Series E (a)(f)
(Cost $496,562)
|
33,100
|
|
0
|
Convertible Bonds - 0.2%
|
|
Principal
Amount
|
|
|
ELECTRICAL EQUIPMENT - 0.2%
|
Electrical Components & Equipment - 0.2%
|
Evergreen Solar, Inc. 4.375% 7/1/12 (e)
(Cost $2,020,000)
|
$ 2,020,000
|
|
3,181,500
|
Money Market Funds - 5.2%
|
|
Shares
|
|
Value
|
Fidelity Cash Central Fund, 5.03% (b)
|
28,658,004
|
$ 28,658,004
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
61,197,700
|
|
61,197,700
|
TOTAL MONEY MARKET FUNDS
(Cost $89,855,704)
|
89,855,704
|
TOTAL INVESTMENT PORTFOLIO - 104.5%
(Cost $1,853,777,436)
|
1,793,011,345
|
NET OTHER ASSETS - (4.5)%
|
(76,534,766)
|
NET ASSETS - 100%
|
$ 1,716,476,579
|
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.
|
(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 period end, the value of these securities amounted to $7,258,209 or 0.4% of net assets.
|
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of
restricted securities (excluding 144A issues) amounted to $1 or 0.0% of net assets.
|
Additional information on each holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost
|
Chorum Technologies, Inc. Series E
|
9/19/00
|
$ 496,562
|
ITF Optical Technologies, Inc. Series A
|
10/11/00
|
$ 3,269,910
|
Affiliated Central Funds
|
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 371,432
|
Fidelity Securities Lending Cash Central Fund
|
153,088
|
Total
|
$ 524,520
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,861,071,380. Net unrealized depreciation aggregated
$68,060,035, of which $167,020,937 related to appreciated investment securities and $235,080,972 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Debt securities, including restricted securities, for which quotations are readily available, are valued by
independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon,
maturity and type as well as dealer supplied prices. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term
securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Telecommunications Portfolio
May 31, 2006
1.802191.102
TEL-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.5%
|
|
Shares
|
|
Value
|
COMMUNICATIONS EQUIPMENT - 34.4%
|
Communications Equipment - 34.4%
|
ADC Telecommunications, Inc. (a)(d)
|
530,400
|
|
$ 9,504,768
|
Alcatel SA sponsored ADR (a)
|
393,100
|
|
5,216,437
|
CIENA Corp. (a)
|
217,800
|
|
912,582
|
Cisco Systems, Inc. (a)
|
215,400
|
|
4,239,072
|
Comverse Technology, Inc. (a)
|
298,000
|
|
6,710,960
|
Corning, Inc. (a)
|
776,600
|
|
18,832,550
|
Juniper Networks, Inc. (a)
|
380,300
|
|
6,058,179
|
Motorola, Inc.
|
902,100
|
|
19,025,289
|
Nokia Corp. sponsored ADR
|
876,400
|
|
18,816,308
|
Nortel Networks Corp. (a)
|
6,061,900
|
|
14,417,496
|
QUALCOMM, Inc.
|
415,000
|
|
18,762,150
|
Tellabs, Inc. (a)
|
913,300
|
|
13,060,190
|
|
|
135,555,981
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 48.6%
|
Alternative Carriers - 2.9%
|
Comstar United Telesystem Ojsc GDR (a)(e)
|
194,200
|
|
1,163,433
|
Global Crossing Ltd. (a)
|
95,400
|
|
1,941,390
|
Level 3 Communications, Inc. (a)
|
21,600
|
|
107,352
|
Time Warner Telecom, Inc. Class A
(sub. vtg.) (a)(d)
|
366,900
|
|
5,587,887
|
Vonage Holdings Corp.
|
228,300
|
|
2,744,166
|
|
|
11,544,228
|
Integrated Telecommunication Services - 45.7%
|
Alaska Communication Systems Group, Inc.
|
117,000
|
|
1,453,140
|
AT&T, Inc. (d)
|
2,017,642
|
|
52,579,751
|
BellSouth Corp.
|
699,800
|
|
23,632,246
|
Cbeyond Communications, Inc.
|
140,400
|
|
2,792,556
|
Embarq Corp. (a)
|
3,188
|
|
132,844
|
Nippon Telegraph & Telephone Corp. sponsored ADR
|
100,000
|
|
2,471,000
|
Qwest Communications International, Inc. (a)
|
7,317,344
|
|
51,294,581
|
Telenor ASA sponsored ADR
|
75,000
|
|
2,863,500
|
Verizon Communications, Inc.
|
1,360,924
|
|
42,474,438
|
|
|
179,694,056
|
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES
|
|
191,238,284
|
|
|
Shares
|
|
Value
|
WIRELESS TELECOMMUNICATION SERVICES - 9.5%
|
Wireless Telecommunication Services - 9.5%
|
American Tower Corp. Class A (a)
|
136,900
|
|
$ 4,239,793
|
Dobson Communications Corp.
Class A (a)
|
373,700
|
|
3,210,083
|
Leap Wireless International, Inc. (a)
|
110,000
|
|
4,821,300
|
Sprint Nextel Corp.
|
1,175,298
|
|
24,928,071
|
Vodafone Group PLC sponsored ADR
|
700
|
|
16,100
|
|
|
37,215,347
|
TOTAL COMMON STOCKS
(Cost $370,713,761)
|
364,009,612
|
Money Market Funds - 5.1%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
8,950,504
|
|
8,950,504
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
11,239,000
|
|
11,239,000
|
TOTAL MONEY MARKET FUNDS
(Cost $20,189,504)
|
20,189,504
|
TOTAL INVESTMENT PORTFOLIO - 97.6%
(Cost $390,903,265)
|
384,199,116
|
NET OTHER ASSETS - 2.4%
|
|
9,426,018
|
NET ASSETS - 100%
|
$ 393,625,134
|
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.
|
(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 period end, the value of these securities amounted to $1,163,433 or 0.3% of net assets.
|
Affiliated Central Funds
|
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 108,491
|
Fidelity Securities Lending Cash Central Fund
|
65,121
|
Total
|
$ 173,612
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $394,700,546. Net unrealized depreciation aggregated $10,501,430,
of which $35,294,602 related to appreciated investment securities and $45,796,032 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Transportation Portfolio
May 31, 2006
1.802192.102
TRN-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.6%
|
|
Shares
|
|
Value
|
AEROSPACE & DEFENSE - 3.8%
|
Aerospace & Defense - 3.8%
|
Armor Holdings, Inc. (a)
|
3,500
|
|
$ 199,920
|
Bombardier, Inc. Class B (sub. vtg.) (a)
|
767,100
|
|
2,194,202
|
EADS NV
|
7,900
|
|
281,487
|
Goodrich Corp.
|
5,500
|
|
234,465
|
Hexcel Corp. (a)
|
21,900
|
|
450,702
|
Precision Castparts Corp.
|
20,200
|
|
1,164,126
|
Rockwell Collins, Inc.
|
11,000
|
|
600,600
|
|
|
5,125,502
|
AIR FREIGHT & LOGISTICS - 19.6%
|
Air Freight & Logistics - 19.6%
|
C.H. Robinson Worldwide, Inc.
|
108,800
|
|
4,791,552
|
EGL, Inc. (a)
|
36,300
|
|
1,636,041
|
Expeditors International of Washington, Inc.
|
63,660
|
|
6,267,327
|
FedEx Corp.
|
43,500
|
|
4,753,245
|
Forward Air Corp.
|
27,750
|
|
1,038,405
|
Hub Group, Inc. Class A (a)
|
39,730
|
|
1,880,024
|
United Parcel Service, Inc. Class B
|
35,100
|
|
2,827,305
|
UTI Worldwide, Inc.
|
116,700
|
|
3,177,741
|
|
|
26,371,640
|
AIRLINES - 12.7%
|
Airlines - 12.7%
|
ACE Aviation Holdings, Inc. Class A (a)
|
4,300
|
|
129,635
|
AirTran Holdings, Inc. (a)
|
199,000
|
|
2,447,700
|
AMR Corp. (a)
|
154,500
|
|
3,809,970
|
Gol Linhas Aereas Inteligentes SA sponsored ADR
|
8,900
|
|
278,214
|
JetBlue Airways Corp. (a)
|
52,696
|
|
549,092
|
Republic Airways Holdings, Inc. (a)
|
23,600
|
|
362,260
|
Ryanair Holdings PLC sponsored ADR (a)
|
14,900
|
|
729,951
|
Southwest Airlines Co.
|
350,887
|
|
5,649,281
|
TAM SA (PN) sponsored ADR (ltd. vtg.)
|
10,600
|
|
238,076
|
UAL Corp. (a)
|
86,600
|
|
2,548,638
|
US Airways Group, Inc. (a)
|
8,300
|
|
387,610
|
|
|
17,130,427
|
AUTO COMPONENTS - 0.8%
|
Auto Parts & Equipment - 0.8%
|
Johnson Controls, Inc.
|
2,600
|
|
221,442
|
TRW Automotive Holdings Corp. (a)
|
32,800
|
|
898,392
|
|
|
1,119,834
|
COMMUNICATIONS EQUIPMENT - 0.3%
|
Communications Equipment - 0.3%
|
Harris Corp.
|
10,900
|
|
443,848
|
ENERGY EQUIPMENT & SERVICES - 0.3%
|
Oil & Gas Equipment & Services - 0.3%
|
Halliburton Co.
|
4,700
|
|
350,573
|
|
|
Shares
|
|
Value
|
MACHINERY - 8.8%
|
Construction & Farm Machinery & Heavy Trucks - 6.6%
|
American Railcar Industries, Inc.
|
11,200
|
|
$ 384,944
|
Cummins, Inc.
|
3,800
|
|
418,798
|
FreightCar America, Inc.
|
10,900
|
|
657,924
|
Greenbrier Companies, Inc.
|
8,500
|
|
294,525
|
Navistar International Corp. (a)
|
24,800
|
|
659,184
|
Oshkosh Truck Co.
|
42,300
|
|
2,235,555
|
PACCAR, Inc.
|
22,100
|
|
1,698,385
|
Tata Motors Ltd. sponsored ADR (d)
|
6,000
|
|
100,800
|
Trinity Industries, Inc.
|
30,300
|
|
1,888,902
|
Wabash National Corp.
|
15,300
|
|
257,040
|
Wabtec Corp.
|
8,200
|
|
286,754
|
|
|
8,882,811
|
Industrial Machinery - 2.2%
|
Eaton Corp.
|
39,300
|
|
2,890,122
|
TOTAL MACHINERY
|
|
11,772,933
|
MARINE - 3.3%
|
Marine - 3.3%
|
Alexander & Baldwin, Inc.
|
13,900
|
|
628,975
|
American Commercial Lines, Inc.
|
41,591
|
|
2,283,762
|
Kirby Corp. (a)
|
18,600
|
|
1,397,418
|
Seaspan Corp.
|
7,400
|
|
154,512
|
|
|
4,464,667
|
METALS & MINING - 1.8%
|
Diversified Metals & Mining - 1.6%
|
RTI International Metals, Inc. (a)
|
3,400
|
|
204,170
|
Titanium Metals Corp. (a)
|
53,700
|
|
1,943,403
|
|
|
2,147,573
|
Steel - 0.2%
|
Allegheny Technologies, Inc.
|
5,100
|
|
324,513
|
TOTAL METALS & MINING
|
|
2,472,086
|
OIL, GAS & CONSUMABLE FUELS - 4.1%
|
Oil & Gas Refining & Marketing - 1.3%
|
Valero Energy Corp.
|
29,800
|
|
1,828,230
|
Oil & Gas Storage & Transport - 2.8%
|
Frontline Ltd. (e)
|
4,300
|
|
139,316
|
General Maritime Corp.
|
19,800
|
|
616,176
|
OMI Corp.
|
36,100
|
|
672,904
|
Overseas Shipholding Group, Inc.
|
16,200
|
|
831,870
|
Teekay Shipping Corp.
|
39,900
|
|
1,486,275
|
|
|
3,746,541
|
TOTAL OIL, GAS & CONSUMABLE FUELS
|
|
5,574,771
|
ROAD & RAIL - 40.2%
|
Railroads - 32.1%
|
Burlington Northern Santa Fe Corp.
|
106,000
|
|
8,205,460
|
Common Stocks - continued
|
|
Shares
|
|
Value
|
ROAD & RAIL - CONTINUED
|
Railroads - continued
|
Canadian National Railway Co.
|
145,200
|
|
$ 6,427,696
|
Canadian Pacific Railway Ltd.
|
72,500
|
|
3,726,220
|
CSX Corp.
|
97,900
|
|
6,551,468
|
Genesee & Wyoming, Inc. Class A (a)
|
25,400
|
|
763,016
|
Guangshen Railway Co. Ltd.
sponsored ADR
|
1,000
|
|
18,270
|
Kansas City Southern (a)
|
66,450
|
|
1,762,919
|
Norfolk Southern Corp.
|
172,900
|
|
9,122,203
|
Union Pacific Corp.
|
71,300
|
|
6,616,640
|
|
|
43,193,892
|
Trucking - 8.1%
|
Con-way, Inc.
|
28,300
|
|
1,672,247
|
Dollar Thrifty Automotive Group, Inc. (a)
|
11,900
|
|
541,212
|
J.B. Hunt Transport Services, Inc.
|
62,300
|
|
1,524,481
|
Laidlaw International, Inc.
|
57,600
|
|
1,451,520
|
Landstar System, Inc.
|
59,970
|
|
2,650,074
|
Old Dominion Freight Lines, Inc. (a)
|
14,400
|
|
443,664
|
Ryder System, Inc.
|
10,700
|
|
578,121
|
Swift Transportation Co., Inc. (a)
|
50,700
|
|
1,452,048
|
Universal Truckload Services, Inc. (a)
|
13,000
|
|
418,340
|
USA Truck, Inc. (a)
|
10,800
|
|
213,516
|
|
|
10,945,223
|
TOTAL ROAD & RAIL
|
|
54,139,115
|
SOFTWARE - 1.6%
|
Application Software - 1.6%
|
NAVTEQ Corp. (a)
|
50,700
|
|
2,116,725
|
TRADING COMPANIES & DISTRIBUTORS - 0.3%
|
Trading Companies & Distributors - 0.3%
|
GATX Corp.
|
8,600
|
|
373,326
|
TOTAL COMMON STOCKS
(Cost $105,954,699)
|
131,455,447
|
Money Market Funds - 2.3%
|
|
Shares
|
|
Value
|
Fidelity Cash Central Fund, 5.03% (b)
|
3,020,944
|
|
$ 3,020,944
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
100,300
|
|
100,300
|
TOTAL MONEY MARKET FUNDS
(Cost $3,121,244)
|
3,121,244
|
TOTAL INVESTMENT PORTFOLIO - 99.9%
(Cost $109,075,943)
|
134,576,691
|
NET OTHER ASSETS - 0.1%
|
|
139,567
|
NET ASSETS - 100%
|
$ 134,716,258
|
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.
|
(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 period end, the value of these securities amounted to $139,316 or 0.1% of net assets.
|
Affiliated Central Funds
|
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 44,690
|
Fidelity Securities Lending Cash Central Fund
|
3,167
|
Total
|
$ 47,857
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $109,697,993. Net unrealized appreciation aggregated $24,878,698,
of which $29,540,417 related to appreciated investment securities and $4,661,719 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Utilities Growth Portfolio
May 31, 2006
1.802193.102
UTI-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.7%
|
|
Shares
|
|
Value
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 49.0%
|
Alternative Carriers - 1.5%
|
Global Crossing Ltd. (a)
|
64,500
|
|
$ 1,312,575
|
Time Warner Telecom, Inc. Class A
(sub. vtg.) (a)
|
81,100
|
|
1,235,153
|
Vonage Holdings Corp.
|
142,600
|
|
1,714,052
|
|
|
4,261,780
|
Integrated Telecommunication Services - 47.5%
|
Alaska Communication Systems
Group, Inc.
|
215,700
|
|
2,678,994
|
AT&T, Inc.
|
1,367,226
|
|
35,629,910
|
BellSouth Corp.
|
1,004,900
|
|
33,935,473
|
Cbeyond Communications, Inc.
|
157,500
|
|
3,132,675
|
Cincinnati Bell, Inc. (a)
|
248,700
|
|
967,443
|
Embarq Corp. (a)
|
52,951
|
|
2,206,468
|
NTELOS Holding Corp.
|
14,700
|
|
204,624
|
Qwest Communications International, Inc. (a)
|
1,900,400
|
|
13,321,804
|
Verizon Communications, Inc.
|
1,214,310
|
|
37,898,614
|
|
|
129,976,005
|
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES
|
|
134,237,785
|
ELECTRIC UTILITIES - 18.3%
|
Electric Utilities - 18.3%
|
Allegheny Energy, Inc. (a)
|
147,300
|
|
5,372,031
|
Edison International
|
57,100
|
|
2,240,604
|
Entergy Corp.
|
125,100
|
|
8,770,761
|
Exelon Corp.
|
230,500
|
|
13,048,605
|
FirstEnergy Corp.
|
175,400
|
|
9,194,468
|
FPL Group, Inc. (d)
|
166,900
|
|
6,647,627
|
Northeast Utilities
|
23,500
|
|
475,405
|
PPL Corp.
|
67,300
|
|
2,003,521
|
Southern Co.
|
70,800
|
|
2,263,476
|
|
|
50,016,498
|
GAS UTILITIES - 0.2%
|
Gas Utilities - 0.2%
|
UGI Corp.
|
19,400
|
|
451,244
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 10.2%
|
Independent Power & Energy Trade - 10.2%
|
AES Corp. (a)
|
472,800
|
|
8,699,520
|
Constellation Energy Group, Inc.
|
55,400
|
|
2,864,180
|
Mirant Corp. (a)(d)
|
287,100
|
|
7,143,048
|
NRG Energy, Inc. (a)
|
59,700
|
|
2,970,075
|
TXU Corp.
|
109,100
|
|
6,251,430
|
|
|
27,928,253
|
|
|
Shares
|
|
Value
|
MEDIA - 0.4%
|
Broadcasting & Cable TV - 0.4%
|
EchoStar Communications Corp.
Class A (a)
|
3,500
|
|
$ 104,755
|
The DIRECTV Group, Inc. (a)
|
64,300
|
|
1,129,108
|
|
|
1,233,863
|
MULTI-UTILITIES - 5.8%
|
Multi-Utilities - 5.8%
|
CMS Energy Corp. (a)
|
168,100
|
|
2,158,404
|
Dominion Resources, Inc.
|
51,900
|
|
3,766,902
|
Duke Energy Corp.
|
96,900
|
|
2,734,518
|
Public Service Enterprise Group, Inc.
|
64,700
|
|
4,123,331
|
Sempra Energy
|
67,300
|
|
3,026,481
|
|
|
15,809,636
|
WIRELESS TELECOMMUNICATION SERVICES - 12.8%
|
Wireless Telecommunication Services - 12.8%
|
ALLTEL Corp.
|
139,569
|
|
8,632,343
|
American Tower Corp. Class A (a)
|
31,285
|
|
968,896
|
Crown Castle International Corp. (a)
|
42,200
|
|
1,340,694
|
Dobson Communications Corp.
Class A (a)
|
230,800
|
|
1,982,572
|
Sprint Nextel Corp.
|
1,039,223
|
|
22,041,920
|
|
|
34,966,425
|
TOTAL COMMON STOCKS
(Cost $256,477,639)
|
264,643,704
|
Money Market Funds - 5.5%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
6,569,669
|
|
6,569,669
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
8,534,000
|
|
8,534,000
|
TOTAL MONEY MARKET FUNDS
(Cost $15,103,669)
|
15,103,669
|
TOTAL INVESTMENT PORTFOLIO - 102.2%
(Cost $271,581,308)
|
279,747,373
|
NET OTHER ASSETS - (2.2)%
|
(5,921,896)
|
NET ASSETS - 100%
|
$ 273,825,477
|
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.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 32,989
|
Fidelity Securities Lending Cash Central Fund
|
2,659
|
Total
|
$ 35,648
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $277,783,279. Net unrealized appreciation aggregated $1,964,094,
of which $20,904,116 related to appreciated investment securities and $18,940,022 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Select Wireless Portfolio
May 31, 2006
1.802194.102
WIR-QTLY-0706
Investments May 31, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.5%
|
|
Shares
|
|
Value
|
COMMUNICATIONS EQUIPMENT - 45.7%
|
Communications Equipment - 45.7%
|
ADC Telecommunications, Inc. (a)
|
75,000
|
|
$ 1,344,000
|
Andrew Corp. (a)
|
658,900
|
|
6,668,068
|
Arris Group, Inc. (a)
|
860,200
|
|
10,339,604
|
Comverse Technology, Inc. (a)
|
1,113,220
|
|
25,069,714
|
Harris Corp.
|
614,200
|
|
25,010,224
|
InterDigital Communication Corp. (a)
|
262,500
|
|
7,441,875
|
Motorola, Inc.
|
1,474,880
|
|
31,105,219
|
Nokia Corp. sponsored ADR
|
1,666,000
|
|
35,769,020
|
Powerwave Technologies, Inc. (a)
|
394,300
|
|
3,860,197
|
QUALCOMM, Inc.
|
613,300
|
|
27,727,293
|
Research In Motion Ltd. (a)
|
278,000
|
|
18,027,136
|
Tekelec (a)
|
306,600
|
|
4,424,238
|
Telefonaktiebolaget LM Ericsson
(B Shares) sponsored ADR
|
59,200
|
|
1,896,176
|
|
|
198,682,764
|
COMPUTERS & PERIPHERALS - 1.9%
|
Computer Hardware - 1.2%
|
Palm, Inc. (a)(d)
|
314,600
|
|
5,184,608
|
Computer Storage & Peripherals - 0.7%
|
Novatel Wireless, Inc. (a)(d)
|
275,000
|
|
3,063,500
|
TOTAL COMPUTERS & PERIPHERALS
|
|
8,248,108
|
DIVERSIFIED TELECOMMUNICATION SERVICES - 11.9%
|
Alternative Carriers - 1.2%
|
Global Crossing Ltd. (a)
|
105,500
|
|
2,146,925
|
Vonage Holdings Corp.
|
247,800
|
|
2,978,556
|
|
|
5,125,481
|
Integrated Telecommunication Services - 10.7%
|
AT&T, Inc.
|
434,100
|
|
11,312,646
|
BellSouth Corp.
|
106,000
|
|
3,579,620
|
Embarq Corp. (a)
|
4,457
|
|
185,723
|
Nippon Telegraph & Telephone Corp. sponsored ADR
|
50,000
|
|
1,235,500
|
NTELOS Holding Corp.
|
63,800
|
|
888,096
|
Telenor ASA sponsored ADR
|
357,600
|
|
13,653,168
|
Verizon Communications, Inc.
|
509,800
|
|
15,910,858
|
|
|
46,765,611
|
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES
|
|
51,891,092
|
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.8%
|
Electronic Manufacturing Services - 1.8%
|
Trimble Navigation Ltd. (a)
|
168,000
|
|
7,717,920
|
INTERNET SOFTWARE & SERVICES - 1.8%
|
Internet Software & Services - 1.8%
|
Openwave Systems, Inc. (a)
|
547,441
|
|
7,740,816
|
|
|
Shares
|
|
Value
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9%
|
Semiconductors - 2.9%
|
Atheros Communications, Inc. (a)
|
22,000
|
|
$ 485,980
|
Atmel Corp. (a)
|
828,200
|
|
3,975,360
|
RF Micro Devices, Inc. (a)
|
738,700
|
|
5,355,575
|
Skyworks Solutions, Inc. (a)
|
525,400
|
|
2,973,764
|
|
|
12,790,679
|
WIRELESS TELECOMMUNICATION SERVICES - 29.5%
|
Wireless Telecommunication Services - 29.5%
|
ALLTEL Corp.
|
277,988
|
|
17,193,558
|
American Tower Corp. Class A (a)
|
822,192
|
|
25,463,286
|
Crown Castle International Corp. (a)
|
279,800
|
|
8,889,246
|
Dobson Communications Corp.
Class A (a)
|
1,275,000
|
|
10,952,250
|
Leap Wireless International, Inc. (a)
|
301,200
|
|
13,201,596
|
Sprint Nextel Corp.
|
1,747,931
|
|
37,073,617
|
Vodafone Group PLC sponsored ADR
|
683,000
|
|
15,709,000
|
|
|
128,482,553
|
TOTAL COMMON STOCKS
(Cost $419,124,110)
|
415,553,932
|
Money Market Funds - 4.0%
|
|
|
|
|
Fidelity Cash Central Fund, 5.03% (b)
|
9,871,931
|
|
9,871,931
|
Fidelity Securities Lending Cash Central Fund, 5.09% (b)(c)
|
7,305,225
|
|
7,305,225
|
TOTAL MONEY MARKET FUNDS
(Cost $17,177,156)
|
17,177,156
|
TOTAL INVESTMENT PORTFOLIO - 99.5%
(Cost $436,301,266)
|
432,731,088
|
NET OTHER ASSETS - 0.5%
|
|
2,249,044
|
NET ASSETS - 100%
|
$ 434,980,132
|
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.
|
(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 the affiliated Central funds is as follows:
|
Fund
|
Income earned
|
Fidelity Cash Central Fund
|
$ 60,362
|
Fidelity Securities Lending Cash Central Fund
|
86,164
|
Total
|
$ 146,526
|
Income Tax Information
|
At May 31, 2006, the aggregate cost of investment securities for income tax purposes was $438,943,283. Net unrealized depreciation aggregated $6,212,195,
of which $22,069,083 related to appreciated investment securities and $28,281,278 related to depreciated investment securities.
|
Investment Valuation
|
Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted
for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day.
Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates
value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with
procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially
affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing
is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.
|
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the
property of FMR Corp. or an affiliate.
|
Quarterly Report
Item 2. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that
the Fidelity Select Portfolios 's (the "Trust") disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable
assurances that material information relating to the Trust is made known to them by the
appropriate persons, based on their evaluation of these controls and procedures as of a
date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as
defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the
Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially
affect, the Trust's internal control over financial reporting.
Item 3. Exhibits
Certification pursuant to Rule 30a-2(a) under the Investment Company Act
of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit
99.CERT.
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Fidelity Select Portfolios
By:
|
/s/Christine Reynolds
|
|
Christine Reynolds
|
|
President and Treasurer
|
|
|
Date:
|
July 18, 2006
|
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/Christine Reynolds
|
|
Christine Reynolds
|
|
President and Treasurer
|
|
|
Date:
|
July 18, 2006
|
By:
|
/s/Paul M. Murphy
|
|
Paul M. Murphy
|
|
Chief Financial Officer
|
|
|
Date:
|
July 18, 2006
|
EX-99.CERT
2
ex99cert.htm
Exhibit
EX-99.CERT
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 18, 2006
/s/Christine Reynolds
|
Christine Reynolds
|
President and Treasurer
|
I, Paul M. Murphy, 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 18, 2006
/s/Paul M. Murphy
|
Paul M. Murphy
|
Chief Financial Officer
|
-----END PRIVACY-ENHANCED MESSAGE-----